GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – 45.7%
Automobiles & Components(a) – 0.4%
General Motors Co.
$	50,000		5.400	%	10/02/2023	$         55,105
	25,000		4.000		04/01/2025	26,866
Nissan Motor Co. Ltd.(b)
	200,000		3.043		09/15/2023	202,700
						284,671
Banks – 12.6%
AerCap Ireland Capital DAC(a)
	275,000		3.950		02/01/2022	278,325
Ally Financial, Inc.(a)
	25,000		1.450		10/02/2023	24,953
American Express Co.(a)
	25,000		3.700		11/05/2021	25,831
	20,000		2.500		07/30/2024	21,253
	25,000		3.625		12/05/2024	27,643
American Express Co. Series C(a)(c)
	(3 Mo. LIBOR + 3.29%),
	40,000		3.535		12/15/2020	36,150
Avolon Holdings Funding Ltd.(a)(b)
	100,000		2.875		02/15/2025	91,579
Banco Santander SA
	200,000		2.746		05/28/2025	209,847
Bank of America Corp.
	75,000		4.125		01/22/2024	83,039
	(3 Mo. LIBOR + 0.94%),
	50,000		3.864	(a)(c)	07/23/2024	54,158
	65,000		4.200		08/26/2024	72,347
	45,000		3.248	(a)	10/21/2027	49,747
	(3 Mo. LIBOR + 1.58%),
	75,000		3.824	(a)(c)	01/20/2028	84,927
	(3 Mo. LIBOR + 1.37%),
	25,000		3.593	(a)(c)	07/21/2028	28,014
	(3 Mo. LIBOR + 1.04%),
	85,000		3.419	(a)(c)	12/20/2028	94,657
	(3 Mo. LIBOR + 1.31%),
	50,000		4.271	(a)(c)	07/23/2029	58,658
	(3 Mo. LIBOR + 1.19%),
	50,000		2.884	(a)(c)	10/22/2030	53,746
	(SOFR + 2.15%),
	425,000		2.592	(a)(c)	04/29/2031	449,629
Bank of America Corp. Series L(a)
	25,000		4.183		11/25/2027	28,658
Barclays plc(a)(c)
	(3 Mo. LIBOR + 2.45%),
	200,000		2.852		05/07/2026	207,677
BNP Paribas SA(b)
	200,000		3.375		01/09/2025	216,694
BPCE SA
	300,000		2.650		02/03/2021	302,372
Capital One Financial Corp.
	25,000		3.500		06/15/2023	26,729
	45,000		3.300	(a)	10/30/2024	48,738
Citigroup, Inc.
	100,000		3.500		05/15/2023	106,490
	(3 Mo. LIBOR + 1.02%),
	55,000		4.044	(a)(c)	06/01/2024	59,503
	220,000		3.400		05/01/2026	244,654
	25,000		4.125		07/25/2028	28,703
	(SOFR + 1.42%),
	75,000		2.976	(a)(c)	11/05/2030	80,874
	(SOFR + 3.91%),
	50,000		4.412	(a)(c)	03/31/2031	59,901

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Banks – (continued)
Credit Suisse AG
$	250,000		2.800	%	04/08/2022	$       258,849
Credit Suisse Group Funding Guernsey Ltd.
	250,000		4.550		04/17/2026	291,305
Deutsche Bank AG(a)(c)
	(SOFR + 2.16%),
	150,000		2.222		09/18/2024	150,974
Discover Financial Services(a)
	75,000		3.750		03/04/2025	81,802
Fifth Third Bancorp(a)
	30,000		2.375		01/28/2025	31,765
Gazprom PJSC
	240,000		4.950		03/23/2027	267,552
GE Capital International Funding Co. Unlimited Co.(a)
	200,000		3.373		11/15/2025	213,780
General Motors Financial Co., Inc.(a)
	25,000		4.300		07/13/2025	27,136
HSBC Holdings plc(a)(c)
	(SOFR + 1.54%),
	200,000		1.645		04/18/2026	199,189
Huntington Bancshares, Inc.(a)
	50,000		4.000		05/15/2025	56,918
ING Groep NV(a)(b)(c)
	(US Treasury Yield Curve Rate T-Note Constant Maturity 1 Yr. + 1.10%),
	200,000		1.400		07/01/2026	202,040
Intercontinental Exchange, Inc.(a)
	50,000		3.000		06/15/2050	52,417
JPMorgan Chase & Co.(a)
	(3 Mo. LIBOR + 0.61%),
	25,000		3.514	(c)	06/18/2022	25,537
	(3 Mo. LIBOR + 0.73%),
	25,000		3.559	(c)	04/23/2024	26,783
	(3 Mo. LIBOR + 0.89%),
	25,000		3.797	(c)	07/23/2024	27,097
	(3 Mo. LIBOR + 1.00%),
	150,000		4.023	(c)	12/05/2024	164,863
	(SOFR + 1.16%),
	200,000		2.301	(c)	10/15/2025	210,365
	(3 Mo. LIBOR + 1.25%),
	100,000		3.960	(c)	01/29/2027	113,939
	15,000		3.625		12/01/2027	16,734
	(3 Mo. LIBOR + 1.34%),
	75,000		3.782	(c)	02/01/2028	84,902
	(3 Mo. LIBOR + 0.95%),
	45,000		3.509	(c)	01/23/2029	50,655
	(SOFR + 3.79%),
	25,000		4.493	(c)	03/24/2031	30,488
	(SOFR + 2.52%),
	25,000		2.956	(c)	05/13/2031	26,764
JPMorgan Chase & Co. Series HH(a)(c)
	(SOFR + 3.13%),
	100,000		4.600		02/01/2025	97,166
JPMorgan Chase & Co. Series Z(a)(c)
	(3 Mo. LIBOR + 3.80%),
	85,000		4.051		11/01/2020	83,928
Mizuho Financial Group, Inc.
	250,000		2.601		09/11/2022	259,704

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Banks – (continued)
Morgan Stanley
$	25,000		5.500	%(a)	07/28/2021	$         26,044
	(3 Mo. LIBOR + 1.40%),
	50,000		1.663	(a)(c)	10/24/2023	50,804
	(3 Mo. LIBOR + 0.85%),
	25,000		3.737	(a)(c)	04/24/2024	26,858
	225,000		3.700	(a)	10/23/2024	249,382
	(SOFR + 1.15%),
	75,000		2.720	(a)(c)	07/22/2025	79,690
	25,000		3.625	(a)	01/20/2027	28,251
	50,000		3.950		04/23/2027	56,519
	(3 Mo. LIBOR + 1.63%),
	100,000		4.431	(a)(c)	01/23/2030	119,311
	(SOFR + 1.14%),
	300,000		2.699	(a)(c)	01/22/2031	320,261
	(SOFR + 3.12%),
	50,000		3.622	(a)(c)	04/01/2031	57,335
Natwest Group plc
	200,000		3.875		09/12/2023	214,767
Nuveen LLC(a)(b)
	25,000		4.000		11/01/2028	29,745
Raymond James Financial, Inc.(a)
	25,000		4.650		04/01/2030	30,415
Regions Financial Corp.(a)
	17,000		3.800		08/14/2023	18,451
Santander UK plc
	200,000		2.875		06/18/2024	213,423
Standard Chartered plc(a)(b)(c)
	(3 Mo. LIBOR + 1.15%),
	200,000		4.247		01/20/2023	207,349
Wells Fargo & Co.
	25,000		3.750	(a)	01/24/2024	27,188
	175,000		3.000		10/23/2026	191,020
	50,000		4.300		07/22/2027	57,228
	(3 Mo. LIBOR + 4.24%),
	25,000		5.013	(a)(c)	04/04/2051	34,225
Westpac Banking Corp.(a)(c)
	(5 Yr. Swap Rate + 2.24%),
	25,000		4.322		11/23/2031	28,203
	(US Treasury Yield Curve Rate T-Note Constant Maturity 5 Yr. + 2.00%),
	25,000		4.110		07/24/2034	28,131
						8,302,748
Capital Goods(a) – 1.9%
Air Lease Corp.
	75,000		2.300		02/01/2025	73,649
	75,000		3.375		07/01/2025	76,564
	75,000		3.750		06/01/2026	76,220
Boeing Co. (The)
	50,000		3.450		11/01/2028	50,068
	25,000		5.150		05/01/2030	28,223
	100,000		5.805		05/01/2050	120,624
General Electric Co.
	25,000		3.450		05/01/2027	26,420
	25,000		3.625		05/01/2030	25,886
	25,000		4.250		05/01/2040	25,376
	50,000		4.350		05/01/2050	50,878
Northrop Grumman Corp.
	50,000		2.930		01/15/2025	54,391
	75,000		3.250		01/15/2028	84,175
	25,000		4.750		06/01/2043	32,480
	50,000		5.250		05/01/2050	71,386

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Capital Goods(a) – (continued)
Otis Worldwide Corp.
$	25,000		2.293	%	04/05/2027	$         26,587
	150,000		2.565		02/15/2030	161,062
Raytheon Technologies Corp.
	50,000		3.950		08/16/2025	56,808
	50,000		4.125		11/16/2028	59,156
	25,000		4.050		05/04/2047	30,014
Roper Technologies, Inc.
	50,000		4.200		09/15/2028	59,509
Stanley Black & Decker, Inc.
	50,000		4.250		11/15/2028	60,609
						1,250,085
Commercial & Professional Services(a) – 0.5%
CoStar Group, Inc.(b)
	100,000		2.800		07/15/2030	103,593
IHS Markit Ltd.
	75,000		3.625		05/01/2024	81,135
	75,000		4.250		05/01/2029	86,963
Republic Services, Inc.
	75,000		2.500		08/15/2024	79,827
						351,518
Consumer Durables & Apparel(a)(b) – 0.6%
Carrier Global Corp.
	150,000		2.493		02/15/2027	157,056
	200,000		2.722		02/15/2030	208,854
						365,910
Consumer Services(a) – 0.2%
McDonald’s Corp.
	25,000		4.200		04/01/2050	30,471
Starbucks Corp.
	75,000		3.800		08/15/2025	84,779
						115,250
Electric – 2.8%
Alliant Energy Finance LLC(a)(b)
	25,000		3.750		06/15/2023	26,831
American Electric Power Co., Inc.(a)
	50,000		2.300		03/01/2030	51,542
Arizona Public Service Co.(a)
	45,000		2.950		09/15/2027	49,309
Avangrid, Inc.(a)
	25,000		3.200		04/15/2025	27,512
Berkshire Hathaway Energy Co.(a)
	27,000		2.375		01/15/2021	27,160
	25,000		3.250		04/15/2028	28,235
	50,000		3.700	(b)	07/15/2030	58,737
Dominion Energy, Inc.
	50,000		3.071		08/15/2024	53,803
Dominion Energy, Inc. Series C(a)
	25,000		3.375		04/01/2030	28,167
DTE Energy Co.(a)
	60,000		2.250		11/01/2022	61,956
East Ohio Gas Co. (The)(a)(b)
	25,000		1.300		06/15/2025	25,528
	25,000		2.000		06/15/2030	25,750
Emera US Finance LP(a)
	45,000		2.700		06/15/2021	45,614
Entergy Corp.(a)
	45,000		2.950		09/01/2026	49,685

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Electric – (continued)
Exelon Corp.(a)
$	45,000		3.497	%	06/01/2022	$         47,062
	50,000		4.050		04/15/2030	58,485
	25,000		4.700		04/15/2050	31,905
FirstEnergy Corp.(a)
	100,000		2.650		03/01/2030	101,429
FirstEnergy Corp. Series B(a)
	50,000		2.250		09/01/2030	48,966
Florida Power & Light Co.(a)
	68,000		4.125		02/01/2042	84,621
MidAmerican Energy Co.(a)
	25,000		3.650		04/15/2029	29,703
NiSource, Inc.(a)
	95,000		3.490		05/15/2027	105,942
	25,000		3.600		05/01/2030	28,489
NRG Energy, Inc.(a)(b)
	75,000		3.750		06/15/2024	80,208
Ohio Power Co. Series P(a)
	25,000		2.600		04/01/2030	27,432
Pacific Gas and Electric Co.(a)
	25,000		2.100		08/01/2027	24,221
	50,000		2.500		02/01/2031	47,364
	25,000		3.300		08/01/2040	22,911
	25,000		3.500		08/01/2050	22,476
Progress Energy, Inc.(a)
	120,000		7.000		10/30/2031	169,972
Sempra Energy(a)(c)
	(3 Mo. LIBOR + 0.50%),
	70,000		0.775		01/15/2021	70,002
Southern California Edison Co. Series A(a)
	50,000		4.200		03/01/2029	57,570
Southern Co. (The)(a)
	60,000		3.250		07/01/2026	66,901
Vistra Operations Co. LLC(a)(b)
	125,000		3.550		07/15/2024	133,140
						1,818,628
Energy(a) – 2.6%
BP Capital Markets America, Inc.
	50,000		3.224		04/14/2024	53,875
Concho Resources, Inc.
	25,000		2.400		02/15/2031	23,944
Continental Resources, Inc.
	150,000		4.500		04/15/2023	142,875
Devon Energy Corp.
	29,000		5.850		12/15/2025	32,467
	25,000		5.600		07/15/2041	25,252
	5,000		4.750		05/15/2042	4,623
Energy Transfer Operating LP
	25,000		4.650		06/01/2021	25,391
	75,000		4.200		09/15/2023	79,027
	50,000		2.900		05/15/2025	50,215
	25,000		5.250		04/15/2029	26,886
	5,000		6.000		06/15/2048	5,027
Enterprise Products Operating LLC(c)
	(3 Mo. LIBOR + 2.78%),
	40,000		3.024		06/01/2067	30,979
EQM Midstream Partners LP
	25,000		4.750		07/15/2023	24,812
	25,000		5.500		07/15/2028	25,125
Marathon Petroleum Corp.
	75,000		4.500		05/01/2023	80,949
	25,000		3.800		04/01/2028	27,105

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Energy(a) – (continued)
MPLX LP
$	25,000		4.800	%	02/15/2029	$         28,509
	75,000		2.650		08/15/2030	73,167
	35,000		4.500		04/15/2038	35,658
	25,000		5.500		02/15/2049	28,012
Newfield Exploration Co.
	50,000		5.625		07/01/2024	48,375
Occidental Petroleum Corp.
	200,000		2.900		08/15/2024	169,000
	15,000		5.550		03/15/2026	13,594
Phillips 66
	50,000		3.700		04/06/2023	53,554
	60,000		3.900		03/15/2028	67,455
Plains All American Pipeline LP
	15,000		3.650		06/01/2022	15,359
	35,000		3.850		10/15/2023	36,610
	25,000		3.800		09/15/2030	24,270
Sabine Pass Liquefaction LLC
	75,000		5.625		03/01/2025	85,820
	75,000		5.000		03/15/2027	84,394
Suncor Energy, Inc.
	25,000		2.800		05/15/2023	26,215
	50,000		3.100		05/15/2025	53,780
Valero Energy Corp.
	50,000		2.700		04/15/2023	51,811
	25,000		2.850		04/15/2025	26,217
Western Midstream Operating LP
	75,000		4.100		02/01/2025	71,063
	25,000		5.450		04/01/2044	21,437
	20,000		5.300		03/01/2048	16,200
						1,689,052
Food & Beverage(a) – 2.3%
Anheuser-Busch Cos. LLC
	35,000		4.700		02/01/2036	42,172
	210,000		4.900		02/01/2046	257,296
Anheuser-Busch InBev Worldwide, Inc.
	350,000		4.750		01/23/2029	425,730
	25,000		4.950		01/15/2042	30,760
	100,000		4.600		04/15/2048	120,162
	25,000		5.550		01/23/2049	33,622
	25,000		4.500		06/01/2050	29,925
Constellation Brands, Inc.
	(3 Mo. LIBOR + 0.70%),
	75,000		0.980	(c)	11/15/2021	74,986
	50,000		4.400		11/15/2025	58,174
	25,000		3.700		12/06/2026	28,564
	50,000		3.600		02/15/2028	56,278
	25,000		3.150		08/01/2029	27,342
J M Smucker Co. (The)
	25,000		3.000		03/15/2022	25,887
	25,000		2.375		03/15/2030	26,085
Keurig Dr Pepper, Inc.
	50,000		4.057		05/25/2023	54,354
	25,000		5.085		05/25/2048	33,515
	25,000		3.800		05/01/2050	28,638
Mars, Inc.(b)
	25,000		2.700		04/01/2025	26,985
	25,000		3.200		04/01/2030	28,558
Mondelez International, Inc.
	25,000		2.125		04/13/2023	25,950
Tyson Foods, Inc.
	50,000		3.900		09/28/2023	54,568
						1,489,551

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Health Care Equipment & Services(a) – 1.9%
Becton Dickinson and Co.
$	45,000		2.894	%	06/06/2022	$         46,549
	25,000		3.363		06/06/2024	27,036
	40,000		3.700		06/06/2027	45,345
	100,000		2.823		05/20/2030	107,853
Centene Corp.
	150,000		4.250		12/15/2027	156,913
Cigna Corp.
	100,000		3.750		07/15/2023	108,191
	50,000		2.400		03/15/2030	51,820
	150,000		3.400		03/15/2050	156,530
CVS Health Corp.
	75,000		3.500		07/20/2022	78,654
	59,000		3.700		03/09/2023	63,208
	25,000		2.625		08/15/2024	26,636
	50,000		3.875		07/20/2025	56,354
	25,000		4.250		04/01/2050	29,293
Dentsply Sirona, Inc.
	50,000		3.250		06/01/2030	54,332
Stryker Corp.
	100,000		1.950		06/15/2030	101,915
Zimmer Biomet Holdings, Inc.
	100,000		3.550		03/20/2030	111,820
						1,222,449
Household & Personal Products(a) – 0.0%
Kimberly-Clark Corp.
	25,000		3.100		03/26/2030	28,592
Life Insurance(a) – 0.9%
American International Group, Inc.
	25,000		4.875		06/01/2022	26,802
	125,000		3.900		04/01/2026	142,248
	25,000		4.200		04/01/2028	29,016
	100,000		3.400		06/30/2030	110,638
Berkshire Hathaway Finance Corp.
	75,000		1.850		03/12/2030	77,995
Marsh & McLennan Cos., Inc.
	50,000		4.375		03/15/2029	60,490
Principal Financial Group, Inc.
	50,000		3.100		11/15/2026	55,618
	75,000		2.125		06/15/2030	77,619
Willis North America, Inc.
	25,000		2.950		09/15/2029	27,000
						607,426
Materials(a) – 0.8%
Air Products and Chemicals, Inc.
	25,000		2.050		05/15/2030	26,332
DuPont de Nemours, Inc.
	25,000		4.205		11/15/2023	27,474
	50,000		4.493		11/15/2025	57,489
Ecolab, Inc.
	4,000		5.500		12/08/2041	5,732
Huntsman International LLC
	25,000		4.500		05/01/2029	28,063
Nutrition & Biosciences, Inc.(b)
	75,000		1.832		10/15/2027	75,312
	150,000		2.300		11/01/2030	150,738
	50,000		3.268		11/15/2040	50,475

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Materials(a) – (continued)
Sherwin-Williams Co. (The)
$	25,000		3.450	%	06/01/2027	$         28,140
	50,000		2.950		08/15/2029	54,983
Steel Dynamics, Inc.
	20,000		2.400		06/15/2025	20,938
Teck Resources Ltd.(b)
	25,000		3.900		07/15/2030	26,156
						551,832
Media & Entertainment(a) – 1.9%
Charter Communications Operating LLC
	320,000		4.908		07/23/2025	369,408
Comcast Corp.
	25,000		3.700		04/15/2024	27,593
	25,000		3.100		04/01/2025	27,538
	45,000		3.375		08/15/2025	50,184
	50,000		3.950		10/15/2025	57,338
	25,000		3.300		02/01/2027	28,190
	75,000		3.300		04/01/2027	84,799
	225,000		3.150		02/15/2028	252,728
	125,000		4.150		10/15/2028	150,392
	25,000		4.250		10/15/2030	30,691
	25,000		3.750		04/01/2040	29,356
	25,000		4.700		10/15/2048	33,172
Fox Corp.
	25,000		4.030		01/25/2024	27,514
	25,000		4.709		01/25/2029	29,947
Walt Disney Co. (The)
	25,000		3.700		09/15/2024	27,669
						1,226,519
Metals and Mining(a) – 0.3%
Glencore Funding LLC(b)
	75,000		4.125		03/12/2024	81,134
	25,000		4.625		04/29/2024	27,553
Newcrest Finance Pty. Ltd.(b)
	25,000		3.250		05/13/2030	27,271
Newmont Corp.
	75,000		2.250		10/01/2030	77,508
						213,466
Pharmaceuticals, Biotechnology & Life Sciences(a) – 3.0%
AbbVie, Inc.
	75,000		3.375		11/14/2021	77,415
	30,000		2.300	(b)	11/21/2022	31,035
	50,000		3.750		11/14/2023	54,513
	125,000		4.050	(b)	11/21/2039	143,242
	200,000		4.250	(b)	11/21/2049	236,324
Amgen, Inc.
	70,000		3.125		05/01/2025	76,745
Bayer US Finance II LLC(b)
	200,000		3.875		12/15/2023	218,325
Bayer US Finance LLC(b)
	200,000		3.000		10/08/2021	204,925
Bristol-Myers Squibb Co.
	150,000		3.875		08/15/2025	171,130
	25,000		4.250		10/26/2049	32,868
DH Europe Finance II Sarl
	75,000		2.200		11/15/2024	79,244
	25,000		2.600		11/15/2029	27,157
	75,000		3.250		11/15/2039	83,282
Elanco Animal Health, Inc.
	50,000		4.912		08/27/2021	51,312
	25,000		5.272		08/28/2023	26,765

