GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – 38.4%
Automobiles & Components – 0.0%
General Motors Co.
$	25,000		4.000	%	04/01/2025	$          21,350
Banks – 9.9%
American Express Co.(a)
	25,000		3.625		12/05/2024	25,902
American Express Co. Series C(a)(b)
	(3 Mo. LIBOR + 3.29%),
	40,000		4.025		06/15/2020	33,800
Avolon Holdings Funding Ltd.(a)(c)
	100,000		2.875		02/15/2025	79,070
Bank of America Corp.
	75,000		4.125		01/22/2024	79,843
	(3 Mo. LIBOR + 0.94%),
	50,000		3.864	(a)(b)	07/23/2024	52,219
	50,000		4.200		08/26/2024	53,100
	45,000		3.248	(a)	10/21/2027	46,985
	(3 Mo. LIBOR + 1.58%),
	75,000		3.824	(a)(b)	01/20/2028	78,530
	(3 Mo. LIBOR + 1.37%),
	25,000		3.593	(a)(b)	07/21/2028	25,893
	(3 Mo. LIBOR + 1.04%),
	85,000		3.419	(a)(b)	12/20/2028	87,487
	(3 Mo. LIBOR + 1.31%),
	50,000		4.271	(a)(b)	07/23/2029	54,171
	(3 Mo. LIBOR + 1.19%),
	50,000		2.884	(a)(b)	10/22/2030	49,989
	(3 Mo. LIBOR + 3.15%),
	125,000		4.083	(a)(b)	03/20/2051	141,245
Bank of America Corp. Series L(a)
	25,000		4.183		11/25/2027	26,295
BNP Paribas SA(c)
	200,000		3.375		01/09/2025	199,217
BPCE SA
	300,000		2.650		02/03/2021	300,042
Citigroup, Inc.
	220,000		3.400		05/01/2026	232,482
	25,000		4.125		07/25/2028	25,795
	(SOFR + 1.42%),
	75,000		2.976	(a)(b)	11/05/2030	72,588
	(SOFR + 3.91%),
	50,000		4.412	(a)(b)	03/31/2031	54,928
Credit Suisse Group Funding Guernsey Ltd.
	250,000		4.550		04/17/2026	263,944
Deutsche Bank AG
	115,000		2.700		07/13/2020	113,246
Discover Financial Services(a)
	75,000		3.750		03/04/2025	74,089
Gazprom PJSC
	240,000		4.950		03/23/2027	250,223
GE Capital International Funding Co. Unlimited Co.
	200,000		3.373		11/15/2025	201,330
General Motors Financial Co., Inc.(a)
	25,000		4.300		07/13/2025	21,940
Huntington Bancshares, Inc.(a)
	50,000		4.000		05/15/2025	52,409

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Banks – (continued)
JPMorgan Chase & Co.(a)
	(3 Mo. LIBOR + 1.00%),
$	150,000		4.023	%(b)	12/05/2024	$     158,738
	(SOFR + 1.16%),
	200,000		2.30	(b)	10/15/2025	199,467
	(3 Mo. LIBOR + 1.25%),
	100,000		3.960	(b)	01/29/2027	107,840
	15,000		3.625		12/01/2027	15,716
	(3 Mo. LIBOR + 1.34%),
	75,000		3.782	(b)	02/01/2028	79,903
	(3 Mo. LIBOR + 0.95%),
	45,000		3.509	(b)	01/23/2029	46,809
	(SOFR + 3.79%),
	25,000		4.493	(b)	03/24/2031	28,822
JPMorgan Chase & Co. Series HH(a)(b)
	(SOFR + 3.13%),
	100,000		4.600		02/01/2025	88,046
JPMorgan Chase & Co. Series Z(a)(b)
	(3 Mo. LIBOR + 3.80%),
	85,000		5.300		05/01/2020	79,270
Mizuho Financial Group, Inc.
	250,000		2.601		09/11/2022	250,158
Morgan Stanley
	(3 Mo. LIBOR + 1.40%),
	50,000		3.201	(a)(b)	10/24/2023	48,313
	(3 Mo. LIBOR + 0.85%),
	25,000		3.737	(a)(b)	04/24/2024	25,938
	225,000		3.700		10/23/2024	237,314
	(SOFR + 1.15%),
	75,000		2.720	(a)(b)	07/22/2025	75,407
	25,000		3.625		01/20/2027	26,432
	50,000		3.950		04/23/2027	51,897
	(3 Mo. LIBOR + 1.63%),
	100,000		4.431	(a)(b)	01/23/2030	110,815
	(SOFR + 3.12%),
	50,000		3.622	(a)(b)	04/01/2031	52,317
	(SOFR + 4.84%),
	75,000		5.597	(a)(b)	03/24/2051	103,486
Nuveen LLC(a)(c)
	25,000		4.000		11/01/2028	26,124
Raymond James Financial, Inc.(a)
	25,000		4.650		04/01/2030	25,974
Royal Bank of Canada(b)
	(3 Mo. LIBOR + 0.39%),
	50,000		2.160		04/30/2021	49,223
Royal Bank of Scotland Group plc
	200,000		3.875		09/12/2023	201,889
Santander UK plc
	200,000		2.875		06/18/2024	199,965
Standard Chartered plc(a)(b)(c)
	(3 Mo. LIBOR + 1.15%),
	200,000		4.247		01/20/2023	200,884
Wells Fargo & Co.
	175,000		3.000		10/23/2026	179,014
	50,000		4.300		07/22/2027	52,981
	(3 Mo. LIBOR + 4.24%),
	25,000		5.013	(a)(b)	04/04/2051	31,714

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Banks – (continued)
Westpac Banking Corp. (a)(b)
	(5 Yr. Swap Rate + 2.24%),
$	25,000		4.322	%	11/23/2031	$       25,518
	(US Treasury Yield Curve Rate T-Note Constant Maturity 5 Yr. + 2.00%),
	50,000		4.110		07/24/2034	48,080
						5,524,816
Capital Goods – 1.7%
3M Co.(a)
	25,000		3.700		04/15/2050	27,879
Air Lease Corp.(a)
	75,000		2.300		02/01/2025	59,106
	75,000		3.750		06/01/2026	64,653
Boeing Co. (The)(a)
	50,000		3.450		11/01/2028	44,303
General Dynamics Corp.(a)
	50,000		4.250		04/01/2050	61,622
Northrop Grumman Corp.
	50,000		2.930	(a)	01/15/2025	50,922
	75,000		3.250	(a)	01/15/2028	78,782
	25,000		4.750		06/01/2043	30,214
	75,000		5.250	(a)	05/01/2050	100,708
Otis Worldwide Corp.(a)(c)
	25,000		2.293		04/05/2027	23,958
	150,000		2.565		02/15/2030	145,291
Roper Technologies, Inc.(a)
	50,000		4.200		09/15/2028	53,211
Stanley Black & Decker, Inc.(a)
	50,000		4.250		11/15/2028	53,539
United Technologies Corp.(a)
	50,000		3.950		08/16/2025	54,571
	50,000		4.125		11/16/2028	55,252
	25,000		4.050		05/04/2047	27,336
	25,000		4.625		11/16/2048	29,577
						960,924
Commercial & Professional Services(a) – 0.4%
IHS Markit Ltd.
	75,000		3.625		05/01/2024	76,187
	75,000		4.250		05/01/2029	78,381
Republic Services, Inc.
	75,000		2.500		08/15/2024	75,851
						230,419
Consumer Durables & Apparel(a) – 0.7%
Carrier Global Corp.(c)
	150,000		2.493		02/15/2027	141,612
	200,000		2.722		02/15/2030	183,632
NIKE, Inc.
	25,000		3.250		03/27/2040	26,072
	25,000		3.375		03/27/2050	27,277
						378,593
Consumer Services(a) – 0.3%
Marriott International, Inc.
	85,000		2.300		01/15/2022	79,725
McDonald’s Corp.
	25,000		4.200		04/01/2050	27,821
Starbucks Corp.
	75,000		3.800		08/15/2025	79,690
						187,236

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Electric – 2.5%
Alliant Energy Finance LLC(a)(c)
$	25,000		3.750	%	06/15/2023	$       26,623
American Electric Power Co., Inc.(a)
	50,000		2.300		03/01/2030	46,633
Arizona Public Service Co.(a)
	45,000		2.950		09/15/2027	45,983
Berkshire Hathaway Energy Co.(a)
	25,000		3.250		04/15/2028	25,817
	50,000		3.700	(c)	07/15/2030	53,476
Dominion Energy, Inc.
	50,000		3.071		08/15/2024	49,624
Dominion Energy, Inc. Series C(a)
	25,000		3.375		04/01/2030	24,749
Emera US Finance LP(a)
	45,000		2.700		06/15/2021	45,611
Entergy Corp.(a)
	45,000		2.950		09/01/2026	44,723
Exelon Corp.(a)
	45,000		3.497		06/01/2022	43,689
	50,000		4.050		04/15/2030	51,112
	25,000		4.700		04/15/2050	26,141
FirstEnergy Corp.(a)
	100,000		2.650		03/01/2030	94,391
Florida Power & Light Co.(a)
	68,000		4.125		02/01/2042	77,268
MidAmerican Energy Co.(a)
	25,000		3.650		04/15/2029	27,341
NiSource, Inc.(a)
	50,000		3.650		06/15/2023	51,102
	95,000		3.490		05/15/2027	96,303
NRG Energy, Inc. (a)(c)
	75,000		3.750		06/15/2024	74,127
Ohio Power Co. Series P(a)
	25,000		2.600		04/01/2030	24,842
Progress Energy, Inc.
	120,000		7.000		10/30/2031	157,654
Sempra Energy(a)(b)
	(3 Mo. LIBOR + 0.50%),
	70,000		2.331		01/15/2021	66,306
Southern California Edison Co. Series A(a)
	50,000		4.200		03/01/2029	53,303
Southern Co. (The) (a)
	60,000		3.250		07/01/2026	60,453
Vistra Operations Co. LLC(a)(c)
	125,000		3.550		07/15/2024	117,596
						1,384,867
Energy – 2.1%
BP Capital Markets America, Inc.(a)
	75,000		3.224		04/14/2024	76,509
Cenovus Energy, Inc.(a)
	25,000		4.250		04/15/2027	12,303
Continental Resources, Inc.(a)
	150,000		4.500		04/15/2023	83,250
Devon Energy Corp.(a)
	29,000		5.850		12/15/2025	23,615
	25,000		5.600		07/15/2041	15,858
	5,000		4.750		05/15/2042	3,204
Energy Transfer Operating LP(a)
	25,000		4.650		06/01/2021	24,347
	75,000		4.200		09/15/2023	66,643
	50,000		2.900		05/15/2025	42,393
	25,000		5.250		04/15/2029	21,149
	5,000		6.000		06/15/2048	4,155

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Energy – (continued)
Enterprise Products Operating LLC(a)(b)
	(3 Mo. LIBOR + 2.78%),
$	40,000		4.358	%	06/01/2067	$       23,369
EQM Midstream Partners LP(a)
	100,000		4.750		07/15/2023	72,000
	25,000		5.500		07/15/2028	13,875
Marathon Petroleum Corp.(a)
	25,000		3.800		04/01/2028	21,033
MPLX LP(a)
	25,000		4.800		02/15/2029	21,942
	35,000		4.500		04/15/2038	24,860
	25,000		5.500		02/15/2049	21,502
Newfield Exploration Co.
	50,000		5.625		07/01/2024	25,250
Occidental Petroleum Corp.(a)
	225,000		2.900		08/15/2024	124,312
	15,000		5.550		03/15/2026	7,950
Petroleos Mexicanos
	20,000		4.500		01/23/2026	14,519
	20,000		6.490	(a)(c)	01/23/2027	14,750
	10,000		6.500		03/13/2027	7,352
	10,000		5.950	(a)(c)	01/28/2031	6,876
	20,000		6.750		09/21/2047	13,100
	30,000		7.690	(a)(c)	01/23/2050	20,550
Phillips 66(a)
	60,000		3.900		03/15/2028	57,809
Pioneer Natural Resources Co.(a)
	25,000		3.950		07/15/2022	24,070
Plains All American Pipeline LP(a)
	15,000		3.650		06/01/2022	13,753
	35,000		3.850		10/15/2023	31,655
Sabine Pass Liquefaction LLC(a)
	75,000		5.625		03/01/2025	71,119
	75,000		5.000		03/15/2027	64,903
Western Midstream Operating LP(a)
	75,000		3.100		02/01/2025	39,750
	50,000		4.050		02/01/2030	21,875
	25,000		5.450		04/01/2044	9,312
	25,000		5.300		03/01/2048	10,000
						1,150,912
Food & Beverage(a) – 2.3%
Anheuser-Busch Cos. LLC
	35,000		4.700		02/01/2036	36,532
	210,000		4.900		02/01/2046	231,332
Anheuser-Busch InBev Worldwide, Inc.
	350,000		4.750		01/23/2029	385,936
	100,000		4.600		04/15/2048	105,805
	25,000		5.550		01/23/2049	29,384
Constellation Brands, Inc.
	(3 Mo. LIBOR + 0.70%),
	75,000		2.392	(b)	11/15/2021	71,748
	50,000		4.400		11/15/2025	50,302
	25,000		3.700		12/06/2026	24,818
	50,000		3.600		02/15/2028	48,974
	25,000		3.150		08/01/2029	23,243
JM Smucker Co. (The)
	25,000		2.375		03/15/2030	23,213
Keurig Dr Pepper, Inc.
	50,000		4.057		05/25/2023	52,037
	25,000		5.085		05/25/2048	31,160
Mars, Inc.(c)
	25,000		2.700		04/01/2025	25,389
	25,000		3.200		04/01/2030	26,179

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Food & Beverage(a) – (continued)
PepsiCo, Inc.
$	50,000		3.625	%	03/19/2050	$       58,875
Tyson Foods, Inc.
	50,000		3.900		09/28/2023	52,039
						1,276,966
Health Care Equipment & Services(a) – 1.7%
Becton Dickinson and Co.
	(3 Mo. LIBOR + 0.88%),
	93,000		2.250	(b)	12/29/2020	89,861
	45,000		2.894		06/06/2022	44,682
	25,000		3.363		06/06/2024	24,976
	40,000		3.700		06/06/2027	40,624
Centene Corp.(c)
	150,000		4.250		12/15/2027	150,992
Cigna Corp.
	100,000		3.750		07/15/2023	102,022
	50,000		2.400		03/15/2030	47,334
	150,000		3.400		03/15/2050	142,093
CVS Health Corp.
	75,000		3.500		07/20/2022	76,986
	50,000		3.700		03/09/2023	51,826
	50,000		3.875		07/20/2025	52,467
	25,000		4.250		04/01/2050	25,895
Zimmer Biomet Holdings, Inc.
	100,000		3.550		03/20/2030	99,333
						949,091
Household & Personal Products – 0.1%
Kimberly-Clark Corp.(a)
	25,000		3.100		03/26/2030	26,817
Procter & Gamble Co. (The)
	25,000		3.600		03/25/2050	30,834
						57,651
Life Insurance(a) – 0.6%
American International Group, Inc.
	125,000		3.900		04/01/2026	128,818
	25,000		4.200		04/01/2028	25,859
Berkshire Hathaway Finance Corp.
	75,000		1.850		03/12/2030	72,739
Marsh & McLennan Cos., Inc.
	50,000		4.375		03/15/2029	55,706
Principal Financial Group, Inc.
	50,000		3.100		11/15/2026	49,172
						332,294
Materials – 0.3%
DuPont de Nemours, Inc.(a)
	25,000		4.205		11/15/2023	26,315
	50,000		4.493		11/15/2025	53,570
Ecolab, Inc.
	4,000		5.500		12/08/2041	4,733
Huntsman International LLC(a)
	25,000		4.500		05/01/2029	21,381
Sherwin-Williams Co. (The)(a)
	25,000		3.450		06/01/2027	25,635
	50,000		2.950		08/15/2029	49,057
						180,691
Media & Entertainment(a) – 2.1%
Charter Communications Operating LLC
	92,000		4.500		02/01/2024	94,985
	220,000		4.908		07/23/2025	236,468

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Media & Entertainment(a) – (continued)
Comcast Corp.
$	25,000		3.700	%	04/15/2024	$       26,821
	25,000		3.100		04/01/2025	26,476
	45,000		3.375		08/15/2025	47,759
	50,000		3.950		10/15/2025	55,105
	25,000		3.300		02/01/2027	26,265
	75,000		3.300		04/01/2027	79,138
	225,000		3.150		02/15/2028	235,697
	125,000		4.150		10/15/2028	141,273
	25,000		4.250		10/15/2030	29,038
	25,000		3.750		04/01/2040	27,796
	25,000		4.950		10/15/2058	34,001
Fox Corp.(c)
	25,000		4.030		01/25/2024	25,947
	25,000		4.709		01/25/2029	27,407
Walt Disney Co. (The)
	25,000		3.700		09/15/2024	26,931
	25,000		4.700		03/23/2050	32,524
						1,173,631
Metals and Mining – 0.3%
Glencore Funding LLC(c)
	75,000		4.125	(a)	03/12/2024	70,114
	25,000		4.625		04/29/2024	23,514
Newmont Corp.
	75,000		2.250	(a)	10/01/2030	69,730
						163,358
Pharmaceuticals, Biotechnology & Life Sciences – 2.9%
AbbVie, Inc.
	75,000		3.375		11/14/2021	76,657
	50,000		3.750	(a)	11/14/2023	52,022
	125,000		4.050	(a)(c)	11/21/2039	130,424
	200,000		4.250	(a)(c)	11/21/2049	214,684
Amgen, Inc.(a)
	70,000		3.125		05/01/2025	73,132
Bayer US Finance II LLC(a)(c)
	200,000		3.875		12/15/2023	205,061
Bayer US Finance LLC(c)
	200,000		3.000		10/08/2021	205,144
Bristol-Myers Squibb Co.(a)(c)
	150,000		3.875		08/15/2025	162,779
	25,000		4.250		10/26/2049	31,619
DH Europe Finance II Sarl(a)
	75,000		2.200		11/15/2024	73,644
	25,000		2.600		11/15/2029	24,942
	75,000		3.250		11/15/2039	72,561
Elanco Animal Health, Inc.
	50,000		4.662		08/27/2021	49,432
	25,000		5.022	(a)	08/28/2023	25,354
Pfizer, Inc.(a)
	75,000		3.450		03/15/2029	82,529
	25,000		2.625		04/01/2030	26,175
Thermo Fisher Scientific, Inc.(a)
	35,000		3.000		04/15/2023	35,819
	15,000		3.650		12/15/2025	15,528
	25,000		4.497		03/25/2030	28,169
Zoetis, Inc.(a)
	45,000		3.000		09/12/2027	45,566
						1,631,241
Pipelines(a) – 0.2%
Columbia Pipeline Group, Inc.
	35,000		3.300		06/01/2020	35,011

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Pipelines(a) – (continued)
Sunoco Logistics Partners Operations LP
$	15,000		4.250	%	04/01/2024	$       13,194
Williams Cos., Inc. (The)
	25,000		3.600		03/15/2022	24,493
	25,000		3.900		01/15/2025	22,428
	35,000		4.000		09/15/2025	30,909
						126,035
Property/Casualty Insurance – 0.2%
Arch Capital Group US, Inc.
	36,000		5.144		11/01/2043	39,982
Progressive Corp. (The)(a)
	25,000		3.950		03/26/2050	28,785
XLIT Ltd.
	45,000		4.450		03/31/2025	46,449
						115,216
Real Estate Investment Trusts(a) – 1.8%
Alexandria Real Estate Equities, Inc.
	25,000		3.800		04/15/2026	25,084
	25,000		3.375		08/15/2031	23,209
American Campus Communities Operating Partnership LP
	95,000		4.125		07/01/2024	98,375
American Homes 4 Rent LP
	50,000		4.900		02/15/2029	47,746
American Tower Corp.
	75,000		3.375		05/15/2024	74,912
	100,000		2.400		03/15/2025	98,548
Crown Castle International Corp.
	25,000		2.250		09/01/2021	24,565
	85,000		3.150		07/15/2023	84,923
	60,000		3.650		09/01/2027	60,823
	25,000		3.300		07/01/2030	24,795
CubeSmart LP
	45,000		4.000		11/15/2025	44,646
Essex Portfolio LP
	50,000		3.000		01/15/2030	46,782
Kilroy Realty LP
	25,000		4.750		12/15/2028	26,260
National Retail Properties, Inc.
	45,000		4.000		11/15/2025	46,659
Regency Centers LP
	100,000		2.950		09/15/2029	93,878
Spirit Realty LP
	75,000		3.400		01/15/2030	64,837
Ventas Realty LP
	45,000		3.500		02/01/2025	44,263
VEREIT Operating Partnership LP
	50,000		4.625		11/01/2025	48,900
	25,000		3.950		08/15/2027	23,575
WP Carey, Inc.
	25,000		3.850		07/15/2029	24,376
						1,027,156
Retailing(a) – 1.5%
Alimentation Couche-Tard, Inc.(c)
	45,000		2.700		07/26/2022	44,253
Amazon.com, Inc.
	335,000		5.200		12/03/2025	398,972
	45,000		4.800		12/05/2034	58,631
	15,000		3.875		08/22/2037	17,939

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Retailing(a) – (continued)
Dollar Tree, Inc.
$	50,000		4.000	%	05/15/2025	$       51,379
	50,000		4.200		05/15/2028	50,867
Expedia Group, Inc.
	35,000		3.800		02/15/2028	30,778
Home Depot, Inc. (The)
	25,000		3.900		12/06/2028	27,809
	25,000		4.250		04/01/2046	29,247
Lowe’s Cos., Inc.
	50,000		5.000		04/15/2040	56,825
	25,000		5.125		04/15/2050	29,907
Sysco Corp.
	25,000		6.600		04/01/2050	27,144
						823,751
Software & Services(a) – 1.3%
Adobe, Inc.
	50,000		2.150		02/01/2027	50,837
	75,000		2.300		02/01/2030	74,515
Fiserv, Inc.
	25,000		3.800		10/01/2023	25,999
	100,000		2.750		07/01/2024	100,212
	50,000		3.200		07/01/2026	51,270
	25,000		4.200		10/01/2028	27,062
Global Payments, Inc.
	50,000		2.650		02/15/2025	50,638
	25,000		3.200		08/15/2029	24,015
Mastercard, Inc.
	25,000		3.300		03/26/2027	27,191
	25,000		3.350		03/26/2030	27,741
Oracle Corp.
	25,000		3.600		04/01/2040	24,986
	50,000		3.600		04/01/2050	49,955
	50,000		3.850		04/01/2060	50,307
PayPal Holdings, Inc.
	125,000		2.650		10/01/2026	122,524
						707,252
Technology – 2.2%
Apple, Inc.(a)
	325,000		2.450		08/04/2026	339,727
Broadcom Corp.(a)
	125,000		3.625		01/15/2024	123,603
	50,000		3.125		01/15/2025	47,283
Broadcom, Inc.(c)
	100,000		3.125		10/15/2022	98,979
	75,000		3.625	(a)	10/15/2024	73,545
	150,000		4.250	(a)	04/15/2026	150,576
Dell International LLC(a)(c)
	70,000		5.450		06/15/2023	71,798
	100,000		6.020		06/15/2026	103,541
Hewlett Packard Enterprise Co.(a)
	45,000		4.900		10/15/2025	46,523
	25,000		6.350		10/15/2045	29,058
Microchip Technology, Inc.
	25,000		3.922		06/01/2021	24,212
Oracle Corp.(a)
	70,000		2.500		05/15/2022	71,163
QUALCOMM, Inc.(a)
	25,000		2.600		01/30/2023	25,588
						1,205,596

