GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – 35.8%
Banks – 8.4%
American Express Co.(a)
$	25,000		3.625	%	12/05/2024	$       25,662
Bank of America Corp.
	75,000		4.125		01/22/2024	78,503
	(3 Mo. LIBOR + 0.94%),
	75,000		3.864	(a)(b)	07/23/2024	77,116
	50,000		4.200		08/26/2024	51,771
	45,000		3.248	(a)	10/21/2027	44,112
	(3 Mo. LIBOR + 1.58%),
	75,000		3.824	(a)(b)	01/20/2028	76,013
	(3 Mo. LIBOR + 1.37%),
	25,000		3.593	(a)(b)	07/21/2028	24,921
	(3 Mo. LIBOR + 1.04%),
	85,000		3.419	(a)(b)	12/20/2028	83,248
	(3 Mo. LIBOR + 1.31%),
	50,000		4.271	(a)(b)	07/23/2029	52,074
Bank of America Corp. Series L(a)
	25,000		4.183		11/25/2027	25,393
Bank of New York Mellon Corp. (The)(a)
	25,000		3.300		08/23/2029	24,972
Citigroup, Inc.
	220,000		3.400		05/01/2026	219,274
	25,000		4.125		07/25/2028	25,106
Deutsche Bank AG
	115,000		2.700		07/13/2020	113,763
Discover Financial Services(a)
	75,000		3.750		03/04/2025	75,069
GE Capital International Funding Co. Unlimited Co.
	200,000		3.373		11/15/2025	194,491
Huntington Bancshares, Inc.(a)
	50,000		4.000		05/15/2025	51,942
JPMorgan Chase & Co.
	155,000		4.400		07/22/2020	158,474
	95,000		2.700	(a)	05/18/2023	94,077
	(3 Mo. LIBOR + 1.00%),
	200,000		4.023	(a)(b)	12/05/2024	207,569
	(3 Mo. LIBOR + 1.25%),
	100,000		3.960	(a)(b)	01/29/2027	103,298
	15,000		3.625	(a)	12/01/2027	14,919
	(3 Mo. LIBOR + 1.34%),
	75,000		3.782	(a)(b)	02/01/2028	76,470
	(3 Mo. LIBOR + 0.95%),
	45,000		3.509	(a)(b)	01/23/2029	44,655
JPMorgan Chase & Co. Series Z(a)(b)
	(3 Mo. LIBOR + 3.80%),
	85,000		5.300		12/31/2049	85,858
Mizuho Financial Group, Inc.
	250,000		2.601		09/11/2022	246,891
Morgan Stanley
	(3 Mo. LIBOR + 1.40%),
	50,000		4.179	(a)(b)	10/24/2023	50,723
	(3 Mo. LIBOR + 0.85%),
	50,000		3.737	(a)(b)	04/24/2024	50,992
	225,000		3.700		10/23/2024	229,440
	25,000		3.625		01/20/2027	25,054
	(3 Mo. LIBOR + 1.63%),
	100,000		4.431	(a)(b)	01/23/2030	105,496
Morgan Stanley Series F
	35,000		3.875		04/29/2024	36,050
Nuveen LLC(a)(c)
	50,000		4.000		11/01/2028	53,338

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Banks – (continued)
Royal Bank of Canada(b)
	(3 Mo. LIBOR + 0.39%),
$	50,000		3.141	%	04/30/2021	$       50,091
Standard Chartered plc(a)(b)(c)
	(3 Mo. LIBOR + 1.15%),
	200,000		4.247		01/20/2023	203,224
Wells Fargo & Co.
	175,000		3.000		10/23/2026	170,442
	25,000		4.150	(a)	01/24/2029	26,150
Westpac Banking Corp.(a)(b)
	(5 Yr. Swap Rate + 2.24%)
	25,000		4.322		11/23/2031	24,806
						3,301,447
Capital Goods – 1.3%
Boeing Co. (The)(a)
	50,000		3.450		11/01/2028	50,991
Hubbell, Inc.(a)
	45,000		3.500		02/15/2028	43,859
Northrop Grumman Corp.
	75,000		2.930	(a)	01/15/2025	74,021
	75,000		3.250	(a)	01/15/2028	73,790
	25,000		4.750		06/01/2043	27,226
Roper Technologies, Inc.(a)
	50,000		4.200		09/15/2028	51,953
Stanley Black & Decker, Inc.(a)
	50,000		4.250		11/15/2028	53,826
United Technologies Corp.
	(3 Mo. LIBOR + 0.65%),
	25,000		3.333	(a)(b)	08/16/2021	25,013
	25,000		3.350		08/16/2021	25,335
	50,000		3.950	(a)	08/16/2025	51,993
	25,000		2.650	(a)	11/01/2026	23,834
						501,841
Consumer Services(a) – 0.4%
Marriott International, Inc.
	85,000		2.300		01/15/2022	83,575
Starbucks Corp.
	75,000		3.800		08/15/2025	77,331
						160,906
Electric – 2.2%
Alliant Energy Finance LLC(a)(c)
	25,000		3.750		06/15/2023	25,453
Arizona Public Service Co.(a)
	45,000		2.950		09/15/2027	44,016
Berkshire Hathaway Energy Co.(a)
	25,000		3.250		04/15/2028	24,863
Duke Energy Carolinas LLC(a)
	25,000		3.950		03/15/2048	25,629
Emera US Finance LP(a)
	45,000		2.700		06/15/2021	44,609
Entergy Corp.(a)
	45,000		2.950		09/01/2026	43,257
Exelon Corp.(a)
	45,000		3.497		06/01/2022	45,484
Florida Power & Light Co.(a)
	68,000		4.125		02/01/2042	72,193
MidAmerican Energy Co.(a)
	50,000		3.650		04/15/2029	52,072

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Electric – (continued)
NiSource, Inc.(a)
$	50,000		3.650	%	06/15/2023	$       51,018
	95,000		3.490		05/15/2027	94,687
Progress Energy, Inc.
	120,000		7.000		10/30/2031	156,813
Sempra Energy(a)(b)
	(3 Mo. LIBOR + 0.50%),
	70,000		3.287		01/15/2021	69,426
Southern California Edison Co. Series A(a)
	50,000		4.200		03/01/2029	50,840
Southern Co. (The)(a)
	60,000		3.250		07/01/2026	58,869
						859,229
Energy – 4.1%
Anadarko Petroleum Corp.
	15,000		5.550	(a)	03/15/2026	16,374
	15,000		6.450		09/15/2036	17,278
BP Capital Markets America, Inc.(a)
	75,000		3.224		04/14/2024	76,014
	25,000		4.234		11/06/2028	26,768
Cenovus Energy, Inc.(a)
	25,000		4.250		04/15/2027	24,591
Concho Resources, Inc.(a)
	50,000		4.300		08/15/2028	51,632
Continental Resources, Inc.(a)
	150,000		4.500		04/15/2023	155,356
Devon Energy Corp.(a)
	29,000		5.850		12/15/2025	32,923
	25,000		5.600		07/15/2041	27,633
	5,000		4.750		05/15/2042	5,045
Dolphin Energy Ltd. LLC(c)
	10,464		5.888		06/15/2019	10,425
Energy Transfer Operating LP(a)
	25,000		4.650		06/01/2021	25,754
	75,000		4.200		09/15/2023	77,568
	25,000		4.950		06/15/2028	26,238
	25,000		5.250		04/15/2029	26,853
	25,000		5.300		04/15/2047	24,643
	25,000		6.000		06/15/2048	27,025
EQM Midstream Partners LP(a)
	100,000		4.750		07/15/2023	101,979
Kinder Morgan Energy Partners LP(a)
	25,000		5.400		09/01/2044	26,523
Kinder Morgan, Inc.(a)
	145,000		3.050		12/01/2019	145,054
Marathon Oil Corp.(a)
	50,000		4.400		07/15/2027	51,467
Marathon Petroleum Corp.(a)
	25,000		3.625		09/15/2024	25,229
	25,000		3.800	(c)	04/01/2028	24,757
MPLX LP(a)
	25,000		4.800		02/15/2029	26,331
	35,000		4.500		04/15/2038	33,288
	25,000		5.500		02/15/2049	26,724
Newfield Exploration Co.
	50,000		5.625		07/01/2024	54,625
ONEOK, Inc.(a)
	75,000		4.550		07/15/2028	77,677
Petroleos Mexicanos
	60,000		6.375		02/04/2021	61,920
Phillips 66(a)
	60,000		3.900		03/15/2028	61,223

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Energy – (continued)
Pioneer Natural Resources Co.(a)
$	25,000		3.950	%	07/15/2022	$       25,729
Plains All American Pipeline LP(a)
	15,000		3.650		06/01/2022	15,116
	35,000		3.850		10/15/2023	35,371
	45,000		4.500		12/15/2026	46,260
Sabine Pass Liquefaction LLC(a)
	75,000		5.625		03/01/2025	82,490
Valero Energy Corp.
	35,000		3.650		03/15/2025	35,497
						1,609,380
Food & Beverage – 2.2%
Anheuser-Busch Cos. LLC(a)(c)
	35,000		4.700		02/01/2036	34,978
	35,000		4.900		02/01/2046	35,169
Anheuser-Busch InBev Finance, Inc.(a)
	37,000		2.650		02/01/2021	36,943
Anheuser-Busch InBev Worldwide, Inc.(a)
	125,000		4.000		04/13/2028	127,008
	150,000		4.750		01/23/2029	159,745
Constellation Brands, Inc.(a)
	(3 Mo. LIBOR + 0.70%),
	75,000		3.384	(b)	11/15/2021	75,064
	50,000		4.400		11/15/2025	52,464
	25,000		3.700		12/06/2026	24,872
	50,000		3.600		02/15/2028	48,906
Keurig Dr Pepper, Inc.(a)(c)
	50,000		4.057		05/25/2023	51,457
Mars, Inc.(a)(c)
	25,000		2.700		04/01/2025	24,905
	25,000		3.200		04/01/2030	24,983
Smithfield Foods, Inc.(c)
	125,000		2.700		01/31/2020	124,243
Tyson Foods, Inc.(a)
	50,000		3.900		09/28/2023	51,465
						872,202
Health Care Equipment & Services – 1.7%
Becton Dickinson and Co.(a)
	(3 Mo. LIBOR + 0.88%),
	93,000		3.476	(b)	12/29/2020	93,004
	95,000		2.894		06/06/2022	94,457
	25,000		3.363		06/06/2024	25,027
Cigna Corp.(a)(c)
	150,000		3.750		07/15/2023	153,719
CVS Health Corp.(a)
	45,000		4.125		05/15/2021	45,960
	75,000		3.500		07/20/2022	76,007
	50,000		3.700		03/09/2023	50,830
	50,000		3.875		07/20/2025	50,626
	25,000		4.780		03/25/2038	24,772
UnitedHealth Group, Inc.
	35,000		4.625		07/15/2035	39,216
						653,618
Life Insurance – 0.8%
American International Group, Inc.(a)
	125,000		3.900		04/01/2026	125,659
	25,000		4.200		04/01/2028	25,362
Marsh & McLennan Cos., Inc.(a)
	50,000		4.375		03/15/2029	52,989
Principal Financial Group, Inc.(a)
	50,000		3.100		11/15/2026	48,725

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Life Insurance – (continued)
Prudential Financial, Inc.(a)
$	50,000		3.878	%	03/27/2028	$      52,424
						305,159
Materials – 0.4%
DowDuPont, Inc.(a)
	50,000		4.205		11/15/2023	52,297
	50,000		4.493		11/15/2025	53,332
Ecolab, Inc.
	4,000		5.500		12/08/2041	4,907
Huntsman International LLC(a)
	25,000		4.500		05/01/2029	24,894
Sherwin-Williams Co. (The)(a)
	25,000		3.450		06/01/2027	24,545
						159,975
Media & Entertainment – 1.8%
CCO Safari II LLC(a)
	65,000		4.464		07/23/2022	67,275
	50,000		4.500		02/01/2024	52,022
	70,000		4.908		07/23/2025	73,758
Comcast Corp.(a)
	125,000		3.700		04/15/2024	129,175
	45,000		3.375		08/15/2025	45,657
	25,000		3.300		02/01/2027	24,954
	25,000		3.150		02/15/2028	24,507
	125,000		4.150		10/15/2028	131,782
	25,000		4.250		10/15/2030	26,566
Fox Corp.(a)(c)
	25,000		4.030		01/25/2024	25,949
	25,000		4.709		01/25/2029	26,774
Time Warner Cable LLC
	15,000		5.000		02/01/2020	15,246
Walt Disney Co. (The)(a)(c)
	25,000		3.700		09/15/2024	26,142
	25,000		6.150		03/01/2037	32,538
						702,345
Metals and Mining – 0.3%
Glencore Funding LLC(c)
	75,000		4.125	(a)	03/12/2024	75,751
	25,000		4.625		04/29/2024	25,821
						101,572
Pharmaceuticals, Biotechnology & Life Sciences – 2.6%
AbbVie, Inc.
	45,000		2.500	(a)	05/14/2020	44,881
	75,000		3.375		11/14/2021	75,976
	50,000		3.750	(a)	11/14/2023	51,319
Amgen, Inc.(a)
	70,000		3.125		05/01/2025	70,049
Bayer US Finance II LLC(a)(c)
	200,000		3.875		12/15/2023	201,558
Bayer US Finance LLC(c)
	200,000		3.000		10/08/2021	198,525
Celgene Corp.(a)
	50,000		3.875		08/15/2025	51,280
Elanco Animal Health, Inc.(c)
	50,000		3.912		08/27/2021	50,809
	25,000		4.272	(a)	08/28/2023	25,754
Pfizer, Inc.(a)
	100,000		3.450		03/15/2029	102,725
Teva Pharmaceutical Finance Netherlands III BV
	30,000		2.200		07/21/2021	28,581
	30,000		2.800		07/21/2023	26,828

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – (continued)
Thermo Fisher Scientific, Inc.(a)
$	35,000		3.000	%	04/15/2023	$       35,028
	15,000		3.650		12/15/2025	15,375
Zoetis, Inc.(a)
	45,000		3.000		09/12/2027	43,272
						1,021,960
Pipelines(a) – 0.5%
Columbia Pipeline Group, Inc.
	35,000		3.300		06/01/2020	35,145
Petroleos Mexicanos
	30,000		6.750		09/21/2047	27,676
Sunoco Logistics Partners Operations LP
	15,000		4.250		04/01/2024	15,459
	25,000		5.400		10/01/2047	24,934
Williams Cos., Inc. (The)
	25,000		3.600		03/15/2022	25,361
	50,000		3.900		01/15/2025	51,098
	35,000		4.000		09/15/2025	35,983
						215,656
Property/Casualty Insurance – 0.2%
Arch Capital Group US, Inc.
	36,000		5.144		11/01/2043	40,015
XLIT Ltd.
	45,000		4.450		03/31/2025	46,866
						86,881
Real Estate Investment Trusts(a) – 2.0%
Alexandria Real Estate Equities, Inc.
	25,000		3.800		04/15/2026	25,360
American Campus Communities Operating Partnership LP
	95,000		4.125		07/01/2024	97,189
American Homes 4 Rent LP
	75,000		4.900		02/15/2029	77,718
American Tower Corp.
	75,000		3.375		05/15/2024	75,529
Crown Castle International Corp.
	25,000		2.250		09/01/2021	24,617
	85,000		3.150		07/15/2023	84,949
	60,000		3.650		09/01/2027	59,179
CubeSmart LP
	45,000		4.000		11/15/2025	45,496
HCP, Inc.
	10,000		2.625		02/01/2020	9,975
Healthcare Trust of America Holdings LP
	35,000		3.375		07/15/2021	35,099
Kilroy Realty LP
	25,000		4.750		12/15/2028	26,579
National Retail Properties, Inc.
	45,000		4.000		11/15/2025	46,064
Office Properties Income Trust
	25,000		3.600		02/01/2020	25,034
Ventas Realty LP
	45,000		3.500		02/01/2025	45,064
VEREIT Operating Partnership LP
	50,000		4.625		11/01/2025	51,703
	50,000		3.950		08/15/2027	49,275
						778,830
Retailing(a) – 0.9%
Alimentation Couche-Tard, Inc. (c)
	45,000		2.700		07/26/2022	44,434

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Retailing(a) – (continued)
Amazon.com, Inc.
$	35,000		5.200	%	12/03/2025	$       39,794
	45,000		4.800		12/05/2034	52,301
	15,000		3.875		08/22/2037	15,612
Dollar Tree, Inc.
	50,000		4.000		05/15/2025	50,617
	50,000		4.200		05/15/2028	49,792
Expedia Group, Inc.
	35,000		3.800		02/15/2028	33,802
Home Depot, Inc. (The)
	50,000		3.900		12/06/2028	53,175
	25,000		4.250		04/01/2046	26,548
						366,075
Software & Services(a) – 0.1%
Fiserv, Inc.
	25,000		3.800		10/01/2023	25,630
	25,000		4.200		10/01/2028	25,742
						51,372
Technology – 2.7%
Apple, Inc.(a)
	225,000		2.450		08/04/2026	217,622
	25,000		4.650		02/23/2046	28,294
Broadcom Corp.(a)
	50,000		2.650		01/15/2023	48,617
	125,000		3.625		01/15/2024	124,743
	50,000		3.125		01/15/2025	47,821
Broadcom, Inc.(a)(c)
	100,000		3.125		10/15/2022	99,668
	50,000		3.625		10/15/2024	49,486
	50,000		4.250		04/15/2026	49,511
Dell International LLC(a)(c)
	45,000		5.450		06/15/2023	47,948
	50,000		6.020		06/15/2026	53,710
	50,000		8.350		07/15/2046	60,566
Hewlett Packard Enterprise Co.(a)
	45,000		4.900		10/15/2025	47,856
	25,000		6.350		10/15/2045	26,214
Microchip Technology, Inc.(c)
	25,000		3.922		06/01/2021	25,219
Micron Technology, Inc.(a)
	50,000		4.975		02/06/2026	51,000
Oracle Corp.(a)
	70,000		2.500		05/15/2022	69,654
QUALCOMM, Inc.(a)
	25,000		2.600		01/30/2023	24,698
						1,072,627
Tobacco(a) – 0.2%
Altria Group, Inc.
	75,000		3.800		02/14/2024	76,356
BAT Capital Corp.
	25,000		3.222		08/15/2024	24,432
						100,788
Transportation – 0.7%
Burlington Northern Santa Fe LLC(a)
	25,000		4.050		06/15/2048	25,765
Delta Air Lines, Inc.
	150,000		3.400		04/19/2021	150,689
FedEx Corp.(a)
	45,000		3.400		02/15/2028	44,510

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Transportation – (continued)
Penske Truck Leasing Co. LP(a)(c)
$	70,000		3.375	%	02/01/2022		$       70,311
							291,275
Wireless Telecommunications – 2.3%
American Tower Corp.
	45,000		4.700	%	03/15/2022		47,130
AT&T, Inc.
	60,000		3.200	(a)	03/01/2022		60,509
	105,000		3.800		03/15/2022		107,737
	50,000		3.000	(a)	06/30/2022		50,116
	120,000		3.600	(a)	02/17/2023		122,272
	70,000		3.400	(a)	05/15/2025		69,458
	110,000		4.250	(a)	03/01/2027		113,083
Verizon Communications, Inc.
	25,000		2.625		08/15/2026		23,948
	145,000		4.329		09/21/2028		153,614
	62,000		5.012		04/15/2049		67,608
Vodafone Group plc
	100,000		3.750		01/16/2024		101,037
							916,512
TOTAL CORPORATE BONDS (Cost $13,865,290)							$14,129,650
Mortgage-Backed Securities – 28.6%
FHLMC – 0.2%
$	5		6.500	%	10/01/2020		$                5
	3,490		4.500		07/01/2024		3,605
	20,777		4.500		11/01/2024		21,483
	4,589		4.500		12/01/2024		4,745
	7,844		7.500		12/01/2029		9,029
	2,288		5.000		10/01/2033		2,460
	3,528		5.000		07/01/2035		3,794
	4,811		5.000		12/01/2035		5,203
	1,002		5.000		03/01/2038		1,083
	3,017		5.000		06/01/2041		3,249
							54,656
FNMA – 14.4%
	350		5.000		06/01/2023		362
	30,577		5.500		09/01/2023		31,572
	9,096		5.500		10/01/2023		9,400
	2,031		4.500		07/01/2024		2,094
	52,288		4.500		11/01/2024		54,001
	23,186		4.500		12/01/2024		23,955
	7,477		9.000		11/01/2025		8,338
	30,303		7.000		08/01/2026		33,247
	14,568		8.000		10/01/2029		16,801
	1,169		8.500		04/01/2030		1,369
	2,174		8.000		05/01/2030		2,281
	38		8.500		06/01/2030		38
	6,547		8.000		08/01/2032		7,539
	9,136		4.500		08/01/2039		9,727
	42,179		3.000		01/01/2043		42,308
	175,279		3.000		03/01/2043		175,816
	243,581		3.000		04/01/2043		244,328
	181,535		3.000		05/01/2043		182,091
	588,929		4.500		04/01/2045		628,472
	66,194		4.500		05/01/2045		70,659
	406,131		4.000		02/01/2048		423,410
	540,590		4.000		03/01/2048		563,589
	44,575		4.000		07/01/2048		46,501

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Securities – (continued)
FNMA – (continued)
$	982,976		4.500	%		10/20/2048		$  1,021,751
	2,000,000		4.500			TBA-30yr	(d)	2,083,777
								5,683,426
GNMA – 14.0%
	1,515		7.000			10/15/2025		1,540
	5,990		7.000			11/15/2025		6,381
	882		7.000			02/15/2026		902
	2,850		7.000			04/15/2026		3,028
	2,758		7.000			03/15/2027		2,931
	18,699		7.000			11/15/2027		19,272
	195		7.000			01/15/2028		195
	13,868		7.000			02/15/2028		15,332
	1,606		7.000			03/15/2028		1,620
	895		7.000			04/15/2028		902
	142		7.000			05/15/2028		157
	2,713		7.000			06/15/2028		2,947
	5,733		7.000			07/15/2028		6,259
	10,255		7.000			09/15/2028		10,951
	1,998		7.000			11/15/2028		2,107
	1,429		7.500			11/15/2030		1,431
	111,870		6.000			08/20/2034		126,923
	109,425		5.000			06/15/2040		117,420
	519,384		4.000			08/20/2043		541,070
	258,369		4.000			08/20/2045		268,188
	252,387		4.000			10/20/2045		261,978
	993,319		4.500			12/20/2048		1,034,054
	991,888		5.000			12/20/2048		1,037,178
	2,000,000		4.500			TBA-30yr	(d)	2,076,730
								5,539,496
TOTAL MORTGAGE-BACKED SECURITIES (Cost $11,224,351)								$11,277,578
Collateralized Mortgage Obligations – 3.2%
Adjustable Rate Non-Agency(a)(b) – 2.3%
Alternative Loan Trust Series 2005-38, Class A1
$	87,361		3.897	%		09/25/2035		$       86,265
Harben Finance plc Series 2017-1X, Class A
GBP	80,722		1.659			08/20/2056		104,770
Lehman XS Trust Series 2005-7N, Class 1A1A
$	153,042		3.026			12/25/2035		148,978
London Wall Mortgage Capital plc Series 2017-FL1, Class A
GBP	84,240		1.720			11/15/2049		109,526
MASTR Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
$	189,968		3.247			12/25/2046		282,849
Ripon Mortgages plc Series 1X, Class A2
GBP	145,215		1.659			08/20/2056		188,430
								920,818
Sequential Fixed Rate – 0.9%
FNMA REMIC Series 2012-111, Class B
$	12,713		7.000			10/25/2042		14,531
FNMA REMIC Series 2012-153, Class B
	34,422		7.000			07/25/2042		39,536

