GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – 35.9%
Automobiles & Components – 0.1%
General Motors Co.
$	25,000		4.000	%	04/01/2025	$         25,656
Banks – 7.9%
American Express Co.(a)
	25,000		3.625		12/05/2024	26,431
Bank of America Corp.
	75,000		4.125		01/22/2024	80,731
	(3 Mo. LIBOR + 0.94%),
	75,000		3.864	(a)(b)	07/23/2024	78,974
	50,000		4.200		08/26/2024	53,635
	45,000		3.248	(a)	10/21/2027	46,816
	(3 Mo. LIBOR + 1.58%),
	75,000		3.824	(a)(b)	01/20/2028	80,508
	(3 Mo. LIBOR + 1.37%),
	25,000		3.593	(a)(b)	07/21/2028	26,386
	(3 Mo. LIBOR + 1.04%),
	85,000		3.419	(a)(b)	12/20/2028	88,682
	(3 Mo. LIBOR + 1.31%),
	50,000		4.271	(a)(b)	07/23/2029	55,611
Bank of America Corp. Series L(a)
	25,000		4.183		11/25/2027	26,886
Citigroup, Inc.
	220,000		3.400		05/01/2026	230,071
	25,000		4.125		07/25/2028	26,798
Deutsche Bank AG
	115,000		2.700		07/13/2020	114,785
Discover Financial Services(a)
	75,000		3.750		03/04/2025	78,642
GE Capital International Funding Co. Unlimited Co.
	200,000		3.373		11/15/2025	204,146
General Motors Financial Co., Inc.(a)
	25,000		4.300		07/13/2025	25,956
Huntington Bancshares, Inc.(a)
	50,000		4.000		05/15/2025	53,548
JPMorgan Chase & Co.(a)
	(3 Mo. LIBOR + 1.00%),
	200,000		4.023	(b)	12/05/2024	213,230
	(SOFR + 1.16%),
	200,000		2.301	(b)	10/15/2025	199,221
	(3 Mo. LIBOR + 1.25%),
	100,000		3.960	(b)	01/29/2027	108,094
	15,000		3.625		12/01/2027	15,794
	(3 Mo. LIBOR + 1.34%),
	75,000		3.782	(b)	02/01/2028	80,309
	(3 Mo. LIBOR + 0.95%),
	45,000		3.509	(b)	01/23/2029	47,431
JPMorgan Chase & Co. Series Z(a)(b)
	(3 Mo. LIBOR + 3.80%),
	85,000		5.300		12/31/2049	85,923
Mizuho Financial Group, Inc.
	250,000		2.601		09/11/2022	251,879
Morgan Stanley
	(3 Mo. LIBOR + 1.40%),
	50,000		3.683	(a)(b)	10/24/2023	50,885
	(3 Mo. LIBOR + 0.85%),
	50,000		3.737	(a)(b)	04/24/2024	52,223
	225,000		3.700		10/23/2024	238,138
	(SOFR + 1.15%),
	75,000		2.720	(a)(b)	07/22/2025	75,884
	25,000		3.625		01/20/2027	26,404
	(3 Mo. LIBOR + 1.63%),
	100,000		4.431	(a)(b)	01/23/2030	112,345

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Banks – (continued)
Nuveen LLC(a)(c)
$	25,000		4.000	%	11/01/2028	$         27,912
Royal Bank of Canada(b)
	(3 Mo. LIBOR + 0.39%),
	50,000		2.656		04/30/2021	50,164
Santander UK plc
	200,000		2.875		06/18/2024	203,070
Standard Chartered plc(a)(b)(c)
	(3 Mo. LIBOR + 1.15%),
	200,000		4.247		01/20/2023	207,083
Wells Fargo & Co.
	175,000		3.000		10/23/2026	179,599
Westpac Banking Corp.(a)(b)
	(5 Yr. Swap Rate + 2.24%),
	25,000		4.322		11/23/2031	26,414
	(US Treasury Yield Curve Rate T- Note Constant Maturity 5 Yr. + 2.00%),
	50,000		4.110		07/24/2034	52,181
						3,602,789
Capital Goods – 1.3%
Air Lease Corp.(a)
	75,000		3.750		06/01/2026	78,044
Boeing Co. (The)(a)
	50,000		3.450		11/01/2028	53,528
Northrop Grumman Corp.
	75,000		2.930	(a)	01/15/2025	77,294
	75,000		3.250	(a)	01/15/2028	78,717
	25,000		4.750		06/01/2043	30,642
Roper Technologies, Inc.(a)
	50,000		4.200		09/15/2028	54,934
Stanley Black & Decker, Inc.(a)
	50,000		4.250		11/15/2028	56,919
United Technologies Corp.(a)
	(3 Mo. LIBOR + 0.65%),
	25,000		2.818	(b)	08/16/2021	25,013
	25,000		3.350		08/16/2021	25,606
	50,000		3.950		08/16/2025	54,738
	25,000		2.650		11/01/2026	25,670
	25,000		4.125		11/16/2028	28,285
						589,390
Commercial & Professional Services(a) – 0.4%
IHS Markit Ltd.
	75,000		4.250		05/01/2029	80,692
Republic Services, Inc.
	75,000		2.500		08/15/2024	75,929
						156,621
Consumer Services(a) – 0.4%
Marriott International, Inc.
	85,000		2.300		01/15/2022	85,209
Starbucks Corp.
	75,000		3.800		08/15/2025	81,133
						166,342
Electric – 2.4%
Alliant Energy Finance LLC(a)(c)
	25,000		3.750		06/15/2023	26,066
Arizona Public Service Co.(a)
	45,000		2.950		09/15/2027	46,433
Berkshire Hathaway Energy Co.(a)
	25,000		3.250		04/15/2028	26,341

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Electric – (continued)
Dominion Energy, Inc.
$	50,000		3.071	%	08/15/2024	$         51,240
Emera US Finance LP(a)
	45,000		2.700		06/15/2021	45,257
Entergy Corp.(a)
	45,000		2.950		09/01/2026	45,619
Exelon Corp.(a)
	45,000		3.497		06/01/2022	46,192
Florida Power & Light Co.(a)
	68,000		4.125		02/01/2042	78,930
MidAmerican Energy Co.(a)
	25,000		3.650		04/15/2029	27,529
NiSource, Inc.(a)
	50,000		3.650		06/15/2023	52,140
	95,000		3.490		05/15/2027	99,627
NRG Energy, Inc.(a)(c)
	75,000		3.750		06/15/2024	77,184
Progress Energy, Inc.
	120,000		7.000		10/30/2031	165,459
Sempra Energy(a)(b)
	(3 Mo. LIBOR + 0.50%),
	70,000		2.803		01/15/2021	69,957
Southern California Edison Co. Series A(a)
	50,000		4.200		03/01/2029	55,705
Southern Co. (The)(a)
	60,000		3.250		07/01/2026	61,872
Vistra Operations Co. LLC(a)(c)
	125,000		3.550		07/15/2024	126,703
						1,102,254
Energy – 4.5%
BP Capital Markets America, Inc.(a)
	75,000		3.224		04/14/2024	77,988
	25,000		4.234		11/06/2028	28,177
Cenovus Energy, Inc.(a)
	25,000		4.250		04/15/2027	26,023
Continental Resources, Inc.(a)
	150,000		4.500		04/15/2023	155,804
Devon Energy Corp.(a)
	29,000		5.850		12/15/2025	34,452
	25,000		5.600		07/15/2041	30,327
	5,000		4.750		05/15/2042	5,513
Diamondback Energy, Inc.(a)
	100,000		4.750		11/01/2024	102,250
Energy Transfer Operating LP(a)
	25,000		4.650		06/01/2021	25,746
	75,000		4.200		09/15/2023	78,928
	25,000		5.250		04/15/2029	28,169
	25,000		5.300		04/15/2047	26,888
	25,000		6.000		06/15/2048	29,386
Enterprise Products Operating LLC(a)(b)
	(3 Mo. LIBOR + 2.78%),
	40,000		4.909		06/01/2067	37,051
EQM Midstream Partners LP(a)
	100,000		4.750		07/15/2023	100,363
	25,000		5.500		07/15/2028	24,829
Kinder Morgan Energy Partners LP(a)
	25,000		5.400		09/01/2044	28,583
Kinder Morgan, Inc.(a)
	145,000		3.050		12/01/2019	145,016
Marathon Oil Corp.(a)
	25,000		4.400		07/15/2027	26,646

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Energy – (continued)
Marathon Petroleum Corp.(a)
$	25,000		3.625	%	09/15/2024	$         26,184
	25,000		3.800		04/01/2028	26,046
MPLX LP(a)
	25,000		4.800		02/15/2029	27,546
	35,000		4.500		04/15/2038	36,321
	25,000		5.500		02/15/2049	29,071
Newfield Exploration Co.
	50,000		5.625		07/01/2024	55,125
Noble Energy, Inc.(a)
	50,000		3.250		10/15/2029	49,523
Occidental Petroleum Corp.
	225,000		2.900	(a)	08/15/2024	226,581
	15,000		5.550	(a)	03/15/2026	16,951
	25,000		3.200	(a)	08/15/2026	25,207
	30,000		6.450		09/15/2036	36,960
Petroleos Mexicanos(c)
	20,000		6.490	(a)	01/23/2027	20,799
	20,000		6.750		09/21/2047	19,180
	30,000		7.690	(a)	01/23/2050	31,284
Phillips 66(a)
	60,000		3.900		03/15/2028	64,602
Pioneer Natural Resources Co.(a)
	25,000		3.950		07/15/2022	26,005
Plains All American Pipeline LP(a)
	15,000		3.650		06/01/2022	15,380
	35,000		3.850		10/15/2023	36,193
	45,000		4.500		12/15/2026	47,741
Sabine Pass Liquefaction LLC(a)
	75,000		5.625		03/01/2025	84,199
	75,000		5.000		03/15/2027	82,667
Total Capital International SA(a)
	25,000		3.461		07/12/2049	26,437
Western Midstream Operating LP(a)
	25,000		5.450		04/01/2044	22,095
	25,000		5.300		03/01/2048	21,697
						2,065,933
Food & Beverage – 2.3%
Anheuser-Busch Cos. LLC(a)
	35,000		4.700		02/01/2036	40,404
	210,000		4.900		02/01/2046	250,201
Anheuser-Busch InBev Worldwide, Inc.(a)
	150,000		4.750		01/23/2029	174,636
	25,000		5.550		01/23/2049	32,721
Constellation Brands, Inc.(a)
	(3 Mo. LIBOR + 0.70%),
	75,000		2.858	(b)	11/15/2021	75,083
	50,000		4.400		11/15/2025	55,272
	25,000		3.700		12/06/2026	26,489
	50,000		3.600		02/15/2028	52,812
	25,000		3.150		08/01/2029	25,587
Keurig Dr Pepper, Inc.(a)
	50,000		4.057		05/25/2023	52,887
Kraft Heinz Foods Co.(a)(c)
	50,000		3.750		04/01/2030	50,453
Mars, Inc.(a)(c)
	25,000		2.700		04/01/2025	25,633
	25,000		3.200		04/01/2030	26,435
Smithfield Foods, Inc.(c)
	125,000		2.700		01/31/2020	124,871
Tyson Foods, Inc.(a)
	50,000		3.900		09/28/2023	52,946
						1,066,430

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Health Care Equipment & Services – 1.3%
Becton Dickinson and Co.(a)
	(3 Mo. LIBOR + 0.88%),
$	93,000		2.979	%(b)	12/29/2020	$         93,038
	45,000		2.894		06/06/2022	45,685
	25,000		3.363		06/06/2024	26,046
	40,000		3.700		06/06/2027	42,354
Cigna Corp.(a)
	150,000		3.750		07/15/2023	156,914
CVS Health Corp.(a)
	75,000		3.500		07/20/2022	77,436
	50,000		3.700		03/09/2023	52,064
	50,000		3.875		07/20/2025	52,947
UnitedHealth Group, Inc.
	35,000		4.625		07/15/2035	42,322
						588,806
Life Insurance(a) – 0.6%
American International Group, Inc.
	125,000		3.900		04/01/2026	133,380
	25,000		4.200		04/01/2028	27,270
Marsh & McLennan Cos., Inc.
	50,000		4.375		03/15/2029	56,555
Principal Financial Group, Inc.
	50,000		3.100		11/15/2026	51,683
						268,888
Materials – 0.5%
DuPont de Nemours, Inc.(a)
	50,000		4.205		11/15/2023	53,593
	50,000		4.493		11/15/2025	55,264
Ecolab, Inc.
	4,000		5.500		12/08/2041	5,361
Huntsman International LLC(a)
	25,000		4.500		05/01/2029	26,299
Sherwin-Williams Co. (The)(a)
	25,000		3.450		06/01/2027	26,192
	50,000		2.950		08/15/2029	50,239
						216,948
Media & Entertainment – 1.8%
Charter Communications Operating LLC(a)
	92,000		4.500		02/01/2024	98,709
	220,000		4.908		07/23/2025	241,543
Comcast Corp.(a)
	50,000		3.700		04/15/2024	53,314
	45,000		3.375		08/15/2025	47,611
	50,000		3.950		10/15/2025	54,471
	25,000		3.300		02/01/2027	26,370
	25,000		3.150		02/15/2028	26,072
	125,000		4.150		10/15/2028	140,159
	25,000		4.250		10/15/2030	28,437
Fox Corp.(a)(c)
	25,000		4.030		01/25/2024	26,632
	25,000		4.709		01/25/2029	28,546
Time Warner Cable LLC
	15,000		5.000		02/01/2020	15,111
Walt Disney Co. (The)(a)(c)
	25,000		3.700		09/15/2024	26,837
						813,812

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Metals and Mining(c) – 0.2%
Glencore Funding LLC
$	75,000		4.125	%(a)	03/12/2024	$         78,721
	25,000		4.625		04/29/2024	26,752
						105,473
Pharmaceuticals, Biotechnology & Life Sciences – 2.4%
AbbVie, Inc.
	45,000		2.500	(a)	05/14/2020	45,079
	75,000		3.375		11/14/2021	76,799
	50,000		3.750	(a)	11/14/2023	52,559
Amgen, Inc.(a)
	70,000		3.125		05/01/2025	72,712
Bayer US Finance II LLC(a)(c)
	200,000		3.875		12/15/2023	208,911
Bayer US Finance LLC(c)
	200,000		3.000		10/08/2021	202,545
Celgene Corp.(a)
	150,000		3.875		08/15/2025	161,856
Elanco Animal Health, Inc.
	50,000		3.912		08/27/2021	51,204
	25,000		4.272	(a)	08/28/2023	26,239
Pfizer, Inc.(a)
	75,000		3.450		03/15/2029	81,275
Teva Pharmaceutical Finance Netherlands III BV
	30,000		2.200		07/21/2021	27,450
Thermo Fisher Scientific, Inc.(a)
	35,000		3.000		04/15/2023	35,978
	15,000		3.650		12/15/2025	16,132
Zoetis, Inc.(a)
	45,000		3.000		09/12/2027	46,173
						1,104,912
Pipelines(a) – 0.3%
Columbia Pipeline Group, Inc.
	35,000		3.300		06/01/2020	35,213
Sunoco Logistics Partners Operations LP
	15,000		4.250		04/01/2024	15,805
Williams Cos., Inc. (The)
	25,000		3.600		03/15/2022	25,678
	25,000		3.900		01/15/2025	26,217
	35,000		4.000		09/15/2025	37,022
						139,935
Property/Casualty Insurance – 0.2%
Arch Capital Group US, Inc.
	36,000		5.144		11/01/2043	44,951
XLIT Ltd.
	45,000		4.450		03/31/2025	48,853
						93,804
Real Estate Investment Trusts(a) – 2.3%
Alexandria Real Estate Equities, Inc.
	25,000		3.800		04/15/2026	26,659
	25,000		3.375		08/15/2031	26,128
American Campus Communities Operating Partnership LP
	95,000		4.125		07/01/2024	101,664
American Homes 4 Rent LP
	75,000		4.900		02/15/2029	85,107
American Tower Corp.
	75,000		3.375		05/15/2024	78,022
Crown Castle International Corp.
	25,000		2.250		09/01/2021	24,985
	85,000		3.150		07/15/2023	87,320
	60,000		3.650		09/01/2027	63,525

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Real Estate Investment Trusts(a) – (continued)
CubeSmart LP
$	45,000		4.000	%	11/15/2025	$         47,733
Essex Portfolio LP
	50,000		3.000		01/15/2030	50,512
Kilroy Realty LP
	25,000		4.750		12/15/2028	28,385
National Retail Properties, Inc.
	45,000		4.000		11/15/2025	48,216
Office Properties Income Trust
	25,000		3.600		02/01/2020	25,055
Regency Centers LP
	100,000		2.950		09/15/2029	99,845
Spirit Realty LP
	75,000		3.400		01/15/2030	74,443
Ventas Realty LP
	45,000		3.500		02/01/2025	47,091
VEREIT Operating Partnership LP
	50,000		4.625		11/01/2025	54,581
	25,000		3.950		08/15/2027	26,390
WP Carey, Inc.
	25,000		3.850		07/15/2029	26,453
						1,022,114
Retailing(a) – 0.8%
Alimentation Couche-Tard, Inc.(c)
	45,000		2.700		07/26/2022	45,374
Amazon.com, Inc.
	35,000		5.200		12/03/2025	41,148
	45,000		4.800		12/05/2034	56,324
	15,000		3.875		08/22/2037	17,230
Dollar Tree, Inc.
	50,000		4.000		05/15/2025	52,985
	50,000		4.200		05/15/2028	53,764
Expedia Group, Inc.
	35,000		3.800		02/15/2028	36,633
Home Depot, Inc. (The)
	25,000		3.900		12/06/2028	28,082
	25,000		4.250		04/01/2046	29,822
						361,362
Software & Services(a) – 0.9%
Fiserv, Inc.
	25,000		3.800		10/01/2023	26,452
	100,000		2.750		07/01/2024	101,814
	50,000		3.200		07/01/2026	51,872
	25,000		4.200		10/01/2028	27,635
Global Payments, Inc.
	50,000		2.650		02/15/2025	50,193
	25,000		3.200		08/15/2029	25,352
PayPal Holdings, Inc.
	125,000		2.650		10/01/2026	125,834
						409,152
Technology – 2.1%
Apple, Inc.(a)
	225,000		2.450		08/04/2026	228,232
Broadcom Corp.(a)
	125,000		3.625		01/15/2024	127,824
	50,000		3.125		01/15/2025	49,631
Broadcom, Inc.(c)
	100,000		3.125		10/15/2022	101,300
	75,000		3.625	(a)	10/15/2024	76,349
	50,000		4.250	(a)	04/15/2026	51,645

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Technology – (continued)
Dell International LLC(a)(c)
$	70,000		5.450	%	06/15/2023	$         76,224
	50,000		6.020		06/15/2026	56,265
Hewlett Packard Enterprise Co.(a)
	45,000		4.900		10/15/2025	49,958
	25,000		6.350		10/15/2045	29,211
Microchip Technology, Inc.
	25,000		3.922		06/01/2021	25,535
Oracle Corp.(a)
	70,000		2.500		05/15/2022	70,851
QUALCOMM, Inc.(a)
	25,000		2.600		01/30/2023	25,402
						968,427
Tobacco(a) – 0.3%
Altria Group, Inc.
	75,000		3.800		02/14/2024	78,424
BAT Capital Corp.
	25,000		3.222		08/15/2024	25,277
	25,000		4.540		08/15/2047	23,968
						127,669
Transportation – 0.7%
Avolon Holdings Funding Ltd.(a)(c)
	25,000		3.950		07/01/2024	25,691
Burlington Northern Santa Fe LLC(a)
	25,000		4.050		06/15/2048	28,643
Delta Air Lines, Inc.
	150,000		3.400		04/19/2021	152,182
FedEx Corp.(a)
	45,000		3.400		02/15/2028	46,181
Penske Truck Leasing Co. LP(a)(c)
	70,000		3.375		02/01/2022	71,479
						324,176
Wireless Telecommunications – 2.2%
American Tower Corp.
	45,000		4.700		03/15/2022	47,619
AT&T, Inc.
	60,000		3.200	(a)	03/01/2022	61,452
	80,000		3.800		03/15/2022	83,119
	50,000		3.000	(a)	06/30/2022	50,998
	195,000		3.400	(a)	05/15/2025	203,573
	25,000		3.600	(a)	07/15/2025	26,291
	110,000		4.250	(a)	03/01/2027	119,882
	25,000		4.900	(a)	08/15/2037	28,419
Verizon Communications, Inc.
	25,000		3.376		02/15/2025	26,381
	25,000		2.625		08/15/2026	25,317
	145,000		4.329		09/21/2028	164,342
	62,000		5.012		04/15/2049	77,926
Vodafone Group plc
	100,000		3.750		01/16/2024	105,295
						1,020,614
TOTAL CORPORATE BONDS (Cost $15,560,445)						$16,341,507
Mortgage-Backed Securities – 47.8%
FHLMC – 0.1%
$	3,146		4.500	%	07/01/2024	$          3,267
	18,427		4.500		11/01/2024	19,172
	4,061		4.500		12/01/2024	4,225
	7,046		7.500		12/01/2029	8,283

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – (continued)
FHLMC – (continued)
$	2,074		5.000	%	10/01/2033	$           2,280
	3,232		5.000		07/01/2035	3,560
	4,304		5.000		12/01/2035	4,749
	917		5.000		03/01/2038	1,011
	2,578		5.000		06/01/2041	2,822
						49,369
GNMA – 24.2%
	1,359		7.000		10/15/2025	1,374
	5,604		7.000		11/15/2025	5,933
	789		7.000		02/15/2026	801
	2,657		7.000		04/15/2026	2,798
	2,629		7.000		03/15/2027	2,785
	16,703		7.000		11/15/2027	17,128
	152		7.000		01/15/2028	152
	7,097		7.000		02/15/2028	7,653
	1,540		7.000		03/15/2028	1,552
	858		7.000		04/15/2028	865
	131		7.000		05/15/2028	143
	2,580		7.000		06/15/2028	2,790
	4,419		7.000		07/15/2028	4,777
	9,859		7.000		09/15/2028	10,509
	1,918		7.000		11/15/2028	2,020
	1,100		7.500		11/15/2030	1,101
	103,933		6.000		08/20/2034	120,297
	98,163		5.000		06/15/2040	108,366
	469,572		4.000		08/20/2043	500,197
	224,284		4.000		10/20/2045	237,300
	764,303		4.500		09/20/2048	803,325
	871,647		5.000		10/20/2048	923,886
	2,000,000		3.000		TBA-30yr(d)	2,052,656
	2,000,000		4.500		TBA-30yr(d)	2,089,844
	2,000,000		3.000		TBA-30yr(d)	2,051,016
	1,000,000		3.500		TBA-30yr(d)	1,035,493
	1,000,000		4.500		TBA-30yr(d)	1,046,563
						11,031,324
UMBS – 12.2%
UMBS
	292		5.000		06/01/2023	303
	23,202		5.500		09/01/2023	23,992
	7,049		5.500		10/01/2023	7,296
	1,345		4.500		07/01/2024	1,394
	44,519		4.500		11/01/2024	46,251
	20,181		4.500		12/01/2024	20,982
	6,478		9.000		11/01/2025	7,232
	28,349		7.000		08/01/2026	31,173
	12,505		8.000		10/01/2029	14,641
	1,136		8.500		04/01/2030	1,332
	2,112		8.000		05/01/2030	2,225
	13		8.500		06/01/2030	13
	6,295		8.000		08/01/2032	7,444
	8,871		4.500		08/01/2039	9,665
	39,567		3.000		01/01/2043	41,042
	163,991		3.000		03/01/2043	170,204
	228,847		3.000		04/01/2043	237,517
	170,610		3.000		05/01/2043	177,075
	538,361		4.500		04/01/2045	590,586
	60,575		4.500		05/01/2045	66,451