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Tobacco(a) – 0.2%
Altria Group, Inc.
$	50,000		3.800	%	02/14/2024	$          50,739
Archer-Daniels-Midland Co.
	25,000		3.250		03/27/2030	26,464
BAT Capital Corp.
	25,000		3.222		08/15/2024	24,991
	25,000		4.540		08/15/2047	22,814
						125,008
Transportation(a) – 0.4%
Avolon Holdings Funding Ltd.(c)
	25,000		3.950		07/01/2024	19,700
Burlington Northern Santa Fe LLC
	25,000		4.050		06/15/2048	29,139
Canadian Pacific Railway Co.
	25,000		2.050		03/05/2030	23,292
FedEx Corp.
	45,000		3.400		02/15/2028	43,833
Penske Truck Leasing Co. LP(c)
	70,000		3.375		02/01/2022	70,692
United Parcel Service, Inc.
	50,000		5.300		04/01/2050	65,293
						251,949
Wireless Telecommunications – 2.7%
American Tower Corp.
	45,000		4.700		03/15/2022	46,023
AT&T, Inc.
	60,000		3.200	(a)	03/01/2022	60,864
	80,000		3.800		03/15/2022	81,996
	50,000		3.000	(a)	06/30/2022	50,158
	195,000		3.400	(a)	05/15/2025	202,431
	25,000		3.600	(a)	07/15/2025	26,047
	110,000		4.250	(a)	03/01/2027	117,515
	25,000		4.900	(a)	08/15/2037	28,067
	25,000		4.750	(a)	05/15/2046	27,662
	25,000		5.150	(a)	11/15/2046	29,187
	25,000		4.500	(a)	03/09/2048	27,099
Verizon Communications, Inc.
	25,000		3.376		02/15/2025	26,810
	25,000		2.625		08/15/2026	25,812
	145,000		4.329		09/21/2028	165,848
	200,000		3.875	(a)	02/08/2029	223,956
	25,000		3.150	(a)	03/22/2030	26,985
	100,000		4.862		08/21/2046	130,469
	87,000		5.012		04/15/2049	117,380
	25,000		4.000	(a)	03/22/2050	29,494
Vodafone Group plc
	75,000		3.750		01/16/2024	78,092
						1,521,895
TOTAL CORPORATE BONDS (Cost $21,659,539)						$    21,507,898
Mortgage-Backed Securities – 45.6%
FHLMC – 0.1%
$	2,631		4.500	%	07/01/2024	$            2,760
	15,791		4.500		11/01/2024	16,585
	3,594		4.500		12/01/2024	3,776
	6,603		7.500		12/01/2029	7,707
	1,811		5.000		10/01/2033	2,025
	2,947		5.000		07/01/2035	3,274
	4,015		5.000		12/01/2035	4,475

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – (continued)
FHLMC – (continued)
$	821		5.000	%	03/01/2038	$              905
	2,338		5.000		06/01/2041	2,579
						44,086
GNMA – 20.1%
	1,197		7.000		10/15/2025	1,227
	5,203		7.000		11/15/2025	5,535
	696		7.000		02/15/2026	717
	2,456		7.000		04/15/2026	2,617
	2,494		7.000		03/15/2027	2,692
	15,084		7.000		11/15/2027	15,680
	6,274		7.000		02/15/2028	6,794
	1,472		7.000		03/15/2028	1,519
	820		7.000		04/15/2028	846
	109		7.000		05/15/2028	119
	2,443		7.000		06/15/2028	2,666
	3,724		7.000		07/15/2028	4,093
	9,448		7.000		09/15/2028	10,285
	1,834		7.000		11/15/2028	1,970
	755		7.500		11/15/2030	757
	94,527		6.000		08/20/2034	109,018
	87,675		5.000		06/15/2040	97,849
	424,933		4.000		08/20/2043	460,796
	195,585		4.000		10/20/2045	210,991
	331,349		5.000		08/20/2048	354,311
	546,756		4.500		09/20/2048	583,460
	623,264		5.000		10/20/2048	666,019
	618,853		5.000		11/20/2048	660,676
	1,456,030		4.500		01/20/2049	1,548,996
	192,822		4.500		03/20/2049	204,862
	216,979		4.500		05/20/2049	230,205
	892,837		5.000		05/20/2049	947,527
	874,542		5.000		06/20/2049	929,494
	2,000,000		2.500		TBA-30yr(d)	2,090,917
	1,000,000		3.000		TBA-30yr(d)	1,057,667
	1,000,000		4.500		TBA-30yr(d)	1,060,296
						11,270,601
UMBS – 14.2%
	234		5.000		06/01/2023	243
	17,403		5.500		09/01/2023	18,066
	5,253		5.500		10/01/2023	5,457
	1,059		4.500		07/01/2024	1,109
	35,154		4.500		11/01/2024	36,861
	17,483		4.500		12/01/2024	18,361
	5,716		9.000		11/01/2025	6,391
	26,355		7.000		08/01/2026	29,118
	10,767		8.000		10/01/2029	12,466
	1,101		8.500		04/01/2030	1,293
	2,048		8.000		05/01/2030	2,230
	6,020		8.000		08/01/2032	7,098
	8,085		4.500		08/01/2039	8,878
	36,806		3.000		01/01/2043	39,128
	154,491		3.000		03/01/2043	164,235
	214,590		3.000		04/01/2043	228,125
	159,694		3.000		05/01/2043	169,767
	495,737		4.500		04/01/2045	546,861
	55,412		4.500		05/01/2045	61,126
	346,287		4.000		02/01/2048	375,183
	463,670		4.000		03/01/2048	502,361

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – (continued)
UMBS – (continued)
$	106,073		4.000	%	06/01/2048	$       113,158
	39,087		4.000		07/01/2048	42,437
	609,223		4.000		08/01/2048	659,488
	431,877		5.000		11/01/2048	472,240
	2,177,999		5.000		10/01/2049	2,349,486
	1,955,673		3.000		12/01/2049	2,051,519
						7,922,685
UMBS, 30 Year, Single Family(d) – 11.2%
	3,000,000		2.500		TBA-30yr	3,109,778
	3,000,000		3.500		TBA-30yr	3,173,054
						6,282,832
TOTAL MORTGAGE-BACKED SECURITIES (Cost $25,000,749)						$  25,520,204
Collateralized Mortgage Obligations – 0.8%
Adjustable Rate Non-Agency(a)(b) – 0.7%
Alternative Loan Trust Series 2005-38, Class A1
$	74,925		3.466	%	09/25/2035	61,262
Harben Finance plc Series 2017-1X, Class A
GBP	70,443		1.554		08/20/2056	85,889
Lehman XS Trust Series 2005-7N, Class 1A1A
$	125,610		1.487		12/25/2035	103,783
London Wall Mortgage Capital plc Series 2017-FL1, Class A
GBP	45,571		1.609		11/15/2049	55,558
Stratton Mortgage Funding plc Series 2019-1, Class A
	92,674		1.911		05/25/2051	112,026
						418,518
Sequential Fixed Rate – 0.1%
FNMA REMIC Series 2012-111, Class B
$	9,899		7.000		10/25/2042	12,215
FNMA REMIC Series 2012-153, Class B
	28,422		7.000		07/25/2042	35,872
						48,087
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $477,716)						$       466,605
Commercial Mortgage-Backed Securities(a)– 0.5%
Adjustable Rate Non-Agency(b)(c) – 0.0%
Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A
$	8,743		1.630	%	06/15/2035	$           7,983
Sequential Fixed Rate – 0.5%
BANK Series 2019-BN21, Class A5
	150,000		2.851		10/17/2052	152,496
Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4
	100,000		3.006		01/15/2053	101,446
						253,942
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $268,515)						$       261,925

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Government Agency Securities – 2.0%
FHLB
$	100,000		3.375	%	12/08/2023	$       110,083
FNMA
	400,000		1.875		09/24/2026	425,882
	400,000		6.250		05/15/2029	572,032
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $1,005,247)						$    1,107,997
Asset-Backed Securities(a) – 4.4%
Automobile – 0.2%
Ally Master Owner Trust Series 2018-1, Class A2
	100,000		2.700	%	01/17/2023	99,719
Collateralized Debt Obligations(b)(c) – 0.7%
Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A
	200,000		1.855		06/15/2028	183,139
KREF Ltd. Series 2018-FL1, Class A
	150,000		1.900		06/15/2036	123,293
Orix Credit Alliance Owner Trust Ltd. Series 2018-CRE1, Class A
	125,000		1.885		06/15/2036	112,865
						419,297
Collateralized Loan Obligations(b)(c) – 3.2%
CBAM Ltd. Series 2018-5A, Class A
	525,000		2.856		04/17/2031	494,391
Cutwater Ltd. Series 2014-1A, Class A1AR
	242,970		3.081		07/15/2026	235,258
Elmwood CLO IV Ltd. Series 2020-1A, Class A
	600,000		2.472		04/15/2033	557,999
Jamestown CLO XV Ltd. Series 2020-15A, Class A
	300,000		2.113		04/15/2033	270,239
Venture 39 CLO Ltd. Series 2020-39A, Class A1
	275,000		2.655		04/15/2033	258,489
						1,816,376
Home Equity(b) – 0.1%
GMACM Home Equity Loan Trust Series 2007-HE3, Class 1A1
	1,454		7.000		09/25/2037	1,432
GMACM Home Equity Loan Trust Series 2007-HE3, Class 2A1
	48,565		7.000		09/25/2037	46,549
						47,981
Student Loans(b) – 0.2%
Northstar Education Finance, Inc. Series 2007-1, Class A1
	16,580		1.894		04/28/2030	16,359
Scholar Funding Trust Series 2010-A, Class A(c)
	97,486		2.545		10/28/2041	88,034
						104,393
TOTAL ASSET-BACKED SECURITIES (Cost $2,678,741)						$    2,487,766
Foreign Government Securities – 2.4%
Israel Government AID Bond(e)
$	400,000		5.500	%	09/18/2023	$       463,902
	200,000		5.500		12/04/2023	233,022
	100,000		5.500		04/26/2024	117,229

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Government Securities – (continued)
Mexico Government Bond
EUR	100,000		1.625	%	04/08/2026	$       104,431
$	200,000		3.250	(a)	04/16/2030	188,700
Romania Government Bond(c)
EUR	10,000		2.124		07/16/2031	10,085
	10,000		4.625		04/03/2049	11,704
United Arab Emirates Government Bond(c)
$	220,000		3.125		10/11/2027	224,400
TOTAL FOREIGN GOVERNMENT SECURITIES  (Cost $1,331,683)						$    1,353,473
Municipal Bonds – 1.2%
California – 0.3%
California State Various Purpose GO Bonds Series 2010
$	105,000		7.625	%	03/01/2040	$       169,396
Illinois – 0.7%
Illinois State GO Bonds for Build America Bonds Series 2010-5
	100,000		7.350		07/01/2035	112,202
Illinois State GO Bonds Pension Funding Series 2003
	25,000		5.100		06/01/2033	24,816
Illinois State GO Bonds Series 2015-B
	199,000		7.750	(a)(f)	01/01/2042	256,861
						393,879
Ohio – 0.2%
American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT
	100,000		6.270		02/15/2050	133,489
TOTAL MUNICIPAL BONDS (Cost $575,624)						$696,764
U.S. Treasury Obligations – 16.7%
U.S. Treasury Bonds
$	140,000		3.375	%	11/15/2048	$       207,331
	150,000		2.000		02/15/2050	174,211
U.S. Treasury Notes
	3,270,000		2.375		03/15/2022	3,404,377
	3,300,000		1.250		08/31/2024	3,428,906
	400,000		1.125		02/28/2025	414,906
	1,610,000		1.125		02/28/2027	1,673,897
	40,000		2.875		08/15/2028	47,281
TOTAL U.S. TREASURY OBLIGATIONS (Cost $9,201,279)						$    9,350,909

Shares	Dividend Rate			Value
Investment Company(g) – 2.8%
Goldman Sachs Financial Square Government Fund — Institutional Shares
1,567,818		0.333	%	$    1,567,818
(Cost $1,567,818)

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

	Value
TOTAL INVESTMENTS – 114.8% (Cost $63,766,911)	$       64,321,359
LIABILITIES IN EXCESS OF     OTHER ASSETS – (14.8)%	(8,308,885)
NET ASSETS – 100.0%	$       56,012,474

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2020.
(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 $10,491,712 which represents approximately 18.7% of net assets as of March 31, 2020.
(e)	Guaranteed by the United States Government. Total market value of these securities amounts to $814,153, which represents 1.5% of net assets as of March 31, 2020.
(f)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(g)	Represents an Affiliated Issuer.

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
T-Note	— Treasury Note
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)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2020, 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.	CAD	340,000		JPY	25,621,550		06/17/2020	$	2,707
	CAD	334,363		USD	232,000		06/17/2020		5,766
	EUR	594,184		SEK	6,295,693		06/17/2020		19,768
	EUR	782,307		USD	848,857		05/14/2020		15,401
	GBP	139,270		USD	163,439		04/29/2020		9,656
	JPY	11,613,101		USD	107,427		04/30/2020		739
	NZD	405,000		USD	240,967		06/17/2020		549
	USD	111,841		AUD	163,475		04/22/2020		11,276
	USD	277,490		AUD	423,666		06/17/2020		16,840
	USD	227,725		CAD	300,064		04/23/2020		14,450
	USD	1,271,122		CAD	1,735,613		06/17/2020		36,927
	USD	160,719		CHF	153,201		06/17/2020		965
	USD	495,920		EUR	440,000		06/17/2020		9,216
	USD	821,221		GBP	633,484		04/29/2020		33,881
	USD	928,136		NZD	1,464,119		06/17/2020		55,031
	USD	189,799		SEK	1,821,409		04/27/2020		5,566
	USD	57,166		SEK	541,402		06/17/2020		2,345
TOTAL								$	241,083

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	AUD	244,538		USD	167,301		04/22/2020	$	(16,868	)
	AUD	761,666		USD	498,512		06/17/2020		(29,916	)
	CAD	258,925		USD	196,503		04/23/2020		(12,469	)
	CHF	157,449		USD	168,526		06/17/2020		(4,342	)
	EUR	108,000		JPY	12,876,840		06/17/2020		(686	)
	EUR	111,934		NOK	1,372,908		06/17/2020		(8,278	)
	EUR	65,000		SEK	721,052		06/17/2020		(1,113	)
	EUR	759,486		USD	856,307		06/17/2020		(16,204	)
	GBP	291,000		USD	377,239		04/29/2020		(15,564	)
	GBP	198,014		USD	253,973		06/17/2020		(7,689	)
	JPY	80,681,577		USD	771,467		06/17/2020		(18,651	)
	NOK	3,917,832		EUR	372,978		06/17/2020		(35,614	)
	NOK	2,052,870		USD	216,194		06/17/2020		(18,678	)
	NZD	216,391		AUD	212,608		06/17/2020		(1,761	)
	NZD	162,441		NOK	1,011,797		06/17/2020		(480	)
	SEK	7,047,592		EUR	657,744		06/17/2020		(13,938	)
	SEK	1,653,000		USD	172,250		04/27/2020		(5,052	)
	SEK	541,402		USD	57,301		06/17/2020		(2,480	)
	USD	48,940		AUD	84,749		06/17/2020		(3,200	)
	USD	950,141		EUR	875,650		05/14/2020		(17,239	)
	USD	83,675		JPY	9,053,632		04/30/2020		(652	)
	USD	67,588		NOK	783,903		06/17/2020		(7,834	)
	USD	13,476		NZD	22,683		06/17/2020		(51	)
TOTAL								$	(238,759	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At March 31, 2020, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Principal Amount		Settlement Date		Value
GNMA		5.000	%		TBA - 30yr		$1,000,000		04/21/2020	$	(1,059,831)
UMBS, 30 Year, Single Family		3.000			TBA - 30yr		1,000,000		04/15/2020		(1,048,656)
UMBS, 30 Year, Single Family		5.000			TBA - 30yr		2,000,000		04/15/2020		(2,158,445)
TOTAL (Proceeds Received: $4,250,391)										$	(4,266,932)

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

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
1 Month SOFR	4	07/31/2020	$	1,665,800		$	21,351
3 Month Eurodollar	2	06/15/2020		497,375			6,069
U.S. Treasury 2 Year Note	15	06/30/2020		3,305,742			21,276
U.S. Treasury 10 Year Note	1	06/19/2020		138,859			694
U.S. Treasury Long Bond	7	06/19/2020		1,257,375			89,594
U.S. Treasury Ultra Bond	18	06/19/2020		4,002,188			466,217
Total						$	605,201
Short position contracts:
30 Day Federal Funds	(4)	07/31/2020	$	(1,665,800	)	$	(12,238	)
Australia 3 Year Bond	(3)	06/15/2020		(216,071	)		(603	)
U.S. Treasury 5 Year Note	(14)	06/30/2020		(1,755,906	)		(13,542	)
U.S. Treasury 10 Year Ultra Note	(10)	06/19/2020		(1,562,188	)		(71,199	)
Total						$	(97,582	)
Total Futures Contracts						$	507,619

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund		Credit Spread at March 31, 2020(b)		Termination Date		Notional Amount (000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
General Electric Co.		1.000%		2.088%		06/20/2024		USD  125	$	(5,363	)	$	(1,800	)	$	(3,563	)
General Electric Co.		1.000		2.168		12/20/2024		50		(2,551	)		(758	)		(1,793	)
Markit CDX North America Investment Grade Index		1.000		1.024		06/20/2024		750		(489	)		9,193			(9,682	)
Prudential Financial, Inc.		1.000		0.715		06/20/2024		75		916			1,070			(154	)
Republic of Chile		1.000		1.068		06/20/2024		20		(51	)		521			(572	)
Republic of Colombia		1.000		1.953		06/20/2024		210		(8,020	)		732			(8,752	)
Republic of Indonesia		1.000		1.736		06/20/2024		160		(4,722	)		551			(5,273	)
Republic of Peru		1.000		0.972		06/20/2024		40		59			787			(728	)
Russian Federation		1.000		1.841		12/20/2024		30		(1,132	)		(247	)		(885	)
State of Qatar		1.000		1.138		06/20/2024		20		(106	)		357			(463	)
State of Qatar		1.000		1.209		12/20/2024		10		(93	)		204			(297	)
United Mexican States		1.000		2.035		06/20/2024		20		(830	)		(251	)		(579	)
TOTAL									$	(22,382	)	$	10,359		$	(32,741	)

(a) Payments received quarterly.

(b) 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.

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)
1.500% (a)	6 Month BBR		03/18/2025	AUD	60		$	(1,661)		$	(1,022	)	$	(639	)
3 Month BA(a)	1.750%		03/18/2025	CAD	320			8,823			1,071			7,752
1.000(a)	6 Month LIBOR		03/18/2025	GBP	10			(301	)		(223	)		(78	)
1 Day SONIA(b)	0.400		03/18/2025	GBP	640			6,697			1,021			5,676
2.000(b)	6 Month NIBOR		03/18/2025	NOK	5,930			(32,989	)		(6,469	)		(26,520	)
3 Month BBR(c)	1.500		03/18/2025	NZD	380			9,871			3,253			6,618
1 Day SONIA(b)	0.270		06/17/2025	GBP	660	(d)		1,040			237			803
0.500(a)	6 Month LIBOR		03/10/2030	GBP	290	(d)		2,724			5,432			(2,708	)
6 Month BBR(a)	1.000		03/11/2030	AUD	530	(d)		(3,876	)		(8,372	)		4,496
6 Month BBR(a)	1.750		03/18/2030	AUD	540			27,060			12,249			14,811
3 Month BA(a)	2.000		03/18/2030	CAD	100			5,997			(466	)		6,463
0.500(b)	6 Month EURIBOR		03/18/2030	EUR	220			(13,044	)		(20,109	)		7,065
0.570(b)	1 Day SONIA		03/18/2030	GBP	250			(8,292	)		1,075			(9,367	)
2.000(b)	6 Month NIBOR		03/18/2030	NOK	860			(7,542	)		(1,850	)		(5,692	)
0.500(b)	3 Month STIBOR		03/18/2030	SEK	2,130			(2,066	)		(1,001	)		(1,065	)
6 Month EURIBOR(a)	(0.250)		06/17/2030	EUR	370	(d)		(10,132	)		(15,170	)		5,038
0.308(b)	1 Day SONIA		06/17/2030	GBP	190	(d)		(8	)		(530	)		522
0.400(b)	1 Day SONIA		06/17/2030	GBP	290	(d)		(3,280	)		(1,061	)		(2,219	)
0.400(b)	1 Day SONIA		06/17/2040	GBP	120	(d)		(1,509	)		(510	)		(999	)
TOTAL							$	(22,488	)	$	(32,445	)	$	9,957

(a) Payments made semi-annually.

(b) Payments made annually.