Principal Amount		Interest Rate			Maturity Date	Value
Collateralized Mortgage Obligations – (continued)
Sequential Fixed Rate – (continued)
NCUA Guaranteed Notes Series A4
$	300,000		3.000	%	06/12/2019	$     300,169
						354,236
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,152,597)						$  1,275,054
Commercial Mortgage-Backed Security(a)(b)(c) – 0.4%
Adjustable Rate Non-Agency – 0.4%
Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A
$	150,000		3.314	%	06/15/2035	$     149,439
(Cost $150,000)
U.S. Government Agency Securities – 2.5%
FHLB
$	100,000		3.375	%	12/08/2023	$     104,760
FNMA
	400,000		1.875		09/24/2026	382,492
	400,000		6.250		05/15/2029	526,291
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $1,015,098)						$  1,013,543
Asset-Backed Securities(a) – 11.3%
Automobile – 0.3%
Ally Master Owner Trust Series 2018-1, Class A2
$	100,000		2.700	%	01/17/2023	$       99,915
Collateralized Debt Obligations(b)(c) – 1.6%
Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A
	200,000		3.634		06/15/2028	199,627
KREF Ltd. Series 2018-FL1, Class A
	150,000		3.589		06/15/2036	150,023
Orix Credit Alliance Owner Trust Ltd. Series 2018-CRE1, Class A
	125,000		3.669		06/15/2036	125,039
TPG Real Estate Finance Issuer Ltd. Series 2018-FL2, Class A
	175,000		3.619		11/15/2037	175,000
						649,689
Collateralized Loan Obligations(b)(c) – 4.2%
CBAM Ltd. Series 2018-5A, Class A
	525,000		3.793		04/17/2031	518,919
Cutwater Ltd. Series 2014-1A, Class A1AR
	398,790		4.037		07/15/2026	398,801
Madison Park Funding XXX Ltd. Series 2018-30A, Class A
	750,000		3.537		04/15/2029	736,874
						1,654,594
Home Equity(b) – 0.2%
GMACM Home Equity Loan Trust Series 2007-HE3, Class 1A1
	9,246		7.000		09/25/2037	9,281
GMACM Home Equity Loan Trust Series 2007-HE3, Class 2A1
	56,826		7.000		09/25/2037	58,384
						67,665
Student Loans(b) – 5.0%
Academic Loan Funding Trust Series 2012-1A, Class A2(c)
	471,925		3.585	%	12/27/2044	468,271

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Student Loans(b) – continued
AccessLex Institute Series 2005-2, Class A3
$	2,023		2.843	%	11/22/2024	$         2,023
Chase Education Loan Trust Series 2007-A, Class A3
	11,043		2.667		12/28/2023	11,030
ECMC Group Student Loan Trust Series 2016-1A, Class A(c)
	381,966		3.836		07/26/2066	384,238
EFS Volunteer No. 2 LLC Series 2012-1, Class A2 (c)
	550,000		3.836		03/25/2036	558,264
Nelnet Student Loan Trust Series 2006-2, Class A5
	73,912		2.871		01/25/2030	73,868
Northstar Education Finance, Inc. Series 2007-1, Class A1
	49,223		2.871		04/28/2030	49,004
Scholar Funding Trust Series 2010-A, Class A(c)
	110,705		3.515		10/28/2041	109,658
SLM Student Loan Trust Series 2003-7A, Class A5A(c)
	333,929		3.811		12/15/2033	333,769
						1,990,125
TOTAL ASSET-BACKED SECURITIES (Cost $4,471,382)						$  4,461,988
Foreign Government Securities – 4.5%
Indonesia Government International Note(c)
$	230,000		4.750	%	01/08/2026	$     242,844
Israel Government AID Bond(e)
	400,000		5.500		09/18/2023	452,213
	200,000		5.500		12/04/2023	226,464
	100,000		5.500		04/26/2024	114,639
Kuwait International Government Bond
	500,000		3.500		03/20/2027	509,270
United Arab Emirates Government International Bond(c)
	220,000		3.125		10/11/2027	218,075
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $1,749,869)						$  1,763,505
Municipal Bonds – 1.7%
California – 0.4%
California State Various Purpose GO Bonds Series 2010
$	105,000		7.625	%	03/01/2040	$     159,041
Illinois – 1.0%
Illinois State GO Bonds for Build America Bonds Series 2010-5
	100,000		7.350		07/01/2035	113,623
Illinois State GO Bonds Pension Funding Series 2003
	25,000		5.100		06/01/2033	24,566
Illinois State GO Bonds Series 2015-B(f)
	199,000		7.750		01/01/2025	254,121
						392,310
Ohio – 0.3%
American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT
	100,000		6.270		02/15/2050	130,302
TOTAL MUNICIPAL BONDS (Cost $584,127)						$     681,653

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 13.0%
U.S. Treasury Bonds
$	410,000		3.750	%	11/15/2043	$     481,598
	100,000		3.000		11/15/2044	103,958
	200,000		2.875		08/15/2045	203,145
	950,000		2.875		11/15/2046	964,200
	120,000		3.000		05/15/2047	124,658
	150,000		2.750		11/15/2047	148,185
	1,310,000		3.000		02/15/2048	1,358,618
U.S. Treasury Inflation Linked Notes
	260,720		0.750		07/15/2028	266,800
U.S. Treasury Notes
	360,000		2.250		03/31/2026	358,592
U.S. Treasury STRIPS Bonds(g)
	1,800,000		0.000		02/15/2036	1,137,938
TOTAL U.S. TREASURY OBLIGATIONS (Cost $5,055,119)						$  5,147,692

Shares	Dividend Rate	Value
Investment Company (h) – 8.0%
Goldman Sachs Financial Square Government Fund — Institutional Shares(h)
3,140,127	2.437%	$  3,140,127
(Cost $3,140,127)
TOTAL INVESTMENTS – 109.0% (Cost $42,407,960)		$43,040,229
LIABILITIES IN EXCESS OF     OTHER ASSETS – (9.0)%		(3,572,927)
NET ASSETS – 100.0%		$39,467,302

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $4,160,507 which represents approximately 10.5% of net assets as of March 31, 2019.
(e)	Guaranteed by the United States Government. Total market value of these securities amounts to $793,316 which represents 2.01% of net assets as of March 31, 2019.
(f)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)	Represents an Affiliated Issuer.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Investment Abbreviations:
BA	— Banker Acceptance Rate
BBR	— Bank Bill Reference Rate
EURIBOR	— Euro Interbank Offer Rate
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
GO	— General Obligation
LIBOR	— London Interbank Offered Rate
Mo.	— Month
NIBOR	— Norwegian Interbank Offered Rate
RB	— Revenue Bond
REIT	— Real Estate Investment Trust
REMIC	— Real Estate Mortgage Investment Conduit
RMKT	— Remarketed
SONIA	— Sterling Overnight Index Average
STIBOR	— Stockholm Interbank Offered Rate
STRIPS	— Separate Trading of Registered Interest and Principal of Securities
Yr.	— Year
Currency Abbreviations:
AUD	— Australian Dollar
CAD	— Canadian Dollar
CHF	— Swiss Franc
EUR	— Euro
GBP	— British Pound
JPY	— Japanese Yen
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
SEK	— Swedish Krona
USD	— United States Dollar
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.	AUD	27,140	EUR	16,900		06/19/2019	$	214
	AUD	294,732	USD	209,016		06/19/2019		564
	CAD	927,906	USD	695,035		06/19/2019		694
	CHF	55,192	USD	55,616		06/19/2019		228
	EUR	23,965	GBP	20,653		06/19/2019		56
	EUR	26,972	JPY	3,347,167		06/19/2019		71
	EUR	41,974	SEK	438,021		06/19/2019		7
	EUR	54,021	USD	60,977		06/19/2019		28
	GBP	253,000	USD	326,221		04/12/2019		3,467
	JPY	6,600,280	EUR	52,992		06/19/2019		80
	JPY	54,790,346	USD	494,739		06/19/2019		2,689
	NOK	1,377,465	EUR	141,074		06/19/2019		883
	NOK	147,031	USD	17,076		06/19/2019		23
	NZD	40,295	EUR	24,212		06/19/2019		141
	SEK	576,815	EUR	54,498		06/19/2019		868
	USD	117,708	AUD	163,475		04/04/2019		1,627
	USD	21,816	AUD	30,580		06/19/2019		71
	USD	159,582	CAD	212,581		04/08/2019		481
	USD	59,972	CAD	79,956		06/19/2019		22
	USD	940,918	EUR	821,000		04/26/2019		18,092
	USD	1,192,344	EUR	1,046,737		06/19/2019		10,288
	USD	371,610	GBP	278,322		06/19/2019		7,678
	USD	83,412	JPY	8,960,919		04/03/2019		2,552
	USD	337,729	JPY	37,022,531		06/19/2019		1,613
	USD	74,311	NOK	634,216		06/19/2019		553
	USD	155,013	SEK	1,410,504		04/25/2019		3,042
TOTAL							$	56,032
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	AUD	206,843	USD	148,934		04/04/2019	$	(2,059	)
	AUD	125,978	USD	89,949		06/19/2019		(368	)
	CAD	258,925	USD	194,372		04/08/2019		(585	)
	EUR	53,994	AUD	86,053		06/19/2019		(218	)
	EUR	107,006	GBP	92,589		06/19/2019		(229	)
	EUR	16,092	JPY	2,011,918		06/19/2019		(94	)
	EUR	120,711	NOK	1,174,813		06/19/2019		(310	)
	EUR	89,703	SEK	940,862		06/19/2019		(500	)
	EUR	824,775	USD	945,205		04/26/2019		(18,137	)
	EUR	203,999	USD	232,273		06/19/2019		(1,901	)
	GBP	12,554	CAD	22,209		06/19/2019		(237	)
	GBP	277,108	EUR	321,893		06/19/2019		(1,161	)
	GBP	23,342	USD	30,573		04/12/2019		(156	)
	GBP	103,871	USD	137,244		06/19/2019		(1,423	)
	JPY	11,613,101	USD	108,099		04/03/2019		(3,308	)
	JPY	6,702,817	USD	60,981		06/19/2019		(128	)
	NOK	112,604	USD	13,228		06/19/2019		(133	)
	NZD	290,858	USD	199,868		06/19/2019		(1,491	)
	SEK	1,223,000	USD	134,962		04/25/2019		(3,193	)
	SEK	225,583	USD	24,514		06/19/2019		(106	)
	USD	20,401	AUD	28,725		06/19/2019		(25	)
	USD	77,419	CAD	103,602		06/19/2019		(259	)
	USD	155,511	CHF	154,745		06/19/2019		(1,063	)
	USD	763,898	GBP	592,439		04/12/2019		(8,119	)
	USD	42,913	NZD	63,018		06/19/2019		(68	)
	USD	14,487	SEK	133,992		06/19/2019		(11	)
TOTAL							$	(45,282	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At March 31, 2019, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Principal Amount			Settlement Date		Value
GNMA (Proceeds Received: $1,024,531)		4.000	%	TBA-30yr	$	(1,000,000	)		04/17/2019	$	(1,032,522	)

(a) TBA (To Be Announced) Securities are sold on a forward commitment basis with an approximate principal amounted and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australia 3 Year Bond	4	06/17/2019	$	322,720		$	908
Euro-Bund	1	06/06/2019		186,637			4,082
U.S. Treasury 2 Year Note	22	06/28/2019		4,689,094			15,619
U.S. Treasury 5 Year Note	32	06/28/2019		3,708,500			36,324
U.S. Treasury Long Bond	15	06/19/2019		2,248,594			56,815
Total						$	113,748
Short position contracts:
3 Month Eurodollar	(3)	06/17/2019		(730,875	)		4,120
3 Month Eurodollar	(1)	09/16/2019		(243,850	)		(852	)
3 Month Eurodollar	(24)	12/16/2019		(5,854,500	)		(20,638	)
Australia 10 Year Bond	(1)	06/17/2019		(98,303	)		38
Canada 10 Year Bond	(1)	06/19/2019		(104,172	)		(2,333	)
Euro-Bobl	(1)	06/06/2019		(149,372	)		(13	)
U.S. Treasury 10 Year Note	(2)	06/19/2019		(248,594	)		(198	)
U.S. Treasury 10 Year Ultra Note	(13)	06/19/2019		(1,727,984	)		(37,400	)
U.S. Treasury Ultra Bond	(6)	06/19/2019		(1,010,250	)		(33,430	)
Total						$	(90,706	)
Total Futures Contracts						$	23,042

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Received (Paid) by the Fund		Credit Spread at March 31, 2019(a)		Termination Date		Notional Amount (000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased(b):
iTraxx Europe Index		(1.000)%		0.650%		06/20/2024	EUR	1,325	$	(27,299	)	$	(24,180	)	$	(3,119	)
Protection Sold(c):
Markit CDX North America Investment Grade Index		1.000		0.561		12/20/2023	USD	700		13,828			7,000			6,828
Markit CDX North America Investment Grade Index		1.000		0.635		06/20/2024		1,600		28,802			24,409			4,393
TOTAL									$	15,331		$	7,229		$	8,102

(a) Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

(b) Payments made quarterly

(c) Payments received quarterly.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund	Termination Date		Notional Amount (000’s)			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.500%(b)	3 Month BA		06/19/2021	CAD	480	(a)	$	(4,308	)	$	(3,723	)	$	(585	)
3 Month BBR(c)	1.750%		06/19/2021	NZD	2,180	(a)		4,416			(2,512	)		6,928
3.000(b)	3 Month LIBOR		06/19/2021	USD	920	(a)		(11,962	)		(7,785	)		(4,177	)
6 Month EURIBOR(b)	0.250		06/19/2023	EUR	430	(a)		5,627			2,973			2,654
0.500(d)	3 Month STIBOR		06/19/2023	SEK	3,360	(a)		(2,782	)		(1,364	)		(1,418	)
1.100(d)	1 Day SONIA		08/01/2023	GBP	40			(846	)		(361	)		(485	)
6 Month BBR(b)	2.500		06/19/2024	AUD	580	(a)		15,751			15,644			107
2.500(b)	3 Month BA		06/19/2024	CAD	250	(a)		(5,334	)		(6,071	)		737
6 Month EURIBOR(b)	0.500		06/19/2024	EUR	1,250	(a)		32,259			21,143			11,116
0.500(d)	3 Month STIBOR		06/19/2024	SEK	10,490	(a)		(5,306	)		1,799			(7,105	)
3.000(b)	3 Month LIBOR		06/19/2024	USD	190	(a)		(6,538	)		(7,366	)		828
1.900(b)	6 Month LIBOR		08/03/2028	GBP	180	(a)		(6,466	)		(308	)		(6,158	)
6 Month LIBOR(b)	1.050		08/07/2028	CHF	280	(a)		10,214			(235	)		10,449
6 Month EURIBOR(b)	1.450		01/15/2029	EUR	240	(a)		7,358			214			7,144
0.350(b)	6 Month LIBOR		01/16/2029	JPY	58,400	(a)		(3,589	)		(1,342	)		(2,247	)
6 Month EURIBOR(b)	1.200		02/12/2029	EUR	350	(a)		5,577			776			4,801
1.500(b)	6 Month LIBOR		02/12/2029	GBP	540	(a)		(5,202	)		1,041			(6,243	)
3 Month LIBOR(c)	2.800		02/12/2029	USD	370	(a)		4,169			(70	)		4,239
6 Month EURIBOR(b)	1.200		02/21/2029	EUR	130	(a)		2,037			13			2,024
2.300(d)	6 Month NIBOR		02/21/2029	NOK	1,420	(a)		(1,217	)		78			(1,295	)
1.000(d)	6 Month EURIBOR		03/29/2029	EUR	330	(a)		(1,178	)		(1,638	)		460
3 Month LIBOR(c)	2.500		03/29/2029	USD	330	(a)		(620	)		19			(639	)
6 Month EURIBOR(b)	1.000		06/19/2029	EUR	90	(a)		4,972			2,785			2,187
1.000(d)	3 Month STIBOR		06/19/2029	SEK	750	(a)		(1,033	)		445			(1,478	)
TOTAL							$	35,999		$	14,155		$	21,844

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

(b) Payments made semi-annually.

(c) Payments made quarterly.

(d) Payments made annually.

PURCHASED OPTIONS CONTRACTS — At March 31, 2019, the Fund had the following purchased contracts:

Description

Counterparty

Exercise Price

Expiration Date

Number of Contracts

Notional Amount

Value

Premiums Paid (Received) by the Fund

Unrealized Appreciation/ Depreciation

Purchased options contracts:

Puts

3 Month Eurodollar

Bank of America Merrill Lynch

97.75  USD

06/15/2020

11

$

2,750,000

$

6,325

$

5,494

$

831

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.5%
	Automobiles & Components – 0.5%
	1,933	Aptiv plc	$       153,654
	1,437	BorgWarner, Inc.	55,195
	28,318	Ford Motor Co.	248,632
	9,503	General Motors Co.	352,561
	1,249	Harley-Davidson, Inc.	44,540
			854,582
	Banks – 5.4%
	64,841	Bank of America Corp.	1,788,963
	5,578	BB&T Corp.	259,544
	16,957	Citigroup, Inc.	1,055,065
	3,384	Citizens Financial Group, Inc.	109,980
	1,154	Comerica, Inc.	84,611
	5,555	Fifth Third Bancorp	140,097
	1,199	First Republic Bank	120,452
	7,565	Huntington Bancshares, Inc.	95,924
	23,643	JPMorgan Chase & Co.	2,393,381
	7,473	KeyCorp	117,700
	1,010	M&T Bank Corp.	158,590
	2,617	People’s United Financial, Inc.	43,024
	3,295	PNC Financial Services Group, Inc. (The)	404,165
	7,428	Regions Financial Corp.	105,106
	3,248	SunTrust Banks, Inc.	192,444
	390	SVB Financial Group*	86,721
	10,865	US Bancorp	523,584
	29,545	Wells Fargo & Co.	1,427,614
	1,442	Zions Bancorp NA	65,481
			9,172,446
	Capital Goods – 6.7%
	4,171	3M Co.	866,650
	666	Allegion plc	60,413
	1,657	AMETEK, Inc.	137,481
	1,081	AO Smith Corp.	57,639
	2,985	Arconic, Inc.	57,043
	3,801	Boeing Co. (The)	1,449,777
	4,132	Caterpillar, Inc.	559,845
	1,062	Cummins, Inc.	167,658
	2,331	Deere & Co.	372,587
	1,030	Dover Corp.	96,614
	3,121	Eaton Corp. plc	251,428
	4,462	Emerson Electric Co.	305,513
	2,093	Fastenal Co.	134,601
	906	Flowserve Corp.	40,897
	988	Fluor Corp.	36,358
	2,113	Fortive Corp.	177,260
	1,039	Fortune Brands Home & Security, Inc.	49,467
	1,939	General Dynamics Corp.	328,234
	62,227	General Electric Co.	621,648
	836	Harris Corp.	133,518
	5,302	Honeywell International, Inc.	842,594
	319	Huntington Ingalls Industries, Inc.	66,097
	2,212	Illinois Tool Works, Inc.	317,488
	1,752	Ingersoll-Rand plc	189,128
	903	Jacobs Engineering Group, Inc.	67,897
	6,608	Johnson Controls International plc	244,100
	581	L3 Technologies, Inc.	119,901
	1,784	Lockheed Martin Corp.	535,485
	2,210	Masco Corp.	86,875

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	1,215	Northrop Grumman Corp.	$       327,564
	2,473	PACCAR, Inc.	168,510
	943	Parker-Hannifin Corp.	161,838
	1,227	Pentair plc	54,614
	1,029	Quanta Services, Inc.	38,834
	2,060	Raytheon Co.	375,085
	876	Rockwell Automation, Inc.	153,703
	741	Roper Technologies, Inc.	253,400
	398	Snap-on, Inc.	62,295
	1,075	Stanley Black & Decker, Inc.	146,383
	1,710	Textron, Inc.	86,629
	354	TransDigm Group, Inc.*	160,712
	605	United Rentals, Inc.*	69,121
	5,847	United Technologies Corp.	753,620
	963	Wabtec Corp.	70,992
	324	WW Grainger, Inc.	97,501
	1,258	Xylem, Inc.	99,432
			11,454,429
	Commercial & Professional Services – 0.7%
	622	Cintas Corp.	125,712
	1,509	Copart, Inc.*	91,430
	843	Equifax, Inc.	99,896
	2,597	IHS Markit Ltd.*	141,225
	2,557	Nielsen Holdings plc	60,524
	1,549	Republic Services, Inc.	124,509
	917	Robert Half International, Inc.	59,752
	1,077	Rollins, Inc.	44,825
	1,172	Verisk Analytics, Inc.	155,876
	2,840	Waste Management, Inc.	295,104
			1,198,853
	Consumer Durables & Apparel – 1.1%
	1,057	Capri Holdings Ltd.*	48,358
	2,535	DR Horton, Inc.	104,898
	839	Garmin Ltd.	72,448
	2,697	Hanesbrands, Inc.	48,222
	815	Hasbro, Inc.	69,291
	931	Leggett & Platt, Inc.	39,307
	2,065	Lennar Corp. Class A	101,371
	2,376	Mattel, Inc.*(a)	30,888
	473	Mohawk Industries, Inc.*	59,669
	3,034	Newell Brands, Inc.	46,541
	9,148	NIKE, Inc. Class B	770,353
	1,915	PulteGroup, Inc.	53,543
	525	PVH Corp.	64,024
	413	Ralph Lauren Corp.	53,558
	2,140	Tapestry, Inc.	69,529
	1,254	Under Armour, Inc. Class A*	26,510
	1,232	Under Armour, Inc. Class C*	23,248
	2,328	VF Corp.	202,326
	464	Whirlpool Corp.	61,661
			1,945,745
	Consumer Services – 1.8%
	2,878	Carnival Corp.	145,972
	176	Chipotle Mexican Grill, Inc.*	125,015
	875	Darden Restaurants, Inc.	106,286
	1,374	H&R Block, Inc.	32,894
	2,130	Hilton Worldwide Holdings, Inc.	177,024
	2,021	Marriott International, Inc. Class A	252,807