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Pharmaceuticals, Biotechnology & Life Sciences(a) – (continued)
Pfizer, Inc.
$	75,000		3.450	%	03/15/2029	$         87,756
	25,000		2.625		04/01/2030	27,769
Royalty Pharma plc(b)
	75,000		1.200		09/02/2025	74,767
Thermo Fisher Scientific, Inc.
	35,000		3.000		04/15/2023	37,006
	15,000		3.650		12/15/2025	16,953
	25,000		4.497		03/25/2030	30,848
Zoetis, Inc.
	45,000		3.000		09/12/2027	49,777
	150,000		2.000		05/15/2030	154,884
						1,994,042
Pipelines(a) – 0.2%
Sunoco Logistics Partners Operations LP
	15,000		4.250		04/01/2024	15,787
Williams Cos., Inc. (The)
	25,000		3.600		03/15/2022	25,861
	25,000		3.900		01/15/2025	27,285
	35,000		4.000		09/15/2025	38,790
						107,723
Property/Casualty Insurance(a)` – 0.1%
Arch Capital Group US, Inc.
	36,000		5.144		11/01/2043	45,799
XLIT Ltd.
	45,000		4.450		03/31/2025	50,714
						96,513
Real Estate Investment Trusts(a) – 2.3%
Alexandria Real Estate Equities, Inc.
	25,000		3.800		04/15/2026	28,611
	25,000		3.375		08/15/2031	28,193
American Campus Communities Operating Partnership LP
	95,000		4.125		07/01/2024	102,430
	25,000		3.875		01/30/2031	27,250
American Homes 4 Rent LP
	50,000		4.900		02/15/2029	59,562
American Tower Corp.
	75,000		3.375		05/15/2024	81,223
	100,000		2.400		03/15/2025	105,845
	75,000		2.100		06/15/2030	75,710
Boston Properties LP
	25,000		4.125		05/15/2021	25,326
Crown Castle International Corp.
	85,000		3.150		07/15/2023	90,369
	60,000		3.650		09/01/2027	67,207
	25,000		3.300		07/01/2030	27,380
CubeSmart LP
	45,000		4.000		11/15/2025	50,359
Duke Realty LP
	25,000		1.750		07/01/2030	24,947
Essex Portfolio LP
	50,000		3.000		01/15/2030	53,817
Healthcare Realty Trust, Inc.
	25,000		2.050		03/15/2031	24,711
Kilroy Realty LP
	25,000		4.750		12/15/2028	29,090
Mid-America Apartments LP
	50,000		1.700		02/15/2031	49,079

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Real Estate Investment Trusts(a) – (continued)
National Retail Properties, Inc.
$	35,000		3.900	%	06/15/2024	$         37,810
	45,000		4.000		11/15/2025	49,827
Regency Centers LP
	100,000		2.950		09/15/2029	103,448
Simon Property Group LP
	53,000		2.750		06/01/2023	55,379
Spirit Realty LP
	75,000		3.400		01/15/2030	74,510
UDR, Inc.
	25,000		2.100		08/01/2032	24,821
Ventas Realty LP
	45,000		3.500		02/01/2025	48,665
VEREIT Operating Partnership LP
	50,000		4.625		11/01/2025	55,168
	25,000		3.950		08/15/2027	26,655
	25,000		3.400		01/15/2028	26,072
WP Carey, Inc.
	20,000		4.600		04/01/2024	22,165
	30,000		4.000		02/01/2025	32,720
	25,000		3.850		07/15/2029	26,937
						1,535,286
Retailing(a) – 1.7%
Alimentation Couche-Tard, Inc.(b)
	45,000		2.700		07/26/2022	46,456
Amazon.com, Inc.
	335,000		5.200		12/03/2025	407,476
	45,000		4.800		12/05/2034	61,975
	15,000		3.875		08/22/2037	18,675
Booking Holdings, Inc.
	25,000		4.100		04/13/2025	28,158
Dollar Tree, Inc.
	50,000		4.000		05/15/2025	56,347
	50,000		4.200		05/15/2028	58,776
Expedia Group, Inc.
	50,000		3.600	(b)	12/15/2023	51,063
	25,000		4.625	(b)	08/01/2027	26,225
	35,000		3.800		02/15/2028	35,116
Home Depot, Inc. (The)
	25,000		3.900		12/06/2028	29,925
	25,000		4.250		04/01/2046	31,859
Lowe’s Cos., Inc.
	50,000		5.000		04/15/2040	65,764
	25,000		5.125		04/15/2050	34,422
Sysco Corp.
	25,000		6.600		04/01/2050	35,028
Walgreens Boots Alliance, Inc.
	100,000		4.100		04/15/2050	99,702
						1,086,967
Software & Services(a) – 1.6%
Adobe, Inc.
	50,000		2.150		02/01/2027	53,577
	75,000		2.300		02/01/2030	80,885
Amdocs Ltd.
	50,000		2.538		06/15/2030	51,831
Fiserv, Inc.
	25,000		3.800		10/01/2023	27,251
	100,000		2.750		07/01/2024	106,897
	50,000		3.200		07/01/2026	55,544
	25,000		4.200		10/01/2028	29,580

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Software & Services(a) – (continued)
Global Payments, Inc.
$	50,000		2.650	%	02/15/2025	$         53,027
	25,000		3.200		08/15/2029	27,279
Intuit, Inc.
	25,000		1.350		07/15/2027	25,360
Mastercard, Inc.
	25,000		3.300		03/26/2027	28,589
Oracle Corp.
	25,000		3.600		04/01/2040	28,484
	50,000		3.850		04/01/2060	58,426
PayPal Holdings, Inc.
	150,000		1.650		06/01/2025	155,312
	125,000		2.650		10/01/2026	136,287
ServiceNow, Inc.
	125,000		1.400		09/01/2030	121,715
						1,040,044
Technology(a) – 2.7%
Apple, Inc.
	325,000		2.450		08/04/2026	354,122
Applied Materials, Inc.
	25,000		1.750		06/01/2030	25,721
Broadcom Corp.
	125,000		3.625		01/15/2024	134,191
	50,000		3.125		01/15/2025	53,359
Broadcom, Inc.
	75,000		3.625		10/15/2024	81,844
	150,000		4.700		04/15/2025	170,344
	150,000		4.250		04/15/2026	168,973
	104,000		3.459		09/15/2026	113,893
Dell International LLC(b)
	70,000		5.450		06/15/2023	76,724
	100,000		6.020		06/15/2026	117,610
Hewlett Packard Enterprise Co.
	150,000		4.450		10/02/2023	164,865
	50,000		4.650		10/01/2024	56,420
	45,000		4.900		10/15/2025	51,588
	25,000		6.350		10/15/2045	31,651
Lam Research Corp.
	50,000		1.900		06/15/2030	51,780
Microchip Technology, Inc.
	25,000		3.922		06/01/2021	25,543
NXP BV(b)
	25,000		3.400		05/01/2030	27,350
Oracle Corp.
	70,000		2.500		05/15/2022	72,175
						1,778,153
Tobacco(a) – 0.4%
Altria Group, Inc.
	50,000		3.800		02/14/2024	54,569
Archer-Daniels-Midland Co.
	25,000		3.250		03/27/2030	28,555
BAT Capital Corp.
	25,000		3.222		08/15/2024	26,713
	100,000		2.259		03/25/2028	100,352
	25,000		4.540		08/15/2047	26,672
						236,861
Transportation(a) – 0.3%
Avolon Holdings Funding Ltd.(b)
	25,000		3.950		07/01/2024	23,896
Burlington Northern Santa Fe LLC
	25,000		4.050		06/15/2048	31,069

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Transportation(a) – (continued)
Canadian Pacific Railway Co.
$	25,000		2.050	%	03/05/2030	$         26,101
FedEx Corp.
	45,000		3.400		02/15/2028	50,495
Penske Truck Leasing Co. LP(b)
	70,000		3.375		02/01/2022	72,289
						203,850
Wireless Telecommunications(a) – 3.7%
American Tower Corp.
	45,000		4.700		03/15/2022	47,685
AT&T, Inc.
	50,000		3.000		06/30/2022	51,993
	110,000		4.250		03/01/2027	127,343
	300,000		2.300		06/01/2027	314,781
	75,000		2.750		06/01/2031	78,911
	25,000		4.900		08/15/2037	30,261
	75,000		3.500		06/01/2041	78,918
	25,000		4.750		05/15/2046	29,131
	25,000		5.150		11/15/2046	31,023
	25,000		4.500		03/09/2048	28,437
T-Mobile USA, Inc.(b)
	75,000		3.500		04/15/2025	82,281
	75,000		1.500		02/15/2026	75,287
	150,000		3.750		04/15/2027	167,901
	175,000		2.050		02/15/2028	179,064
	100,000		3.875		04/15/2030	114,104
	75,000		2.550		02/15/2031	77,513
	50,000		3.000		02/15/2041	49,323
Verizon Communications, Inc.
	25,000		3.376		02/15/2025	27,857
	25,000		2.625		08/15/2026	27,315
	145,000		4.329		09/21/2028	175,972
	200,000		3.875		02/08/2029	236,708
	50,000		3.150		03/22/2030	56,424
	100,000		4.862		08/21/2046	136,073
	87,000		5.012		04/15/2049	124,454
Vodafone Group plc
	75,000		3.750		01/16/2024	81,888
						2,430,647
TOTAL CORPORATE BONDS (Cost $27,993,328)						$  30,027,783
Mortgage-Backed Securities – 35.8%
FHLMC – 0.1%
$	2,328		4.500	%	07/01/2024	$           2,444
	12,336		4.500		11/01/2024	12,973
	3,094		4.500		12/01/2024	3,258
	6,111		7.500		12/01/2029	7,224
	1,750		5.000		10/01/2033	2,005
	2,618		5.000		07/01/2035	3,016
	3,759		5.000		12/01/2035	4,319
	719		5.000		03/01/2038	823
	2,298		5.000		06/01/2041	2,630
						38,692
GNMA – 23.6%
	1,028		7.000		10/15/2025	1,049
	4,787		7.000		11/15/2025	5,084
	599		7.000		02/15/2026	614
	2,261		7.000		04/15/2026	2,410
	2,354		7.000		03/15/2027	2,539

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – (continued)
GNMA – (continued)
$	13,049		7.000	%	11/15/2027	$         13,509
	5,876		7.000		02/15/2028	6,346
	1,401		7.000		03/15/2028	1,445
	781		7.000		04/15/2028	805
	103		7.000		05/15/2028	113
	2,300		7.000		06/15/2028	2,516
	3,434		7.000		07/15/2028	3,764
	9,006		7.000		09/15/2028	9,808
	1,748		7.000		11/15/2028	1,885
	422		7.500		11/15/2030	422
	81,462		6.000		08/20/2034	94,815
	75,009		5.000		06/15/2040	83,240
	361,880		4.000		08/20/2043	397,390
	160,728		4.000		10/20/2045	175,395
	132,360		5.000		08/20/2048	144,211
	404,819		4.500		09/20/2048	437,873
	476,745		5.000		10/20/2048	518,390
	462,305		5.000		11/20/2048	502,689
	214,064		5.000		12/20/2048	232,629
	1,038,997		4.500		01/20/2049	1,120,344
	136,850		4.500		03/20/2049	147,383
	159,670		4.500		05/20/2049	171,759
	947,699		4.500		10/20/2049	1,020,142
	3,000,000		2.000		TBA-30yr(d)	3,117,246
	1,000,000		2.500		TBA-30yr(d)	1,050,070
	1,000,000		4.500		TBA-30yr(d)	1,071,465
	4,000,000		2.000		TBA-30yr(d)	4,148,359
	1,000,000		2.500		TBA-30yr(d)	1,048,195
						15,533,904
UMBS – 7.3%
	12,352		5.500		09/01/2023	12,797
	3,541		5.500		10/01/2023	3,668
	908		4.500		07/01/2024	952
	28,502		4.500		11/01/2024	29,934
	14,449		4.500		12/01/2024	15,199
	4,742		9.000		11/01/2025	5,276
	22,856		7.000		08/01/2026	25,463
	9,865		8.000		10/01/2029	11,519
	1,054		8.500		04/01/2030	1,247
	1,980		8.000		05/01/2030	2,173
	5,711		8.000		08/01/2032	6,831
	7,549		4.500		08/01/2039	8,557
	33,322		3.000		01/01/2043	36,503
	143,684		3.000		03/01/2043	157,442
	198,981		3.000		04/01/2043	218,227
	146,754		3.000		05/01/2043	160,948
	448,863		4.500		04/01/2045	510,913
	50,948		4.500		05/01/2045	58,023
	306,788		4.000		02/01/2048	336,234
	398,526		4.000		03/01/2048	436,778
	32,684		4.000		07/01/2048	35,921
	477,672		4.000		08/01/2048	523,520
	367,720		5.000		11/01/2048	414,720
	1,608,005		5.000		10/01/2049	1,761,917
						4,774,762

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – (continued)
UMBS, 30 Year, Single Family – 4.8%
$	1,000,000		3.000	%	TBA-30yr(d)	$    1,047,656
	1,000,000		3.500		TBA-30yr(d)	1,054,375
	1,000,000		3.000		TBA-30yr(d)	1,047,851
						3,149,882
TOTAL MORTGAGE-BACKED SECURITIES (Cost $23,131,964)						$  23,497,240
Collateralized Mortgage Obligations – 0.9%
Adjustable Rate Non-Agency(a)(c) – 0.8%
Alternative Loan Trust Series 2005-38, Class A1
$	64,921		2.519	%	09/25/2035	$         55,709
FHLMC STACR REMIC Trust Series 2020-DNA3, Class M2(b)
	90,000		3.148		06/25/2050	90,251
Harben Finance plc Series 2017-1X, Class A
GBP	66,898		0.868		08/20/2056	86,157
Lehman XS Trust Series 2005-7N, Class 1A1A
$	116,796		0.688		12/25/2035	108,023
London Wall Mortgage Capital plc Series 2017-FL1, Class A
GBP	39,649		0.923		11/15/2049	50,954
Stratton Mortgage Funding plc Series 2019-1, Class A
	89,164		1.262		05/25/2051	115,095
Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1(b)
$	52,574		3.500		07/25/2049	53,841
						560,030
Sequential Fixed Rate – 0.1%
FNMA REMIC Series 2012-111, Class B
	9,046		7.000		10/25/2042	11,183
FNMA REMIC Series 2012-153, Class B
	24,902		7.000		07/25/2042	31,460
						42,643
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $582,926)						$       602,673
Commercial Mortgage-Backed Securities(a) – 0.4%
Sequential Fixed Rate – 0.4%
BANK Series 2019-BN21, Class A5
$	150,000		2.851	%	10/17/2052	$       166,271
Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4
	100,000		3.006		01/15/2053	111,463
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $259,772)						$       277,734
U.S. Government Agency Securities – 3.4%
FHLB
$	100,000		3.375	%	12/08/2023	$       109,886
FHLMC
	1,140,000		0.375		09/23/2025	1,136,946

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Government Agency Securities – (continued)
FNMA
$	400,000		1.875	%	09/24/2026	$       432,803
	400,000		6.250		05/15/2029	578,645
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $2,136,812)						$    2,258,280
Asset-Backed Securities(a) – 4.8%
Automobile – 0.2%
Ally Master Owner Trust Series 2018-1, Class A2
$	100,000		2.700	%	01/17/2023	$       100,659
Collateralized Debt Obligations(b)(c) – 0.7%
Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A
	200,000		1.302		06/15/2028	197,506
KREF Ltd. Series 2018-FL1, Class A
	150,000		1.251		06/15/2036	148,875
Orix Credit Alliance Owner Trust Ltd. Series 2018-CRE1, Class A
	125,000		1.332		06/15/2036	123,125
						469,506
Collateralized Loan Obligations(b)(c) – 3.7%
CBAM Ltd. Series 2018-5A, Class A
	525,000		1.293		04/17/2031	517,797
Crown City CLO I Series 2020-1A, Class A1
	250,000		2.357		07/20/2030	250,695
Cutwater Ltd. Series 2014-1A, Class A1AR
	192,093		1.525		07/15/2026	191,374
Elmwood CLO IV Ltd. Series 2020-1A, Class A
	600,000		2.422		04/15/2033	595,229
Halseypoint CLO 2 Ltd. Series 2020-2A, Class A1
	300,000		1.995		07/20/2031	300,625
Jamestown CLO XV Ltd. Series 2020-15A, Class A
	300,000		2.103		04/15/2033	296,923
Venture 39 CLO Ltd. Series 2020-39A, Class A1
	275,000		2.025		04/15/2033	268,982
						2,421,625
Home Equity(c) – 0.1%
GMACM Home Equity Loan Trust Series 2007-HE3, Class 2A1
	44,598		7.000		09/25/2037	45,377
Student Loans(b)(c) – 0.1%
Scholar Funding Trust Series 2010-A, Class A
	93,619		0.997		10/28/2041	91,048
TOTAL ASSET-BACKED SECURITIES (Cost $3,149,431)						$    3,128,215
Foreign Government Securities – 1.4%
Romania Government Bond(b)
EUR	10,000		2.124	%	07/16/2031	$         11,688
	10,000		4.625		04/03/2049	14,278
State of Israel AID Bond(e)
$	200,000		5.500		12/04/2023	232,121
	100,000		5.500		04/26/2024	118,201
United Arab Emirates Government Bond(b)
	220,000		3.125		10/11/2027	243,650

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Government Securities – (continued)
United Mexican States(a)
EUR	100,000		1.625	%	04/08/2026	$       117,904
$	200,000		3.250		04/16/2030	205,200
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $882,550)						$       943,042
Municipal Bonds – 0.7%
California – 0.3%
California State Various Purpose GO Bonds Series 2010
$	105,000		7.625	%	03/01/2040	$       181,763
Illinois – 0.2%
Illinois State GO Bonds for Build America Bonds Series 2010-5
	100,000		7.350		07/01/2035	113,295
Illinois State GO Bonds Pension Funding Series 2003
	25,000		5.100		06/01/2033	25,265
						138,560
Ohio – 0.2%
American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT
	100,000		6.270		02/15/2050	144,867
TOTAL MUNICIPAL BONDS (Cost $333,123)						$       465,190
U.S. Treasury Obligations – 11.3%
U.S. Treasury Bonds
$	140,000		3.375	%	11/15/2048	$       203,700
	150,000		2.000		02/15/2050	169,664
U.S. Treasury Notes
	3,030,000		2.375		03/15/2022	3,128,593
	810,000		2.250		04/30/2024	869,485
	1,240,000		1.625		09/30/2026	1,331,934
	1,440,000		3.125		11/15/2028	1,734,300
TOTAL U.S. TREASURY OBLIGATIONS (Cost $7,371,963)						$    7,437,676
Shares		Dividend Rate				Value
Investment Company(f) – 13.6%
Goldman Sachs Financial Square Government Fund — Institutional Shares
8,945,818			0.027%			$    8,945,818
(Cost $8,945,818)
TOTAL INVESTMENTS – 118.0% (Cost $74,787,687)						$  77,583,651
LIABILITIES IN EXCESS OF     OTHER ASSETS – (18.0)%						(11,853,197)
NET ASSETS – 100.0%						$  65,730,454

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)	Exempt from registration under Rule 144A of the Securities Act of 1933.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

(c)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2020.
(d)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $13,585,217 which represents approximately 20.7% of net assets as of September 30, 2020.
(e)	Guaranteed by the United States Government. Total market value of these securities amounts to $350,322, which represents 0.5% of net assets as of September 30, 2020.
(f)	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
T-Note	— Treasury Note
STIBOR	— Stockholm Interbank Offered Rate
UMBS	— Uniform Mortgage-Backed Securities
Yr.	— Year
Currency Abbreviations:
AUD	— Australian Dollar
CAD	— Canadian Dollar
CHF	— Swiss Franc
EUR	— Euro
GBP	— British Pound
JPY	— Japanese Yen
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
SEK	— Swedish Krona
USD	— United States Dollar
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 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.		AUD	300,553		USD	209,647		10/01/2020	$	5,624
		AUD	348,687		USD	248,451		12/21/2020		1,353
		CAD	258,925		USD	190,011		10/05/2020		4,444
		GBP	201,570		USD	259,110		12/16/2020		1,116
		GBP	301,291		USD	388,312		01/13/2021		756
		JPY	11,613,101		USD	108,516		10/09/2020		1,606
		JPY	18,870,498		USD	178,071		12/16/2020		1,048
		SEK	398,182		USD	44,000		12/16/2020		504
		USD	71,244		AUD	97,638		12/16/2020		1,296
		USD	1,109,785		EUR	942,753		11/09/2020		3,564
		USD	90,706		EUR	76,550		12/16/2020		797
		USD	194,178		GBP	147,535		12/16/2020		3,711
		USD	50,526		NOK	465,038		12/10/2020		661
		USD	206,710		SEK	1,821,409		12/10/2020		3,162
TOTAL									$	29,642
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.		AUD	107,248		USD	78,067		12/16/2020	$	(1,235	)
		CAD	189,908		USD	145,222		12/16/2020		(2,549	)
		EUR	148,000		NOK	1,638,213		12/16/2020		(1,842	)
		EUR	791,766		USD	932,047		11/09/2020		(2,993	)
		EUR	510,972		USD	604,789		12/16/2020		(4,644	)
		GBP	39,804		USD	52,416		12/16/2020		(1,029	)
		NOK	3,095,248		USD	344,360		12/16/2020		(12,449	)
		SEK	1,653,000		USD	187,597		12/10/2020		(2,869	)
		SEK	1,259,053		USD	143,124		12/16/2020		(2,401	)
		USD	114,030		AUD	163,475		10/01/2020		(3,059	)
		USD	116,481		AUD	163,475		12/21/2020		(634	)
		USD	146,361		CAD	199,444		10/05/2020		(3,423	)
		USD	50,000		CAD	66,922		12/16/2020		(277	)
		USD	627,152		GBP	486,879		01/13/2021		(1,573	)
		USD	84,600		JPY	9,053,632		10/09/2020		(1,252	)
		USD	358,934		NOK	3,418,270		12/16/2020		(7,616	)
		USD	186,105		NZD	284,000		12/16/2020		(1,762	)
TOTAL									$	(51,607	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
U.S. Treasury 2 Year Note	7	12/31/2020	$	1,546,562		$	482
U.S. Treasury 10 Year Note	5	12/21/2020		697,500			(633	)
U.S. Treasury Long Bond	15	12/21/2020		2,642,344			13,122
U.S. Treasury Ultra Bond	24	12/21/2020		5,313,750			(25,078	)
Total						$	(12,107	)
Short position contracts:
U.S. Treasury 5 Year Note	(23)	12/31/2020		(2,898,180	)		(1,266	)
U.S. Treasury 10 Year Ultra Note	(24)	12/21/2020		(3,835,125	)		5,578
Total						$	4,312
Total Futures Contracts						$	(7,795	)

SWAP CONTRACTS — At September 30, 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 September 30, 2020(b)	Termination Date	Notional Amount (000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
General Electric Co.	1.000%	1.362%	06/20/2024	USD	125	$	(1,616	)	$	(1,586	)	$	(30	)
General Electric Co.	1.000	1.594	12/20/2024		50		(1,204	)		(678	)		(526	)
Markit CDX North America Investment Grade Index	1.000	0.689	06/20/2023		1,675		14,553			19,525			(4,972	)
Markit CDX North America Investment Grade Index	1.000	0.848	06/20/2025		325		2,357			3,313			(956	)
Prudential Financial, Inc.	1.000	0.383	06/20/2024		75		1,746			943			803
Republic of Chile	1.000	0.457	06/20/2024		20		411			459			(48	)
Republic of Colombia	1.000	1.118	06/20/2024		210		(854	)		645			(1,499	)
Republic of Indonesia	1.000	0.832	06/20/2024		160		1,036			485			551
Republic of Peru	1.000	0.548	06/20/2024		40		684			694			(10	)
Russian Federation	1.000	1.058	12/20/2024		30		(65	)		(221	)		156
State of Qatar	1.000	0.339	06/20/2024		20		500			315			185
State of Qatar	1.000	0.387	12/20/2024		10		262			182			80
United Mexican States	1.000	1.120	06/20/2024		20		(82	)		(221	)		139
TOTAL						$	17,728		$	23,855		$	(6,127	)

(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.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund	Credit Spread at September 30, 2020(b)	Counterparty	Termination Date	Notional Amount (000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX North American BBB- 11	3.000%	7.091%	Morgan Stanley Co., Inc.	11/18/2054	$	200	$	(45,751	)	$	(56,926	)	$	11,175
Markit CMBX North American BBB- 11	3.000	11.796		10/17/2057		100		(28,020	)		(27,530	)		(490	)
TOTAL							$	(73,771	)	$	(84,456	)	$	10,685

(a) Payments received monthly.