(c) Payments made quarterly

(d) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2020.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS CONTRACTS — At March 31, 2020, the Fund had the following written options contracts:

OVER THE COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
3M IRS	Bank of America NA		(0.390	)%		03/25/2021		(1,360,000)	$	(1,360,000	)	$	(1,535	)	$	(1,649	)	$	114
3M IRS	JPMorgan Chase Bank NA		(0.390	)		03/25/2021		(670,000)		(670,000	)		(730	)		(728	)		(2	)
6M IRS			(0.350	)		05/27/2020		(350,000)		(350,000	)		(571	)		(445	)		(126	)
6M IRS			(0.400	)		06/26/2020		(740,000)		(740,000	)		(1,184	)		(2,363	)		1,179
6M IRS			(0.350	)		08/13/2020		(600,000)		(600,000	)		(1,738	)		(1,581	)		(157	)
6M IRS	Morgan Stanley Co., Inc.		(0.350	)		08/13/2020		(600,000)		(600,000	)		(1,737	)		(1,561	)		(176	)
6M IRS	UBS AG		(0.350	)		05/27/2020		(710,000)		(710,000	)		(1,158	)		(787	)		(371	)
6M IRS			(0.256	)		08/27/2020		(180,000)		(180,000	)		(1,404	)		(2,901	)		1,497
Total calls								(5,210,000)				$	(10,057	)	$	(12,015	)	$	1,958
Puts
3M IRS	Bank of America NA		(0.390	)%		03/25/2021		(1,360,000)	$	(1,360,000	)	$	(1,463	)	$	(1,452	)	$	(11	)
3M IRS	JPMorgan Chase Bank NA		(0.390	)		03/25/2021		(670,000)		(670,000	)		(702	)		(728	)		26
6M IRS			(0.100	)		05/27/2020		(350,000)		(350,000	)		(654	)		(1,259	)		605
6M IRS	UBS AG		(0.100	)		05/27/2020		(710,000)		(710,000	)		(1,325	)		(2,439	)		1,114
Total puts								(3,090,000)				$	(4,144	)	$	(5,878	)	$	1,734
Total Written option contracts								(8,300,000)				$	(14,201	)	$	(17,893	)	$	3,692

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.4%
	Automobiles & Components – 0.3%
	1,690	Aptiv plc	$      83,216
	1,252	BorgWarner, Inc.	30,511
	25,632	Ford Motor Co.	123,803
	8,085	General Motors Co.	168,006
	1,096	Harley-Davidson, Inc.	20,747
			426,283
	Banks – 4.1%
	52,436	Bank of America Corp.	1,113,216
	14,146	Citigroup, Inc.	595,830
	2,802	Citizens Financial Group, Inc.	52,706
	924	Comerica, Inc.	27,110
	4,647	Fifth Third Bancorp	69,008
	1,075	First Republic Bank	88,451
	6,651	Huntington Bancshares, Inc.	54,605
	20,328	JPMorgan Chase & Co.	1,830,130
	6,393	KeyCorp	66,295
	852	M&T Bank Corp.	88,122
	2,606	People’s United Financial, Inc.	28,796
	2,860	PNC Financial Services Group, Inc. (The)	273,759
	6,181	Regions Financial Corp.	55,444
	336	SVB Financial Group*	50,763
	8,738	Truist Financial Corp.	269,480
	9,141	US Bancorp	314,908
	24,903	Wells Fargo & Co.	714,716
	1,140	Zions Bancorp NA	30,506
			5,723,845
	Capital Goods – 5.7%
	3,740	3M Co.	510,547
	607	Allegion plc	55,856
	1,511	AMETEK, Inc.	108,822
	835	AO Smith Corp.	31,571
	2,514	Arconic, Inc.	40,375
	3,464	Boeing Co. (The)	516,621
	3,567	Caterpillar, Inc.	413,915
	998	Cummins, Inc.	135,049
	2,031	Deere & Co.	280,603
	966	Dover Corp.	81,086
	2,646	Eaton Corp. plc	205,568
	3,971	Emerson Electric Co.	189,218
	3,661	Fastenal Co.	114,406
	906	Flowserve Corp.	21,644
	1,944	Fortive Corp.	107,289
	926	Fortune Brands Home & Security, Inc.	40,049
	1,525	General Dynamics Corp.	201,773
	56,707	General Electric Co.	450,254
	4,610	Honeywell International, Inc.	616,772
	261	Huntington Ingalls Industries, Inc.	47,557
	484	IDEX Corp.	66,845
	1,896	Illinois Tool Works, Inc.	269,460
	2,260	Ingersoll Rand, Inc.*	56,048
	908	Jacobs Engineering Group, Inc.	71,977
	5,080	Johnson Controls International plc	136,957
	1,425	L3Harris Technologies, Inc.	256,671
	1,604	Lockheed Martin Corp.	543,676
	1,903	Masco Corp.	65,787
	1,016	Northrop Grumman Corp.	307,391

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	2,212	PACCAR, Inc.	$      135,220
	850	Parker-Hannifin Corp.	110,270
	1,073	Pentair plc	31,932
	867	Quanta Services, Inc.	27,510
	1,817	Raytheon Co.	238,300
	740	Rockwell Automation, Inc.	111,673
	671	Roper Technologies, Inc.	209,225
	355	Snap-on, Inc.	38,631
	992	Stanley Black & Decker, Inc.	99,200
	1,449	Textron, Inc.	38,645
	1,555	Trane Technologies plc	128,427
	317	TransDigm Group, Inc.	101,500
	502	United Rentals, Inc.*	51,656
	5,230	United Technologies Corp.	493,346
	1,158	Westinghouse Air Brake Technologies Corp.	55,735
	283	WW Grainger, Inc.	70,325
	1,169	Xylem, Inc.	76,137
			7,961,519
	Commercial & Professional Services – 0.7%
	543	Cintas Corp.	94,058
	1,323	Copart, Inc.*	90,652
	794	Equifax, Inc.	94,843
	2,565	IHS Markit Ltd.	153,900
	2,234	Nielsen Holdings plc	28,014
	1,344	Republic Services, Inc.	100,881
	814	Robert Half International, Inc.	30,729
	882	Rollins, Inc.	31,876
	1,053	Verisk Analytics, Inc.	146,767
	2,507	Waste Management, Inc.	232,048
			1,003,768
	Consumer Durables & Apparel – 1.0%
	1,057	Capri Holdings Ltd.*	11,405
	2,238	DR Horton, Inc.	76,092
	907	Garmin Ltd.	67,989
	2,220	Hanesbrands, Inc.	17,471
	815	Hasbro, Inc.	58,313
	931	Leggett & Platt, Inc.	24,839
	1,814	Lennar Corp. Class A	69,295
	373	Mohawk Industries, Inc.*	28,438
	2,316	Newell Brands, Inc.	30,757
	8,096	NIKE, Inc. Class B	669,863
	23	NVR, Inc.*	59,090
	1,728	PulteGroup, Inc.	38,569
	525	PVH Corp.	19,761
	305	Ralph Lauren Corp.	20,383
	1,933	Tapestry, Inc.	25,032
	1,254	Under Armour, Inc. Class A*	11,549
	1,232	Under Armour, Inc. Class C*	9,930
	2,114	VF Corp.	114,325
	423	Whirlpool Corp.	36,293
			1,389,394
	Consumer Services – 1.5%
	2,610	Carnival Corp.	34,374
	168	Chipotle Mexican Grill, Inc.*	109,939
	816	Darden Restaurants, Inc.	44,439
	1,374	H&R Block, Inc.	19,346
	1,854	Hilton Worldwide Holdings, Inc.	126,517
	2,205	Las Vegas Sands Corp.	93,646

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Services – (continued)
	1,770	Marriott International, Inc. Class A	$      132,414
	4,873	McDonald’s Corp.	805,751
	3,305	MGM Resorts International	38,999
	1,370	Norwegian Cruise Line Holdings Ltd.*	15,015
	1,158	Royal Caribbean Cruises Ltd.	37,253
	7,683	Starbucks Corp.	505,080
	632	Wynn Resorts Ltd.	38,040
	1,987	Yum! Brands, Inc.	136,169
			2,136,982
	Diversified Financials – 4.7%
	4,338	American Express Co.	371,376
	819	Ameriprise Financial, Inc.	83,931
	5,390	Bank of New York Mellon Corp. (The)	181,535
	12,655	Berkshire Hathaway, Inc. Class B*	2,313,714
	764	BlackRock, Inc.	336,137
	2,974	Capital One Financial Corp.	149,949
	737	Cboe Global Markets, Inc.	65,777
	7,389	Charles Schwab Corp. (The)	248,418
	2,318	CME Group, Inc.	400,805
	2,051	Discover Financial Services	73,159
	1,468	E*TRADE Financial Corp.	50,382
	1,923	Franklin Resources, Inc.	32,095
	2,050	Goldman Sachs Group, Inc. (The)(a)	316,910
	3,611	Intercontinental Exchange, Inc.	291,588
	2,323	Invesco Ltd.	21,093
	247	MarketAxess Holdings, Inc.	82,145
	1,058	Moody’s Corp.	223,767
	8,031	Morgan Stanley	273,054
	546	MSCI, Inc.	157,772
	736	Nasdaq, Inc.	69,883
	1,385	Northern Trust Corp.	104,512
	783	Raymond James Financial, Inc.	49,486
	1,592	S&P Global, Inc.	390,120
	2,384	State Street Corp.	126,996
	3,605	Synchrony Financial	58,004
	1,511	T. Rowe Price Group, Inc.	147,549
			6,620,157
	Energy – 2.6%
	2,555	Apache Corp.	10,680
	4,344	Baker Hughes Co.	45,612
	2,498	Cabot Oil & Gas Corp.	42,941
	12,235	Chevron Corp.	886,548
	1,274	Concho Resources, Inc.	54,591
	7,143	ConocoPhillips	220,004
	2,477	Devon Energy Corp.	17,116
	1,051	Diamondback Energy, Inc.	27,536
	3,715	EOG Resources, Inc.	133,443
	27,397	Exxon Mobil Corp.	1,040,264
	5,723	Halliburton Co.	39,202
	652	Helmerich & Payne, Inc.	10,204
	1,701	Hess Corp.	56,643
	1,023	HollyFrontier Corp.	25,074
	12,450	Kinder Morgan, Inc.	173,304
	5,156	Marathon Oil Corp.	16,963
	4,287	Marathon Petroleum Corp.	101,259

Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	2,489	National Oilwell Varco, Inc.	$      24,467
	3,064	Noble Energy, Inc.	18,507
	5,854	Occidental Petroleum Corp.	67,789
	2,699	ONEOK, Inc.	58,865
	2,841	Phillips 66	152,420
	1,085	Pioneer Natural Resources Co.	76,113
	9,014	Schlumberger Ltd.	121,599
	2,968	TechnipFMC plc	20,004
	2,639	Valero Energy Corp.	119,705
	7,687	Williams Cos., Inc. (The)	108,771
			3,669,624
	Food & Staples Retailing – 1.7%
	2,860	Costco Wholesale Corp.	815,472
	5,168	Kroger Co. (The)	155,660
	3,336	Sysco Corp.	152,222
	4,825	Walgreens Boots Alliance, Inc.	220,744
	9,188	Walmart, Inc.	1,043,940
			2,388,038
	Food, Beverage & Tobacco – 4.0%
	12,120	Altria Group, Inc.	468,680
	3,632	Archer-Daniels-Midland Co.	127,774
	1,222	Brown-Forman Corp. Class B	67,833
	1,096	Campbell Soup Co.	50,591
	24,973	Coca-Cola Co. (The)	1,105,055
	3,173	Conagra Brands, Inc.	93,096
	1,078	Constellation Brands, Inc. Class A	154,542
	3,911	General Mills, Inc.	206,383
	944	Hershey Co. (The)	125,080
	1,837	Hormel Foods Corp.	85,678
	750	JM Smucker Co. (The)	83,250
	1,599	Kellogg Co.	95,924
	4,046	Kraft Heinz Co. (The)	100,098
	982	Lamb Weston Holdings, Inc.	56,072
	795	McCormick & Co., Inc. (Non-Voting)	112,262
	1,182	Molson Coors Beverage Co. Class B	46,110
	9,281	Mondelez International, Inc. Class A	464,793
	2,476	Monster Beverage Corp.*	139,300
	9,031	PepsiCo, Inc.	1,084,623
	10,066	Philip Morris International, Inc.	734,415
	1,880	Tyson Foods, Inc. Class A	108,796
			5,510,355
	Health Care Equipment & Services – 6.7%
	11,442	Abbott Laboratories	902,888
	284	ABIOMED, Inc.*	41,225
	451	Align Technology, Inc.*	78,451
	949	AmerisourceBergen Corp.	83,986
	1,647	Anthem, Inc.	373,935
	3,330	Baxter International, Inc.	270,363
	1,742	Becton Dickinson and Co.	400,259
	8,975	Boston Scientific Corp.*	292,854
	1,871	Cardinal Health, Inc.	89,696
	3,752	Centene Corp.*	222,906
	2,038	Cerner Corp.	128,374
	2,415	Cigna Corp.	427,890
	322	Cooper Cos., Inc. (The)	88,766

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	8,406	CVS Health Corp.	$       498,728
	4,151	Danaher Corp.	574,540
	573	DaVita, Inc.*	43,582
	1,431	Dentsply Sirona, Inc.	55,566
	1,351	Edwards Lifesciences Corp.*	254,826
	1,690	HCA Healthcare, Inc.	151,846
	936	Henry Schein, Inc.*	47,287
	1,720	Hologic, Inc.*	60,372
	856	Humana, Inc.	268,801
	546	IDEXX Laboratories, Inc.*	132,263
	750	Intuitive Surgical, Inc.*	371,408
	645	Laboratory Corp. of America Holdings*	81,522
	1,180	McKesson Corp.	159,607
	8,672	Medtronic plc	782,041
	893	Quest Diagnostics, Inc.	71,708
	923	ResMed, Inc.	135,949
	567	STERIS plc	79,363
	2,091	Stryker Corp.	348,131
	298	Teleflex, Inc.	87,272
	6,138	UnitedHealth Group, Inc.	1,530,694
	516	Universal Health Services, Inc. Class B	51,125
	582	Varian Medical Systems, Inc.*	59,748
	1,323	Zimmer Biomet Holdings, Inc.	133,729
			9,381,701
	Household & Personal Products – 2.1%
	1,595	Church & Dwight Co., Inc.	102,367
	811	Clorox Co. (The)	140,506
	5,553	Colgate-Palmolive Co.	368,497
	1,935	Coty, Inc. Class A	9,984
	1,440	Estee Lauder Cos., Inc. (The) Class A	229,450
	2,233	Kimberly-Clark Corp.	285,534
	16,163	Procter & Gamble Co. (The)	1,777,930
			2,914,268
	Insurance – 2.0%
	4,818	Aflac, Inc.	164,968
	2,125	Allstate Corp. (The)	194,926
	5,540	American International Group, Inc.	134,345
	1,518	Aon plc	250,531
	1,209	Arthur J Gallagher & Co.	98,546
	411	Assurant, Inc.	42,781
	2,938	Chubb Ltd.	328,145
	1,010	Cincinnati Financial Corp.	76,205
	255	Everest Re Group Ltd.	49,067
	679	Globe Life, Inc.	48,868
	2,392	Hartford Financial Services Group, Inc. (The)	84,294
	1,297	Lincoln National Corp.	34,137
	1,704	Loews Corp.	59,350
	3,274	Marsh & McLennan Cos., Inc.	283,070
	4,985	MetLife, Inc.	152,391
	1,754	Principal Financial Group, Inc.	54,970
	3,769	Progressive Corp. (The)	278,303
	2,626	Prudential Financial, Inc.	136,920
	1,672	Travelers Cos., Inc. (The)	166,113
	1,272	Unum Group	19,093

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	836	Willis Towers Watson plc	$       141,995
	966	WR Berkley Corp.	50,396
			2,849,414
	Materials – 2.4%
	1,434	Air Products & Chemicals, Inc.	286,241
	665	Albemarle Corp.	37,486
	10,251	Amcor plc	83,238
	524	Avery Dennison Corp.	53,380
	2,135	Ball Corp.	138,049
	782	Celanese Corp.	57,391
	1,406	CF Industries Holdings, Inc.	38,243
	4,880	Corteva, Inc.	114,680
	4,857	Dow, Inc.	142,019
	4,734	DuPont de Nemours, Inc.	161,429
	909	Eastman Chemical Co.	42,341
	1,615	Ecolab, Inc.	251,665
	842	FMC Corp.	68,783
	9,649	Freeport-McMoRan, Inc.	65,131
	695	International Flavors & Fragrances, Inc.	70,946
	2,606	International Paper Co.	81,125
	3,467	Linde plc	599,791
	1,653	LyondellBasell Industries NV Class A	82,038
	397	Martin Marietta Materials, Inc.	75,124
	2,307	Mosaic Co. (The)	24,962
	5,343	Newmont Corp.	241,931
	2,000	Nucor Corp.	72,040
	592	Packaging Corp. of America	51,403
	1,506	PPG Industries, Inc.	125,902
	1,071	Sealed Air Corp.	26,464
	527	Sherwin-Williams Co. (The)	242,167
	835	Vulcan Materials Co.	90,239
	1,664	WestRock Co.	47,025
			3,371,233
	Media & Entertainment – 8.5%
	4,992	Activision Blizzard, Inc.*	296,924
	1,942	Alphabet, Inc. Class A*	2,256,507
	1,934	Alphabet, Inc. Class C*	2,248,875
	1,014	Charter Communications, Inc. Class A*	442,418
	29,402	Comcast Corp. Class A	1,010,841
	981	Discovery, Inc. Class A*	19,071
	2,248	Discovery, Inc. Class C*	39,430
	1,702	DISH Network Corp. Class A*	34,023
	1,900	Electronic Arts, Inc.*	190,323
	15,571	Facebook, Inc. Class A*	2,597,243
	2,262	Fox Corp. Class A	53,451
	1,119	Fox Corp. Class B	25,603
	2,371	Interpublic Group of Cos., Inc. (The)	38,387
	942	Live Nation Entertainment, Inc.*	42,823
	2,838	Netflix, Inc.*	1,065,669
	2,320	News Corp. Class A	20,822
	1,017	News Corp. Class B	9,143
	1,426	Omnicom Group, Inc.	78,287
	723	Take-Two Interactive Software, Inc.*	85,755
	5,004	Twitter, Inc.*	122,898
	3,609	ViacomCBS, Inc.	50,562
	11,674	Walt Disney Co. (The)	1,127,708
			11,856,763

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – 8.6%
	9,568	AbbVie, Inc.	$      728,986
	1,990	Agilent Technologies, Inc.	142,524
	1,417	Alexion Pharmaceuticals, Inc.*	127,232
	2,131	Allergan plc	377,400
	3,838	Amgen, Inc.	778,078
	1,174	Biogen, Inc.*	371,430
	15,170	Bristol-Myers Squibb Co.	845,576
	5,456	Eli Lilly & Co.	756,856
	8,214	Gilead Sciences, Inc.	614,079
	949	Illumina, Inc.*	259,191
	1,170	Incyte Corp.*	85,679
	1,147	IQVIA Holdings, Inc.*	123,715
	17,027	Johnson & Johnson	2,232,751
	16,492	Merck & Co., Inc.	1,268,894
	159	Mettler-Toledo International, Inc.*	109,791
	3,305	Mylan NV*	49,278
	711	PerkinElmer, Inc.	53,524
	823	Perrigo Co. plc	39,578
	35,844	Pfizer, Inc.	1,169,948
	515	Regeneron Pharmaceuticals, Inc.*	251,469
	2,590	Thermo Fisher Scientific, Inc.	734,524
	1,669	Vertex Pharmaceuticals, Inc.*	397,139
	414	Waters Corp.*	75,369
	3,065	Zoetis, Inc.	360,720
			11,953,731
	Real Estate – 3.0%
	781	Alexandria Real Estate Equities, Inc. (REIT)	107,044
	2,858	American Tower Corp. (REIT)	622,329
	990	Apartment Investment & Management Co. Class A (REIT)	34,798
	912	AvalonBay Communities, Inc. (REIT)	134,219
	917	Boston Properties, Inc. (REIT)	84,575
	2,126	CBRE Group, Inc. Class A*	80,171
	2,687	Crown Castle International Corp. (REIT)	388,003
	1,713	Digital Realty Trust, Inc. (REIT)	237,953
	2,429	Duke Realty Corp. (REIT)	78,651
	550	Equinix, Inc. (REIT)	343,514
	2,268	Equity Residential (REIT)	139,958
	422	Essex Property Trust, Inc. (REIT)	92,941
	821	Extra Space Storage, Inc. (REIT)	78,619
	456	Federal Realty Investment Trust (REIT)	34,022
	3,244	Healthpeak Properties, Inc. (REIT)	77,369
	4,466	Host Hotels & Resorts, Inc. (REIT)	49,305
	1,947	Iron Mountain, Inc. (REIT)	46,339
	2,698	Kimco Realty Corp. (REIT)	26,090
	754	Mid-America Apartment Communities, Inc. (REIT)	77,685
	4,794	Prologis, Inc. (REIT)	385,294
	964	Public Storage (REIT)	191,460
	2,120	Realty Income Corp. (REIT)	105,703
	1,101	Regency Centers Corp. (REIT)	42,311
	733	SBA Communications Corp. (REIT)	197,888
	1,992	Simon Property Group, Inc. (REIT)	109,281

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	531	SL Green Realty Corp. (REIT)	$      22,886
	1,934	UDR, Inc. (REIT)	70,668
	2,465	Ventas, Inc. (REIT)	66,062
	1,036	Vornado Realty Trust (REIT)	37,514
	2,643	Welltower, Inc. (REIT)	120,997
	4,766	Weyerhaeuser Co. (REIT)	80,784
			4,164,433
	Retailing – 6.9%
	433	Advance Auto Parts, Inc.	40,407
	2,696	Amazon.com, Inc.*	5,256,445
	157	AutoZone, Inc.*	132,822
	1,485	Best Buy Co., Inc.	84,645
	270	Booking Holdings, Inc.*	363,236
	1,064	CarMax, Inc.*	57,275
	1,636	Dollar General Corp.	247,052
	1,522	Dollar Tree, Inc.*	111,821
	5,027	eBay, Inc.	151,112
	896	Expedia Group, Inc.	50,418
	1,458	Gap, Inc. (The)	10,264
	942	Genuine Parts Co.	63,425
	7,066	Home Depot, Inc. (The)	1,319,293
	1,057	Kohl’s Corp.	15,422
	1,575	L Brands, Inc.	18,207
	1,999	LKQ Corp.*	40,999
	4,974	Lowe’s Cos., Inc.	428,013
	2,233	Macy’s, Inc.	10,964
	696	Nordstrom, Inc.	10,677
	497	O’Reilly Automotive, Inc.*	149,622
	2,365	Ross Stores, Inc.	205,684
	3,297	Target Corp.	306,522
	710	Tiffany & Co.	91,945
	7,880	TJX Cos., Inc. (The)	376,743
	773	Tractor Supply Co.	65,357
	381	Ulta Beauty, Inc.*	66,942
			9,675,312
	Semiconductors & Semiconductor Equipment – 4.5%
	7,540	Advanced Micro Devices, Inc.*	342,919
	2,371	Analog Devices, Inc.	212,560
	5,991	Applied Materials, Inc.	274,508
	2,569	Broadcom, Inc.	609,110
	28,182	Intel Corp.	1,525,210
	1,027	KLA Corp.	147,621
	949	Lam Research Corp.	227,760
	1,713	Maxim Integrated Products, Inc.	83,269
	1,568	Microchip Technology, Inc.	106,310
	7,129	Micron Technology, Inc.*	299,846
	3,962	NVIDIA Corp.	1,044,383
	764	Qorvo, Inc.*	61,601
	7,426	QUALCOMM, Inc.	502,369
	1,112	Skyworks Solutions, Inc.	99,391
	6,035	Texas Instruments, Inc.	603,078
	1,609	Xilinx, Inc.	125,405
			6,265,340