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – (continued)
UMBS – (continued)
$	380,739		4.000	%	02/01/2048	$       403,411
	503,848		4.000		03/01/2048	533,851
	42,027		4.000		07/01/2048	44,679
	2,906,550		5.000		10/01/2049	3,114,032
						5,552,791
UMBS, 30 Year, Single Family(d) – 11.3%
UMBS, 30 Year, Single Family
	1,000,000		2.500		TBA-30yr	995,700
	1,000,000		3.000		TBA-30yr	1,015,082
	1,000,000		3.500		TBA-30yr	1,025,770
	2,000,000		4.500		TBA-30yr	2,105,780
						5,142,332
TOTAL MORTGAGE-BACKED SECURITIES (Cost $21,642,794)						$21,775,816
Collateralized Mortgage Obligations – 1.6%
Adjustable Rate Non-Agency(a)(b) – 1.5%
Alternative Loan Trust Series 2005-38, Class A1
$	81,083		3.946	%	09/25/2035	$        80,028
Harben Finance plc Series 2017-1X, Class A
GBP	75,559		1.560		08/20/2056	92,614
Lehman XS Trust Series 2005-7N, Class 1A1A
$	137,151		2.558		12/25/2035	131,812
London Wall Mortgage Capital plc Series 2017-FL1, Class A
GBP	60,363		1.620		11/15/2049	73,957
MASTR Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
$	90,550		3.296		12/25/2046	129,532
Ripon Mortgages plc Series 1X, Class A2
GBP	135,996		1.560		08/20/2056	166,727
						674,670
Sequential Fixed Rate – 0.1%
FNMA REMIC Series 2012-111, Class B
$	11,234		7.000		10/25/2042	13,121
FNMA REMIC Series 2012-153, Class B
	31,373		7.000		07/25/2042	36,849
						49,970
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $679,760)						$      724,640
Commercial Mortgage-Backed Securities(a) – 0.3%
Adjustable Rate Non-Agency(b)(c) – 0.2%
Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A
$	107,436		2.855	%	06/15/2035	$      107,369
Sequential Fixed Rate – 0.1%
BANK Series 2019-BN21, Class A5
	50,000		2.851		10/15/2052	51,499
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $158,935)						$     158,868

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Government Agency Securities – 2.3%
FHLB
$	100,000		3.375	%	12/08/2023	$       106,959
FNMA
	400,000		1.875		09/24/2026	404,689
	400,000		6.250		05/15/2029	552,890
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $1,010,219)						$    1,064,538
Asset-Backed Securities(a) – 5.6%
Automobile – 0.2%
Ally Master Owner Trust Series 2018-1, Class A2
$	100,000		2.700	%	01/17/2023	$       100,817
Collateralized Debt Obligations(b)(c) – 1.5%
Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A
	200,000		3.178		06/15/2028	200,187
KREF Ltd. Series 2018-FL1, Class A
	150,000		3.125		06/15/2036	150,187
Orix Credit Alliance Owner Trust Ltd. Series 2018-CRE1, Class A
	125,000		3.207		06/15/2036	125,156
TPG Real Estate Finance Issuer Ltd. Series 2018-FL2, Class A
	175,000		3.155		11/15/2037	175,219
						650,749
Collateralized Loan Obligations(b)(c) – 1.8%
CBAM Ltd. Series 2018-5A, Class A
	525,000		3.323		04/17/2031	519,750
Cutwater Ltd. Series 2014-1A, Class A1AR
	303,081		3.553		07/15/2026	303,237
						822,987
Home Equity(b) – 0.1%
GMACM Home Equity Loan Trust Series 2007-HE3, Class 1A1
	4,704		7.000		09/25/2037	4,726
GMACM Home Equity Loan Trust Series 2007-HE3, Class 2A1
	51,704		7.000		09/25/2037	53,672
						58,398
Student Loans(b) – 2.0%
Academic Loan Funding Trust Series 2012-1A, Class A2(c)
	437,136		3.118		12/27/2044	436,770
Chase Education Loan Trust Series 2007-A, Class A3
	2,848		2.174		12/28/2023	2,845
Nelnet Student Loan Trust Series 2006-2, Class A5
	12,928		2.376		01/25/2030	12,922
Northstar Education Finance, Inc. Series 2007-1, Class A1
	33,679		2.375		04/28/2030	33,574
Scholar Funding Trust Series 2010-A, Class A(c)
	104,048		3.006		10/28/2041	102,307
SLM Student Loan Trust Series 2003-7A, Class A5A(c)
	316,248		3.319		12/15/2033	313,076
						901,494
TOTAL ASSET-BACKED SECURITIES (Cost $2,536,161)						$    2,534,445

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Government Securities – 3.3%
Israel Government AID Bond(e)
$	400,000		5.500	%	09/18/2023	$       458,431
	200,000		5.500		12/04/2023	230,375
	100,000		5.500		04/26/2024	116,717
Kuwait International Government Bond
	300,000		3.500		03/20/2027	322,875
Mexico Government Bond
EUR	100,000		1.625		04/08/2026	113,797
Romania Government Bond(c)
	10,000		2.124		07/16/2031	11,329
	20,000		4.625		04/03/2049	28,257
United Arab Emirates Government International Bond(c)
$	220,000		3.125		10/11/2027	230,725
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $1,459,015)						$     1,512,506
Municipal Bonds – 1.6%
California – 0.4%
California State Various Purpose GO Bonds Series 2010
$	105,000		7.625	%	03/01/2040	$       172,284
Illinois – 0.9%
Illinois State GO Bonds for Build America Bonds Series 2010-5
	100,000		7.350		07/01/2035	121,908
Illinois State GO Bonds Pension Funding Series 2003
	25,000		5.100		06/01/2033	27,078
Illinois State GO Bonds Series 2015-B(f)
	199,000		7.750		01/01/2025	255,988
						404,974
Ohio – 0.3%
American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT
	100,000		6.270		02/15/2050	137,823
TOTAL MUNICIPAL BONDS (Cost $579,900)						$       715,081
U.S. Treasury Obligations – 0.9%
U.S. Treasury Notes
$	380,000		1.625	%	09/30/2026	$       380,059
	40,000		2.875		08/15/2028	43,994
TOTAL U.S. TREASURY OBLIGATIONS (Cost $422,628)						$       424,053
Short-Term Investment – 27.4%
U.S. Treasury Obligation – 27.4%
U.S. Treasury Bills
$	12,573,000		1.833	%	03/05/2020	$  12,476,565
(Cost $12,474,004)
TOTAL INVESTMENTS – 126.7% (Cost $56,523,861)						$  57,728,019
LIABILITIES IN EXCESS OF     OTHER ASSETS – (26.7)%						(12,178,488)
NET ASSETS – 100.0%						$  45,549,531

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

(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 September 30, 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 $13,417,904 which represents approximately 29.5% of net assets as of September 30, 2019.
(e)	Guaranteed by the United States Government. Total market value of these securities amounts to $805,523, which represents 1.8% of net assets as of September 30, 2019.
(f)	Pre-refunded security. Maturity date disclosed is pre-refunding date.

Investment Abbreviations:
BA	— Banker Acceptance Rate
BBR	— Bank Bill Reference Rate
EURIBOR	— Euro Interbank Offered 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
REMIC	— Real Estate Mortgage Investment Conduit
RMKT	— Remarketed
SOFR	— Secured Overnight Financing Rate
SONIA	— Sterling Overnight Index Average
STIBOR	— Stockholm Interbank Offered Rate
UMBS	— Uniform Mortgage-Backed 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)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 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	51,973		SEK	343,484		12/18/2019	$	85
		AUD	243,188		USD	163,968		11/13/2019		414
		CHF	152,290		EUR	140,013		12/18/2019		123
		EUR	64,028		AUD	103,495		12/18/2019		185
		EUR	128,053		CHF	138,972		12/18/2019		200
		EUR	31,966		NOK	317,954		12/18/2019		61
		EUR	371,917		SEK	3,976,390		12/18/2019		1,716
		JPY	5,668,022		AUD	77,721		12/18/2019		138
		JPY	3,726,192		NZD	54,977		12/18/2019		174
		JPY	7,545,395		USD	70,007		12/18/2019		183
		NOK	5,926,436		EUR	592,865		12/18/2019		2,111
		SEK	1,302,643		EUR	120,999		12/18/2019		358
		USD	33,631		AUD	48,960		11/13/2019		536
		USD	332,889		AUD	487,564		12/18/2019		2,990
		USD	194,102		CAD	255,909		11/20/2019		793
		USD	454,827		CAD	601,051		12/18/2019		554
		USD	257,058		CHF	252,704		12/18/2019		2,079
		USD	988,336		EUR	895,000		11/27/2019		8,738
		USD	619,592		EUR	560,037		12/18/2019		5,455
		USD	676,401		GBP	546,693		12/04/2019		2,521
		USD	85,722		JPY	9,053,632		11/14/2019		1,740
		USD	316,741		JPY	33,909,552		12/18/2019		1,302
		USD	34,990		NOK	312,731		12/18/2019		572
		USD	428,367		NZD	674,442		12/18/2019		5,277
		USD	151,424		SEK	1,410,504		10/07/2019		8,092
TOTAL									$	46,397
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.		AUD	50,961		CAD	46,328		12/18/2019	$	(533	)
		AUD	48,960		USD	33,708		11/13/2019		(614	)
		AUD	606,693		USD	415,202		12/18/2019		(4,697	)
		CAD	258,925		USD	196,389		11/20/2019		(802	)
		CAD	92,250		USD	69,964		12/18/2019		(241	)
		CHF	258,189		EUR	238,283		12/18/2019		(787	)
		CHF	336,180		USD	342,681		12/18/2019		(3,474	)
		EUR	30,997		AUD	50,577		12/18/2019		(230	)
		EUR	63,976		CAD	93,887		12/18/2019		(804	)
		EUR	177,948		CHF	194,326		12/18/2019		(938	)
		EUR	190,009		JPY	22,727,801		12/18/2019		(3,057	)
		EUR	31,980		SEK	344,347		12/18/2019		(100	)
		EUR	757,464		USD	836,457		11/27/2019		(7,395	)
		EUR	704,881		USD	783,362		12/18/2019		(10,391	)
		GBP	291,000		USD	360,042		12/04/2019		(1,342	)
		GBP	34,246		USD	42,410		12/18/2019		(165	)
		JPY	11,613,101		USD	109,956		11/14/2019		(2,232	)
		JPY	57,519,684		USD	540,171		12/18/2019		(5,103	)
		NOK	550,528		CAD	81,055		12/18/2019		(672	)
		NOK	307,923		EUR	30,969		12/18/2019		(72	)
		NOK	626,081		USD	69,968		12/18/2019		(1,064	)
		NZD	55,758		EUR	31,976		12/18/2019		(87	)
		NZD	198,797		USD	127,998		12/18/2019		(3,289	)
		SEK	3,019,408		EUR	282,986		12/18/2019		(1,935	)
		SEK	1,653,000		USD	177,457		10/07/2019		(9,484	)
		SEK	506,431		USD	52,239		12/18/2019		(515	)
		USD	110,222		AUD	163,475		11/13/2019		(278	)
		USD	139,975		CAD	185,530		12/18/2019		(248	)
TOTAL									$	(60,549	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACT — At September 30, 2019, the Fund had the following forward sales contract:

Description	Interest Rate			Maturity Date(a)	Principal Amount	Settlement Date		Value
UMBS (Proceeds Received: $1,071,719)		5.000	%	TBA - 30yr	$1,000,000		11/13//2019	$	(1,071,641)

(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 September 30, 2019, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
30 Day Federal Funds	5	11/29/2019	$	2,046,935		$	110
3 Month Eurodollar	2	06/15/2020		492,225			918
Australia 10 Year Bond	3	12/16/2019		298,360			369
Australia 3 Year Bond	3	12/16/2019		234,257			348
U.S. Treasury 2 Year Note	15	12/31/2019		3,232,617			(5,325	)
U.S. Treasury 5 Year Note	18	12/31/2019		2,144,812			(5,715	)
U.S. Treasury Long Bond	22	12/19/2019		3,572,938			(61,254	)
U.S. Treasury Ultra Bond	19	12/19/2019		3,649,781			(35,796	)
Total						$	(106,345	)
Short position contracts:
3 Month Eurodollar	(17)	12/16/2019	$	(4,166,487	)	$	(33,678	)
Long Gilt	(1)	12/27/2019		(165,141	)		(395	)
U.S. Treasury 10 Year Note	(4)	12/19/2019		(521,250	)		6,721
U.S. Treasury 10 Year Ultra Note	(19)	12/19/2019		(2,706,016	)		22,918
Total						$	(4,434	)
Total Futures Contracts						$	(110,779	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 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 September 30, 2019(a)		Termination Date		Notional Amount (000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased(b):
iTraxx Europe Index		(1.000)%		0.480%		06/20/2024	EUR	450	$	(12,331	)	$	(12,100	)	$	(231	)
Protection Sold(c):
General Electric Co.		1.000		1.270		06/20/2024	USD	125		(1,447	)		(2,013	)		566
Markit CDX North America Investment Grade Index		1.000		0.530		06/20/2024		3,050		65,869			56,220			9,649
Markit CDX North America Investment Grade Index		1.000		0.600		12/20/2024		575		13,988			13,717			271
Prudential Financial, Inc.		1.000		0.660		06/20/2024		75		1,187			1,197			(10	)
Republic of Chile		1.000		0.330		06/20/2024		20		622			583			39
Republic of Colombia		1.000		0.830		06/20/2024		210		1,682			819			863
Republic of Indonesia		1.000		0.820		06/20/2024		160		1,363			616			747
Republic of Peru		1.000		0.490		06/20/2024		40		946			881			65
Russian Federation		1.000		0.860		12/20/2024		30		220			(274	)		494
State of Qatar		1.000		0.480		06/20/2024		20		479			400			79
State of Qatar		1.000		0.540		12/20/2024		10		234			226			8
United Mexican States		1.000		1.050		06/20/2024		20		(37	)		(281	)		244
TOTAL									$	72,775		$	59,991		$	12,784

(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)

September 30, 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)
0.727%(a)	1 Day SONIA	11/07/2019	GBP	1,860		$	(155	)	$	4		$	(159	)
0.045(b)	3 Month STIBOR	03/18/2021	SEK	11,590	(c)		(419	)		41			(460	)
3 Month BA(d)	2.250%	12/18/2021	CAD	1,510	(c)		9,510			8,090			1,420
1.500(d)	3 Month LIBOR	12/18/2021	USD	1,150	(c)		1,311			(1,080	)		2,391
6 Month BBR(d)	1.250	12/18/2024	AUD	260	(c)		2,828			2,873			(45	)
3 Month BA(d)	2.250	12/18/2024	CAD	710	(c)		13,754			12,951			803
0.050(b)	3 Month STIBOR	12/18/2024	SEK	2,080	(c)		(791	)		(422	)		(369	)
1.500(d)	3 Month LIBOR	12/18/2024	USD	400	(c)		(410	)		(2,282	)		1,872
6 Month BBR(d)	1.250	12/18/2026	AUD	190	(c)		1,933			992			941
1.500(d)	6 Month LIBOR	12/18/2026	GBP	100	(c)		(7,631	)		(5,775	)		(1,856	)
0.300(b)	6 Month EURIBOR	08/03/2028	EUR	260	(c)		(5,076	)		(3,199	)		(1,877	)
6 Month LIBOR(d)	1.050	08/07/2028	CHF	290	(c)		19,891			10,749			9,142
6 Month EURIBOR(d)	1.200	02/12/2029	EUR	310	(c)		20,598			3,778			16,820
1.500(d)	6 Month LIBOR	02/12/2029	GBP	490	(c)		(24,655	)		(5,229	)		(19,426	)
3 Month LIBOR(e)	2.800	02/12/2029	USD	330	(c)		18,072			2,530			15,542
0.900(d)	6 Month LIBOR	09/13/2029	GBP	180	(c)		(2,326	)		351			(2,677	)
6 Month EURIBOR(d)	0.275	09/17/2029	EUR	240	(c)		2,414			(231	)		2,645
6 Month BBR(d)	1.250	12/18/2029	AUD	1,010	(c)		4,246			(547	)		4,793
3 Month BA(d)	2.500	12/18/2029	CAD	120	(c)		6,307			5,669			638
0.750(b)	6 Month EURIBOR	12/18/2029	EUR	190	(c)		(18,796	)		(18,319	)		(477	)
1.500(d)	6 Month LIBOR	12/18/2029	GBP	150	(c)		(15,533	)		(11,479	)		(4,054	)
1.750(b)	6 Month NIBOR	12/18/2029	NOK	2,520	(c)		(1,494	)		(968	)		(526	)
0.400(b)	3 Month STIBOR	12/18/2029	SEK	1,880	(c)		(2,476	)		572			(3,048	)
6 Month EURIBOR(d)	0.002	09/16/2030	EUR	170	(c)		942			844			98
TOTAL						$	22,044		$	(87	)	$	22,131

(a) Payments made at the termination date.

(b) Payments made annually.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2019.

(d) Payments made semi-annually.

(e) Payments made quarterly.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2019, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
3M IRS	Deutsche Bank AG		1.420%		11/15/2019		100,000		$	100,000		$	544		$	1,440		$	(896	)
3M IRS	JPMorgan Chase Bank NA		1.585		11/12/2019		100,000			100,000			1,104			2,000			(896	)
3M IRS	UBS AG		1.580		11/12/2019		130,000			130,000			1,404			2,093			(689	)
3M IRS			1.585		11/12/2019		50,000			50,000			552			1,060			(508	)
3M IRS			1.420		11/15/2019		50,000			50,000			272			820			(548	)
3M IRS			1.270		08/27/2020		150,000			150,000			2,159			3,025			(866	)
Total Purchased option contracts							580,000					$	6,035		$	10,438		$	(4,403	)
Written option contracts
Calls
6M IRS	Bank of America NA		(0.600)		08/21/2020		(280,000	)		(280,000	)		(653	)		(1,612	)		959
6M IRS			0.065		09/14/2020		(230,000	)		(230,000	)		(6,628	)		(6,092	)		(536	)
6M IRS	Deutsche Bank AG		(0.250)		11/15/2019		(120,000	)		(120,000	)		(432	)		(1,334	)		902
6M IRS			0.065		09/14/2020		(100,000	)		(100,000	)		(2,881	)		(2,148	)		(733	)
6M IRS	JPMorgan Chase Bank NA		(0.090)		11/12/2019		(120,000	)		(120,000	)		(1,300	)		(2,125	)		825
6M IRS			0.680		11/12/2019		(110,000	)		(110,000	)		(1,549	)		(1,467	)		(82	)
6M IRS			(0.600)		08/21/2020		(560,000	)		(560,000	)		(1,307	)		(3,123	)		1,816
6M IRS			0.065		09/14/2020		(140,000	)		(140,000	)		(4,034	)		(2,970	)		(1,064	)
6M IRS	UBS AG		(0.090)		11/12/2019		(60,000	)		(60,000	)		(649	)		(1,149	)		500
6M IRS			(0.250)		11/15/2019		(60,000	)		(60,000	)		(216	)		(1,105	)		889
6M IRS			(0.256)		08/27/2020		(180,000	)		(180,000	)		(2,132	)		(2,901	)		769
6M IRS			0.065		09/14/2020		(90,000	)		(90,000	)		(2,593	)		(2,585	)		(8	)
Total calls							(2,050,000	)				$	(24,374	)	$	(28,611	)	$	4,237
Puts
6M IRS	Bank of America NA		0.065		09/14/2020		(230,000	)		(230,000	)		(3,224	)		(3,934	)		710
6M IRS	Deutsche Bank AG		0.065		09/14/2020		(100,000	)		(100,000	)		(1,401	)		(2,148	)		747
6M IRS	JPMorgan Chase Bank NA		0.065		09/14/2020		(140,000	)		(140,000	)		(1,960	)		(2,969	)		1,009
6M IRS	UBS AG		0.065		09/14/2020		(90,000	)		(90,000	)		(1,262	)		(1,389	)		127
Total puts							(560,000	)				$	(7,847	)	$	(10,440	)	$	2,593
Total Written option contracts							(2,610,000	)				$	(32,221	)	$	(39,051	)	$	6,830

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.4%
	Automobiles & Components – 0.5%
	1,762	Aptiv plc	$       154,034
	1,437	BorgWarner, Inc.	52,709
	26,421	Ford Motor Co.	242,016
	8,503	General Motors Co.	318,693
	1,096	Harley-Davidson, Inc.	39,423
			806,875
	Banks – 5.4%
	56,893	Bank of America Corp.	1,659,569
	5,180	BB&T Corp.	276,457
	15,441	Citigroup, Inc.	1,066,664
	2,969	Citizens Financial Group, Inc.	105,014
	1,043	Comerica, Inc.	68,828
	5,000	Fifth Third Bancorp	136,900
	1,133	First Republic Bank	109,561
	7,113	Huntington Bancshares, Inc.	101,502
	21,726	JPMorgan Chase & Co.	2,556,933
	6,741	KeyCorp	120,259
	935	M&T Bank Corp.	147,702
	2,606	People’s United Financial, Inc.	40,745
	3,063	PNC Financial Services Group, Inc. (The)	429,310
	7,021	Regions Financial Corp.	111,072
	3,040	SunTrust Banks, Inc.	209,152
	365	SVB Financial Group*	76,267
	9,801	US Bancorp	542,387
	27,299	Wells Fargo & Co.	1,376,962
	1,283	Zions Bancorp NA	57,119
			9,192,403
	Capital Goods – 6.6%
	3,926	3M Co.	645,434
	666	Allegion plc	69,031
	1,583	AMETEK, Inc.	145,351
	982	AO Smith Corp.	46,851
	2,732	Arconic, Inc.	71,032
	3,629	Boeing Co. (The)	1,380,726
	3,806	Caterpillar, Inc.	480,736
	998	Cummins, Inc.	162,345
	2,149	Deere & Co.	362,493
	966	Dover Corp.	96,175
	2,861	Eaton Corp. plc	237,892
	4,160	Emerson Electric Co.	278,138
	3,994	Fastenal Co.	130,484
	906	Flowserve Corp.	42,319
	2,038	Fortive Corp.	139,725
	926	Fortune Brands Home & Security, Inc.	50,652
	1,599	General Dynamics Corp.	292,185
	59,332	General Electric Co.	530,428
	4,893	Honeywell International, Inc.	827,896
	286	Huntington Ingalls Industries, Inc.	60,572
	522	IDEX Corp.	85,545
	2,030	Illinois Tool Works, Inc.	317,675
	1,653	Ingersoll-Rand plc	203,666
	807	Jacobs Engineering Group, Inc.	73,841
	5,459	Johnson Controls International plc	239,596
	1,523	L3Harris Technologies, Inc.	317,759
	1,674	Lockheed Martin Corp.	652,960
	2,060	Masco Corp.	85,861