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Services – (continued)
	5,525	McDonald’s Corp.	$    1,049,198
	3,644	MGM Resorts International	93,505
	1,409	Norwegian Cruise Line Holdings Ltd.*	77,439
	1,210	Royal Caribbean Cruises Ltd.	138,690
	8,948	Starbucks Corp.	665,194
	689	Wynn Resorts Ltd.	82,211
	2,279	Yum! Brands, Inc.	227,467
			3,173,702
	Diversified Financials – 5.0%
	380	Affiliated Managers Group, Inc.	40,702
	5,010	American Express Co.	547,593
	988	Ameriprise Financial, Inc.	126,563
	6,286	Bank of New York Mellon Corp. (The)	317,003
	14,014	Berkshire Hathaway, Inc. Class B*	2,815,272
	870	BlackRock, Inc.	371,812
	3,431	Capital One Financial Corp.	280,278
	841	Cboe Global Markets, Inc.	80,265
	8,710	Charles Schwab Corp. (The)	372,440
	2,577	CME Group, Inc.	424,123
	2,454	Discover Financial Services	174,627
	1,829	E*TRADE Financial Corp.	84,920
	2,129	Franklin Resources, Inc.	70,555
	2,488	Goldman Sachs Group, Inc. (The)(b)	477,671
	4,131	Intercontinental Exchange, Inc.	314,534
	3,083	Invesco Ltd.	59,533
	1,803	Jefferies Financial Group, Inc.	33,878
	1,213	Moody’s Corp.	219,662
	9,365	Morgan Stanley	395,203
	644	MSCI, Inc.	128,053
	835	Nasdaq, Inc.	73,054
	1,584	Northern Trust Corp.	143,209
	924	Raymond James Financial, Inc.	74,299
	1,796	S&P Global, Inc.	378,148
	2,713	State Street Corp.	178,543
	4,672	Synchrony Financial	149,037
	1,764	T. Rowe Price Group, Inc.	176,612
			8,507,589
	Energy – 5.4%
	3,620	Anadarko Petroleum Corp.	164,638
	2,762	Apache Corp.	95,731
	3,714	Baker Hughes a GE Co.	102,952
	3,095	Cabot Oil & Gas Corp.	80,779
	13,754	Chevron Corp.	1,694,218
	696	Cimarex Energy Co.	48,650
	1,428	Concho Resources, Inc.	158,451
	8,263	ConocoPhillips	551,473
	3,060	Devon Energy Corp.	96,574
	1,111	Diamondback Energy, Inc.	112,800
	4,154	EOG Resources, Inc.	395,378
	30,649	Exxon Mobil Corp.	2,476,439
	6,411	Halliburton Co.	187,842
	800	Helmerich & Payne, Inc.	44,448
	1,795	Hess Corp.	108,113
	1,140	HollyFrontier Corp.	56,168
	13,711	Kinder Morgan, Inc.	274,357
	6,132	Marathon Oil Corp.	102,466
	4,963	Marathon Petroleum Corp.	297,035
	2,775	National Oilwell Varco, Inc.	73,926

Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	3,593	Noble Energy, Inc.	$         88,855
	5,470	Occidental Petroleum Corp.	362,114
	2,965	ONEOK, Inc.	207,076
	3,073	Phillips 66	292,457
	1,239	Pioneer Natural Resources Co.	188,675
	9,890	Schlumberger Ltd.	430,907
	3,216	TechnipFMC plc	75,640
	3,043	Valero Energy Corp.	258,138
	8,745	Williams Cos., Inc. (The)	251,156
			9,277,456
	Food & Staples Retailing – 1.5%
	3,161	Costco Wholesale Corp.	765,405
	5,682	Kroger Co. (The)	139,777
	3,467	Sysco Corp.	231,457
	5,818	Walgreens Boots Alliance, Inc.	368,105
	10,202	Walmart, Inc.	995,001
			2,499,745
	Food, Beverage & Tobacco – 4.0%
	13,556	Altria Group, Inc.	778,521
	4,079	Archer-Daniels-Midland Co.	175,927
	1,236	Brown-Forman Corp. Class B	65,236
	1,352	Campbell Soup Co.	51,552
	27,467	Coca-Cola Co. (The)	1,287,104
	3,405	Conagra Brands, Inc.	94,455
	1,213	Constellation Brands, Inc. Class A	212,675
	4,261	General Mills, Inc.	220,507
	985	Hershey Co. (The)	113,108
	1,987	Hormel Foods Corp.	88,938
	818	JM Smucker Co. (The)	95,297
	1,817	Kellogg Co.	104,259
	4,451	Kraft Heinz Co. (The)	145,325
	1,072	Lamb Weston Holdings, Inc.	80,336
	873	McCormick & Co., Inc. (Non-Voting)	131,500
	1,400	Molson Coors Brewing Co. Class B	83,510
	10,457	Mondelez International, Inc. Class A	522,013
	2,847	Monster Beverage Corp.*	155,389
	10,120	PepsiCo, Inc.	1,240,206
	11,140	Philip Morris International, Inc.	984,665
	2,107	Tyson Foods, Inc. Class A	146,289
			6,776,812
	Health Care Equipment & Services – 6.3%
	12,586	Abbott Laboratories	1,006,125
	319	ABIOMED, Inc.*	91,103
	535	Align Technology, Inc.*	152,117
	1,168	AmerisourceBergen Corp.	92,879
	1,857	Anthem, Inc.	532,922
	3,522	Baxter International, Inc.	286,374
	1,917	Becton Dickinson and Co.	478,732
	10,025	Boston Scientific Corp.*	384,760
	2,112	Cardinal Health, Inc.	101,693
	3,000	Centene Corp.*	159,300
	2,342	Cerner Corp.*	133,986
	2,732	Cigna Corp.	439,360
	344	Cooper Cos., Inc. (The)	101,882
	9,312	CVS Health Corp.	502,196
	4,411	Danaher Corp.	582,340
	887	DaVita, Inc.*	48,155
	1,552	DENTSPLY SIRONA, Inc.	76,964

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	1,487	Edwards Lifesciences Corp.*	$       284,508
	1,951	HCA Healthcare, Inc.	254,371
	1,129	Henry Schein, Inc.*	67,864
	1,906	Hologic, Inc.*	92,250
	994	Humana, Inc.	264,404
	607	IDEXX Laboratories, Inc.*	135,725
	827	Intuitive Surgical, Inc.*	471,870
	722	Laboratory Corp. of America Holdings*	110,452
	1,432	McKesson Corp.	167,630
	9,681	Medtronic plc	881,745
	952	Quest Diagnostics, Inc.	85,604
	1,005	ResMed, Inc.	104,490
	2,250	Stryker Corp.	444,420
	335	Teleflex, Inc.	101,224
	6,926	UnitedHealth Group, Inc.	1,712,523
	616	Universal Health Services, Inc. Class B	82,402
	653	Varian Medical Systems, Inc.*	92,543
	360	WellCare Health Plans, Inc.*	97,110
	1,463	Zimmer Biomet Holdings, Inc.	186,825
			10,808,848
	Household & Personal Products – 1.9%
	1,773	Church & Dwight Co., Inc.	126,291
	901	Clorox Co. (The)	144,574
	6,193	Colgate-Palmolive Co.	424,468
	3,489	Coty, Inc. Class A	40,123
	1,573	Estee Lauder Cos., Inc. (The) Class A	260,410
	2,475	Kimberly-Clark Corp.	306,653
	18,096	Procter & Gamble Co. (The)	1,882,889
			3,185,408
	Insurance – 2.3%
	5,490	Aflac, Inc.	274,500
	2,368	Allstate Corp. (The)	223,018
	6,420	American International Group, Inc.	276,445
	1,744	Aon plc	297,701
	1,356	Arthur J Gallagher & Co.	105,904
	397	Assurant, Inc.	37,679
	940	Brighthouse Financial, Inc.*	34,113
	3,292	Chubb Ltd.	461,143
	1,064	Cincinnati Financial Corp.	91,398
	305	Everest Re Group Ltd.	65,868
	2,620	Hartford Financial Services Group, Inc. (The)	130,266
	1,505	Lincoln National Corp.	88,344
	1,951	Loews Corp.	93,511
	3,604	Marsh & McLennan Cos., Inc.	338,416
	6,845	MetLife, Inc.	291,392
	1,855	Principal Financial Group, Inc.	93,102
	4,169	Progressive Corp. (The)	300,543
	2,989	Prudential Financial, Inc.	274,629
	747	Torchmark Corp.	61,217
	1,912	Travelers Cos., Inc. (The)	262,250
	1,503	Unum Group	50,846
	932	Willis Towers Watson plc	163,706
			4,015,991

Shares		Description	Value
	Common Stocks – (continued)
	Materials – 2.6%
	1,585	Air Products & Chemicals, Inc.	$       302,672
	738	Albemarle Corp.	60,501
	631	Avery Dennison Corp.	71,303
	2,434	Ball Corp.	140,831
	981	Celanese Corp.	96,736
	1,681	CF Industries Holdings, Inc.	68,719
	16,217	DowDuPont, Inc.	864,528
	991	Eastman Chemical Co.	75,197
	1,834	Ecolab, Inc.	323,774
	985	FMC Corp.	75,668
	10,285	Freeport-McMoRan, Inc.	132,574
	735	International Flavors & Fragrances, Inc.	94,661
	2,902	International Paper Co.	134,275
	3,975	Linde plc	699,322
	2,271	LyondellBasell Industries NV Class A	190,946
	449	Martin Marietta Materials, Inc.	90,330
	2,585	Mosaic Co. (The)	70,596
	3,881	Newmont Mining Corp.	138,823
	2,232	Nucor Corp.	130,237
	705	Packaging Corp. of America	70,063
	1,733	PPG Industries, Inc.	195,604
	1,071	Sealed Air Corp.	49,330
	590	Sherwin-Williams Co. (The)	254,119
	974	Vulcan Materials Co.	115,322
	1,834	Westrock Co.	70,334
			4,516,465
	Media & Entertainment – 8.0%
	5,469	Activision Blizzard, Inc.	249,004
	2,157	Alphabet, Inc. Class A*	2,538,552
	2,215	Alphabet, Inc. Class C*	2,598,882
	2,404	CBS Corp. (Non-Voting) Class B	114,262
	1,263	Charter Communications, Inc. Class A*	438,147
	32,553	Comcast Corp. Class A	1,301,469
	1,181	Discovery, Inc. Class A*	31,911
	2,496	Discovery, Inc. Class C*	63,448
	1,615	DISH Network Corp. Class A*	51,179
	2,159	Electronic Arts, Inc.*	219,419
	17,245	Facebook, Inc. Class A*	2,874,569
	2,598	Fox Corp. Class A*	95,373
	1,210	Fox Corp. Class B*	43,415
	2,670	Interpublic Group of Cos., Inc. (The)	56,097
	3,126	Netflix, Inc.*	1,114,606
	2,809	News Corp. Class A	34,944
	1,017	News Corp. Class B	12,702
	1,593	Omnicom Group, Inc.	116,273
	832	Take-Two Interactive Software, Inc.*	78,516
	693	TripAdvisor, Inc.*	35,655
	5,157	Twitter, Inc.*	169,562
	2,641	Viacom, Inc. Class B	74,133
	12,575	Walt Disney Co. (The)	1,396,174
			13,708,292
	Pharmaceuticals, Biotechnology & Life Sciences – 8.2%
	10,609	AbbVie, Inc.	854,979
	2,314	Agilent Technologies, Inc.	185,999
	1,583	Alexion Pharmaceuticals, Inc.*	213,990
	2,299	Allergan plc	336,597

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	4,475	Amgen, Inc.	$       850,161
	1,440	Biogen, Inc.*	340,387
	11,750	Bristol-Myers Squibb Co.	560,593
	5,035	Celgene Corp.*	475,002
	6,244	Eli Lilly & Co.	810,221
	9,161	Gilead Sciences, Inc.	595,557
	1,064	Illumina, Inc.*	330,574
	1,248	Incyte Corp.*	107,340
	1,137	IQVIA Holdings, Inc.*	163,557
	19,250	Johnson & Johnson	2,690,958
	18,589	Merck & Co., Inc.	1,546,047
	177	Mettler-Toledo International, Inc.*	127,971
	3,648	Mylan NV*	103,384
	1,164	Nektar Therapeutics*	39,110
	783	PerkinElmer, Inc.	75,450
	944	Perrigo Co. plc	45,463
	40,069	Pfizer, Inc.	1,701,730
	552	Regeneron Pharmaceuticals, Inc.*	226,662
	2,905	Thermo Fisher Scientific, Inc.	795,157
	1,829	Vertex Pharmaceuticals, Inc.*	336,445
	541	Waters Corp.*	136,175
	3,483	Zoetis, Inc.	350,634
			14,000,143
	Real Estate – 3.0%
	743	Alexandria Real Estate Equities, Inc. (REIT)	105,922
	3,170	American Tower Corp. (REIT)	624,680
	1,113	Apartment Investment & Management Co. Class A (REIT)	55,973
	983	AvalonBay Communities, Inc. (REIT)	197,317
	1,134	Boston Properties, Inc. (REIT)	151,820
	2,242	CBRE Group, Inc. Class A*	110,867
	3,008	Crown Castle International Corp. (REIT)	385,024
	1,507	Digital Realty Trust, Inc. (REIT)	179,333
	2,616	Duke Realty Corp. (REIT)	79,997
	583	Equinix, Inc. (REIT)	264,192
	2,613	Equity Residential (REIT)	196,811
	466	Essex Property Trust, Inc. (REIT)	134,786
	931	Extra Space Storage, Inc. (REIT)	94,878
	515	Federal Realty Investment Trust (REIT)	70,993
	3,435	HCP, Inc. (REIT)	107,515
	5,203	Host Hotels & Resorts, Inc. (REIT)	98,337
	1,967	Iron Mountain, Inc. (REIT)	69,750
	3,014	Kimco Realty Corp. (REIT)	55,759
	813	Macerich Co. (The) (REIT)	35,243
	801	Mid-America Apartment Communities, Inc. (REIT)	87,573
	4,545	Prologis, Inc. (REIT)	327,013
	1,072	Public Storage (REIT)	233,460
	2,084	Realty Income Corp. (REIT)	153,299
	1,187	Regency Centers Corp. (REIT)	80,111
	815	SBA Communications Corp. (REIT)*	162,723
	2,208	Simon Property Group, Inc. (REIT)	402,320
	620	SL Green Realty Corp. (REIT)	55,750
	1,934	UDR, Inc. (REIT)	87,920
	2,558	Ventas, Inc. (REIT)	163,226
	1,238	Vornado Realty Trust (REIT)	83,491
	2,678	Welltower, Inc. (REIT)	207,813

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	5,479	Weyerhaeuser Co. (REIT)	$       144,317
			5,208,213
	Retailing – 6.6%
	512	Advance Auto Parts, Inc.	87,311
	2,975	Amazon.com, Inc.*	5,297,731
	182	AutoZone, Inc.*	186,390
	1,665	Best Buy Co., Inc.	118,315
	324	Booking Holdings, Inc.*	565,351
	1,278	CarMax, Inc.*	89,204
	1,899	Dollar General Corp.	226,551
	1,704	Dollar Tree, Inc.*	178,988
	6,135	eBay, Inc.	227,854
	861	Expedia Group, Inc.	102,459
	788	Foot Locker, Inc.	47,753
	1,637	Gap, Inc. (The)	42,857
	1,069	Genuine Parts Co.	119,760
	8,130	Home Depot, Inc. (The)	1,560,066
	1,173	Kohl’s Corp.	80,667
	1,575	L Brands, Inc.	43,439
	2,207	LKQ Corp.*	62,635
	5,789	Lowe’s Cos., Inc.	633,722
	2,233	Macy’s, Inc.	53,659
	849	Nordstrom, Inc.	37,679
	578	O’Reilly Automotive, Inc.*	224,437
	2,700	Ross Stores, Inc.	251,370
	3,778	Target Corp.	303,222
	764	Tiffany & Co.	80,640
	8,896	TJX Cos., Inc. (The)	473,356
	901	Tractor Supply Co.	88,082
	402	Ulta Beauty, Inc.*	140,189
			11,323,687
	Semiconductors & Semiconductor Equipment – 3.9%
	6,423	Advanced Micro Devices, Inc.*	163,915
	2,652	Analog Devices, Inc.	279,176
	6,784	Applied Materials, Inc.	269,054
	2,854	Broadcom, Inc.	858,226
	32,458	Intel Corp.	1,742,995
	1,085	KLA-Tencor Corp.	129,560
	1,130	Lam Research Corp.	202,281
	2,035	Maxim Integrated Products, Inc.	108,201
	1,737	Microchip Technology, Inc.	144,102
	8,137	Micron Technology, Inc.*	336,302
	4,382	NVIDIA Corp.	786,832
	945	Qorvo, Inc.*	67,785
	8,663	QUALCOMM, Inc.	494,051
	1,255	Skyworks Solutions, Inc.	103,512
	6,760	Texas Instruments, Inc.	717,033
	1,818	Xilinx, Inc.	230,504
			6,633,529
	Software & Services – 11.5%
	4,580	Accenture plc Class A	806,172
	3,519	Adobe, Inc.*	937,778
	1,148	Akamai Technologies, Inc.*	82,323
	344	Alliance Data Systems Corp.	60,193
	612	ANSYS, Inc.*	111,818
	1,584	Autodesk, Inc.*	246,819
	3,139	Automatic Data Processing, Inc.	501,424
	850	Broadridge Financial Solutions, Inc.	88,136
	2,071	Cadence Design Systems, Inc.*	131,529

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	896	Citrix Systems, Inc.	$         89,295
	4,152	Cognizant Technology Solutions Corp. Class A	300,812
	1,896	DXC Technology Co.	121,932
	2,370	Fidelity National Information Services, Inc.	268,047
	2,833	Fiserv, Inc.*	250,097
	642	FleetCor Technologies, Inc.*	158,311
	1,047	Fortinet, Inc.*	87,917
	649	Gartner, Inc.*	98,440
	1,149	Global Payments, Inc.	156,861
	6,414	International Business Machines Corp.	905,015
	1,878	Intuit, Inc.	490,928
	567	Jack Henry & Associates, Inc.	78,666
	6,539	Mastercard, Inc. Class A	1,539,608
	55,321	Microsoft Corp.	6,524,559
	18,259	Oracle Corp.	980,691
	2,277	Paychex, Inc.	182,615
	8,469	PayPal Holdings, Inc.*	879,421
	1,275	Red Hat, Inc.*	232,942
	5,480	salesforce.com, Inc.*	867,868
	4,408	Symantec Corp.	101,340
	1,097	Synopsys, Inc.*	126,320
	1,200	Total System Services, Inc.	114,012
	760	VeriSign, Inc.*	137,986
	12,608	Visa, Inc. Class A	1,969,244
	3,108	Western Union Co. (The)	57,405
			19,686,524
	Technology Hardware & Equipment – 5.7%
	2,138	Amphenol Corp. Class A	201,913
	32,299	Apple, Inc.	6,135,195
	366	Arista Networks, Inc.*	115,092
	31,770	Cisco Systems, Inc.	1,715,262
	5,824	Corning, Inc.	192,774
	440	F5 Networks, Inc.*	69,049
	1,002	FLIR Systems, Inc.	47,675
	10,149	Hewlett Packard Enterprise Co.	156,599
	10,929	HP, Inc.	212,350
	242	IPG Photonics Corp.*	36,731
	2,510	Juniper Networks, Inc.	66,440
	1,357	Keysight Technologies, Inc.*	118,330
	1,169	Motorola Solutions, Inc.	164,151
	1,853	NetApp, Inc.	128,487
	1,846	Seagate Technology plc	88,405
	2,449	TE Connectivity Ltd.	197,757
	2,142	Western Digital Corp.	102,945
	1,569	Xerox Corp.	50,177
			9,799,332
	Telecommunication Services – 2.0%
	52,387	AT&T, Inc.	1,642,856
	6,771	CenturyLink, Inc.	81,184
	29,744	Verizon Communications, Inc.	1,758,763
			3,482,803
	Transportation – 2.1%
	861	Alaska Air Group, Inc.	48,319
	2,979	American Airlines Group, Inc.	94,613
	1,002	CH Robinson Worldwide, Inc.	87,164

Shares		Description	Value
	Common Stocks – (continued)
	Transportation – (continued)
	5,555	CSX Corp.	$       415,625
	4,512	Delta Air Lines, Inc.	233,045
	1,215	Expeditors International of Washington, Inc.	92,219
	1,754	FedEx Corp.	318,193
	620	JB Hunt Transport Services, Inc.	62,800
	710	Kansas City Southern	82,346
	1,943	Norfolk Southern Corp.	363,127
	3,588	Southwest Airlines Co.	186,253
	5,210	Union Pacific Corp.	871,112
	1,630	United Continental Holdings, Inc.*	130,041
	4,989	United Parcel Service, Inc. Class B	557,471
			3,542,328
	Utilities – 3.3%
	4,791	AES Corp.	86,621
	1,695	Alliant Energy Corp.	79,885
	1,790	Ameren Corp.	131,655
	3,562	American Electric Power Co., Inc.	298,317
	1,327	American Water Works Co., Inc.	138,353
	846	Atmos Energy Corp.	87,079
	3,707	CenterPoint Energy, Inc.	113,805
	2,018	CMS Energy Corp.	112,080
	2,246	Consolidated Edison, Inc.	190,483
	5,782	Dominion Energy, Inc.	443,248
	1,308	DTE Energy Co.	163,160
	5,111	Duke Energy Corp.	459,990
	2,314	Edison International	143,283
	1,304	Entergy Corp.	124,702
	1,884	Evergy, Inc.	109,366
	2,259	Eversource Energy	160,276
	6,984	Exelon Corp.	350,108
	3,456	FirstEnergy Corp.	143,804
	3,438	NextEra Energy, Inc.	664,634
	2,594	NiSource, Inc.	74,344
	2,040	NRG Energy, Inc.	86,659
	791	Pinnacle West Capital Corp.	75,604
	5,074	PPL Corp.	161,049
	3,609	Public Service Enterprise Group, Inc.	214,411
	1,961	Sempra Energy	246,811
	7,366	Southern Co. (The)	380,675
	2,252	WEC Energy Group, Inc.	178,088
	3,704	Xcel Energy, Inc.	208,202
			5,626,692
	TOTAL COMMON STOCKS (Cost $61,684,800)		$170,399,614

Principal Amount		Interest Rate			Maturity Date		Value
Short-Term Investment(c) – 0.0%
U.S. Treasury Obligation – 0.0%
U.S. Treasury Bills
$	75,000		2.501	%		06/20/2019	$         74,608
(Cost $74,588)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $61,759,388)							$170,474,222