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – 14.1%
	4,108	Accenture plc Class A	$       670,672
	3,135	Adobe, Inc.*	997,682
	1,047	Akamai Technologies, Inc.*	95,790
	250	Alliance Data Systems Corp.	8,412
	553	ANSYS, Inc.*	128,556
	1,432	Autodesk, Inc.*	223,535
	2,797	Automatic Data Processing, Inc.	382,294
	745	Broadridge Financial Solutions, Inc.	70,648
	1,808	Cadence Design Systems, Inc.*	119,400
	728	Citrix Systems, Inc.	103,048
	3,502	Cognizant Technology Solutions Corp. Class A	162,738
	1,690	DXC Technology Co.	22,055
	3,978	Fidelity National Information Services, Inc.	483,884
	3,690	Fiserv, Inc.*	350,513
	572	FleetCor Technologies, Inc.*	106,701
	928	Fortinet, Inc.*	93,886
	569	Gartner, Inc.*	56,655
	1,956	Global Payments, Inc.	282,114
	5,716	International Business Machines Corp.	634,076
	1,691	Intuit, Inc.	388,930
	486	Jack Henry & Associates, Inc.	75,447
	890	Leidos Holdings, Inc.	81,569
	5,751	Mastercard, Inc. Class A	1,389,212
	49,388	Microsoft Corp.	7,788,981
	3,772	NortonLifeLock, Inc.	70,574
	13,988	Oracle Corp.	676,040
	2,050	Paychex, Inc.	128,986
	324	Paycom Software, Inc.*	65,451
	7,598	PayPal Holdings, Inc.*	727,433
	5,741	salesforce.com, Inc.*	826,589
	1,217	ServiceNow, Inc.*	348,768
	960	Synopsys, Inc.*	123,638
	662	VeriSign, Inc.*	119,220
	11,094	Visa, Inc. Class A	1,787,465
	2,781	Western Union Co. (The)	50,420
			19,641,382
	Technology Hardware & Equipment – 6.8%
	1,942	Amphenol Corp. Class A	141,533
	27,038	Apple, Inc.	6,875,493
	341	Arista Networks, Inc.*	69,070
	938	CDW Corp.	87,487
	27,474	Cisco Systems, Inc.	1,080,003
	4,956	Corning, Inc.	101,796
	399	F5 Networks, Inc.*	42,545
	933	FLIR Systems, Inc.	29,753
	8,207	Hewlett Packard Enterprise Co.	79,690
	9,625	HP, Inc.	167,090
	242	IPG Photonics Corp.*	26,688
	2,099	Juniper Networks, Inc.	40,175
	1,218	Keysight Technologies, Inc.*	101,922
	1,099	Motorola Solutions, Inc.	146,079
	1,453	NetApp, Inc.	60,576
	1,454	Seagate Technology plc	70,955

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	2,172	TE Connectivity Ltd.	$       136,793
	1,914	Western Digital Corp.	79,661
	1,161	Xerox Holdings Corp.	21,989
	360	Zebra Technologies Corp. Class A*	66,096
			9,425,394
	Telecommunication Services – 2.2%
	47,336	AT&T, Inc.	1,379,844
	6,293	CenturyLink, Inc.	59,532
	2,057	T-Mobile US, Inc.*	172,582
	26,798	Verizon Communications, Inc.	1,439,857
			3,051,815
	Transportation – 1.8%
	861	Alaska Air Group, Inc.	24,513
	2,591	American Airlines Group, Inc.(b)	31,584
	843	CH Robinson Worldwide, Inc.	55,807
	5,034	CSX Corp.	288,448
	3,775	Delta Air Lines, Inc.	107,701
	1,121	Expeditors International of Washington, Inc.	74,793
	1,561	FedEx Corp.	189,287
	560	JB Hunt Transport Services, Inc.	51,649
	624	Kansas City Southern	79,360
	1,690	Norfolk Southern Corp.	246,740
	639	Old Dominion Freight Line, Inc.	83,875
	3,099	Southwest Airlines Co.	110,355
	4,480	Union Pacific Corp.	631,859
	1,448	United Airlines Holdings, Inc.*	45,685
	4,550	United Parcel Service, Inc. Class B	425,061
			2,446,717
	Utilities – 3.5%
	4,243	AES Corp.	57,705
	1,551	Alliant Energy Corp.	74,898
	1,618	Ameren Corp.	117,839
	3,200	American Electric Power Co., Inc.	255,936
	1,165	American Water Works Co., Inc.	139,287
	790	Atmos Energy Corp.	78,392
	3,331	CenterPoint Energy, Inc.	51,464
	1,809	CMS Energy Corp.	106,279
	2,175	Consolidated Edison, Inc.	169,650
	5,336	Dominion Energy, Inc.	385,206
	1,224	DTE Energy Co.	116,243
	4,727	Duke Energy Corp.	382,320
	2,287	Edison International	125,305
	1,269	Entergy Corp.	119,248
	1,465	Evergy, Inc.	80,648
	2,097	Eversource Energy	164,006
	6,263	Exelon Corp.	230,541
	3,452	FirstEnergy Corp.	138,322
	3,155	NextEra Energy, Inc.	759,156
	2,370	NiSource, Inc.	59,179
	1,628	NRG Energy, Inc.	44,379
	731	Pinnacle West Capital Corp.	55,402
	4,875	PPL Corp.	120,315

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	3,293	Public Service Enterprise Group, Inc.	$         147,888
	1,824	Sempra Energy	206,094
	6,812	Southern Co. (The)	368,802
	2,045	WEC Energy Group, Inc.	180,226
	3,360	Xcel Energy, Inc.	202,608
			4,937,338
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $55,338,853)		$  138,764,806
	Securities Lending Reinvestment Vehicle(a) – 0.0%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	30,000	0.333%	$           30,000
	(Cost $30,000)
	TOTAL INVESTMENTS – 99.4% (Cost $55,368,853)		$  138,794,806
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%		832,404
	NET ASSETS – 100.0%		$  139,627,210

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 March 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index	8	06/19/2020	$	1,027,880	$	(29,349	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Schedule of Investments

March 31, 2020 (Unaudited)

Shares	Description	Value
Exchange Traded Fund – 12.8%
156,065	iShares Core S&P 500 ETF	$      40,327,196
(Cost $31,472,795)

Shares	Dividend Rate		Value
Investment Companies(a) – 55.1%
Goldman Sachs Financial Square Fund – Treasury Instruments Shares
15,735,406		0.471%	$       15,735,406
Goldman Sachs Financial Square Government Fund – Institutional Shares
94,721,120		0.333	94,721,121
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
31,470,812		0.239	31,470,812
Goldman Sachs Financial Square Treasury Solutions Fund – Institutional Shares
31,470,812		0.415	31,470,812

TOTAL INVESTMENT COMPANIES (Cost $173,398,151)	$     173,398,151
TOTAL INVESTMENTS – 67.9% (Cost $204,870,946)	$     213,725,347
OTHER ASSETS IN EXCESS OF     LIABILITIES – 32.1%	100,208,007
NET ASSETS – 100.0%	$     313,933,354

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 March 31, 2020, 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	83	06/19/2020	$	2,514,623		$	323,605
FTSE 100 Index	40	06/19/2020		2,799,942			174,604
TOPIX Index	31	06/11/2020		4,044,920			181,091
U.S. Treasury 10 Year Note	705	06/19/2020		97,895,859			3,115,203
Total						$	3,794,503
Short position contracts:
S&P 500 E-Mini Index	(236)	06/19/2020	$	(30,322,460	)	$	(1,710,968	)
Total Futures Contracts						$	2,083,535

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 101.7%
	Banks – 0.7%
	4,740	First Republic Bank	$       390,007
	Capital Goods – 13.5%
	11,229	AMETEK, Inc.	808,712
	10,089	Fortive Corp.	556,812
	11,134	Graco, Inc.	542,560
	3,610	HEICO Corp.	269,342
	6,523	IDEX Corp.	900,891
	6,305	L3Harris Technologies, Inc.	1,135,657
	7,163	Rockwell Automation, Inc.	1,080,968
	11,393	Trane Technologies plc	940,948
	13,390	Xylem, Inc.	872,091
			7,107,981
	Commercial & Professional Services – 4.2%
	1,794	Cintas Corp.	310,756
	10,921	TransUnion	722,752
	8,347	Verisk Analytics, Inc.	1,163,405
			2,196,913
	Consumer Durables & Apparel – 1.9%
	5,333	Lululemon Athletica, Inc.*	1,010,870
	Consumer Services – 2.5%
	1,093	Bright Horizons Family Solutions, Inc.*	111,486
	2,905	Choice Hotels International, Inc.	177,931
	5,987	Wingstop, Inc.	477,164
	5,874	Wynn Resorts Ltd.	353,556
	2,493	Yum! Brands, Inc.	170,846
			1,290,983
	Diversified Financials – 3.1%
	12,160	Discover Financial Services	433,747
	2,003	MarketAxess Holdings, Inc.	666,138
	1,837	MSCI, Inc.	530,819
			1,630,704
	Energy – 1.0%
	15,257	Cheniere Energy, Inc.*	511,110
	Food & Staples Retailing – 0.9%
	14,205	Grocery Outlet Holding Corp.*	487,800
	Food, Beverage & Tobacco – 2.4%
	6,891	Lamb Weston Holdings, Inc.	393,476
	6,112	McCormick & Co., Inc. (Non-Voting)	863,076
			1,256,552
	Health Care Equipment & Services – 11.0%
	11,235	Boston Scientific Corp.*	366,598
	19,856	Centene Corp.*	1,179,645
	2,025	Cooper Cos., Inc. (The)	558,232
	18,903	Envista Holdings Corp.*	282,411
	5,578	Guardant Health, Inc.*	388,229
	2,959	IDEXX Laboratories, Inc.*	716,788
	4,011	Insulet Corp.*	664,542
	4,314	Veeva Systems, Inc. Class A*	674,580
	3,166	West Pharmaceutical Services, Inc.	482,024
	4,803	Zimmer Biomet Holdings, Inc.	485,487
			5,798,536

Shares		Description	Value
	Common Stocks – (continued)
	Household & Personal Products – 1.4%
	11,434	Church & Dwight Co., Inc.	$       733,834
	Materials – 3.5%
	19,155	Ball Corp.	1,238,563
	3,110	Martin Marietta Materials, Inc.	588,505
			1,827,068
	Media & Entertainment – 3.8%
	3,516	IAC/InterActiveCorp*	630,173
	9,893	Live Nation Entertainment, Inc.*	449,736
	31,408	Snap, Inc. Class A*	373,441
	2,604	Spotify Technology SA*	316,230
	8,242	Twitter, Inc.*	202,423
			1,972,003
	Pharmaceuticals, Biotechnology & Life Sciences – 7.5%
	9,788	Adaptive Biotechnologies Corp.*	271,911
	11,611	Agios Pharmaceuticals, Inc.*	411,958
	7,113	BioMarin Pharmaceutical, Inc.*	601,049
	13,873	Catalent, Inc.*	720,702
	16,610	Elanco Animal Health, Inc.*	371,898
	7,506	Exact Sciences Corp.*	435,348
	712	Mettler-Toledo International, Inc.*	491,643
	2,122	Neurocrine Biosciences, Inc.*	183,659
	4,580	Sarepta Therapeutics, Inc.*	448,016
			3,936,184
	Real Estate Investment Trusts – 3.3%
	8,845	Equity LifeStyle Properties, Inc.	508,411
	4,555	SBA Communications Corp.	1,229,713
			1,738,124
	Retailing – 8.3%
	2,614	Burlington Stores, Inc.*	414,214
	10,074	Dollar General Corp.	1,521,275
	821	MercadoLibre, Inc.*	401,124
	2,977	O’Reilly Automotive, Inc.*	896,226
	4,946	Ross Stores, Inc.	430,154
	3,985	Ulta Beauty, Inc.*	700,164
			4,363,157
	Semiconductors & Semiconductor Equipment – 6.8%
	16,425	Advanced Micro Devices, Inc.*	747,009
	4,631	Analog Devices, Inc.	415,169
	2,754	Lam Research Corp.	660,960
	14,664	Marvell Technology Group Ltd.	331,847
	9,407	MKS Instruments, Inc.	766,200
	8,086	Xilinx, Inc.	630,223
			3,551,408
	Software & Services – 20.8%
	8,129	Anaplan, Inc.*	245,984
	6,411	Atlassian Corp. plc Class A*	879,974
	7,787	Booz Allen Hamilton Holding Corp.	534,500
	13,263	Cadence Design Systems, Inc.*	875,888
	1,999	Citrix Systems, Inc.	282,958
	3,625	Coupa Software, Inc.*	506,521
	8,870	DocuSign, Inc.*	819,588

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	6,684	Fidelity National Information Services, Inc.	$       813,042
	17,842	Fiserv, Inc.*	1,694,812
	4,479	Global Payments, Inc.	646,006
	4,594	HubSpot, Inc.*	611,875
	4,978	Palo Alto Networks, Inc.*	816,193
	1,168	Paycom Software, Inc.*	235,948
	490	RingCentral, Inc. Class A*	103,836
	7,787	Splunk, Inc.*	982,953
	8,804	Square, Inc. Class A*	461,153
	4,515	Twilio, Inc. Class A*	404,047
			10,915,278
	Technology Hardware & Equipment – 3.5%
	11,807	Amphenol Corp. Class A	860,494
	4,012	Motorola Solutions, Inc.	533,275
	12,965	National Instruments Corp.	428,882
			1,822,651
	Transportation – 1.6%
	6,419	Old Dominion Freight Line, Inc.	842,492
	TOTAL COMMON STOCKS (Cost $50,767,532)		$  53,383,655

Shares	Dividend Rate	Value
Investment Company(a) – 0.0%
Goldman Sachs Financial Square Government Fund — Institutional Shares
942	0.333%	$              942
(Cost $942)
TOTAL INVESTMENTS – 101.7% (Cost $50,768,474)		$  53,384,597
LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.7)%		(902,718)
NET ASSETS – 100.0%		$  52,481,879

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – 2.7%
Adjustable Rate FHLMC(a) – 0.9%
$	79,318		4.625	%	05/01/2035	$          81,609
	16,804		4.250		09/01/2035	17,449
	101,808		4.056		12/01/2036	104,971
	111,743		5.180		04/01/2037	115,861
	131,356		4.187		01/01/2038	136,208
	194,753		4.248		01/01/2038	201,906
						658,004
Adjustable Rate FNMA(a) – 1.2%
	37,120		4.138		05/01/2033	37,877
	70,466		4.708		05/01/2035	72,720
	245,578		4.276		06/01/2035	253,971
	316,926		3.723		11/01/2035	326,229
	46,819		3.766		12/01/2035	48,457
	139,535		4.072		03/01/2037	145,161
						884,415
Adjustable Rate GNMA(a) – 0.2%
	157,799		3.875		04/20/2033	163,126
Agency Multi-Family – 0.4%
	FNMA
	23,250		3.416		10/01/2020	23,257
	25,197		3.721		12/01/2020	25,354
	195,510		3.789		12/01/2020	196,123
	83,971		4.381		06/01/2021	85,869
						330,603
TOTAL MORTGAGE-BACKED SECURITIES (Cost $2,078,030)						$     2,036,148
Collateralized Mortgage Obligations(a) – 20.0%
Agency Multi-Family(b) – 0.9%
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series J15L, Class AFL
$	199,451		1.865	%	08/25/2025	198,135
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF03, Class A
	11,266		1.855		01/25/2021	11,251
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF32, Class A
	443,170		1.885		05/25/2024	439,349
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KS02, Class A
	48,825		1.895		08/25/2023	48,777
						697,512
Regular Floater – 19.1%
FHLMC REMIC Series 3049, Class FP
	156,075		1.055		10/15/2035	154,220
FHLMC REMIC Series 3208, Class FB(b)
	87,670		1.105		08/15/2036	86,854
FHLMC REMIC Series 3208, Class FD(b)
	130,628		1.105		08/15/2036	129,413
FHLMC REMIC Series 3208, Class FG(b)
	526,018		1.105		08/15/2036	521,126
FHLMC REMIC Series 3307, Class FT
	831,464		0.945		07/15/2034	817,232
FHLMC REMIC Series 3311, Class KF
	1,476,867		1.045		05/15/2037	1,454,154
FHLMC REMIC Series 3371, Class FA(b)
	337,957		1.305		09/15/2037	337,564

Principal Amount		Interest Rate			Maturity Date	Value
Collateralized Mortgage Obligations(a) – (continued)
Regular Floater – (continued)
FHLMC REMIC Series 4174, Class FB(b)
	$509,940		1.005	%	05/15/2039	$       506,004
FHLMC REMIC Series 4320, Class FD
	290,357		1.105		07/15/2039	287,402
FHLMC REMIC Series 4477, Class FG
	339,275		1.955		10/15/2040	336,734
FHLMC REMIC Series 4508, Class CF
	270,775		1.105		09/15/2045	268,134
FHLMC REMIC Series 4631, Class GF
	1,778,150		1.205		11/15/2046	1,758,496
FHLMC REMIC Series 4637, Class QF
	1,690,862		2.356		04/15/2044	1,667,609
FNMA REMIC Series 2006-82, Class F
	113,743		1.517		09/25/2036	112,959
FNMA REMIC Series 2006-96, Class FA
	433,883		1.247		10/25/2036	428,230
FNMA REMIC Series 2007-33, Class HF
	78,293		1.297		04/25/2037	77,379
FNMA REMIC Series 2007-36, Class F
	124,771		1.177		04/25/2037	122,360
FNMA REMIC Series 2007-85, Class FC
	330,869		1.487		09/25/2037	328,373
FNMA REMIC Series 2008-8, Class FB
	267,386		1.767		02/25/2038	268,029
FNMA REMIC Series 2011-63, Class FG
	293,796		1.397		07/25/2041	291,323
FNMA REMIC Series 2012-35, Class QF
	943,918		1.347		04/25/2042	931,893
FNMA REMIC Series 2016-1, Class FT
	889,368		1.297		02/25/2046	875,914
FNMA REMIC Series 2017-45, Class FA
	481,401		1.975		06/25/2047	477,894
FNMA REMIC Series 2017-96, Class FC
	1,008,943		1.347		12/25/2057	991,701
GNMA REMIC Series 2005-48, Class AF(b)
	444,469		0.973		06/20/2035	436,811
GNMA REMIC Series 2012-98, Class FA(b)
	408,660		1.173		08/20/2042	403,679
NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A(b)
	67,246		1.466		10/07/2020	66,713
NCUA Guaranteed Notes Trust Series 2010-R2, Class 2A(b)
	218,779		1.486		11/05/2020	216,778
						14,354,978
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $15,235,254)						$  15,052,490
Asset-Backed Securities – 33.9%
Automobile(b) – 7.8%
Ally Master Owner Trust Series 2017-3, Class A1(a)
$	1,350,000		1.135	%	06/15/2022	$   1,345,261
Ally Master Owner Trust Series 2018-1, Class A2
	800,000		2.700		01/17/2023	797,754
Chesapeake Funding II LLC Series 2017-3A, Class A2(a)(c)
	165,578		1.045		08/15/2029	165,643
GMF Floorplan Owner Revolving Trust Series 2017-2, Class A2(a)(c)
	900,000		1.135		07/15/2022	891,481
Mercedes-Benz Master Owner Trust Series 2018-AA, Class A(a)(c)
	1,500,000		0.965		05/16/2022	1,497,873

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Automobile – (continued)
Nissan Master Owner Trust Receivables Series 2017-C, Class A(a)
$	300,000		1.025	%	10/17/2022	$         294,730
Nissan Master Owner Trust Receivables Series 2019-A, Class A(a)
	850,000		1.265		02/15/2024	834,727
						5,827,469
Collateralized Loan Obligations(a)(b)(c) – 7.6%
Benefit Street Partners CLO VII Ltd. Series 2015-VIIA, Class A1AR
	818,068		2.599		07/18/2027	792,205
Bowman Park CLO Ltd. Series 2014-1A, Class AR
	103,666		2.863		11/23/2025	102,252
California Street CLO XII Ltd. Series 2013-12A, Class AR
	127,787		2.861		10/15/2025	125,609
CBAM Ltd. Series 2018-5A, Class A
	1,100,000		2.856		04/17/2031	1,035,867
Cutwater Ltd. Series 2014-1A, Class A1AR
	154,617		3.081		07/15/2026	149,710
Dryden 64 CLO Ltd. Series 2018-64A, Class A
	600,000		2.789		04/18/2031	560,741
Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1R
	30,436		2.949		04/18/2026	30,345
LCM XX LP Series 20A, Class AR
	700,000		2.859		10/20/2027	679,567
Madison Park Funding XXX Ltd. Series 2018-30A, Class A
	1,100,000		2.581		04/15/2029	1,049,844
Parallel Ltd. Series 2015-1A, Class AR
	254,684		2.669		07/20/2027	242,397
Pikes Peak CLO 2 Series 2018-2A, Class A
	800,000		3.109		01/18/2032	737,914
Trinitas CLO II Ltd. Series 2014-2A, Class A1R
	91,391		3.011		07/15/2026	89,909
WhiteHorse IX Ltd. Series 2014-9A, Class AR
	144,777		2.996		07/17/2026	142,071
						5,738,431
Credit Card(a)(b) – 7.1%
CARDS II Trust Series 2018-1A, Class A(c)
	2,200,000		1.055		04/17/2023	2,200,000
Citibank Credit Card Issuance Trust Series 2017-A5, Class A5
	1,400,000		1.544		04/22/2026	1,365,061
Citibank Credit Card Issuance Trust Series 2017-A7, Class A7
	500,000		1.375		08/08/2024	492,773
Evergreen Credit Card Trust Series 2019-1, Class A(c)
	1,000,000		1.185		01/15/2023	951,414
Golden Credit Card Trust Series 2019-1A, Class A(c)
	350,000		1.155		12/15/2022	332,565
						5,341,813
Student Loans(a)(b) – 11.4%
Academic Loan Funding Trust Series 2013-1A, Class A(c)
	364,922		1.747		12/26/2044	331,529
Access Group, Inc. Series 2015-1, Class A(c)
	142,290		1.647		07/25/2056	132,554
Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A
	356,011		1.747		02/25/2041	331,906
Brazos Higher Education Authority, Inc. Series 2011-1, Class A2
	662,192		2.479		02/25/2030	649,404