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	1,076	Northrop Grumman Corp.	$       403,274
	2,385	PACCAR, Inc.	166,974
	884	Parker-Hannifin Corp.	159,659
	1,073	Pentair plc	40,559
	1,029	Quanta Services, Inc.	38,896
	1,885	Raytheon Co.	369,818
	806	Rockwell Automation, Inc.	132,829
	707	Roper Technologies, Inc.	252,116
	355	Snap-on, Inc.	55,572
	1,034	Stanley Black & Decker, Inc.	149,320
	1,581	Textron, Inc.	77,406
	330	TransDigm Group, Inc.	171,821
	549	United Rentals, Inc.*	68,427
	5,527	United Technologies Corp.	754,546
	1,245	Wabtec Corp.	89,466
	304	WW Grainger, Inc.	90,334
	1,258	Xylem, Inc.	100,162
			11,148,547
	Commercial & Professional Services – 0.8%
	570	Cintas Corp.	152,817
	1,399	Copart, Inc.*	112,382
	843	Equifax, Inc.	118,585
	2,503	IHS Markit Ltd.*	167,401
	2,557	Nielsen Holdings plc	54,336
	1,483	Republic Services, Inc.	128,354
	814	Robert Half International, Inc.	45,307
	1,077	Rollins, Inc.	36,693
	1,132	Verisk Analytics, Inc.	179,014
	2,669	Waste Management, Inc.	306,935
			1,301,824
	Consumer Durables & Apparel – 1.2%
	1,057	Capri Holdings Ltd.*	35,050
	2,376	DR Horton, Inc.	125,239
	839	Garmin Ltd.	71,055
	2,220	Hanesbrands, Inc.	34,011
	815	Hasbro, Inc.	96,732
	931	Leggett & Platt, Inc.	38,115
	1,931	Lennar Corp. Class A	107,846
	421	Mohawk Industries, Inc.*	52,234
	2,664	Newell Brands, Inc.	49,870
	8,532	NIKE, Inc. Class B	801,326
	23	NVR, Inc.*	85,499
	1,728	PulteGroup, Inc.	63,158
	525	PVH Corp.	46,321
	358	Ralph Lauren Corp.	34,178
	1,933	Tapestry, Inc.	50,355
	1,254	Under Armour, Inc. Class A*	25,005
	1,232	Under Armour, Inc. Class C*	22,336
	2,190	VF Corp.	194,888
	423	Whirlpool Corp.	66,986
			2,000,204
	Consumer Services – 1.9%
	2,767	Carnival Corp.	120,946
	168	Chipotle Mexican Grill, Inc.*	141,199
	816	Darden Restaurants, Inc.	96,467
	1,374	H&R Block, Inc.	32,454
	1,998	Hilton Worldwide Holdings, Inc.	186,034
	1,870	Marriott International, Inc. Class A	232,572

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Services – (continued)
	5,153	McDonald’s Corp.	$    1,106,401
	3,516	MGM Resorts International	97,463
	1,502	Norwegian Cruise Line Holdings Ltd.*	77,758
	1,158	Royal Caribbean Cruises Ltd.	125,446
	8,137	Starbucks Corp.	719,474
	689	Wynn Resorts Ltd.	74,908
	2,062	Yum! Brands, Inc.	233,893
			3,245,015
	Diversified Financials – 5.0%
	380	Affiliated Managers Group, Inc.	31,673
	4,661	American Express Co.	551,303
	901	Ameriprise Financial, Inc.	132,537
	5,780	Bank of New York Mellon Corp. (The)	261,314
	13,325	Berkshire Hathaway, Inc. Class B*	2,771,866
	805	BlackRock, Inc.	358,740
	3,199	Capital One Financial Corp.	291,045
	737	Cboe Global Markets, Inc.	84,689
	8,035	Charles Schwab Corp. (The)	336,104
	2,450	CME Group, Inc.	517,783
	2,134	Discover Financial Services	173,046
	1,705	E*TRADE Financial Corp.	74,491
	1,923	Franklin Resources, Inc.	55,498
	2,212	Goldman Sachs Group, Inc. (The)(a)	458,393
	3,829	Intercontinental Exchange, Inc.	353,302
	2,721	Invesco Ltd.	46,094
	264	MarketAxess Holdings, Inc.	86,460
	1,114	Moody’s Corp.	228,181
	8,484	Morgan Stanley	362,012
	568	MSCI, Inc.	123,682
	799	Nasdaq, Inc.	79,381
	1,460	Northern Trust Corp.	136,247
	851	Raymond James Financial, Inc.	70,173
	1,673	S&P Global, Inc.	409,852
	2,568	State Street Corp.	152,000
	4,076	Synchrony Financial	138,951
	1,618	T. Rowe Price Group, Inc.	184,856
			8,469,673
	Energy – 4.5%
	2,555	Apache Corp.	65,408
	3,467	Baker Hughes a GE Co.	80,434
	2,916	Cabot Oil & Gas Corp.	51,234
	12,891	Chevron Corp.	1,528,873
	696	Cimarex Energy Co.	33,366
	1,365	Concho Resources, Inc.	92,684
	7,507	ConocoPhillips	427,749
	2,868	Devon Energy Corp.	69,004
	1,051	Diamondback Energy, Inc.	94,495
	3,930	EOG Resources, Inc.	291,685
	28,790	Exxon Mobil Corp.	2,032,862
	6,022	Halliburton Co.	113,515
	800	Helmerich & Payne, Inc.	32,056
	1,701	Hess Corp.	102,876
	1,023	HollyFrontier Corp.	54,874
	13,165	Kinder Morgan, Inc.	271,331
	5,720	Marathon Oil Corp.	70,184
	4,564	Marathon Petroleum Corp.	277,263

Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	2,775	National Oilwell Varco, Inc.	$        58,830
	3,360	Noble Energy, Inc.	75,466
	6,169	Occidental Petroleum Corp.	274,335
	2,787	ONEOK, Inc.	205,374
	3,066	Phillips 66	313,958
	1,133	Pioneer Natural Resources Co.	142,497
	9,387	Schlumberger Ltd.	320,754
	2,968	TechnipFMC plc	71,648
	2,812	Valero Energy Corp.	239,695
	8,349	Williams Cos., Inc. (The)	200,877
			7,593,327
	Food & Staples Retailing – 1.6%
	2,999	Costco Wholesale Corp.	864,042
	5,388	Kroger Co. (The)	138,902
	3,508	Sysco Corp.	278,535
	5,113	Walgreens Boots Alliance, Inc.	282,800
	9,651	Walmart, Inc.	1,145,381
			2,709,660
	Food, Beverage & Tobacco – 3.9%
	12,715	Altria Group, Inc.	520,043
	3,785	Archer-Daniels-Midland Co.	155,450
	1,128	Brown-Forman Corp. Class B	70,816
	1,096	Campbell Soup Co.	51,424
	26,208	Coca-Cola Co. (The)	1,426,764
	3,405	Conagra Brands, Inc.	104,465
	1,147	Constellation Brands, Inc. Class A	237,750
	4,033	General Mills, Inc.	222,299
	936	Hershey Co. (The)	145,071
	1,837	Hormel Foods Corp.	80,332
	750	JM Smucker Co. (The)	82,515
	1,695	Kellogg Co.	109,073
	4,259	Kraft Heinz Co. (The)	118,975
	982	Lamb Weston Holdings, Inc.	71,411
	836	McCormick & Co., Inc. (Non-Voting)	130,667
	1,300	Molson Coors Brewing Co. Class B	74,750
	9,786	Mondelez International, Inc. Class A	541,362
	2,697	Monster Beverage Corp.*	156,588
	9,491	PepsiCo, Inc.	1,301,216
	10,604	Philip Morris International, Inc.	805,162
	2,029	Tyson Foods, Inc. Class A	174,778
			6,580,911
	Health Care Equipment & Services – 6.2%
	12,033	Abbott Laboratories	1,006,801
	319	ABIOMED, Inc.*	56,747
	514	Align Technology, Inc.*	92,993
	1,093	AmerisourceBergen Corp.	89,987
	1,749	Anthem, Inc.	419,935
	3,490	Baxter International, Inc.	305,270
	1,845	Becton Dickinson and Co.	466,711
	9,433	Boston Scientific Corp.*	383,829
	1,982	Cardinal Health, Inc.	93,531
	2,888	Centene Corp.*	124,935
	2,129	Cerner Corp.	145,134
	2,575	Cigna Corp.	390,859
	344	Cooper Cos., Inc. (The)	102,168

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	8,842	CVS Health Corp.	$       557,665
	4,290	Danaher Corp.	619,605
	676	DaVita, Inc.*	38,579
	1,552	Dentsply Sirona, Inc.	82,737
	1,409	Edwards Lifesciences Corp.*	309,853
	1,799	HCA Healthcare, Inc.	216,636
	1,038	Henry Schein, Inc.*	65,913
	1,847	Hologic, Inc.*	93,255
	930	Humana, Inc.	237,773
	593	IDEXX Laboratories, Inc.*	161,254
	789	Intuitive Surgical, Inc.*	426,005
	685	Laboratory Corp. of America Holdings*	115,080
	1,240	McKesson Corp.	169,458
	9,144	Medtronic plc	993,221
	893	Quest Diagnostics, Inc.	95,578
	960	ResMed, Inc.	129,706
	2,193	Stryker Corp.	474,346
	315	Teleflex, Inc.	107,021
	6,434	UnitedHealth Group, Inc.	1,398,237
	570	Universal Health Services, Inc. Class B	84,787
	627	Varian Medical Systems, Inc.*	74,669
	347	WellCare Health Plans, Inc.*	89,932
	1,414	Zimmer Biomet Holdings, Inc.	194,100
			10,414,310
	Household & Personal Products – 2.0%
	1,696	Church & Dwight Co., Inc.	127,607
	855	Clorox Co. (The)	129,849
	5,837	Colgate-Palmolive Co.	429,078
	1,935	Coty, Inc. Class A	20,337
	1,511	Estee Lauder Cos., Inc. (The) Class A	300,613
	2,333	Kimberly-Clark Corp.	331,403
	17,001	Procter & Gamble Co. (The)	2,114,584
			3,453,471
	Insurance – 2.5%
	5,081	Aflac, Inc.	265,838
	2,250	Allstate Corp. (The)	244,530
	5,880	American International Group, Inc.	327,516
	1,591	Aon plc	307,970
	1,281	Arthur J Gallagher & Co.	114,739
	411	Assurant, Inc.	51,712
	3,115	Chubb Ltd.	502,886
	1,010	Cincinnati Financial Corp.	117,837
	279	Everest Re Group Ltd.	74,239
	679	Globe Life, Inc.	65,021
	2,505	Hartford Financial Services Group, Inc. (The)	151,828
	1,412	Lincoln National Corp.	85,172
	1,833	Loews Corp.	94,363
	3,471	Marsh & McLennan Cos., Inc.	347,273
	5,440	MetLife, Inc.	256,550
	1,754	Principal Financial Group, Inc.	100,224
	4,020	Progressive Corp. (The)	310,545
	2,792	Prudential Financial, Inc.	251,140
	1,774	Travelers Cos., Inc. (The)	263,776
	1,503	Unum Group	44,669

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	868	Willis Towers Watson plc	$       167,498
			4,145,326
	Materials – 2.7%
	1,494	Air Products & Chemicals, Inc.	331,459
	738	Albemarle Corp.	51,306
	10,834	Amcor plc	105,631
	573	Avery Dennison Corp.	65,076
	2,258	Ball Corp.	164,405
	844	Celanese Corp.	103,213
	1,551	CF Industries Holdings, Inc.	76,309
	5,131	Corteva, Inc.	143,668
	5,156	Dow, Inc.	245,683
	5,076	DuPont de Nemours, Inc.	361,970
	909	Eastman Chemical Co.	67,111
	1,715	Ecolab, Inc.	339,639
	913	FMC Corp.	80,052
	9,649	Freeport-McMoRan, Inc.	92,341
	695	International Flavors & Fragrances, Inc.	85,270
	2,773	International Paper Co.	115,967
	3,698	Linde plc	716,377
	1,732	LyondellBasell Industries NV Class A	154,962
	423	Martin Marietta Materials, Inc.	115,944
	2,307	Mosaic Co. (The)	47,293
	5,667	Newmont Goldcorp Corp.	214,893
	2,124	Nucor Corp.	108,133
	644	Packaging Corp. of America	68,328
	1,616	PPG Industries, Inc.	191,512
	1,071	Sealed Air Corp.	44,457
	550	Sherwin-Williams Co. (The)	302,428
	884	Vulcan Materials Co.	133,696
	1,834	WestRock Co.	66,849
			4,593,972
	Media & Entertainment – 8.0%
	5,218	Activision Blizzard, Inc.	276,137
	2,038	Alphabet, Inc. Class A*	2,488,683
	2,053	Alphabet, Inc. Class C*	2,502,607
	2,163	CBS Corp. (Non-Voting) Class B	87,320
	1,105	Charter Communications, Inc. Class A*	455,393
	30,914	Comcast Corp. Class A	1,393,603
	1,181	Discovery, Inc. Class A*	31,450
	2,496	Discovery, Inc. Class C*	61,452
	1,615	DISH Network Corp. Class A*	55,023
	2,029	Electronic Arts, Inc.*	198,477
	16,354	Facebook, Inc. Class A*	2,912,320
	2,439	Fox Corp. Class A	76,914
	1,119	Fox Corp. Class B	35,293
	2,670	Interpublic Group of Cos., Inc. (The)	57,565
	2,981	Netflix, Inc.*	797,775
	2,809	News Corp. Class A	39,101
	1,017	News Corp. Class B	14,538
	1,511	Omnicom Group, Inc.	118,311
	776	Take-Two Interactive Software, Inc.*	97,264
	693	TripAdvisor, Inc.*	26,805

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Media & Entertainment – (continued)
	5,004	Twitter, Inc.*	$       206,165
	2,426	Viacom, Inc. Class B	58,297
	12,233	Walt Disney Co. (The)	1,594,205
			13,584,698
	Pharmaceuticals, Biotechnology & Life Sciences – 7.4%
	10,070	AbbVie, Inc.	762,500
	2,072	Agilent Technologies, Inc.	158,777
	1,545	Alexion Pharmaceuticals, Inc.*	151,317
	2,242	Allergan plc	377,306
	4,078	Amgen, Inc.	789,134
	1,248	Biogen, Inc.*	290,559
	11,133	Bristol-Myers Squibb Co.	564,554
	4,838	Celgene Corp.*	480,413
	5,774	Eli Lilly & Co.	645,706
	8,655	Gilead Sciences, Inc.	548,554
	993	Illumina, Inc.*	302,091
	1,248	Incyte Corp.*	92,639
	1,245	IQVIA Holdings, Inc.*	185,978
	17,984	Johnson & Johnson	2,326,770
	17,436	Merck & Co., Inc.	1,467,763
	169	Mettler-Toledo International, Inc.*	119,044
	3,648	Mylan NV*	72,158
	1,164	Nektar Therapeutics*	21,202
	783	PerkinElmer, Inc.	66,688
	823	Perrigo Co. plc	45,998
	37,549	Pfizer, Inc.	1,349,136
	529	Regeneron Pharmaceuticals, Inc.*	146,745
	2,716	Thermo Fisher Scientific, Inc.	791,089
	1,730	Vertex Pharmaceuticals, Inc.*	293,097
	474	Waters Corp.*	105,811
	3,278	Zoetis, Inc.	408,406
			12,563,435
	Real Estate – 3.2%
	783	Alexandria Real Estate Equities, Inc. (REIT)	120,613
	3,012	American Tower Corp. (REIT)	666,044
	990	Apartment Investment & Management Co. Class A (REIT)	51,619
	944	AvalonBay Communities, Inc. (REIT)	203,272
	961	Boston Properties, Inc. (REIT)	124,603
	2,126	CBRE Group, Inc. Class A*	112,699
	2,820	Crown Castle International Corp. (REIT)	392,008
	1,405	Digital Realty Trust, Inc. (REIT)	182,383
	2,429	Duke Realty Corp. (REIT)	82,513
	574	Equinix, Inc. (REIT)	331,083
	2,348	Equity Residential (REIT)	202,538
	441	Essex Property Trust, Inc. (REIT)	144,053
	877	Extra Space Storage, Inc. (REIT)	102,451
	456	Federal Realty Investment Trust (REIT)	62,080
	3,244	HCP, Inc. (REIT)	115,584
	4,881	Host Hotels & Resorts, Inc. (REIT)	84,392
	1,947	Iron Mountain, Inc. (REIT)	63,063

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	2,698	Kimco Realty Corp. (REIT)	$         56,334
	602	Macerich Co. (The) (REIT)	19,017
	754	Mid-America Apartment Communities, Inc. (REIT)	98,028
	4,307	Prologis, Inc. (REIT)	367,043
	1,022	Public Storage (REIT)	250,666
	2,120	Realty Income Corp. (REIT)	162,562
	1,101	Regency Centers Corp. (REIT)	76,509
	761	SBA Communications Corp. (REIT)	183,515
	2,088	Simon Property Group, Inc. (REIT)	324,997
	531	SL Green Realty Corp. (REIT)	43,409
	1,934	UDR, Inc. (REIT)	93,760
	2,465	Ventas, Inc. (REIT)	180,019
	1,142	Vornado Realty Trust (REIT)	72,711
	2,721	Welltower, Inc. (REIT)	246,659
	4,987	Weyerhaeuser Co. (REIT)	138,140
			5,354,367
	Retailing – 6.5%
	474	Advance Auto Parts, Inc.	78,400
	2,825	Amazon.com, Inc.*	4,903,946
	165	AutoZone, Inc.*	178,962
	1,583	Best Buy Co., Inc.	109,211
	289	Booking Holdings, Inc.*	567,194
	1,145	CarMax, Inc.*	100,760
	1,750	Dollar General Corp.	278,145
	1,596	Dollar Tree, Inc.*	182,199
	5,298	eBay, Inc.	206,516
	956	Expedia Group, Inc.	128,496
	1,458	Gap, Inc. (The)	25,311
	1,009	Genuine Parts Co.	100,486
	7,438	Home Depot, Inc. (The)	1,725,765
	1,057	Kohl’s Corp.	52,491
	1,575	L Brands, Inc.	30,854
	2,207	LKQ Corp.*	69,410
	5,227	Lowe’s Cos., Inc.	574,761
	2,233	Macy’s, Inc.	34,701
	696	Nordstrom, Inc.(b)	23,434
	514	O’Reilly Automotive, Inc.*	204,834
	2,489	Ross Stores, Inc.	273,417
	3,499	Target Corp.	374,078
	764	Tiffany & Co.	70,769
	8,233	TJX Cos., Inc. (The)	458,907
	842	Tractor Supply Co.	76,151
	381	Ulta Beauty, Inc.*	95,498
			10,924,696
	Semiconductors & Semiconductor Equipment – 3.9%
	7,420	Advanced Micro Devices, Inc.*	215,106
	2,544	Analog Devices, Inc.	284,241
	6,349	Applied Materials, Inc.	316,815
	2,698	Broadcom, Inc.	744,837
	30,169	Intel Corp.	1,554,609
	1,106	KLA Corp.	176,352
	973	Lam Research Corp.	224,870
	1,812	Maxim Integrated Products, Inc.	104,933
	1,639	Microchip Technology, Inc.	152,279
	7,512	Micron Technology, Inc.*	321,889
	4,135	NVIDIA Corp.	719,779
	846	Qorvo, Inc.*	62,722

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	8,250	QUALCOMM, Inc.	$       629,310
	1,174	Skyworks Solutions, Inc.	93,040
	6,330	Texas Instruments, Inc.	818,089
	1,760	Xilinx, Inc.	168,784
			6,587,655
	Software & Services – 12.1%
	4,349	Accenture plc Class A	836,530
	3,293	Adobe, Inc.*	909,691
	1,148	Akamai Technologies, Inc.*	104,904
	250	Alliance Data Systems Corp.	32,033
	580	ANSYS, Inc.*	128,389
	1,508	Autodesk, Inc.*	222,732
	2,977	Automatic Data Processing, Inc.	480,547
	800	Broadridge Financial Solutions, Inc.	99,544
	1,895	Cadence Design Systems, Inc.*	125,222
	862	Citrix Systems, Inc.	83,200
	3,714	Cognizant Technology Solutions Corp. Class A	223,824
	1,896	DXC Technology Co.	55,932
	4,172	Fidelity National Information Services, Inc.	553,875
	3,865	Fiserv, Inc.*	400,375
	594	FleetCor Technologies, Inc.*	170,347
	1,000	Fortinet, Inc.*	76,760
	613	Gartner, Inc.*	87,653
	1,988	Global Payments, Inc.	316,092
	6,044	International Business Machines Corp.	878,919
	1,764	Intuit, Inc.	469,118
	524	Jack Henry & Associates, Inc.	76,488
	890	Leidos Holdings, Inc.	76,433
	6,063	Mastercard, Inc. Class A	1,646,529
	51,914	Microsoft Corp.	7,217,603
	15,048	Oracle Corp.	828,091
	2,205	Paychex, Inc.	182,508
	8,011	PayPal Holdings, Inc.*	829,860
	5,994	salesforce.com, Inc.*	889,749
	3,772	Symantec Corp.	89,132
	1,002	Synopsys, Inc.*	137,525
	730	VeriSign, Inc.*	137,700
	11,766	Visa, Inc. Class A	2,023,870
	2,781	Western Union Co. (The)	64,436
			20,455,611
	Technology Hardware & Equipment – 5.8%
	2,008	Amphenol Corp. Class A	193,772
	28,882	Apple, Inc.	6,468,702
	366	Arista Networks, Inc.*	87,445
	989	CDW Corp.	121,884
	28,908	Cisco Systems, Inc.	1,428,344
	5,398	Corning, Inc.	153,951
	399	F5 Networks, Inc.*	56,028
	933	FLIR Systems, Inc.	49,066
	9,209	Hewlett Packard Enterprise Co.	139,701
	10,332	HP, Inc.	195,481
	242	IPG Photonics Corp.*	32,815
	2,372	Juniper Networks, Inc.	58,707
	1,287	Keysight Technologies, Inc.*	125,161
	1,131	Motorola Solutions, Inc.	192,734