(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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund	Termination Date	Notional Amount (000’s)			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3 Month BA(a)	1.250%	12/16/2023	CAD	4,060	(b)	$	56,803		$	56,153		$	650
0.750% (a)	3 Month LIBOR	12/16/2023	USD	3,040	(b)		(45,713	)		(46,035	)		322
3 Month BA(a)	0.840	06/24/2024	CAD	2,370	(b)		2,279			1,059			1,220
3 Month BA(a)	0.810	09/30/2024		1,330	(b)		120			120			—
6 Month BBR(a)	0.553	05/16/2025	AUD	2,250	(b)		9,602			(1,370	)		10,972
(0.307)(c)	6 Month EURIBOR	05/18/2025	EUR	1,670	(b)		(6,234	)		1,525			(7,759	)
(0.250)(c)	6 Month EURIBOR	12/16/2025		1,960	(b)		(19,648	)		(18,587	)		(1,061	)
0.500(a)	6 Month LIBOR	12/16/2025	GBP	300	(b)		(5,614	)		(5,559	)		(55	)
6 Month NIBOR(a)	0.750	12/16/2025	NOK	13,140	(b)		8,421			5,505			2,916
3 Month STIBOR(d)	0.000	12/16/2025	SEK	7,760	(b)		(3,321	)		(2,914	)		(407	)
6 Month LIBOR(a)	(0.500)	12/16/2027	CHF	800	(b)		(1,560	)		(3,152	)		1,592
(0.250)(c)	6 Month EURIBOR	12/16/2027	EUR	770	(b)		(6,115	)		(4,642	)		(1,473	)
6 Month BBR(a)	0.920	09/04/2028	AUD	880	(b)		2,106			(195	)		2,301
1.140(a)	3 Month BA	06/24/2030	CAD	490	(b)		413			(541	)		954
0.000(c)	6 Month EURIBOR	09/08/2030	EUR	610	(b)		(1,605	)		243			(1,848	)
6 Month BBR(a)	1.000	12/16/2030	AUD	350	(b)		4,574			3,418			1,156
6 Month LIBOR(a)	(0.250)	12/16/2030	CHF	550	(b)		4,965			3,028			1,937
(0.250)(c)	6 Month EURIBOR	12/16/2030	EUR	900	(b)		3,741			7,875			(4,134	)
3 Month BBR(d)	0.500	12/16/2030	NZD	70	(b)		(154	)		(241	)		87
3 Month BA(a)	1.750	06/17/2050	CAD	50			2,759			1,553			1,206
0.250(c)	6 Month EURIBOR	12/16/2050	EUR	30	(b)		(2,843	)		(2,180	)		(663	)
TOTAL						$	2,976		$	(4,937	)	$	7,913

(a) Payments made semi-annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2020.

(c) Payments made annually.

(d) Payments made quarterly

WRITTEN OPTIONS CONTRACTS — At September 30, 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
6M IRS	JPMorgan Chase Bank NA		0.350%		10/02/2020		(160,000)	$	(160,000	)	$	(79	)	$	(1,795	)	$	1,716
6M IRS	Morgan Stanley Co., Inc.		(0.150)		12/02/2020		(130,000)		(130,000	)		(1,678	)		(1,695	)		17
6M IRS			(0.200)		12/02/2020		(220,000)		(220,000	)		(2,010	)		(2,002	)		(8	)
6M IRS			(0.200)		12/03/2020		(160,000)		(160,000	)		(1,470	)		(1,613	)		143
6M IRS			(0.250)		01/14/2021		(220,000)		(220,000	)		(1,806	)		(1,990	)		184
6M IRS			0.350		10/02/2020		(160,000)		(160,000	)		(79	)		(1,785	)		1,706
6M IRS			0.350		10/21/2020		(340,000)		(340,000	)		(1,121	)		(3,522	)		2,401
6M IRS	UBS AG		(0.150)		11/30/2020		(250,000)		(250,000	)		(3,191	)		(2,529	)		(662	)
Total calls							(1,640,000)				$	(11,434	)	$	(16,931	)	$	5,497
Puts
6M IRS	Morgan Stanley Co., Inc.		0.100		12/02/2020		(130,000)		(130,000	)		(99	)		(255	)		156
6M IRS			0.000		01/14/2021		(220,000)		(220,000	)		(666	)		(690	)		24
6M IRS	UBS AG		0.100		11/30/2020		(250,000)		(250,000	)		(176	)		(803	)		627
Total puts							(600,000)				$	(941	)	$	(1,748	)	$	807
Total written option contracts							(2,240,000)				$	(12,375	)	$	(18,679	)	$	6,304

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.1%
	Automobiles & Components – 0.3%
	1,602	Aptiv plc	$       146,871
	1,252	BorgWarner, Inc.	48,503
	23,729	Ford Motor Co.	158,035
	7,647	General Motors Co.	226,275
			579,684
	Banks – 3.3%
	46,038	Bank of America Corp.	1,109,055
	12,592	Citigroup, Inc.	542,841
	2,545	Citizens Financial Group, Inc.	64,338
	924	Comerica, Inc.	35,343
	4,330	Fifth Third Bancorp	92,315
	1,020	First Republic Bank	111,241
	5,981	Huntington Bancshares, Inc.	54,846
	18,418	JPMorgan Chase & Co.	1,773,101
	6,002	KeyCorp	71,604
	809	M&T Bank Corp.	74,501
	2,606	People’s United Financial, Inc.	26,868
	2,575	PNC Financial Services Group, Inc. (The)	283,018
	5,672	Regions Financial Corp.	65,398
	314	SVB Financial Group*	75,555
	8,241	Truist Financial Corp.	313,570
	8,225	US Bancorp	294,866
	25,031	Wells Fargo & Co.	588,479
	945	Zions Bancorp NA	27,613
			5,604,552
	Capital Goods – 5.5%
	3,476	3M Co.	556,786
	835	A O Smith Corp.	44,088
	564	Allegion plc	55,785
	1,384	AMETEK, Inc.	137,570
	3,204	Boeing Co. (The)	529,493
	4,980	Carrier Global Corp.	152,089
	3,269	Caterpillar, Inc.	487,571
	907	Cummins, Inc.	191,522
	1,885	Deere & Co.	417,773
	884	Dover Corp.	95,773
	2,411	Eaton Corp. plc	245,994
	3,578	Emerson Electric Co.	234,609
	3,524	Fastenal Co.	158,897
	720	Flowserve Corp.	19,649
	1,820	Fortive Corp.	138,702
	837	Fortune Brands Home & Security, Inc.	72,417
	1,427	General Dynamics Corp.	197,540
	52,565	General Electric Co.	327,480
	4,232	Honeywell International, Inc.	696,629
	2,514	Howmet Aerospace, Inc.	42,034
	261	Huntington Ingalls Industries, Inc.	36,736
	449	IDEX Corp.	81,902
	1,746	Illinois Tool Works, Inc.	337,345
	2,107	Ingersoll Rand, Inc.*	75,009
	775	Jacobs Engineering Group, Inc.	71,897
	4,560	Johnson Controls International plc	186,276
	1,328	L3Harris Technologies, Inc.	225,547
	1,482	Lockheed Martin Corp.	568,021
	1,597	Masco Corp.	88,043
	930	Northrop Grumman Corp.	293,406

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	2,507	Otis Worldwide Corp.	$       156,487
	2,138	PACCAR, Inc.	182,329
	778	Parker-Hannifin Corp.	157,420
	1,073	Pentair plc	49,111
	867	Quanta Services, Inc.	45,830
	9,281	Raytheon Technologies Corp.	534,029
	714	Rockwell Automation, Inc.	157,566
	640	Roper Technologies, Inc.	252,870
	334	Snap-on, Inc.	49,141
	947	Stanley Black & Decker, Inc.	153,603
	230	Teledyne Technologies, Inc.*	71,348
	1,449	Textron, Inc.	52,294
	1,447	Trane Technologies plc	175,449
	307	TransDigm Group, Inc.	145,862
	426	United Rentals, Inc.*	74,337
	1,110	Westinghouse Air Brake Technologies Corp.	68,687
	265	WW Grainger, Inc.	94,544
	1,098	Xylem, Inc.	92,364
			9,279,854
	Commercial & Professional Services – 0.8%
	519	Cintas Corp.	172,739
	1,260	Copart, Inc.*	132,502
	755	Equifax, Inc.	118,459
	2,232	IHS Markit Ltd.	175,234
	2,234	Nielsen Holdings plc	31,678
	1,270	Republic Services, Inc.	118,555
	697	Robert Half International, Inc.	36,899
	882	Rollins, Inc.	47,796
	988	Verisk Analytics, Inc.	183,086
	2,342	Waste Management, Inc.	265,044
			1,281,992
	Consumer Durables & Apparel – 1.2%
	2,003	DR Horton, Inc.	151,487
	907	Garmin Ltd.	86,038
	2,220	Hanesbrands, Inc.	34,965
	815	Hasbro, Inc.	67,417
	759	Leggett & Platt, Inc.	31,248
	1,646	Lennar Corp. Class A	134,445
	373	Mohawk Industries, Inc.*	36,401
	2,316	Newell Brands, Inc.	39,743
	7,515	NIKE, Inc. Class B	943,433
	21	NVR, Inc.*	85,745
	1,535	PulteGroup, Inc.	71,055
	425	PVH Corp.	25,347
	305	Ralph Lauren Corp.	20,731
	1,605	Tapestry, Inc.	25,086
	1,254	Under Armour, Inc. Class A*	14,082
	1,232	Under Armour, Inc. Class C*	12,123
	1,923	VF Corp.	135,091
	377	Whirlpool Corp.	69,327
			1,983,764
	Consumer Services – 1.6%
	2,610	Carnival Corp.	39,620
	156	Chipotle Mexican Grill, Inc.*	194,019
	816	Darden Restaurants, Inc.	82,204
	244	Domino’s Pizza, Inc.	103,768
	1,694	Hilton Worldwide Holdings, Inc.	144,532
	1,934	Las Vegas Sands Corp.	90,240

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Services – (continued)
	1,631	Marriott International, Inc. Class A	$       150,998
	4,510	McDonald’s Corp.	989,900
	2,367	MGM Resorts International	51,482
	1,370	Norwegian Cruise Line Holdings Ltd.*	23,441
	1,024	Royal Caribbean Cruises Ltd.	66,284
	7,084	Starbucks Corp.	608,657
	596	Wynn Resorts Ltd.	42,799
	1,837	Yum! Brands, Inc.	167,718
			2,755,662
	Diversified Financials – 4.5%
	3,921	American Express Co.	393,080
	738	Ameriprise Financial, Inc.	113,733
	4,964	Bank of New York Mellon Corp. (The)	170,464
	11,985	Berkshire Hathaway, Inc. Class B*	2,552,086
	862	BlackRock, Inc.	485,780
	2,782	Capital One Financial Corp.	199,915
	686	Cboe Global Markets, Inc.	60,190
	6,945	Charles Schwab Corp. (The)	251,617
	2,187	CME Group, Inc.	365,907
	1,916	Discover Financial Services	110,706
	1,376	E*TRADE Financial Corp.	68,869
	1,640	Franklin Resources, Inc.	33,374
	2,090	Goldman Sachs Group, Inc. (The)(a)	420,027
	3,360	Intercontinental Exchange, Inc.	336,168
	2,323	Invesco Ltd.	26,505
	236	MarketAxess Holdings, Inc.	113,655
	990	Moody’s Corp.	286,952
	7,317	Morgan Stanley	353,777
	500	MSCI, Inc.	178,390
	689	Nasdaq, Inc.	84,547
	1,250	Northern Trust Corp.	97,463
	783	Raymond James Financial, Inc.	56,971
	1,454	S&P Global, Inc.	524,312
	2,158	State Street Corp.	128,034
	3,235	Synchrony Financial	84,660
	1,398	T. Rowe Price Group, Inc.	179,252
			7,676,434
	Energy – 2.0%
	2,202	Apache Corp.	20,853
	3,974	Baker Hughes Co.	52,815
	2,498	Cabot Oil & Gas Corp.	43,365
	11,266	Chevron Corp.	811,152
	1,157	Concho Resources, Inc.	51,047
	6,455	ConocoPhillips	211,982
	2,477	Devon Energy Corp.	23,432
	915	Diamondback Energy, Inc.	27,560
	3,615	EOG Resources, Inc.	129,923
	25,589	Exxon Mobil Corp.	878,470
	5,330	Halliburton Co.	64,227
	1,591	Hess Corp.	65,120
	857	HollyFrontier Corp.	16,892
	11,645	Kinder Morgan, Inc.	143,583
	5,156	Marathon Oil Corp.	21,088
	3,924	Marathon Petroleum Corp.	115,130
	2,489	National Oilwell Varco, Inc.	22,550

Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	3,064	Noble Energy, Inc.	$       26,197
	4,860	Occidental Petroleum Corp.	48,649
	2,537	ONEOK, Inc.	65,911
	2,666	Phillips 66	138,205
	1,024	Pioneer Natural Resources Co.	88,054
	8,522	Schlumberger NV	132,602
	2,374	TechnipFMC plc	14,980
	2,504	Valero Energy Corp.	108,473
	7,366	Williams Cos., Inc. (The)	144,742
			3,467,002
	Food & Staples Retailing – 1.6%
	2,677	Costco Wholesale Corp.	950,335
	4,820	Kroger Co. (The)	163,446
	3,099	Sysco Corp.	192,820
	4,295	Walgreens Boots Alliance, Inc.	154,277
	8,385	Walmart, Inc.	1,173,145
			2,634,023
	Food, Beverage & Tobacco – 3.4%
	11,182	Altria Group, Inc.	432,072
	3,361	Archer-Daniels-Midland Co.	156,253
	1,137	Brown-Forman Corp. Class B	85,639
	1,039	Campbell Soup Co.	50,256
	23,408	Coca-Cola Co. (The)	1,155,653
	3,032	Conagra Brands, Inc.	108,273
	1,031	Constellation Brands, Inc. Class A	195,385
	3,743	General Mills, Inc.	230,868
	896	Hershey Co. (The)	128,433
	1,732	Hormel Foods Corp.	84,677
	709	J M Smucker Co. (The)	81,904
	1,529	Kellogg Co.	98,758
	3,869	Kraft Heinz Co. (The)	115,877
	900	Lamb Weston Holdings, Inc.	59,643
	765	McCormick & Co., Inc. (Non-Voting)	148,487
	1,182	Molson Coors Beverage Co. Class B	39,668
	8,687	Mondelez International, Inc. Class A	499,068
	2,203	Monster Beverage Corp.*	176,681
	8,362	PepsiCo, Inc.	1,158,973
	9,451	Philip Morris International, Inc.	708,730
	1,779	Tyson Foods, Inc. Class A	105,815
			5,821,113
	Health Care Equipment & Services – 6.6%
	10,720	Abbott Laboratories	1,166,658
	284	ABIOMED, Inc.*	78,685
	432	Align Technology, Inc.*	141,419
	890	AmerisourceBergen Corp.	86,259
	1,518	Anthem, Inc.	407,720
	3,032	Baxter International, Inc.	243,833
	1,748	Becton Dickinson and Co.	406,725
	8,672	Boston Scientific Corp.*	331,357
	1,761	Cardinal Health, Inc.	82,679
	3,565	Centene Corp.*	207,946
	1,860	Cerner Corp.	134,459
	2,213	Cigna Corp.	374,904
	305	Cooper Cos., Inc. (The)	102,822
	7,915	CVS Health Corp.	462,236

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	3,811	Danaher Corp.	$       820,623
	500	DaVita, Inc.*	42,825
	1,297	Dentsply Sirona, Inc.	56,718
	565	DexCom, Inc.*	232,910
	3,806	Edwards Lifesciences Corp.*	303,795
	1,617	HCA Healthcare, Inc.	201,608
	846	Henry Schein, Inc.*	49,728
	1,569	Hologic, Inc.*	104,291
	809	Humana, Inc.	334,837
	514	IDEXX Laboratories, Inc.*	202,059
	710	Intuitive Surgical, Inc.*	503,773
	607	Laboratory Corp. of America Holdings*	114,280
	997	McKesson Corp.	148,483
	8,128	Medtronic plc	844,662
	836	Quest Diagnostics, Inc.	95,714
	891	ResMed, Inc.	152,744
	532	STERIS plc	93,733
	1,966	Stryker Corp.	409,655
	284	Teleflex, Inc.	96,679
	5,743	UnitedHealth Group, Inc.	1,790,495
	458	Universal Health Services, Inc. Class B	49,015
	546	Varian Medical Systems, Inc.*	93,912
	444	West Pharmaceutical Services, Inc.	122,056
	1,275	Zimmer Biomet Holdings, Inc.	173,578
			11,265,875
	Household & Personal Products – 2.0%
	1,523	Church & Dwight Co., Inc.	142,720
	759	Clorox Co. (The)	159,519
	5,156	Colgate-Palmolive Co.	397,785
	1,378	Estee Lauder Cos., Inc. (The) Class A	300,749
	2,066	Kimberly-Clark Corp.	305,066
	15,056	Procter & Gamble Co. (The)	2,092,633
			3,398,472
	Insurance – 1.8%
	3,955	Aflac, Inc.	143,764
	1,927	Allstate Corp. (The)	181,408
	5,289	American International Group, Inc.	145,606
	1,384	Aon plc Class A	285,519
	1,153	Arthur J Gallagher & Co.	121,734
	365	Assurant, Inc.	44,278
	2,744	Chubb Ltd.	318,633
	949	Cincinnati Financial Corp.	73,993
	255	Everest Re Group Ltd.	50,373
	610	Globe Life, Inc.	48,739
	2,259	Hartford Financial Services Group, Inc. (The)	83,267
	1,127	Lincoln National Corp.	35,309
	1,486	Loews Corp.	51,638
	3,044	Marsh & McLennan Cos., Inc.	349,147
	4,683	MetLife, Inc.	174,067
	1,588	Principal Financial Group, Inc.	63,949
	3,566	Progressive Corp. (The)	337,593
	2,419	Prudential Financial, Inc.	153,655
	1,553	Travelers Cos., Inc. (The)	168,019
	1,272	Unum Group	21,408

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	869	W R Berkley Corp.	$         53,139
	780	Willis Towers Watson plc	162,880
			3,068,118
	Materials – 2.6%
	1,330	Air Products and Chemicals, Inc.	396,154
	665	Albemarle Corp.	59,371
	9,571	Amcor plc	105,760
	524	Avery Dennison Corp.	66,988
	1,976	Ball Corp.	164,245
	709	Celanese Corp.	76,182
	1,313	CF Industries Holdings, Inc.	40,322
	4,487	Corteva, Inc.	129,270
	4,412	Dow, Inc.	207,585
	4,499	DuPont de Nemours, Inc.	249,605
	827	Eastman Chemical Co.	64,605
	1,482	Ecolab, Inc.	296,163
	785	FMC Corp.	83,139
	8,685	Freeport-McMoRan, Inc.	135,833
	657	International Flavors & Fragrances, Inc.(b)	80,450
	2,457	International Paper Co.	99,607
	3,188	Linde plc	759,158
	1,576	LyondellBasell Industries NV Class A	111,092
	382	Martin Marietta Materials, Inc.	89,908
	2,141	Mosaic Co. (The)	39,116
	4,891	Newmont Corp.	310,334
	1,874	Nucor Corp.	84,068
	592	Packaging Corp. of America	64,558
	1,459	PPG Industries, Inc.	178,115
	908	Sealed Air Corp.	35,239
	491	Sherwin-Williams Co. (The)	342,099
	787	Vulcan Materials Co.	106,670
	1,664	Westrock Co.	57,807
			4,433,443
	Media & Entertainment – 8.8%
	4,640	Activision Blizzard, Inc.	375,608
	1,817	Alphabet, Inc. Class A*	2,662,995
	1,775	Alphabet, Inc. Class C*	2,608,540
	910	Charter Communications, Inc. Class A*	568,150
	27,535	Comcast Corp. Class A	1,273,769
	981	Discovery, Inc. Class A*	21,356
	1,991	Discovery, Inc. Class C*	39,024
	1,530	DISH Network Corp. Class A*	44,416
	1,763	Electronic Arts, Inc.*	229,913
	14,541	Facebook, Inc. Class A*	3,808,288
	2,022	Fox Corp. Class A	56,272
	935	Fox Corp. Class B	26,152
	2,371	Interpublic Group of Cos., Inc. (The)	39,525
	839	Live Nation Entertainment, Inc.*	45,205
	2,671	Netflix, Inc.*	1,335,580
	2,320	News Corp. Class A	32,526
	566	News Corp. Class B	7,913
	1,326	Omnicom Group, Inc.	65,637
	689	Take-Two Interactive Software, Inc.*	113,837
	4,826	Twitter, Inc.*	214,757
	3,303	ViacomCBS, Inc.	92,517