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loans(a)(b) – (continued)
ECMC Group Student Loan Trust Series 2018-1A, Class A(c)
$	524,389		1.697	%	02/27/2068	$       477,456
Edsouth Indenture No. 4 LLC Series 2013-1, Class A(c)
	93,799		1.517		02/26/2029	91,381
Edsouth Indenture No. 5 LLC Series 2014-1, Class A(c)
	164,706		1.647		02/25/2039	155,586
Education Loan Asset-Backed Trust I Series 2013-1, Class A1(c)
	53,265		1.747		06/25/2026	53,064
Educational Funding of the South, Inc. Series 2011-1, Class A2
	312,466		2.444		04/25/2035	302,189
Educational Funding of the South, Inc. Series 2012-1, Class A
	231,350		1.997		03/25/2036	221,830
Higher Education Funding I Series 2014-1, Class A(c)
	252,381		2.729		05/25/2034	239,671
Illinois Student Assistance Commission Series 2010-1, Class A3
	163,694		2.694		07/25/2045	155,363
Kentucky Higher Education Student Loan Corp. Series 2013-2, Class A1
	488,160		2.181		09/01/2028	472,767
Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1
	467,532		2.331		12/01/2031	453,615
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2
	410,898		1.773		05/20/2030	404,054
Navient Student Loan Trust Series 2016-7A, Class A(c)
	116,034		2.097		03/25/2066	111,465
Nelnet Student Loan Trust Series 2006-1, Class A5
	197,994		1.793		08/23/2027	196,279
Nelnet Student Loan Trust Series 2013-5A, Class A(c)
	64,720		1.577		01/25/2037	58,656
Nelnet Student Loan Trust Series 2014-3A, Class A(c)
	528,434		1.527		06/25/2041	484,864
New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3
	172,823		2.644		10/25/2037	163,525
Pennsylvania Higher Education Assistance Agency Series 2006-1, Class A3
	389,576		1.934		10/25/2035	359,649
Scholar Funding Trust Series 2010-A, Class A(c)
	200,387		2.545		10/28/2041	180,957
Scholar Funding Trust Series 2011-A, Class A(c)
	169,948		2.695		10/28/2043	155,856
SLM Student Loan Trust Series 2005-5, Class A4
	728,502		1.934		10/25/2028	699,324
SLM Student Loan Trust Series 2007-1, Class A5
	478,212		1.884		01/26/2026	470,591
SLM Student Loan Trust Series 2008-5, Class A4
	57,955		3.494		07/25/2023	57,534
SLM Student Loan Trust Series 2012-3, Class A
	700,223		1.597		12/27/2038	646,374
South Texas Higher Education Authority, Inc. Series 2012-1, Class A2
	34,293		2.759		10/01/2024	34,285
Utah State Board of Regents Series 2015-1, Class A
	251,558		2.227		02/25/2043	238,548
Utah State Board of Regents Series 2016-1, Class A
	301,912		1.697		09/25/2056	283,616
						8,613,892
TOTAL ASSET-BACKED SECURITIES (Cost $26,345,522)						$  25,521,605

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Supranational(a) – 3.3%
European Investment Bank (c)
$	1,530,000		(SOFR + 0.29%),
			0.300	%	06/10/2022	$   1,524,625
International Bank for Reconstruction & Development
	1,000,000		(SOFR + 0.22%),
			0.230		08/21/2020	998,404
TOTAL SUPRANATIONAL (Cost $2,530,000)						$   2,523,029
Municipal Bond(a)(b)(c) – 0.1%
New York – 0.1%
Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A
	(1 Mo. LIBOR + 0.50%),
$	95,485		1.425	%	01/25/2033	$      95,061
(Cost $95,485)
U.S. Treasury Obligations – 31.2%
U.S. Treasury Bonds
$	220,000		3.750	%	11/15/2043	$    328,694
	170,000		3.375		05/15/2044	241,639
U.S. Treasury Inflation Linked Notes
	1,312,494		0.125		07/15/2022	1,298,951
U.S. Treasury Notes
	(3 Mo. U.S. T-Bill MMY + 0.03%),
	1,500,000		0.118	(a)	04/30/2020	1,500,009
	(3 Mo. U.S. T-Bill MMY + 0.04%),
	2,300,000		0.128	(a)	07/31/2020	2,299,957
	(3 Mo. U.S. T-Bill MMY + 0.05%),
	4,900,000		0.130	(a)	10/31/2020	4,899,481
	(3 Mo. U.S. T-Bill MMY + 0.22%),
	10,400,000		0.305	(a)	07/31/2021	10,414,698
	310,000		2.875		10/15/2021	322,412
	(3 Mo. U.S. T-Bill MMY + 0.15%),
	600,000		0.239	(a)	01/31/2022	599,695
	120,000		1.875		02/28/2022	123,656
	20,000		2.750		04/30/2023	21,487
	920,000		2.875		10/31/2023	1,003,016
	140,000		2.875		05/31/2025	157,445
	10,000		3.000		09/30/2025	11,376
	250,000		2.125		05/31/2026	274,395
	20,000		1.375		08/31/2026	21,059
TOTAL U.S. TREASURY OBLIGATIONS (Cost $23,301,447)						$     23,517,970

Shares	Dividend Rate		Value
Investment Company(d) – 6.9%
Goldman Sachs Financial Square Government Fund – Institutional Shares
5,161,539		0.333%	$       5,161,539
(Cost $5,161,539)
TOTAL INVESTMENTS – 98.1% (Cost $74,747,277)			$    73,907,842
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.9%			1,434,429
NET ASSETS – 100.0%			$    75,342,271

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2020.
(b)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	Represents an Affiliated Issuer.

Investment Abbreviations:
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
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 March 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
1 Month SOFR	4	07/31/2020	$	1,665,800		$	21,700
U.S. Treasury 10 Year Ultra Note	4	06/19/2020		624,875			36,970
Total						$	58,670
Short position contracts:
30 Day Federal Funds	(4)	07/31/2020	$	(1,665,800	)	$	(15,426	)
U.S. Treasury 2 Year Note	(1)	06/30/2020		(220,383	)		(56	)
U.S. Treasury 5 Year Note	(31)	06/30/2020		(3,888,078	)		(102,486	)
U.S. Treasury 10 Year Note	(4)	06/19/2020		(555,437	)		(9,257	)
U.S. Treasury Long Bond	(7)	06/19/2020		(1,257,375	)		(89,526	)
U.S. Treasury Ultra Bond	(1)	06/19/2020		(222,344	)		(19,619	)
Total						$	(236,370	)
Total Futures Contracts						$	(177,700	)

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by the Fund	Termination Date		Notional Amount (000’s)(b)		Value			Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
1 Month LIBOR	3 Month LIBOR		07/25/2024		USD 1,300	$	(1,292	)	$	30	$	(1,322	)

(a) Payments made quarterly

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2020.

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.7%
	Australia – 7.9%
	11,877	AGL Energy Ltd. (Utilities)	$       124,297
	10,951	ASX Ltd. (Diversified Financials)	514,048
	121,652	Aurizon Holdings Ltd. (Transportation)	315,270
	31,062	BHP Group Ltd. (Materials)	563,505
	38,194	BHP Group plc (Materials)	592,758
	43,206	Brambles Ltd. (Commercial & Professional Services)	279,272
	7,587	Coca-Cola Amatil Ltd. (Food, Beverage & Tobacco)	40,949
	4,539	Commonwealth Bank of Australia (Banks)	171,257
	13,858	Fortescue Metals Group Ltd. (Materials)	84,925
	15,197	Goodman Group (REIT)	111,389
	108,473	Harvey Norman Holdings Ltd. (Retailing)	199,174
	7,119	Magellan Financial Group Ltd. (Diversified Financials)	188,808
	33,620	QBE Insurance Group Ltd. (Insurance)	175,126
	6,667	Regis Resources Ltd. (Materials)	14,817
	9,182	Rio Tinto Ltd. (Materials)	473,052
	7,695	Rio Tinto plc ADR (Materials)	350,584
	74,385	Santos Ltd. (Energy)	152,769
	19,443	Sonic Healthcare Ltd. (Health Care Equipment & Services)	292,225
	59,744	Stockland (REIT)	91,869
	11,675	Wesfarmers Ltd. (Retailing)	247,396
	9,679	Woolworths Group Ltd. (Food & Staples Retailing)	210,483
			5,193,973
	Belgium – 1.1%
	1,275	Galapagos NV (Pharmaceuticals, Biotechnology & Life Sciences)*	250,381
	5,722	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)	489,587
			739,968
	Cambodia – 0.1%
	86,000	NagaCorp Ltd. (Consumer Services)	87,057
	China – 1.4%
	23,000	CITIC Telecom International Holdings Ltd. (Telecommunication Services)	7,589
	174,000	Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco)	282,895
	236,000	Towngas China Co. Ltd. (Utilities)*	116,569
	116,000	Uni-President China Holdings Ltd. (Food, Beverage & Tobacco)	112,114

Shares		Description	Value
	Common Stocks – (continued)
	China – (continued)
	507,000	Want Want China Holdings Ltd. (Food, Beverage & Tobacco)	$       365,606
			884,773
	Denmark – 2.4%
	18,417	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	1,099,791
	5,858	Vestas Wind Systems A/S (Capital Goods)	476,640
			1,576,431
	Finland – 0.4%
	8,348	Fortum OYJ (Utilities)	121,439
	4,283	Neste OYJ (Energy)	142,399
			263,838
	France – 10.6%
	511	Air Liquide SA (Materials)	65,228
	203	Airbus SE (Capital Goods)	13,090
	4,444	Alstom SA (Capital Goods)	183,502
	14,108	BNP Paribas SA (Banks)	411,886
	4,763	Bouygues SA (Capital Goods)	138,228
	5,628	Capgemini SE (Software & Services)	470,289
	692	Christian Dior SE (Consumer Durables & Apparel)	241,199
	8,385	Coface SA (Insurance)	53,245
	10,572	Danone SA (Food, Beverage & Tobacco)	676,590
	2,581	Eiffage SA (Capital Goods)	183,209
	3,522	EssilorLuxottica SA (Consumer Durables & Apparel)	372,891
	480	Hermes International (Consumer Durables & Apparel)	326,597
	8,545	Legrand SA (Capital Goods)	545,017
	2,349	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)	861,499
	1,625	Peugeot SA (Automobiles & Components)	21,156
	8,630	Publicis Groupe SA (Media & Entertainment)	246,636
	2,795	Safran SA (Capital Goods)*	247,629
	4,741	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)	410,452
	1,186	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)	236,671
	8,552	Schneider Electric SE (Capital Goods)	722,840
	9,821	SCOR SE (Insurance)	216,074
	1,488	Societe Generale SA (Banks)	24,377
	6,854	TOTAL SA (Energy)	258,251
			6,926,556

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Germany – 7.3%
	921	1&1 Drillisch AG (Telecommunication Services)	$         19,008
	570	adidas AG (Consumer Durables & Apparel)	126,556
	337	Allianz SE (Registered) (Insurance)	57,390
	7,343	BASF SE (Materials)	343,226
	3,190	CANCOM SE (Software & Services)	134,097
	4,563	Deutsche Boerse AG (Diversified Financials)	626,884
	21,556	Deutsche Post AG (Registered) (Transportation)	577,887
	1,599	Deutsche Telekom AG (Registered) (Telecommunication Services)	20,652
	3,914	Fresenius Medical Care AG & Co. KGaA (Health Care Equipment & Services)	255,490
	6,180	Fresenius SE & Co. KGaA (Health Care Equipment & Services)	230,098
	489	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)	30,836
	8,161	HeidelbergCement AG (Materials)	348,663
	144	Henkel AG & Co. KGaA (Household & Personal Products)	10,578
	4,396	Henkel AG & Co. KGaA (Preference) (Household & Personal Products)(a)	351,599
	2,858	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) (Insurance)	574,659
	4,012	Nemetschek SE (Software & Services)	195,576
	688	Porsche Automobil Holding SE (Preference) (Automobiles & Components)(a)	28,759
	460	Scout24 AG (Media & Entertainment)(b)	27,498
	5,741	Siemens AG (Registered) (Capital Goods)	480,723
	4,356	Siltronic AG (Semiconductors & Semiconductor Equipment)	315,128
	1,466	Software AG (Software & Services)	43,692
			4,798,999
	Hong Kong – 2.1%
	31,000	CK Asset Holdings Ltd. (Real Estate)	168,196
	55,500	CLP Holdings Ltd. (Utilities)	508,380
	200	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)	5,992
	45,500	MTR Corp. Ltd. (Transportation)	234,036
	70,000	Swire Pacific Ltd. Class B (Real Estate)	71,116
	382,000	WH Group Ltd. (Food, Beverage & Tobacco)(b)	352,589
			1,340,309

Shares		Description	Value
	Common Stocks – (continued)
	Italy – 2.7%
	30,523	A2A SpA (Utilities)	$         37,658
	13,295	Azimut Holding SpA (Diversified Financials)	189,224
	5,030	Banca Generali SpA (Diversified Financials)	104,521
	16,077	Banca Mediolanum SpA (Diversified Financials)	80,692
	479	Ferrari NV (Automobiles & Components)	73,783
	18,829	Hera SpA (Utilities)	68,121
	307,786	Intesa Sanpaolo SpA (Banks)	498,017
	40,704	Iren SpA (Utilities)	101,425
	51,174	Mediobanca Banca di Credito Finanziario SpA (Banks)	279,061
	37,242	Poste Italiane SpA (Insurance)(b)	313,460
	780	Reply SpA (Software & Services)	47,423
			1,793,385
	Japan – 27.0%
	10,500	Ajinomoto Co., Inc. (Food, Beverage & Tobacco)	195,662
	42,900	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	660,976
	6,000	Benesse Holdings, Inc. (Consumer Services)	152,689
	10,100	Chubu Electric Power Co., Inc. (Utilities)	142,543
	2,100	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	242,961
	4,300	Cleanup Corp. (Consumer Durables & Apparel)	21,140
	1,900	Computer Institute of Japan Ltd. (Software & Services)	13,123
	21,800	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)	463,274
	1,200	Daito Trust Construction Co. Ltd. (Real Estate)	111,436
	22,300	Daiwa House Industry Co. Ltd. (Real Estate)	550,973
	3,200	DCM Holdings Co. Ltd. (Retailing)	29,598
	30,700	DeNA Co. Ltd. (Media & Entertainment)	336,270
	10,800	Dentsu Group, Inc. (Media & Entertainment)	208,677
	5,400	East Japan Railway Co. (Transportation)	408,620
	1,800	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	131,665
	600	FamilyMart Co. Ltd. (Food & Staples Retailing)	10,774
	4,600	Fuji Kosan Co. Ltd. (Energy)	15,812
	11,300	FUJIFILM Holdings Corp. (Technology Hardware & Equipment)	556,859

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	6,500	Fujitsu Ltd. (Software & Services)	$       585,447
	19,700	Hitachi Ltd. (Technology Hardware & Equipment)	565,910
	9,300	Ibiden Co. Ltd. (Technology Hardware & Equipment)	202,963
	1,000	ISB Corp. (Software & Services)	12,924
	3,500	Itochu Enex Co. Ltd. (Energy)	27,198
	1,200	Kamigumi Co. Ltd. (Transportation)	20,255
	18,700	KDDI Corp. (Telecommunication Services)	552,372
	14,100	Konami Holdings Corp. (Media & Entertainment)	432,484
	5,500	K’s Holdings Corp. (Retailing)	51,974
	4,800	Kyowa Kirin Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	107,278
	4,600	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)	167,686
	11,600	Mazda Motor Corp. (Automobiles & Components)	61,258
	4,900	Mitsubishi Heavy Industries Ltd. (Capital Goods)	123,489
	519,500	Mizuho Financial Group, Inc. (Banks)	596,012
	12,900	MS&AD Insurance Group Holdings, Inc. (Insurance)	359,925
	4,300	NEC Networks & System Integration Corp. (Software & Services)	174,304
	7,900	Nexon Co. Ltd. (Media & Entertainment)	129,093
	1,500	Nihon Unisys Ltd. (Software & Services)	40,010
	7,700	Nikon Corp. (Consumer Durables & Apparel)	70,673
	17,100	Nippon Telegraph & Telephone Corp. (Telecommunication Services)	408,974
	800	Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco)	13,346
	2,200	Nitto Denko Corp. (Materials)	97,722
	9,000	NOK Corp. (Automobiles & Components)	98,571
	21,900	Nomura Holdings, Inc. (Diversified Financials)	92,420
	13,800	Nomura Research Institute Ltd. (Software & Services)	291,494
	36,100	NTT Data Corp. (Software & Services)	345,570
	6,700	NTT DOCOMO, Inc. (Telecommunication Services)	209,530
	500	OBIC Business Consultants Co. Ltd. (Software & Services)	20,298
	4,100	Okinawa Electric Power Co., Inc. (The) (Utilities)	75,050
	13,300	Olympus Corp. (Health Care Equipment & Services)	191,723

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	6,000	Ono Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	$       137,883
	40,100	ORIX Corp. (Diversified Financials)	478,420
	11,200	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	437,006
	4,100	Pan Pacific International Holdings Corp. (Retailing)	77,643
	22,600	Panasonic Corp. (Consumer Durables & Apparel)	171,091
	3,200	Ryoden Corp. (Technology Hardware & Equipment)	38,252
	10,900	Sankyo Co. Ltd. (Consumer Durables & Apparel)	316,107
	13,200	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	226,535
	7,200	Secom Co. Ltd. (Commercial & Professional Services)	595,499
	38,600	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)	468,306
	16,100	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)	212,103
	18,700	Seven & i Holdings Co. Ltd. (Food & Staples Retailing)	617,566
	11,100	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	546,780
	14,200	SoftBank Group Corp. (Telecommunication Services)	502,714
	1,200	Subaru Corp. (Automobiles & Components)	22,938
	11,100	Sumitomo Realty & Development Co. Ltd. (Real Estate)	271,038
	9,500	Sundrug Co. Ltd. (Food & Staples Retailing)	304,420
	2,100	TDK Corp. (Technology Hardware & Equipment)	161,467
	27,900	TIS, Inc. (Software & Services)	462,690
	4,000	Tokio Marine Holdings, Inc. (Insurance)	183,018
	900	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)	167,736
	30,000	Toppan Printing Co. Ltd. (Commercial & Professional Services)	458,041
	800	Toyota Motor Corp. (Automobiles & Components)	48,212
	1,100	Welcia Holdings Co. Ltd. (Food & Staples Retailing)	77,238
	69,900	Yamada Denki Co. Ltd. (Retailing)*	278,414

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	500	Zuken, Inc. (Software & Services)	$         10,604
			17,650,726
	Luxembourg – 0.2%
	281	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)	137,128
	Netherlands – 5.1%
	2,209	Akzo Nobel NV (Materials)	145,283
	4,269	ASM International NV (Semiconductors & Semiconductor Equipment)	434,336
	531	ASML Holding NV (Semiconductors & Semiconductor Equipment)	139,980
	3,038	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)	93,044
	1,757	Euronext NV (Diversified Financials)(b)	129,374
	15,354	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)	357,696
	230	Koninklijke DSM NV (Materials)	25,873
	83,422	Koninklijke KPN NV (Telecommunication Services)	199,496
	2,492	Koninklijke Philips NV (Health Care Equipment & Services)	102,315
	2,398	NXP Semiconductors NV (Semiconductors & Semiconductor Equipment)	198,866
	20,808	Royal Dutch Shell plc Class A (Energy)	360,831
	1,021	Royal Dutch Shell plc Class B (Energy)	17,126
	8,579	Royal Dutch Shell plc Class B ADR (Energy)	280,190
	11,862	Signify NV (Capital Goods)(b)	229,888
	8,499	Wolters Kluwer NV (Commercial & Professional Services)	601,594
			3,315,892
	Norway – 1.6%
	37,640	DNB ASA (Banks)	419,345
	2,041	Equinor ASA (Energy)	25,443
	11,978	Orkla ASA (Food, Beverage & Tobacco)	102,624
	6,631	Salmar ASA (Food, Beverage & Tobacco)	219,380
	8,430	Yara International ASA (Materials)	266,549
			1,033,341
	Portugal – 0.1%
	10,797	EDP - Energias de Portugal SA (Utilities)	43,441
	Singapore – 0.9%
	800	DBS Group Holdings Ltd. (Banks)	10,439

Shares		Description	Value
	Common Stocks – (continued)
	Singapore – (continued)
	80,100	Singapore Exchange Ltd. (Diversified Financials)	$       515,880
	42,500	Singapore Telecommunications Ltd. (Telecommunication Services)	75,766
			602,085
	Spain – 1.1%
	9,006	Acerinox SA (Materials)	60,618
	816	Aena SME SA (Transportation)(b)	88,532
	475	Amadeus IT Group SA (Software & Services)	22,358
	24,201	Banco Santander SA (Banks)	57,570
	4,564	Cellnex Telecom SA (Telecommunication Services)(b)	207,034
	36,402	Merlin Properties Socimi SA (REIT)	274,713
	1,034	Siemens Gamesa Renewable Energy SA (Capital Goods)	15,258
			726,083
	Sweden – 3.4%
	21,188	Boliden AB (Materials)	380,110
	10,869	Essity AB Class B (Household & Personal Products)	332,956
	1,651	Investor AB Class A (Diversified Financials)	73,844
	26,007	Kinnevik AB Class B (Diversified Financials)	424,159
	16,096	Sandvik AB (Capital Goods)	226,418
	9,307	Swedish Match AB (Food, Beverage & Tobacco)	526,959
	24,125	Volvo AB Class B (Capital Goods)	286,748
			2,251,194
	Switzerland – 10.3%
	209	Baloise Holding AG (Registered) (Insurance)	27,248
	502	Coca-Cola HBC AG (Food, Beverage & Tobacco)	10,766
	6,157	LafargeHolcim Ltd. (Registered) (Materials)*	224,691
	302	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*	124,220
	21,322	Nestle SA (Registered) (Food, Beverage & Tobacco)	2,182,686
	18,061	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	1,490,011
	5,465	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)	1,758,320
	2,443	Sonova Holding AG (Registered) (Health Care Equipment & Services)	435,622
	1,330	Swiss Life Holding AG (Registered) (Insurance)	446,409

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Switzerland – (continued)
	186	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*	$         55,708
			6,755,681
	United Kingdom – 11.1%
	50,984	3i Group plc (Diversified Financials)	494,016
	4,156	AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)	185,607
	108,981	Aviva plc (Insurance)	358,303
	41,421	Barratt Developments plc (Consumer Durables & Apparel)	223,894
	3,655	BP plc ADR (Energy)	89,145
	961	British American Tobacco plc (Food, Beverage & Tobacco)	32,737
	82,041	BT Group plc (Telecommunication Services)	119,334
	3,000	CK Hutchison Holdings Ltd. (Capital Goods)	19,995
	27,593	Diageo plc (Food, Beverage & Tobacco)	874,961
	732	Dialog Semiconductor plc (Semiconductors & Semiconductor Equipment)*	19,027
	123,020	Direct Line Insurance Group plc (Insurance)	449,110
	21,845	Experian plc (Commercial & Professional Services)	607,102
	41,696	Fiat Chrysler Automobiles NV (Automobiles & Components)	297,657
	3,373	GlaxoSmithKline plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)	127,803
	11,639	Great Portland Estates plc (REIT)	98,060
	3,408	HomeServe plc (Commercial & Professional Services)	44,391
	66,809	HSBC Holdings plc (Banks)	375,050
	29,017	Imperial Brands plc (Food, Beverage & Tobacco)	535,519
	111,928	Legal & General Group plc (Insurance)	264,452
	79,282	Lloyds Banking Group plc (Banks)	30,996
	1,518	London Stock Exchange Group plc (Diversified Financials)	135,794
	12,352	National Grid plc (Utilities)	144,324
	10,808	Persimmon plc (Consumer Durables & Apparel)	255,487
	2,854	Reckitt Benckiser Group plc (Household & Personal Products)	217,405
	4,040	RELX plc (Commercial & Professional Services)	86,223
	23,365	SSE plc (Utilities)	375,453
	213,181	Taylor Wimpey plc (Consumer Durables & Apparel)	306,759

Shares		Description	Value
	Common Stocks – (continued)
	United Kingdom – (continued)
	6,909	Unilever plc ADR (Household & Personal Products)(c)	$         349,388
	9,897	Vodafone Group plc ADR (Telecommunication Services)	136,282
			7,254,274
	United States – 0.9%
	3,782	Carnival plc ADR (Consumer Services)	45,119
	5,547	Ferguson plc (Capital Goods)	342,985
	5,469	QIAGEN NV (Pharmaceuticals, Biotechnology & Life Sciences)*	220,823
			608,927
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $74,972,838)		$  63,984,061

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle(d) – 0.5%
Goldman Sachs Financial Square Government Fund — Institutional Shares
336,375	0.333%	$       336,375
(Cost $336,375)
TOTAL INVESTMENTS – 98.2% (Cost $75,309,213)		$  64,320,436
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.8%		1,180,586
NET ASSETS – 100.0%		$  65,501,022

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)	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.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	All or a portion of security is on loan.
(d)	Represents an Affiliated Issuer.