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	1,571	NetApp, Inc.	$         82,493
	1,705	Seagate Technology plc	91,712
	2,316	TE Connectivity Ltd.	215,805
	2,010	Western Digital Corp.	119,876
	1,356	Xerox Holdings Corp.	40,558
			9,854,235
	Telecommunication Services – 2.3%
	49,650	AT&T, Inc.	1,878,756
	6,771	CenturyLink, Inc.	84,502
	2,141	T-Mobile US, Inc.*	168,647
	28,132	Verizon Communications, Inc.	1,698,047
			3,829,952
	Transportation – 1.9%
	861	Alaska Air Group, Inc.	55,888
	2,803	American Airlines Group, Inc.	75,597
	930	CH Robinson Worldwide, Inc.	78,845
	5,212	CSX Corp.	361,035
	3,893	Delta Air Lines, Inc.	224,237
	1,215	Expeditors International of Washington, Inc.	90,262
	1,652	FedEx Corp.	240,482
	560	JB Hunt Transport Services, Inc.	61,964
	710	Kansas City Southern	94,437
	1,801	Norfolk Southern Corp.	323,568
	3,361	Southwest Airlines Co.	181,528
	4,776	Union Pacific Corp.	773,616
	1,523	United Airlines Holdings, Inc.*	134,648
	4,741	United Parcel Service, Inc. Class B	568,067
			3,264,174
	Utilities – 3.5%
	4,573	AES Corp.	74,723
	1,551	Alliant Energy Corp.	83,646
	1,705	Ameren Corp.	136,485
	3,347	American Electric Power Co., Inc.	313,580
	1,214	American Water Works Co., Inc.	150,815
	790	Atmos Energy Corp.	89,973
	3,331	CenterPoint Energy, Inc.	100,530
	1,893	CMS Energy Corp.	121,057
	2,254	Consolidated Edison, Inc.	212,935
	5,500	Dominion Energy, Inc.	445,720
	1,263	DTE Energy Co.	167,929
	4,952	Duke Energy Corp.	474,699
	2,224	Edison International	167,734
	1,320	Entergy Corp.	154,915
	1,667	Evergy, Inc.	110,956
	2,168	Eversource Energy	185,299
	6,587	Exelon Corp.	318,218
	3,393	FirstEnergy Corp.	163,644
	3,264	NextEra Energy, Inc.	760,479
	2,594	NiSource, Inc.	77,613
	1,798	NRG Energy, Inc.	71,201
	731	Pinnacle West Capital Corp.	70,958
	4,854	PPL Corp.	152,853
	3,409	Public Service Enterprise Group, Inc.	211,631
	1,869	Sempra Energy	275,883

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	7,133	Southern Co. (The)	$       440,605
	2,184	WEC Energy Group, Inc.	207,698
	3,546	Xcel Energy, Inc.	230,100
			5,971,879
	TOTAL COMMON STOCKS (Cost $57,718,546)		$168,046,220
	Securities Lending Reinvestment Vehicle(a) – 0.0%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	20,250	2.032%	$         20,250
	(Cost $20,250)
	TOTAL INVESTMENTS – 99.4% (Cost $57,738,796)		$168,066,470
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%		1,015,493
	NET ASSETS – 100.0%		$169,081,963

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.
(b)	All or a portion of security is on loan.

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.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 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	12/20/2019	$	1,191,400	$	(11,058	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Schedule of Investments

September 30, 2019 (Unaudited)

Shares		Description	Value
	Exchange Traded Funds – 25.1%
	149,244	iShares Core S&P 500 ETF	$  44,552,318
	150,100	Vanguard S&P 500 ETF	40,917,260
	TOTAL EXCHANGE TRADED FUNDS (Cost $65,643,051)		$  85,469,578
Shares		Dividend Rate	Value
	Investment Companies(a) – 54.8%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	102,525,814	2.032%	$102,525,815
	Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Shares
	42,329,175	2.002	42,329,175
	Goldman Sachs Financial Square Treasury Solutions Fund - Institutional Shares
	42,329,175	1.863	42,329,175
	TOTAL INVESTMENT COMPANIES (Cost $187,184,165)		$187,184,165
	TOTAL INVESTMENTS – 79.9% (Cost $252,827,216)		$272,653,743
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 20.1%		68,629,629
	NET ASSETS – 100.0%		$341,283,372

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.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 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	735	12/20/2019	$	28,479,576	$	261,411
Euro-Bund	358	12/06/2019		67,992,715		(823,004	)
FTSE 100 Index	190	12/20/2019		17,248,926		248,299
Japan 10 Year Bond	47	12/13/2019		67,293,133		(63,112	)
TOPIX Index	122	12/12/2019		17,917,780		539,998
U.S. Treasury 10 Year Note	436	12/19/2019		56,816,250		(679,838	)
Total Futures Contracts					$	(516,246	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.1%
	Banks – 1.0%
	7,090	First Republic Bank	$       685,603
	Capital Goods – 11.8%
	10,430	AMETEK, Inc.	957,683
	12,568	Fortive Corp.	861,662
	4,967	HEICO Corp.	620,279
	6,368	IDEX Corp.	1,043,588
	11,806	Ingersoll-Rand plc	1,454,617
	7,570	L3Harris Technologies, Inc.	1,579,405
	6,740	Rockwell Automation, Inc.	1,110,752
	8,728	Xylem, Inc.	694,923
			8,322,909
	Commercial & Professional Services – 3.9%
	4,088	Cintas Corp.	1,095,993
	4,456	TransUnion	361,426
	8,107	Verisk Analytics, Inc.	1,282,041
			2,739,460
	Consumer Durables & Apparel – 2.8%
	9,327	DR Horton, Inc.	491,626
	5,510	Lululemon Athletica, Inc.*	1,060,840
	4,932	PVH Corp.	435,151
			1,987,617
	Consumer Services – 4.8%
	7,966	Bright Horizons Family Solutions, Inc.*	1,214,815
	10,208	Choice Hotels International, Inc.	908,104
	3,548	Domino’s Pizza, Inc.	867,805
	3,771	Wynn Resorts Ltd.	409,983
			3,400,707
	Diversified Financials – 4.2%
	5,280	Cboe Global Markets, Inc.	606,725
	1,293	MarketAxess Holdings, Inc.	423,458
	1,898	MSCI, Inc.	413,289
	8,219	Northern Trust Corp.	766,997
	6,891	T. Rowe Price Group, Inc.	787,297
			2,997,766
	Energy – 1.8%
	15,195	Cheniere Energy, Inc.*	958,197
	3,632	Diamondback Energy, Inc.	326,553
			1,284,750
	Food & Staples Retailing – 0.6%
	12,075	Grocery Outlet Holding Corp.*	418,761
	Food, Beverage & Tobacco – 3.0%
	10,669	Brown-Forman Corp. Class B	669,800
	6,862	Lamb Weston Holdings, Inc.	499,005
	6,315	McCormick & Co., Inc. (Non-Voting)	987,034
			2,155,839
	Health Care Equipment & Services – 9.4%
	13,068	Centene Corp.*	565,322
	2,013	Cooper Cos., Inc. (The)	597,861

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	2,958	Edwards Lifesciences Corp.*	$       650,494
	3,949	Guardant Health, Inc.*	252,065
	4,375	IDEXX Laboratories, Inc.*	1,189,694
	3,188	Molina Healthcare, Inc.*	349,787
	3,406	Teleflex, Inc.	1,157,188
	3,411	Veeva Systems, Inc. Class A*	520,826
	3,271	West Pharmaceutical Services, Inc.	463,893
	6,597	Zimmer Biomet Holdings, Inc.	905,570
			6,652,700
	Household & Personal Products – 1.2%
	11,814	Church & Dwight Co., Inc.	888,885
	Materials – 3.1%
	9,648	Ball Corp.	702,471
	3,601	Celanese Corp.	440,366
	3,790	Martin Marietta Materials, Inc.	1,038,839
			2,181,676
	Media & Entertainment – 2.7%
	3,633	IAC/InterActiveCorp*	791,885
	2,691	Spotify Technology SA*	306,774
	8,516	Twitter, Inc.*	350,859
	6,510	World Wrestling Entertainment, Inc. Class A	463,187
			1,912,705
	Pharmaceuticals, Biotechnology & Life Sciences – 6.3%
	5,497	Adaptive Biotechnologies Corp.*	169,857
	4,648	Agilent Technologies, Inc.	356,176
	6,938	Agios Pharmaceuticals, Inc.*	224,791
	14,549	Alder Biopharmaceuticals, Inc.*	274,394
	9,559	Catalent, Inc.*	455,582
	27,463	Elanco Animal Health, Inc.*	730,241
	2,757	Exact Sciences Corp.*	249,150
	1,235	Illumina, Inc.*	375,712
	5,562	Incyte Corp.*	412,867
	20,165	Moderna, Inc.*(a)	321,027
	2,193	Neurocrine Biosciences, Inc.*	197,611
	4,108	Sarepta Therapeutics, Inc.*	309,415
	3,237	Zoetis, Inc.	403,298
			4,480,121
	Real Estate Investment Trusts – 3.1%
	4,992	Equity LifeStyle Properties, Inc.	666,931
	6,262	SBA Communications Corp.	1,510,081
			2,177,012
	Retailing – 10.4%
	4,306	Burlington Stores, Inc.*	860,425
	13,953	Dollar General Corp.	2,217,690
	8,431	Expedia Group, Inc.	1,133,211
	3,259	Five Below, Inc.*	410,960
	3,255	O’Reilly Automotive, Inc.*	1,297,150
	5,110	Ross Stores, Inc.	561,333
	3,371	Ulta Beauty, Inc.*	844,941
			7,325,710

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – 4.8%
	25,729	Advanced Micro Devices, Inc.*	$      745,883
	3,245	Analog Devices, Inc.	362,564
	38,307	Marvell Technology Group Ltd.	956,526
	8,264	MKS Instruments, Inc.	762,602
	1,611	Monolithic Power Systems, Inc.	250,720
	3,127	Xilinx, Inc.	299,879
			3,378,174
	Software & Services – 17.5%
	7,461	Atlassian Corp. plc Class A*	935,908
	17,616	Black Knight, Inc.*	1,075,633
	13,158	Cadence Design Systems, Inc.*	869,481
	9,603	Ceridian HCM Holding, Inc.*	474,100
	2,713	Citrix Systems, Inc.	261,859
	5,392	Coupa Software, Inc.*	698,641
	8,063	Fidelity National Information Services, Inc.	1,070,444
	20,228	Fiserv, Inc.*	2,095,418
	7,060	Global Payments, Inc.	1,122,540
	9,034	GoDaddy, Inc. Class A*	596,063
	3,056	HubSpot, Inc.*	463,320
	2,252	Palo Alto Networks, Inc.*	459,025
	2,483	PTC, Inc.*	169,291
	30,201	Slack Technologies, Inc. Class A*(a)	716,670
	8,573	Splunk, Inc.*	1,010,414
	3,401	Twilio, Inc. Class A*	373,974
			12,392,781
	Technology Hardware & Equipment – 3.4%
	15,175	Amphenol Corp. Class A	1,464,387
	813	Arista Networks, Inc.*	194,242
	1,549	F5 Networks, Inc.*	217,511
	12,100	National Instruments Corp.	508,079
			2,384,219
	Transportation – 1.3%
	5,283	Lyft, Inc. Class A*	215,758
	4,003	Old Dominion Freight Line, Inc.	680,390
			896,148
	TOTAL COMMON STOCKS (Cost $54,021,038)		$ 68,663,543

Shares		Dividend Rate	Value
	Investment Company(b) – 3.1%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	2,190,395	2.032%	$   2,190,395
	(Cost $2,190,395)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $56,211,433)		$ 70,853,938
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle(b) – 1.2%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	875,290	2.032%	$      875,290
	(Cost $875,290)
	TOTAL INVESTMENTS – 101.4% (Cost $57,086,723)		$ 71,729,228
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.4)%		(1,017,243)
	NET ASSETS – 100.0%		$ 70,711,985

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

September 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – 2.9%
Adjustable Rate FHLMC(a) – 0.9%
$	93,889		4.625	%	05/01/2035	$       98,502
	17,336		4.353		09/01/2035	18,236
	103,720		4.735		12/01/2036	108,527
	113,691		5.180		04/01/2037	119,276
	240,603		4.464		01/01/2038	253,057
	159,979		4.744		01/01/2038	167,274
						764,872
Adjustable Rate FNMA(a) – 1.3%
	38,308		4.138		05/01/2033	39,802
	71,968		4.708		05/01/2035	75,740
	290,513		4.684		06/01/2035	305,766
	375,112		4.340		11/01/2035	390,166
	50,780		4.613		12/01/2035	53,054
	172,064		4.915		03/01/2037	180,295
						1,044,823
Adjustable Rate GNMA(a) – 0.2%
	171,886		3.875		04/20/2033	176,556
Agency Multi-Family – 0.5%
FNMA
	25,654		3.416		10/01/2020	25,710
	39,497		3.619		12/01/2020	39,922
	224,464		3.771		12/01/2020	226,226
	86,198		4.381		06/01/2021	88,438
						380,296
TOTAL MORTGAGE-BACKED SECURITIES (Cost $2,390,724)						$  2,366,547
Collateralized Mortgage Obligations(a) – 22.2%
Adjustable Rate Non-Agency(b) – 0.2%
Holmes Master Issuer plc Series 2018-1A, Class A2
$	154,286		2.663	%	10/15/2054	$     154,202
Agency Multi-Family – 1.8%
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series J15L, Class AFL(c)
	200,794		2.439		08/25/2025	199,652
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF03, Class A
	11,589		2.429		01/25/2021	11,586
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF32, Class A(c)
	734,707		2.459		05/25/2024	733,470
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF42, Class A(c)
	332,790		2.339		12/25/2024	331,571
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KS02, Class A(c)
	204,131		2.469		08/25/2023	204,055
						1,480,334
Regular Floater – 20.2%
FHLMC REMIC Series 3049, Class FP
	163,532		2.378		10/15/2035	163,093
FHLMC REMIC Series 3208, Class FB(c)
	95,943		2.428		08/15/2036	95,907
FHLMC REMIC Series 3208, Class FD(c)
	142,955		2.428		08/15/2036	142,902
FHLMC REMIC Series 3208, Class FG(c)
	575,656		2.428		08/15/2036	575,443

Principal Amount		Interest Rate			Maturity Date	Value
Collateralized Mortgage Obligations(a) – (continued)
Regular Floater – (continued)
FHLMC REMIC Series 3307, Class FT
$	901,619		2.268	%	07/15/2034	$         898,380
FHLMC REMIC Series 3311, Class KF
	1,596,490		2.368		05/15/2037	1,594,092
FHLMC REMIC Series 3371, Class FA(c)
	371,588		2.628		09/15/2037	374,491
FHLMC REMIC Series 4174, Class FB(c)
	620,398		2.328		05/15/2039	618,646
FHLMC REMIC Series 4320, Class FD
	319,234		2.428		07/15/2039	318,871
FHLMC REMIC Series 4477, Class FG
	385,209		2.530		10/15/2040	383,864
FHLMC REMIC Series 4508, Class CF
	303,896		2.428		09/15/2045	304,136
FHLMC REMIC Series 4631, Class GF
	1,963,618		2.527		11/15/2046	1,965,074
FHLMC REMIC Series 4637, Class QF
	1,896,891		3.100		04/15/2044	1,898,597
FNMA REMIC Series 2006-82, Class F
	136,114		2.588		09/25/2036	136,918
FNMA REMIC Series 2006-96, Class FA
	474,769		2.318		10/25/2036	473,378
FNMA REMIC Series 2007-33, Class HF
	82,999		2.368		04/25/2037	82,774
FNMA REMIC Series 2007-36, Class F
	138,178		2.248		04/25/2037	137,187
FNMA REMIC Series 2007-85, Class FC
	369,479		2.558		09/25/2037	371,623
FNMA REMIC Series 2008-8, Class FB
	285,675		2.838		02/25/2038	288,209
FNMA REMIC Series 2011-63, Class FG
	321,969		2.468		07/25/2041	324,010
FNMA REMIC Series 2012-35, Class QF
	1,019,587		2.418		04/25/2042	1,020,275
FNMA REMIC Series 2016-1, Class FT
	990,745		2.368		02/25/2046	987,345
FNMA REMIC Series 2017-45, Class FA
	540,301		2.550		06/25/2047	539,622
FNMA REMIC Series 2017-96, Class FC
	1,110,918		2.418		12/25/2057	1,109,923
GNMA REMIC Series 2005-48, Class AF
	480,536		2.244		06/20/2035	476,802
GNMA REMIC Series 2012-98, Class FA
	455,276		2.444		08/20/2042	455,276
NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A(c)
	87,386		2.507		10/07/2020	87,443
NCUA Guaranteed Notes Trust Series 2010-R2, Class 2A(c)
	257,862		2.527		11/05/2020	258,105
NCUA Guaranteed Notes Trust Series 2011-R1, Class 1A(c)
	626,916		2.507		01/08/2020	627,273
						16,709,659
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $18,355,143)						$18,344,195
Commercial Mortgage-Backed Security(a) – 0.3%
Agency Multi-Family – 0.3%
FNMA ACES REMIC Series 2017-M13, Class FA
$	266,710		2.698	%	10/25/2024	$     264,628
(Cost $266,418)

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Government Agency Security(a) – 2.4%
FNMA
	(SOFR + 0.16%),
$	2,000,000		1.980	%	01/30/2020	$  2,000,834
(Cost $2,000,000)
Asset-Backed Securities – 36.2%
Automobile(c) – 8.8%
Ally Master Owner Trust Series 2017-3, Class A1(a)
$	1,350,000		2.458	%	06/15/2022	$  1,351,415
Ally Master Owner Trust Series 2018-1, Class A2
	800,000		2.700		01/17/2023	806,537
Chesapeake Funding II LLC Series 2016-2A, Class A2(a)(b)
	47,552		3.027		06/15/2028	47,585
Chesapeake Funding II LLC Series 2017-3A, Class A2(a)(b)
	253,208		2.368		08/15/2029	253,093
Ford Credit Floorplan Master Owner Trust A Series 2015-2, Class A2(a)
	1,210,000		2.598		01/15/2022	1,211,205
GMF Floorplan Owner Revolving Trust Series 2017-2, Class A2(a)(b)
	900,000		2.458		07/15/2022	900,864
Mercedes-Benz Master Owner Trust Series 2018-AA, Class A(a)(b)
	1,500,000		2.288		05/16/2022	1,500,144
Nissan Master Owner Trust Receivables Series 2017-C, Class A(a)
	300,000		2.347		10/17/2022	300,127
Nissan Master Owner Trust Receivables Series 2019-A, Class A(a)
	850,000		2.588		02/15/2024	852,730
						7,223,700
Collateralized Loan Obligations(a)(b)(c) – 7.2%
Benefit Street Partners CLO VII Ltd. Series 2015-VIIA, Class A1AR
	1,000,000		3.080		07/18/2027	999,982
Bowman Park CLO Ltd. Series 2014-1A, Class AR
	170,377		3.328		11/23/2025	170,563
CBAM Ltd. Series 2018-5A, Class A
	1,100,000		3.323		04/17/2031	1,089,000
Cutwater Ltd. Series 2014-1A, Class A1AR
	192,870		3.553		07/15/2026	192,969
Dryden 64 CLO Ltd. Series 2018-64A, Class A
	600,000		3.270		04/18/2031	592,779
Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1R
	90,227		3.430		04/18/2026	90,258
Madison Park Funding XXX Ltd. Series 2018-30A, Class A
	1,100,000		3.053		04/15/2029	1,091,395
Parallel Ltd. Series 2015-1A, Class AR
	300,000		3.128		07/20/2027	299,996
Pikes Peak CLO 2 Series 2018-2A, Class A
	800,000		3.590		01/18/2032	796,877
Symphony CLO XII Ltd. Series 2013-12A, Class AR
	189,369		3.333		10/15/2025	189,484
Trinitas CLO II Ltd. Series 2014-2A, Class A1R
	197,121		3.483		07/15/2026	197,364
WhiteHorse IX Ltd. Series 2014-9A, Class AR
	227,511		3.463		07/17/2026	227,703
						5,938,370

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Credit Card(a)(c) – 7.7%
CARDS II Trust Series 2018-1A, Class A(b)
$	2,200,000		2.378	%	04/17/2023	$  2,201,805
Citibank Credit Card Issuance Trust Series 2017-A5, Class A5
	1,400,000		2.666		04/22/2026	1,409,870
Citibank Credit Card Issuance Trust Series 2017-A7, Class A7
	500,000		2.412		08/08/2024	500,758
Evergreen Credit Card Trust Series 2019-1, Class A(b)
	1,000,000		2.508		01/15/2023	1,003,013
Golden Credit Card Trust Series 2019-1A, Class A(b)
	350,000		2.477		12/15/2022	350,849
Trillium Credit Card Trust II Series 2018-1A, Class A(b)
	900,000		2.296		02/27/2023	900,093
						6,366,388
Student Loans(a) – 12.5%
Academic Loan Funding Trust Series 2013-1A, Class A(b)(c)
	385,365		2.818		12/26/2044	380,553
Access Group, Inc. Series 2015-1, Class A(b)(c)
	152,990		2.718		07/25/2056	151,668
Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A(c)
	383,574		2.818		02/25/2041	379,837
Brazos Higher Education Authority, Inc. Series 2011-1, Class A2(c)
	768,898		2.932		02/25/2030	761,459
ECMC Group Student Loan Trust Series 2018-1A, Class A(b)(c)
	554,061		2.768		02/27/2068	548,197
Edsouth Indenture No. 4 LLC Series 2013-1, Class A(b)(c)
	104,453		2.588		02/26/2029	103,567
Edsouth Indenture No. 5 LLC Series 2014-1, Class A(b)(c)
	183,418		2.718		02/25/2039	181,167
Education Loan Asset-Backed Trust I Series 2013-1, Class A1(b)(c)
	93,570		2.818		06/25/2026	93,723
Educational Funding of the South, Inc. Series 2011-1, Class A2(c)
	349,854		2.926		04/25/2035	346,960
Educational Funding of the South, Inc. Series 2012-1, Class A
	252,253		3.068		03/25/2036	254,196
Higher Education Funding I Series 2014-1, Class A(b)(c)
	272,737		3.182		05/25/2034	273,931
Illinois Student Assistance Commission Series 2010-1, Class A3
	178,739		3.175		07/25/2045	177,932
Kentucky Higher Education Student Loan Corp. Series 2013-2, Class A1(c)
	533,961		2.689		09/01/2028	525,394
Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1
	504,592		2.839		12/01/2031	500,489
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2(c)
	476,343		3.044		05/20/2030	476,970
Navient Student Loan Trust Series 2016-7A, Class A(b)(c)
	206,214		3.168		03/25/2066	208,529