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle(b) – 0.0%
Goldman Sachs Financial Square Government Fund — Institutional Shares
29,700		2.437	%	$         29,700
(Cost $29,700)
TOTAL INVESTMENTS – 99.5% (Cost $61,789,088)				$170,503,922
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%				772,801
NET ASSETS – 100.0%				$171,276,723

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an Affiliated Issuer.
(c)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

Investment Abbreviation:
REIT	— Real Estate Investment Trust
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index	8	06/21/2019	$	1,135,120	$	27,854

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Schedule of Investments

March 31, 2019 (Unaudited)

Shares		Description	Value
	Exchange Traded Funds – 25.0%
	152,344	iShares Core S&P 500 ETF	$  43,351,009
	153,900	Vanguard S&P 500 ETF	39,943,206
	TOTAL EXCHANGE TRADED FUNDS (Cost $66,818,635)		$  83,294,215
Shares		Dividend Rate	Value
	Investment Companies(a) – 54.7%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	100,137,016	2.437%	$100,137,016
	Goldman Sachs Financial Square Treasury Obligations Fund — Institutional Shares
	41,113,496	2.415	41,113,496
	Goldman Sachs Financial Square Treasury Solutions Fund — Institutional Shares
	41,113,496	2.284	41,113,496
	TOTAL INVESTMENT COMPANIES (Cost $182,364,008)		$182,364,008
	TOTAL INVESTMENTS – 79.7% (Cost $249,182,643)		$265,658,223
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 20.3%		67,820,214
	NET ASSETS – 100.0%		$333,478,437

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an Affiliated Issuer.
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index	453	06/21/2019	$	16,626,758	$	200,179
Euro-Bund	358	06/06/2019		66,815,961		1,382,790
FTSE 100 Index	180	06/21/2019		16,906,712		328,417
Japan 10 Year Bond	47	06/13/2019		64,967,969		271,938
TOPIX Index	115	06/13/2019		16,518,993		(84,181	)
U.S. Treasury 10 Year Note	538	06/19/2019		66,871,719		1,033,075
Total Futures Contracts					$	3,132,218

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.9%
	Automobiles & Components – 1.0%
	9,602	Aptiv plc	$     763,263
	Banks – 1.4%
	9,980	First Republic Bank	1,002,591
	Capital Goods – 11.5%
	12,699	Fortive Corp.	1,065,319
	7,604	Harris Corp.	1,214,435
	6,917	HEICO Corp.	656,216
	3,545	HEICO Corp. Class A	297,993
	6,435	IDEX Corp.	976,447
	10,198	Ingersoll-Rand plc	1,100,874
	7,455	John Bean Technologies Corp.	685,040
	3,490	Roper Technologies, Inc.	1,193,475
	12,578	Sensata Technologies Holding plc*	566,261
	8,819	Xylem, Inc.	697,054
			8,453,114
	Commercial & Professional Services – 2.6%
	4,131	Cintas Corp.	834,916
	8,121	Verisk Analytics, Inc.	1,080,093
			1,915,009
	Consumer Durables & Apparel – 2.5%
	9,425	DR Horton, Inc.	390,006
	5,163	Lululemon Athletica, Inc.*	846,061
	4,984	PVH Corp.	607,799
			1,843,866
	Consumer Services – 4.1%
	9,959	Bright Horizons Family Solutions, Inc.*	1,265,889
	13,907	Choice Hotels International, Inc.	1,081,130
	2,691	Domino’s Pizza, Inc.	694,547
			3,041,566
	Diversified Financials – 5.0%
	5,335	Cboe Global Markets, Inc.	509,172
	13,456	Lazard Ltd. Class A	486,300
	2,547	Moody’s Corp.	461,236
	4,302	MSCI, Inc.	855,410
	9,545	Northern Trust Corp.	862,964
	5,262	T. Rowe Price Group, Inc.	526,831
			3,701,913
	Energy – 2.5%
	11,680	Cheniere Energy, Inc.*	798,445
	4,681	Concho Resources, Inc.	519,404
	4,825	Diamondback Energy, Inc.	489,882
			1,807,731
	Food, Beverage & Tobacco – 3.8%
	20,855	Brown-Forman Corp. Class B	1,100,727
	7,469	McCormick & Co., Inc. (Non-Voting)	1,125,055
	10,222	Monster Beverage Corp.*	557,917
			2,783,699
	Health Care Equipment & Services – 9.1%
	4,063	Align Technology, Inc.*	1,155,233
	10,658	Centene Corp.*	565,940

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	1,618	Cooper Cos., Inc. (The)	$   479,203
	5,329	Edwards Lifesciences Corp.*	1,019,597
	5,192	IDEXX Laboratories, Inc.*	1,160,931
	3,398	Teleflex, Inc.	1,026,740
	4,961	West Pharmaceutical Services, Inc.	546,702
	5,751	Zimmer Biomet Holdings, Inc.	734,403
			6,688,749
	Household & Personal Products – 0.8%
	3,820	Clorox Co. (The)	612,957
	Materials – 3.5%
	8,869	Ashland Global Holdings, Inc.	692,935
	3,573	Avery Dennison Corp.	403,749
	3,639	Celanese Corp.	358,842
	5,439	Martin Marietta Materials, Inc.	1,094,218
			2,549,744
	Media & Entertainment – 2.0%
	2,995	IAC/InterActiveCorp*	629,280
	2,719	Spotify Technology SA*	377,397
	14,489	Twitter, Inc.*	476,398
			1,483,075
	Pharmaceuticals, Biotechnology & Life Sciences – 10.0%
	11,358	Agilent Technologies, Inc.	912,956
	7,011	Agios Pharmaceuticals, Inc.*	472,822
	14,703	Alder Biopharmaceuticals, Inc.*	200,696
	5,128	BioMarin Pharmaceutical, Inc.*	455,520
	20,366	Elanco Animal Health, Inc.*	653,138
	7,387	Exact Sciences Corp.*	639,862
	16,106	Exelixis, Inc.*	383,323
	2,976	Illumina, Inc.*	924,613
	5,620	Incyte Corp.*	483,376
	561	Mettler-Toledo International, Inc.*	405,603
	15,187	Moderna, Inc.*(a)	309,055
	5,981	PRA Health Sciences, Inc.*	659,645
	1,378	Sarepta Therapeutics, Inc.*	164,244
	6,631	Zoetis, Inc.	667,543
			7,332,396
	Real Estate Investment Trusts – 2.5%
	5,044	Equity LifeStyle Properties, Inc.	576,529
	6,327	SBA Communications Corp.*	1,263,249
			1,839,778
	Retailing – 8.2%
	3,334	Burlington Stores, Inc.*	522,371
	14,275	Dollar General Corp.	1,703,007
	4,275	Expedia Group, Inc.	508,725
	2,281	Five Below, Inc.*	283,414
	2,046	GrubHub, Inc.*	142,136
	1,938	O’Reilly Automotive, Inc.*	752,525
	15,011	Ross Stores, Inc.	1,397,524
	6,510	Tiffany & Co.	687,131
			5,996,833
	Semiconductors & Semiconductor Equipment – 6.0%
	24,296	Advanced Micro Devices, Inc.*	620,034

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	5,063	Analog Devices, Inc.	$     532,982
	56,186	Marvell Technology Group Ltd.	1,117,540
	11,235	Microchip Technology, Inc.	932,056
	8,350	MKS Instruments, Inc.	776,967
	3,160	Xilinx, Inc.	400,656
			4,380,235
	Software & Services – 19.1%
	5,942	Atlassian Corp. plc Class A*	667,821
	6,780	Autodesk, Inc.*	1,056,459
	17,800	Black Knight, Inc.*	970,100
	9,977	Citrix Systems, Inc.	994,308
	3,134	Coupa Software, Inc.*	285,131
	7,680	Fidelity National Information Services, Inc.	868,608
	19,321	Fiserv, Inc.*	1,705,658
	16,940	GoDaddy, Inc. Class A*	1,273,719
	2,905	Intuit, Inc.	759,396
	11,449	PTC, Inc.*	1,055,369
	7,159	ServiceNow, Inc.*	1,764,622
	6,143	Splunk, Inc.*	765,418
	2,990	Square, Inc. Class A*	224,011
	12,896	Total System Services, Inc.	1,225,249
	2,146	Workday, Inc. Class A*	413,856
			14,029,725
	Technology Hardware & Equipment – 2.2%
	16,820	Amphenol Corp. Class A	1,588,481
	Transportation – 1.1%
	2,942	Lyft, Inc. Class A*	230,329
	4,027	Old Dominion Freight Line, Inc.	581,459
			811,788
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $54,893,514)		$72,626,513
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle(b) – 0.4%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	304,763	2.437%	$     304,763
	(Cost $304,763)
	TOTAL INVESTMENTS – 99.3% (Cost $55,198,277)		$72,931,276
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%		502,727
	NET ASSETS – 100.0%		$73,434,003

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an Affiliated Issuer.
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – 3.4%
Adjustable Rate FHLMC(a) – 1.2%
$	117,255		4.170	%	05/01/2035	$     122,617
	17,844		4.534		09/01/2035	18,792
	105,574		4.739		12/01/2036	110,442
	185,590		4.305		04/01/2037	195,449
	271,272		4.588		01/01/2038	281,383
	193,616		4.608		01/01/2038	203,732
						932,415
Adjustable Rate FNMA(a) – 1.5%
	39,278		4.013		05/01/2033	40,513
	73,454		4.208		05/01/2035	77,355
	308,940		4.443		06/01/2035	321,877
	485,880		4.372		11/01/2035	505,155
	58,355		4.669		12/01/2035	61,192
	206,848		4.866		03/01/2037	216,845
						1,222,937
Adjustable Rate GNMA(a) – 0.2%
	188,115		3.625		04/20/2033	192,601
Agency Multi-Family – 0.5%
FNMA
	28,172		3.416		10/01/2020	28,446
	42,296		3.619		12/01/2020	42,951
	228,875		3.771		12/01/2020	232,483
	94,087		4.381		06/01/2021	97,121
						401,001
TOTAL MORTGAGE-BACKED SECURITIES (Cost $2,784,718)						$   2,748,954
Collateralized Mortgage Obligations(a) – 26.9%
Adjustable Rate Non-Agency(b) – 0.2%
Holmes Master Issuer plc Series 2018-1A, Class A2
$	200,000		3.147	%	10/15/2054	$      199,353
Agency Multi-Family – 4.2%
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KP04, Class AG1(c)
	1,350,000		2.710		07/25/2020	1,347,475
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF03, Class A
	18,491		2.826		01/25/2021	18,489
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KS02, Class A
	233,636		2.870		08/25/2023	233,532
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF32, Class A(c)
	942,077		2.860		05/25/2024	940,422
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF42, Class A(c)
	393,027		2.736		12/25/2024	391,096
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series J15L, Class AFL(c)
	491,854		2.840		08/25/2025	490,975
						3,421,989
Regular Floater – 22.5%
FHLMC REMIC Series 3049, Class FP
	171,117		2.834		10/15/2035	170,359

Principal Amount		Interest Rate			Maturity Date	Value
Collateralized Mortgage Obligations(a) – (continued)
Regular Floater – (continued)
FHLMC REMIC Series 3208, Class FB(c)
$	104,798		2.884	%	08/15/2036	$     104,608
FHLMC REMIC Series 3208, Class FD(c)
	156,149		2.884		08/15/2036	155,865
FHLMC REMIC Series 3208, Class FG(c)
	628,788		2.884		08/15/2036	627,645
FHLMC REMIC Series 3307, Class FT
	975,969		2.724		07/15/2034	971,448
FHLMC REMIC Series 3311, Class KF(c)
	1,720,703		2.824		05/15/2037	1,715,352
FHLMC REMIC Series 3371, Class FA(c)
	398,810		3.084		09/15/2037	401,629
FHLMC REMIC Series 4174, Class FB(c)
	703,908		2.784		05/15/2039	701,331
FHLMC REMIC Series 4320, Class FD
	350,488		2.884		07/15/2039	349,591
FHLMC REMIC Series 4477, Class FG
	469,378		2.809		10/15/2040	467,465
FHLMC REMIC Series 4508, Class CF
	332,087		2.884		09/15/2045	331,938
FHLMC REMIC Series 4631, Class GF
	2,149,277		2.984		11/15/2046	2,148,115
FHLMC REMIC Series 4637, Class QF(c)
	1,896,891		3.489		04/15/2044	1,898,232
FNMA REMIC Series 2006-82, Class F
	158,477		3.056		09/25/2036	159,277
FNMA REMIC Series 2006-96, Class FA
	520,054		2.786		10/25/2036	518,188
FNMA REMIC Series 2007-33, Class HF
	90,720		2.836		04/25/2037	90,347
FNMA REMIC Series 2007-36, Class F
	150,090		2.716		04/25/2037	148,749
FNMA REMIC Series 2007-85, Class FC
	415,216		3.026		09/25/2037	417,433
FNMA REMIC Series 2008-8, Class FB
	326,027		3.305		02/25/2038	328,865
FNMA REMIC Series 2011-63, Class FG
	349,717		2.936		07/25/2041	349,982
FNMA REMIC Series 2012-35, Class QF
	1,105,071		2.886		04/25/2042	1,104,734
FNMA REMIC Series 2016-1, Class FT
	1,085,100		2.836		02/25/2046	1,079,253
FNMA REMIC Series 2017-45, Class FA
	634,388		2.829		06/25/2047	633,390
FNMA REMIC Series 2017-96, Class FC
	1,196,385		2.886		12/25/2057	1,192,375
GNMA REMIC Series 2005-48, Class AF
	527,287		2.688		06/20/2035	522,281
GNMA REMIC Series 2012-98, Class FA
	497,424		2.888		08/20/2042	496,370
NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A(c)
	108,200		2.931		10/07/2020	108,149
NCUA Guaranteed Notes Trust Series 2010-R2, Class 2A(c)
	282,407		2.951		11/05/2020	282,331
NCUA Guaranteed Notes Trust Series 2011-R1, Class 1A(c)
	844,771		2.931		01/08/2020	844,342
						18,319,644
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $21,981,174)						$21,940,986

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Principal Amount		Interest Rate	Maturity Date	Value
Commercial Mortgage-Backed Security(a) – 0.5%
Agency Multi-Family – 0.5%
FNMA ACES REMIC Series 2017-M13, Class FA
$	389,567	2.881%	10/25/2024	$     387,383
(Cost $389,141)
U.S. Government Agency Security(a) – 2.4%
FNMA
$	2,000,000	(SOFR + 0.16%), 2.590%	01/30/2020	$   2,001,674
(Cost $2,000,000)
Asset-Backed Securities – 42.1%
Automobile – 9.1%
Ally Master Owner Trust Series 2017-3, Class A1(a)(c)
$	1,350,000	2.914%	06/15/2022	$  1,351,505
Ally Master Owner Trust Series 2018-1, Class A2(c)
	800,000	2.700	01/17/2023	799,317
Chesapeake Funding II LLC Series 2016-2A, Class A2(a)(b)(c)
	143,788	3.489	06/15/2028	144,055
Chesapeake Funding II LLC Series 2017-3A, Class A2(a)(b)(c)
	343,796	2.824	08/15/2029	343,697
Ford Credit Floorplan Master Owner Trust A Series 2015-2, Class A2(a)(c)
	1,210,000	3.054	01/15/2022	1,213,043
GMF Floorplan Owner Revolving Trust Series 2017-2, Class A2(a)(b)(c)
	900,000	2.914	07/15/2022	901,411
Mercedes-Benz Master Owner Trust Series 2018-AA, Class A(a)(b)(c)
	1,500,000	2.744	05/16/2022	1,499,176
Nissan Master Owner Trust Receivables Series 2017-C, Class A(a)(c)
	300,000	2.804	10/17/2022	299,978
Nissan Master Owner Trust Receivables Series 2019-A, Class A(a)(c)
	850,000	3.059	02/15/2024	852,509
				7,404,691
Collateralized Loan Obligations(a)(b)(c) – 8.7%
Benefit Street Partners CLO VII Ltd. Series 2015-VIIA, Class A1AR
	1,000,000	3.560	07/18/2027	993,465
Bowman Park CLO Ltd. Series 2014-1A, Class AR
	248,557	3.831	11/23/2025	248,597
CBAM Ltd. Series 2018-5A, Class A
	1,100,000	3.793	04/17/2031	1,087,260
Cutwater Ltd. Series 2014-1A, Class A1AR
	253,776	4.037	07/15/2026	253,783
Dryden 64 CLO Ltd. Series 2018-64A, Class A
	600,000	3.750	04/18/2031	590,953
Evergreen Credit Card Trust Series 2019-1, Class A
	1,000,000	2.964	01/15/2023	1,002,652
Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1R
	153,619	3.910	04/18/2026	153,617
Madison Park Funding XXX Ltd. Series 2018-30A, Class A
	1,100,000	3.537	04/15/2029	1,080,748

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(a)(b)(c) – (continued)
Parallel Ltd. Series 2015-1A, Class AR
$	300,000		3.611	%	07/20/2027	$     298,208
Pikes Peak CLO 2 Series 2018-2A, Class A
	800,000		4.109		01/18/2032	795,246
Trinitas CLO II Ltd. Series 2014-2A, Class A1R
	240,773		3.967		07/15/2026	240,858
WhiteHorse IX Ltd. Series 2014-9A, Class AR
	318,457		3.933		07/17/2026	318,456
						7,063,843
Credit Card(a)(c) – 7.3%
Capital One Multi-Asset Execution Trust Series 2016-A1, Class A1
	300,000		2.934		02/15/2022	300,038
CARDS II Trust Series 2017-1A, Class A(b)
	300,000		2.854		04/18/2022	300,017
CARDS II Trust Series 2018-1A, Class A(b)
	2,200,000		2.834		04/17/2023	2,200,774
Citibank Credit Card Issuance Trust Series 2017-A5, Class A5
	1,400,000		3.111		04/22/2026	1,406,708
Citibank Credit Card Issuance Trust Series 2017-A7, Class A7
	500,000		2.862		08/08/2024	500,165
Golden Credit Card Trust Series 2019-1A, Class A(b)
	350,000		2.934		12/15/2022	350,415
Trillium Credit Card Trust II Series 2018-1A, Class A(b)
	900,000		2.749		02/27/2023	899,830
						5,957,947
Student Loans(a) – 17.0%
Academic Loan Funding Trust Series 2013-1A, Class A(b)(c)
	409,942		3.286		12/26/2044	406,962
Access Group, Inc. Series 2015-1, Class A(b)(c)
	166,744		3.186		07/25/2056	165,992
Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A(c)
	405,476		3.286		02/25/2041	403,181
Brazos Higher Education Authority, Inc. Series 2011-1, Class A2(c)
	882,703		3.451		02/25/2030	879,302
ECMC Group Student Loan Trust Series 2016-1A, Class A(b)(c)
	222,813		3.836		07/26/2066	224,139
ECMC Group Student Loan Trust Series 2018-1A, Class A(b)(c)
	610,606		3.236		02/27/2068	604,654
Edsouth Indenture No. 1 LLC Series 2010-1, Class A1(b)(c)
	274,587		3.621		07/25/2023	274,847
Edsouth Indenture No. 4 LLC Series 2013-1, Class A(b)(c)
	119,976		3.056		02/26/2029	118,665
Edsouth Indenture No. 5 LLC Series 2014-1, Class A(b)(c)
	215,679		3.186		02/25/2039	213,773
Education Loan Asset-Backed Trust I Series 2013-1, Class A1(b)
	138,222		3.286		06/25/2026	138,330
Education Loan Asset-Backed Trust I Series 2013-1, Class A2(b)
	500,000		3.286		04/26/2032	501,089
Educational Funding of the South, Inc. Series 2011-1, Class A2(c)
	397,299		3.421		04/25/2035	395,207
Educational Funding of the South, Inc. Series 2012-1, Class A
	279,059		3.535		03/25/2036	281,472

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loans(a) – (continued)
Higher Education Funding I Series 2014-1, Class A(b)(c)
$	272,737		3.701	%	05/25/2034	$     274,671
Illinois Student Assistance Commission Series 2010-1, Class A3
	193,458		3.671		07/25/2045	193,574
Kentucky Higher Education Student Loan Corp. Series 2013-2, Class A1(c)
	584,137		3.089		09/01/2028	577,445
Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1
	545,452		3.239		12/01/2031	540,729
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2(c)
	551,452		3.480		05/20/2030	552,583
Navient Student Loan Trust Series 2016-5A, Class A(b)(c)
	989,689		3.736		06/25/2065	1,003,438
Navient Student Loan Trust Series 2016-7A, Class A(b)(c)
	218,122		3.636		03/25/2066	220,009
Nelnet Student Loan Trust Series 2006-1, Class A5(c)
	568,026		2.761		08/23/2027	567,248
Nelnet Student Loan Trust Series 2006-2, Class A5(c)
	96,086		2.871		01/25/2030	96,028
Nelnet Student Loan Trust Series 2013-5A, Class (b)(c)
	75,845		3.116		01/25/2037	75,342
Nelnet Student Loan Trust Series 2014-3A, Class A(b)(c)
	611,477		3.066		06/25/2041	605,788
New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3(c)
	200,000		3.621		10/25/2037	201,273
North Carolina State Education Assistance Authority Series 2010-1, Class A1(c)
	96,963		3.671		07/25/2041	96,762
Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A2(c)
	22,418		3.747		07/01/2024	22,443
Pennsylvania Higher Education Assistance Agency Series 2006-1, Class A3(c)
	463,546		2.911		10/25/2035	454,409
Scholar Funding Trust Series 2010-A, Class A(b)(c)
	227,559		3.515		10/28/2041	225,409
Scholar Funding Trust Series 2011-A, Class A(b)(c)
	194,222		3.665		10/28/2043	193,437
SLM Student Loan Trust Series 2005-5, Class A4(c)
	941,214		2.911		10/25/2028	936,355
SLM Student Loan Trust Series 2007-1, Class A5(c)
	826,690		2.861		01/26/2026	825,068
SLM Student Loan Trust Series 2008-5, Class A4(c)
	70,916		4.471		07/25/2023	71,740
SLM Student Loan Trust Series 2012-3, Class A(c)
	795,557		3.135		12/27/2038	794,617
South Texas Higher Education Authority, Inc. Series 2012-1, Class A2
	72,858		3.650		10/01/2024	72,946
Utah State Board of Regents Series 2015-1, Class A(c)
	312,318		3.085		02/25/2043	309,589
Utah State Board of Regents Series 2016-1, Class A
	361,879		3.236		09/25/2056	360,516

Principal Amount		Interest Rate		Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loans – (continued)
Wachovia Student Loan Trust Series 2005-1, Class A5(c)
$	9,313		2.901%	01/26/2026	$         9,309
					$13,888,341
TOTAL ASSET-BACKED SECURITIES (Cost $34,279,158)					$34,314,822
Supranational(a) – 1.2%
International Bank for Reconstruction & Development
$	1,000,000		(SOFR + 0.22%), 2.650%	08/21/2020	$  1,000,263
(Cost $1,000,000)
Municipal Bond(a)(b)(c) – 0.1%
New York – 0.1%
Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017
$	96,778		(1 Mo. LIBOR + 0.50%), 2.984%	01/25/2033	$       96,352
(Cost $96,778)
U.S. Treasury Obligations – 11.0%
U.S. Treasury Bonds
$	220,000		3.750%	11/15/2043	$     258,419
U.S. Treasury Notes(a)
	1,500,000		(3 Mo. U.S. T-Bill MMY + 0.03%), 2.458	04/30/2020	1,498,855
	2,300,000		(3 Mo. U.S. T-Bill MMY + 0.04%), 2.468	07/31/2020	2,297,495
	4,900,000		(3 Mo. U.S. T-Bill MMY + 0.05%), 2.470	10/31/2020	4,892,224
TOTAL U.S. TREASURY OBLIGATIONS (Cost $8,936,241)					$  8,946,993
Shares		Dividend Rate			Value
Investment Company(d) – 9.4%
Goldman Sachs Financial Square Government Fund — Institutional Shares
	7,649,772		2.437%		$  7,649,772
(Cost $7,649,772)
Principal Amount		Interest Rate		Maturity Date	Value
Short-Term Investments – 1.2%
Commercial Paper – 1.2%
VW Credit, Inc.
$	700,000		3.407%(b)	07/08/2019	$     694,348
	300,000		3.280	12/06/2019	293,524
TOTAL SHORT-TERM INVESTMENTS (Cost $986,976)					$     987,872
TOTAL INVESTMENTS – 98.2% (Cost $80,103,958)					$80,075,071
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.8%					1,467,218
NET ASSETS – 100.0%					$81,542,289

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(d)	Represents an Affiliated Issuer.