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Media & Entertainment – (continued)
	10,916	Walt Disney Co. (The)	$    1,354,457
			15,016,437
	Pharmaceuticals, Biotechnology & Life Sciences – 7.5%
	10,652	AbbVie, Inc.	933,009
	1,896	Agilent Technologies, Inc.	191,382
	1,304	Alexion Pharmaceuticals, Inc.*	149,217
	3,535	Amgen, Inc.	898,456
	951	Biogen, Inc.*	269,780
	134	Bio-Rad Laboratories, Inc. Class A*	69,072
	13,634	Bristol-Myers Squibb Co.	821,994
	997	Catalent, Inc.*	85,403
	4,823	Eli Lilly and Co.	713,900
	7,566	Gilead Sciences, Inc.	478,095
	875	Illumina, Inc.*	270,445
	1,118	Incyte Corp.*	100,329
	1,077	IQVIA Holdings, Inc.*	169,767
	15,959	Johnson & Johnson	2,375,976
	15,328	Merck & Co., Inc.	1,271,458
	145	Mettler-Toledo International, Inc.*	140,034
	3,305	Mylan NV*	49,013
	684	PerkinElmer, Inc.	85,849
	823	Perrigo Co. plc	37,784
	33,725	Pfizer, Inc.	1,237,707
	606	Regeneron Pharmaceuticals, Inc.*	339,227
	2,388	Thermo Fisher Scientific, Inc.	1,054,350
	1,586	Vertex Pharmaceuticals, Inc.*	431,582
	373	Waters Corp.*	72,989
	2,863	Zoetis, Inc.	473,454
			12,720,272
	Real Estate – 2.6%
	696	Alexandria Real Estate Equities, Inc. (REIT)	111,360
	2,681	American Tower Corp. (REIT)	648,078
	990	Apartment Investment and Management Co. Class A (REIT)	33,383
	840	AvalonBay Communities, Inc. (REIT)	125,446
	829	Boston Properties, Inc. (REIT)	66,569
	2,058	CBRE Group, Inc. Class A*	96,664
	2,544	Crown Castle International Corp. (REIT)	423,576
	1,638	Digital Realty Trust, Inc. (REIT)	240,393
	2,283	Duke Realty Corp. (REIT)	84,243
	533	Equinix, Inc. (REIT)	405,149
	2,042	Equity Residential (REIT)	104,816
	393	Essex Property Trust, Inc. (REIT)	78,910
	793	Extra Space Storage, Inc. (REIT)	84,843
	456	Federal Realty Investment Trust (REIT)	33,489
	3,015	Healthpeak Properties, Inc. (REIT)	81,857
	4,466	Host Hotels & Resorts, Inc. (REIT)	48,188
	1,759	Iron Mountain, Inc. (REIT)	47,124
	2,698	Kimco Realty Corp. (REIT)	30,379

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	708	Mid-America Apartment Communities, Inc. (REIT)	$         82,093
	4,473	Prologis, Inc. (REIT)	450,073
	908	Public Storage (REIT)	202,230
	2,120	Realty Income Corp. (REIT)	128,790
	891	Regency Centers Corp. (REIT)	33,876
	685	SBA Communications Corp. (REIT)	218,159
	1,826	Simon Property Group, Inc. (REIT)	118,106
	470	SL Green Realty Corp. (REIT)	21,794
	1,805	UDR, Inc. (REIT)	58,861
	2,299	Ventas, Inc. (REIT)	96,466
	1,036	Vornado Realty Trust (REIT)	34,923
	2,538	Welltower, Inc. (REIT)	139,818
	4,526	Weyerhaeuser Co. (REIT)	129,081
			4,458,737
	Retailing – 8.3%
	433	Advance Auto Parts, Inc.	66,465
	2,576	Amazon.com, Inc.*	8,111,128
	144	AutoZone, Inc.*	169,580
	1,367	Best Buy Co., Inc.	152,133
	250	Booking Holdings, Inc.*	427,670
	1,005	CarMax, Inc.*	92,370
	1,499	Dollar General Corp.	314,220
	1,458	Dollar Tree, Inc.*	133,174
	4,030	eBay, Inc.	209,963
	725	Etsy, Inc.*	88,182
	814	Expedia Group, Inc.	74,636
	1,458	Gap, Inc. (The)	24,830
	888	Genuine Parts Co.	84,511
	6,506	Home Depot, Inc. (The)	1,806,781
	1,338	L Brands, Inc.	42,562
	1,787	LKQ Corp.*	49,554
	4,558	Lowe’s Cos., Inc.	755,990
	454	O’Reilly Automotive, Inc.*	209,330
	2,172	Ross Stores, Inc.	202,691
	3,014	Target Corp.	474,464
	672	Tiffany & Co.	77,851
	7,209	TJX Cos., Inc. (The)	401,181
	727	Tractor Supply Co.	104,208
	356	Ulta Beauty, Inc.*	79,737
			14,153,211
	Semiconductors & Semiconductor Equipment – 5.0%
	7,146	Advanced Micro Devices, Inc.*	585,900
	2,234	Analog Devices, Inc.	260,797
	5,564	Applied Materials, Inc.	330,780
	2,423	Broadcom, Inc.	882,747
	25,710	Intel Corp.	1,331,264
	953	KLA Corp.	184,634
	889	Lam Research Corp.	294,926
	1,614	Maxim Integrated Products, Inc.	109,122
	1,506	Microchip Technology, Inc.	154,757
	6,755	Micron Technology, Inc.*	317,215
	3,740	NVIDIA Corp.	2,024,163
	713	Qorvo, Inc.*	91,984
	6,807	QUALCOMM, Inc.	801,048
	1,014	Skyworks Solutions, Inc.	147,537
	1,009	Teradyne, Inc.	80,175
	5,526	Texas Instruments, Inc.	789,058

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	1,482	Xilinx, Inc.	$       154,484
			8,540,591
	Software & Services – 14.7%
	3,850	Accenture plc Class A	870,062
	2,905	Adobe, Inc.*	1,424,699
	994	Akamai Technologies, Inc.*	109,877
	515	ANSYS, Inc.*	168,523
	1,316	Autodesk, Inc.*	304,009
	2,584	Automatic Data Processing, Inc.	360,442
	702	Broadridge Financial Solutions, Inc.	92,664
	1,691	Cadence Design Systems, Inc.*	180,311
	728	Citrix Systems, Inc.	100,253
	3,307	Cognizant Technology Solutions Corp. Class A	229,572
	1,690	DXC Technology Co.	30,167
	3,762	Fidelity National Information Services, Inc.	553,804
	3,348	Fiserv, Inc.*	345,011
	513	FleetCor Technologies, Inc.*	122,145
	820	Fortinet, Inc.*	96,604
	524	Gartner, Inc.*	65,474
	1,831	Global Payments, Inc.	325,149
	5,369	International Business Machines Corp.	653,246
	1,588	Intuit, Inc.	518,022
	486	Jack Henry & Associates, Inc.	79,019
	834	Leidos Holdings, Inc.	74,351
	5,339	Mastercard, Inc. Class A	1,805,490
	45,788	Microsoft Corp.	9,630,590
	3,235	NortonLifeLock, Inc.	67,417
	11,745	Oracle Corp.	701,177
	1,970	Paychex, Inc.	157,147
	302	Paycom Software, Inc.*	94,013
	7,088	PayPal Holdings, Inc.*	1,396,549
	5,473	salesforce.com, Inc.*	1,375,474
	1,165	ServiceNow, Inc.*	565,025
	931	Synopsys, Inc.*	199,215
	249	Tyler Technologies, Inc.*	86,791
	624	VeriSign, Inc.*	127,826
	10,218	Visa, Inc. Class A	2,043,294
	2,511	Western Union Co. (The)	53,811
			25,007,223
	Technology Hardware & Equipment – 8.2%
	1,778	Amphenol Corp. Class A	192,504
	97,273	Apple, Inc.	11,265,186
	341	Arista Networks, Inc.*	70,563
	891	CDW Corp.	106,501
	25,625	Cisco Systems, Inc.	1,009,369
	4,544	Corning, Inc.	147,271
	368	F5 Networks, Inc.*	45,179
	802	FLIR Systems, Inc.	28,752
	7,890	Hewlett Packard Enterprise Co.	73,929
	8,199	HP, Inc.	155,699
	209	IPG Photonics Corp.*	35,524
	2,099	Juniper Networks, Inc.	45,129
	1,165	Keysight Technologies, Inc.*	115,079
	1,023	Motorola Solutions, Inc.	160,417
	1,310	NetApp, Inc.	57,430
	1,387	Seagate Technology plc	68,338

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	2,014	TE Connectivity Ltd.	$       196,848
	1,757	Western Digital Corp.	64,218
	1,161	Xerox Holdings Corp.	21,792
	326	Zebra Technologies Corp. Class A*	82,302
			13,942,030
	Telecommunication Services – 1.9%
	43,032	AT&T, Inc.	1,226,842
	6,293	CenturyLink, Inc.	63,496
	3,567	T-Mobile US, Inc.*	407,922
	25,001	Verizon Communications, Inc.	1,487,310
			3,185,570
	Transportation – 2.0%
	699	Alaska Air Group, Inc.	25,604
	2,591	American Airlines Group, Inc.(b)	31,843
	843	CH Robinson Worldwide, Inc.	86,146
	4,598	CSX Corp.	357,127
	3,380	Delta Air Lines, Inc.	103,360
	1,022	Expeditors International of Washington, Inc.	92,512
	1,473	FedEx Corp.	370,489
	518	JB Hunt Transport Services, Inc.	65,465
	575	Kansas City Southern	103,977
	1,538	Norfolk Southern Corp.	329,117
	568	Old Dominion Freight Line, Inc.	102,763
	3,584	Southwest Airlines Co.	134,400
	4,120	Union Pacific Corp.	811,104
	1,448	United Airlines Holdings, Inc.*	50,318
	4,297	United Parcel Service, Inc. Class B	716,009
			3,380,234
	Utilities – 2.9%
	4,083	AES Corp. (The)	73,943
	1,551	Alliant Energy Corp.	80,109
	1,516	Ameren Corp.	119,885
	2,972	American Electric Power Co., Inc.	242,902
	1,079	American Water Works Co., Inc.	156,326
	741	Atmos Energy Corp.	70,832
	3,042	CenterPoint Energy, Inc.	58,863
	1,758	CMS Energy Corp.	107,959
	2,052	Consolidated Edison, Inc.	159,646
	5,113	Dominion Energy, Inc.	403,569
	1,169	DTE Energy Co.	134,482
	4,418	Duke Energy Corp.	391,258
	2,210	Edison International	112,356
	1,210	Entergy Corp.	119,221
	1,366	Evergy, Inc.	69,420
	2,040	Eversource Energy	170,442
	5,960	Exelon Corp.	213,130
	3,330	FirstEnergy Corp.	95,604
	2,966	NextEra Energy, Inc.	823,243
	2,370	NiSource, Inc.	52,140
	1,439	NRG Energy, Inc.	44,235
	691	Pinnacle West Capital Corp.	51,514
	4,648	PPL Corp.	126,472
	3,074	Public Service Enterprise Group, Inc.	168,793
	1,745	Sempra Energy	206,538

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	6,341	Southern Co. (The)	$       343,809
	1,924	WEC Energy Group, Inc.	186,436
	3,187	Xcel Energy, Inc.	219,935
			5,003,062
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $51,702,087)		$ 168,657,355
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle(a) – 0.1%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	104,400	0.027%	$       104,400
	(Cost $104,400)
	TOTAL INVESTMENTS – 99.2% (Cost $51,806,487)		$168,761,755
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.8%		1,384,178
	NET ASSETS – 100.0%		$170,145,933

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

*	Security is currently in default and/or non-income producing.
(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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 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	10		12/18/2020	$	1,676,000	$	3,304

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Shares		Description	Value
	Exchange-Traded Funds – 28.5%
	203,100	iShares Core MSCI Emerging Markets ETF	$  10,723,680
	124,265	iShares Core S&P 500 ETF	41,760,496
	125,800	Vanguard S&P 500 ETF	38,702,370
	TOTAL EXCHANGE-TRADED FUNDS (Cost $71,591,714)		$  91,186,546
Shares		Dividend Rate	Value
	Investment Companies(a) – 55.4%
	Goldman Sachs Financial Square Fund — Treasury Instruments Shares
	16,267,198	0.006%	$  16,267,198
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	96,075,623	0.027	96,075,623
	Goldman Sachs Financial Square Treasury Obligations Fund — Institutional Shares
	32,534,396	0.006	32,534,396
	Goldman Sachs Financial Square Treasury Solutions Fund — Institutional Shares
	32,534,396	0.006	32,534,396
	TOTAL INVESTMENT COMPANIES (Cost $177,411,613)		$177,411,613
	TOTAL INVESTMENTS – 83.9% (Cost $249,003,327)		$268,598,159
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 16.1%		51,500,265
	NET ASSETS – 100.0%		$320,098,424

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 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	383	12/18/2020	$	14,342,604	$	(511,041	)
Euro-Bund	108	12/08/2020		22,094,727		31,706
FTSE 100 Index	196	12/18/2020		14,773,656		(624,003	)
Russell 2000 E-Mini Index	52	12/18/2020		3,911,440		38,646
S&P 500 E-Mini Index	80	12/18/2020		13,408,000		202,207
TOPIX Index	105	12/10/2020		16,183,331		386,487
U.S. Treasury 10 Year Note	934	12/21/2020		130,293,000		294,893
Total Futures Contracts					$	(181,105	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.9%
	Banks – 0.7%
	4,613	First Republic Bank	$       503,094
	Capital Goods – 7.1%
	3,762	AMETEK, Inc.	373,943
	11,591	AZEK Co., Inc. (The)*	403,483
	10,477	Graco, Inc.	642,764
	3,448	HEICO Corp.	360,867
	4,366	IDEX Corp.	796,402
	6,412	Rockwell Automation, Inc.	1,415,000
	4,745	Trane Technologies plc	575,331
	7,273	Xylem, Inc.	611,805
			5,179,595
	Commercial & Professional Services – 5.6%
	1,636	CoStar Group, Inc.*	1,388,162
	11,765	TransUnion	989,790
	9,178	Verisk Analytics, Inc.	1,700,775
			4,078,727
	Consumer Durables & Apparel – 2.4%
	5,383	Lululemon Athletica, Inc.*	1,772,999
	Consumer Services – 3.8%
	5,045	Chegg, Inc.*	360,415
	528	Chipotle Mexican Grill, Inc.*	656,679
	4,845	Choice Hotels International, Inc.	416,476
	2,884	Wingstop, Inc.	394,099
	8,273	Wynn Resorts Ltd.	594,084
	4,001	Yum! Brands, Inc.	365,291
			2,787,044
	Diversified Financials – 3.8%
	20,308	Discover Financial Services	1,173,396
	2,359	MarketAxess Holdings, Inc.	1,136,071
	1,279	MSCI, Inc.	456,322
			2,765,789
	Energy – 1.3%
	20,631	Cheniere Energy, Inc.*	954,596
	Food & Staples Retailing – 0.8%
	13,899	Grocery Outlet Holding Corp.*	546,509
	Food, Beverage & Tobacco – 1.9%
	3,851	Lamb Weston Holdings, Inc.	255,206
	5,914	McCormick & Co., Inc. (Non-Voting)	1,147,907
			1,403,113
	Health Care Equipment & Services – 13.8%
	1,348	Align Technology, Inc.*	441,281
	13,115	American Well Corp. Class A*	388,729
	9,643	Boston Scientific Corp.*	368,459
	5,450	Centene Corp.*	317,898
	979	Cooper Cos., Inc. (The)	330,040
	8,388	Guardant Health, Inc.*	937,611
	17,255	Hologic, Inc.*	1,146,940
	2,131	IDEXX Laboratories, Inc.*	837,717
	4,929	Insulet Corp.*	1,166,152
	7,288	Veeva Systems, Inc. Class A*	2,049,313

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	4,259	West Pharmaceutical Services, Inc.	$    1,170,799
	6,561	Zimmer Biomet Holdings, Inc.	893,215
			10,048,154
	Household & Personal Products – 1.6%
	12,524	Church & Dwight Co., Inc.	1,173,624
	Materials – 3.5%
	18,207	Ball Corp.	1,513,366
	4,313	Martin Marietta Materials, Inc.	1,015,108
			2,528,474
	Media & Entertainment – 4.8%
	9,280	Live Nation Entertainment, Inc.*	500,006
	12,254	Match Group, Inc.*	1,355,905
	6,277	Pinterest, Inc. Class A*	260,558
	33,542	Snap, Inc. Class A*	875,782
	2,030	Spotify Technology SA*	492,417
			3,484,668
	Pharmaceuticals, Biotechnology & Life Sciences – 9.3%
	7,439	Adaptive Biotechnologies Corp.*	361,759
	10,135	Agios Pharmaceuticals, Inc.*	354,725
	5,176	BioMarin Pharmaceutical, Inc.*	393,790
	13,370	Catalent, Inc.*	1,145,274
	7,020	Exact Sciences Corp.*	715,689
	3,316	Immunomedics, Inc.*	281,959
	1,146	Mettler-Toledo International, Inc.*	1,106,750
	7,587	Moderna, Inc.*	536,780
	4,767	Neurocrine Biosciences, Inc.*	458,395
	3,825	Sarepta Therapeutics, Inc.*	537,145
	4,367	Seattle Genetics, Inc.*	854,578
			6,746,844
	Real Estate Investment Trusts – 0.7%
	8,407	Equity LifeStyle Properties, Inc. (REIT)	515,349
	Retailing – 7.0%
	5,050	Burlington Stores, Inc.*	1,040,755
	1,773	Dollar General Corp.	371,656
	3,140	Etsy, Inc.*	381,918
	538	MercadoLibre, Inc.*	582,374
	3,700	O’Reilly Automotive, Inc.*	1,705,996
	4,526	Ulta Beauty, Inc.*	1,013,734
			5,096,433
	Semiconductors & Semiconductor Equipment – 5.5%
	1,015	Lam Research Corp.	336,726
	13,953	Marvell Technology Group Ltd.	553,934
	6,471	Microchip Technology, Inc.	664,960
	10,241	MKS Instruments, Inc.	1,118,624
	2,997	NXP Semiconductors NV	374,056
	9,546	Xilinx, Inc.	995,075
			4,043,375
	Software & Services – 21.5%
	9,730	Akamai Technologies, Inc.*	1,075,554
	11,018	Anaplan, Inc.*	689,506

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	2,886	ANSYS, Inc.*	$       944,386
	3,719	Avalara, Inc.*	473,578
	8,678	Booz Allen Hamilton Holding Corp.	720,100
	14,255	Cadence Design Systems, Inc.*	1,520,011
	2,914	Coupa Software, Inc.*	799,135
	7,522	DocuSign, Inc.*	1,619,035
	11,591	Dynatrace, Inc.*	475,463
	4,399	HubSpot, Inc.*	1,285,520
	1,674	Okta, Inc.*	357,985
	5,530	Palo Alto Networks, Inc.*	1,353,468
	1,503	Paycom Software, Inc.*	467,884
	3,104	Proofpoint, Inc.*	327,627
	3,372	RingCentral, Inc. Class A*	925,985
	7,410	Splunk, Inc.*	1,394,043
	3,712	Twilio, Inc. Class A*	917,198
	2,430	WEX, Inc.*	337,697
			15,684,175
	Technology Hardware & Equipment – 3.6%
	14,074	Amphenol Corp. Class A	1,523,792
	4,179	Motorola Solutions, Inc.	655,309
	12,199	National Instruments Corp.	435,504
			2,614,605
	Transportation – 1.2%
	4,912	Old Dominion Freight Line, Inc.	888,679
	TOTAL COMMON STOCKS (Cost $54,131,287)		$ 72,815,846
Shares		Dividend Rate	Value
	Investment Company(a) – 0.8%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	570,179	0.027%	$       570,179
	(Cost $570,179)
	TOTAL INVESTMENTS – 100.7% (Cost $54,701,466)		$ 73,386,025
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.7)%		(513,212)
	NET ASSETS – 100.0%		$ 72,872,813

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(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

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – 2.2%
Adjustable Rate FHLMC(a) – 0.8%
$	75,705		3.465	%	05/01/2035	$       79,783
	16,469		2.992		09/01/2035	17,120
	99,707		3.172		12/01/2036	104,570
	109,391		4.180		04/01/2037	115,239
	132,072		2.811		01/01/2038	137,595
	113,808		3.809		01/01/2038	119,998
						574,305
Adjustable Rate FNMA(a) – 1.0%
	35,893		2.387		05/01/2033	37,243
	68,744		2.708		05/01/2035	71,953
	218,658		3.237		06/01/2035	228,639
	220,971		3.256		11/01/2035	230,149
	43,081		3.561		12/01/2035	45,104
	122,117		3.857		03/01/2037	128,880
						741,968
Adjustable Rate GNMA(a) – 0.2%
	122,808		2.875		04/20/2033	126,798
Agency Multi-Family – 0.2%
FNMA
	3,162		3.546		10/01/2020	3,160
	17,387		3.679		12/01/2020	17,308
	79,739		3.779		12/01/2020	79,839
	46,970		4.380		06/01/2021	47,504
						147,811
TOTAL MORTGAGE-BACKED SECURITIES (Cost $1,609,517)						$  1,590,882
Collateralized Mortgage Obligations(a) – 25.8%
Agency Multi-Family(b) – 2.3%
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series J15L, Class AFL
$	170,446		0.507	%	08/25/2025	$     170,543
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF32, Class A
	387,192		0.527		05/25/2024	388,305
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF58, Class A
	568,341		0.655		01/25/2026	571,785
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF60, Class A
	496,618		0.647		02/25/2026	499,650
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KS02, Class A
	47,159		0.537		08/25/2023	47,175
						1,677,458
Regular Floater – 23.5%
FHLMC REMIC Series 3049, Class FP
	140,916		0.502		10/15/2035	141,868
FHLMC REMIC Series 3208, Class FB
	79,545		0.552		08/15/2036	80,149
FHLMC REMIC Series 3208, Class FD
	118,523		0.552		08/15/2036	119,422
FHLMC REMIC Series 3208, Class FG
	477,272		0.552		08/15/2036	480,892
FHLMC REMIC Series 3307, Class FT
	739,588		0.392		07/15/2034	740,527
FHLMC REMIC Series 3311, Class KF
	1,359,196		0.492		05/15/2037	1,368,771