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loans(a) – (continued)
Nelnet Student Loan Trust Series 2006-1, Class A5(c)
$	373,782		2.258	%	08/23/2027	$     372,631
Nelnet Student Loan Trust Series 2006-2, Class A5(c)
	16,806		2.376		01/25/2030	16,799
Nelnet Student Loan Trust Series 2013-5A, Class A(b)(c)
	69,627		2.648		01/25/2037	68,912
Nelnet Student Loan Trust Series 2014-3A, Class A(b)(c)
	567,624		2.598		06/25/2041	559,057
New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3(c)
	189,255		3.125		10/25/2037	188,839
Pennsylvania Higher Education Assistance Agency Series 2006-1, Class A3(c)
	425,183		2.415		10/25/2035	414,393
Scholar Funding Trust Series 2010-A, Class A(b)(c)
	213,877		3.006		10/28/2041	210,298
Scholar Funding Trust Series 2011-A, Class A(b)(c)
	183,177		3.156		10/28/2043	181,506
SLM Student Loan Trust Series 2005-5, Class A4(c)
	829,235		2.415		10/25/2028	823,668
SLM Student Loan Trust Series 2007-1, Class A5(c)
	652,386		2.365		01/26/2026	650,783
SLM Student Loan Trust Series 2008-5, Class A4(c)
	63,530		3.976		07/25/2023	64,054
SLM Student Loan Trust Series 2012-3, Class A(c)
	744,755		2.668		12/27/2038	742,548
South Texas Higher Education Authority, Inc. Series 2012-1, Class A2
	50,260		3.169		10/01/2024	50,285
Utah State Board of Regents Series 2015-1, Class A(c)
	279,278		2.618		02/25/2043	276,611
Utah State Board of Regents Series 2016-1, Class A
	328,252		2.768		09/25/2056	325,954
Wachovia Student Loan Trust Series 2005-1, Class A5(c)
	1,355		2.405		01/26/2026	1,355
						10,312,265
TOTAL ASSET-BACKED SECURITIES (Cost $29,838,942)						$29,840,723
Supranational(a) – 3.1%
European Investment Bank(b)
	(SOFR + 0.29%),
$	1,530,000		2.419	%	06/10/2022	$  1,531,628
International Bank for Reconstruction & Development
	(SOFR + 0.22%),
	1,000,000		2.040		08/21/2020	1,000,394
TOTAL SUPRANATIONAL (Cost $2,530,000)						$  2,532,022
Municipal Bond(a)(b)(c) – 0.1%
New York – 0.1%
Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017
	(1 Mo. LIBOR + 0.50%),
$	96,138		2.554	%	01/25/2033	$       95,123
(Cost $96,138)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 26.5%
U.S. Treasury Bonds
$	220,000		3.750	%	11/15/2043	$     289,609
	170,000		3.375		05/15/2044	211,969
U.S. Treasury Notes
	(3 Mo. U.S. T-Bill MMY + 0.03%),
	1,500,000		1.947(a)		04/30/2020	1,499,102
	(3 Mo. U.S. T-Bill MMY + 0.04%),
	2,300,000		1.957(a)		07/31/2020	2,298,054
	(3 Mo. U.S. T-Bill MMY + 0.05%),
	4,900,000		1.959(a)		10/31/2020	4,891,987
	(3 Mo. U.S. T-Bill MMY + 0.22%),
	10,000,000		2.134(a)		07/31/2021	9,994,826
	310,000		2.875		10/15/2021	317,556
	110,000		1.750		09/30/2022	110,559
	920,000		2.875		10/31/2023	967,294
	140,000		2.875		05/31/2025	149,669
	250,000		2.125		05/31/2026	257,969
	810,000		2.875		08/15/2028	890,873
TOTAL U.S. TREASURY OBLIGATIONS (Cost $21,808,613)						$21,879,467

Shares		Dividend Rate	Value
	Investment Company (d) – 3.4%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	2,789,451	2.032%	$  2,789,451
	(Cost $2,789,451)

Principal Amount		Interest Rate			Maturity Date	Value
Short-Term Investment – 1.2%
Commercial Paper – 1.2%
VW Credit, Inc.
$	300,000		3.280	%	12/06/2019	$     298,722
	700,000		2.601		03/30/2020	691,892
TOTAL SHORT-TERM INVESTMENTS (Cost $989,266)						$     990,614
TOTAL INVESTMENTS – 98.3% (Cost $81,064,695)						$81,103,604
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.7%						1,369,544
NET ASSETS – 100.0%						$82,473,148

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

(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 September 30, 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
Currency Abbreviation:
USD	— United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD CONTRACTS — At September 30, 2019, the Fund had the following Rate Lock:

RATE LOCK WITH UNREALIZED GAIN/LOSS

Counterparty	Description	Referenced Obligation/Index	Notional Amount (000’s) Long (Short)		Termination Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International (London)	Municipal Market Data (MMD) Rate Lock	5 Year MMD Index	USD	1,300		07/25/2024	$	—

FUTURES CONTRACTS — At September 30, 2019, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
U.S. Treasury 2 Year Note	(6)	12/31/2019	$	(1,293,047	)	$	4,912
U.S. Treasury 10 Year Ultra Note	(5)	12/19/2019		(712,109	)		10,272
U.S. Treasury Long Bond	(7)	12/19/2019		(1,136,844	)		6,299
Total Futures Contracts						$	21,483

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 95.3%
	Australia – 7.0%
	9,023	Altium Ltd. (Software & Services)	$     203,628
	10,951	ASX Ltd. (Diversified Financials)	600,109
	35,768	Aurizon Holdings Ltd. (Transportation)	142,584
	8,974	Australia & New Zealand Banking Group Ltd. (Banks)	172,387
	7,797	Bendigo & Adelaide Bank Ltd. (Banks)	60,497
	29,742	BHP Group plc (Materials)	635,268
	32,056	Coles Group Ltd. (Food & Staples Retailing)	333,270
	45,613	Evolution Mining Ltd. (Materials)	139,165
	43,035	Goodman Group (REIT)	411,922
	46,719	Insurance Australia Group Ltd. (Insurance)	249,291
	7,584	Macquarie Group Ltd. (Diversified Financials)	672,262
	3,877	Magellan Financial Group Ltd. (Diversified Financials)	135,037
	6,712	Newcrest Mining Ltd. (Materials)	154,884
	8,478	Orica Ltd. (Materials)	129,105
	17,265	QBE Insurance Group Ltd. (Insurance)	146,449
	334	REA Group Ltd. (Media & Entertainment)	24,418
	15,838	Regis Resources Ltd. (Materials)	52,253
	2,287	Rio Tinto Ltd. (Materials)	143,246
	8,683	Rio Tinto plc ADR (Materials)	452,297
	73,246	Telstra Corp. Ltd. (Telecommunication Services)	173,627
	10,605	Wesfarmers Ltd. (Retailing)	284,933
	27,116	Woolworths Group Ltd. (Food & Staples Retailing)	682,337
			5,998,969
	Belgium – 0.5%
	2,436	Colruyt SA (Food & Staples Retailing)	133,450
	3,804	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)	275,989
			409,439
	China – 0.6%
	29,000	CITIC Telecom International Holdings Ltd. (Telecommunication Services)	10,539
	106,000	Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco)	149,229
	483,000	Towngas China Co. Ltd. (Utilities)*	362,284
			522,052
	Denmark – 2.2%
	4,453	Carlsberg A/S Class B (Food, Beverage & Tobacco)	658,056
	9,283	GN Store Nord A/S (Health Care Equipment & Services)	376,300

Shares		Description	Value
	Common Stocks – (continued)
	Denmark – (continued)
	13,834	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	$     714,889
	4,591	Pandora A/S (Consumer Durables & Apparel)	184,240
			1,933,485
	Finland – 0.6%
	7,952	Neste OYJ (Energy)	263,089
	4,887	UPM-Kymmene OYJ (Materials)	144,306
	6,879	Valmet OYJ (Capital Goods)	133,448
			540,843
	France – 10.8%
	7,206	Air Liquide SA (Materials)	1,025,558
	4,381	Airbus SE (Capital Goods)	568,779
	10,463	AXA SA (Insurance)	267,160
	17,441	BNP Paribas SA (Banks)	847,927
	988	Christian Dior SE (Consumer Durables & Apparel)	467,413
	8,385	Coface SA (Insurance)	95,231
	655	Dassault Systemes SE (Software & Services)	93,309
	5,937	Eiffage SA (Capital Goods)	615,459
	1,442	Kering SA (Consumer Durables & Apparel)	734,821
	3,228	Lagardere SCA (Media & Entertainment)	71,393
	6,070	Legrand SA (Capital Goods)	433,015
	873	Pernod Ricard SA (Food, Beverage & Tobacco)	155,377
	14,914	Peugeot SA (Automobiles & Components)	372,235
	6,619	Safran SA (Capital Goods)	1,042,164
	600	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)	83,924
	10,941	Schneider Electric SE (Capital Goods)	956,704
	13,206	SCOR SE (Insurance)	545,242
	1,587	Societe Generale SA (Banks)	43,471
	2,590	Teleperformance (Commercial & Professional Services)	561,193
	5,122	TOTAL SA (Energy)	266,686
			9,247,061
	Germany – 7.2%
	764	adidas AG (Consumer Durables & Apparel)	237,867
	409	Allianz SE (Registered) (Insurance)	95,204
	3,190	CANCOM SE (Software & Services)	171,863
	7,491	Covestro AG (Materials)(a)	370,670
	984	Deutsche Boerse AG (Diversified Financials)	153,464
	15,609	Deutsche Post AG (Registered) (Transportation)	520,173
	20,035	Evotec SE (Pharmaceuticals, Biotechnology & Life Sciences)*	445,624

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Germany – (continued)
	3,009	Hannover Rueck SE (Insurance)	$     508,549
	8,067	HeidelbergCement AG (Materials)	582,841
	95	Henkel AG & Co. KGaA (Household & Personal Products)	8,697
	2,532	Henkel AG & Co. KGaA (Preference) (Household & Personal Products)(b)	250,539
	467	HOCHTIEF AG (Capital Goods)	53,219
	5,204	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)	586,229
	2,858	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) (Insurance)	738,216
	3,648	Nemetschek SE (Software & Services)	185,880
	1,490	Porsche Automobil Holding SE (Preference) (Automobiles & Components)(b)	96,592
	21,657	ProSiebenSat.1 Media SE (Media & Entertainment)	298,368
	3,793	Siltronic AG (Semiconductors & Semiconductor Equipment)	288,152
	3,721	Wirecard AG (Software & Services)	595,507
			6,187,654
	Hong Kong – 1.7%
	72,600	AIA Group Ltd. (Insurance)	684,694
	44,000	CK Asset Holdings Ltd. (Real Estate)	298,104
	3,000	CK Hutchison Holdings Ltd. (Capital Goods)	26,485
	1,000	CLP Holdings Ltd. (Utilities)	10,511
	7,000	Hysan Development Co. Ltd. (Real Estate)	28,228
	114,000	NWS Holdings Ltd. (Capital Goods)	176,571
	70,000	Swire Pacific Ltd. Class B (Real Estate)	102,367
	41,000	Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel)	112,015
			1,438,975
	Italy – 3.1%
	1,850	Avio SpA (Capital Goods)	23,995
	37,443	Enel SpA (Utilities)	279,673
	17,609	Eni SpA (Energy)	269,149
	298,548	Intesa Sanpaolo SpA (Banks)	707,207
	27,625	Iren SpA (Utilities)	80,574
	25,125	Leonardo SpA (Capital Goods)	295,345
	51,174	Mediobanca Banca di Credito Finanziario SpA (Banks)	558,604
	69,924	Terna Rete Elettrica Nazionale SpA (Utilities)	449,101
			2,663,648

Shares		Description	Value
	Common Stocks – (continued)
	Japan – 26.8%
	29,100	Ajinomoto Co., Inc. (Food, Beverage & Tobacco)	$     550,793
	9,300	Alps Alpine Co. Ltd. (Technology Hardware & Equipment)	174,632
	43,500	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	622,231
	10,700	Benesse Holdings, Inc. (Consumer Services)	278,736
	3,400	Central Japan Railway Co. (Transportation)	701,112
	13,000	Chubu Electric Power Co., Inc. (Utilities)	188,573
	4,300	Cleanup Corp. (Consumer Durables & Apparel)	21,537
	100	Cosmos Pharmaceutical Corp. (Food & Staples Retailing)	19,593
	9,100	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)	236,063
	14,400	Daiwa House Industry Co. Ltd. (Real Estate)	468,068
	66	Daiwa House REIT Investment Corp. (REIT)	185,683
	27,800	DeNA Co. Ltd. (Media & Entertainment)	491,475
	14,500	Denso Corp. (Automobiles & Components)	640,718
	3,800	East Japan Railway Co. (Transportation)	363,365
	2,100	ESCRIT, Inc. (Consumer Services)	16,141
	2,700	FJ Next Co. Ltd. (Consumer Durables & Apparel)	26,018
	8,800	Fujitsu Ltd. (Software & Services)	707,258
	2,200	Furyu Corp. (Consumer Durables & Apparel)	18,745
	16,400	Hitachi Ltd. (Technology Hardware & Equipment)	614,184
	6,900	IBJ, Inc. (Consumer Services)	73,840
	2,300	Idemitsu Kosan Co. Ltd. (Energy)	65,256
	5,300	Inpex Corp. (Energy)	48,844
	1,000	Inter Action Corp. (Semiconductors & Semiconductor Equipment)	19,073
	3,400	ISB Corp. (Software & Services)	46,477
	1,300	ITOCHU Corp. (Capital Goods)	26,928
	141	Japan Retail Fund Investment Corp. (REIT)	298,105
	6,800	JSR Corp. (Materials)	109,485
	103,800	JXTG Holdings, Inc. (Energy)	474,464
	2,800	KDDI Corp. (Telecommunication Services)	73,060
	700	Kirindo Holdings Co. Ltd. (Food & Staples Retailing)	13,692
	11,300	Konami Holdings Corp. (Media & Entertainment)	547,413
	400	Kureha Corp. (Materials)	23,939

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	1,600	Kyocera Corp. (Technology Hardware & Equipment)	$       99,761
	30,300	LIXIL Group Corp. (Capital Goods)	535,315
	4,600	Mamezou Holdings Co. Ltd. (Software & Services)	73,478
	25,400	Marubeni Corp. (Capital Goods)	169,392
	700	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)	25,688
	57,700	Mazda Motor Corp. (Automobiles & Components)	517,184
	5,300	Mitsubishi Heavy Industries Ltd. (Capital Goods)	208,335
	11,700	Mitsubishi Materials Corp. (Materials)	317,170
	114,400	Mitsubishi UFJ Financial Group, Inc. (Banks)	582,623
	20,400	Mitsui Fudosan Co. Ltd. (Real Estate)	507,697
	3,300	Mitsui Matsushima Holdings Co. Ltd. (Capital Goods)	36,849
	325,600	Mizuho Financial Group, Inc. (Banks)	500,367
	1,600	NEC Capital Solutions Ltd. (Diversified Financials)	32,223
	4,300	NEC Networks & System Integration Corp. (Software & Services)	117,104
	8,800	NGK Insulators Ltd. (Capital Goods)	125,894
	3,000	NGK Spark Plug Co. Ltd. (Automobiles & Components)	57,560
	500	Nihon M&A Center, Inc. (Commercial & Professional Services)	14,144
	7,800	Nippon Telegraph & Telephone Corp. (Telecommunication Services)	373,181
	21,000	Nippon Yusen KK (Transportation)	352,776
	1,500	Nitto Denko Corp. (Materials)	72,683
	24,000	Nomura Research Institute Ltd. (Software & Services)	479,567
	1,000	NS Solutions Corp. (Software & Services)	32,822
	41,800	NTT Data Corp. (Software & Services)	542,502
	500	OBIC Business Consultants Co. Ltd. (Software & Services)	20,373
	40,600	ORIX Corp. (Diversified Financials)	607,335
	1,100	Osaka Gas Co. Ltd. (Utilities)	21,127
	600	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	22,539
	900	Pan Pacific International Holdings Corp. (Retailing)	15,068
	2,700	PC Depot Corp. (Retailing)	12,306
	500	PCA Corp. (Software & Services)	17,913

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	3,400	Secom Co. Ltd. (Commercial & Professional Services)	$     311,120
	44,200	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)	620,046
	3,000	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)	46,686
	22,600	Sekisui House Ltd. (Consumer Durables & Apparel)	445,947
	9,600	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	535,229
	15,600	SoftBank Group Corp. (Telecommunication Services)	615,583
	26,000	Subaru Corp. (Automobiles & Components)	735,283
	3,200	Sumitomo Heavy Industries Ltd. (Capital Goods)	95,354
	14,000	Sumitomo Mitsui Trust Holdings, Inc. (Banks)	506,967
	13,800	Sumitomo Realty & Development Co. Ltd. (Real Estate)	526,830
	10,800	Sundrug Co. Ltd. (Food & Staples Retailing)	340,776
	2,400	Taisei Corp. (Capital Goods)	93,401
	1,600	Take And Give Needs Co. Ltd. (Consumer Services)	17,465
	2,200	Tama Home Co. Ltd. (Consumer Durables & Apparel)	28,406
	2,200	TDC Soft, Inc. (Software & Services)	16,265
	6,300	TDK Corp. (Technology Hardware & Equipment)	569,502
	11,700	TIS, Inc. (Software & Services)	676,005
	9,000	Tokio Marine Holdings, Inc. (Insurance)	482,824
	3,000	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)	576,372
	13,900	Toppan Printing Co. Ltd. (Commercial & Professional Services)	246,859
	3,000	Tosei Corp. (Real Estate)	35,536
	12,100	Toshiba Corp. (Capital Goods)	370,120
	800	Toyota Motor Corp. (Automobiles & Components)	53,728
	6,400	Toyota Tsusho Corp. (Capital Goods)	207,729
	86	United Urban Investment Corp. (REIT)	164,755
	7,300	Yamada Denki Co. Ltd. (Retailing)	35,371
	3,200	Zuken, Inc. (Software & Services)	55,328
			23,045,964
	Netherlands – 7.1%
	7,300	Akzo Nobel NV (Materials)	650,450

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Netherlands – (continued)
	1,004	ASM International NV (Semiconductors & Semiconductor Equipment)	$     92,370
	1,128	ASML Holding NV (Semiconductors & Semiconductor Equipment)	279,759
	13,174	ASR Nederland NV (Insurance)	486,115
	4,132	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)	129,254
	1,142	Euronext NV (Diversified Financials)(a)	93,508
	5,803	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)	145,119
	2,504	Koninklijke DSM NV (Materials)	301,436
	559	Koninklijke Philips NV (Health Care Equipment & Services)	25,831
	15,696	NN Group NV (Insurance)	556,244
	2,398	NXP Semiconductors NV (Semiconductors & Semiconductor Equipment)	261,670
	1,266	Randstad NV (Commercial & Professional Services)	62,156
	34,971	Royal Dutch Shell plc Class A (Energy)	1,025,574
	8,720	Royal Dutch Shell plc Class B (Energy)	257,724
	11,281	Royal Dutch Shell plc Class B ADR (Energy)	675,732
	8,749	Signify NV (Capital Goods)(a)	240,445
	11,753	Wolters Kluwer NV (Commercial & Professional Services)	857,558
			6,140,945
	Norway – 2.1%
	3,782	Austevoll Seafood ASA (Food, Beverage & Tobacco)	35,916
	33,863	DNB ASA (Banks)	596,936
	3,015	Equinor ASA (Energy)	57,111
	37,445	Leroy Seafood Group ASA (Food, Beverage & Tobacco)	227,787
	1,276	Mowi ASA (Food, Beverage & Tobacco)	29,472
	46,198	Orkla ASA (Food, Beverage & Tobacco)	420,370
	8,165	Salmar ASA (Food, Beverage & Tobacco)	358,463
	977	Schibsted ASA Class A (Media & Entertainment)	28,913
	1,614	SpareBank 1 SR-Bank ASA (Banks)	17,574
			1,772,542
	Singapore – 0.7%
	91,800	Singapore Exchange Ltd. (Diversified Financials)	563,197
	Spain – 1.4%
	8,242	ACS Actividades de Construccion y Servicios SA (Capital Goods)	329,317
	43,760	Banco Santander SA (Banks)	178,052

Shares		Description	Value
	Common Stocks – (continued)
	Spain – (continued)
	1,445	Grifols SA (Preference) Class B (Pharmaceuticals, Biotechnology & Life Sciences)(b)	$     29,047
	38,265	Merlin Properties Socimi SA (REIT)	534,230
	1,479	Red Electrica Corp. SA (Utilities)	29,958
	5,262	Repsol SA (Energy)	82,066
			1,182,670
	Sweden – 2.4%
	1,235	Atlas Copco AB Class B (Capital Goods)	33,443
	1,699	Biotage AB (Pharmaceuticals, Biotechnology & Life Sciences)	17,653
	22,932	Boliden AB (Materials)*	526,669
	8,816	Electrolux ABSeries B (Consumer Durables & Apparel)	208,853
	19,190	Sandvik AB (Capital Goods)	298,749
	14,376	Swedish Match AB (Food, Beverage & Tobacco)	594,563
	24,622	Volvo AB Class B (Capital Goods)	345,524
			2,025,454
	Switzerland – 11.0%
	9,809	Adecco Group AG (Registered) (Commercial & Professional Services)	542,809
	1,456	Baloise Holding AG (Registered) (Insurance)	260,878
	3,056	Coca-Cola HBC AG (Food, Beverage & Tobacco)*	99,811
	14,301	LafargeHolcim Ltd. (Registered) (Materials)*	704,235
	2,350	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*	795,266
	9,274	Nestle SA (Registered) (Food, Beverage & Tobacco)	1,005,807
	11,815	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	1,025,388
	6,705	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)	1,952,259
	2,849	Sonova Holding AG (Registered) (Health Care Equipment & Services)	662,908
	1,279	Swiss Life Holding AG (Registered) (Insurance)	611,490
	6,549	Swiss Re AG (Insurance)	683,348
	2,446	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	584,647
	90	Temenos AG (Registered) (Software & Services)*	15,071