Investment Abbreviations:
ACES	— Alternative Credit Enhancement Securities
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
MMY	— Money Market Yield
Mo.	— Month
RB	— Revenue Bond
REMIC	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Financing Rate
T-Bill	— Treasury Bill
U.S.	— United States
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
U.S. Treasury 5 Year Note	6		06/28/2019	$	695,344		$	6,618
U.S. Treasury 10 Year Note	3		06/19/2019		372,891			6,222
U.S. Treasury 10 Year Ultra Note	3		06/19/2019		398,765			8,070
Total							$	20,910
Short position contracts:
U.S. Treasury 2 Year Note	(10)		06/28/2019		(2,131,406	)		(8,331	)
U.S. Treasury Long Bond	(9)		06/19/2019		(1,349,157	)		(35,806	)
Total							$	(44,137	)
Total Futures Contracts							$	(23,227	)

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by the Fund	Termination Date	Notional Amount (000’s)(b)		Value	Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.218%	3 Month LIBOR	08/31/2023	USD	910	$1,465	$	(63	)	$	1,528

(a) Payments made semi-annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent on March 31, 2019.

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 96.1%
	Australia – 5.3%
	10,050	Altium Ltd. (Software & Services)	$     231,580
	4,014	ASX Ltd. (Diversified Financials)	199,396
	168,364	Aurizon Holdings Ltd. (Transportation)	544,318
	5,477	BHP Group plc (Materials)	132,143
	4,202	CIMIC Group Ltd. (Capital Goods)	144,336
	89,317	Coca-Cola Amatil Ltd. (Food, Beverage & Tobacco)	548,946
	90,578	Evolution Mining Ltd. (Materials)	235,401
	10,470	Goodman Group (REIT)	99,295
	44,586	Insurance Australia Group Ltd. (Insurance)	243,376
	6,459	Macquarie Group Ltd. (Diversified Financials)	594,848
	4,466	QBE Insurance Group Ltd. (Insurance)	39,073
	1,169	Rio Tinto Ltd. (Materials)	81,411
	16,797	Rio Tinto plc ADR (Materials)	988,504
	12,894	Vicinity Centres (REIT)	23,807
	26,745	Woodside Petroleum Ltd. (Energy)	656,591
			4,763,025
	Austria – 0.5%
	8,139	OMV AG (Energy)	441,959
	Belgium – 0.5%
	5,242	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)	450,300
	65	Warehouses De Pauw CVA CVA (REIT)	10,427
			460,727
	China – 0.9%
	43,000	ENN Energy Holdings Ltd. (Utilities)	416,191
	483,000	Towngas China Co. Ltd. (Utilities)	379,799
			795,990
	Denmark – 2.6%
	4,765	Carlsberg A/S Class B (Food, Beverage & Tobacco)	595,855
	9,283	GN Store Nord A/S (Health Care Equipment & Services)	431,125
	23,878	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	1,247,993
	1,898	Scandinavian Tobacco Group A/S Class A (Food, Beverage & Tobacco)(a)	23,670
			2,298,643
	Finland – 0.1%
	1,863	Kesko OYJ Class B (Food & Staples Retailing)	113,419
	3,262	Ramirent OYJ (Capital Goods)	20,090
			133,509

Shares		Description	Value
	Common Stocks – (continued)
	France – 8.6%
	7,206	Air Liquide SA (Materials)	$     917,046
	3,190	Arkema SA (Materials)	304,320
	7,894	Beneteau SA (Consumer Durables & Apparel)	92,576
	3,875	BNP Paribas SA (Banks)	184,404
	1,277	Christian Dior SE (Consumer Durables & Apparel)	608,671
	1,633	Dassault Systemes SE (Software & Services)	243,397
	5,937	Eiffage SA (Capital Goods)	570,711
	2,211	Faurecia SA (Automobiles & Components)	93,073
	1,122	Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences)	153,861
	1,442	Kering SA (Consumer Durables & Apparel)	827,135
	8,057	Lagardere SCA (Media & Entertainment)	207,318
	578	Legrand SA (Capital Goods)	38,697
	873	Pernod Ricard SA (Food, Beverage & Tobacco)	156,756
	1,129	Peugeot SA (Automobiles & Components)	27,549
	2,579	Rubis SCA (Utilities)	140,784
	8,014	Safran SA (Capital Goods)	1,098,405
	10,941	Schneider Electric SE (Capital Goods)	858,744
	2,965	Teleperformance (Commercial & Professional Services)	533,009
	2,343	Thales SA (Capital Goods)	280,715
	5,122	TOTAL SA (Energy)	285,036
			7,622,207
	Germany – 8.6%
	3,542	adidas AG (Consumer Durables & Apparel)	861,490
	1,759	Allianz SE (Registered) (Insurance)	391,989
	7,700	BASF SE (Materials)	567,850
	314	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	20,219
	7,310	CANCOM SE (Software & Services)	329,580
	7,491	Covestro AG (Materials)(a)	413,288
	10,193	Deutsche Lufthansa AG (Registered) (Transportation)	224,053
	16,952	Deutsche Post AG (Registered) (Transportation)	551,668
	63,760	E.ON SE (Utilities)	709,536
	3,777	Evotec AG (Pharmaceuticals, Biotechnology & Life Sciences)*	100,630
	7,473	Fresenius Medical Care AG & Co. KGaA (Health Care Equipment & Services)	603,967
	10,112	Fresenius SE & Co. KGaA (Health Care Equipment & Services)	565,179

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Germany – (continued)
	16,219	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)	$     321,986
	2,324	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)	265,333
	1,752	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) (Insurance)	415,214
	1,216	Nemetschek SE (Software & Services)	207,789
	18,696	ProSiebenSat.1 Media SE (Media & Entertainment)	266,173
	240	Puma SE (Consumer Durables & Apparel)	139,187
	24,316	RWE AG (Utilities)	652,939
	2,013	RWE AG (Preference) (Non-Voting) (Utilities)(b)	53,630
			7,661,700
	Hong Kong – 4.4%
	132,000	AIA Group Ltd. (Insurance)	1,319,970
	55,500	CLP Holdings Ltd. (Utilities)	643,722
	25,900	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)	904,908
	50,500	Kerry Properties Ltd. (Real Estate)	225,776
	114,000	NWS Holdings Ltd. (Capital Goods)	249,587
	70,000	Swire Pacific Ltd. Class B (Real Estate)	140,196
	62,000	Techtronic Industries Co. Ltd. (Consumer Durables & Apparel)	417,548
			3,901,707
	Italy – 2.0%
	1,850	Avio SpA (Capital Goods)	26,065
	51,917	Eni SpA (Energy)	917,297
	27,625	Iren SpA (Utilities)	70,468
	10,127	Mediobanca Banca di Credito Finanziario SpA (Banks)	105,443
	55,599	Terna Rete Elettrica Nazionale SpA (Utilities)	352,877
	21,046	UniCredit SpA (Banks)	270,346
			1,742,496
	Japan – 25.9%
	7,600	AEON Financial Service Co. Ltd. (Diversified Financials)	154,987
	8,500	Ajinomoto Co., Inc. (Food, Beverage & Tobacco)	136,059
	2,600	Amada Holdings Co. Ltd. (Capital Goods)	25,798
	17,700	Asahi Kasei Corp. (Materials)	183,306
	45,900	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	689,683
	13,400	Benesse Holdings, Inc. (Consumer Services)	348,711

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	3,500	Central Japan Railway Co. (Transportation)	$     813,563
	14,700	Chubu Electric Power Co., Inc. (Utilities)	229,807
	19,400	Daiwa House Industry Co. Ltd. (Real Estate)	617,844
	7,800	East Japan Railway Co. (Transportation)	753,215
	2,800	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	157,547
	700	Fujimori Kogyo Co. Ltd. (Materials)	19,285
	8,800	Fujitsu Ltd. (Software & Services)	636,413
	900	Heiwa Corp. (Consumer Durables & Apparel)	18,007
	24,200	Hitachi Ltd. (Technology Hardware & Equipment)	786,273
	7,100	Hulic Co. Ltd. (Real Estate)	69,764
	15,600	IHI Corp. (Capital Goods)	375,811
	2,600	ISB Corp. (Software & Services)	46,659
	15,300	Japan Airlines Co. Ltd. (Transportation)	539,165
	277	Japan Retail Fund Investment Corp. (REIT)	556,599
	23,400	JFE Holdings, Inc. (Materials)	398,287
	8,700	JXTG Holdings, Inc. (Energy)	39,715
	3,700	Kajima Corp. (Capital Goods)	54,733
	4,900	Kao Corp. (Household & Personal Products)	386,741
	20,500	KDDI Corp. (Telecommunication Services)	441,515
	2,600	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)	62,202
	800	Kobayashi Pharmaceutical Co. Ltd. (Household & Personal Products)	67,686
	200	Kose Corp. (Household & Personal Products)	36,862
	9,000	Kyocera Corp. (Technology Hardware & Equipment)	529,946
	800	Mandom Corp. (Household & Personal Products)	20,609
	4,800	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)	160,382
	600	McDonald’s Holdings Co. Japan Ltd. (Consumer Services)	27,758
	49,700	Mitsubishi Chemical Holdings Corp. (Materials)	351,012
	15,000	Mitsubishi Heavy Industries Ltd. (Capital Goods)	624,209
	175,600	Mitsubishi UFJ Financial Group, Inc. (Banks)	868,481
	18,000	Mitsui Fudosan Co. Ltd. (Real Estate)	453,448
	7,600	MS&AD Insurance Group Holdings, Inc. (Insurance)	231,561
	4,300	NEC Networks & System Integration Corp. (Software & Services)	104,040

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	600	Nippon Express Co. Ltd. (Transportation)	$       33,454
	10,400	Nippon Telegraph & Telephone Corp. (Telecommunication Services)	443,363
	500	Nitori Holdings Co. Ltd. (Retailing)	64,648
	6,700	Nomura Research Institute Ltd. (Software & Services)	305,182
	6,400	Obayashi Corp. (Capital Goods)	64,504
	5,300	Oji Holdings Corp. (Materials)	32,981
	45,000	ORIX Corp. (Diversified Financials)	646,542
	27,400	Osaka Gas Co. Ltd. (Utilities)	541,729
	9,300	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)	582,692
	14,400	Rohto Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	371,112
	2,200	Round One Corp. (Consumer Services)	27,910
	38,400	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	573,939
	46,500	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)	549,435
	8,200	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)	132,133
	13,500	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	838,102
	2,400	SoftBank Group Corp. (Telecommunication Services)	233,944
	7,300	Sony Corp. (Consumer Durables & Apparel)	308,215
	28,100	Sumitomo Corp. (Capital Goods)	389,587
	18,100	Sumitomo Heavy Industries Ltd. (Capital Goods)	588,245
	20,800	Sumitomo Mitsui Financial Group, Inc. (Banks)	728,389
	13,400	Sumitomo Mitsui Trust Holdings, Inc. (Banks)	481,584
	1,200	Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	114,639
	700	TDK Corp. (Technology Hardware & Equipment)	55,093
	11,700	TIS, Inc. (Software & Services)	555,171
	10,100	Tokio Marine Holdings, Inc. (Insurance)	489,312
	1,200	Tokyo Century Corp. (Diversified Financials)	52,300
	15,200	Toyota Motor Corp. (Automobiles & Components)	895,444

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	99	United Urban Investment Corp. (REIT)	$     156,292
	228,400	Yahoo Japan Corp. (Media & Entertainment)	560,186
	8,700	Yamaha Motor Co. Ltd. (Automobiles & Components)	171,132
	3,200	Zuken, Inc. (Software & Services)	43,393
			23,048,335
	Netherlands – 6.0%
	23,086	ABN AMRO Group NV CVA (Banks)(a)	520,464
	2,978	ASML Holding NV (Semiconductors & Semiconductor Equipment)	559,714
	10,804	ASR Nederland NV (Insurance)	450,163
	622	Euronext NV (Diversified Financials)(a)	39,462
	31,249	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)	831,966
	7,786	Koninklijke DSM NV (Materials)	849,334
	1,366	NN Group NV (Insurance)	56,834
	2,398	NXP Semiconductors NV (Semiconductors & Semiconductor Equipment)	211,959
	15,052	Royal Dutch Shell plc Class A (Energy)	472,240
	10,228	Royal Dutch Shell plc Class B (Energy)	323,262
	3,018	Sligro Food Group NV (Food & Staples Retailing)	108,165
	13,613	Wolters Kluwer NV (Commercial & Professional Services)	927,443
			5,351,006
	New Zealand – 0.0%
	3,151	Trustpower Ltd. (Utilities)	14,184
	Norway – 2.4%
	6,518	Aker BP ASA (Energy)	232,446
	3,782	Austevoll Seafood ASA (Food, Beverage & Tobacco)	44,783
	33,863	DNB ASA (Banks)	623,750
	16,736	Kongsberg Gruppen ASA (Capital Goods)	254,968
	37,445	Leroy Seafood Group ASA (Food, Beverage & Tobacco)	272,040
	8,165	Salmar ASA (Food, Beverage & Tobacco)	392,183
	23,882	SpareBank 1 SR-Bank ASA (Banks)	275,311
			2,095,481
	Portugal – 1.2%
	136,841	EDP - Energias de Portugal SA (Utilities)	538,388
	30,549	Galp Energia SGPS SA (Energy)	489,507
			1,027,895

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Singapore – 0.1%
	11,800	Singapore Exchange Ltd. (Diversified Financials)	$       63,787
	4,300	Venture Corp. Ltd. (Technology Hardware & Equipment)	57,131
			120,918
	Spain – 3.3%
	13,553	ACS Actividades de Construccion y Servicios SA (Capital Goods)	595,815
	139,011	Banco Bilbao Vizcaya Argentaria SA (Banks)	794,286
	68,709	CaixaBank SA (Banks)	214,865
	8,153	Enagas SA (Energy)	237,354
	38,265	Merlin Properties Socimi SA (REIT)	500,780
	22,966	Repsol SA (Energy)	392,909
	23,801	Telefonica SA (Telecommunication Services)	199,378
			2,935,387
	Sweden – 3.2%
	12,662	Biotage AB (Pharmaceuticals, Biotechnology & Life Sciences)	161,384
	5,184	Boliden AB (Materials)	147,739
	19,301	Electrolux ABSeries B (Consumer Durables & Apparel)	497,019
	1,020	Nolato AB Class B (Capital Goods)	42,464
	8,347	Sandvik AB (Capital Goods)	135,757
	5,063	Swedbank AB Class A (Banks)	71,555
	12,347	Swedish Match AB (Food, Beverage & Tobacco)	629,979
	69,217	Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment)	637,619
	31,180	Volvo AB Class B (Capital Goods)	483,793
			2,807,309
	Switzerland – 7.3%
	1,904	BKW AG (Utilities)	129,887
	3,056	Coca-Cola HBC AG (Food, Beverage & Tobacco)	104,207
	1,818	Galenica AG (Health Care Equipment & Services)(a)	90,073
	6,726	Logitech International SA (Registered) (Technology Hardware & Equipment)	264,146
	2,350	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*	729,573
	9,274	Nestle SA (Registered) (Food, Beverage & Tobacco)	884,280
	2,981	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	286,532

Shares		Description	Value
	Common Stocks – (continued)
	Switzerland – (continued)
	3,354	Oriflame Holding AG (Household & Personal Products)	$       64,414
	7,441	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)	2,050,404
	1,308	Siegfried Holding AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*	469,798
	725	Sonova Holding AG (Registered) (Health Care Equipment & Services)	143,673
	32	Swiss Life Holding AG (Registered) (Insurance)*	14,099
	2,697	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	636,957
	4,350	Temenos AG (Registered) (Software & Services)	641,779
			6,509,822
	United Kingdom – 13.0%
	56,601	3i Group plc (Diversified Financials)	725,817
	12,792	Abcam plc (Pharmaceuticals, Biotechnology & Life Sciences)	189,372
	4,249	Ashtead Group plc (Capital Goods)	102,718
	115,855	Aviva plc (Insurance)	623,002
	28,184	Barratt Developments plc (Consumer Durables & Apparel)	220,154
	837	BP plc ADR (Energy)	36,594
	23,984	British American Tobacco plc (Food, Beverage & Tobacco)	1,000,561
	34,650	BT Group plc (Telecommunication Services)	100,669
	13,766	Burberry Group plc (Consumer Durables & Apparel)	350,850
	24,289	Diageo plc (Food, Beverage & Tobacco)	993,956
	131,915	Direct Line Insurance Group plc (Insurance)	606,839
	28,396	Experian plc (Commercial & Professional Services)	768,548
	28,501	Genel Energy plc (Energy)*	74,592
	26,740	Great Portland Estates plc (REIT)	260,098
	22,193	HSBC Holdings plc (Banks)	180,337
	22,800	Imperial Brands plc (Food, Beverage & Tobacco)	779,924
	64,772	International Consolidated Airlines Group SA (Transportation)	430,991
	5,457	Intertek Group plc (Commercial & Professional Services)	345,697
	208,202	Legal & General Group plc (Insurance)	747,159

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	United Kingdom – (continued)
	554,203	Lloyds Banking Group plc (Banks)	$     449,003
	11,882	National Grid plc (Utilities)	131,894
	9,877	Next plc (Retailing)	717,722
	45,682	Pearson plc (Media & Entertainment)	498,377
	12,781	Persimmon plc (Consumer Durables & Apparel)	361,518
	8,063	Smith & Nephew plc (Health Care Equipment & Services)	160,124
	6,567	Unilever plc ADR (Household & Personal Products)	379,047
	20,121	Vodafone Group plc ADR (Telecommunication Services)	365,800
			11,601,363
	United States – 0.2%
	4,457	Carnival plc ADR (Consumer Services)	222,003
	TOTAL COMMON STOCKS (Cost $87,786,125)		$85,555,666
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $87,786,125)		$85,555,666
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle(c) — 0.1%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	118,822	2.437%	$     118,822
	(Cost $118,822)
	TOTAL INVESTMENTS – 96.2% (Cost $87,904,947)		$85,674,488
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.8%		3,389,606
	NET ASSETS – 100.0%		$89,064,094

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(c)	Represents an Affiliated Issuer.
Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
ADR	— American Depositary Receipt
CVA	— Dutch Certification
REIT	— Real Estate Investment Trust
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index	20	06/21/2019	$	734,073	$	10,449
FTSE 100 Index	4	06/21/2019		375,705		8,061
MSCI Singapore Index	1	04/29/2019		26,541		(155	)
SPI 200 Index	1	06/20/2019		109,543		(186	)
TOPIX Index	2	06/13/2019		287,287		(2,847	)
Total Futures Contracts					$	15,322

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.5%
	Banks – 11.1%
	502,801	Bank of America Corp.	$  13,872,280
	32,933	First Republic Bank	3,308,449
	162,052	JPMorgan Chase & Co.	16,404,524
	26,826	M&T Bank Corp.	4,212,218
	17,941	Signature Bank	2,297,704
	91,105	SunTrust Banks, Inc.	5,397,971
	141,991	Wells Fargo & Co.	6,861,005
			52,354,151
	Capital Goods – 6.4%
	6,403	Boeing Co. (The)	2,442,232
	15,802	Deere & Co.	2,525,792
	375,857	General Electric Co.	3,754,812
	41,734	Honeywell International, Inc.	6,632,367
	89,953	ITT, Inc.	5,217,274
	24,426	Raytheon Co.	4,447,486
	39,755	Stanley Black & Decker, Inc.	5,413,438
			30,433,401
	Commercial & Professional Services – 0.6%
	30,574	Waste Connections, Inc.	2,708,551
	Consumer Durables & Apparel – 1.5%
	58,727	DR Horton, Inc.	2,430,123
	38,248	PVH Corp.	4,664,344
			7,094,467
	Consumer Services – 1.9%
	33,387	McDonald’s Corp.	6,340,191
	23,978	Royal Caribbean Cruises Ltd.	2,748,359
			9,088,550
	Diversified Financials – 5.9%
	27,205	American Express Co.	2,973,506
	84,563	Berkshire Hathaway, Inc. Class B*	16,987,861
	47,961	Intercontinental Exchange, Inc.	3,651,751
	49,188	Northern Trust Corp.	4,447,087
			28,060,205
	Energy – 9.3%
	50,343	Cheniere Energy, Inc.*	3,441,448
	105,632	Chevron Corp.	13,011,750
	38,577	Concho Resources, Inc.	4,280,504
	17,832	Diamondback Energy, Inc.	1,810,483
	56,918	EOG Resources, Inc.	5,417,455
	129,909	Exxon Mobil Corp.	10,496,647
	93,225	Marathon Petroleum Corp.	5,579,516
			44,037,803
	Food & Staples Retailing – 2.1%
	104,524	Walmart, Inc.	10,194,226
	Food, Beverage & Tobacco – 2.3%
	83,721	Altria Group, Inc.	4,808,097
	125,473	Mondelez International, Inc. Class A	6,263,612
			11,071,709
	Health Care Equipment & Services – 7.5%
	85,527	Boston Scientific Corp.*	3,282,526
	11,035	Cooper Cos., Inc. (The)	3,268,236