Principal Amount		Interest Rate			Maturity Date	Value
Collateralized Mortgage Obligations(a) – (continued)
Regular Floater – (continued)
FHLMC REMIC Series 3371, Class FA(b)
$	303,075		0.752	%	09/15/2037	$     308,032
FHLMC REMIC Series 4068, Class UF
	1,789,048		0.652		06/15/2042	1,804,942
FHLMC REMIC Series 4174, Class FB(b)
	389,846		0.452		05/15/2039	389,812
FHLMC REMIC Series 4320, Class FD
	259,931		0.552		07/15/2039	262,170
FHLMC REMIC Series 4477, Class FG
	276,133		0.456		10/15/2040	275,032
FHLMC REMIC Series 4508, Class CF
	247,673		0.552		09/15/2045	249,883
FHLMC REMIC Series 4631, Class GF
	1,496,719		0.652		11/15/2046	1,511,139
FHLMC REMIC Series 4637, Class QF
	1,168,673		1.157		04/15/2044	1,151,820
FNMA REMIC Series 2006-82, Class F
	103,164		0.718		09/25/2036	104,470
FNMA REMIC Series 2006-96, Class FA
	393,696		0.448		10/25/2036	395,218
FNMA REMIC Series 2007-33, Class HF
	70,425		0.498		04/25/2037	70,814
FNMA REMIC Series 2007-36, Class F
	111,386		0.378		04/25/2037	111,607
FNMA REMIC Series 2007-85, Class FC
	308,399		0.688		09/25/2037	312,593
FNMA REMIC Series 2008-8, Class FB
	258,536		0.968		02/25/2038	262,947
FNMA REMIC Series 2011-63, Class FG
	267,886		0.598		07/25/2041	270,957
FNMA REMIC Series 2012-35, Class QF
	868,480		0.548		04/25/2042	875,688
FNMA REMIC Series 2016-1, Class FT
	744,908		0.498		02/25/2046	749,070
FNMA REMIC Series 2017-45, Class FA
	432,571		0.476		06/25/2047	430,757
FNMA REMIC Series 2017-96, Class FC
	899,280		0.548		12/25/2057	908,594
FNMA REMIC Series 2018-60, Class FK
	2,744,495		0.448		08/25/2048	2,755,140
GNMA REMIC Series 2005-48, Class AF(b)
	386,721		0.356		06/20/2035	387,021
GNMA REMIC Series 2012-98, Class FA(b)
	346,460		0.556		08/20/2042	348,993
NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A(b)
	54,205		0.605		10/07/2020	54,217
NCUA Guaranteed Notes Trust Series 2010-R2, Class 2A(b)
	198,734		0.625		11/05/2020	198,765
						17,121,310
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $18,716,230)						$18,798,768
U.S. Government Agency Security(a) – 2.1%
FFCB
	(SOFR + 0.17%),
$	1,500,000		0.240	%	03/15/2022	$  1,501,003
(Cost $1,500,000)

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(b) – 24.3%
Automobile – 3.8%
Ally Master Owner Trust Series 2018-1, Class A2
$	800,000		2.700	%	01/17/2023	$     805,273
Chesapeake Funding II LLC Series 2017-3A, Class A2(a)(c)
	80,832		0.492		08/15/2029	80,851
Ford Credit Floorplan Master Owner Trust A Series 2020-1, Class A2(a)
	750,000		0.650		09/15/2025	750,054
Nissan Master Owner Trust Receivables Series 2017-C, Class A(a)
	300,000		0.472		10/17/2022	300,020
Nissan Master Owner Trust Receivables Series 2019-A, Class A(a)
	850,000		0.712		02/15/2024	852,812
						2,789,010
Collateralized Loan Obligations(a)(c) – 8.1%
522 Funding CLO I Ltd. Series 2019-4A, Class A
	500,000		1.622		04/20/2030	496,858
Benefit Street Partners CLO VII Ltd. Series 2015-VIIA, Class A1AR
	585,584		1.052		07/18/2027	581,969
Bowman Park CLO Ltd. Series 2014-1A, Class AR
	57,518		1.436		11/23/2025	57,373
California Street CLO XII Ltd. Series 2013-12A, Class AR
	105,869		1.305		10/15/2025	105,551
CBAM Ltd. Series 2018-5A, Class A
	1,100,000		1.293		04/17/2031	1,084,908
Cutwater Ltd. Series 2014-1A, Class A1AR
	122,241		1.525		07/15/2026	121,784
Dryden 64 CLO Ltd. Series 2018-64A, Class A
	600,000		1.242		04/18/2031	590,391
LCM XX LP Series 20A, Class AR
	700,000		1.312		10/20/2027	693,174
Madison Park Funding XXX Ltd. Series 2018-30A, Class A
	1,100,000		1.025		04/15/2029	1,084,677
Parallel Ltd. Series 2015-1A, Class AR
	190,999		1.122		07/20/2027	189,212
Pikes Peak CLO 2 Series 2018-2A, Class A
	800,000		1.562		01/18/2032	791,014
Trinitas CLO II Ltd. Series 2014-2A, Class A1R
	41,547		1.455		07/15/2026	41,510
WhiteHorse IX Ltd. Series 2014-9A, Class AR
	75,786		1.433		07/17/2026	75,599
						5,914,020
Credit Card(a) – 4.5%
Citibank Credit Card Issuance Trust Series 2017-A5, Class A5
	1,400,000		0.776		04/22/2026	1,409,258
Citibank Credit Card Issuance Trust Series 2017-A7, Class A7
	500,000		0.524		08/08/2024	501,959
Evergreen Credit Card Trust Series 2019-1, Class A(c)
	1,000,000		0.632		01/15/2023	1,000,530
Golden Credit Card Trust Series 2019-1A, Class A(c)
	350,000		0.602		12/15/2022	350,177
						3,261,924
Student Loans(a) – 7.9%
Academic Loan Funding Trust Series 2013-1A, Class A(c)
	350,246		0.948		12/26/2044	334,013
Access Group, Inc. Series 2015-1, Class A(c)
	132,552		0.848		07/25/2056	129,803
Brazos Higher Education Authority, Inc. Series 2011-1, Class A2
	566,798		1.050		02/25/2030	567,807

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(b) – (continued)
Student Loans(a) – (continued)
Edsouth Indenture No. 5 LLC Series 2014-1, Class A(c)
$	144,754		0.848	%	02/25/2039	$     141,331
Education Loan Asset-Backed Trust I Series 2013-1, Class A1(c)
	16,232		0.948		06/25/2026	16,213
Educational Funding of the South, Inc. Series 2011-1, Class A2
	283,039		0.894		04/25/2035	281,271
Higher Education Funding I Series 2014-1, Class A(c)
	219,518		1.300		05/25/2034	219,518
Illinois Student Assistance Commission Series 2010-1, Class A3
	150,657		1.168		07/25/2045	147,749
Kentucky Higher Education Student Loan Corp. Series 2013-2, Class A1
	447,984		0.756		09/01/2028	439,036
Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1
	436,927		0.905		12/01/2031	420,374
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2
	355,060		1.156		05/20/2030	355,485
Navient Student Loan Trust Series 2016-7A, Class A(c)
	111,590		1.298		03/25/2066	111,590
Nelnet Student Loan Trust Series 2006-1, Class A5
	43,348		0.366		08/23/2027	43,199
Nelnet Student Loan Trust Series 2013-5A, Class A(c)
	59,932		0.778		01/25/2037	58,113
Pennsylvania Higher Education Assistance Agency Series 2006-1, Class A3
	359,649		0.385		10/25/2035	338,559
Scholar Funding Trust Series 2010-A, Class A(c)
	192,439		0.997		10/28/2041	187,153
SLM Student Loan Trust Series 2005-5, Class A4
	635,486		0.385		10/25/2028	629,760
SLM Student Loan Trust Series 2007-1, Class A5
	335,803		0.335		01/26/2026	335,059
SLM Student Loan Trust Series 2008-5, Class A4
	53,251		1.945		07/25/2023	52,863
SLM Student Loan Trust Series 2012-3, Class A
	665,632		0.798		12/27/2038	647,523
South Texas Higher Education Authority, Inc. Series 2012-1, Class A2
	19,806		1.150		10/01/2024	19,826
Utah State Board of Regents Series 2015-1, Class A
	233,316		0.775		02/25/2043	226,906
						5,703,151
TOTAL ASSET-BACKED SECURITIES (Cost $17,774,840)						$17,668,105
Supranational(a)(c) – 2.1%
European Investment Bank
	(SOFR + 0.29%),
$	1,530,000		0.350	%	06/10/2022	$  1,531,191
(Cost $1,530,000)

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
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%),
$	94,816		0.648	%	01/25/2033	$       94,419
(Cost $76,566)
U.S. Treasury Obligations – 31.3%
U.S. Treasury Bonds
$	220,000		3.750	%	11/15/2043	$     326,803
	170,000		3.375		05/15/2044	239,913
U.S. Treasury Inflation Linked Notes
	1,318,251		0.125		07/15/2022	1,351,964
U.S. Treasury Notes
	(3 Mo. U.S. T-Bill MMY + 0.05%),
	4,900,000		0.145	(a)	10/31/2020	4,900,129
	(3 Mo. U.S. T-Bill MMY + 0.22%),
	13,400,000		0.320	(a)	07/31/2021	13,423,182
	310,000		2.875		10/15/2021	318,816
	(3 Mo. U.S. T-Bill MMY + 0.15%),
	600,000		0.254	(a)	01/31/2022	600,923
	120,000		1.875		02/28/2022	122,948
	20,000		2.750		04/30/2023	21,339
	920,000		2.875		10/31/2023	996,547
	140,000		2.875		05/31/2025	156,975
	10,000		3.000		09/30/2025	11,347
	250,000		2.125		05/31/2026	274,941
	20,000		1.375		08/31/2026	21,177
TOTAL U.S. TREASURY OBLIGATIONS (Cost $22,502,949)						$22,767,004
Shares		Dividend Rate				Value
Investment Company(d) – 10.6%
Goldman Sachs Financial Square Government Fund — Institutional Shares
	7,704,538		0.027	%		$  7,704,538
(Cost $7,704,538)
TOTAL INVESTMENTS – 98.5% (Cost $71,414,640)						$71,655,910
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.5%						1,126,985
NET ASSETS – 100.0%						$72,782,895

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 September 30, 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

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.

Investment Abbreviations:
FFCB	— Federal Farm Credit Bank
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

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
U.S. Treasury 10 Year Ultra Note	2	12/21/2020	$	319,594		$	966
Total						$	966
Short position contracts:
U.S. Treasury 2 Year Note	(8)	12/31/2020		(1,767,500	)		(850	)
U.S. Treasury 5 Year Note	(22)	12/31/2020		(2,772,172	)		(3,959	)
U.S. Treasury 10 Year Note	(8)	12/21/2020		(1,116,000	)		(2,113	)
U.S. Treasury Long Bond	(7)	12/21/2020		(1,233,094	)		(3,158	)
U.S. Treasury Ultra Bond	(1)	12/21/2020		(221,406	)		(2,542	)
Total						$	(12,622	)
Total Futures Contracts						$	(11,656	)

SWAP CONTRACTS — At September 30, 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		$803	$	30	$	773

(a) Payments made quarterly

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2020.

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.4%
	Australia – 8.0%
	61,437	Adairs Ltd. (Retailing)	$     145,014
	38,194	BHP Group plc (Materials)	814,837
	74,127	Brambles Ltd. (Commercial & Professional Services)	562,849
	4,122	Breville Group Ltd. (Consumer Durables & Apparel)	74,808
	21,003	Coles Group Ltd. (Food & Staples Retailing)	255,875
	616	CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	127,245
	56,085	Fortescue Metals Group Ltd. (Materials)	658,888
	9,957	Goodman Group (REIT)	128,918
	13,801	JB Hi-Fi Ltd. (Retailing)	469,234
	7,261	Mineral Resources Ltd. (Materials)	130,963
	21,034	OZ Minerals Ltd. (Materials)	214,626
	674	REA Group Ltd. (Media & Entertainment)	53,670
	9,590	Rio Tinto Ltd. (Materials)	655,010
	15,701	Rio Tinto plc ADR (Materials)	948,183
	124,330	Santos Ltd. (Energy)	439,604
	25,871	Sonic Healthcare Ltd. (Health Care Equipment & Services)	614,364
	22,135	Wesfarmers Ltd. (Retailing)	707,529
			7,001,617
	Belgium – 0.6%
	10,897	bpost SA (Transportation)	95,420
	1,107	Galapagos NV (Pharmaceuticals, Biotechnology & Life Sciences)*	156,939
	3,051	Groupe Bruxelles Lambert SA (Diversified Financials)	275,054
	831	Warehouses De Pauw CVA CVA (REIT)	30,241
			557,654
	Cambodia – 0.1%
	84,000	NagaCorp Ltd. (Consumer Services)	100,392
	China – 0.7%
	9,500	ENN Energy Holdings Ltd. (Utilities)	104,246
	169,500	Sun Art Retail Group Ltd. (Food & Staples Retailing)	188,188
	172,000	Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco)	304,560
			596,994
	Denmark – 2.2%
	4,633	DSV PANALPINA A/S (Transportation)	751,487
	16,691	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	1,156,429
			1,907,916

Shares		Description	Value
	Common Stocks – (continued)
	Finland – 0.6%
	7,139	Kesko OYJ Class B (Food & Staples Retailing)	$     183,936
	17,290	Nokia OYJ (Technology Hardware & Equipment)*	67,671
	11,674	Valmet OYJ (Capital Goods)	287,964
			539,571
	France – 6.9%
	360	Arkema SA (Materials)	38,169
	21,783	BNP Paribas SA (Banks)*	787,990
	1,332	Bouygues SA (Capital Goods)	46,029
	4,871	Capgemini SE (Software & Services)	624,927
	579	Gecina SA (REIT)	76,327
	13	Hermes International (Consumer Durables & Apparel)	11,196
	5,300	Legrand SA (Capital Goods)	422,142
	39,707	Rexel SA (Capital Goods)*	497,848
	12,224	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)	1,224,990
	1,642	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)	567,153
	8,247	Schneider Electric SE (Capital Goods)	1,025,093
	2,136	Teleperformance (Commercial & Professional Services)	658,533
			5,980,397
	Germany – 9.2%
	5,341	Allianz SE (Registered) (Insurance)	1,025,097
	5,378	Aurubis AG (Materials)	365,866
	977	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	60,275
	987	Bayerische Motoren Werke AG (Automobiles & Components)	71,634
	789	Bechtle AG (Software & Services)	159,649
	1,400	Daimler AG (Registered) (Automobiles & Components)	75,523
	4,094	Deutsche Boerse AG (Diversified Financials)	717,761
	20,202	Deutsche Post AG (Registered) (Transportation)	916,677
	47,656	Deutsche Telekom AG (Registered) (Telecommunication Services)	793,475
	1,166	Deutsche Wohnen SE (Real Estate)	58,276
	5,104	Fresenius Medical Care AG & Co. KGaA (Health Care Equipment & Services)	431,475
	1,467	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)	164,172
	484	HelloFresh SE (Retailing)*	26,898

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Germany – (continued)
	2,332	Henkel AG & Co. KGaA (Preference) (Household & Personal Products)(a)	$     243,896
	757	Hornbach Baumarkt AG (Retailing)	40,206
	555	Hornbach Holding AG & Co. KGaA (Retailing)	64,811
	280	LANXESS AG (Materials)	16,020
	1,792	Nemetschek SE (Software & Services)	130,980
	4,309	Porsche Automobil Holding SE (Preference) (Automobiles & Components)*,(a)	256,351
	6,640	Scout24 AG (Media & Entertainment)(b)	579,188
	8,110	Siemens AG (Registered) (Capital Goods)	1,024,205
	4,055	Siemens Energy AG (Utilities)*	109,348
	1,322	Siltronic AG (Semiconductors & Semiconductor Equipment)	118,440
	1,466	Software AG (Software & Services)	72,328
	3,004	Volkswagen AG (Preference) (Automobiles & Components)(a)	483,377
	277	zooplus AG (Retailing)*	51,508
			8,057,436
	Hong Kong – 2.2%
	4,000	CK Asset Holdings Ltd. (Real Estate)	19,655
	36,000	CLP Holdings Ltd. (Utilities)	336,141
	18,900	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)	889,689
	165,600	Man Wah Holdings Ltd. (Consumer Durables & Apparel)	221,797
	29,000	Sun Hung Kai Properties Ltd. (Real Estate)	373,709
	3,000	Techtronic Industries Co. Ltd. (Capital Goods)	39,887
			1,880,878
	Ireland – 0.1%
	1,275	Smurfit Kappa Group plc (Materials)	50,028
	Israel – 0.1%
	2,710	Plus500 Ltd. (Diversified Financials)	54,781
	Italy – 4.2%
	24,902	Azimut Holding SpA (Diversified Financials)	449,654
	4,801	Buzzi Unicem SpA (Materials)	111,544
	7,444	De’ Longhi SpA (Consumer Durables & Apparel)*	254,528
	109,759	Enel SpA (Utilities)	952,260
	3,595	Ferrari NV (Automobiles & Components)	659,751
	365,868	Intesa Sanpaolo SpA (Banks)	688,351
	20,458	Prysmian SpA (Capital Goods)	593,848
			3,709,936

Shares		Description	Value
	Common Stocks – (continued)
	Japan – 28.8%
	46,500	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	$     693,157
	19,900	Benesse Holdings, Inc. (Consumer Services)	512,204
	2,300	Bridgestone Corp. (Automobiles & Components)	72,701
	7,600	Chubu Electric Power Co., Inc. (Utilities)	92,442
	9,700	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)	196,616
	32,300	Dai-ichi Life Holdings, Inc. (Insurance)	455,764
	23,900	DCM Holdings Co. Ltd. (Retailing)	329,295
	33,200	DeNA Co. Ltd. (Media & Entertainment)	611,006
	18,400	Dentsu Group, Inc. (Media & Entertainment)	543,104
	500	Dowa Holdings Co. Ltd. (Materials)	14,676
	3,500	FANUC Corp. (Capital Goods)	671,705
	5,600	Fujitsu Ltd. (Software & Services)	765,059
	4,400	Gumi, Inc. (Media & Entertainment)	40,765
	1,100	Hikari Tsushin, Inc. (Retailing)	262,448
	2,500	Hitachi Ltd. (Technology Hardware & Equipment)	84,649
	3,900	Hitachi Metals Ltd. (Materials)	60,138
	31,600	Honda Motor Co. Ltd. (Automobiles & Components)	750,414
	1,500	Ichinen Holdings Co. Ltd. (Transportation)	17,980
	6,700	Inpex Corp. (Energy)	35,953
	3,700	ITOCHU Corp. (Capital Goods)	94,742
	1,000	Izumi Co. Ltd. (Retailing)	36,464
	247	Japan Retail Fund Investment Corp. (REIT)	382,114
	36,100	Japan Tobacco, Inc. (Food, Beverage & Tobacco)	658,601
	5,800	Kansai Electric Power Co., Inc. (The) (Utilities)	56,213
	1,900	KDDI Corp. (Telecommunication Services)	47,788
	2,900	Kohnan Shoji Co. Ltd. (Retailing)	112,971
	2,100	Komeri Co. Ltd. (Retailing)	66,373
	14,100	Konami Holdings Corp. (Media & Entertainment)	609,944
	37,100	K’s Holdings Corp. (Retailing)	502,259
	11,800	M3, Inc. (Health Care Equipment & Services)	729,904
	6,900	Macnica Fuji Electronics Holdings, Inc. (Technology Hardware & Equipment)	126,500
	60,700	Marubeni Corp. (Capital Goods)	344,619
	1,400	McDonald’s Holdings Co. Japan Ltd. (Consumer Services)	68,093

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	67,900	Mitsubishi Chemical Holdings Corp. (Materials)	$     391,945
	46,700	Mitsubishi Electric Corp. (Capital Goods)	633,682
	16,100	Mitsubishi Materials Corp. (Materials)	317,279
	4,200	Murata Manufacturing Co. Ltd. (Technology Hardware & Equipment)	273,114
	3,200	Mynet, Inc. (Media & Entertainment)*	45,503
	11,500	NEC Corp. (Software & Services)	672,679
	23,200	Nexon Co. Ltd. (Media & Entertainment)	578,696
	700	Nihon M&A Center, Inc. (Commercial & Professional Services)	40,047
	1,300	Nintendo Co. Ltd. (Media & Entertainment)	736,699
	6,000	Nippon Telegraph & Telephone Corp. (Telecommunication Services)	122,500
	1,100	Nitori Holdings Co. Ltd. (Retailing)	228,197
	5,500	Nitto Denko Corp. (Materials)	358,318
	600	Nojima Corp. (Retailing)	16,192
	9,900	Nomura Research Institute Ltd. (Software & Services)	291,501
	4,500	NTT DOCOMO, Inc. (Telecommunication Services)	165,358
	4,400	Omron Corp. (Technology Hardware & Equipment)	344,019
	51,900	ORIX Corp. (Diversified Financials)	648,245
	22,000	Pan Pacific International Holdings Corp. (Retailing)	512,342
	8,600	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)	664,866
	6,700	Sankyo Co. Ltd. (Consumer Durables & Apparel)	175,443
	900	Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	45,411
	37,400	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)	455,831
	14,300	Seven & i Holdings Co. Ltd. (Food & Staples Retailing)	444,303
	4,900	Shimachu Co. Ltd. (Retailing)(c)	165,752
	10,000	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	535,243
	5,900	SoftBank Group Corp. (Telecommunication Services)	365,060
	2,600	Square Enix Holdings Co. Ltd. (Media & Entertainment)	172,071
	27,800	Subaru Corp. (Automobiles & Components)	539,677