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 March 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
TOPIX Index	1	06/11/2020	$	130,481	$	522

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.0%
	Automobiles & Components – 0.9%
	68,016	Aptiv plc	$     3,349,108
	Banks – 8.1%
	138,763	Citigroup, Inc.	5,844,698
	146,432	JPMorgan Chase & Co.	13,183,273
	23,149	M&T Bank Corp.	2,394,301
	249,025	Wells Fargo & Co.	7,147,017
			28,569,289
	Capital Goods – 6.9%
	39,061	Deere & Co.	5,396,668
	658,694	General Electric Co.	5,230,030
	38,891	Honeywell International, Inc.	5,203,227
	67,276	ITT, Inc.	3,051,639
	7,644	Northrop Grumman Corp.	2,312,692
	29,995	Stanley Black & Decker, Inc.	2,999,500
			24,193,756
	Commercial & Professional Services – 0.7%
	33,010	Waste Connections, Inc.	2,558,275
	Consumer Services – 2.5%
	52,363	Las Vegas Sands Corp.	2,223,857
	38,806	McDonald’s Corp.	6,416,572
			8,640,429
	Diversified Financials – 9.1%
	35,587	American Express Co.	3,046,603
	79,646	Berkshire Hathaway, Inc. Class B*	14,561,678
	12,285	BlackRock, Inc.	5,405,032
	26,597	CME Group, Inc.	4,598,887
	127,012	Morgan Stanley	4,318,408
			31,930,608
	Energy – 5.0%
	51,093	Cheniere Energy, Inc.*	1,711,616
	93,204	Chevron Corp.	6,753,562
	121,013	ConocoPhillips	3,727,200
	27,037	EOG Resources, Inc.	971,169
	113,024	Exxon Mobil Corp.	4,291,521
			17,455,068
	Food & Staples Retailing – 2.1%
	64,735	Walmart, Inc.	7,355,191
	Food, Beverage & Tobacco – 4.1%
	55,485	Coca-Cola Co. (The)	2,455,211
	24,741	Constellation Brands, Inc. Class A	3,546,870
	72,445	Mondelez International, Inc. Class A	3,628,045
	65,558	Philip Morris International, Inc.	4,783,112
			14,413,238
	Health Care Equipment & Services – 5.0%
	53,983	Boston Scientific Corp.*	1,761,465
	101,949	CVS Health Corp.	6,048,634
	57,956	Envista Holdings Corp.*	865,863
	13,725	Humana, Inc.	4,309,924
	5,114	McKesson Corp.	691,720

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	40,074	Zimmer Biomet Holdings, Inc.	$     4,050,680
			17,728,286
	Household & Personal Products – 2.8%
	89,141	Procter & Gamble Co. (The)	9,805,510
	Insurance – 3.5%
	46,263	Allstate Corp. (The)	4,243,705
	34,570	American Financial Group, Inc.	2,422,666
	65,921	American International Group, Inc.	1,598,584
	37,451	Chubb Ltd.	4,182,902
			12,447,857
	Materials – 3.7%
	39,230	Linde plc	6,786,790
	15,574	Martin Marietta Materials, Inc.	2,947,068
	36,556	Packaging Corp. of America	3,174,157
			12,908,015
	Media & Entertainment – 6.3%
	61,276	Activision Blizzard, Inc.*	3,644,696
	3,043	Alphabet, Inc. Class A*	3,535,814
	153,024	Comcast Corp. Class A	5,260,965
	11,607	Facebook, Inc. Class A*	1,936,048
	82,531	Walt Disney Co. (The)	7,972,495
			22,350,018
	Pharmaceuticals, Biotechnology & Life Sciences – 7.9%
	26,182	Agilent Technologies, Inc.	1,875,155
	22,762	Agios Pharmaceuticals, Inc.*	807,596
	77,425	Bristol-Myers Squibb Co.	4,315,670
	111,544	Elanco Animal Health, Inc.*	2,497,470
	30,010	Eli Lilly & Co.	4,162,987
	102,542	Johnson & Johnson	13,446,332
	7,457	Sarepta Therapeutics, Inc.*	729,444
			27,834,654
	Real Estate Investment Trusts – 4.1%
	26,690	Alexandria Real Estate Equities, Inc.	3,658,131
	27,452	AvalonBay Communities, Inc.	4,040,111
	32,368	Extra Space Storage, Inc.	3,099,560
	138,450	Hudson Pacific Properties, Inc.	3,511,092
			14,308,894
	Retailing – 1.5%
	95,245	L Brands, Inc.	1,101,032
	24,911	Lowe’s Cos., Inc.	2,143,592
	22,556	Ross Stores, Inc.	1,961,695
			5,206,319
	Semiconductors & Semiconductor Equipment – 4.4%
	74,259	Intel Corp.	4,018,897
	108,370	Marvell Technology Group Ltd.	2,452,413
	43,721	Micron Technology, Inc.*	1,838,905
	21,606	NXP Semiconductors NV	1,791,786
	37,028	Texas Instruments, Inc.	3,700,208

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	20,674	Xilinx, Inc.	$    1,611,332
			15,413,541
	Software & Services – 3.8%
	14,499	Citrix Systems, Inc.	2,052,333
	66,599	Cognizant Technology Solutions Corp. Class A	3,094,856
	25,928	Fidelity National Information Services, Inc.	3,153,882
	17,200	Microsoft Corp.	2,712,612
	13,898	Visa, Inc. Class A	2,239,246
			13,252,929
	Technology Hardware & Equipment – 1.5%
	9,940	Apple, Inc.	2,527,642
	87,272	National Instruments Corp.	2,886,958
			5,414,600
	Telecommunication Services – 4.0%
	121,419	AT&T, Inc.	3,539,364
	193,633	Verizon Communications, Inc.	10,403,901
			13,943,265
	Transportation – 2.1%
	23,809	Norfolk Southern Corp.	3,476,114
	27,792	Union Pacific Corp.	3,919,784
			7,395,898
	Utilities – 8.0%
	56,403	Ameren Corp.	4,107,830
	30,843	American Water Works Co., Inc.	3,687,589
	33,045	Atmos Energy Corp.	3,279,055
	65,582	CMS Energy Corp.	3,852,943
	34,400	NextEra Energy, Inc.	8,277,328
	81,257	Xcel Energy, Inc.	4,899,797
			28,104,542
	TOTAL COMMON STOCKS (Cost $382,386,687)		$  344,579,290

Shares		Dividend Rate	Value
	Investment Company(a) – 1.0%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	3,628,584	0.333%	$      3,628,584
	(Cost $3,628,584)
	TOTAL INVESTMENTS – 99.0% (Cost $386,015,271)		$  348,207,874
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.0%		3,421,888
	NET ASSETS – 100.0%		$  351,629,762

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.5%
	Automobiles & Components – 0.8%
	46,748	Aptiv plc	$    2,301,871
	Banks – 5.2%
	87,612	East West Bancorp, Inc.	2,255,133
	37,233	First Republic Bank	3,063,531
	142,104	Huntington Bancshares, Inc.	1,166,674
	40,258	M&T Bank Corp.	4,163,885
	47,500	Pinnacle Financial Partners, Inc.	1,783,150
	295,914	Regions Financial Corp.	2,654,348
			15,086,721
	Capital Goods – 9.4%
	56,541	AMETEK, Inc.	4,072,083
	64,298	Fortive Corp.	3,548,607
	92,906	ITT, Inc.	4,214,216
	32,630	L3Harris Technologies, Inc.	5,877,315
	19,498	Rockwell Automation, Inc.	2,942,443
	44,975	Stanley Black & Decker, Inc.	4,497,500
	24,020	Trane Technologies plc	1,983,812
			27,135,976
	Consumer Durables & Apparel – 0.6%
	42,002	Lennar Corp. Class A	1,604,476
	Consumer Services – 1.5%
	30,511	Wynn Resorts Ltd.	1,836,457
	35,168	Yum! Brands, Inc.	2,410,063
			4,246,520
	Diversified Financials – 4.4%
	17,297	Cboe Global Markets, Inc.	1,543,757
	84,229	Discover Financial Services	3,004,449
	21,707	Evercore, Inc. Class A	999,824
	36,403	Northern Trust Corp.	2,746,970
	53,138	Raymond James Financial, Inc.	3,358,322
	12,286	T. Rowe Price Group, Inc.	1,199,728
			12,853,050
	Energy – 2.2%
	74,454	Cheniere Energy, Inc.*	2,494,209
	57,360	Hess Corp.	1,910,088
	48,322	ONEOK, Inc.	1,053,903
	174,822	Parsley Energy, Inc. Class A	1,001,730
			6,459,930
	Food & Staples Retailing – 0.7%
	62,163	Grocery Outlet Holding Corp.*	2,134,677
	Food, Beverage & Tobacco – 3.8%
	47,953	Coca-Cola European Partners plc	1,799,676
	46,159	Conagra Brands, Inc.	1,354,305
	17,357	Constellation Brands, Inc. Class A	2,488,300
	15,324	McCormick & Co., Inc. (Non-Voting)	2,163,902
	178,802	Nomad Foods Ltd.*	3,318,565
			11,124,748
	Health Care Equipment & Services – 5.3%
	32,183	Centene Corp.*	1,911,992

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	188,467	Change Healthcare, Inc.*	$    1,882,785
	11,340	Cooper Cos., Inc. (The)	3,126,098
	117,542	Envista Holdings Corp.*	1,756,078
	17,116	Quest Diagnostics, Inc.	1,374,415
	51,091	Zimmer Biomet Holdings, Inc.	5,164,278
			15,215,646
	Insurance – 6.6%
	3,679	Alleghany Corp.	2,032,096
	34,458	American Financial Group, Inc.	2,414,817
	73,619	Arch Capital Group Ltd.*	2,095,197
	23,781	Arthur J Gallagher & Co.	1,938,389
	54,024	Brown & Brown, Inc.	1,956,749
	23,741	Cincinnati Financial Corp.	1,791,259
	22,889	Globe Life, Inc.	1,647,321
	3,705	Markel Corp.*	3,437,832
	22,502	Reinsurance Group of America, Inc.	1,893,318
			19,206,978
	Materials – 7.8%
	32,401	Ashland Global Holdings, Inc.	1,622,318
	62,556	Ball Corp.	4,044,871
	148,637	Corteva, Inc.	3,492,970
	319,988	Freeport-McMoRan, Inc.	2,159,919
	11,239	Martin Marietta Materials, Inc.	2,126,756
	39,260	Newmont Corp.	1,777,693
	51,086	Packaging Corp. of America	4,435,797
	125,919	Steel Dynamics, Inc.	2,838,214
			22,498,538
	Media & Entertainment – 5.3%
	32,887	Liberty Broadband Corp. Class C*	3,641,249
	93,400	Liberty Media Corp.-Liberty Formula One Class C*	2,543,282
	68,819	Liberty Media Corp-Liberty SiriusXM Class A*	2,180,874
	55,297	Live Nation Entertainment, Inc.*	2,513,802
	36,223	Match Group, Inc.*(a)	2,392,167
	16,995	Nexstar Media Group, Inc. Class A	981,121
	94,955	Snap, Inc. Class A*	1,129,015
			15,381,510
	Pharmaceuticals, Biotechnology & Life Sciences – 3.8%
	60,404	Agilent Technologies, Inc.	4,326,135
	29,961	Agios Pharmaceuticals, Inc.*	1,063,016
	69,531	Catalent, Inc.*	3,612,136
	23,108	PRA Health Sciences, Inc.*	1,918,888
			10,920,175
	Real Estate Investment Trusts – 13.5%
	34,828	Alexandria Real Estate Equities, Inc.	4,773,526
	27,084	Americold Realty Trust	921,939
	32,531	AvalonBay Communities, Inc.	4,787,587
	20,932	Boston Properties, Inc.	1,930,558
	42,990	Camden Property Trust	3,406,528
	25,017	CyrusOne, Inc.	1,544,800

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Investment Trusts – (continued)
	28,795	Duke Realty Corp.	$      932,382
	57,523	Equity LifeStyle Properties, Inc.	3,306,422
	17,574	Essex Property Trust, Inc.	3,870,498
	154,208	Healthpeak Properties, Inc.	3,677,861
	65,409	Hudson Pacific Properties, Inc.	1,658,772
	94,512	Invitation Homes, Inc.	2,019,721
	40,250	MGM Growth Properties LLC Class A	952,718
	33,646	Prologis, Inc.	2,704,129
	45,889	Ryman Hospitality Properties, Inc.	1,645,121
	57,644	STORE Capital Corp.	1,044,509
			39,177,071
	Retailing – 2.0%
	17,388	Dollar General Corp.	2,625,762
	128,022	L Brands, Inc.	1,479,934
	19,053	Ross Stores, Inc.	1,657,040
			5,762,736
	Semiconductors & Semiconductor Equipment – 4.6%
	24,584	Analog Devices, Inc.	2,203,956
	219,374	Marvell Technology Group Ltd.	4,964,434
	30,916	MKS Instruments, Inc.	2,518,108
	28,414	NXP Semiconductors NV	2,356,373
	17,148	Xilinx, Inc.	1,336,515
			13,379,386
	Software & Services – 2.1%
	30,929	Cadence Design Systems, Inc.*	2,042,551
	33,532	Fidelity National Information Services, Inc.	4,078,833
			6,121,384
	Technology Hardware & Equipment – 3.3%
	18,719	Motorola Solutions, Inc.	2,488,129
	92,490	National Instruments Corp.	3,059,569
	240,228	Viavi Solutions, Inc.*	2,692,956
	31,227	Western Digital Corp.	1,299,668
			9,540,322
	Transportation – 3.0%
	115,623	JetBlue Airways Corp.*	1,034,826
	92,993	Knight-Swift Transportation Holdings, Inc.	3,050,170
	34,156	Old Dominion Freight Line, Inc.	4,483,251
			8,568,247
	Utilities – 12.6%
	82,335	Ameren Corp.	5,996,458
	43,220	American Water Works Co., Inc.	5,167,383
	49,067	Atmos Energy Corp.	4,868,918
	103,063	CMS Energy Corp.	6,054,951
	63,627	Public Service Enterprise Group, Inc.	2,857,489
	47,105	Sempra Energy	5,322,394

Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	104,570	Xcel Energy, Inc.	$      6,305,571
			36,573,164
	TOTAL COMMON STOCKS (Cost $317,974,488)		$  285,293,126
Shares		Dividend Rate	Value
	Investment Company(b) – 1.5%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	4,240,146	0.333%	$      4,240,146
	(Cost $4,240,146)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $322,214,634)		$  289,533,272
	Securities Lending Reinvestment Vehicle(b)– 0.8%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	2,447,445	0.333%	$      2,447,445
	(Cost $2,447,445)
	TOTAL INVESTMENTS – 100.8% (Cost $324,662,079)		$  291,980,717
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.8)%		(2,279,353)
	NET ASSETS – 100.0%		$  289,701,364

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 MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments

March 31, 2020 (Unaudited)

Shares		Description	Value
	Underlying Funds (Class R6 Shares)(a)– 87.6%
	Equity – 27.4%
	313,852	Goldman Sachs Tactical Tilt Overlay Fund	$    2,840,356
	154,311	Goldman Sachs Absolute Return Tracker Fund	1,354,855
	73,808	Goldman Sachs Emerging Markets Equity Insights Fund	549,869
	44,464	Goldman Sachs Real Estate Securities Fund	457,538
			5,202,618
	Fixed Income – 60.2%
	281,376	Goldman Sachs Managed Futures Strategy Fund	2,867,224
	278,595	Goldman Sachs Long Short Credit Strategies Fund	2,209,259
	216,572	Goldman Sachs Strategic Income Fund	1,838,696
	152,171	Goldman Sachs Emerging Markets Debt Fund	1,578,013
	145,883	Goldman Sachs High Yield Floating Rate Fund	1,152,478
	112,720	Goldman Sachs Alternative Premia Fund	897,250
	159,969	Goldman Sachs High Yield Fund	879,828
			11,422,748
	TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) (Cost $18,723,596)		$    16,625,366

Shares		Description	Value
	Exchange Traded Fund – 0.9%
	5,295	ProShares Short VIX Short-Term Futures ETF	$          164,198
	(Cost $251,189)
Shares		Dividend Rate	Value
	Investment Company(a)– 7.6%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,448,276	0.333%	$       1,448,276
	(Cost $1,448,276)
	TOTAL INVESTMENTS – 96.1% (Cost $20,423,061)		$    18,237,840
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.9%		734,960
	NET ASSETS – 100.0%		$    18,972,800

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

Currency Abbreviation:
USD	— United States Dollar
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2020, 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	5	06/19/2020	$	210,725	$	4,599
S&P 500 E-Mini Index	4	06/19/2020		513,940		14
Total Futures Contracts					$	4,613

PURCHASED OPTIONS CONTRACTS — At March 31, 2020, the Portfolio had the following purchased 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		06/15/2020	5	$	1,250,000	$	12,281	$	2,512	$	9,769
		97.50	USD		09/14/2020	5		1,250,000		26,813		3,881		22,932
		98.00	USD		09/14/2020	3		750,000		12,356		4,432		7,924
		97.50	USD		12/14/2020	5		1,250,000		27,000		4,769		22,231
		98.00	USD		12/14/2020	6		1,500,000		24,938		11,039		13,899
		98.25	USD		03/15/2021	43		10,750,000		157,756		50,200		107,556
		98.25	USD		06/14/2021	39		9,750,000		142,837		47,978		94,859
		98.25	USD		09/13/2021	37		9,250,000		134,819		44,973		89,846
Total purchased options contracts						143			$	538,800	$	169,784	$	369,016

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.7%
	Automobiles & Components – 0.2%
	1,301	Adient plc*	$      11,800
	1,638	Gentherm, Inc.*	51,433
	1,950	Standard Motor Products, Inc.	81,062
			144,295
	Banks – 10.2%
	10,149	1st Source Corp.	329,132
	6,734	Amalgamated Bank Class A	72,862
	13,865	Atlantic Capital Bancshares, Inc.*	164,578
	1,109	Atlantic Union Bankshares Corp.	24,287
	20,025	Bancorp, Inc. (The)*	121,552
	748	BancorpSouth Bank	14,152
	637	Banner Corp.	21,046
	10,343	Boston Private Financial Holdings, Inc.	73,952
	37,006	Cadence Bancorp	242,389
	7,243	Cathay General Bancorp	166,227
	3,330	CenterState Bank Corp.	57,376
	20,596	Central Pacific Financial Corp.	327,476
	378	Century Bancorp, Inc. Class A	23,527
	6,028	Columbia Banking System, Inc.	161,550
	23,532	CVB Financial Corp.	471,817
	650	Enterprise Bancorp, Inc.	17,543
	10,518	First Bancorp/NC	242,755
	56,527	First Bancorp/PR	300,724
	29,046	First Commonwealth Financial Corp.	265,480
	1,904	First Financial Bankshares, Inc.	51,103
	592	First Financial Corp.	19,962
	17,684	First Foundation, Inc.	180,730
	4,749	First Internet Bancorp	77,979
	476	First Mid Bancshares, Inc.	11,300
	11,536	Heartland Financial USA, Inc.	348,387
	12,793	Hilltop Holdings, Inc.	193,430
	12,448	Hope Bancorp, Inc.	102,323
	973	Horizon Bancorp, Inc.	9,594
	9,562	Independent Bank Group, Inc.	226,428
	16,087	International Bancshares Corp.	432,419
	29,528	Investors Bancorp, Inc.	235,929
	1,931	Lakeland Bancorp, Inc.	20,874
	1,372	Meridian Bancorp, Inc.	15,394
	417	Metropolitan Bank Holding Corp.*	11,230
	3,234	National Bank Holdings Corp. Class A	77,293
	556	Northrim Bancorp, Inc.	15,012
	2,499	Pacific Premier Bancorp, Inc.	47,081
	730	Parke Bancorp, Inc.	9,848
	10,356	PennyMac Financial Services, Inc.	228,971
	1,193	Preferred Bank	40,347
	1,756	Riverview Bancorp, Inc.	8,798
	10,645	Seacoast Banking Corp. of Florida*	194,910
	3,977	Sierra Bancorp	69,916
	3,496	Southern National Bancorp of Virginia, Inc.	34,401
	800	Territorial Bancorp, Inc.	19,640
	12,532	TriCo Bancshares	373,704
	5,226	Walker & Dunlop, Inc.	210,451
	497	Westamerica Bancorp	29,214
	683	WSFS Financial Corp.	17,020
			6,412,113