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	43,528	CVS Health Corp.	$    2,347,465
	42,234	Danaher Corp.	5,575,733
	13,717	Humana, Inc.	3,648,722
	19,035	Laboratory Corp. of America Holdings*	2,911,974
	99,218	Medtronic plc	9,036,775
	44,135	Zimmer Biomet Holdings, Inc.	5,636,040
			35,707,471
	Household & Personal Products – 2.8%
	126,213	Procter & Gamble Co. (The)	13,132,463
	Insurance – 3.3%
	39,208	American Financial Group, Inc.	3,772,202
	33,654	Arthur J Gallagher & Co.	2,628,378
	34,954	Chubb Ltd.	4,896,356
	97,955	MetLife, Inc.	4,169,944
			15,466,880
	Materials – 3.0%
	31,922	Celanese Corp.	3,147,828
	159,145	DowDuPont, Inc.	8,484,020
	12,370	Martin Marietta Materials, Inc.	2,488,597
			14,120,445
	Media & Entertainment – 5.2%
	3,959	Alphabet, Inc. Class A*	4,659,308
	276,927	Comcast Corp. Class A	11,071,542
	13,673	Facebook, Inc. Class A*	2,279,152
	35,669	Fox Corp. Class A*	1,309,409
	45,882	Walt Disney Co. (The)	5,094,278
			24,413,689
	Pharmaceuticals, Biotechnology & Life Sciences – 8.3%
	19,799	Alexion Pharmaceuticals, Inc.*	2,676,429
	58,837	AstraZeneca plc ADR	2,378,780
	30,104	BioMarin Pharmaceutical, Inc.*	2,674,138
	77,921	Elanco Animal Health, Inc.*	2,498,927
	28,287	Eli Lilly & Co.	3,670,521
	105,232	Johnson & Johnson	14,710,381
	58,285	Merck & Co., Inc.	4,847,563
	141,113	Pfizer, Inc.	5,993,069
			39,449,808
	Real Estate Investment Trusts – 4.9%
	28,486	Alexandria Real Estate Equities, Inc.	4,060,964
	28,877	AvalonBay Communities, Inc.	5,796,480
	18,952	Federal Realty Investment Trust	2,612,533
	78,304	Hudson Pacific Properties, Inc.	2,695,224
	53,163	Prologis, Inc.	3,825,078
	67,616	Ventas, Inc.	4,314,577
			23,304,856
	Retailing – 1.7%
	11,002	Advance Auto Parts, Inc.	1,876,171
	18,656	Home Depot, Inc. (The)	3,579,900
	28,300	Ross Stores, Inc.	2,634,730
			8,090,801

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – 3.5%
	47,953	Advanced Micro Devices, Inc.*	$    1,223,761
	137,782	Intel Corp.	7,398,893
	205,343	Marvell Technology Group Ltd.	4,084,272
	34,985	Texas Instruments, Inc.	3,710,859
			16,417,785
	Software & Services – 3.3%
	23,310	Accenture plc Class A	4,103,026
	21,689	Check Point Software Technologies Ltd.*	2,743,442
	12,942	Intuit, Inc.	3,383,168
	44,250	Microsoft Corp.	5,218,845
			15,448,481
	Technology Hardware & Equipment – 3.4%
	13,514	Apple, Inc.	2,566,984
	246,824	Cisco Systems, Inc.	13,326,028
			15,893,012
	Telecommunication Services – 4.0%
	146,764	AT&T, Inc.	4,602,519
	243,539	Verizon Communications, Inc.	14,400,461
			19,002,980
	Transportation – 1.2%
	19,024	Lyft, Inc. Class A*	1,489,389
	25,247	Union Pacific Corp.	4,221,298
			5,710,687
	Utilities – 6.3%
	73,798	Ameren Corp.	5,427,843
	36,319	American Water Works Co., Inc.	3,786,619
	104,946	CMS Energy Corp.	5,828,701
	45,440	NextEra Energy, Inc.	8,784,461
	107,722	Xcel Energy, Inc.	6,055,053
			29,882,677
	TOTAL INVESTMENTS – 99.5% (Cost $417,519,590)		$471,085,098
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%		2,551,758
	NET ASSETS – 100.0%		$473,636,856

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.

Investment Abbreviation:
ADR	— American Depositary Receipt
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.0%
	Automobiles & Components – 0.6%
	38,277	Aptiv plc	$    3,042,639
	Banks – 7.0%
	137,141	Citizens Financial Group, Inc.	4,457,082
	51,896	Comerica, Inc.	3,805,015
	80,140	First Republic Bank	8,050,864
	53,626	M&T Bank Corp.	8,420,355
	41,227	Signature Bank	5,279,942
	86,256	SunTrust Banks, Inc.	5,110,668
			35,123,926
	Capital Goods – 8.9%
	63,820	AMETEK, Inc.	5,295,145
	68,275	Flowserve Corp.	3,081,934
	139,817	ITT, Inc.	8,109,386
	71,568	Jacobs Engineering Group, Inc.	5,381,198
	39,131	L3 Technologies, Inc.	8,075,465
	61,804	Sensata Technologies Holding plc*	2,782,416
	70,489	Stanley Black & Decker, Inc.	9,598,487
	65,332	Terex Corp.	2,099,117
			44,423,148
	Consumer Durables & Apparel – 1.8%
	96,772	DR Horton, Inc.	4,004,425
	42,963	PVH Corp.	5,239,338
			9,243,763
	Consumer Services – 3.0%
	163,262	MGM Resorts International	4,189,303
	64,603	Restaurant Brands International, Inc.	4,206,301
	58,964	Royal Caribbean Cruises Ltd.	6,758,454
			15,154,058
	Diversified Financials – 2.6%
	28,786	Cboe Global Markets, Inc.	2,747,336
	80,790	E*TRADE Financial Corp.	3,751,080
	41,916	Northern Trust Corp.	3,789,625
	113,434	Starwood Property Trust, Inc. (REIT)	2,535,250
			12,823,291
	Energy – 5.4%
	73,241	Cheniere Energy, Inc.*	5,006,755
	72,892	Concho Resources, Inc.	8,088,096
	71,127	Diamondback Energy, Inc.	7,221,524
	82,675	Marathon Petroleum Corp.	4,948,099
	66,180	Williams Cos., Inc. (The)	1,900,690
			27,165,164
	Food & Staples Retailing – 1.1%
	161,768	US Foods Holding Corp.*	5,647,321
	Food, Beverage & Tobacco – 3.6%
	40,884	Bunge Ltd.	2,169,714
	87,414	Coca-Cola European Partners plc	4,522,800
	109,144	Conagra Brands, Inc.	3,027,654
	21,955	Constellation Brands, Inc. Class A	3,849,370
	6,766	McCormick & Co., Inc. (Non-Voting)	1,019,163

Shares		Description	Value
	Common Stocks – (continued)
	Food, Beverage & Tobacco – (continued)
	155,380	Nomad Foods Ltd.*	$    3,177,521
			17,766,222
	Health Care Equipment & Services – 5.5%
	23,452	Cooper Cos., Inc. (The)	6,945,779
	41,846	DENTSPLY SIRONA, Inc.	2,075,143
	29,096	Laboratory Corp. of America Holdings*	4,451,106
	11,795	Teleflex, Inc.	3,563,977
	81,364	Zimmer Biomet Holdings, Inc.	10,390,183
			27,426,188
	Insurance – 6.4%
	113,368	Arch Capital Group Ltd.*	3,664,054
	12,273	Everest Re Group Ltd.	2,650,477
	21,276	Hanover Insurance Group, Inc. (The)	2,429,081
	85,495	Hartford Financial Services Group, Inc. (The)	4,250,811
	64,085	Lincoln National Corp.	3,761,790
	2,435	Markel Corp.*	2,425,844
	27,714	Reinsurance Group of America, Inc.	3,934,834
	46,641	Torchmark Corp.	3,822,230
	28,711	Willis Towers Watson plc	5,043,087
			31,982,208
	Materials – 6.4%
	75,186	Ball Corp.	4,350,262
	74,450	Celanese Corp.	7,341,514
	370,615	Freeport-McMoRan, Inc.	4,777,227
	31,599	Martin Marietta Materials, Inc.	6,357,087
	81,354	Newmont Mining Corp.	2,910,033
	78,619	WR Grace & Co.	6,135,427
			31,871,550
	Media & Entertainment – 2.0%
	116,312	Fox Corp. Class A*	4,269,813
	32,817	Liberty Broadband Corp. Class C*	3,010,632
	39,194	Live Nation Entertainment, Inc.*	2,490,387
			9,770,832
	Pharmaceuticals, Biotechnology & Life Sciences – 1.6%
	68,183	Agilent Technologies, Inc.	5,480,549
	26,713	BioMarin Pharmaceutical, Inc.*	2,372,916
			7,853,465
	Real Estate – 14.2%
	96,510	Acadia Realty Trust (REIT)	2,631,828
	54,093	Alexandria Real Estate Equities, Inc. (REIT)	7,711,498
	39,477	AvalonBay Communities, Inc. (REIT)	7,924,218
	44,933	Boston Properties, Inc. (REIT)	6,015,630
	58,282	Camden Property Trust (REIT)	5,915,623
	133,870	Cushman & Wakefield plc*	2,382,886
	69,344	CyrusOne, Inc. (REIT)	3,636,399
	45,625	Equity LifeStyle Properties, Inc. (REIT)	5,214,938
	19,463	Essex Property Trust, Inc. (REIT)	5,629,478

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	88,052	HCP, Inc. (REIT)	$    2,756,028
	86,215	Hudson Pacific Properties, Inc. (REIT)	2,967,520
	52,773	Prologis, Inc. (REIT)	3,797,017
	30,575	Ryman Hospitality Properties, Inc. (REIT)	2,514,488
	20,189	SBA Communications Corp. (REIT)*	4,030,936
	120,307	Ventas, Inc. (REIT)	7,676,790
			70,805,277
	Retailing – 2.9%
	20,899	Advance Auto Parts, Inc.	3,563,906
	17,917	Burlington Stores, Inc.*	2,807,236
	37,745	Dollar General Corp.	4,502,978
	29,204	Expedia Group, Inc.	3,475,276
			14,349,396
	Semiconductors & Semiconductor Equipment – 2.6%
	56,327	Advanced Micro Devices, Inc.*	1,437,465
	18,563	Analog Devices, Inc.	1,954,127
	399,805	Marvell Technology Group Ltd.	7,952,122
	21,177	NXP Semiconductors NV	1,871,835
			13,215,549
	Software & Services – 5.3%
	23,175	Check Point Software Technologies Ltd.*	2,931,406
	91,900	Fidelity National Information Services, Inc.	10,393,890
	44,297	GoDaddy, Inc. Class A*	3,330,691
	25,309	PTC, Inc.*	2,332,983
	69,438	Symantec Corp.	1,596,380
	26,485	Total System Services, Inc.	2,516,340
	31,236	Worldpay, Inc.*	3,545,286
			26,646,976
	Technology Hardware & Equipment – 2.1%
	25,645	Motorola Solutions, Inc.	3,601,071
	375,471	Viavi Solutions, Inc.*	4,648,331
	51,158	Western Digital Corp.	2,458,653
			10,708,055
	Telecommunication Services – 0.9%
	190,454	CenturyLink, Inc.	2,283,543
	73,104	Zayo Group Holdings, Inc.*	2,077,616
			4,361,159
	Transportation – 2.1%
	292,628	JetBlue Airways Corp.*	4,787,394
	20,044	Lyft, Inc. Class A*	1,569,245
	27,456	Old Dominion Freight Line, Inc.	3,964,372
			10,321,011
	Utilities – 11.0%
	46,138	American Water Works Co., Inc.	4,810,348
	36,560	Atmos Energy Corp.	3,763,120
	132,211	CMS Energy Corp.	7,342,999
	107,497	Evergy, Inc.	6,240,201
	55,081	PG&E Corp.*	980,442

Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	42,395	Pinnacle West Capital Corp.	$    4,052,114
	152,564	Public Service Enterprise Group, Inc.	9,063,827
	71,929	Sempra Energy	9,052,984
	173,990	Xcel Energy, Inc.	9,779,978
			55,086,013
	TOTAL COMMON STOCKS (Cost $433,755,341)		$484,787,211
	Master Limited Partnership – 0.7%
	Energy – 0.7%
	115,547	Viper Energy Partners LP	$    3,831,539
	(Cost $3,779,775)
Shares		Dividend Rate	Value
	Investment Company(a) – 1.3%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	6,476,407	2.437%	$    6,476,407
	(Cost $6,476,407)
	TOTAL INVESTMENTS – 99.0% (Cost $444,011,523)		$495,095,157
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.0%		4,766,419
	NET ASSETS – 100.0%		$499,861,576

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Represents an Affiliated Issuer.

Investment Abbreviation:
REIT	— Real Estate Investment Trust

For information on the mutual funds, please call our toll-free

Shareholder Services Line at 1-800-526-7384 or visit us on the
web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments

March 31, 2019 (Unaudited)

Shares		Description	Value
	Underlying Funds (Class R6 Shares)(a) – 94.6%
	Equity – 13.3%
	107,485	Goldman Sachs Absolute Return Tracker Fund	$1,027,556
	57,383	Goldman Sachs Emerging Markets Equity Insights Fund	545,134
	34,751	Goldman Sachs Real Estate Securities Fund	521,967
			2,094,657
	Fixed Income – 81.3%
	250,423	Goldman Sachs Tactical Exposure Fund	2,356,481
	208,181	Goldman Sachs Managed Futures Strategy Fund	2,154,678
	208,430	Goldman Sachs Long Short Credit Strategies Fund	1,813,342
	162,293	Goldman Sachs Strategic Income Fund	1,506,079
	117,140	Goldman Sachs Emerging Markets Debt Fund	1,430,285
	138,340	Goldman Sachs Alternative Premia Fund	1,152,372
	118,524	Goldman Sachs High Yield Floating Rate Fund	1,110,572
	124,925	Goldman Sachs High Yield Fund	792,023
	82,748	Goldman Sachs Local Emerging Markets Debt Fund	474,973
			12,790,805
	TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) (Cost $15,342,917)		$14,885,462
	Exchange Traded Fund – 1.8%
	5,295	ProShares Short VIX Short-Term Futures ETF	$     277,246
	(Cost $251,900)
Shares		Dividend Rate	Value
	Investment Company(a) – 1.0%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	156,443	2.437%	$     156,443
	(Cost $153,004)
	TOTAL INVESTMENTS – 97.4% (Cost $15,747,821)		$15,319,151
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.6%		415,825
	NET ASSETS – 100.0%		$15,734,976

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an Affiliated Issuer.

Currency Abbreviation:
USD	— United States Dollar

For information on the mutual funds, please call our toll-free
Shareholder Services Line at 1-800-526-7384 or visit us on the
web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2019, the Portfolio had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
MSCI Emerging Markets E-Mini Index	11	06/21/2019	$	581,570		$	12,817
S&P 500 E-Mini Index	1	06/21/2019		141,890			3,059
Total						$	15,876
Short position contracts:
3 Month Eurodollar	(30)	09/14/2020		(7,339,125	)		(29,797	)
Euro-Buxl	(2)	06/06/2019		(430,168	)		(20,254	)
Total						$	(50,051	)
Total Futures Contracts						$	(34,175	)

PURCHASED OPTIONS CONTRACTS — At March 31, 2019, the Portfolio had the following purchased options contracts:

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts	Notional Amount		Value		Premiums Paid (Received) by the Portfolio		Unrealized Appreciation/ Depreciation
Purchased options contracts:
Calls
3 Month Eurodollar	Barclays Bank PLC		96.88 USD		06/17/2019	14	$	3,500,000	$	20,300	$	24,395	$	(4,095	)
			99.00 USD		06/17/2019	61		15,250,000		381		6,241		(5,860	)
			97.75 USD		09/16/2019	5		1,250,000		531		3,137		(2,606	)
			97.50 USD		06/15/2020	23		5,750,000		22,281		14,616		7,665
			97.50 USD		09/14/2020	25		6,250,000		28,906		19,406		9,500
			97.50 USD		12/14/2020	24		6,000,000		30,150		22,889		7,261
			97.00 USD		03/15/2021	2		500,000		4,588		3,580		1,008
			97.50 USD		03/15/2021	23		5,750,000		31,481		25,934		5,547
			97.00 USD		06/14/2021	1		250,000		2,319		1,852		467
			97.50 USD		06/14/2021	21		5,250,000		29,794		24,498		5,296
			98.00 USD		06/14/2021	10		2,500,000		7,938		8,146		(208	)
			97.00 USD		09/13/2021	2		500,000		4,712		4,905		(193	)
			98.00 USD		09/13/2021	19		4,750,000		16,150		17,675		(1,525	)
Total purchased options contracts						230			$	199,531	$	177,274	$	22,257

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.4%
	Automobiles & Components – 0.3%
	4,220	Dana, Inc.	$       74,863
	1,269	Gentherm, Inc.*	46,775
	1,164	Modine Manufacturing Co.*	16,145
	1,950	Standard Motor Products, Inc.	95,745
			233,528
	Banks – 9.8%
	5,488	1st Source Corp.	246,466
	410	ACNB Corp.	15,170
	719	Allegiance Bancshares, Inc.*	24,245
	6,734	Amalgamated Bank Class A	105,387
	629	Arrow Financial Corp.	20,688
	5,023	Bancorp, Inc. (The)*	40,586
	1,379	BankFinancial Corp.	20,506
	637	Banner Corp.	34,506
	1,353	Berkshire Hills Bancorp, Inc.	36,856
	7,243	Cathay General Bancorp	245,610
	25,183	CenterState Bank Corp.	599,607
	20,596	Central Pacific Financial Corp.	593,989
	378	Century Bancorp, Inc. Class A	27,594
	24,716	CVB Financial Corp.	520,272
	650	Enterprise Bancorp, Inc.	18,674
	5,191	Equity Bancshares, Inc. Class A*	149,501
	5,742	Essent Group Ltd.*	249,490
	4,753	Federal Agricultural Mortgage Corp. Class C	344,260
	3,352	Financial Institutions, Inc.	91,107
	11,139	First Bancorp	387,192
	38,879	First Commonwealth Financial Corp.	489,875
	4,373	First Financial Corp.	183,666
	6,855	First Foundation, Inc.	93,022
	6,418	First Internet Bancorp	124,060
	894	First of Long Island Corp. (The)	19,605
	1,792	Flushing Financial Corp.	39,298
	3,038	Hanmi Financial Corp.	64,618
	3,257	Heartland Financial USA, Inc.	138,911
	7,836	Hilltop Holdings, Inc.	143,007
	11,433	Home BancShares, Inc.	200,878
	1,069	HomeTrust Bancshares, Inc.	26,939
	16,087	International Bancshares Corp.	611,789
	50,987	Investors Bancorp, Inc.	604,196
	2,488	LegacyTexas Financial Group, Inc.	93,026
	2,006	Macatawa Bank Corp.	19,940
	4,969	Mercantile Bank Corp.	162,586
	583	Metropolitan Bank Holding Corp.*	20,283
	2,603	Mr Cooper Group, Inc.*	24,963
	4,541	National Bank Holdings Corp. Class A	151,034
	6,790	NMI Holdings, Inc. Class A*	175,657
	461	Pacific Premier Bancorp, Inc.	12,230
	1,516	Parke Bancorp, Inc.	31,669
	37,555	Radian Group, Inc.	778,891
	1,756	Riverview Bancorp, Inc.	12,836
	3,977	Sierra Bancorp	96,641
	6,535	Southern National Bancorp of Virginia, Inc.	95,738
	800	Territorial Bancorp, Inc.	21,528
	12,105	TriCo Bancshares	475,605
	20,737	TrustCo Bank Corp.	160,919
	11,556	United Community Banks, Inc.	288,091
	3,909	United Community Financial Corp.	36,549
	1,697	Univest Financial Corp.	41,509

Shares		Description	Value
	Common Stocks – (continued)
	Banks – (continued)
	2,994	WSFS Financial Corp.	$     115,568
			9,326,833
	Capital Goods – 6.9%
	7,751	Aegion Corp.*	136,185
	9,812	Aerojet Rocketdyne Holdings, Inc.*	348,620
	5,721	Albany International Corp. Class A	409,566
	3,274	Barnes Group, Inc.	168,316
	6,238	BMC Stock Holdings, Inc.*	110,225
	10,015	Builders FirstSource, Inc.*	133,600
	507	Columbus McKinnon Corp.	17,415
	11,288	Comfort Systems USA, Inc.	591,378
	17,898	Continental Building Products, Inc.*	443,691
	2,907	CSW Industrials, Inc.*	166,542
	1,476	Ducommun, Inc.*	64,236
	1,377	DXP Enterprises, Inc.*	53,593
	1,870	Dycom Industries, Inc.*	85,908
	286	EnerSys	18,636
	805	ESCO Technologies, Inc.	53,959
	6,138	Great Lakes Dredge & Dock Corp.*	54,690
	1,250	Harsco Corp.*	25,200
	614	Hurco Cos., Inc.	24,763
	13,610	JELD-WEN Holding, Inc.*	240,353
	3,841	Kaman Corp.	224,468
	587	MasTec, Inc.*	28,235
	16,766	Meritor, Inc.*	341,188
	26,805	Milacron Holdings Corp.*	303,433
	4,149	Miller Industries, Inc.	127,997
	3,043	Moog, Inc. Class A	264,589
	3,830	MRC Global, Inc.*	66,948
	802	NV5 Global, Inc.*	47,607
	607	Proto Labs, Inc.*	63,820
	1,264	Quanex Building Products Corp.	20,085
	4,552	Rexnord Corp.*	114,437
	2,756	Rush Enterprises, Inc. Class A	115,228
	9,859	Simpson Manufacturing Co., Inc.	584,343
	5,272	SPX FLOW, Inc.*	168,177
	2,392	Tennant Co.	148,519
	8,033	Titan Machinery, Inc.*	124,994
	13,521	TriMas Corp.*	408,740
	2,090	Vectrus, Inc.*	55,573
	2,448	Watts Water Technologies, Inc. Class A	197,847
	4,091	Wesco Aircraft Holdings, Inc.*	35,960
			6,589,064
	Commercial & Professional Services – 4.7%
	1,665	Advanced Disposal Services, Inc.*	46,620
	2,195	Barrett Business Services, Inc.	169,739
	14,353	CBIZ, Inc.*	290,505
	5,248	CRA International, Inc.	265,234
	4,573	Deluxe Corp.	199,931
	3,042	Exponent, Inc.	175,584
	819	Franklin Covey Co.*	20,721
	2,706	Heidrick & Struggles International, Inc.	103,721
	2,795	Huron Consulting Group, Inc.*	131,980
	6,822	Insperity, Inc.	843,608
	16,480	Kforce, Inc.	578,778
	13,120	Korn Ferry	587,514
	7,765	McGrath RentCorp	439,266
	415	MSA Safety, Inc.	42,911
	18,717	Navigant Consulting, Inc.	364,420