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	2,100	Sumitomo Dainippon Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	$       27,673
	56,100	T&D Holdings, Inc. (Insurance)	553,052
	24,200	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	864,979
	1,500	TDK Corp. (Technology Hardware & Equipment)	163,789
	5,000	Teijin Ltd. (Materials)	77,542
	25,700	TIS, Inc. (Software & Services)	545,867
	34,000	Toppan Printing Co. Ltd. (Commercial & Professional Services)	480,587
	2,500	Toyo Seikan Group Holdings Ltd. (Materials)	24,731
	17,500	Toyota Motor Corp. (Automobiles & Components)	1,161,475
	110,900	Yamada Holdings Co. Ltd. (Retailing)	553,051
	1,500	Yamaha Motor Co. Ltd. (Automobiles & Components)	21,796
	102,500	Z Holdings Corp. (Media & Entertainment)	684,641
			25,145,817
	Luxembourg – 0.7%
	752	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)*	595,710
	Netherlands – 5.4%
	3,856	ASM International NV (Semiconductors & Semiconductor Equipment)	552,730
	4,182	ASML Holding NV (Semiconductors & Semiconductor Equipment)	1,544,718
	3,038	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)	130,245
	105	Euronext NV (Diversified Financials)(b)	13,153
	24,805	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)	733,185
	567	Koninklijke DSM NV (Materials)	93,346
	7,486	Randstad NV (Commercial & Professional Services)*	390,361
	15,535	Signify NV (Capital Goods)*(b)	574,594
	8,069	Wolters Kluwer NV (Commercial & Professional Services)	688,306
			4,720,638
	New Zealand – 1.2%
	15,707	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)	346,662
	39,473	Meridian Energy Ltd. (Utilities)	129,822

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	New Zealand – (continued)
	7,798	Xero Ltd. (Software & Services)*	$     568,826
			1,045,310
	Norway – 0.7%
	13,577	DNB ASA (Banks)	189,136
	77,696	Norsk Hydro ASA (Materials)*	214,459
	14,968	Orkla ASA (Food, Beverage & Tobacco)	151,064
	1,754	Salmar ASA (Food, Beverage & Tobacco)*	99,405
			654,064
	Singapore – 0.9%
	47,800	DBS Group Holdings Ltd. (Banks)	702,725
	88,100	Frencken Group Ltd. (Capital Goods)	63,975
			766,700
	South Africa – 0.7%
	25,588	Anglo American plc (Materials)	619,066
	Spain – 1.2%
	5,868	ACS Actividades de Construccion y Servicios SA (Capital Goods)	132,644
	343,391	Banco Santander SA (Banks)	640,511
	1,922	Cellnex Telecom SA (Telecommunication Services)(b)	116,671
	2,458	Iberdrola SA (Utilities)	30,254
	4,694	Siemens Gamesa Renewable Energy SA (Capital Goods)	127,030
			1,047,110
	Sweden – 2.5%
	19,527	Boliden AB (Materials)	579,379
	17,732	Essity AB Class B (Household & Personal Products)	598,655
	3,750	Evolution Gaming Group AB (Consumer Services)(b)	247,774
	2,200	Investor AB Class A (Diversified Financials)	142,542
	8,817	Investor AB Class B (Diversified Financials)	575,924
	337	Swedish Match AB (Food, Beverage & Tobacco)	27,555
			2,171,829
	Switzerland – 11.5%
	10,963	Adecco Group AG (Registered) (Commercial & Professional Services)	578,466
	11	Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco)	92,851
	1,355	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	836,219
	20,219	Nestle SA (Registered) (Food, Beverage & Tobacco)	2,406,304

Shares		Description	Value
	Common Stocks – (continued)
	Switzerland – (continued)
	18,061	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	$  1,568,134
	5,896	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)	2,019,619
	2,644	Sonova Holding AG (Registered) (Health Care Equipment & Services)*	670,030
	16,656	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)	511,266
	440	Swiss Life Holding AG (Registered) (Insurance)*	166,492
	642	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	319,277
	2,357	Zurich Insurance Group AG (Insurance)	821,922
			9,990,580
	United Kingdom – 8.9%
	29,481	3i Group plc (Diversified Financials)	378,575
	4,918	Associated British Foods plc (Food, Beverage & Tobacco)	118,403
	162,324	Aviva plc (Insurance)	600,556
	41,421	Barratt Developments plc (Consumer Durables & Apparel)	254,024
	23,816	boohoo Group plc (Retailing)*	114,977
	12,101	BP plc ADR (Energy)	211,283
	76,415	BT Group plc (Telecommunication Services)	96,789
	18,532	CNH Industrial NV (Capital Goods)*	143,333
	26,776	Diageo plc (Food, Beverage & Tobacco)	919,721
	5,061	Dialog Semiconductor plc (Semiconductors & Semiconductor Equipment)*	220,582
	84,554	Direct Line Insurance Group plc (Insurance)	294,900
	21,005	Experian plc (Commercial & Professional Services)	789,250
	29,713	Fiat Chrysler Automobiles NV (Automobiles & Components)*	364,725
	1,177	Games Workshop Group plc (Consumer Durables & Apparel)	154,423
	19,006	GVC Holdings plc (Consumer Services)	238,036
	36,129	Imperial Brands plc (Food, Beverage & Tobacco)	638,165
	13,179	JD Sports Fashion plc (Retailing)	137,571
	46,993	Legal & General Group plc (Insurance)	114,638
	1,844	London Stock Exchange Group plc (Diversified Financials)	211,538

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	United Kingdom – (continued)
	2,854	Reckitt Benckiser Group plc (Household & Personal Products)	$     278,280
	22,110	RELX plc (Commercial & Professional Services)	492,126
	7,805	Rentokil Initial plc (Commercial & Professional Services)	53,947
	15,019	Segro plc (REIT)	180,492
	36,643	Tate & Lyle plc (Food, Beverage & Tobacco)	314,475
	720	Unilever NV (Household & Personal Products)	43,724
	6,689	Unilever plc ADR (Household & Personal Products)(c)	412,577
			7,777,110
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $80,802,206)		$84,971,534
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle(d) – 0.6%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	542,340	0.027%	$     542,340
	(Cost $542,340)
	TOTAL INVESTMENTS – 98.0% (Cost $81,344,546)		$85,513,874
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.0%		1,703,310
	NET ASSETS – 100.0%		$87,217,184

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

*	Security is currently in default and/or non-income producing.
(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.

Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
ADR	— American Depositary Receipt
CVA	— Dutch Certification
REIT	— Real Estate Investment Trust

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 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	20	12/18/2020	$	748,961	$	(28,060	)
FTSE 100 Index	4	12/18/2020		301,503		(8,855	)
MSCI Singapore Index	1	10/29/2020		20,710		(91	)
SPI 200 Index	1	12/17/2020		103,892		(1,569	)
TOPIX Index	3	12/10/2020		462,381		7,245
Total Futures Contracts					$	(31,330	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.9%
	Automobiles & Components – 2.4%
	69,291	Aptiv plc	$    6,352,599
	117,120	General Motors Co.	3,465,581
			9,818,180
	Banks – 7.4%
	127,706	JPMorgan Chase & Co.	12,294,257
	52,305	M&T Bank Corp.	4,816,767
	153,652	Truist Financial Corp.	5,846,459
	326,340	Wells Fargo & Co.	7,672,253
			30,629,736
	Capital Goods – 8.0%
	36,681	Deere & Co.	8,129,610
	892,801	General Electric Co.	5,562,150
	39,620	Honeywell International, Inc.	6,521,848
	25,350	Illinois Tool Works, Inc.	4,897,873
	15,533	L3Harris Technologies, Inc.	2,638,125
	33,114	Stanley Black & Decker, Inc.	5,371,091
			33,120,697
	Commercial & Professional Services – 0.9%
	33,629	Waste Connections, Inc.	3,490,690
	Consumer Durables & Apparel – 0.8%
	52,483	Brunswick Corp.	3,091,773
	Consumer Services – 3.8%
	54,336	Hilton Worldwide Holdings, Inc.	4,635,947
	53,345	Las Vegas Sands Corp.	2,489,078
	39,534	McDonald’s Corp.	8,677,318
			15,802,343
	Diversified Financials – 5.6%
	62,008	American Express Co.	6,216,302
	28,197	Berkshire Hathaway, Inc. Class B*	6,004,269
	12,515	BlackRock, Inc.	7,052,828
	38,198	Intercontinental Exchange, Inc.	3,821,710
			23,095,109
	Energy – 3.6%
	52,051	Cheniere Energy, Inc.*	2,408,400
	106,579	Chevron Corp.	7,673,688
	146,495	ConocoPhillips	4,810,896
			14,892,984
	Food & Staples Retailing – 2.0%
	60,308	Walmart, Inc.	8,437,692
	Food, Beverage & Tobacco – 4.0%
	140,556	Coca-Cola Co. (The)	6,939,250
	25,205	Constellation Brands, Inc. Class A	4,776,600
	85,263	Mondelez International, Inc. Class A	4,898,359
			16,614,209
	Health Care Equipment & Services – 5.0%
	143,636	Boston Scientific Corp.*	5,488,331
	70,864	CVS Health Corp.	4,138,458

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	11,103	Humana, Inc.	$    4,595,421
	46,664	Zimmer Biomet Holdings, Inc.	6,352,837
			20,575,047
	Household & Personal Products – 1.7%
	50,130	Procter & Gamble Co. (The)	6,967,569
	Insurance – 3.1%
	47,130	Allstate Corp. (The)	4,436,818
	57,916	American Financial Group, Inc.	3,879,214
	38,153	Chubb Ltd.	4,430,326
			12,746,358
	Materials – 4.8%
	23,879	Ecolab, Inc.	4,771,979
	30,821	Linde plc	7,339,405
	15,866	Martin Marietta Materials, Inc.	3,734,222
	37,241	Packaging Corp. of America	4,061,131
			19,906,737
	Media & Entertainment – 6.9%
	3,609	Alphabet, Inc. Class A*	5,289,350
	185,913	Comcast Corp. Class A	8,600,335
	22,602	Electronic Arts, Inc.*	2,947,527
	95,623	Walt Disney Co. (The)	11,864,902
			28,702,114
	Pharmaceuticals, Biotechnology & Life Sciences – 6.6%
	23,189	Agios Pharmaceuticals, Inc.*	811,615
	11,101	BioMarin Pharmaceutical, Inc.*	844,564
	110,802	Bristol-Myers Squibb Co.	6,680,253
	25,476	Eli Lilly and Co.	3,770,957
	85,716	Johnson & Johnson	12,761,398
	2,224	Regeneron Pharmaceuticals, Inc.*	1,244,951
	7,597	Sarepta Therapeutics, Inc.*	1,066,847
			27,180,585
	Real Estate Investment Trusts – 4.8%
	21,511	Alexandria Real Estate Equities, Inc.	3,441,760
	27,967	AvalonBay Communities, Inc.	4,176,592
	44,678	Extra Space Storage, Inc.	4,780,099
	43,073	Prologis, Inc.	4,334,005
	56,015	Welltower, Inc.	3,085,867
			19,818,323
	Retailing – 2.3%
	29,900	Lowe’s Cos., Inc.	4,959,214
	5,618	O’Reilly Automotive, Inc.*	2,590,348
	22,979	Ross Stores, Inc.	2,144,400
			9,693,962
	Semiconductors & Semiconductor Equipment – 4.5%
	49,830	Intel Corp.	2,580,197
	70,040	Marvell Technology Group Ltd.	2,780,588
	35,640	NXP Semiconductors NV	4,448,228
	36,807	QUALCOMM, Inc.	4,331,448

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	31,536	Texas Instruments, Inc.	$    4,503,026
			18,643,487
	Software & Services – 4.6%
	67,848	Cognizant Technology Solutions Corp. Class A	4,710,008
	39,612	Fidelity National Information Services, Inc.	5,831,283
	8,169	Intuit, Inc.	2,664,810
	14,437	Microsoft Corp.	3,036,534
	14,159	Visa, Inc. Class A	2,831,375
			19,074,010
	Technology Hardware & Equipment – 2.8%
	25,544	Apple, Inc.	2,958,251
	87,128	Cisco Systems, Inc.	3,431,972
	100,887	Juniper Networks, Inc.	2,169,070
	88,908	National Instruments Corp.	3,174,016
			11,733,309
	Telecommunication Services – 2.8%
	197,263	Verizon Communications, Inc.	11,735,176
	Transportation – 3.9%
	24,255	Norfolk Southern Corp.	5,190,327
	40,006	Union Pacific Corp.	7,875,981
	87,510	United Airlines Holdings, Inc.*	3,040,973
			16,107,281
	Utilities – 7.6%
	57,460	Ameren Corp.	4,543,937
	31,421	American Water Works Co., Inc.	4,552,274
	29,765	Atmos Energy Corp.	2,845,236
	66,812	CMS Energy Corp.	4,102,925
	35,045	NextEra Energy, Inc.	9,727,090
	82,780	Xcel Energy, Inc.	5,712,648
			31,484,110
	TOTAL INVESTMENTS – 99.9% (Cost $374,165,561)		$413,361,481
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%		430,239
	NET ASSETS – 100.0%		$413,791,720

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.6%
	Automobiles & Components – 1.3%
	55,743	Aptiv plc	$    5,110,518
	Banks – 4.5%
	65,610	Citizens Financial Group, Inc.	1,658,621
	77,157	East West Bancorp, Inc.	2,526,120
	18,894	First Republic Bank	2,060,580
	42,703	M&T Bank Corp.	3,932,519
	83,276	Pinnacle Financial Partners, Inc.	2,963,793
	19,404	SVB Financial Group*	4,668,990
			17,810,623
	Capital Goods – 13.7%
	74,597	AMETEK, Inc.	7,414,942
	11,532	Cummins, Inc.	2,435,097
	43,429	Fastenal Co.	1,958,214
	70,732	Fortive Corp.	5,390,486
	79,030	Graco, Inc.	4,848,490
	24,511	IDEX Corp.	4,471,051
	102,199	ITT, Inc.	6,034,851
	14,806	L3Harris Technologies, Inc.	2,514,651
	25,697	Rockwell Automation, Inc.	5,670,814
	43,435	Stanley Black & Decker, Inc.	7,045,157
	32,337	Trane Technologies plc	3,920,861
	5,431	TransDigm Group, Inc.	2,580,377
			54,284,991
	Consumer Durables & Apparel – 2.1%
	55,822	Brunswick Corp.	3,288,474
	62,295	Lennar Corp. Class A	5,088,256
			8,376,730
	Consumer Services – 3.7%
	157,513	Aramark	4,166,219
	75,445	Wyndham Hotels & Resorts, Inc.	3,809,972
	46,817	Wynn Resorts Ltd.	3,361,929
	37,759	Yum! Brands, Inc.	3,447,397
			14,785,517
	Diversified Financials – 4.9%
	112,179	Ally Financial, Inc.	2,812,327
	84,922	Bank of New York Mellon Corp. (The)	2,916,221
	96,752	Discover Financial Services	5,590,331
	23,881	Evercore, Inc. Class A	1,563,250
	35,864	Raymond James Financial, Inc.	2,609,465
	13,517	T. Rowe Price Group, Inc.	1,733,150
	40,641	Voya Financial, Inc.	1,947,923
			19,172,667
	Energy – 2.6%
	105,973	Cheniere Energy, Inc.*	4,903,371
	66,435	Hess Corp.	2,719,185
	285,518	Parsley Energy, Inc. Class A	2,672,448
			10,295,004
	Food & Staples Retailing – 1.0%
	52,077	Grocery Outlet Holding Corp.*	2,047,667

Shares		Description	Value
	Common Stocks – (continued)
	Food & Staples Retailing – (continued)
	58,156	Performance Food Group Co.*	$    2,013,361
			4,061,028
	Food, Beverage & Tobacco – 3.8%
	52,753	Coca-Cola European Partners plc	2,047,344
	49,897	Conagra Brands, Inc.	1,781,822
	19,091	Constellation Brands, Inc. Class A	3,617,935
	16,562	McCormick & Co., Inc. (Non-Voting)	3,214,684
	178,004	Nomad Foods Ltd.*	4,535,542
			15,197,327
	Health Care Equipment & Services – 6.1%
	35,402	Centene Corp.*	2,064,999
	243,833	Change Healthcare, Inc.*	3,538,017
	12,473	Cooper Cos., Inc. (The)	4,204,898
	41,850	Hologic, Inc.*	2,781,769
	26,606	Quest Diagnostics, Inc.	3,046,121
	61,616	Zimmer Biomet Holdings, Inc.	8,388,402
			24,024,206
	Insurance – 5.3%
	4,043	Alleghany Corp.	2,104,179
	44,512	American Financial Group, Inc.	2,981,414
	30,365	Arthur J Gallagher & Co.	3,205,937
	59,430	Brown & Brown, Inc.	2,690,396
	31,114	Globe Life, Inc.	2,486,008
	5,084	Markel Corp.*	4,950,291
	24,599	Reinsurance Group of America, Inc.	2,341,579
			20,759,804
	Materials – 7.2%
	48,136	Ashland Global Holdings, Inc.	3,413,805
	68,814	Ball Corp.	5,719,820
	197,077	Corteva, Inc.	5,677,788
	243,073	Freeport-McMoRan, Inc.	3,801,662
	23,147	Martin Marietta Materials, Inc.	5,447,878
	41,747	Packaging Corp. of America	4,552,510
			28,613,463
	Media & Entertainment – 5.1%
	33,727	Liberty Broadband Corp. Class C*	4,818,576
	105,859	Liberty Media Corp.-Liberty Formula One Class C*	3,839,506
	75,704	Liberty Media Corp.-Liberty SiriusXM Class A*	2,511,102
	53,675	Live Nation Entertainment, Inc.*	2,892,009
	30,808	Match Group, Inc.*	3,408,905
	104,453	Snap, Inc. Class A*	2,727,268
			20,197,366
	Pharmaceuticals, Biotechnology & Life Sciences – 1.9%
	32,958	Agios Pharmaceuticals, Inc.*	1,153,530
	59,503	Catalent, Inc.*	5,097,027

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	8,175	Sarepta Therapeutics, Inc.*	$    1,148,015
			7,398,572
	Real Estate Investment Trusts – 9.8%
	24,735	Alexandria Real Estate Equities, Inc.	3,957,600
	24,139	AvalonBay Communities, Inc.	3,604,918
	30,285	Camden Property Trust	2,694,759
	27,522	CyrusOne, Inc.	1,927,366
	49,585	Duke Realty Corp.	1,829,687
	53,212	Equity LifeStyle Properties, Inc.	3,261,896
	12,080	Essex Property Trust, Inc.	2,425,543
	138,520	Healthpeak Properties, Inc.	3,760,818
	71,952	Hudson Pacific Properties, Inc.	1,577,907
	103,964	Invitation Homes, Inc.	2,909,952
	59,123	MGM Growth Properties LLC Class A	1,654,262
	26,969	Prologis, Inc.	2,713,621
	48,203	Ryman Hospitality Properties, Inc.	1,773,870
	86,489	Welltower, Inc.	4,764,679
			38,856,878
	Retailing – 4.2%
	27,525	Advance Auto Parts, Inc.	4,225,087
	12,880	Burlington Stores, Inc.*	2,654,439
	34,111	Expedia Group, Inc.	3,127,638
	81,971	National Vision Holdings, Inc.*	3,134,571
	8,759	RH*	3,351,369
			16,493,104
	Semiconductors & Semiconductor Equipment – 4.8%
	179,943	Marvell Technology Group Ltd.	7,143,737
	28,007	Microchip Technology, Inc.	2,877,999
	17,657	MKS Instruments, Inc.	1,928,674
	26,780	NXP Semiconductors NV	3,342,412
	14,494	Skyworks Solutions, Inc.	2,108,877
	15,844	Xilinx, Inc.	1,651,579
			19,053,278
	Software & Services – 1.6%
	29,651	Cognizant Technology Solutions Corp. Class A	2,058,373
	11,375	Palo Alto Networks, Inc.*	2,784,031
	10,443	WEX, Inc.*	1,451,264
			6,293,668
	Technology Hardware & Equipment – 2.9%
	90,890	Juniper Networks, Inc.	1,954,135
	21,163	Motorola Solutions, Inc.	3,318,570
	65,292	National Instruments Corp.	2,330,924
	335,280	Viavi Solutions, Inc.*	3,932,835
			11,536,464
	Transportation – 3.2%
	8,588	Kansas City Southern	1,552,968
	48,723	Knight-Swift Transportation Holdings, Inc.	1,983,026
	30,579	Old Dominion Freight Line, Inc.	5,532,353

Shares		Description	Value
	Common Stocks – (continued)
	Transportation – (continued)
	106,264	United Airlines Holdings, Inc.*	$    3,692,674
			12,761,021
	Utilities – 9.9%
	75,212	Ameren Corp.	5,947,765
	39,168	American Water Works Co., Inc.	5,674,660
	40,010	Atmos Energy Corp.	3,824,556
	87,141	CMS Energy Corp.	5,351,329
	43,293	Eversource Energy	3,617,130
	50,452	NextEra Energy Partners LP	3,025,102
	65,694	Public Service Enterprise Group, Inc.	3,607,258
	23,537	Sempra Energy	2,785,839
	74,543	Xcel Energy, Inc.	5,144,212
			38,977,851
	TOTAL COMMON STOCKS (Cost $346,886,140)		$394,060,080
Shares		Dividend Rate	Value
	Investment Company(a) – 0.9%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	3,657,379	0.027%	$    3,657,379
	(Cost $3,657,379)
	TOTAL INVESTMENTS – 100.5% (Cost $350,543,519)		$397,717,459
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.5)%		(2,014,597)
	NET ASSETS – 100.0%		$395,702,862

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(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 MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments

September 30, 2020 (Unaudited)

Shares		Description	Value
	Underlying Funds (Class R6 Shares)(a) – 95.0%
	Equity – 32.4%
	332,664	Goldman Sachs Tactical Tilt Overlay Fund	$  3,243,479
	190,377	Goldman Sachs Absolute Return Tracker Fund	1,799,063
	121,771	Goldman Sachs Emerging Markets Equity Insights Fund	1,209,183
	64,998	Goldman Sachs Real Estate Securities Fund	744,225
			6,995,950
	Fixed Income – 62.6%
	308,843	Goldman Sachs Managed Futures Strategy Fund	3,048,282
	301,277	Goldman Sachs Long Short Credit Strategies Fund	2,651,237
	221,144	Goldman Sachs Strategic Income Fund	2,096,448
	169,312	Goldman Sachs Emerging Markets Debt Fund	2,041,904
	176,638	Goldman Sachs High Yield Floating Rate Fund	1,591,510
	194,764	Goldman Sachs High Yield Fund	1,201,692
	112,720	Goldman Sachs Alternative Premia Fund	880,342
			13,511,415
	TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) (Cost $21,111,607)		$20,507,365
	Exchange Traded Fund* – 0.9%
	5,295	ProShares Short VIX Short-Term Futures ETF	$     187,973
	(Cost $251,189)

Shares		Dividend Rate	Value
	Investment Company(a)– 2.4%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	507,896	0.027%	$     507,896
	(Cost $507,896)
	TOTAL INVESTMENTS – 98.3% (Cost $21,870,692)		$21,203,234
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.7%		358,592
	NET ASSETS – 100.0%		$21,561,826

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	Represents an Affiliated Issuer.