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – 8.1%
	357	AAON, Inc.	$     17,250
	7,751	Aegion Corp.*	138,975
	8,002	Aerojet Rocketdyne Holdings, Inc.*	334,724
	6,299	Albany International Corp. Class A	298,132
	2,835	Astronics Corp.*	26,025
	10,182	Atkore International Group, Inc.*	214,535
	605	Axon Enterprise, Inc.*	42,816
	2,198	Barnes Group, Inc.	91,942
	10,733	BMC Stock Holdings, Inc.*	190,296
	12,418	Builders FirstSource, Inc.*	151,872
	3,825	Columbus McKinnon Corp.	95,625
	3,219	CSW Industrials, Inc.	208,752
	1,354	Douglas Dynamics, Inc.	48,081
	1,586	Encore Wire Corp.	66,596
	285	EnPro Industries, Inc.	11,280
	1,801	Federal Signal Corp.	49,131
	8,780	Foundation Building Materials, Inc.*	90,346
	1,700	Franklin Electric Co., Inc.	80,121
	9,331	Gibraltar Industries, Inc.*	400,487
	7,424	GMS, Inc.*	116,780
	15,681	Great Lakes Dredge & Dock Corp.*	130,152
	6,330	Griffon Corp.	80,074
	7,126	H&E Equipment Services, Inc.	104,610
	614	Hurco Cos., Inc.	17,867
	2,749	MasTec, Inc.*	89,975
	690	Mercury Systems, Inc.*	49,225
	4,149	Miller Industries, Inc.	117,334
	24,199	MRC Global, Inc.*	103,088
	4,280	Mueller Industries, Inc.	102,463
	2,935	Navistar International Corp.*	48,398
	17,015	NOW, Inc.*	87,797
	463	Patrick Industries, Inc.	13,038
	2,746	Powell Industries, Inc.	70,490
	1,142	Proto Labs, Inc.*	86,940
	11,116	Quanex Building Products Corp.	112,049
	1,991	Raven Industries, Inc.	42,269
	1,788	RBC Bearings, Inc.*	201,669
	5,859	Rexnord Corp.	132,824
	7,954	Simpson Manufacturing Co., Inc.	492,989
	4,008	SPX Corp.*	130,821
	1,378	TriMas Corp.*	31,832
	1,245	Tutor Perini Corp.*	8,366
	1,710	Universal Forest Products, Inc.	63,595
	9,554	Wabash National Corp.	68,980
			5,060,611
	Commercial & Professional Services – 3.3%
	3,348	ASGN, Inc.*	118,251
	1,877	Barrett Business Services, Inc.	74,404
	4,581	Brady Corp. Class A	206,741
	4,497	Brink’s Co. (The)	234,069
	260	Cimpress plc*	13,832
	953	Exponent, Inc.	68,530
	12,929	HNI Corp.	325,682
	1,014	Huron Consulting Group, Inc.*	45,995
	337	ICF International, Inc.	23,152
	524	Insperity, Inc.	19,545

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Commercial & Professional Services – (continued)
	4,881	Kforce, Inc.	$       124,807
	3,279	Kimball International, Inc. Class B	39,053
	12,902	Knoll, Inc.	133,149
	6,619	McGrath RentCorp	346,703
	350	Mobile Mini, Inc.	9,180
	394	MSA Safety, Inc.	39,873
	3,671	Resources Connection, Inc.	40,271
	4,550	TriNet Group, Inc.*	171,353
	3,400	TrueBlue, Inc.*	43,384
			2,077,974
	Consumer Durables & Apparel – 3.2%
	10,772	Crocs, Inc.*	183,016
	1,394	Deckers Outdoor Corp.*	186,796
	624	Johnson Outdoors, Inc. Class A	39,125
	7,828	KB Home	141,687
	12,079	M/I Homes, Inc.*	199,666
	2,519	Malibu Boats, Inc. Class A*	72,522
	2,273	Meritage Homes Corp.*	82,987
	16,313	Sonos, Inc.*	138,334
	2,493	TopBuild Corp.*	178,598
	36,279	TRI Pointe Group, Inc.*	318,167
	2,645	Universal Electronics, Inc.*	101,489
	5,864	Vista Outdoor, Inc.*	51,603
	14,487	Wolverine World Wide, Inc.	220,202
	5,678	YETI Holdings, Inc.*	110,835
			2,025,027
	Consumer Services – 3.2%
	4,416	American Public Education, Inc.*	105,675
	2,555	Collectors Universe, Inc.	40,037
	24,513	Denny’s Corp.*	188,260
	25,057	Everi Holdings, Inc.*	82,688
	5,775	K12, Inc.*	108,917
	30,979	Laureate Education, Inc. Class A*	325,589
	4,224	Marriott Vacations Worldwide Corp.	234,770
	2,665	Perdoceo Education Corp.*	28,755
	24,172	Red Rock Resorts, Inc. Class A	206,671
	6,130	Scientific Games Corp. Class A*	59,461
	1,365	Strategic Education, Inc.	190,772
	5,442	Wingstop, Inc.	433,727
	1,368	WW International, Inc.*	23,133
			2,028,455
	Diversified Financials – 1.5%
	44,810	Anworth Mortgage Asset Corp. (REIT)	50,635
	1,448	Artisan Partners Asset Management, Inc. Class A	31,118
	3,132	Banco Latinoamericano de Comercio Exterior SA Class E	32,291
	5,507	Capstead Mortgage Corp. (REIT)	23,129
	988	Cohen & Steers, Inc.	44,905
	14,225	Enova International, Inc.*	206,120
	3,974	Federated Hermes, Inc. Class B	75,705
	3,007	Nelnet, Inc. Class A	136,548
	39,670	New York Mortgage Trust, Inc. (REIT)	61,488
	10,233	On Deck Capital, Inc.*	15,759
	9,147	Oppenheimer Holdings, Inc. Class A	180,745
	1,866	TPG RE Finance Trust, Inc. (REIT)	10,244
	175	Virtus Investment Partners, Inc.	13,319

Shares		Description	Value
	Common Stocks – (continued)
	Diversified Financials – (continued)
	3,731	Westwood Holdings Group, Inc.	$         68,315
			950,321
	Energy – 3.3%
	5,196	Ardmore Shipping Corp.	27,279
	3,777	Brigham Minerals, Inc. Class A	31,236
	4,397	Cactus, Inc. Class A	51,005
	5,597	Clean Energy Fuels Corp.*	9,963
	3,380	CVR Energy, Inc.	55,871
	33,746	Denbury Resources, Inc.*(a)	6,230
	64,127	DHT Holdings, Inc.	491,854
	1,020	DMC Global, Inc.	23,470
	1,330	Dorian LPG Ltd.*	11,584
	19,710	GasLog Ltd.	71,350
	11,813	International Seaways, Inc.	282,213
	15,525	Matrix Service Co.*	147,022
	23,473	Nabors Industries Ltd.	9,157
	1,382	Renewable Energy Group, Inc.*	28,373
	3,328	Scorpio Tankers, Inc.(a)	63,631
	11,481	SEACOR Holdings, Inc.*	309,528
	2,313	Solaris Oilfield Infrastructure, Inc. Class A	12,143
	1,459	Teekay Tankers Ltd. Class A*	32,448
	15,408	World Fuel Services Corp.	387,973
			2,052,330
	Food & Staples Retailing – 0.5%
	3,088	Ingles Markets, Inc. Class A	111,662
	7,943	Performance Food Group Co.*	196,351
	407	Village Super Market, Inc. Class A	10,004
			318,017
	Food, Beverage & Tobacco – 2.3%
	275	Boston Beer Co., Inc. (The) Class A*	101,079
	1,303	Calavo Growers, Inc.	75,170
	1,806	Coca-Cola Consolidated, Inc.	376,605
	1,372	Freshpet, Inc.*	87,630
	2,684	J&J Snack Foods Corp.	324,764
	2,920	John B Sanfilippo & Son, Inc.	261,048
	1,518	Sanderson Farms, Inc.	187,200
			1,413,496
	Health Care Equipment & Services – 6.9%
	4,156	AngioDynamics, Inc.*	43,347
	713	Cardiovascular Systems, Inc.*	25,105
	961	Computer Programs & Systems, Inc.	21,382
	8,607	GenMark Diagnostics, Inc.*	35,461
	2,212	Globus Medical, Inc. Class A*	94,076
	6,220	Haemonetics Corp.*	619,885
	6,742	HMS Holdings Corp.*	170,370
	1,366	Inogen, Inc.*	70,568
	1,074	Inovalon Holdings, Inc. Class A*	17,893
	2,214	Integer Holdings Corp.*	139,172
	2,371	Invacare Corp.	17,617
	1,060	Livongo Health, Inc.*	30,242
	5,404	Magellan Health, Inc.*	259,986
	12,540	Natus Medical, Inc.*	290,050
	4,870	Novocure Ltd.*	327,946
	3,884	NuVasive, Inc.*	196,763
	6,692	Omnicell, Inc.*	438,861
	998	Quidel Corp.*	97,614

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	11,628	Select Medical Holdings Corp.*	$       174,420
	2,069	Simulations Plus, Inc.	72,250
	5,937	Surmodics, Inc.*	197,821
	2,969	Tandem Diabetes Care, Inc.*	191,055
	3,460	Teladoc Health, Inc.*	536,335
	12,727	Tenet Healthcare Corp.*	183,269
	7,444	Triple-S Management Corp. Class B*	104,960
			4,356,448
	Household & Personal Products – 0.3%
	1,006	Edgewell Personal Care Co.*	24,225
	3,223	Inter Parfums, Inc.	149,386
			173,611
	Insurance – 3.8%
	22,407	American Equity Investment Life Holding Co.	421,252
	4,670	AMERISAFE, Inc.	301,075
	8,632	Argo Group International Holdings Ltd.	319,902
	1,027	eHealth, Inc.*	144,622
	5,564	FBL Financial Group, Inc. Class A	259,672
	55,370	Genworth Financial, Inc. Class A*	183,828
	4,390	Goosehead Insurance, Inc. Class A*	195,926
	21,213	MBIA, Inc.*	151,461
	103	National Western Life Group, Inc. Class A	17,716
	302	RLI Corp.	26,555
	12,266	Stewart Information Services Corp.	327,134
	2,379	Trupanion, Inc.*	61,925
			2,411,068
	Materials – 5.2%
	11,941	Boise Cascade Co.	283,957
	8,687	Carpenter Technology Corp.	169,396
	3,376	Chase Corp.	277,811
	32,883	Ferro Corp.*	307,785
	8,298	Haynes International, Inc.	171,022
	49,635	Hecla Mining Co.	90,336
	2,433	Ingevity Corp.*	85,642
	2,181	Kaiser Aluminum Corp.	151,100
	1,898	Koppers Holdings, Inc.*	23,478
	2,605	Kraton Corp.*	21,100
	6,653	Materion Corp.	232,922
	10,186	Minerals Technologies, Inc.	369,344
	8,767	Myers Industries, Inc.	94,245
	3,393	Novagold Resources, Inc.*	25,040
	10,446	PH Glatfelter Co.	127,650
	14,977	PolyOne Corp.	284,114
	456	Sensient Technologies Corp.	19,841
	27,291	Summit Materials, Inc. Class A*	409,365
	4,265	Worthington Industries, Inc.	111,956
			3,256,104
	Media & Entertainment – 1.2%
	2,080	Cardlytics, Inc.*	72,717
	29,047	Cars.com, Inc.*	124,902
	8,463	IMAX Corp.*	76,590

Shares		Description	Value
	Common Stocks – (continued)
	Media & Entertainment – (continued)
	4,630	Liberty Latin America Ltd. Class A*	$         48,708
	13,819	Liberty Latin America Ltd. Class C*	141,783
	12,249	MSG Networks, Inc. Class A*	124,940
	1,048	Scholastic Corp.	26,713
	5,072	TechTarget, Inc.*	104,534
	2,873	WideOpenWest, Inc.*	13,675
	2,687	Yelp, Inc.*	48,447
			783,009
	Pharmaceuticals, Biotechnology & Life Sciences – 12.0%
	13,574	ACADIA Pharmaceuticals, Inc.*	573,501
	3,178	Acceleron Pharma, Inc.*	285,607
	1,551	Adverum Biotechnologies, Inc.*	15,153
	5,787	Agenus, Inc.*	14,178
	2,684	Allogene Therapeutics, Inc.*	52,177
	6,645	Amicus Therapeutics, Inc.*	61,400
	7,914	Amphastar Pharmaceuticals, Inc.*	117,444
	6,183	ANI Pharmaceuticals, Inc.*	251,895
	5,026	Anika Therapeutics, Inc.*	145,302
	5,409	Apellis Pharmaceuticals, Inc.*	144,907
	17,369	Ardelyx, Inc.*	98,743
	2,633	Arena Pharmaceuticals, Inc.*	110,586
	3,102	Arrowhead Pharmaceuticals, Inc.*	89,245
	1,607	Atara Biotherapeutics, Inc.*	13,676
	3,303	Axsome Therapeutics, Inc.*	194,315
	22,712	BioDelivery Sciences International, Inc.*	86,078
	6,369	Biohaven Pharmaceutical Holding Co. Ltd.*	216,737
	2,563	Blueprint Medicines Corp.*	149,884
	885	Bridgebio Pharma, Inc.*	25,665
	36,291	Catalyst Pharmaceuticals, Inc.*	139,720
	455	ChemoCentryx, Inc.*	18,282
	15,191	Coherus Biosciences, Inc.*	246,398
	779	Constellation Pharmaceuticals, Inc.*	24,484
	2,951	Corcept Therapeutics, Inc.*	35,087
	3,633	Deciphera Pharmaceuticals, Inc.*	149,571
	2,190	Denali Therapeutics, Inc.*	38,347
	4,626	Dicerna Pharmaceuticals, Inc.*	84,980
	5,589	Editas Medicine, Inc.*	110,830
	485	Emergent BioSolutions, Inc.*	28,062
	6,217	Enanta Pharmaceuticals, Inc.*	319,740
	4,188	Endo International plc*	15,496
	5,853	FibroGen, Inc.*	203,392
	7,070	Global Blood Therapeutics, Inc.*	361,206
	8,862	Heron Therapeutics, Inc.*	104,040
	17,869	ImmunoGen, Inc.*	60,933
	26,968	Innoviva, Inc.*	317,144
	1,224	Insmed, Inc.*	19,621
	2,349	Intercept Pharmaceuticals, Inc.*	147,893
	3,427	Iovance Biotherapeutics, Inc.*	102,587
	4,327	Karyopharm Therapeutics, Inc.*	83,122
	5,252	Medpace Holdings, Inc.*	385,392
	2,324	Mirati Therapeutics, Inc.*	178,646
	4,890	Momenta Pharmaceuticals, Inc.*	133,008
	1,726	MyoKardia, Inc.*	80,915

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	987	Myriad Genetics, Inc.*	$       14,124
	1,188	NanoString Technologies, Inc.*	28,571
	754	Natera, Inc.*	22,514
	4,113	Omeros Corp.*	54,991
	2,085	Pacira BioSciences, Inc.*	69,910
	6,102	Phibro Animal Health Corp. Class A	147,485
	1,715	Principia Biopharma, Inc.*	101,837
	7,854	Prothena Corp. plc*	84,038
	1,455	PTC Therapeutics, Inc.*	64,908
	2,617	Radius Health, Inc.*	34,021
	328	Reata Pharmaceuticals, Inc. Class A*	47,344
	459	REVOLUTION Medicines, Inc.*	10,057
	2,038	Rocket Pharmaceuticals, Inc.*	28,430
	6,561	Supernus Pharmaceuticals, Inc.*	118,032
	743	Syneos Health, Inc.*	29,289
	1,456	Turning Point Therapeutics, Inc.*	65,025
	1,104	Ultragenyx Pharmaceutical, Inc.*	49,051
	6,400	Veracyte, Inc.*	155,584
	8,554	Voyager Therapeutics, Inc.*	78,269
	2,800	XBiotech, Inc.*	29,736
	8,696	Xencor, Inc.*	259,836
	1,321	Y-mAbs Therapeutics, Inc.*	34,478
			7,562,919
	Real Estate – 9.0%
	130	Alexander’s, Inc. (REIT)	35,873
	12,358	American Assets Trust, Inc. (REIT)	308,950
	1,418	EastGroup Properties, Inc. (REIT)	148,153
	7,491	Essential Properties Realty Trust, Inc. (REIT)	97,832
	16,977	First Industrial Realty Trust, Inc. (REIT)	564,146
	8,785	Gladstone Commercial Corp. (REIT)	126,153
	11,183	Independence Realty Trust, Inc. (REIT)	99,976
	2,696	Kennedy-Wilson Holdings, Inc.	36,180
	48,902	Lexington Realty Trust (REIT)	485,597
	16,097	Newmark Group, Inc. Class A	68,412
	7,782	NexPoint Residential Trust, Inc. (REIT)	196,184
	624	Office Properties Income Trust (REIT)	17,004
	32,269	Physicians Realty Trust (REIT)	449,830
	5,676	Piedmont Office Realty Trust, Inc. Class A (REIT)	100,238
	3,277	PS Business Parks, Inc. (REIT)	444,099
	8,456	QTS Realty Trust, Inc. Class A (REIT)	490,533
	2,898	Redfin Corp.*	44,687
	6,662	Retail Value, Inc. (REIT)	81,610
	14,716	Rexford Industrial Realty, Inc. (REIT)(b)	603,503
	24,158	Sabra Health Care REIT, Inc. (REIT)	263,805
	13,785	STAG Industrial, Inc. (REIT)	310,438
	10,194	Terreno Realty Corp. (REIT)	527,540
	17,819	Urban Edge Properties (REIT)	156,985
			5,657,728
	Retailing – 3.2%
	1,046	America’s Car-Mart, Inc.*	58,942
	5,703	Asbury Automotive Group, Inc.*	314,977
	2,180	Boot Barn Holdings, Inc.*	28,187
	12,281	Cato Corp. (The) Class A	131,038
	1,543	Core-Mark Holding Co., Inc.	44,083

Shares		Description	Value
	Common Stocks – (continued)
	Retailing – (continued)
	14,352	Groupon, Inc.*	$         14,068
	1,615	Lithia Motors, Inc. Class A	132,091
	4,916	Murphy USA, Inc.*	414,714
	8,529	National Vision Holdings, Inc.*	165,633
	3,226	PetMed Express, Inc.	92,844
	545	RH*	54,756
	19,775	Rubicon Project, Inc. (The)*	109,751
	1,899	Shutterstock, Inc.	61,072
	890	Sleep Number Corp.*	17,052
	16,538	Sonic Automotive, Inc. Class A	219,625
	6,397	Sportsman’s Warehouse Holdings, Inc.*	39,406
	3,289	Tilly’s, Inc. Class A	13,584
	4,763	Zumiez, Inc.*	82,495
			1,994,318
	Semiconductors & Semiconductor Equipment – 3.5%
	6,308	Ambarella, Inc.*	306,317
	22,202	Amkor Technology, Inc.*	172,954
	3,686	Cirrus Logic, Inc.*	241,912
	2,328	Enphase Energy, Inc.*	75,171
	4,397	FormFactor, Inc.*	88,336
	4,571	Inphi Corp.*	361,886
	13,121	Lattice Semiconductor Corp.*	233,816
	1,623	NeoPhotonics Corp.*	11,767
	3,480	Power Integrations, Inc.	307,388
	24,511	Rambus, Inc.*	272,072
	885	Silicon Laboratories, Inc.*	75,588
	669	Synaptics, Inc.*	38,715
	566	Ultra Clean Holdings, Inc.*	7,811
	3,418	Veeco Instruments, Inc.*	32,710
			2,226,443
	Software & Services – 6.3%
	1,974	Blackline, Inc.*	103,852
	3,283	Box, Inc. Class A*	46,093
	1,864	Cass Information Systems, Inc.	65,538
	7,924	Conduent, Inc.*	19,414
	5,649	Cornerstone OnDemand, Inc.*	179,356
	5,401	Digital Turbine, Inc.*	23,278
	1,203	Domo, Inc. Class B*	11,958
	2,527	Everbridge, Inc.*	268,772
	6,061	Five9, Inc.*	463,424
	1,378	Hackett Group, Inc. (The)	17,528
	2,885	MAXIMUS, Inc.	167,907
	2,672	MicroStrategy, Inc. Class A*	315,563
	2,487	OneSpan, Inc.*	45,139
	26,651	Perspecta, Inc.	486,114
	473	Progress Software Corp.	15,136
	593	PROS Holdings, Inc.*	18,401
	4,915	Qualys, Inc.*	427,556
	1,176	Rapid7, Inc.*	50,956
	2,796	Science Applications International Corp.	208,666
	8,964	SPS Commerce, Inc.*	416,916
	18,086	SVMK, Inc.*	244,342
	4,645	Telenav, Inc.*	20,066
	7,163	Verint Systems, Inc.*	308,009
	640	Virtusa Corp.*	18,176
			3,942,160

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – 5.8%
	504	Badger Meter, Inc.	$         27,014
	7,000	Belden, Inc.	252,560
	12,891	Benchmark Electronics, Inc.	257,691
	6,551	Comtech Telecommunications Corp.	87,063
	4,250	CTS Corp.	105,783
	4,422	Extreme Networks, Inc.*	13,664
	23,096	Harmonic, Inc.*	133,033
	672	InterDigital, Inc.	29,991
	7,162	Itron, Inc.*	399,855
	17,411	Knowles Corp.*	232,959
	6,934	Lumentum Holdings, Inc.*	511,036
	3,999	Methode Electronics, Inc.	105,694
	3,319	NETGEAR, Inc.*	75,806
	250	Novanta, Inc.*	19,970
	245	OSI Systems, Inc.*	16,885
	2,697	Plexus Corp.*	147,148
	647	Rogers Corp.*	61,090
	13,948	Sanmina Corp.*	380,501
	2,585	TTM Technologies, Inc.*	26,729
	37,849	Viavi Solutions, Inc.*	424,287
	11,408	Vishay Intertechnology, Inc.	164,389
	7,269	Vishay Precision Group, Inc.*	145,962
			3,619,110
	Telecommunication Services – 1.3%
	445	Bandwidth, Inc. Class A*	29,944
	4,259	Boingo Wireless, Inc.*	45,188
	5,763	Cogent Communications Holdings, Inc.	472,393
	60,799	ORBCOMM, Inc.*	148,349
	659	Shenandoah Telecommunications Co.	32,456
	5,265	Spok Holdings, Inc.	56,283
			784,613
	Transportation – 1.2%
	282	Allegiant Travel Co.	23,068
	904	Avis Budget Group, Inc.*	12,566
	4,115	Costamare, Inc.	18,600
	13,555	Echo Global Logistics, Inc.*	231,519
	13,267	Marten Transport Ltd.	272,239
	5,733	SkyWest, Inc.	150,147
	2,047	Werner Enterprises, Inc.	74,224
			782,363
	Utilities – 2.2%
	1,935	American States Water Co.	158,167
	1,318	Avista Corp.	56,002
	987	Black Hills Corp.	63,198
	1,477	California Water Service Group	74,323
	247	Chesapeake Utilities Corp.	21,170
	3,648	New Jersey Resources Corp.	123,923
	2,015	NorthWestern Corp.	120,557
	10,941	Portland General Electric Co.	524,512
	1,346	Southwest Gas Holdings, Inc.	93,628
	282	Spire, Inc.	21,003
	2,914	Unitil Corp.	152,460
			1,408,943
	TOTAL COMMON STOCKS (Cost $80,853,066)		$    61,441,476