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Commercial & Professional Services – (continued)
	703	TriNet Group, Inc.*	$       41,997
	7,239	TrueBlue, Inc.*	171,130
			4,473,659
	Consumer Durables & Apparel – 3.5%
	8,909	American Outdoor Brands Corp.*	83,210
	1,017	Bassett Furniture Industries, Inc.	16,689
	32,700	Callaway Golf Co.	520,911
	16,487	Crocs, Inc.*	424,540
	13,400	Ethan Allen Interiors, Inc.	256,342
	2,086	Helen of Troy Ltd.*	241,893
	236	Installed Building Products, Inc.*	11,446
	832	Johnson Outdoors, Inc. Class A	59,371
	13,870	KB Home	335,238
	6,917	MasterCraft Boat Holdings, Inc.*	156,117
	9,299	Meritage Homes Corp.*	415,758
	2,023	Roku, Inc.*	130,504
	16,278	Taylor Morrison Home Corp. Class A*	288,934
	3,983	Turtle Beach Corp.*(a)	45,247
	19,770	Vista Outdoor, Inc.*	158,358
	10,766	William Lyon Homes Class A*	165,473
			3,310,031
	Consumer Services – 3.7%
	1,504	American Public Education, Inc.*	45,301
	3,218	Bloomin’ Brands, Inc.	65,808
	4,887	Carrols Restaurant Group, Inc.*	48,723
	10,588	Chegg, Inc.*	403,615
	4,150	Dave & Buster’s Entertainment, Inc.	206,961
	4,168	Denny’s Corp.*	76,483
	7,779	Fiesta Restaurant Group, Inc.*	101,983
	46,328	Houghton Mifflin Harcourt Co.*	336,805
	17,661	K12, Inc.*	602,770
	5,586	Laureate Education, Inc. Class A*	83,622
	4,951	Planet Fitness, Inc. Class A*	340,233
	10,198	Red Robin Gourmet Burgers, Inc.*	293,804
	2,620	Scientific Games Corp. Class A*	53,500
	5,391	SeaWorld Entertainment, Inc.*	138,872
	9,967	Texas Roadhouse, Inc.	619,848
	2,223	Weight Watchers International, Inc.*	44,793
	677	Wingstop, Inc.	51,472
			3,514,593
	Diversified Financials – 4.7%
	14,905	AG Mortgage Investment Trust, Inc. (REIT)	251,000
	53,326	Anworth Mortgage Asset Corp. (REIT)	215,437
	20,835	Artisan Partners Asset Management, Inc. Class A	524,417
	40,878	BrightSphere Investment Group plc	554,306
	3,590	Cannae Holdings, Inc.*	87,093
	5,654	Cherry Hill Mortgage Investment Corp. (REIT)	97,362
	17,376	Enova International, Inc.*	396,520
	4,321	Focus Financial Partners, Inc. Class A*	154,000
	2,212	Green Dot Corp. Class A*	134,158
	1,712	Greenhill & Co., Inc.	36,825
	1,861	Houlihan Lokey, Inc.	85,327
	35,284	Ladder Capital Corp. (REIT)	600,534
	13,645	Moelis & Co. Class A	567,769

Shares		Description	Value
	Common Stocks – (continued)
	Diversified Financials – (continued)
	3,478	On Deck Capital, Inc.*	$       18,851
	9,147	Oppenheimer Holdings, Inc. Class A	238,005
	4,371	Piper Jaffray Cos.	318,340
	2,264	Regional Management Corp.*	55,287
	3,731	Westwood Holdings Group, Inc.	131,592
			4,466,823
	Energy – 4.8%
	3,499	Arch Coal, Inc. Class A	319,354
	10,033	CONSOL Energy, Inc.*	343,329
	3,050	CVR Energy, Inc.	125,660
	18,596	Delek US Holdings, Inc.	677,265
	56,218	Denbury Resources, Inc.*	115,247
	16,571	FTS International, Inc.*	165,710
	34,754	Helix Energy Solutions Group, Inc.*	274,904
	15,525	Matrix Service Co.*	303,980
	9,962	McDermott International, Inc.*	74,117
	22,791	Newpark Resources, Inc.*	208,766
	15,751	Peabody Energy Corp.	446,226
	30,808	Pioneer Energy Services Corp.*	54,530
	18,674	Renewable Energy Group, Inc.*	410,081
	11,481	SEACOR Holdings, Inc.*	485,417
	23,828	Superior Energy Services, Inc.*	111,277
	8,388	Unit Corp.*	119,445
	6,628	W&T Offshore, Inc.*	45,733
	9,761	World Fuel Services Corp.	281,995
			4,563,036
	Food & Staples Retailing – 0.4%
	5,747	Ingles Markets, Inc. Class A	158,732
	9,313	Smart & Final Stores, Inc.*	46,006
	3,685	Village Super Market, Inc. Class A	100,711
	1,655	Weis Markets, Inc.	67,541
			372,990
	Food, Beverage & Tobacco – 2.5%
	172	Boston Beer Co., Inc. (The) Class A*	50,694
	379	Cal-Maine Foods, Inc.	16,915
	30,409	Darling Ingredients, Inc.*	658,355
	10,816	Dean Foods Co.	32,772
	3,652	Fresh Del Monte Produce, Inc.	98,714
	11,498	Freshpet, Inc.*	486,250
	4,278	J&J Snack Foods Corp.	679,517
	1,005	John B Sanfilippo & Son, Inc.	72,229
	3,224	National Beverage Corp.	186,122
	12,955	Vector Group Ltd.	139,784
			2,421,352
	Health Care Equipment & Services – 4.2%
	1,354	Amedisys, Inc.*	166,894
	868	AMN Healthcare Services, Inc.*	40,874
	4,569	BioTelemetry, Inc.*	286,111
	1,281	Computer Programs & Systems, Inc.	38,033
	14,260	Ensign Group, Inc. (The)	729,969
	8,607	GenMark Diagnostics, Inc.*	61,024
	1,491	Glaukos Corp.*	116,850
	1,752	Globus Medical, Inc. Class A*	86,566
	952	HealthEquity, Inc.*	70,429
	892	HMS Holdings Corp.*	26,412
	2,562	Integer Holdings Corp.*	193,226
	437	Novocure Ltd.*	21,050
	959	Omnicell, Inc.*	77,526

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	9,405	Orthofix Medical, Inc.*	$     530,536
	2,393	Quidel Corp.*	156,670
	8,833	STAAR Surgical Co.*	302,000
	4,505	Tandem Diabetes Care, Inc.*	286,067
	17,282	Tenet Healthcare Corp.*	498,413
	7,157	Tivity Health, Inc.*	125,677
	8,873	Triple-S Management Corp. Class B*	202,482
			4,016,809
	Insurance – 2.7%
	22,887	American Equity Investment Life Holding Co.	618,407
	2,406	AMERISAFE, Inc.	142,916
	10,019	Argo Group International Holdings Ltd.	707,943
	5,289	Employers Holdings, Inc.	212,142
	5,564	FBL Financial Group, Inc. Class A	348,974
	10,804	Genworth Financial, Inc. Class A*	41,379
	1,221	National General Holdings Corp.	28,974
	103	National Western Life Group, Inc. Class A	27,034
	3,467	ProAssurance Corp.	119,993
	832	Safety Insurance Group, Inc.	72,501
	7,896	Trupanion, Inc.*(a)	258,515
			2,578,778
	Materials – 4.4%
	571	AdvanSix, Inc.*	16,314
	50,255	AK Steel Holding Corp.*	138,201
	16,333	Allegheny Technologies, Inc.*	417,635
	2,447	Balchem Corp.	227,082
	12,600	Boise Cascade Co.	337,176
	11,284	Carpenter Technology Corp.	517,371
	3,376	Chase Corp.	312,415
	2,011	Ferro Corp.*	38,068
	630	HB Fuller Co.	30,643
	4,570	Innophos Holdings, Inc.	137,740
	2,227	Innospec, Inc.	185,620
	7,774	Kraton Corp.*	250,167
	11,137	Louisiana-Pacific Corp.	271,520
	4,237	Materion Corp.	241,763
	4,950	Minerals Technologies, Inc.	291,011
	2,190	Myers Industries, Inc.	37,471
	6,158	OMNOVA Solutions, Inc.*	43,229
	3,554	PH Glatfelter Co.	50,183
	2,269	PolyOne Corp.	66,504
	6,787	Schnitzer Steel Industries, Inc. Class A	162,888
	7,941	SunCoke Energy, Inc.*	67,419
	3,109	Trinseo SA	140,838
	4,572	Warrior Met Coal, Inc.	138,989
	787	Worthington Industries, Inc.	29,371
			4,149,618
	Media & Entertainment – 4.3%
	28,825	AMC Entertainment Holdings, Inc. Class A	428,051
	4,163	Central European Media Enterprises Ltd. Class A*	16,569
	4,023	Entravision Communications Corp. Class A	13,035
	16,253	EW Scripps Co. (The) Class A	341,313
	20,585	Glu Mobile, Inc.*	225,200
	5,197	Gray Television, Inc.*	111,008

Shares		Description	Value
	Common Stocks – (continued)
	Media & Entertainment – (continued)
	11,729	Liberty TripAdvisor Holdings, Inc. Class A*	$     166,435
	1,622	Loral Space & Communications, Inc.*	58,473
	11,974	MSG Networks, Inc. Class A*	260,434
	17,209	New Media Investment Group, Inc.	180,694
	8,870	New York Times Co. (The) Class A	291,379
	7,691	Nexstar Media Group, Inc. Class A	833,474
	1,503	Scholastic Corp.	59,759
	18,579	Sinclair Broadcast Group, Inc. Class A	714,920
	1,409	TechTarget, Inc.*	22,924
	1,114	WideOpenWest, Inc.*	10,137
	2,656	World Wrestling Entertainment, Inc. Class A	230,488
	3,485	Yelp, Inc.*	120,233
			4,084,526
	Pharmaceuticals, Biotechnology & Life Sciences – 10.2%
	12,581	ACADIA Pharmaceuticals, Inc.*	337,800
	4,421	Acceleron Pharma, Inc.*	205,886
	25,205	Array BioPharma, Inc.*	614,498
	12,450	Arrowhead Pharmaceuticals, Inc.*	228,457
	3,901	Assertio Therapeutics, Inc.*	19,778
	3,549	Blueprint Medicines Corp.*	284,097
	8,068	CareDx, Inc.*	254,303
	4,697	ChemoCentryx, Inc.*	65,241
	5,763	Collegium Pharmaceutical, Inc.*	87,252
	2,602	Editas Medicine, Inc.*	63,619
	2,165	Fate Therapeutics, Inc.*	38,039
	5,360	FibroGen, Inc.*	291,316
	3,289	Fluidigm Corp.*	43,711
	8,661	Genomic Health, Inc.*	606,703
	3,134	Global Blood Therapeutics, Inc.*	165,883
	34,806	Halozyme Therapeutics, Inc.*	560,377
	9,792	Horizon Pharma plc*	258,802
	15,655	Innoviva, Inc.*	219,640
	1,287	Intercept Pharmaceuticals, Inc.*	143,964
	1,105	Intersect ENT, Inc.*	35,526
	10,546	Invitae Corp.*	246,987
	15,696	Ironwood Pharmaceuticals, Inc.*	212,367
	1,109	Mallinckrodt plc*	24,110
	1,883	Mirati Therapeutics, Inc.*	138,024
	1,524	MyoKardia, Inc.*	79,233
	8,781	Myriad Genetics, Inc.*	291,529
	10,982	Natera, Inc.*	226,449
	6,931	OPKO Health, Inc.*	18,090
	13,811	Pacira Pharmaceuticals, Inc.*	525,647
	14,915	Phibro Animal Health Corp. Class A	492,195
	38,611	Pieris Pharmaceuticals, Inc.*	129,347
	10,748	Prestige Consumer Healthcare, Inc.*	321,473
	4,086	Prothena Corp. plc*	49,563
	1,723	PTC Therapeutics, Inc.*	64,854
	6,347	Puma Biotechnology, Inc.*	246,200
	5,347	REGENXBIO, Inc.*	306,436
	9,949	Repligen Corp.*	587,787
	3,162	Ultragenyx Pharmaceutical, Inc.*	219,316
	9,592	Vanda Pharmaceuticals, Inc.*	176,493
	26,057	Veracyte, Inc.*	651,946
	6,547	Voyager Therapeutics, Inc.*	125,309
	4,780	Zafgen, Inc.*	13,097
			9,671,344

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – 6.9%
	4,137	American Assets Trust, Inc. (REIT)	$     189,723
	13,221	Cedar Realty Trust, Inc. (REIT)	44,951
	1,123	Chesapeake Lodging Trust (REIT)	31,231
	78,015	Cousins Properties, Inc. (REIT)	753,625
	20,668	First Industrial Realty Trust, Inc. (REIT)	730,820
	7,754	Gladstone Commercial Corp. (REIT)	161,051
	6,554	Kennedy-Wilson Holdings, Inc.	140,190
	33,693	Lexington Realty Trust (REIT)	305,259
	4,764	Marcus & Millichap, Inc.*	194,038
	1,042	National Storage Affiliates Trust (REIT)	29,707
	7,407	NexPoint Residential Trust, Inc. (REIT)	283,984
	17,130	Piedmont Office Realty Trust, Inc. Class A (REIT)	357,161
	20,668	Rexford Industrial Realty, Inc. (REIT)	740,121
	34,787	RLJ Lodging Trust (REIT)	611,208
	8,692	STAG Industrial, Inc. (REIT)	257,718
	17,224	Terreno Realty Corp. (REIT)	724,097
	8,087	Tier REIT, Inc. (REIT)	231,773
	1,129	Urstadt Biddle Properties, Inc. Class A (REIT)	23,303
	2,619	Washington REIT (REIT)	74,327
	30,439	Xenia Hotels & Resorts, Inc. (REIT)	666,918
			6,551,205
	Retailing – 5.2%
	2,294	Aaron’s, Inc.	120,664
	20,893	Abercrombie & Fitch Co. Class A	572,677
	22,027	American Eagle Outfitters, Inc.	488,339
	403	America’s Car-Mart, Inc.*	36,810
	8,133	Bed Bath & Beyond, Inc.	138,180
	1,591	Cato Corp. (The) Class A	23,833
	10,103	Citi Trends, Inc.	195,089
	7,961	Conn’s, Inc.*	181,988
	11,181	Core-Mark Holding Co., Inc.	415,151
	5,841	Etsy, Inc.*	392,632
	37,168	Express, Inc.*	159,079
	2,032	Five Below, Inc.*	252,476
	2,995	Genesco, Inc.*	136,422
	11,649	Groupon, Inc.*	41,354
	4,984	Hudson Ltd. Class A*	68,530
	14,364	Liberty Expedia Holdings, Inc. Class A*	614,779
	2,970	Murphy USA, Inc.*	254,291
	6,376	Rent-A-Center, Inc.*	133,067
	7,049	Shoe Carnival, Inc.(a)	239,878
	3,493	Shutterstock, Inc.	162,879
	4,143	Sleep Number Corp.*	194,721
	11,120	Tilly’s, Inc. Class A	123,766
			4,946,605
	Semiconductors & Semiconductor Equipment – 2.0%
	3,778	Cirrus Logic, Inc.*	158,941
	12,312	Diodes, Inc.*	427,226
	13,368	Inphi Corp.*	584,716
	7,692	MaxLinear, Inc. Class A*	196,377
	697	Nanometrics, Inc.*	21,523
	16,939	Rambus, Inc.*	177,013
	6,867	Semtech Corp.*	349,599
			1,915,395

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – 6.4%
	4,975	ACI Worldwide, Inc.*	$     163,528
	10,593	Bottomline Technologies DE, Inc.*	530,603
	15,156	Box, Inc. Class A*	292,662
	1,482	Cardtronics plc Class A*	52,730
	15,268	Cloudera, Inc.*	167,032
	11,374	Cornerstone OnDemand, Inc.*	623,068
	3,178	Coupa Software, Inc.*	289,134
	11,389	Everi Holdings, Inc.*	119,812
	4,732	HubSpot, Inc.*	786,506
	6,109	New Relic, Inc.*	602,958
	3,972	Paylocity Holding Corp.*	354,263
	8,014	Perficient, Inc.*	219,504
	22,759	Perspecta, Inc.	460,187
	1,424	Presidio, Inc.	21,075
	16,046	Progress Software Corp.	711,961
	15,414	ServiceSource International, Inc.*	14,202
	786	SPS Commerce, Inc.*	83,363
	1,835	Sykes Enterprises, Inc.*	51,894
	1,645	Trade Desk, Inc. (The) Class A*	325,628
	1,303	Varonis Systems, Inc.*	77,698
	2,178	Workiva, Inc.*	110,425
	2,435	Yext, Inc.*	53,229
			6,111,462
	Technology Hardware & Equipment – 5.2%
	10,277	Acacia Communications, Inc.*	589,386
	4,220	Aerohive Networks, Inc.*	19,117
	792	Benchmark Electronics, Inc.	20,790
	19,158	Casa Systems, Inc.*	159,011
	5,498	Comtech Telecommunications Corp.	127,664
	3,933	Control4 Corp.*	66,586
	5,395	Cray, Inc.*	140,540
	613	CTS Corp.	18,004
	1,639	ePlus, Inc.*	145,117
	15,847	Extreme Networks, Inc.*	118,694
	12,108	Fabrinet*	633,975
	2,926	FARO Technologies, Inc.*	128,481
	26,831	Fitbit, Inc. Class A*	158,839
	5,437	Harmonic, Inc.*	29,468
	5,710	II-VI, Inc.*	212,640
	12,926	Insight Enterprises, Inc.*	711,706
	8,936	Knowles Corp.*	157,542
	4,525	Novanta, Inc.*	383,403
	5,231	PC Connection, Inc.	191,821
	14,630	Quantenna Communications, Inc.*	355,948
	369	Tech Data Corp.*	37,789
	17,622	Vishay Intertechnology, Inc.	325,478
	7,269	Vishay Precision Group, Inc.*	248,672
			4,980,671
	Telecommunication Services – 1.7%
	13,443	Cogent Communications Holdings, Inc.	729,283
	3,838	Ooma, Inc.*	50,815
	2,164	Shenandoah Telecommunications Co.	95,995
	8,105	Spok Holdings, Inc.	110,390
	59,846	Vonage Holdings Corp.*	600,854
			1,587,337
	Transportation – 0.8%
	2,989	Covenant Transportation Group, Inc. Class A*	56,731
	11,943	Echo Global Logistics, Inc.*	295,948

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Transportation – (continued)
	2,092	Forward Air Corp.	$     135,415
	10,552	Marten Transport Ltd.	188,142
	1,144	Saia, Inc.*	69,898
	7,092	YRC Worldwide, Inc.*	47,446
			793,580
	Utilities – 3.1%
	7,133	Black Hills Corp.	528,341
	6,484	Clearway Energy, Inc. Class C	97,973
	1,098	El Paso Electric Co.	64,585
	1,275	IDACORP, Inc.	126,914
	730	Northwest Natural Holding Co.	47,910
	9,149	NorthWestern Corp.	644,181
	1,103	ONE Gas, Inc.	98,200
	5,900	Pattern Energy Group, Inc. Class A	129,800
	16,131	Portland General Electric Co.	836,231
	5,960	Unitil Corp.	322,853
	962	York Water Co. (The)	33,016
			2,930,004
	TOTAL COMMON STOCKS (Cost $88,895,297)		$93,589,243
Shares		Dividend Rate	Value
	Investment Company(b) – 0.0%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	45,136	2.437%	45,136
	(Cost $45,136)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $88,940,433)		$93,634,379
	Securities Lending Reinvestment Vehicle(b) – 0.6%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	570,932	2.437%	$     570,932
	(Cost $570,932)
	TOTAL INVESTMENTS – 99.0% (Cost $89,511,365)		$94,205,311
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.0%		981,837
	NET ASSETS – 100.0%		$95,187,148

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an Affiliated Issuer.