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Switzerland – (continued)
	44,764	UBS Group AG (Registered) (Diversified Financials)*	$     508,270
			9,452,187
	United Kingdom – 9.9%
	50,984	3i Group plc (Diversified Financials)	729,702
	128,122	Aviva plc (Insurance)	628,975
	28,184	Barratt Developments plc (Consumer Durables & Apparel)	224,363
	4,704	BP plc ADR (Energy)	178,705
	3,465	British American Tobacco plc (Food, Beverage & Tobacco)	127,963
	82,041	BT Group plc (Telecommunication Services)	179,950
	28,739	Diageo plc (Food, Beverage & Tobacco)	1,173,998
	131,915	Direct Line Insurance Group plc (Insurance)	486,702
	28,396	Experian plc (Commercial & Professional Services)	908,079
	48,045	Fiat Chrysler Automobiles NV (Automobiles & Components)	622,558
	7,184	Great Portland Estates plc (REIT)	66,248
	11,697	HSBC Holdings plc (Banks)	89,625
	19,739	Imperial Brands plc (Food, Beverage & Tobacco)	443,263
	67,028	International Consolidated Airlines Group SA (Transportation)	391,205
	4,611	Intertek Group plc (Commercial & Professional Services)	310,377
	161,216	Legal & General Group plc (Insurance)	492,083
	12,352	National Grid plc (Utilities)	133,739
	12,781	Persimmon plc (Consumer Durables & Apparel)	340,872
	27,818	Smith & Nephew plc (Health Care Equipment & Services)	669,911
	5,824	Unilever plc ADR (Household & Personal Products)	350,022
			8,548,340
	United States – 0.2%
	4,218	Carnival plc ADR (Consumer Services)	177,451
	TOTAL INVESTMENTS – 95.3% (Cost $81,752,796)		$81,850,876
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 4.7%		4,028,862
	NET ASSETS – 100.0%		$85,879,738

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.
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
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.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 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	18	12/20/2019	$	697,459	$	9,834
FTSE 100 Index	3	12/20/2019		272,352		2,814
MSCI Singapore Index	1	10/30/2019		25,992		(231)
SPI 200 Index	1	12/19/2019		112,750		552
TOPIX Index	2	12/12/2019		293,734		4,451
Total Futures Contracts					$	17,420

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.6%
	Automobiles & Components – 0.7%
	34,460	Aptiv plc	$    3,012,493
	Banks – 10.5%
	408,644	Bank of America Corp.	11,920,146
	102,941	Citigroup, Inc.	7,111,164
	28,986	First Republic Bank	2,802,946
	136,445	JPMorgan Chase & Co.	16,058,212
	29,773	M&T Bank Corp.	4,703,241
	101,266	Wells Fargo & Co.	5,107,857
			47,703,566
	Capital Goods – 7.4%
	10,752	Boeing Co. (The)	4,090,813
	25,363	Deere & Co.	4,278,231
	577,453	General Electric Co.	5,162,430
	36,666	Honeywell International, Inc.	6,203,887
	72,963	ITT, Inc.	4,464,606
	12,038	Northrop Grumman Corp.	4,511,722
	35,931	Stanley Black & Decker, Inc.	5,188,796
			33,900,485
	Commercial & Professional Services – 0.6%
	27,752	Waste Connections, Inc.	2,553,184
	Consumer Durables & Apparel – 0.9%
	47,290	PVH Corp.	4,172,397
	Consumer Services – 2.1%
	27,177	McDonald’s Corp.	5,835,174
	33,965	Royal Caribbean Cruises Ltd.	3,679,428
			9,514,602
	Diversified Financials – 8.3%
	31,244	American Express Co.	3,695,540
	85,093	Berkshire Hathaway, Inc. Class B*	17,701,046
	9,742	BlackRock, Inc.	4,341,425
	46,870	Intercontinental Exchange, Inc.	4,324,695
	114,499	Morgan Stanley	4,885,672
	30,233	Northern Trust Corp.	2,821,344
			37,769,722
	Energy – 8.2%
	98,991	Baker Hughes a GE Co.	2,296,591
	46,590	Cheniere Energy, Inc.*	2,937,965
	101,082	Chevron Corp.	11,988,325
	26,813	Diamondback Energy, Inc.	2,410,757
	52,839	EOG Resources, Inc.	3,921,711
	119,736	Exxon Mobil Corp.	8,454,559
	89,779	Marathon Petroleum Corp.	5,454,074
			37,463,982
	Food & Staples Retailing – 2.4%
	91,526	Walmart, Inc.	10,862,306
	Food, Beverage & Tobacco – 3.8%
	79,304	Conagra Brands, Inc.	2,433,047
	17,919	Constellation Brands, Inc. Class A	3,714,250
	92,720	Mondelez International, Inc. Class A	5,129,270

Shares		Description	Value
	Common Stocks – (continued)
	Food, Beverage & Tobacco – (continued)
	80,385	Philip Morris International, Inc.	$    6,103,633
			17,380,200
	Health Care Equipment & Services – 5.8%
	54,125	Boston Scientific Corp.*	2,202,346
	10,292	Cooper Cos., Inc. (The)	3,056,724
	97,138	CVS Health Corp.	6,126,494
	38,963	Danaher Corp.	5,627,426
	14,887	Humana, Inc.	3,806,159
	39,606	Zimmer Biomet Holdings, Inc.	5,436,716
			26,255,865
	Household & Personal Products – 2.6%
	95,715	Procter & Gamble Co. (The)	11,905,032
	Insurance – 5.7%
	49,455	Allstate Corp. (The)	5,374,769
	36,974	American Financial Group, Inc.	3,987,646
	70,466	American International Group, Inc.	3,924,956
	40,617	Chubb Ltd.	6,557,208
	30,485	Globe Life, Inc.	2,919,244
	17,467	Willis Towers Watson plc	3,370,607
			26,134,430
	Materials – 4.2%
	19,194	Celanese Corp.	2,347,234
	88,905	DuPont de Nemours, Inc.	6,339,816
	28,947	Linde plc	5,607,613
	11,487	Martin Marietta Materials, Inc.	3,148,587
	15,475	Packaging Corp. of America	1,641,897
			19,085,147
	Media & Entertainment – 6.4%
	100,988	Activision Blizzard, Inc.	5,344,285
	3,584	Alphabet, Inc. Class A*	4,376,566
	165,959	Comcast Corp. Class A	7,481,432
	12,590	Facebook, Inc. Class A*	2,242,027
	74,250	Walt Disney Co. (The)	9,676,260
			29,120,570
	Pharmaceuticals, Biotechnology & Life Sciences – 6.2%
	34,638	Agilent Technologies, Inc.	2,654,310
	86,196	AstraZeneca plc ADR	3,841,756
	157,994	Elanco Animal Health, Inc.*	4,201,060
	20,125	Eli Lilly & Co.	2,250,579
	102,093	Johnson & Johnson	13,208,792
	64,127	Pfizer, Inc.	2,304,083
			28,460,580
	Real Estate Investment Trusts – 5.3%
	16,472	Alexandria Real Estate Equities, Inc.	2,537,347
	26,649	AvalonBay Communities, Inc.	5,738,329
	31,277	Extra Space Storage, Inc.	3,653,779
	92,352	Hudson Pacific Properties, Inc.	3,090,098
	48,979	Prologis, Inc.	4,173,990

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Investment Trusts – (continued)
	69,666	Ventas, Inc.	$    5,087,708
			24,281,251
	Retailing – 1.2%
	16,521	Advance Auto Parts, Inc.	2,732,574
	25,638	Ross Stores, Inc.	2,816,334
			5,548,908
	Semiconductors & Semiconductor Equipment – 3.2%
	151,255	Intel Corp.	7,794,170
	117,531	Marvell Technology Group Ltd.	2,934,749
	19,881	NXP Semiconductors NV	2,169,415
	12,728	Texas Instruments, Inc.	1,644,967
			14,543,301
	Software & Services – 2.6%
	36,942	Citrix Systems, Inc.	3,565,642
	28,120	Fidelity National Information Services, Inc.	3,733,211
	18,321	Microsoft Corp.	2,547,169
	30,325	PTC, Inc.*	2,067,558
			11,913,580
	Technology Hardware & Equipment – 0.4%
	37,893	Cisco Systems, Inc.	1,872,293
	Telecommunication Services – 2.8%
	212,180	Verizon Communications, Inc.	12,807,185
	Transportation – 1.7%
	25,822	Norfolk Southern Corp.	4,639,181
	20,125	Union Pacific Corp.	3,259,847
			7,899,028
	Utilities – 6.6%
	68,001	Ameren Corp.	5,443,480
	33,449	American Water Works Co., Inc.	4,155,369
	35,428	Atmos Energy Corp.	4,034,895
	70,271	CMS Energy Corp.	4,493,831
	27,168	NextEra Energy, Inc.	6,329,872
	87,087	Xcel Energy, Inc.	5,651,075
			30,108,522
	TOTAL COMMON STOCKS (Cost $398,961,322)		$  454,268,629

Shares	Dividend Rate	Value
Investment Company(a) – 0.5%
Goldman Sachs Financial Square Government Fund — Institutional Shares
2,470,427	2.032%	$    2,470,427
(Cost $2,470,427)
TOTAL INVESTMENTS – 100.1% (Cost $401,431,749)		$456,739,056
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%		(468,672)
NET ASSETS – 100.0%		$456,270,384

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:
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

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.7%
	Automobiles & Components – 0.8%
	47,130	Aptiv plc	$    4,120,105
	Banks – 5.8%
	121,342	Citizens Financial Group, Inc.	4,291,867
	122,454	Fifth Third Bancorp	3,352,790
	50,625	First Republic Bank	4,895,437
	59,205	M&T Bank Corp.	9,352,614
	39,927	SunTrust Banks, Inc.	2,746,978
	120,159	Synovus Financial Corp.	4,296,886
			28,936,572
	Capital Goods – 9.1%
	42,739	AMETEK, Inc.	3,924,295
	32,535	Carlisle Cos., Inc.	4,735,144
	82,711	Flowserve Corp.	3,863,431
	50,046	Fortive Corp.	3,431,154
	20,905	Ingersoll-Rand plc	2,575,705
	126,269	ITT, Inc.	7,726,400
	38,508	L3Harris Technologies, Inc.	8,034,309
	20,081	Rockwell Automation, Inc.	3,309,349
	54,733	Stanley Black & Decker, Inc.	7,903,992
			45,503,779
	Consumer Durables & Apparel – 2.1%
	36,528	Capri Holdings Ltd.*	1,211,268
	101,346	DR Horton, Inc.	5,341,948
	46,961	PVH Corp.	4,143,369
			10,696,585
	Consumer Services – 3.0%
	139,834	MGM Resorts International	3,876,199
	35,440	Restaurant Brands International, Inc.	2,521,202
	56,682	Royal Caribbean Cruises Ltd.	6,140,361
	23,234	Wynn Resorts Ltd.	2,526,000
			15,063,762
	Diversified Financials – 3.8%
	20,447	Cboe Global Markets, Inc.	2,349,565
	25,646	Evercore, Inc. Class A	2,054,244
	42,963	Northern Trust Corp.	4,009,307
	55,505	Raymond James Financial, Inc.	4,576,942
	116,658	Starwood Property Trust, Inc. (REIT)	2,825,457
	28,280	T. Rowe Price Group, Inc.	3,230,990
			19,046,505
	Energy – 4.1%
	174,194	Baker Hughes a GE Co.	4,041,301
	95,018	Cheniere Energy, Inc.*	5,991,835
	52,693	Diamondback Energy, Inc.	4,737,627
	22,810	Hess Corp.	1,379,549
	33,917	Marathon Petroleum Corp.	2,060,458
	146,648	Parsley Energy, Inc. Class A	2,463,686
			20,674,456
	Food & Staples Retailing – 1.2%
	151,311	US Foods Holding Corp.*	6,218,882

Shares		Description	Value
	Common Stocks – (continued)
	Food, Beverage & Tobacco – 3.7%
	71,744	Coca-Cola European Partners plc	$    3,978,205
	13,516	Constellation Brands, Inc. Class A	2,801,596
	80,957	Lamb Weston Holdings, Inc.	5,887,193
	94,610	Nomad Foods Ltd.*	1,939,505
	43,541	Tyson Foods, Inc. Class A	3,750,622
			18,357,121
	Health Care Equipment & Services – 4.8%
	177,428	Change Healthcare, Inc.*(a)	2,143,330
	18,013	Cooper Cos., Inc. (The)	5,349,861
	43,033	Dentsply Sirona, Inc.	2,294,089
	15,428	Laboratory Corp. of America Holdings*	2,591,904
	83,584	Zimmer Biomet Holdings, Inc.	11,473,576
			23,852,760
	Insurance – 7.5%
	41,050	American Financial Group, Inc.	4,427,242
	87,705	Arch Capital Group Ltd.*	3,681,856
	40,025	Globe Life, Inc.	3,832,794
	15,947	Hanover Insurance Group, Inc. (The)	2,161,456
	90,939	Hartford Financial Services Group, Inc. (The)	5,511,813
	51,913	Lincoln National Corp.	3,131,392
	4,395	Markel Corp.*	5,194,451
	23,195	Reinsurance Group of America, Inc.	3,708,417
	30,572	Willis Towers Watson plc	5,899,479
			37,548,900
	Materials – 7.9%
	58,387	Ball Corp.	4,251,158
	53,118	Celanese Corp.	6,495,800
	176,170	Corteva, Inc.	4,932,760
	323,153	Freeport-McMoRan, Inc.	3,092,574
	28,943	Martin Marietta Materials, Inc.	7,933,277
	59,953	Packaging Corp. of America	6,361,013
	101,014	Steel Dynamics, Inc.	3,010,217
	48,892	WR Grace & Co.	3,264,030
			39,340,829
	Media & Entertainment – 2.3%
	36,330	Liberty Broadband Corp. Class C*	3,802,661
	103,636	Liberty Media Corp-Liberty SiriusXM Class A*	4,308,148
	49,591	World Wrestling Entertainment, Inc. Class A	3,528,400
			11,639,209
	Pharmaceuticals, Biotechnology & Life Sciences – 2.7%
	79,429	Agilent Technologies, Inc.	6,086,644
	116,143	Alder Biopharmaceuticals, Inc.*(a)	2,190,457
	62,815	Catalent, Inc.*	2,993,763
	87,381	Elanco Animal Health, Inc.*	2,323,461
			13,594,325

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Investment Trusts – 13.6%
	41,493	Alexandria Real Estate Equities, Inc.	$    6,391,582
	38,299	AvalonBay Communities, Inc.	8,246,924
	34,982	Boston Properties, Inc.	4,535,766
	51,177	Camden Property Trust	5,681,159
	41,550	CyrusOne, Inc.	3,286,605
	46,921	Equity LifeStyle Properties, Inc.	6,268,646
	17,184	Essex Property Trust, Inc.	5,613,154
	23,280	Extra Space Storage, Inc.	2,719,569
	132,085	HCP, Inc.	4,706,188
	77,275	Hudson Pacific Properties, Inc.	2,585,621
	68,426	Invitation Homes, Inc.	2,026,094
	39,816	Prologis, Inc.	3,393,119
	31,444	Ryman Hospitality Properties, Inc.	2,572,434
	11,100	SBA Communications Corp.	2,676,765
	99,466	Ventas, Inc.	7,264,002
			67,967,628
	Retailing – 3.0%
	34,442	Advance Auto Parts, Inc.	5,696,707
	13,011	Burlington Stores, Inc.*	2,599,858
	18,336	Dollar General Corp.	2,914,324
	30,034	Expedia Group, Inc.	4,036,870
			15,247,759
	Semiconductors & Semiconductor Equipment – 3.7%
	46,327	Advanced Micro Devices, Inc.*	1,343,020
	20,468	Analog Devices, Inc.	2,286,890
	312,957	Marvell Technology Group Ltd.	7,814,536
	29,329	MKS Instruments, Inc.	2,706,480
	37,683	NXP Semiconductors NV	4,111,969
			18,262,895
	Software & Services – 2.8%
	39,609	Citrix Systems, Inc.	3,823,061
	39,888	Fidelity National Information Services, Inc.	5,295,531
	26,332	InterXion Holding NV*	2,145,005
	38,203	PTC, Inc.*	2,604,680
			13,868,277
	Technology Hardware & Equipment – 3.6%
	36,723	Amphenol Corp. Class A	3,543,769
	18,330	F5 Networks, Inc.*	2,573,899
	104,541	Juniper Networks, Inc.	2,587,390
	75,832	National Instruments Corp.	3,184,186
	251,871	Viavi Solutions, Inc.*	3,527,453
	41,882	Western Digital Corp.	2,497,842
			17,914,539
	Transportation – 1.0%
	28,237	Old Dominion Freight Line, Inc.	4,799,443
	Utilities – 11.2%
	79,002	Ameren Corp.	6,324,110

Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	47,448	American Water Works Co., Inc.	$    5,894,465
	58,087	Atmos Energy Corp.	6,615,528
	135,967	CMS Energy Corp.	8,695,090
	126,721	Public Service Enterprise Group, Inc.	7,866,840
	70,462	Sempra Energy	10,400,896
	158,772	Xcel Energy, Inc.	10,302,715
			56,099,644
	TOTAL COMMON STOCKS (Cost $412,866,129)		$488,753,975

	Master Limited Partnership – 0.9%
	Energy – 0.9%
	152,720	Viper Energy Partners LP	$    4,225,762
	(Cost $4,955,206)
Shares		Dividend Rate	Value
	Investment Company(b) – 1.0%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	5,168,726	2.032%	$    5,168,726
	(Cost $5,168,726)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $422,990,061)		$498,148,463

Securities Lending Reinvestment Vehicle(b) – 0.6%
Goldman Sachs Financial Square Government Fund — Institutional Shares
3,015,759	2.032%	$    3,015,759
(Cost $3,015,759)
TOTAL INVESTMENTS – 100.2% (Cost $426,005,820)		$501,164,222
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.2)%		(978,802)
NET ASSETS – 100.0%		$500,185,420

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 MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments

September 30, 2019 (Unaudited)

Shares		Description	Value
	Underlying Funds (Class R6 Shares)(a) – 88.8%
	Equity – 27.9%
	283,474	Goldman Sachs Tactical Tilt Overlay Fund	$  2,763,870
	122,423	Goldman Sachs Absolute Return Tracker Fund	1,199,747
	72,360	Goldman Sachs Emerging Markets Equity Insights Fund	656,305
	37,693	Goldman Sachs Real Estate Securities Fund	616,283
			5,236,205
	Fixed Income – 60.9%
	213,425	Goldman Sachs Managed Futures Strategy Fund	2,317,791
	240,837	Goldman Sachs Long Short Credit Strategies Fund	2,116,957
	188,906	Goldman Sachs Strategic Income Fund	1,732,269
	133,275	Goldman Sachs Emerging Markets Debt Fund	1,651,275
	165,319	Goldman Sachs Alternative Premia Fund	1,349,002
	137,904	Goldman Sachs High Yield Floating Rate Fund	1,294,920
	147,547	Goldman Sachs High Yield Fund	945,779
			11,407,993
	TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) (Cost $16,821,693)		$16,644,198
	Exchange Traded Fund(b) – 1.5%
	5,295	ProShares Short VIX Short-Term Futures ETF	$    282,806
	(Cost $251,188)

Shares		Dividend Rate	Value
	Investment Company(a) – 6.8%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,266,561	2.032%	$  1,266,561
	(Cost $1,266,561)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $18,339,442)		$18,193,565
	Securities Lending Reinvestment Vehicle(a) – 1.3%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	248,400	2.032%	$     248,400
	(Cost $248,400)
	TOTAL INVESTMENTS – 98.4% (Cost $18,587,842)		$18,441,965
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.6%		293,711
	NET ASSETS – 100.0%		$18,735,676

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.
(b)	All or a portion of security is on loan.

Currency Abbreviation:
USD	— United States Dollar

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 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		12/20/2019	$	551,045		$	(18,722	)
S&P 500 E-Mini Index	2		12/20/2019		297,850			(3,020	)
Total							$	(21,742	)
Short position contracts:
3 Month Eurodollar	(23)		03/16/2020	$	(5,653,688	)	$	(11,334	)
Total Futures Contracts							$	(33,076	)

PURCHASED OPTIONS CONTRACTS — At September 30, 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		98.50 USD		03/16/2020	8	$	2,000,000	$	2,300	$	2,718	$	(418	)
			97.50 USD		09/14/2020	5		1,250,000		12,844		3,881		8,963
			98.00 USD		09/14/2020	3		750,000		4,312		4,432		(120	)
			97.50 USD		12/14/2020	5		1,250,000		12,938		4,768		8,170
			98.00 USD		12/14/2020	2		500,000		3,000		3,030		(30	)
			97.00 USD		03/15/2021	2		500,000		8,025		3,580		4,445
			98.25 USD		03/15/2021	43		10,750,000		54,287		50,200		4,087
			97.00 USD		06/14/2021	1		250,000		4,069		1,852		2,217
			98.00 USD		06/14/2021	10		2,500,000		18,000		8,146		9,854
			98.25 USD		06/14/2021	39		9,750,000		53,137		47,978		5,159
			97.00 USD		09/13/2021	2		500,000		8,175		4,905		3,270
			98.25 USD		09/13/2021	37		9,250,000		52,725		44,973		7,752
			98.13 USD		12/13/2021	1		250,000		1,644		1,665		(21	)
			98.50 USD		12/13/2021	22		5,500,000		24,200		21,426		2,774
			98.50 USD		06/15/2020	5		1,250,000		2,469		2,512		(43	)
Total purchased options contracts						185			$	262,125	$	206,066	$	56,059

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.1%
	Automobiles & Components – 0.1%
	1,950	Standard Motor Products, Inc.	$     94,672
	Banks – 12.4%
	10,149	1st Source Corp.	464,114
	410	ACNB Corp.	14,063
	6,734	Amalgamated Bank Class A	107,879
	4,373	Atlantic Capital Bancshares, Inc.*	75,828
	8,919	Bancorp, Inc. (The)*	88,298
	637	Banner Corp.	35,780
	12,962	Boston Private Financial Holdings, Inc.	151,072
	7,243	Cathay General Bancorp	251,586
	600	CBTX, Inc.	16,728
	8,838	CenterState Bank Corp.	211,980
	20,596	Central Pacific Financial Corp.	584,926
	378	Century Bancorp, Inc. Class A	33,113
	1,025	Civista Bancshares, Inc.	22,273
	11,590	Columbia Banking System, Inc.	427,671
	27,967	CVB Financial Corp.	583,671
	508	Eagle Bancorp, Inc.	22,667
	650	Enterprise Bancorp, Inc.	19,487
	13,920	First Bancorp/NC	499,728
	4,207	First Bancorp/PR	41,986
	38,879	First Commonwealth Financial Corp.	516,313
	937	First Defiance Financial Corp.	27,140
	4,373	First Financial Corp.	190,094
	16,027	First Foundation, Inc.	244,812
	6,418	First Internet Bancorp	137,409
	476	First Mid Bancshares, Inc.	16,479
	1,740	First Midwest Bancorp, Inc.	33,895
	11,536	Heartland Financial USA, Inc.	516,121
	4,045	Heritage Commerce Corp.	47,549
	25,343	Hilltop Holdings, Inc.	605,444
	973	Horizon Bancorp, Inc.	16,891
	1,576	Independent Bank Corp./MI	33,593
	622	Independent Bank Group, Inc.	32,723
	16,087	International Bancshares Corp.	621,280
	52,731	Investors Bancorp, Inc.	599,024
	1,931	Lakeland Bancorp, Inc.	29,795
	1,468	Luther Burbank Corp.	16,633
	3,901	Macatawa Bank Corp.	40,531
	1,648	Mercantile Bank Corp.	54,054
	1,372	Meridian Bancorp, Inc.	25,725
	583	Metropolitan Bank Holding Corp.*	22,929
	14,369	National Bank Holdings Corp. Class A	491,276
	420	NBT Bancorp, Inc.	15,368
	18,324	NMI Holdings, Inc. Class A*	481,188
	2,574	OFG Bancorp	56,371
	5,048	Pacific Premier Bancorp, Inc.	157,447
	1,516	Parke Bancorp, Inc.	33,686
	1,193	Preferred Bank	62,489
	723	Provident Financial Services, Inc.	17,735
	1,756	Riverview Bancorp, Inc.	12,959
	3,828	Sandy Spring Bancorp, Inc.	129,042
	12,785	Seacoast Banking Corp. of Florida*	323,588
	3,977	Sierra Bancorp	105,629
	6,535	Southern National Bancorp of Virginia, Inc.	100,574
	800	Territorial Bancorp, Inc.	22,864
	1,182	Towne Bank	32,866
	12,532	TriCo Bancshares	454,912