Shares	Dividend Rate	Value
Investment Company(c) – 0.7%
Goldman Sachs Financial Square Government Fund — Institutional Shares
422,512	0.333%	$          422,512
(Cost $422,512)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $81,275,578)		$     61,863,988

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle(c) – 0.1%
Goldman Sachs Financial Square Government Fund — Institutional Shares
38,375	0.333%	$            38,375
(Cost $38,375)
TOTAL INVESTMENTS – 98.5% (Cost $81,313,953)		$    61,902,363
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.5%		957,918
NET ASSETS – 100.0%		$    62,860,281

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 March 31, 2020, 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	12	06/19/2020	$	688,560	$	(27,802	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 102.1%
	Automobiles & Components – 1.2%
	27,395	Aptiv plc	$    1,348,930
	2,961	Tesla, Inc.*	1,551,564
			2,900,494
	Capital Goods – 4.1%
	15,546	Boeing Co. (The)	2,318,530
	13,303	Deere & Co.	1,837,943
	21,712	Honeywell International, Inc.	2,904,848
	8,080	Northrop Grumman Corp.	2,444,604
	5,755	Stanley Black & Decker, Inc.	575,500
			10,081,425
	Commercial & Professional Services – 0.8%
	14,168	Verisk Analytics, Inc.	1,974,736
	Consumer Durables & Apparel – 2.7%
	7,221	Lululemon Athletica, Inc.*	1,368,740
	56,091	NIKE, Inc. Class B	4,640,969
	18,465	PVH Corp.	695,023
			6,704,732
	Consumer Services – 1.8%
	21,202	Las Vegas Sands Corp.	900,449
	21,318	McDonald’s Corp.	3,524,931
			4,425,380
	Diversified Financials – 1.9%
	14,489	Cboe Global Markets, Inc.	1,293,143
	41,944	Charles Schwab Corp. (The)	1,410,158
	23,591	Intercontinental Exchange, Inc.	1,904,973
			4,608,274
	Energy – 0.6%
	41,148	Cheniere Energy, Inc.*	1,378,458
	Food & Staples Retailing – 1.1%
	24,384	Walmart, Inc.	2,770,510
	Food, Beverage & Tobacco – 3.7%
	77,022	Coca-Cola Co. (The)	3,408,224
	9,968	McCormick & Co., Inc. (Non-Voting)	1,407,581
	21,543	Mondelez International, Inc. Class A	1,078,874
	55,559	Monster Beverage Corp.*	3,125,749
			9,020,428
	Health Care Equipment & Services – 8.7%
	114,558	Boston Scientific Corp.*	3,738,028
	17,136	Danaher Corp.	2,371,794
	23,852	Envista Holdings Corp.*	356,349
	9,016	Guardant Health, Inc.*(a)	627,514
	10,976	Humana, Inc.	3,446,683
	7,408	Insulet Corp.*	1,227,357
	6,111	Intuitive Surgical, Inc.*	3,026,228
	18,983	UnitedHealth Group, Inc.	4,733,981
	11,341	West Pharmaceutical Services, Inc.	1,726,667
			21,254,601

Shares		Description	Value
	Common Stocks – (continued)
	Household & Personal Products – 1.0%
	14,947	Estee Lauder Cos., Inc. (The) Class A	$    2,381,655
	Insurance – 0.3%
	695	Markel Corp.*	644,884
	Materials – 2.7%
	13,712	Ecolab, Inc.	2,136,741
	11,439	Linde plc	1,978,947
	5,207	Martin Marietta Materials, Inc.	985,321
	3,347	Sherwin-Williams Co. (The)	1,538,013
			6,639,022
	Media & Entertainment – 12.4%
	9,109	Alphabet, Inc. Class A*	10,584,202
	5,580	Alphabet, Inc. Class C*	6,488,480
	56,440	Facebook, Inc. Class A*	9,414,192
	10,378	Netflix, Inc.*	3,896,939
			30,383,813
	Pharmaceuticals, Biotechnology & Life Sciences – 8.8%
	9,907	10X Genomics, Inc. Class A*	617,404
	22,894	AbbVie, Inc.	1,744,294
	20,440	Adaptive Biotechnologies Corp.*	567,823
	27,714	Agios Pharmaceuticals, Inc.*	983,293
	11,094	Alexion Pharmaceuticals, Inc.*	996,130
	64,029	AstraZeneca plc ADR	2,859,535
	20,088	BioMarin Pharmaceutical, Inc.*	1,697,436
	49,073	Bristol-Myers Squibb Co.	2,735,329
	31,483	Eli Lilly & Co.	4,367,322
	12,111	Illumina, Inc.*	3,307,756
	16,911	Sarepta Therapeutics, Inc.*	1,654,234
			21,530,556
	Real Estate Investment Trusts – 2.3%
	14,618	American Tower Corp.	3,183,069
	4,096	Equinix, Inc.	2,558,239
			5,741,308
	Retailing – 7.3%
	7,205	Amazon.com, Inc.*	14,047,733
	27,857	Ross Stores, Inc.	2,422,723
	7,781	Ulta Beauty, Inc.*	1,367,122
			17,837,578
	Semiconductors & Semiconductor Equipment – 4.2%
	12,501	Analog Devices, Inc.	1,120,715
	28,082	NVIDIA Corp.	7,402,415
	19,560	NXP Semiconductors NV	1,622,111
			10,145,241
	Software & Services – 25.3%
	19,416	Accenture plc Class A	3,169,856
	18,173	Adobe, Inc.*	5,783,376
	14,792	Atlassian Corp. plc Class A*	2,030,350
	26,662	Fidelity National Information Services, Inc.	3,243,166
	27,228	Mastercard, Inc. Class A	6,577,196

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	129,161	Microsoft Corp.	$      20,369,981
	40,941	PayPal Holdings, Inc.*	3,919,691
	23,731	salesforce.com, Inc.*	3,416,789
	8,457	ServiceNow, Inc.*	2,423,607
	50,654	Visa, Inc. Class A	8,161,373
	19,341	Workday, Inc. Class A*	2,518,585
			61,613,970
	Technology Hardware & Equipment – 8.3%
	29,083	Amphenol Corp. Class A	2,119,569
	71,252	Apple, Inc.	18,118,671
			20,238,240
	Transportation – 2.9%
	41,446	CSX Corp.	2,374,856
	17,435	Lyft, Inc. Class A*	468,129
	29,473	Union Pacific Corp.	4,156,872
			6,999,857
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $158,052,070)		$    249,275,162
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle(b) – 0.1%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	175,982	0.333%	$          175,982
	(Cost $175,982)
	TOTAL INVESTMENTS – 102.2% (Cost $158,228,052)		$   249,451,144
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (2.2)%		(5,469,858)
	NET ASSETS – 100.0%		$   243,981,286

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

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.8%
	Automobiles & Components – 0.7%
	79,946	General Motors Co.	$    1,661,278
	Banks – 3.4%
	129,645	Bank of America Corp.	2,752,363
	14,147	Citigroup, Inc.	595,872
	37,223	Citizens Financial Group, Inc.	700,165
	10,147	JPMorgan Chase & Co.	913,535
	50,256	Popular, Inc.	1,758,960
	3,516	SVB Financial Group*	531,197
	39,853	Zions Bancorp NA	1,066,466
			8,318,558
	Capital Goods – 2.6%
	4,107	Allegion plc	377,926
	4,924	Emerson Electric Co.	234,629
	621	General Dynamics Corp.	82,164
	80,857	General Electric Co.	642,005
	1,317	Illinois Tool Works, Inc.	187,172
	64,515	Johnson Controls International plc	1,739,324
	1,383	Lockheed Martin Corp.	468,768
	18,869	Raytheon Co.	2,474,669
	2,101	Trane Technologies plc	173,522
			6,380,179
	Commercial & Professional Services – 2.4%
	9,110	Cintas Corp.	1,578,034
	1,574	CoStar Group, Inc.*	924,268
	32,217	IHS Markit Ltd.	1,933,020
	1,010	Republic Services, Inc.	75,811
	20,681	TransUnion	1,368,669
			5,879,802
	Consumer Durables & Apparel – 0.6%
	41,208	DR Horton, Inc.	1,401,072
	Consumer Services – 0.7%
	2,009	Chipotle Mexican Grill, Inc.*	1,314,689
	23,706	MGM Resorts International	279,731
			1,594,420
	Diversified Financials – 6.9%
	90,641	Ally Financial, Inc.	1,307,950
	28,199	Berkshire Hathaway, Inc. Class B*	5,155,623
	2,285	Cboe Global Markets, Inc.	203,936
	39,654	Charles Schwab Corp. (The)	1,333,167
	17,043	CME Group, Inc.	2,946,905
	8,975	Equitable Holdings, Inc.	129,689
	12,717	S&P Global, Inc.	3,116,301
	100,601	Synchrony Financial	1,618,670
	18,420	Voya Financial, Inc.	746,931
			16,559,172
	Energy – 2.0%
	27,414	Baker Hughes Co.	287,847
	15,726	Chevron Corp.	1,139,506
	23,517	EOG Resources, Inc.	844,731
	36,446	Marathon Petroleum Corp.	860,855
	7,632	Pioneer Natural Resources Co.	535,385
	93,007	TechnipFMC plc	626,867

Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	695	Valero Energy Corp.	$         31,525
	27,842	Williams Cos., Inc. (The)	393,964
			4,720,680
	Food & Staples Retailing – 2.5%
	1,707	Casey’s General Stores, Inc.	226,160
	13,313	Costco Wholesale Corp.	3,795,936
	2,625	US Foods Holding Corp.*	46,489
	45,008	Walgreens Boots Alliance, Inc.	2,059,116
			6,127,701
	Food, Beverage & Tobacco – 1.3%
	31,693	Altria Group, Inc.	1,225,568
	3,969	Coca-Cola Co. (The)	175,628
	30,261	Monster Beverage Corp.*	1,702,484
	516	Tyson Foods, Inc. Class A	29,861
			3,133,541
	Health Care Equipment & Services – 7.5%
	8,717	Abbott Laboratories	687,858
	3,148	Align Technology, Inc.*	547,594
	12,181	Anthem, Inc.	2,765,574
	13,051	Cigna Corp.	2,312,376
	6,802	CVS Health Corp.	403,563
	14,593	Edwards Lifesciences Corp.*	2,752,532
	13,949	HCA Healthcare, Inc.	1,253,318
	6,272	Humana, Inc.	1,969,533
	5,924	Medtronic plc	534,226
	4,108	STERIS plc	574,997
	2,410	Teleflex, Inc.	705,793
	6,269	UnitedHealth Group, Inc.	1,563,363
	21,646	Universal Health Services, Inc. Class B	2,144,686
			18,215,413
	Household & Personal Products – 2.3%
	50,713	Procter & Gamble Co. (The)	5,578,430
	Insurance – 1.2%
	14,657	Allstate Corp. (The)	1,344,487
	6,826	Aon plc	1,126,563
	3,621	Athene Holding Ltd. Class A*	89,873
	1,080	Cincinnati Financial Corp.	81,486
	1,224	Reinsurance Group of America, Inc.	102,987
	12,838	Unum Group	192,699
			2,938,095
	Materials – 2.0%
	1,709	Air Products & Chemicals, Inc.	341,134
	12,472	Alcoa Corp.*	76,828
	62,393	Axalta Coating Systems Ltd.*	1,077,527
	7,343	Ball Corp.	474,798
	3,790	Dow, Inc.	110,820
	440	Linde plc	76,120
	5,922	Sherwin-Williams Co. (The)	2,721,277
			4,878,504
	Media & Entertainment – 8.5%
	2,655	Alphabet, Inc. Class A*	3,084,977

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

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Media & Entertainment – (continued)
	4,697	Alphabet, Inc. Class C*	$5,461,719
	1,655	Charter Communications, Inc. Class A*	722,093
	103,553	Comcast Corp. Class A	3,560,152
	26,511	Facebook, Inc. Class A*	4,422,035
	1,677	Liberty Broadband Corp. Class C*	185,677
	131,550	Liberty Global plc Class C*	2,066,651
	2,126	Netflix, Inc.*	798,313
	26,381	Zynga, Inc. Class A*	180,710
			20,482,327
	Pharmaceuticals, Biotechnology & Life Sciences – 8.3%
	49,680	AbbVie, Inc.	3,785,119
	6,047	Biogen, Inc.*	1,913,150
	28,227	Gilead Sciences, Inc.	2,110,251
	7,318	Illumina, Inc.*	1,998,692
	10,742	Incyte Corp.*	786,637
	15,855	IQVIA Holdings, Inc.*	1,710,120
	1,203	Jazz Pharmaceuticals plc*	119,987
	15,030	Johnson & Johnson	1,970,884
	30,934	Merck & Co., Inc.	2,380,062
	853	Mettler-Toledo International, Inc.*	589,005
	383	Regeneron Pharmaceuticals, Inc.*	187,015
	1,415	Thermo Fisher Scientific, Inc.	401,294
	8,710	Vertex Pharmaceuticals, Inc.*	2,072,544
			20,024,760
	Real Estate Investment Trusts – 4.8%
	20,016	American Homes 4 Rent Class A	464,371
	922	Boston Properties, Inc.	85,036
	5,092	Brixmor Property Group, Inc.	48,374
	12,346	Camden Property Trust	978,297
	2,693	CyrusOne, Inc.	166,293
	3,368	Douglas Emmett, Inc.	102,758
	85,360	Duke Realty Corp.	2,763,957
	30,668	Equity LifeStyle Properties, Inc.	1,762,797
	5,978	Essex Property Trust, Inc.	1,316,595
	7,314	Healthcare Trust of America, Inc. Class A	177,584
	63,554	Invitation Homes, Inc.	1,358,149
	6,244	National Retail Properties, Inc.	200,994
	5,690	SBA Communications Corp.	1,536,129
	3,970	Sun Communities, Inc.	495,654
	845	Welltower, Inc.	38,684
			11,495,672
	Retailing – 8.3%
	5,794	Amazon.com, Inc.*	11,296,677
	6,421	Dollar General Corp.	969,635
	48,783	eBay, Inc.	1,466,417
	18,987	Home Depot, Inc. (The)	3,545,063
	3,997	Lowe’s Cos., Inc.	343,942
	27,341	Target Corp.	2,541,893
			20,163,627
	Semiconductors & Semiconductor Equipment – 3.1%
	18,636	Advanced Micro Devices, Inc.*	847,565
	19,476	Applied Materials, Inc.	892,390
	4,749	Intel Corp.	257,016
	6,237	Lam Research Corp.	1,496,880
	12,340	NVIDIA Corp.	3,252,824
	7,597	QUALCOMM, Inc.	513,937
	1,102	Universal Display Corp.	145,222
			7,405,834

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – 15.6%
	12,263	Adobe, Inc.*	$3,902,577
	20,428	Automatic Data Processing, Inc.	2,792,099
	1,120	Booz Allen Hamilton Holding Corp.	76,877
	2,539	Fortinet, Inc.*	256,871
	15,540	International Business Machines Corp.	1,723,852
	6,119	Intuit, Inc.	1,407,370
	663	Mastercard, Inc. Class A	160,154
	101,384	Microsoft Corp.	15,989,271
	2,873	Okta, Inc.*	351,253
	24,668	Oracle Corp.	1,192,204
	38,002	PayPal Holdings, Inc.*	3,638,312
	6,062	Square, Inc. Class A*	317,528
	14,583	VeriSign, Inc.*	2,626,252
	19,928	Visa, Inc. Class A	3,210,799
			37,645,419
	Technology Hardware & Equipment – 7.6%
	52,975	Apple, Inc.	13,471,013
	763	Ciena Corp.*	30,375
	56,360	Cisco Systems, Inc.	2,215,511
	30,845	Keysight Technologies, Inc.*	2,581,110
			18,298,009
	Telecommunication Services – 0.3%
	12,290	AT&T, Inc.	358,254
	5,059	Verizon Communications, Inc.	271,820
			630,074
	Transportation – 1.8%
	2,066	Copa Holdings SA Class A	93,569
	5,165	CSX Corp.	295,955
	2,519	Norfolk Southern Corp.	367,774
	20,425	Union Pacific Corp.	2,880,742
	7,779	United Parcel Service, Inc. Class B	726,714
			4,364,754
	Utilities – 4.4%
	99,907	AES Corp.	1,358,735
	13,359	Ameren Corp.	972,936
	7,242	CenterPoint Energy, Inc.	111,889
	39,674	CMS Energy Corp.	2,330,847
	5,649	Consolidated Edison, Inc.	440,622
	25,510	DTE Energy Co.	2,422,685
	38,162	FirstEnergy Corp.	1,529,151
	27,205	Public Service Enterprise Group, Inc.	1,221,777
	2,400	WEC Energy Group, Inc.	211,512
			10,600,154
	TOTAL INVESTMENTS – 98.8% (Cost $233,017,808)		$  238,497,475
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.2%		2,826,010
	NET ASSETS – 100.0%		$  241,323,485

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)

March 31, 2020 (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”) 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. Certain equity securities containing unique attributes may be 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 net asset value (“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 G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.

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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 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.

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 default swap contracts.

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

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

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

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

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.

C. Fair Value Hierarchy — The following is a summary of the Funds’ and Portfolio’s investments and derivatives classified in the fair value hierarchy as of March 31, 2020.

CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Bonds	$	—		$	21,507,898		$	—
Mortgage-Backed Securities		—			25,520,204			—
Collateralized Mortgage Obligations		—			466,605			—
Commercial Mortgage-Backed Securities		—			261,925			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		9,350,909			1,107,997			—
Asset-Backed Securities		—			2,487,766			—
Foreign Government Securities		—			1,353,473			—
Municipal Bonds		—			696,764			—
Investment Company		1,567,818			—			—
Total	$	10,918,727		$	53,402,632		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(4,266,932	)	$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts				$	241,083		$	—
Futures Contracts		605,201			—			—
Interest Rate Swap Contracts		—			59,244			—
Total	$	605,201		$	300,327		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)				$	(238,759	)	$	—
Futures Contracts(a)		(97,582	)		—			—
Credit Default Swaps Contracts(a)		—			(32,741	)		—
Interest Rate Swap Contracts(a)		—			(49,287	)		—
Written Options Contracts					(14,201	)
Total	$	(97,582	)	$	(334,988	)	$	—
EQUITY INDEX
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	619,795		$	—		$	—
North America		138,145,011			—			—
Securities Lending Reinvestment Vehicle		30,000			—			—
Total	$	138,794,806		$	—		$	—
Derivative Type
Liabilities(a)
Futures Contract	$	(29,349	)	$	—		$	—
GLOBAL TRENDS ALLOCATION
Investment Type	Level 1			Level 2			Level 3
Assets
Exchange Traded Fund	$	40,327,196		$	—		$	—
Investment Companies		172,987,411			—			—
Total	$	213,314,607		$	—		$	—
Derivative Type
Assets(a)
Futures Contracts	$	3,794,503		$	—		$	—
Liabilities(a)
Futures Contracts	$	(1,710,968	)	$	—		$	—

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2020 (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	$	52,982,531		$	—		$	—
South America		401,124
Investment Company		942
Total	$	53,384,597		$	—		$	—
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	$	23,517,970		$	—		$	—
Mortgage-Backed Securities		—			2,036,148			—
Collateralized Mortgage Obligations		—			15,052,490			—
Asset-Backed Securities		—			25,521,605			—
Supranational		—			2,523,029			—
Municipal Bond		—			95,061			—
Investment Company		5,161,539			—			—
Total	$	28,679,509		$	45,228,333		$	—
Derivative Type
Assets(b)
Futures Contracts	$	58,670		$	—		$	—
Liabilities(b)
Futures Contracts	$	(236,370	)		—			—
Interest Rate Swap Contracts		—			(1,322	)		—
Total	$	(236,370	)	$	(1,322	)	$	—
INTERNATIONAL EQUITY INSIGHTS
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	77,238		$	20,487,712		$	—
Australia and Oceania		350,584			4,843,389			—
Europe		1,968,875			35,647,336			—
North America		265,942			342,985			—
Securities Lending Reinvestment Vehicle		336,375			—			—
Total	$	2,999,014		$	61,321,422		$	—
Derivative Type
Assets(b)
Futures Contracts	$	522		$	—		$	—
LARGE CAP VALUE
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	8,578,576		$	—		$	—
North America		336,000,714			—			—
Investment Company		3,628,584			—			—
Total	$	348,207,874		$	—		$	—

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

MID CAP VALUE
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	7,474,614		$	—	$	—
North America		277,818,512			—		—
Investment Company		4,240,146			—		—
Securities Lending Reinvestment Vehicle		2,447,445			—		—
Total	$	291,980,717		$	—	$	—
MULTI-STRATEGY ALTERNATIVES
Investment Type	Level 1			Level 2		Level 3
Assets
Equity Underlying Funds	$	5,202,618		$	—	$	—
Fixed Income Underlying Funds		11,422,748			—		—
Exchange Traded Fund		164,198			—		—
Investment Company		1,448,276			—		—
Total	$	18,237,840		$	—	$	—
Derivative Type
Assets
Futures Contracts(b)	$	4,613		$	—	$	—
Purchased Options Contracts		538,800			—		—
Total	$	543,413		$	—	$	—
SMALL CAP EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	278,730		$	—	$	—
North America		60,972,255			—		—
South America		190,491			—		—
Investment Company		422,512			—		—
Securities Lending Reinvestment Vehicle		38,375			—		—
Total	$	61,902,363		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(27,802	)	$	—	$	—
STRATEGIC GROWTH
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	6,460,593		$	—	$	—
North America		242,814,569			—		—
Securities Lending Reinvestment Vehicle		175,982			—		—
Total	$	249,451,144		$	—	$	—
U.S. EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	2,769,638		$	—	$	—
North America		235,727,837			—		—
Total	$	238,497,475		$	—	$	—

^(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.

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 and Portfolio 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 and Small Cap 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 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 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 Portfolio on the next business day. As with other extensions of credit, the Funds and 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 Portfolio or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. 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.

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

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)

March 31, 2020 (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 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). The value of the securities in which a Fund, Portfolio or Underlying Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund, Portfolio or Underlying Fund and its investments. 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.