Currency Abbreviation:
USD	— United States Dollar

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2020, the Portfolio 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	4	12/18/2020	$	670,400	$	(4,583	)
U.S. Treasury 10 Year Note	14	12/21/2020		1,953,000		7,411
Total Futures Contracts					$	2,828

PURCHASED OPTIONS CONTRACTS — At September 30, 2020, the Portfolio had the following purchased options contracts:

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts	Notional Amount		Value		Premiums Paid (Received) by the Portfolio		Unrealized Appreciation/ Depreciation
Purchased options contracts:
Calls
3 Month Eurodollar	Barclays Bank PLC		98.25 USD		03/15/2021	7	$	1,750,000	$	27,213	$	7,804	$	19,409
			98.25 USD		06/14/2021	7		1,750,000		27,300		7,891		19,409
			98.25 USD		09/13/2021	6		1,500,000		23,400		7,064		16,336
Total purchased options contracts						20			$	77,913	$	22,759	$	55,154

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.8%
	Automobiles & Components – 0.9%
	20,799	American Axle & Manufacturing Holdings, Inc.*	$    120,010
	1,135	Fox Factory Holding Corp.*	84,365
	25,906	Goodyear Tire & Rubber Co. (The)	198,699
	5,131	Standard Motor Products, Inc.	229,099
	2,078	Visteon Corp.*	143,839
			776,012
	Banks – 8.3%
	7,215	1st Source Corp.	222,511
	6,734	Amalgamated Bank Class A	71,246
	13,865	Atlantic Capital Bancshares, Inc.*	157,368
	26,640	Bancorp, Inc. (The)*	230,170
	637	Banner Corp.	20,550
	3,152	Boston Private Financial Holdings, Inc.	17,399
	40,349	Cadence Bancorp	346,598
	537	Capital City Bank Group, Inc.	10,090
	12,684	Cathay General Bancorp	274,989
	20,596	Central Pacific Financial Corp.	279,488
	3,514	Community Bankers Trust Corp.	17,851
	28,359	CVB Financial Corp.	471,610
	650	Enterprise Bancorp, Inc.	13,663
	4,636	Equity Bancshares, Inc. Class A*	71,858
	8,236	First Bancorp/NC	172,379
	59,156	First Bancorp/PR	308,794
	29,046	First Commonwealth Financial Corp.	224,816
	17,684	First Foundation, Inc.	231,130
	4,749	First Internet Bancorp	69,953
	476	First Mid Bancshares, Inc.	11,876
	6,792	Hanmi Financial Corp.	55,762
	10,241	Heartland Financial USA, Inc.	307,179
	24,642	Hilltop Holdings, Inc.	507,132
	7,791	Hope Bancorp, Inc.	59,095
	17,471	International Bancshares Corp.	455,294
	417	Metropolitan Bank Holding Corp.*	11,676
	5,681	Mr Cooper Group, Inc.*	126,800
	3,816	National Bank Holdings Corp. Class A	100,170
	556	Northrim Bancorp, Inc.	14,172
	11,220	PennyMac Financial Services, Inc.	652,106
	2,413	Preferred Bank	77,506
	3,977	Sierra Bancorp	66,774
	1,886	Simmons First National Corp. Class A	29,903
	645	Timberland Bancorp, Inc.	11,610
	13,227	TriCo Bancshares	323,929
	7,935	TriState Capital Holdings, Inc.*	105,059
	5,226	Walker & Dunlop, Inc.	276,978
	5,719	Washington Federal, Inc.	119,298
	7,037	Westamerica Bancorp	382,461
			6,907,243
	Capital Goods – 8.2%
	6,038	Aegion Corp.*	85,317
	2,026	Aerojet Rocketdyne Holdings, Inc.*	80,817
	1,116	AeroVironment, Inc.*	66,971
	5,371	Albany International Corp. Class A	265,918

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	3,710	Astronics Corp.*	$    28,641
	8,776	Atkore International Group, Inc.*	199,479
	2,485	Barnes Group, Inc.	88,814
	1,912	Builders FirstSource, Inc.*	62,369
	3,825	Columbus McKinnon Corp.	126,608
	748	EMCOR Group, Inc.	50,647
	1,220	Encore Wire Corp.	56,632
	2,532	Federal Signal Corp.	74,061
	8,780	Foundation Building Materials, Inc.*	138,022
	4,608	Franklin Electric Co., Inc.	271,089
	2,065	Gibraltar Industries, Inc.*	134,514
	7,424	GMS, Inc.*	178,918
	10,070	Great Lakes Dredge & Dock Corp.*	95,766
	6,330	Griffon Corp.	123,688
	15,366	H&E Equipment Services, Inc.	302,096
	1,606	Masonite International Corp.*	158,030
	1,809	Maxar Technologies, Inc.	45,116
	4,149	Miller Industries, Inc.	126,835
	416	Moog, Inc. Class A	26,428
	40,089	MRC Global, Inc.*	171,581
	4,280	Mueller Industries, Inc.	115,817
	1,713	Navistar International Corp.*	74,584
	2,965	NOW, Inc.*	13,461
	983	Patrick Industries, Inc.	56,542
	2,746	Powell Industries, Inc.	66,261
	2,329	Primoris Services Corp.	42,015
	11,116	Quanex Building Products Corp.	204,979
	2,686	RBC Bearings, Inc.*	325,570
	18,515	Rexnord Corp.	552,488
	10,193	Rush Enterprises, Inc. Class A	515,154
	6,758	Simpson Manufacturing Co., Inc.	656,607
	1,265	SiteOne Landscape Supply, Inc.*	154,267
	1,094	Sunrun, Inc.*	84,315
	2,362	Triton International Ltd.	96,063
	5,762	Tutor Perini Corp.*	64,131
	10,027	UFP Industries, Inc.	566,626
	3,136	Vicor Corp.*	243,761
			6,790,998
	Commercial & Professional Services – 1.9%
	3,358	BrightView Holdings, Inc.*	38,281
	829	Exponent, Inc.	59,713
	1,898	Franklin Covey Co.*	33,671
	11,823	HNI Corp.	371,006
	2,352	Huron Consulting Group, Inc.*	92,504
	667	Insperity, Inc.	43,682
	21,680	KAR Auction Services, Inc.	312,192
	3,048	Kforce, Inc.	98,054
	5,920	McGrath RentCorp	352,773
	8,964	Steelcase, Inc. Class A	90,626
	1,861	Team, Inc.*	10,235
	309	UniFirst Corp.	58,515
			1,561,252
	Consumer Durables & Apparel – 4.6%
	1,416	Century Communities, Inc.*	59,939
	1,200	Deckers Outdoor Corp.*	264,012
	10,839	G-III Apparel Group Ltd.*	142,099
	2,375	KB Home	91,176
	9,717	M/I Homes, Inc.*	447,468
	4,384	MDC Holdings, Inc.	206,486
	1,460	Meritage Homes Corp.*	161,170

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Durables & Apparel – (continued)
	4,694	Nautilus, Inc.*	$     80,549
	3,297	Purple Innovation, Inc.*	81,964
	4,981	Smith & Wesson Brands, Inc.	77,305
	5,330	Sturm Ruger & Co., Inc.	325,983
	10,102	Taylor Morrison Home Corp.*	248,408
	33,694	TRI Pointe Group, Inc.*	611,209
	2,855	Universal Electronics, Inc.*	107,748
	9,962	Vista Outdoor, Inc.*	201,033
	13,267	Wolverine World Wide, Inc.	342,819
	8,318	YETI Holdings, Inc.*	376,972
			3,826,340
	Consumer Services – 5.6%
	4,416	American Public Education, Inc.*	124,487
	9,189	Bloomin’ Brands, Inc.	140,316
	2,512	Caesars Entertainment, Inc.*	140,823
	1,044	Chuy’s Holdings, Inc.*	20,442
	4,272	Collectors Universe, Inc.	211,421
	1,801	Del Taco Restaurants, Inc.*	14,768
	4,585	Denny’s Corp.*	45,850
	4,589	Dine Brands Global, Inc.	250,513
	8,279	El Pollo Loco Holdings, Inc.*	134,120
	16,391	Everi Holdings, Inc.*	135,226
	3,923	Fiesta Restaurant Group, Inc.*	36,758
	27,790	International Game Technology plc	309,303
	1,306	Jack in the Box, Inc.	103,579
	1,743	K12, Inc.*	45,911
	2,767	Noodles & Co.*	19,009
	3,750	Papa John’s International, Inc.	308,550
	7,030	Penn National Gaming, Inc.*	511,081
	19,134	Perdoceo Education Corp.*	234,200
	33,076	Red Rock Resorts, Inc. Class A	565,600
	2,957	Scientific Games Corp. Class A*	103,229
	1,192	Strategic Education, Inc.	109,032
	7,082	Texas Roadhouse, Inc.	430,515
	1,608	Twin River Worldwide Holdings, Inc.	42,242
	4,573	Wingstop, Inc.(a)	624,900
			4,661,875
	Diversified Financials – 3.8%
	50,126	Anworth Mortgage Asset Corp. (REIT)	82,207
	5,279	ARMOUR Residential REIT, Inc. (REIT)	50,203
	6,280	Banco Latinoamericano de Comercio Exterior SA Class E	76,302
	11,992	Cannae Holdings, Inc.*	446,822
	9,961	Capstead Mortgage Corp. (REIT)	55,981
	3,867	Cowen, Inc. Class A	62,916
	4,465	Curo Group Holdings Corp.	31,478
	7,994	Donnelley Financial Solutions, Inc.*	106,800
	1,195	Encore Capital Group, Inc.*	46,115
	14,225	Enova International, Inc.*	233,148
	4,382	Federated Hermes, Inc. Class B	94,257
	3,755	FirstCash, Inc.	214,823
	15,805	Ladder Capital Corp. (REIT)	112,531
	51,537	Navient Corp.	435,488
	7,443	Oppenheimer Holdings, Inc. Class A	166,128

Shares		Description	Value
	Common Stocks – (continued)
	Diversified Financials – (continued)
	25,143	PennyMac Mortgage Investment Trust (REIT)	$   404,048
	7,662	PJT Partners, Inc. Class A	464,394
	834	Regional Management Corp.*	13,894
	6,568	TPG RE Finance Trust, Inc. (REIT)	55,565
	175	Virtus Investment Partners, Inc.	24,264
			3,177,364
	Energy – 1.9%
	8,155	Ardmore Shipping Corp.	29,032
	6,265	Cactus, Inc. Class A	120,225
	13,079	Clean Energy Fuels Corp.*	32,436
	31,032	DHT Holdings, Inc.	160,125
	2,594	Diamond S Shipping, Inc.*	17,821
	2,049	Dorian LPG Ltd.*	16,412
	17,389	Green Plains, Inc.*	269,182
	15,525	Matrix Service Co.*	129,634
	4,526	Oil States International, Inc.*	12,356
	7,858	Renewable Energy Group, Inc.*	419,774
	5,898	SEACOR Holdings, Inc.*	171,514
	1,297	Solaris Oilfield Infrastructure, Inc. Class A	8,223
	9,849	World Fuel Services Corp.	208,700
			1,595,434
	Food & Staples Retailing – 1.4%
	17,175	BJ’s Wholesale Club Holdings, Inc.*	713,621
	6,520	Ingles Markets, Inc. Class A	248,021
	979	Natural Grocers by Vitamin Cottage, Inc.	9,653
	2,933	SpartanNash Co.	47,955
	2,167	Weis Markets, Inc.	104,016
			1,123,266
	Food, Beverage & Tobacco – 1.6%
	17,010	Darling Ingredients, Inc.*	612,870
	1,626	J & J Snack Foods Corp.	212,014
	3,173	John B Sanfilippo & Son, Inc.	239,181
	1,707	Seneca Foods Corp. Class A*	60,991
	17,762	Vector Group Ltd.	172,114
			1,297,170
	Health Care Equipment & Services – 4.4%
	3,214	Antares Pharma, Inc.*	8,678
	8,857	Brookdale Senior Living, Inc.*	22,497
	560	Cantel Medical Corp.	24,606
	961	Computer Programs and Systems, Inc.	26,533
	2,642	Covetrus, Inc.*	64,465
	1,173	CytoSorbents Corp.*	9,355
	10,857	GenMark Diagnostics, Inc.*	154,169
	2,423	Hanger, Inc.*	38,332
	1,773	Inogen, Inc.*	51,417
	3,453	Inovalon Holdings, Inc. Class A*	91,332
	8,442	Integer Holdings Corp.*	498,162
	3,838	Invacare Corp.	28,862
	351	iRhythm Technologies, Inc.*	83,577
	5,236	Meridian Bioscience, Inc.*	88,907
	1,536	Merit Medical Systems, Inc.*	66,816
	732	National HealthCare Corp.	45,611
	260	National Research Corp.	12,795
	15,051	Natus Medical, Inc.*	257,824

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	1,201	Neogen Corp.*	$     93,978
	3,534	NextGen Healthcare, Inc.*	45,023
	2,786	Option Care Health, Inc.*	37,249
	1,651	Owens & Minor, Inc.	41,457
	3,291	Schrodinger, Inc.*	156,355
	25,559	Select Medical Holdings Corp.*	532,138
	2,666	Shockwave Medical, Inc.*	202,083
	2,802	Simulations Plus, Inc.	211,159
	5,937	Surmodics, Inc.*	231,009
	18,489	Tenet Healthcare Corp.*	453,165
	802	US Physical Therapy, Inc.	69,678
	127	Utah Medical Products, Inc.	10,143
			3,657,375
	Household & Personal Products – 0.3%
	2,357	Central Garden & Pet Co. Class A*	85,182
	2,133	elf Beauty, Inc.*	39,183
	1,482	Lifevantage Corp.*	17,888
	921	USANA Health Sciences, Inc.*	67,832
			210,085
	Insurance – 3.0%
	22,515	American Equity Investment Life Holding Co.	495,105
	1,332	AMERISAFE, Inc.	76,404
	3,459	Argo Group International Holdings Ltd.	119,093
	978	BRP Group, Inc. Class A*	24,362
	44,206	Genworth Financial, Inc. Class A*	148,090
	4,428	Goosehead Insurance, Inc. Class A	383,421
	1,467	Kinsale Capital Group, Inc.	278,994
	170	National Western Life Group, Inc. Class A	31,071
	12,266	Stewart Information Services Corp.	536,392
	5,487	Trupanion, Inc.*	432,924
			2,525,856
	Materials – 6.7%
	41,547	Alcoa Corp.*	483,192
	14,984	Avient Corp.	396,477
	2,266	Balchem Corp.	221,230
	12,462	Boise Cascade Co.	497,483
	2,098	Chase Corp.	200,149
	1,827	Clearwater Paper Corp.*	69,316
	14,063	Coeur Mining, Inc.*	103,785
	29,858	Ferro Corp.*	370,239
	4,200	Forterra, Inc.*	49,644
	5,634	Haynes International, Inc.	96,285
	39,823	Hecla Mining Co.	202,301
	9,647	Ingevity Corp.*	476,948
	2,181	Kaiser Aluminum Corp.	116,880
	5,683	Koppers Holdings, Inc.*	118,831
	6,326	Kraton Corp.*	112,729
	21,518	Louisiana-Pacific Corp.	634,996
	8,438	Minerals Technologies, Inc.	431,182
	3,321	Myers Industries, Inc.	43,937
	9,921	Novagold Resources, Inc.*	117,961
	7,882	O-I Glass, Inc.	83,470
	2,558	Orion Engineered Carbons SA	32,001
	10,446	P H Glatfelter Co.	143,841
	30,314	Summit Materials, Inc. Class A*	501,393

Shares		Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	1,430	Tronox Holdings plc Class A	$     11,254
			5,515,524
	Media & Entertainment – 1.7%
	776	Cardlytics, Inc.*	54,762
	2,154	Cargurus, Inc.*	46,591
	25,318	Cars.com, Inc.*	204,569
	2,124	EverQuote, Inc. Class A*	82,071
	41,666	Glu Mobile, Inc.*	319,787
	8,016	Gray Television, Inc.*	110,380
	572	Loral Space & Communications, Inc.	10,468
	6,854	MSG Networks, Inc. Class A*	65,593
	4,764	QuinStreet, Inc.*	75,462
	10,135	TechTarget, Inc.*	445,535
			1,415,218
	Pharmaceuticals, Biotechnology & Life Sciences – 14.1%
	5,771	Akebia Therapeutics, Inc.*	14,485
	646	Allakos, Inc.*	52,617
	11,621	Amicus Therapeutics, Inc.*	164,088
	7,555	Amneal Pharmaceuticals, Inc.*	29,313
	16,485	Amphastar Pharmaceuticals, Inc.*	309,094
	6,571	ANI Pharmaceuticals, Inc.*	185,368
	1,294	Arcturus Therapeutics Holdings, Inc.*	55,513
	17,369	Ardelyx, Inc.*	91,187
	3,021	Arena Pharmaceuticals, Inc.*	225,941
	3,494	Arrowhead Pharmaceuticals, Inc.*	150,452
	12,459	Atara Biotherapeutics, Inc.*	161,469
	2,786	Avid Bioservices, Inc.*	21,229
	3,929	Axsome Therapeutics, Inc.*	279,941
	28,962	BioDelivery Sciences International, Inc.*	108,028
	2,321	Bioxcel Therapeutics, Inc.*	100,639
	3,454	Castle Biosciences, Inc.*	177,708
	36,291	Catalyst Pharmaceuticals, Inc.*	107,784
	2,903	CEL-SCI Corp.*(b)	37,013
	3,052	ChemoCentryx, Inc.*	167,250
	5,507	Corcept Therapeutics, Inc.*	95,849
	1,079	Cortexyme, Inc.*	53,950
	4,210	CytomX Therapeutics, Inc.*	27,996
	708	Denali Therapeutics, Inc.*	25,368
	10,928	Dicerna Pharmaceuticals, Inc.*	196,595
	14,896	Dynavax Technologies Corp.*	64,351
	2,502	Eagle Pharmaceuticals, Inc.*	106,285
	1,440	Editas Medicine, Inc.*	40,406
	10,962	Eiger BioPharmaceuticals, Inc.*	89,231
	5,859	Emergent BioSolutions, Inc.*	605,410
	4,149	Enanta Pharmaceuticals, Inc.*	189,941
	10,170	Endo International plc*	33,561
	1,734	Fate Therapeutics, Inc.*	69,308
	6,500	FibroGen, Inc.*	267,280
	5,181	G1 Therapeutics, Inc.*	59,841
	6,490	Halozyme Therapeutics, Inc.*	170,557
	26,968	Innoviva, Inc.*	281,816
	1,920	Inovio Pharmaceuticals, Inc.*(b)	22,272
	2,106	Insmed, Inc.*	67,687
	9,811	Intellia Therapeutics, Inc.*	195,043
	2,119	Intercept Pharmaceuticals, Inc.*	87,854
	1,353	Intersect ENT, Inc.*	22,067
	7,425	Ironwood Pharmaceuticals, Inc.*	66,788
	48,533	Kadmon Holdings, Inc.*	190,249