Investment Abbreviation:
REIT	— Real Estate Investment Trust
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.7%
	Automobiles & Components – 0.9%
	40,316	Aptiv plc	$    3,204,719
	Banks – 1.1%
	37,263	First Republic Bank	3,743,441
	Capital Goods – 7.7%
	19,362	Boeing Co. (The)	7,385,054
	20,940	Deere & Co.	3,347,050
	31,928	Fortive Corp.	2,678,440
	35,159	Honeywell International, Inc.	5,587,468
	16,800	Northrop Grumman Corp.	4,529,280
	42,008	Sensata Technologies Holding plc*	1,891,200
	12,770	Stanley Black & Decker, Inc.	1,738,891
			27,157,383
	Consumer Durables & Apparel – 2.5%
	72,908	NIKE, Inc. Class B	6,139,582
	21,825	PVH Corp.	2,661,559
			8,801,141
	Consumer Services – 2.5%
	2,901	Chipotle Mexican Grill, Inc.*	2,060,609
	36,629	Dunkin’ Brands Group, Inc.	2,750,838
	21,174	McDonald’s Corp.	4,020,943
			8,832,390
	Diversified Financials – 2.0%
	18,830	Cboe Global Markets, Inc.	1,797,135
	30,657	Intercontinental Exchange, Inc.	2,334,224
	32,462	Northern Trust Corp.	2,934,890
			7,066,249
	Energy – 1.9%
	18,656	Cheniere Energy, Inc.*	1,275,324
	16,284	Diamondback Energy, Inc.	1,653,314
	15,638	EOG Resources, Inc.	1,488,425
	40,409	Marathon Petroleum Corp.	2,418,479
			6,835,542
	Food & Staples Retailing – 0.9%
	31,698	Walmart, Inc.	3,091,506
	Food, Beverage & Tobacco – 4.1%
	36,261	Brown-Forman Corp. Class B	1,913,856
	49,098	Coca-Cola Co. (The)	2,300,732
	12,951	McCormick & Co., Inc. (Non-Voting)	1,950,809
	53,261	Mondelez International, Inc. Class A	2,658,789
	69,902	Monster Beverage Corp.*	3,815,251
	21,515	Philip Morris International, Inc.	1,901,711
			14,541,148
	Health Care Equipment & Services – 7.0%
	10,992	Align Technology, Inc.*	3,125,355
	114,824	Boston Scientific Corp.*	4,406,945
	27,557	Danaher Corp.	3,638,075
	16,646	Humana, Inc.	4,427,836
	6,563	Intuitive Surgical, Inc.*	3,744,717
	13,531	UnitedHealth Group, Inc.	3,345,675
	19,715	West Pharmaceutical Services, Inc.	2,172,593
			24,861,196

Shares		Description	Value
	Common Stocks – (continued)
	Household & Personal Products – 0.6%
	33,098	Colgate-Palmolive Co.	$    2,268,537
	Insurance – 0.3%
	912	Markel Corp.*	908,571
	Materials – 2.6%
	37,078	DowDuPont, Inc.	1,976,628
	23,059	Ecolab, Inc.	4,070,836
	6,760	Martin Marietta Materials, Inc.	1,359,977
	4,355	Sherwin-Williams Co. (The)	1,875,742
			9,283,183
	Media & Entertainment – 13.0%
	9,592	Alphabet, Inc. Class A*	11,288,729
	7,257	Alphabet, Inc. Class C*	8,514,711
	93,017	Comcast Corp. Class A	3,718,819
	34,470	Electronic Arts, Inc.*	3,503,186
	81,146	Facebook, Inc. Class A*	13,526,227
	15,054	Netflix, Inc.*	5,367,654
			45,919,326
	Pharmaceuticals, Biotechnology & Life Sciences – 9.0%
	10,641	AbbVie, Inc.	857,558
	30,955	Agilent Technologies, Inc.	2,488,163
	16,742	Agios Pharmaceuticals, Inc.*	1,129,081
	18,168	Alexion Pharmaceuticals, Inc.*	2,455,950
	65,427	AstraZeneca plc ADR	2,645,214
	33,767	BioMarin Pharmaceutical, Inc.*	2,999,523
	43,491	Elanco Animal Health, Inc.*	1,394,756
	37,315	Eli Lilly & Co.	4,841,994
	13,745	Illumina, Inc.*	4,270,434
	27,472	Incyte Corp.*	2,362,867
	17,355	Vertex Pharmaceuticals, Inc.*	3,192,452
	31,114	Zoetis, Inc.	3,132,246
			31,770,238
	Real Estate Investment Trusts – 2.1%
	23,492	American Tower Corp.	4,629,333
	6,129	Equinix, Inc.	2,777,418
			7,406,751
	Retailing – 7.5%
	10,641	Alibaba Group Holding Ltd. ADR*	1,941,450
	9,783	Amazon.com, Inc.*	17,421,077
	13,646	Home Depot, Inc. (The)	2,618,531
	46,877	Ross Stores, Inc.	4,364,249
			26,345,307
	Semiconductors & Semiconductor Equipment – 4.3%
	16,243	Analog Devices, Inc.	1,709,901
	123,463	Marvell Technology Group Ltd.	2,455,679
	19,131	NVIDIA Corp.	3,435,162
	32,429	NXP Semiconductors NV	2,866,399
	43,408	Texas Instruments, Inc.	4,604,287
			15,071,428
	Software & Services – 18.6%
	33,084	Accenture plc Class A	5,823,446
	20,827	Adobe, Inc.*	5,550,187
	14,693	Autodesk, Inc.*	2,289,463
	20,925	Intuit, Inc.	5,470,004

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	32,722	Mastercard, Inc. Class A	$    7,704,395
	181,468	Microsoft Corp.	21,402,336
	42,008	salesforce.com, Inc.*	6,652,807
	69,113	Visa, Inc. Class A	10,794,760
			65,687,398
	Technology Hardware & Equipment – 8.1%
	39,082	Amphenol Corp. Class A	3,690,904
	113,296	Apple, Inc.	21,520,575
	63,074	Cisco Systems, Inc.	3,405,365
			28,616,844
	Transportation – 3.0%
	61,062	CSX Corp.	4,568,659
	14,222	Lyft, Inc. Class A*	1,113,440
	29,232	Union Pacific Corp.	4,887,591
			10,569,690
	TOTAL INVESTMENTS – 99.7% (Cost $235,963,702)		$351,981,988
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%		1,078,770
	NET ASSETS – 100.0%		$353,060,758

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.

Investment Abbreviation:
ADR	— American Depositary Receipt
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Schedule of Investments

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.3%
	Automobiles & Components – 0.7%
	7,546	Lear Corp.	$    1,024,068
	17,876	Thor Industries, Inc.	1,114,926
			2,138,994
	Banks – 6.5%
	107,706	Bank of America Corp.	2,971,609
	82,480	Citigroup, Inc.	5,131,906
	19,534	Citizens Financial Group, Inc.	634,855
	40,911	Comerica, Inc.	2,999,595
	5,900	First Hawaiian, Inc.	153,695
	12,878	JPMorgan Chase & Co.	1,303,640
	21,298	KeyCorp	335,443
	8,951	PacWest Bancorp	336,647
	11,514	SVB Financial Group*	2,560,253
	7,791	Wells Fargo & Co.	376,461
	11,084	Western Alliance Bancorp*	454,887
	68,767	Zions Bancorp NA	3,122,709
			20,381,700
	Capital Goods – 5.7%
	12,314	AECOM*	365,356
	2,233	AerCap Holdings NV*	103,924
	6,845	Allison Transmission Holdings, Inc.	307,477
	1,259	AMETEK, Inc.	104,459
	14,437	Boeing Co. (The)	5,506,561
	19,704	Caterpillar, Inc.	2,669,695
	445	Cummins, Inc.	70,252
	2,958	Eaton Corp. plc	238,297
	6,829	Harris Corp.	1,090,660
	15,758	Honeywell International, Inc.	2,504,261
	1,491	Ingersoll-Rand plc	160,954
	14,652	Masco Corp.	575,970
	15,546	Parker-Hannifin Corp.	2,668,005
	5,697	Spirit AeroSystems Holdings, Inc. Class A	521,446
	17,546	Textron, Inc.	888,880
	3,207	WESCO International, Inc.*	170,003
			17,946,200
	Commercial & Professional Services – 0.6%
	1,109	CoStar Group, Inc.*	517,260
	4,435	IHS Markit Ltd.*	241,175
	10,759	ManpowerGroup, Inc.	889,662
	1,304	Waste Management, Inc.	135,498
			1,783,595
	Consumer Durables & Apparel – 0.8%
	21,994	PulteGroup, Inc.	614,952
	14,762	Whirlpool Corp.	1,961,722
			2,576,674
	Consumer Services – 3.1%
	45,247	Carnival Corp.	2,294,928
	2,606	Chipotle Mexican Grill, Inc.*	1,851,068
	28,317	Hilton Worldwide Holdings, Inc.	2,353,426
	25,023	Las Vegas Sands Corp.	1,525,402
	31,517	Yum China Holdings, Inc.	1,415,428
	2,644	Yum! Brands, Inc.	263,898
			9,704,150

Shares		Description	Value
	Common Stocks – (continued)
	Diversified Financials – 5.3%
	111,310	Ally Financial, Inc.	$    3,059,912
	10,639	Berkshire Hathaway, Inc. Class B*	2,137,269
	61,083	Charles Schwab Corp. (The)	2,611,909
	6,606	MSCI, Inc.	1,313,537
	49,264	State Street Corp.	3,242,064
	29,405	Synchrony Financial	938,019
	63,934	Voya Financial, Inc.	3,194,143
			16,496,853
	Energy – 6.6%
	16,839	Baker Hughes a GE Co.	466,777
	8,377	Chevron Corp.	1,031,879
	60,929	ConocoPhillips	4,066,402
	44,690	Devon Energy Corp.	1,410,416
	17,763	Exxon Mobil Corp.	1,435,250
	75,790	Kinder Morgan, Inc.	1,516,558
	79,416	Marathon Oil Corp.	1,327,041
	20,461	Occidental Petroleum Corp.	1,354,518
	38,238	Phillips 66	3,639,111
	83,699	TechnipFMC plc	1,968,601
	28,910	Valero Energy Corp.	2,452,435
			20,668,988
	Food & Staples Retailing – 0.1%
	16,835	Kroger Co. (The)	414,141
	Food, Beverage & Tobacco – 4.5%
	8,211	Coca-Cola European Partners plc	424,837
	27,052	Ingredion, Inc.	2,561,554
	5,536	Lamb Weston Holdings, Inc.	414,868
	60,400	Mondelez International, Inc. Class A	3,015,168
	51,455	Monster Beverage Corp.*	2,808,414
	55,511	Philip Morris International, Inc.	4,906,617
			14,131,458
	Health Care Equipment & Services – 5.6%
	4,872	ABIOMED, Inc.*	1,391,394
	2,022	Align Technology, Inc.*	574,915
	13,396	Anthem, Inc.	3,844,384
	3,541	Cigna Corp.	569,464
	26,955	HCA Healthcare, Inc.	3,514,393
	5,420	Hill-Rom Holdings, Inc.	573,761
	10,633	Humana, Inc.	2,828,378
	5,098	IDEXX Laboratories, Inc.*	1,139,913
	4,484	Medtronic plc	408,403
	1,454	Molina Healthcare, Inc.*	206,410
	14,789	Universal Health Services, Inc. Class B	1,978,324
	804	Varian Medical Systems, Inc.*	113,943
	3,247	Zimmer Biomet Holdings, Inc.	414,642
			17,558,324
	Household & Personal Products – 1.0%
	38,450	Colgate-Palmolive Co.	2,635,363
	1,352	Herbalife Nutrition Ltd.*	71,642
	3,058	Procter & Gamble Co. (The)	318,185
			3,025,190
	Insurance – 4.1%
	22,623	Allstate Corp. (The)	2,130,634
	10,313	Aon plc	1,760,429
	59,316	Arch Capital Group Ltd.*	1,917,093

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	51,515	Athene Holding Ltd. Class A*	$    2,101,812
	1,923	Lincoln National Corp.	112,880
	40,621	Progressive Corp. (The)	2,928,368
	33,772	Unum Group	1,142,507
	708	White Mountains Insurance Group Ltd.	655,240
			12,748,963
	Materials – 1.7%
	3,043	Berry Global Group, Inc.*	163,926
	21,359	CF Industries Holdings, Inc.	873,156
	5,527	Sealed Air Corp.	254,574
	8,523	Sherwin-Williams Co. (The)	3,670,941
	5,890	Westrock Co.	225,882
			5,188,479
	Media & Entertainment – 7.0%
	35,577	Activision Blizzard, Inc.	1,619,821
	4,059	Alphabet, Inc. Class A*	4,776,996
	4,182	Alphabet, Inc. Class C*	4,906,782
	14,971	CBS Corp. (Non-Voting) Class B	711,572
	32,780	Facebook, Inc. Class A*	5,464,098
	4,862	Match Group, Inc.	275,238
	5,766	Netflix, Inc.*	2,055,925
	88,583	News Corp. Class A	1,101,973
	2,057	Twitter, Inc.*	67,634
	31,930	Viacom, Inc. Class B	896,275
			21,876,314
	Pharmaceuticals, Biotechnology & Life Sciences – 8.7%
	37,046	AbbVie, Inc.	2,985,537
	40,055	Agilent Technologies, Inc.	3,219,621
	13,464	Amgen, Inc.	2,557,891
	4,287	Biogen, Inc.*	1,013,361
	61,758	Bristol-Myers Squibb Co.	2,946,474
	6,087	Celgene Corp.*	574,248
	64,704	Gilead Sciences, Inc.	4,206,407
	2,257	Incyte Corp.*	194,125
	18,486	Johnson & Johnson	2,584,158
	54,060	Mylan NV*	1,532,060
	76,353	Pfizer, Inc.	3,242,712
	11,434	Vertex Pharmaceuticals, Inc.*	2,103,284
			27,159,878
	Real Estate – 3.4%
	2,560	Alexandria Real Estate Equities, Inc. (REIT)	364,954
	21,469	American Homes 4 Rent Class A (REIT)	487,776
	10,762	American Tower Corp. (REIT)	2,120,760
	180	Apartment Investment & Management Co. Class A (REIT)	9,052
	17,037	Camden Property Trust (REIT)	1,729,256
	68,437	Duke Realty Corp. (REIT)	2,092,803
	168,667	Host Hotels & Resorts, Inc. (REIT)	3,187,806
	636	Jones Lang LaSalle, Inc.	98,058
	2,888	Lamar Advertising Co. Class A (REIT)	228,903
	3,540	Sun Communities, Inc. (REIT)	419,561
			10,738,929

Shares		Description	Value
	Common Stocks – (continued)
	Retailing – 6.4%
	5,683	Amazon.com, Inc.*	$  10,120,002
	14,902	Best Buy Co., Inc.	1,058,936
	564	Booking Holdings, Inc.*	984,129
	68,630	eBay, Inc.	2,548,918
	1,185	Expedia Group, Inc.	141,015
	6,881	O’Reilly Automotive, Inc.*	2,671,893
	17,517	Target Corp.	1,405,915
	24,272	TJX Cos., Inc. (The)	1,291,513
			20,222,321
	Semiconductors & Semiconductor Equipment – 2.1%
	2,155	Intel Corp.	115,723
	19,388	Lam Research Corp.	3,470,646
	5,263	Micron Technology, Inc.*	217,520
	30,526	NXP Semiconductors NV	2,698,193
			6,502,082
	Software & Services – 10.7%
	32,991	Citrix Systems, Inc.	3,287,883
	2,099	Fidelity National Information Services, Inc.	237,397
	32,005	Fortinet, Inc.*	2,687,460
	27,360	International Business Machines Corp.	3,860,496
	75,484	Microsoft Corp.	8,902,583
	44,299	Oracle Corp.	2,379,299
	12,762	Palo Alto Networks, Inc.*	3,099,635
	20,149	PayPal Holdings, Inc.*	2,092,272
	12,703	ServiceNow, Inc.*	3,131,163
	5,680	Tableau Software, Inc. Class A*	722,950
	6,181	VeriSign, Inc.*	1,122,222
	13,904	Visa, Inc. Class A	2,171,666
			33,695,026
	Technology Hardware & Equipment – 5.8%
	76,354	Apple, Inc.	14,503,442
	518	Arista Networks, Inc.*	162,890
	7,869	CDW Corp.	758,336
	1,697	F5 Networks, Inc.*	266,310
	29,978	Keysight Technologies, Inc.*	2,614,082
			18,305,060
	Telecommunication Services – 0.2%
	38,196	CenturyLink, Inc.	457,970
	2,079	Telephone & Data Systems, Inc.	63,888
	3,888	Verizon Communications, Inc.	229,897
			751,755
	Transportation – 2.4%
	26,266	CSX Corp.	1,965,222
	13,748	JetBlue Airways Corp.*	224,917
	8,713	Southwest Airlines Co.	452,292
	28,715	Union Pacific Corp.	4,801,148
	1,589	XPO Logistics, Inc.*	85,393
			7,528,972
	Utilities – 6.3%
	21,565	AES Corp.	389,895
	25,412	Ameren Corp.	1,869,053
	43,081	American Electric Power Co., Inc.	3,608,034
	43,843	CMS Energy Corp.	2,435,040
	27,281	DTE Energy Co.	3,403,032
	74,500	Exelon Corp.	3,734,685

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	32,604	NRG Energy, Inc.	$    1,385,018
	87,842	PPL Corp.	2,788,105
			19,612,862
	TOTAL INVESTMENTS – 99.3% (Cost $269,140,465)		$311,156,908
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%		2,345,681
	NET ASSETS – 100.0%		$313,502,589

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.

Investment Abbreviation:
REIT	— Real Estate Investment Trust
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

Investment Valuation — The Funds’, Portfolio’s and Underlying Funds valuation policy is to value investments at fair value.

Investments and Fair Value Measurements — Accounting principles generally accepted in the United States of America (“GAAP”) defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ and Portfolio’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Trustees has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds and the Portfolio, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ and the Portfolio’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (Including Money Market Funds) — Investments in the Underlying Funds are valued at the NAV per share on the day of valuation. Because the Portfolio invests primarily in other mutual funds that fluctuate in value, the Portfolio’s shares will correspondingly fluctuate in value. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Underlying Funds (Including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

ii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

iii. Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.

iv. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

v. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledge to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledge to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which a Fund and the Portfolio agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund and the Portfolio deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund and the Portfolio equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii. Options — When a Fund and the Portfolio writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate and or credit default swap contracts.

Upon the purchase of a call option or a put option by a Fund and the Portfolio, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s and the Portfolio’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s and the Portfolio’s NAV.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ and Portfolio’s investments and derivatives classified in the fair value hierarchy as of March 31, 2019.

CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Bonds	$	—		$	14,129,650		$	—
Mortgage-Backed Securities		—			11,277,578			—
Collateralized Mortgage Obligations		—			1,275,054			—
Commercial Mortgage-Backed Security		—			149,439			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		5,147,692			1,013,543			—
Asset-Backed Securities		—			4,461,988			—
Foreign Government Securities		—			1,763,505			—
Municipal Bonds		—			681,653			—
Investment Company		3,140,127			—			—
Total	$	8,287,819		$	34,752,410		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(1,032,522	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	56,032		$	—
Futures Contracts(a)		117,906			—			—
Credit Default Swaps Contracts(a)		—			11,221			—
Interest Rate Swap Contracts(a)		—			53,674			—
Purchased Options Contracts		6,325			—			—
Total	$	124,231		$	120,927		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(45,282	)	$	—
Futures Contracts		(94,864	)		—			—
Credit Default Swaps Contracts		—			(3,119	)		—
Interest Rate Swap Contracts		—			(31,830	)		—
Total	$	(94,864	)	$	(80,231	)	$	—
EQUITY INDEX
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	774,962		$	—		$	—
North America		169,624,652			—			—
Short-Term Investment		74,608			—			—
Securities Lending Reinvestment Vehicle		29,700			—			—
Total	$	170,503,922		$	—		$	—
Derivative Type
Assets(a)
Futures Contract	$	27,854		$	—		$	—
GLOBAL TRENDS ALLOCATION
Investment Type	Level 1			Level 2			Level 3
Assets
Exchange Traded Funds	$	83,294,215		$	—		$	—
Investment Companies		182,364,008			—			—
Total	$	265,658,223		$	—		$	—
Derivative Type
Assets(a)
Futures Contracts	$	3,216,399		$	—		$	—
Liabilities(a)
Futures Contracts	$	(84,181	)	$	—		$	—

(a) Amount shown represents unrealized gain (loss) at period end.

(b) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

GROWTH OPPORTUNITIES
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	72,626,513		$	—	$	—
Securities Lending Reinvestment Vehicle		304,763			—		—
Total	$	72,931,276		$	—	$	—
HIGH QUALITY FLOATING RATE
Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Obligations and/or Other U.S. Government Agencies	$	8,946,993		$	2,001,674	$	—
Mortgage-Backed Securities		—			2,748,954		—
Collateralized Mortgage Obligations		—			21,940,986		—
Commercial Mortgage-Backed Security		—			387,383		—
Asset-Backed Securities		—			34,314,822		—
Supranational		—			1,000,263		—
Municipal Bond		—			96,352		—
Investment Company		7,649,772			—		—
Short-Term Investments		—			987,872		—
Total	$	16,596,765		$	63,478,306	$	—
Derivative Type
Assets(b)
Futures Contracts	$	20,910		$	—	$	—
Interest Rate Swap Contract		—			1,528		—
Total	$	20,910		$	1,528	$	—
Liabilities(b)
Futures Contracts	$	(44,137	)	$	—	$	—
INTERNATIONAL EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—		$	27,866,950	$	—
Australia and Oceania		988,504			3,788,705		—
Europe		993,400			51,696,104		—
North America		222,003			—		—
Securities Lending Reinvestment Vehicle		118,822			—		—
Total	$	2,322,729		$	83,351,759	$	—
Derivative Type
Assets(b)
Futures Contracts	$	18,510		$	—	$	—
Liabilities(b)
Futures Contracts	$	(3,188	)	$	—	$	—
LARGE CAP VALUE
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,743,442		$	—	$	—
Europe		2,378,780			—		—
North America		465,962,876			—		—
Total	$	471,085,098		$	—	$	—
MID CAP VALUE
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,931,406		$	—	$	—
Europe		9,572,156			—		—
North America		472,283,649			—		—
Master Limited Partnership		3,831,539			—		—
Investment Company		6,476,407			—		—
Total	$	495,095,157		$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

(b) Amount shown represents unrealized gain (loss) at period end.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

MULTI-STRATEGY ALTERNATIVES
Investment Type	Level 1			Level 2		Level 3
Assets
Equity Underlying Funds	$	2,094,657		$	—	$	—
Fixed Income Underlying Funds		12,790,805			—		—
Exchange Traded Fund		277,246			—		—
Investment Company		156,443			—		—
Total	$	15,319,151		$	—	$	—
Derivative Type
Assets
Futures Contracts(a)	$	15,876		$	—	$	—
Purchased Options Contracts		199,531			—		—
Total	$	215,407		$	—	$	—
Liabilities(a)
Futures Contracts	$	(50,051	)	$	—	$	—
SMALL CAP EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Asia	$	633,975		$	—	$	—
Europe		66,132			—		—
North America		92,889,136			—		—
Investment Company		45,136			—		—
Securities Lending Reinvestment Vehicle		570,932			—		—
Total	$	94,205,311		$	—	$	—
STRATEGIC GROWTH
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Asia	$	1,941,450		$	—	$	—
Europe		5,511,613			—		—
North America		344,528,925			—		—
Total	$	351,981,988		$	—	$	—
U.S. EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Asia	$	1,415,428		$	—	$	—
Europe		5,195,555			—		—
North America		304,545,925			—		—
Total	$	311,156,908		$	—	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

(b) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

For further information regarding security characteristics, see the Schedules of Investments.

Securities Lending — The Growth Opportunities, Large Cap Value, Multi-Strategy Alternatives and Strategic Growth Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Equity Index, International Equity Insights, Small Cap Equity Insights and U.S. Equity Insights Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Equity Index, Growth Opportunities, International Equity Insights, Large Cap Value, Multi-Strategy Alternatives, Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

The Funds, GSAL and BNYM received compensation relating to the lending of the Funds’ securities.

The Funds’ and Portfolio’s risks include, but are not limited to, the following:

Derivatives Risk — The Funds’, the Portfolio’s or an Underlying Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds, the Portfolio or an Underlying Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Investments in the Underlying Funds — The investments of the Portfolio are concentrated in the Underlying Funds, and the Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. To the extent that the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, the Portfolio may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund, Portfolio and Underlying Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund, Portfolio and Underlying Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund, Portfolio and Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund, Portfolio and Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s, Portfolio’s and Underlying Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s, Portfolio’s and Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s, Portfolio’s and Underlying Fund’s expense ratio. Similarly, large Fund, Portfolio and Underlying Fund share purchases may adversely affect a Fund’s, Portfolio’s and Underlying Fund’s performance to the extent that the Fund, Portfolio and Underlying Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund and Underlying Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund and Portfolio will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund and Portfolio may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries.

Market and Credit Risks — In the normal course of business, a Fund, Portfolio and Underlying Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a Fund, Portfolio and Underlying Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund, Portfolio and Underlying Fund has unsettled or open transactions defaults.

Master Limited Partnership Risk — Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.

Short Position Risk — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Fund’s assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that a Fund uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of a Fund to the markets and therefore could magnify changes to a Fund’s NAV.

State/Territory Specific Risk — A Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect a Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.