Shares		Description	Value
	Common Stocks – (continued)
	Banks – (continued)
	20,737	TrustCo Bank Corp.	$    169,007
	2,916	UMB Financial Corp.	188,315
	3,909	United Community Financial Corp.	42,139
	1,697	Univest Financial Corp.	43,291
	248	Washington Trust Bancorp, Inc.	11,981
	4,094	WesBanco, Inc.	152,993
	7,948	WSFS Financial Corp.	350,507
			10,937,511
	Capital Goods – 10.9%
	7,751	Aegion Corp.*	165,716
	8,644	Aerojet Rocketdyne Holdings, Inc.*	436,608
	7,746	Albany International Corp. Class A	698,379
	1,210	American Woodmark Corp.*	107,581
	1,557	Applied Industrial Technologies, Inc.	88,438
	7,887	Astronics Corp.*	231,720
	2,692	Atkore International Group, Inc.*	81,702
	2,830	Barnes Group, Inc.	145,858
	13,467	BMC Stock Holdings, Inc.*	352,566
	22,432	Builders FirstSource, Inc.*	461,538
	619	CIRCOR International, Inc.*	23,243
	3,825	Columbus McKinnon Corp.	139,345
	21,021	Continental Building Products, Inc.*	573,663
	2,907	CSW Industrials, Inc.	200,670
	1,476	Ducommun, Inc.*	62,582
	1,377	DXP Enterprises, Inc.*	47,809
	673	Encore Wire Corp.	37,876
	3,847	EnPro Industries, Inc.	264,097
	805	ESCO Technologies, Inc.	64,046
	2,625	Evoqua Water Technologies Corp.*	44,678
	712	Federal Signal Corp.	23,311
	3,747	Foundation Building Materials, Inc.*	58,041
	6,838	Franklin Electric Co., Inc.	326,925
	11,964	GMS, Inc.*	343,606
	15,681	Great Lakes Dredge & Dock Corp.*	163,866
	1,978	Griffon Corp.	41,479
	10,801	Hillenbrand, Inc.	333,535
	614	Hurco Cos., Inc.	19,752
	14,262	JELD-WEN Holding, Inc.*	275,114
	4,589	Kaman Corp.	272,862
	7,536	Kennametal, Inc.	231,657
	9,424	Kratos Defense & Security Solutions, Inc.*	175,239
	3,776	MasTec, Inc.*	245,176
	1,209	Mercury Systems, Inc.*	98,135
	4,149	Miller Industries, Inc.	138,162
	3,032	Moog, Inc. Class A	245,956
	2,846	MRC Global, Inc.*	34,522
	459	Mueller Industries, Inc.	13,164
	2,265	Navistar International Corp.*	63,669
	836	Powell Industries, Inc.	32,729
	7,460	Quanex Building Products Corp.	134,877
	322	Raven Industries, Inc.	10,774
	687	RBC Bearings, Inc.*	113,980
	4,552	Rexnord Corp.*	123,132
	9,859	Simpson Manufacturing Co., Inc.	683,919
	3,905	Titan Machinery, Inc.*	55,998

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	13,521	TriMas Corp.*	$     414,419
	440	Universal Forest Products, Inc.	17,547
	1,513	Wabash National Corp.	21,954
	7,061	Watts Water Technologies, Inc. Class A	661,828
			9,603,443
	Commercial & Professional Services – 3.9%
	1,877	Barrett Business Services, Inc.	166,715
	6,207	Covanta Holding Corp.	107,319
	3,289	CRA International, Inc.	138,039
	819	Franklin Covey Co.*	28,665
	3,491	Heidrick & Struggles International, Inc.	95,304
	3,859	HNI Corp.	136,995
	1,366	Huron Consulting Group, Inc.*	83,790
	5,485	Insperity, Inc.	540,931
	1,513	Kelly Services, Inc. Class A	36,645
	14,764	Kforce, Inc.	558,596
	8,911	Korn Ferry	344,321
	1,403	Matthews International Corp. Class A	49,652
	6,619	McGrath RentCorp	460,616
	350	Mobile Mini, Inc.	12,901
	1,588	PICO Holdings, Inc.*	16,023
	3,671	Resources Connection, Inc.	62,370
	1,860	Steelcase, Inc. Class A	34,224
	5,951	TriNet Group, Inc.*	370,093
	7,239	TrueBlue, Inc.*	152,743
	229	UniFirst Corp.	44,683
			3,440,625
	Consumer Durables & Apparel – 4.2%
	20,111	American Outdoor Brands Corp.*	117,650
	1,017	Bassett Furniture Industries, Inc.	15,560
	2,592	Deckers Outdoor Corp.*	381,957
	4,944	Installed Building Products, Inc.*	283,489
	832	Johnson Outdoors, Inc. Class A	48,722
	13,870	KB Home	471,580
	1,259	Kontoor Brands, Inc.	44,191
	1,008	M/I Homes, Inc.*	37,951
	434	Malibu Boats, Inc. Class A*	13,315
	6,917	MasterCraft Boat Holdings, Inc.*	103,236
	9,299	Meritage Homes Corp.*	654,185
	5,325	Taylor Morrison Home Corp. Class A*	138,131
	6,269	TopBuild Corp.*	604,520
	31,882	TRI Pointe Group, Inc.*	479,505
	1,467	Universal Electronics, Inc.*	74,670
	19,770	Vista Outdoor, Inc.*	122,376
	5,508	Wolverine World Wide, Inc.	155,656
			3,746,694
	Consumer Services – 4.2%
	1,504	American Public Education, Inc.*	33,599
	12,272	Brinker International, Inc.	523,646
	1,691	Collectors Universe, Inc.	48,160
	3,601	Cracker Barrel Old Country Store, Inc.(a)	585,703
	3,480	Del Taco Restaurants, Inc.*	35,583
	21,392	Denny’s Corp.*	486,989
	7,779	Fiesta Restaurant Group, Inc.*	81,057
	6,761	K12, Inc.*	178,490

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Services – (continued)
	17,720	Laureate Education, Inc. Class A*	$     293,709
	7,368	Scientific Games Corp. Class A*	149,939
	17,321	SeaWorld Entertainment, Inc.*	455,889
	1,597	Texas Roadhouse, Inc.	83,875
	6,830	Wingstop, Inc.	596,122
	3,348	WW International, Inc.*	126,621
			3,679,382
	Diversified Financials – 2.5%
	53,326	Anworth Mortgage Asset Corp. (REIT)	175,976
	5,990	Artisan Partners Asset Management, Inc. Class A	169,158
	973	Banco Latinoamericano de Comercio Exterior SA Class E	19,402
	28,602	Brightsphere Investment Group, Inc.	283,446
	6,672	Cannae Holdings, Inc.*	183,280
	16,236	Enova International, Inc.*	336,897
	17,239	FGL Holdings	137,567
	3,244	Great Ajax Corp. (REIT)	50,282
	2,212	Green Dot Corp. Class A*	55,853
	353	Nelnet, Inc. Class A	22,451
	13,657	On Deck Capital, Inc.*	45,887
	9,147	Oppenheimer Holdings, Inc. Class A	274,959
	3,651	Piper Jaffray Cos.	275,577
	2,264	Regional Management Corp.*	63,754
	3,731	Westwood Holdings Group, Inc.	103,237
			2,197,726
	Energy – 4.8%
	2,359	Ardmore Shipping Corp.*	15,782
	5,597	Clean Energy Fuels Corp.*	11,558
	12,309	CVR Energy, Inc.	541,965
	16,824	Delek US Holdings, Inc.	610,711
	33,746	Denbury Resources, Inc.*	40,158
	39,036	DHT Holdings, Inc.	240,071
	13,414	FTS International, Inc.*	30,047
	22,588	GasLog Ltd.	290,256
	18,294	Golar LNG Ltd.	237,639
	8,800	International Seaways, Inc.*	169,488
	15,525	Matrix Service Co.*	266,099
	23,473	Nabors Industries Ltd.	43,895
	10,317	Oceaneering International, Inc.*	139,795
	9,241	PDC Energy, Inc.*	256,438
	13,340	Scorpio Tankers, Inc.	396,998
	11,481	SEACOR Holdings, Inc.*	540,411
	2,815	Teekay Corp.(a)	11,260
	1,644	US Silica Holdings, Inc.	15,717
	10,294	World Fuel Services Corp.	411,142
			4,269,430
	Food & Staples Retailing – 0.2%
	3,088	Ingles Markets, Inc. Class A	120,000
	3,685	Village Super Market, Inc. Class A	97,468
			217,468
	Food, Beverage & Tobacco – 3.1%
	172	Boston Beer Co., Inc. (The) Class A*	62,622
	1,806	Coca-Cola Consolidated, Inc.	548,789

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Food, Beverage & Tobacco – (continued)
	29,643	Darling Ingredients, Inc.*	$     567,070
	7,467	Freshpet, Inc.*	371,633
	3,587	J&J Snack Foods Corp.	688,704
	1,005	John B Sanfilippo & Son, Inc.	97,083
	471	Lancaster Colony Corp.	65,304
	1,423	Sanderson Farms, Inc.	215,343
	1,719	Universal Corp.	94,218
			2,710,766
	Health Care Equipment & Services – 5.0%
	14,648	Allscripts Healthcare Solutions, Inc.*	160,835
	30,822	Brookdale Senior Living, Inc.*	233,631
	11,622	Community Health Systems, Inc.*	41,839
	2,228	Computer Programs & Systems, Inc.	50,375
	6,002	Ensign Group, Inc. (The)	284,675
	8,607	GenMark Diagnostics, Inc.*	52,158
	136	Haemonetics Corp.*	17,155
	10,074	HMS Holdings Corp.*	347,200
	6,225	Integer Holdings Corp.*	470,361
	887	Mesa Laboratories, Inc.	210,902
	1,747	NextGen Healthcare, Inc.*	27,376
	5,585	Novocure Ltd.*	417,646
	9,166	NuVasive, Inc.*	580,941
	8,387	Omnicell, Inc.*	606,129
	229	Providence Service Corp. (The)*	13,616
	3,504	R1 RCM, Inc.*	31,291
	2,029	Surmodics, Inc.*	92,807
	5,442	Tandem Diabetes Care, Inc.*	320,969
	13,516	Tenet Healthcare Corp.*	298,974
	9,326	Triple-S Management Corp. Class B*	124,968
	526	Varex Imaging Corp.*	15,012
			4,398,860
	Household & Personal Products – 0.0%
	1,422	elf Beauty, Inc.*	24,899
	Insurance – 2.8%
	24,660	American Equity Investment Life Holding Co.	596,772
	6,417	AMERISAFE, Inc.	424,228
	9,639	Argo Group International Holdings Ltd.	677,043
	5,564	FBL Financial Group, Inc. Class A	331,114
	10,804	Genworth Financial, Inc. Class A*	47,538
	3,696	National General Holdings Corp.	85,082
	103	National Western Life Group, Inc. Class A	27,642
	7,194	Stewart Information Services Corp.	279,055
			2,468,474
	Materials – 4.5%
	12,600	Boise Cascade Co.	410,634
	8,687	Carpenter Technology Corp.	448,770
	3,376	Chase Corp.	369,301
	33,399	Ferro Corp.*	396,112
	1,879	Haynes International, Inc.	67,343
	4,570	Innophos Holdings, Inc.	148,342
	2,227	Innospec, Inc.	198,515

Shares		Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	2,573	Kaiser Aluminum Corp.	$     254,650
	3,925	Kraton Corp.*	126,738
	6,653	Materion Corp.	408,228
	7,645	Minerals Technologies, Inc.	405,873
	3,554	PH Glatfelter Co.	54,696
	15,711	PolyOne Corp.	512,964
	3,950	Trinseo SA	169,653
	1,352	Worthington Industries, Inc.	48,740
			4,020,559
	Media & Entertainment – 2.1%
	16,803	AMC Entertainment Holdings, Inc. Class A(a)	179,792
	541	Cardlytics, Inc.*	18,134
	29,394	Cars.com, Inc.*	263,958
	19,268	Glu Mobile, Inc.*	96,147
	2,456	IMAX Corp.*	53,909
	1,590	Liberty Latin America Ltd. Class A*	27,141
	11,729	Liberty TripAdvisor Holdings, Inc. Class A*	110,370
	1,622	Loral Space & Communications, Inc.*	67,151
	9,113	Meet Group, Inc. (The)*	29,845
	9,371	Meredith Corp.	343,541
	16,599	MSG Networks, Inc. Class A*	269,236
	25,293	New Media Investment Group, Inc.(a)	222,831
	5,555	QuinStreet, Inc.*	69,938
	2,798	TechTarget, Inc.*	63,025
			1,815,018
	Pharmaceuticals, Biotechnology & Life Sciences – 8.4%
	8,059	ACADIA Pharmaceuticals, Inc.*	290,043
	4,421	Acceleron Pharma, Inc.*	174,674
	2,594	Aerie Pharmaceuticals, Inc.*	49,857
	2,570	AMAG Pharmaceuticals, Inc.*	29,684
	5,881	ANI Pharmaceuticals, Inc.*	428,607
	5,052	Anika Therapeutics, Inc.*	277,304
	2,633	Arena Pharmaceuticals, Inc.*	120,512
	8,471	Arrowhead Pharmaceuticals, Inc.*	238,713
	1,077	Audentes Therapeutics, Inc.*	30,253
	2,654	Avid Bioservices, Inc.*	14,066
	2,855	Blueprint Medicines Corp.*	209,757
	8,509	CareDx, Inc.*	192,388
	18,568	Catalyst Pharmaceuticals, Inc.*	98,596
	14,284	Coherus Biosciences, Inc.*	289,394
	6,195	Dicerna Pharmaceuticals, Inc.*	88,960
	4,667	Editas Medicine, Inc.*(a)	106,128
	5,337	Enanta Pharmaceuticals, Inc.*	320,647
	16,096	Endo International plc*	51,668
	4,877	Esperion Therapeutics, Inc.*	178,791
	6,405	FibroGen, Inc.*	236,857
	3,289	Fluidigm Corp.*	15,228
	787	G1 Therapeutics, Inc.*	17,928
	3,340	Global Blood Therapeutics, Inc.*	162,057
	32,631	Halozyme Therapeutics, Inc.*	506,107
	2,452	Ironwood Pharmaceuticals, Inc.*	21,050
	6,141	Kura Oncology, Inc.*	93,159
	7,956	Mallinckrodt plc*(a)	19,174
	3,881	Medpace Holdings, Inc.*	326,159
	927	Mirati Therapeutics, Inc.*	72,223
	2,994	Myriad Genetics, Inc.*	85,718
	6,166	Natera, Inc.*	202,245
	903	Pacira BioSciences, Inc.*	34,377

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	5,712	PDL BioPharma, Inc.*	$       12,338
	7,290	Phibro Animal Health Corp. Class A	155,496
	8,239	Portola Pharmaceuticals, Inc.*	220,970
	13,609	Prestige Consumer Healthcare, Inc.*	472,096
	7,854	Prothena Corp. plc*	61,575
	3,230	PTC Therapeutics, Inc.*	109,239
	5,364	Puma Biotechnology, Inc.*	57,743
	6,204	Ra Pharmaceuticals, Inc.*	146,725
	14,936	Radius Health, Inc.*	384,602
	995	Repligen Corp.*	76,307
	1,442	Supernus Pharmaceuticals, Inc.*	39,626
	15,766	Vanda Pharmaceuticals, Inc.*	209,372
	12,047	Veracyte, Inc.*	289,128
	8,554	Voyager Therapeutics, Inc.*	147,214
	1,042	Xencor, Inc.*	35,147
			7,399,902
	Real Estate – 8.1%
	13,221	Cedar Realty Trust, Inc. (REIT)	39,663
	18,132	City Office REIT, Inc. (REIT)	260,920
	962	EastGroup Properties, Inc. (REIT)	120,269
	798	Essential Properties Realty Trust, Inc. (REIT)	18,282
	20,004	First Industrial Realty Trust, Inc. (REIT)	791,358
	11,857	Gladstone Commercial Corp. (REIT)	278,640
	11,183	Independence Realty Trust, Inc. (REIT)	160,029
	1,670	Investors Real Estate Trust (REIT)	124,699
	614	Kennedy-Wilson Holdings, Inc.	13,459
	60,085	Lexington Realty Trust (REIT)	615,871
	18,709	National Storage Affiliates Trust (REIT)	624,319
	9,799	NexPoint Residential Trust, Inc. (REIT)	458,201
	33,183	Physicians Realty Trust (REIT)	588,998
	19,434	Piedmont Office Realty Trust, Inc. Class A (REIT)	405,782
	3,277	PS Business Parks, Inc. (REIT)	596,250
	6,410	Retail Value, Inc. (REIT)	237,427
	17,760	Rexford Industrial Realty, Inc. (REIT)	781,795
	9,280	RLJ Lodging Trust (REIT)	157,667
	6,352	STAG Industrial, Inc. (REIT)	187,257
	13,964	Terreno Realty Corp. (REIT)	713,421
			7,174,307
	Retailing – 5.6%
	4,797	American Eagle Outfitters, Inc.	77,807
	2,979	America’s Car-Mart, Inc.*	273,174
	5,703	Asbury Automotive Group, Inc.*	583,588
	18,656	Big Lots, Inc.	457,072
	4,037	Boot Barn Holdings, Inc.*	140,891
	2,695	Cato Corp. (The) Class A	47,459
	10,103	Citi Trends, Inc.	184,885
	9,279	Core-Mark Holding Co., Inc.	297,995
	6,486	Genesco, Inc.*	259,570
	2,963	Group 1 Automotive, Inc.	273,515
	11,649	Groupon, Inc.*	30,986
	4,984	Hudson Ltd. Class A*	61,154

Shares		Description	Value
	Common Stocks – (continued)
	Retailing – (continued)
	2,541	Monro, Inc.	$     200,764
	6,922	Murphy USA, Inc.*	590,447
	30,403	Sally Beauty Holdings, Inc.*	452,701
	3,493	Shutterstock, Inc.*	126,167
	6,651	Sleep Number Corp.*	274,819
	15,526	Sonic Automotive, Inc. Class A	487,672
	1,279	Stamps.com, Inc.*	95,222
	5,853	Tilly’s, Inc. Class A	55,252
			4,971,140
	Semiconductors & Semiconductor Equipment – 3.1%
	2,004	Ambarella, Inc.*	125,921
	19,438	Amkor Technology, Inc.*	176,886
	5,169	Cirrus Logic, Inc.*	276,955
	4,854	Diodes, Inc.*	194,888
	5,205	Enphase Energy, Inc.*	115,707
	10,083	Inphi Corp.*	615,567
	16,282	Lattice Semiconductor Corp.*	297,716
	6,237	MaxLinear, Inc. Class A*	139,584
	10,906	NeoPhotonics Corp.*	66,418
	41,886	Rambus, Inc.*	549,754
	8,010	Xperi Corp.	165,647
			2,725,043
	Software & Services – 3.7%
	2,383	ACI Worldwide, Inc.*	74,647
	7,642	Avaya Holdings Corp.*	78,178
	1,428	Blackline, Inc.*	68,273
	12,967	Bottomline Technologies DE, Inc.*	510,251
	9,932	Box, Inc. Class A*	164,474
	1,634	Cardtronics plc Class A*	49,412
	2,758	CommVault Systems, Inc.*	123,310
	6,383	Cornerstone OnDemand, Inc.*	349,916
	2,904	Digital Turbine, Inc.*	18,716
	5,554	Five9, Inc.*	298,472
	503	I3 Verticals, Inc. Class A*	10,123
	284	MicroStrategy, Inc. Class A*	42,137
	1,386	Mitek Systems, Inc.*	13,375
	6,597	MobileIron, Inc.*	43,177
	26,651	Perspecta, Inc.	696,124
	6,689	Progress Software Corp.	254,583
	4,651	SPS Commerce, Inc.*	218,923
	3,646	SVMK, Inc.*	62,347
	3,729	Sykes Enterprises, Inc.*	114,257
	6,088	TiVo Corp.	46,360
	2,350	Unisys Corp.*	17,461
			3,254,516
	Technology Hardware & Equipment – 5.8%
	3,669	AVX Corp.	55,769
	7,473	Belden, Inc.	398,610
	16,943	Benchmark Electronics, Inc.	492,363
	6,551	Comtech Telecommunications Corp.	212,907
	3,448	CTS Corp.	111,577
	12,723	Extreme Networks, Inc.*	92,560
	4,890	Fabrinet*	255,747
	4,102	Harmonic, Inc.*	26,991
	647	II-VI, Inc.*	22,781
	3,891	Itron, Inc.*	287,778
	4,885	Lumentum Holdings, Inc.*	261,641
	1,066	OSI Systems, Inc.*	108,263
	5,653	PC Connection, Inc.	219,902
	1,280	Rogers Corp.*	174,989

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	16,642	Sanmina Corp.*	$     534,375
	4,540	Tech Data Corp.*	473,250
	3,420	TTM Technologies, Inc.*	41,707
	42,004	Viavi Solutions, Inc.*	588,266
	31,537	Vishay Intertechnology, Inc.	533,921
	7,269	Vishay Precision Group, Inc.*	237,987
			5,131,384
	Telecommunication Services – 1.0%
	11,152	Cogent Communications Holdings, Inc.	614,475
	2,154	Ooma, Inc.*	22,402
	35,603	ORBCOMM, Inc.*	169,470
	8,105	Spok Holdings, Inc.	96,774
			903,121
	Transportation – 1.3%
	4,149	Atlas Air Worldwide Holdings, Inc.*	104,679
	3,433	Avis Budget Group, Inc.*	97,017
	2,989	Covenant Transportation Group, Inc. Class A*	49,139
	13,555	Echo Global Logistics, Inc.*	307,021
	7,587	Heartland Express, Inc.	163,196
	738	Hub Group, Inc. Class A*	34,317
	11,591	Marten Transport Ltd.	240,861
	3,447	SkyWest, Inc.	197,858
			1,194,088
	Utilities – 1.4%
	250	ONE Gas, Inc.	24,027
	499	Ormat Technologies, Inc.	37,071
	10,880	Portland General Electric Co.(b)	613,306
	572	Southwest Gas Holdings, Inc.	52,075
	7,533	Unitil Corp.	477,893
	962	York Water Co. (The)	42,001
			1,246,373
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $84,068,242)		$87,625,401

Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle(c) – 0.5%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	483,026	2.032%	$     483,026
	(Cost $483,026)
	TOTAL INVESTMENTS – 99.6% (Cost $84,551,268)		$88,108,427
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.4%		389,510
	NET ASSETS – 100.0%		$88,497,937

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)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	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.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2019, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Russell 2000 E-Mini Index	9	12/20/2019	$	686,250	$	(26,161	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.7%
	Automobiles & Components – 0.6%
	24,469	Aptiv plc	$    2,139,080
	Banks – 0.7%
	24,044	First Republic Bank	2,325,055
	Capital Goods – 6.6%
	22,840	Boeing Co. (The)	8,689,935
	17,106	Deere & Co.	2,885,440
	10,381	Fortive Corp.	711,722
	27,656	Honeywell International, Inc.	4,679,395
	13,437	Northrop Grumman Corp.	5,036,053
	7,315	Stanley Black & Decker, Inc.	1,056,359
			23,058,904
	Consumer Durables & Apparel – 2.9%
	71,365	NIKE, Inc. Class B	6,702,601
	40,444	PVH Corp.	3,568,374
			10,270,975
	Consumer Services – 2.2%
	1,263	Chipotle Mexican Grill, Inc.*	1,061,514
	32,019	Dunkin’ Brands Group, Inc.	2,541,028
	19,288	McDonald’s Corp.	4,141,326
			7,743,868
	Diversified Financials – 1.8%
	18,432	Cboe Global Markets, Inc.	2,118,021
	30,009	Intercontinental Exchange, Inc.	2,768,931
	13,866	Northern Trust Corp.	1,293,975
			6,180,927
	Energy – 1.6%
	41,128	Cheniere Energy, Inc.*	2,593,532
	7,051	Diamondback Energy, Inc.	633,955
	39,553	Marathon Petroleum Corp.	2,402,845
			5,630,332
	Food & Staples Retailing – 1.1%
	31,025	Walmart, Inc.	3,682,047
	Food, Beverage & Tobacco – 4.3%
	35,492	Brown-Forman Corp. Class B	2,228,188
	97,890	Coca-Cola Co. (The)	5,329,131
	12,677	McCormick & Co., Inc. (Non-Voting)	1,981,415
	39,630	Mondelez International, Inc. Class A	2,192,332
	58,392	Monster Beverage Corp.*	3,390,239
			15,121,305
	Health Care Equipment & Services – 6.6%
	112,393	Boston Scientific Corp.*	4,573,271
	22,623	Danaher Corp.	3,267,440
	9,265	Edwards Lifesciences Corp.*	2,037,466
	11,465	Guardant Health, Inc.*	731,811
	13,801	Humana, Inc.	3,528,502
	7,800	Intuitive Surgical, Inc.*	4,211,454
	9,029	UnitedHealth Group, Inc.	1,962,182

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	19,469	West Pharmaceutical Services, Inc.	$    2,761,094
			23,073,220
	Household & Personal Products – 0.7%
	32,398	Colgate-Palmolive Co.	2,381,577
	Insurance – 0.3%
	892	Markel Corp.*	1,054,255
	Materials – 3.8%
	18,931	Corteva, Inc.	530,068
	29,934	DuPont de Nemours, Inc.	2,134,593
	17,434	Ecolab, Inc.	3,452,629
	14,579	Linde plc	2,824,244
	6,619	Martin Marietta Materials, Inc.	1,814,268
	4,263	Sherwin-Williams Co. (The)	2,344,096
			13,099,898
	Media & Entertainment – 11.6%
	9,390	Alphabet, Inc. Class A*	11,466,505
	7,103	Alphabet, Inc. Class C*	8,658,557
	80,048	Comcast Corp. Class A	3,608,564
	33,739	Electronic Arts, Inc.*	3,300,349
	75,940	Facebook, Inc. Class A*	13,523,395
			40,557,370
	Pharmaceuticals, Biotechnology & Life Sciences – 8.3%
	78,671	AbbVie, Inc.	5,956,968
	23,881	Adaptive Biotechnologies Corp.*	737,923
	29,042	Agios Pharmaceuticals, Inc.*	940,961
	14,215	Alexion Pharmaceuticals, Inc.*	1,392,217
	81,468	AstraZeneca plc ADR	3,631,029
	25,533	BioMarin Pharmaceutical, Inc.*	1,720,924
	97,285	Elanco Animal Health, Inc.*	2,586,808
	37,315	Eli Lilly & Co.	4,172,936
	15,434	Illumina, Inc.*	4,695,332
	18,191	Incyte Corp.*	1,350,318
	10,508	Vertex Pharmaceuticals, Inc.*	1,780,265
			28,965,681
	Real Estate Investment Trusts – 2.0%
	18,656	American Tower Corp.	4,125,401
	5,231	Equinix, Inc.	3,017,241
			7,142,642
	Retailing – 6.0%
	8,392	Amazon.com, Inc.*	14,567,757
	35,559	Ross Stores, Inc.	3,906,156
	9,909	Ulta Beauty, Inc.*	2,483,691
			20,957,604
	Semiconductors & Semiconductor Equipment – 4.0%
	15,900	Analog Devices, Inc.	1,776,507
	79,219	Marvell Technology Group Ltd.	1,978,098
	35,386	NVIDIA Corp.	6,159,641
	31,745	NXP Semiconductors NV	3,464,014
	5,536	Texas Instruments, Inc.	715,473
			14,093,733

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – 21.3%
	24,881	Accenture plc Class A	$  4,785,860
	23,012	Adobe, Inc.*	6,357,065
	11,620	Atlassian Corp. plc Class A*	1,457,613
	27,737	Fidelity National Information Services, Inc.	3,682,364
	15,441	Intuit, Inc.	4,106,379
	35,335	Mastercard, Inc. Class A	9,595,926
	164,620	Microsoft Corp.	22,887,119
	30,225	salesforce.com, Inc.*	4,486,599
	7,513	ServiceNow, Inc.*	1,907,175
	66,649	Slack Technologies, Inc. Class A*(a)	1,581,581
	65,132	Visa, Inc. Class A	11,203,355
	14,159	Workday, Inc. Class A*	2,406,464
			74,457,500
	Technology Hardware & Equipment – 9.5%
	41,443	Amphenol Corp. Class A	3,999,249
	98,496	Apple, Inc.	22,060,149
	144,238	Cisco Systems, Inc.	7,126,800
			33,186,198
	Transportation – 2.8%
	52,728	CSX Corp.	3,652,468
	22,181	Lyft, Inc. Class A*	905,872
	32,920	Union Pacific Corp.	5,332,382
			9,890,722
	TOTAL COMMON STOCKS (Cost $221,168,285)		$345,012,893

Shares	Dividend Rate	Value
Investment Company(b) – 1.3%
Goldman Sachs Financial Square Government Fund — Institutional Shares
4,478,483	2.032%	$    4,478,483
(Cost $4,478,483)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $225,646,768)		$349,491,376
Securities Lending Reinvestment Vehicle(b) – 0.2%
Goldman Sachs Financial Square Government Fund — Institutional Shares
750,204	2.032%	$       750,204
(Cost $750,204)
TOTAL INVESTMENTS – 100.2% (Cost $226,396,972)		$350,241,580
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.2)%		(650,347)
NET ASSETS – 100.0%		$349,591,233

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:
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

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.3%
	Automobiles & Components – 0.1%
	6,263	General Motors Co.	$       234,737
	Banks – 6.4%
	4,780	Bank of America Corp.	139,433
	77,162	Citizens Financial Group, Inc.	2,729,220
	91,076	Fifth Third Bancorp	2,493,661
	13,644	JPMorgan Chase & Co.	1,605,762
	50,256	Popular, Inc.	2,717,844
	10,797	Signature Bank	1,287,218
	8,178	SVB Financial Group*	1,708,793
	59,128	Wells Fargo & Co.	2,982,416
	11,084	Western Alliance Bancorp	510,751
	66,724	Zions Bancorp NA	2,970,553
			19,145,651
	Capital Goods – 4.1%
	7,435	Allison Transmission Holdings, Inc.	349,817
	6,020	Boeing Co. (The)	2,290,429
	15,990	Caterpillar, Inc.	2,019,697
	9,357	HEICO Corp.	1,168,502
	79,859	Johnson Controls International plc	3,505,012
	3,735	Northrop Grumman Corp.	1,399,841
	8,039	Raytheon Co.	1,577,171
			12,310,469
	Commercial & Professional Services – 1.2%
	7,070	Cintas Corp.	1,895,467
	2,814	CoStar Group, Inc.*	1,669,265
			3,564,732
	Consumer Durables & Apparel – 1.0%
	54,532	DR Horton, Inc.	2,874,382
	Consumer Services – 2.7%
	454	Chipotle Mexican Grill, Inc.*	381,573
	48,107	Starbucks Corp.	4,253,621
	30,295	Yum! Brands, Inc.	3,436,362
			8,071,556
	Diversified Financials – 4.7%
	86,983	Ally Financial, Inc.	2,884,356
	814	Ameriprise Financial, Inc.	119,740
	5,667	AXA Equitable Holdings, Inc.	125,581
	16,170	Berkshire Hathaway, Inc. Class B*	3,363,683
	42,187	Morgan Stanley	1,800,119
	3,560	S&P Global, Inc.	872,129
	96,934	Synchrony Financial	3,304,480
	8,053	TD Ameritrade Holding Corp.	376,075
	20,174	Voya Financial, Inc.	1,098,273
			13,944,436
	Energy – 3.4%
	64,331	ConocoPhillips	3,665,580
	9,001	Exxon Mobil Corp.	635,561
	39,915	HollyFrontier Corp.	2,141,041
	1,747	Occidental Petroleum Corp.	77,689
	68,043	TechnipFMC plc	1,642,558

Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	22,920	Valero Energy Corp.	$    1,953,701
			10,116,130
	Food & Staples Retailing – 1.4%
	10,715	Kroger Co. (The)	276,233
	9,292	US Foods Holding Corp.*	381,901
	63,697	Walgreens Boots Alliance, Inc.	3,523,081
			4,181,215
	Food, Beverage & Tobacco – 1.7%
	52,568	General Mills, Inc.	2,897,548
	40,472	Monster Beverage Corp.*	2,349,804
			5,247,352
	Health Care Equipment & Services – 5.2%
	6,696	Align Technology, Inc.*	1,211,440
	15,673	Anthem, Inc.	3,763,087
	1,535	Becton Dickinson and Co.	388,294
	22,935	Dentsply Sirona, Inc.	1,222,665
	21,489	HCA Healthcare, Inc.	2,587,705
	13,999	McKesson Corp.	1,913,103
	16,002	UnitedHealth Group, Inc.	3,477,555
	6,720	Universal Health Services, Inc. Class B	999,600
			15,563,449
	Household & Personal Products – 1.5%
	18,301	Estee Lauder Cos., Inc. (The) Class A	3,640,984
	6,259	Procter & Gamble Co. (The)	778,494
			4,419,478
	Insurance – 1.9%
	18,516	Athene Holding Ltd. Class A*	778,783
	46,056	Progressive Corp. (The)	3,557,826
	42,396	Unum Group	1,260,009
			5,596,618
	Materials – 2.9%
	66,968	Alcoa Corp.*	1,344,048
	5,576	CF Industries Holdings, Inc.	274,339
	17,463	Ecolab, Inc.	3,458,373
	6,469	Sherwin-Williams Co. (The)	3,557,109
			8,633,869
	Media & Entertainment – 7.4%
	5,027	Alphabet, Inc. Class A*	6,138,671
	4,697	Alphabet, Inc. Class C*	5,725,643
	3,691	Cinemark Holdings, Inc.	142,620
	45,880	Facebook, Inc. Class A*	8,170,310
	22,326	Liberty Global plc Class C*	531,136
	107,451	News Corp. Class A	1,495,718
			22,204,098
	Pharmaceuticals, Biotechnology & Life Sciences – 6.4%
	59,327	AbbVie, Inc.	4,492,240
	35,601	Agilent Technologies, Inc.	2,728,105

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

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	14,439	Alexion Pharmaceuticals, Inc.*	$    1,414,156
	4,921	Biogen, Inc.*	1,145,707
	8,920	Bristol-Myers Squibb Co.	452,333
	60,335	Gilead Sciences, Inc.	3,824,032
	21,907	Incyte Corp.*	1,626,157
	17,754	Johnson & Johnson	2,297,012
	8,489	Merck & Co., Inc.	714,604
	29,010	Mylan NV*	573,818
			19,268,164
	Real Estate Investment Trusts – 6.2%
	15,438	Camden Property Trust	1,713,772
	5,064	CubeSmart	176,734
	93,593	Duke Realty Corp.	3,179,354
	11,239	Equity LifeStyle Properties, Inc.	1,501,530
	12,942	Extra Space Storage, Inc.	1,511,884
	95,245	Invitation Homes, Inc.	2,820,205
	42,448	Prologis, Inc.	3,617,419
	13,948	Public Storage	3,421,026
	8,341	STORE Capital Corp.	312,037
	2,375	Sun Communities, Inc.	352,569
			18,606,530
	Retailing – 9.4%
	6,771	Amazon.com, Inc.*	11,753,847
	1,626	Booking Holdings, Inc.*	3,191,204
	11,820	CarMax, Inc.*	1,040,160
	31,633	eBay, Inc.	1,233,054
	26,691	Home Depot, Inc. (The)	6,192,846
	11,266	Lowe’s Cos., Inc.	1,238,809
	34,040	Macy’s, Inc.	528,981
	26,179	Target Corp.	2,798,797
			27,977,698
	Semiconductors & Semiconductor Equipment – 2.4%
	12,667	Analog Devices, Inc.	1,415,284
	10,604	Micron Technology, Inc.*	454,381
	27,418	NXP Semiconductors NV	2,991,852
	17,890	Texas Instruments, Inc.	2,312,104
			7,173,621
	Software & Services – 13.8%
	5,227	Cadence Design Systems, Inc.*	345,400
	14,591	Intuit, Inc.	3,880,331
	1,924	Mastercard, Inc. Class A	522,501
	114,661	Microsoft Corp.	15,941,319
	63,658	Oracle Corp.	3,503,100
	42,624	PayPal Holdings, Inc.*	4,415,420
	10,991	ServiceNow, Inc.*	2,790,065
	17,176	VeriSign, Inc.*	3,239,909
	38,433	Visa, Inc. Class A	6,610,860
			41,248,905
	Technology Hardware & Equipment – 7.5%
	65,243	Apple, Inc.	14,612,475
	34,696	Cisco Systems, Inc.	1,714,329
	32,256	Keysight Technologies, Inc.*	3,136,896
	17,119	Motorola Solutions, Inc.	2,917,249
			22,380,949

Shares		Description	Value
	Common Stocks – (continued)
	Telecommunication Services – 0.1%
	8,499	AT&T, Inc.	$    321,602
	Transportation – 2.8%
	11,952	CSX Corp.	827,915
	58,725	Delta Air Lines, Inc.	3,382,560
	26,604	Union Pacific Corp.	4,309,316
			8,519,791
	Utilities – 5.1%
	160,144	AES Corp.	2,616,753
	437	Ameren Corp.	34,982
	22,248	DTE Energy Co.	2,958,094
	72,815	Exelon Corp.	3,517,693
	60,888	FirstEnergy Corp.	2,936,628
	104,316	PPL Corp.	3,284,911
			15,349,061
	TOTAL INVESTMENTS – 99.3% (Cost $254,045,030)		$296,954,493
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%		2,000,395
	NET ASSETS – 100.0%		$298,954,888

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.

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)

September 30, 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 Goldman Sachs Asset Management, L.P. (“GSAM”)’s assumptions in determining fair value measurement).

The Board of Trustees (“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 may be valued at the closing bid price for long positions and at the closing 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 for long positions or the last ask price for short positions, 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.

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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 pledged 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 other investments. 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 pledged 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.

A rate lock forward is a type of forward contract between a Fund and a rate lock provider pursuant to which the parties agree to make payments to each other based on a notional amount, contingent upon whether the referenced obligation is above or below a specified yield level on the termination date of the contract.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 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 swap contracts or credit defaults 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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 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 September 30, 2019.

CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Bonds	$	—		$	16,341,507		$	—
Mortgage-Backed Securities		—			21,775,816			—
Collateralized Mortgage Obligations		—			724,640			—
Commercial Mortgage-Backed Security		—			158,868			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		424,053			1,064,538			—
Asset-Backed Securities		—			2,534,445			—
Foreign Government Securities		—			1,512,506			—
Municipal Bonds		—			715,081			—
Short-Term Investment		12,476,565			—			—
Total	$	12,900,618		$	44,827,401		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts				$	(1,071,641	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)				$	46,397		$	—
Futures Contracts(a)		31,384			—			—
Credit Default Swaps Contracts(a)		—			13,025			—
Interest Rate Swap Contracts(a)		—			57,105			—
Purchased Options Contracts		—			6,035			—
Total	$	31,384		$	122,562		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts				$	(60,549	)	$	—
Futures Contracts		(142,163	)		—			—
Credit Default Swaps Contracts		—			(241	)		—
Interest Rate Swap Contracts		—			(34,974	)		—
Written Options Contracts		—			(32,221	)		—
Total	$	(142,163	)	$	(127,985	)	$	—
EQUITY INDEX
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	788,025		$	—		$	—
North America		167,258,195			—			—
Securities Lending Reinvestment Vehicle		20,250			—			—
Total	$	168,066,470		$	—		$	—
Derivative Type
Liabilities(a)
Futures Contract	$	(11,058	)	$	—		$	—
GLOBAL TRENDS ALLOCATION
Investment Type	Level 1			Level 2			Level 3
Assets
Exchange Traded Funds	$	85,469,578		$	—		$	—
Investment Companies		187,184,165			—			—
Total	$	272,653,743		$	—		$	—
Derivative Type
Assets(a)
Futures Contracts	$	1,049,708		$	—		$	—
Liabilities(a)
Futures Contracts	$	(1,565,954	)	$	—		$	—

(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)

September 30, 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	$	68,663,543		$	—	$	—
Investment Company		2,190,395			—		—
Securities Lending Reinvestment Vehicle		875,290			—		—
Total	$	71,729,228		$	—	$	—
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	$	21,879,467		$	2,000,834	$	—
Mortgage-Backed Securities		—			2,366,547		—
Collateralized Mortgage Obligations		—			18,344,195		—
Commercial Mortgage-Backed Security		—			264,628		—
Asset-Backed Securities		—			29,840,723		—
Supranational		—			2,532,022		—
Municipal Bond		—			95,123		—
Investment Company		2,789,451			—		—
Short-Term Investments		—			990,614		—
Total	$	24,668,918		$	56,434,686	$	—
Derivative Type
Assets(b)
Futures Contracts	$	21,483		$	—	$	—
INTERNATIONAL EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—		$	25,570,188	$	—
Australia and Oceania		452,297			5,546,672		—
Europe		1,466,129			48,638,139		—
North America		177,451			—		—
Total	$	2,095,877		$	79,754,999	$	—
Derivative Type
Assets(b)
Futures Contracts	$	17,651		$	—	$	—
Liabilities(b)
Futures Contracts	$	(231	)	$	—	$	—
LARGE CAP VALUE
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	11,618,784		$	—	$	—
North America		442,649,845			—		—
Investment Company		2,470,427			—		—
Total	$	456,739,056		$	—	$	—
MID CAP VALUE
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	12,174,684		$	—	$	—
North America		476,579,291			—		—
Investment Company		5,168,726			—		—
Master Limited Partnership		4,225,762			—		—
Securities Lending Reinvestment Vehicle		3,015,759			—		—
Total	$	501,164,222		$	—	$	—

(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)

September 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

MULTI-STRATEGY ALTERNATIVES
Investment Type	Level 1			Level 2		Level 3
Assets
Equity Underlying Funds	$	5,236,205		$	—	$	—
Fixed Income Underlying Funds		11,407,993			—		—
Exchange Traded Fund		282,806			—		—
Investment Company		1,266,561			—		—
Securities Lending Reinvestment Vehicle		248,400			—		—
Total	$	18,441,965		$	—	$	—
Derivative Type
Assets
Purchased Options Contracts	$	262,125		$	—	$	—
Liabilities(a)
Futures Contracts	$	(33,076	)	$	—	$	—
SMALL CAP EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Asia	$	255,747		$	—	$	—
Europe		764,611			—		—
North America		86,577,902			—		—
South America		27,141			—		—
Securities Lending Reinvestment Vehicle		483,026			—		—
Total	$	88,108,427		$	—	$	—
Derivative Type
Liabilities(a)
Futures Contracts	$	(26,161	)	$	—	$	—
STRATEGIC GROWTH
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	9,919,287		$	—	$	—
North America		335,093,606			—		—
Investment Company		4,478,483			—		—
Securities Lending Reinvestment Vehicle		750,204			—		—
Total	$	350,241,580		$	—	$	—
U.S. EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock(b)
Europe	$	5,165,546		$	—	$	—
North America		291,788,947			—		—
Total	$	296,954,493		$	—	$	—

(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)

September 30, 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, Mid 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 Securities and Exchange Commission (‘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’ and the Portfolio’s securities lending procedures, the Funds and the Portfolio 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 and the Portfolio, 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 and the Portfolio on the next business day. As with other extensions of credit, the Funds and the Portfolio 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 and the Portfolio 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, Mid 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, Portfolio, 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), confiscation of assets and property, 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.

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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 a 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, Portfolio or 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, Portfolio or Underlying Fund 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, Portfolio or Underlying Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund, Portfolio or Underlying Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s, Portfolio’s or Underlying 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, Portfolio’s or Underlying Fund’s investments in securities of issuers located in emerging market countries. These risks may be more pronounced in connection with the Fund’s, Portfolio’s and Underlying Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a fund’s liquidity.

Market and Credit Risks — In the normal course of business, a Fund, Portfolio or Underlying Fund trade financial instruments and enter 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 and the Portfolio 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 and the Portfolio may purchase for investment. Taking short positions involves leverage of a Fund’s and the Portfolio’s assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a Fund and the Portfolio have taken a short position increases, then the Fund and the Portfolio 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 and the Portfolio use 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 and the Portfolio to the markets and therefore could magnify changes to a Fund’s and the Portfolio’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.