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	4,451	Karyopharm Therapeutics, Inc.*	$     64,985
	8,865	Kura Oncology, Inc.*	271,624
	3,071	MacroGenics, Inc.*	77,358
	1,101	MeiraGTx Holdings plc*	14,577
	1,003	Mersana Therapeutics, Inc.*	18,676
	16,675	Minerva Neurosciences, Inc.*	53,026
	2,495	Mirati Therapeutics, Inc.*	414,295
	4,111	Momenta Pharmaceuticals, Inc.*	215,745
	12,750	Mustang Bio, Inc.*	40,162
	11,286	Myriad Genetics, Inc.*	147,169
	6,999	Natera, Inc.*	505,608
	3,781	Novavax, Inc.*	409,671
	1,916	Odonate Therapeutics, Inc.*	25,732
	96,080	OPKO Health, Inc.*(b)	354,535
	5,654	Phibro Animal Health Corp. Class A	98,380
	12,660	Prestige Consumer Healthcare, Inc.*	461,077
	7,543	Protagonist Therapeutics, Inc.*	147,466
	7,854	Prothena Corp. plc*	78,461
	5,161	Puma Biotechnology, Inc.*	52,074
	2,778	Radius Health, Inc.*	31,503
	3,383	REGENXBIO, Inc.*	93,100
	10,019	Sangamo Therapeutics, Inc.*	94,680
	19,404	Sorrento Therapeutics, Inc.*(b)	216,355
	6,140	TG Therapeutics, Inc.*	164,306
	1,674	Turning Point Therapeutics, Inc.*	146,241
	8,011	Twist Bioscience Corp.*	608,596
	2,294	Ultragenyx Pharmaceutical, Inc.*	188,544
	2,952	Vanda Pharmaceuticals, Inc.*	28,516
	5,989	Veracyte, Inc.*	194,583
	8,346	Vericel Corp.*	154,651
	12,835	Viking Therapeutics, Inc.*(b)	74,700
	724	Vir Biotechnology, Inc.*	24,855
	14,602	Xencor, Inc.*	566,412
	3,726	Y-mAbs Therapeutics, Inc.*	143,041
			11,649,528
	Real Estate – 7.4%
	12,772	American Assets Trust, Inc. (REIT)	307,677
	27,222	CareTrust REIT, Inc. (REIT)	484,416
	24,830	City Office REIT, Inc. (REIT)	186,722
	6,053	Community Healthcare Trust, Inc. (REIT)	283,038
	4,969	EastGroup Properties, Inc. (REIT)	642,641
	766	Essential Properties Realty Trust, Inc. (REIT)	14,033
	16,839	Four Corners Property Trust, Inc. (REIT)	430,910
	6,897	Gladstone Commercial Corp. (REIT)	116,214
	17,433	Independence Realty Trust, Inc. (REIT)	202,048
	5,527	Industrial Logistics Properties Trust (REIT)	120,876
	31,636	Lexington Realty Trust (REIT)	330,596
	2,185	Monmouth Real Estate Investment Corp. (REIT)	30,262
	14,874	National Storage Affiliates Trust (REIT)	486,529
	12,696	NexPoint Residential Trust, Inc. (REIT)	563,068
	2,019	Physicians Realty Trust (REIT)	36,160
	13,300	PotlatchDeltic Corp. (REIT)	559,930

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	8,087	Redfin Corp.*	$     403,784
	10,200	Retail Opportunity Investments Corp. (REIT)	106,233
	5,396	Retail Properties of America, Inc. Class A (REIT)	31,351
	7,470	Retail Value, Inc. (REIT)	93,898
	38,520	Sabra Health Care REIT, Inc. (REIT)	530,998
	1,366	Terreno Realty Corp. (REIT)	74,802
	431	Universal Health Realty Income Trust (REIT)	24,563
	3,286	Urban Edge Properties (REIT)	31,940
			6,092,689
	Retailing – 5.1%
	26,419	Abercrombie & Fitch Co. Class A	368,017
	3,926	Asbury Automotive Group, Inc.*	382,589
	7,323	At Home Group, Inc.*	108,820
	10,522	Big Lots, Inc.	469,281
	9,028	Camping World Holdings, Inc. Class A	268,583
	815	Haverty Furniture Cos., Inc.	17,066
	1,909	Hibbett Sports, Inc.*	74,871
	2,773	Lithia Motors, Inc. Class A	632,078
	20,613	Magnite, Inc.*	143,157
	9,948	MarineMax, Inc.*	255,365
	1,963	Rent-A-Center, Inc.	58,674
	811	RH*	310,305
	2,009	Sonic Automotive, Inc. Class A	80,681
	32,169	Sportsman’s Warehouse Holdings, Inc.*	460,338
	2,096	Stamps.com, Inc.*	505,031
	2,375	Zumiez, Inc.*	66,073
			4,200,929
	Semiconductors & Semiconductor Equipment – 2.1%
	4,237	Ambarella, Inc.*	221,087
	22,202	Amkor Technology, Inc.*	248,662
	9,718	Axcelis Technologies, Inc.*	213,796
	7,687	MACOM Technology Solutions Holdings, Inc.*	261,435
	1,575	MaxLinear, Inc. Class A*	36,603
	25,177	NeoPhotonics Corp.*	153,328
	2,523	Photronics, Inc.*	25,129
	3,994	Power Integrations, Inc.	221,268
	19,088	Rambus, Inc.*	261,315
	319	SiTime Corp.*	26,805
	3,529	Ultra Clean Holdings, Inc.*	75,732
			1,745,160
	Software & Services – 6.1%
	5,682	ACI Worldwide, Inc.*	148,471
	3,968	Avaya Holdings Corp.*	60,313
	392	Blackline, Inc.*	35,135
	31,628	Box, Inc. Class A*	549,062
	12,657	Brightcove, Inc.*	129,608
	16,287	ChannelAdvisor Corp.*	235,673
	37,682	Cloudera, Inc.*	410,357
	33,171	Conduent, Inc.*	105,484
	7,093	Domo, Inc. Class B*	271,875
	1,378	Hackett Group, Inc. (The)	15,406
	7,935	J2 Global, Inc.*	549,261
	2,753	Limelight Networks, Inc.*	15,857
	1,707	MicroStrategy, Inc. Class A*	257,006

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	9,469	Perficient, Inc.*	$     404,705
	26,651	Perspecta, Inc.	518,362
	1,183	Progress Software Corp.	43,392
	712	SPS Commerce, Inc.*	55,443
	23,534	SVMK, Inc.*	520,337
	3,929	Sykes Enterprises, Inc.*	134,411
	4,645	Telenav, Inc.*	16,722
	4,665	Tenable Holdings, Inc.*	176,104
	1,476	TTEC Holdings, Inc.	80,516
	915	Varonis Systems, Inc.*	105,609
	2,353	Verint Systems, Inc.*	113,367
	11,026	Zuora, Inc. Class A*	114,009
			5,066,485
	Technology Hardware & Equipment – 3.6%
	9,078	Belden, Inc.	282,507
	9,978	Benchmark Electronics, Inc.	201,057
	4,250	CTS Corp.	93,627
	31,103	Harmonic, Inc.*	173,555
	25,491	Knowles Corp.*	379,816
	11,285	NETGEAR, Inc.*	347,804
	3,307	Novanta, Inc.*	348,359
	540	Plexus Corp.*	38,140
	43,572	TTM Technologies, Inc.*	497,157
	29,202	Vishay Intertechnology, Inc.	454,675
	7,269	Vishay Precision Group, Inc.*	184,051
			3,000,748
	Telecommunication Services – 1.2%
	6,844	Cogent Communications Holdings, Inc.	410,982
	8,689	Consolidated Communications Holdings, Inc.*	49,440
	7,235	Iridium Communications, Inc.*	185,071
	4,387	Ooma, Inc.*	57,250
	60,799	ORBCOMM, Inc.*	206,717
	4,920	Vonage Holdings Corp.*	50,332
			959,792
	Transportation – 2.2%
	7,947	Costamare, Inc.	48,238
	11,644	Echo Global Logistics, Inc.*	300,066
	523	Heartland Express, Inc.	9,728
	5,539	Hub Group, Inc. Class A*	278,030
	27,628	Marten Transport Ltd.	450,889
	5,553	SkyWest, Inc.	165,813
	864	Universal Logistics Holdings, Inc.	18,023
	12,766	Werner Enterprises, Inc.	536,044
			1,806,831
	Utilities – 1.7%
	677	Black Hills Corp.	36,213
	2,717	Northwest Natural Holding Co.	123,325
	10,665	NorthWestern Corp.	518,746
	13,285	Portland General Electric Co.	471,617
	3,730	Southwest Gas Holdings, Inc.	235,363
			1,385,264
	TOTAL COMMON STOCKS (Cost $83,023,708)		$80,948,438

Shares		Dividend Rate	Value
	Investment Company(c) – 0.7%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	602,831	0.027%	$      602,831
	(Cost $602,831)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $83,626,539)		$ 81,551,269
	Securities Lending Reinvestment Vehicle(c) – 0.7%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	592,450	0.027%	$      592,450
	(Cost $592,450)
	TOTAL INVESTMENTS – 99.2% (Cost $84,218,989)		$ 82,143,719
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.8%		697,907
	NET ASSETS – 100.0%		$ 82,841,626

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(b)	All or a portion of security is on loan.
(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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 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	18		12/18/2020	$	1,353,960	$	13,467

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.6%
	Automobiles & Components – 2.7%
	33,469	Aptiv plc	$       3,068,438
	17,815	Tesla, Inc.*	7,642,813
			10,711,251
	Capital Goods – 1.4%
	12,301	Boeing Co. (The)	2,032,863
	16,252	Deere & Co.	3,601,931
			5,634,794
	Commercial & Professional Services – 0.8%
	17,310	Verisk Analytics, Inc.	3,207,716
	Consumer Durables & Apparel – 2.9%
	8,822	Lululemon Athletica, Inc.*	2,905,702
	56,601	NIKE, Inc. Class B	7,105,689
	22,559	PVH Corp.	1,345,419
			11,356,810
	Consumer Services – 2.3%
	25,932	Chegg, Inc.*	1,852,582
	35,605	Las Vegas Sands Corp.	1,661,329
	26,173	McDonald’s Corp.	5,744,712
			9,258,623
	Diversified Financials – 1.6%
	17,702	Cboe Global Markets, Inc.	1,553,174
	51,244	Charles Schwab Corp. (The)	1,856,570
	28,822	Intercontinental Exchange, Inc.	2,883,641
			6,293,385
	Food & Staples Retailing – 0.8%
	23,953	Walmart, Inc.	3,351,264
	Food, Beverage & Tobacco – 3.0%
	94,099	Coca-Cola Co. (The)	4,645,667
	12,178	McCormick & Co., Inc. (Non-Voting)	2,363,750
	26,320	Mondelez International, Inc. Class A	1,512,084
	43,650	Monster Beverage Corp.*	3,500,730
			12,022,231
	Health Care Equipment & Services – 8.0%
	49,819	American Well Corp. Class A*	1,476,635
	139,963	Boston Scientific Corp.*	5,347,986
	17,593	Danaher Corp.	3,788,301
	19,488	Guardant Health, Inc.*	2,178,369
	9,941	Humana, Inc.	4,114,481
	10,865	Insulet Corp.*	2,570,550
	5,166	Intuitive Surgical, Inc.*	3,665,484
	6,486	UnitedHealth Group, Inc.	2,022,140
	9,437	Veeva Systems, Inc. Class A*	2,653,590
	13,856	West Pharmaceutical Services, Inc.	3,809,014
			31,626,550
	Household & Personal Products – 1.0%
	18,259	Estee Lauder Cos., Inc. (The) Class A	3,985,027

Shares		Description	Value
	Common Stocks – (continued)
	Materials – 2.3%
	11,780	Ecolab, Inc.	$       2,354,115
	9,401	Linde plc	2,238,660
	6,362	Martin Marietta Materials, Inc.	1,497,360
	4,091	Sherwin-Williams Co. (The)	2,850,364
			8,940,499
	Media & Entertainment – 12.5%
	8,369	Alphabet, Inc. Class A*	12,265,606
	5,126	Alphabet, Inc. Class C*	7,533,170
	74,634	Facebook, Inc. Class A*	19,546,645
	17,030	Netflix, Inc.*	8,515,511
	72,077	Snap, Inc. Class A*	1,881,930
			49,742,862
	Pharmaceuticals, Biotechnology & Life Sciences – 7.5%
	16,701	10X Genomics, Inc. Class A*	2,082,281
	50,861	Adaptive Biotechnologies Corp.*	2,473,370
	63,853	AstraZeneca plc ADR	3,499,144
	24,543	BioMarin Pharmaceutical, Inc.*	1,867,231
	67,112	Bristol-Myers Squibb Co.	4,046,183
	26,416	Eli Lilly and Co.	3,910,096
	12,017	Illumina, Inc.*	3,714,214
	3,825	Regeneron Pharmaceuticals, Inc.*	2,141,159
	15,371	Sarepta Therapeutics, Inc.*	2,158,550
	19,308	Seattle Genetics, Inc.*	3,778,383
			29,670,611
	Real Estate Investment Trusts – 2.0%
	17,860	American Tower Corp. (REIT)	4,317,298
	5,005	Equinix, Inc. (REIT)	3,804,450
			8,121,748
	Retailing – 6.7%
	6,619	Amazon.com, Inc.*	20,841,444
	34,036	Ross Stores, Inc.	3,176,240
	11,592	Ulta Beauty, Inc.*	2,596,376
			26,614,060
	Semiconductors & Semiconductor Equipment – 7.2%
	46,334	Marvell Technology Group Ltd.	1,839,460
	23,138	NVIDIA Corp.	12,522,748
	31,523	NXP Semiconductors NV	3,934,386
	88,661	QUALCOMM, Inc.	10,433,626
			28,730,220
	Software & Services – 26.7%
	23,722	Accenture plc Class A	5,360,935
	24,204	Adobe, Inc.*	11,870,368
	11,682	Atlassian Corp. plc Class A*	2,123,671
	32,575	Fidelity National Information Services, Inc.	4,795,366
	9,042	HubSpot, Inc.*	2,642,344
	33,267	Mastercard, Inc. Class A	11,249,901
	118,657	Microsoft Corp.	24,957,127
	50,019	PayPal Holdings, Inc.*	9,855,243
	18,932	salesforce.com, Inc.*	4,757,990
	12,050	ServiceNow, Inc.*	5,844,250
	7,801	Snowflake, Inc. Class A*(a)	1,958,051
	63,762	Visa, Inc. Class A	12,750,487

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	36,816	Workday, Inc. Class A*	$    7,920,226
			106,085,959
	Technology Hardware & Equipment – 8.6%
	35,531	Amphenol Corp. Class A	3,846,941
	261,828	Apple, Inc.	30,322,301
			34,169,242
	Transportation – 1.6%
	26,413	CSX Corp.	2,051,498
	20,800	Union Pacific Corp.	4,094,896
			6,146,394
	TOTAL COMMON STOCKS (Cost $198,402,641)		$395,669,246

Shares	Dividend Rate	Value
Investment Company(b) – 0.6%
Goldman Sachs Financial Square Government Fund — Institutional Shares
2,187,317	0.027%	$    2,187,317
(Cost $2,187,317)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $200,589,958)		$397,856,563
Securities Lending Reinvestment Vehicle(b) – 0.5%
Goldman Sachs Financial Square Government Fund — Institutional Shares
2,041,311	0.027%	$    2,041,311
(Cost $2,041,311)
TOTAL INVESTMENTS – 100.7% (Cost $202,631,269)		$399,897,874
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.7)%		(2,634,119)
NET ASSETS – 100.0%		$397,263,755

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

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

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

Schedule of Investments

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.8%
	Automobiles & Components – 0.4%
	29,981	General Motors Co.	$       887,138
	3,038	Thor Industries, Inc.	289,400
			1,176,538
	Banks – 3.1%
	89,328	Bank of America Corp.	2,151,912
	67,961	Citigroup, Inc.	2,929,799
	9,518	JPMorgan Chase & Co.	916,298
	14,979	Popular, Inc.	543,288
	106,865	Wells Fargo & Co.	2,512,396
	7,884	Western Alliance Bancorp	249,292
			9,302,985
	Capital Goods – 1.9%
	2,835	Allegion plc	280,410
	9,146	AMETEK, Inc.	909,112
	842	Lennox International, Inc.	229,538
	57,432	Masco Corp.	3,166,226
	1,207	PACCAR, Inc.	102,933
	2,605	Parker-Hannifin Corp.	527,096
	1,705	Teledyne Technologies, Inc.*	528,908
			5,744,223
	Commercial & Professional Services – 0.3%
	12,431	TransUnion	1,045,820
	Consumer Durables & Apparel – 1.2%
	23,620	DR Horton, Inc.	1,786,381
	5,335	NIKE, Inc. Class B	669,756
	26,332	PulteGroup, Inc.	1,218,908
			3,675,045
	Consumer Services – 1.8%
	2,629	Chipotle Mexican Grill, Inc.*	3,269,714
	4,668	Domino’s Pizza, Inc.	1,985,207
	13,184	H&R Block, Inc.	214,767
			5,469,688
	Diversified Financials – 5.2%
	19,228	Bank of New York Mellon Corp. (The)	660,289
	7,284	Berkshire Hathaway, Inc. Class B*	1,551,055
	21,728	CME Group, Inc.	3,635,312
	1,176	MarketAxess Holdings, Inc.	566,350
	11,224	S&P Global, Inc.	4,047,374
	14,047	Starwood Property Trust, Inc. (REIT)	211,969
	102,228	Synchrony Financial	2,675,307
	50,628	Voya Financial, Inc.	2,426,600
			15,774,256
	Energy – 0.5%
	60,426	Schlumberger NV	940,229
	65,832	TechnipFMC plc	415,400
	7,323	Valero Energy Corp.	317,232
			1,672,861
	Food & Staples Retailing – 3.3%
	13,617	Costco Wholesale Corp.	4,834,035

Shares		Description	Value
	Common Stocks – (continued)
	Food & Staples Retailing – (continued)
	37,088	Walmart, Inc.	$    5,188,982
			10,023,017
	Food, Beverage & Tobacco – 1.8%
	3,049	Archer-Daniels-Midland Co.	141,748
	8,830	Constellation Brands, Inc. Class A	1,673,373
	42,132	Monster Beverage Corp.*	3,378,987
	3,356	Tyson Foods, Inc. Class A	199,615
			5,393,723
	Health Care Equipment & Services – 8.0%
	14,399	Anthem, Inc.	3,867,427
	5,932	Cigna Corp.	1,004,940
	4,133	Cooper Cos., Inc. (The)	1,393,317
	28,431	Edwards Lifesciences Corp.*	2,269,362
	27,922	HCA Healthcare, Inc.	3,481,315
	24,284	Hologic, Inc.*	1,614,158
	4,321	Humana, Inc.	1,788,419
	1,907	McKesson Corp.	284,010
	23,001	Medtronic plc	2,390,264
	476	Quidel Corp.*	104,425
	1,334	STERIS plc	235,037
	327	UnitedHealth Group, Inc.	101,949
	22,972	Universal Health Services, Inc. Class B	2,458,463
	11,709	West Pharmaceutical Services, Inc.	3,218,804
			24,211,890
	Household & Personal Products – 0.3%
	2,695	Herbalife Nutrition Ltd.*	125,722
	5,474	Procter & Gamble Co. (The)	760,831
			886,553
	Insurance – 2.1%
	35,042	Allstate Corp. (The)	3,298,854
	6,698	American Financial Group, Inc.	448,632
	6,021	American International Group, Inc.	165,758
	6,300	Aon plc Class A	1,299,690
	14,817	Athene Holding Ltd. Class A*	504,963
	3,659	Fidelity National Financial, Inc.	114,563
	2,345	First American Financial Corp.	119,384
	2,233	Globe Life, Inc.	178,417
	7,212	Lincoln National Corp.	225,952
	808	Primerica, Inc.	91,417
			6,447,630
	Materials – 3.4%
	73,027	Axalta Coating Systems Ltd.*	1,619,009
	23,164	CF Industries Holdings, Inc.	711,366
	43,332	Corteva, Inc.	1,248,395
	13,073	Linde plc	3,113,073
	3,635	Mosaic Co. (The)	66,411
	5,163	Sherwin-Williams Co. (The)	3,597,269
			10,355,523
	Media & Entertainment – 12.0%
	31,847	Activision Blizzard, Inc.	2,578,015

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

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Media & Entertainment – (continued)
	2,946	Alphabet, Inc. Class A*	$    4,317,658
	4,697	Alphabet, Inc. Class C*	6,902,711
	7,069	Electronic Arts, Inc.*	921,868
	28,287	Facebook, Inc. Class A*	7,408,365
	7,900	Liberty Broadband Corp. Class C*	1,128,673
	5,434	Netflix, Inc.*	2,717,163
	4,512	Omnicom Group, Inc.	223,344
	28,667	Pinterest, Inc. Class A*	1,189,967
	6,071	Spotify Technology SA*	1,472,642
	15,395	Take-Two Interactive Software, Inc.*	2,543,562
	16,274	Walt Disney Co. (The)	2,019,278
	334,857	Zynga, Inc. Class A*	3,053,896
			36,477,142
	Pharmaceuticals, Biotechnology & Life Sciences – 8.1%
	37,324	AbbVie, Inc.	3,269,209
	14,178	Alexion Pharmaceuticals, Inc.*	1,622,389
	6,590	Biogen, Inc.*	1,869,451
	3,482	Bristol-Myers Squibb Co.	209,930
	13,429	Gilead Sciences, Inc.	848,579
	3,633	IQVIA Holdings, Inc.*	572,670
	29,582	Johnson & Johnson	4,404,168
	1,872	Mettler-Toledo International, Inc.*	1,807,884
	28,912	Mylan NV*	428,765
	7,665	PerkinElmer, Inc.	962,034
	2,165	Perrigo Co. plc	99,395
	1,470	Thermo Fisher Scientific, Inc.	649,034
	14,034	Vertex Pharmaceuticals, Inc.*	3,818,932
	24,289	Zoetis, Inc.	4,016,672
			24,579,112
	Real Estate Investment Trusts – 5.1%
	10,044	American Tower Corp.	2,427,936
	2,321	Apartment Investment and Management Co. Class A	78,264
	5,966	Camden Property Trust	530,855
	1,531	CoreSite Realty Corp.	182,005
	1,102	Duke Realty Corp.	40,664
	24,071	Equity LifeStyle Properties, Inc.	1,475,552
	11,871	First Industrial Realty Trust, Inc.	472,466
	101,002	Invitation Homes, Inc.	2,827,046
	1,807	Lamar Advertising Co. Class A	119,569
	5,345	Mid-America Apartment Communities, Inc.	619,753
	20,650	Prologis, Inc.	2,077,803
	11,058	SBA Communications Corp.	3,521,752
	6,117	Sun Communities, Inc.	860,111
	48,377	VEREIT, Inc.	314,451
			15,548,227
	Retailing – 10.3%
	5,252	Amazon.com, Inc.*	16,537,130
	20,984	Dick’s Sporting Goods, Inc.	1,214,554
	54,916	eBay, Inc.	2,861,124

Shares		Description	Value
	Common Stocks – (continued)
	Retailing – (continued)
	1,585	Etsy, Inc.*	$       192,784
	6,857	Home Depot, Inc. (The)	1,904,257
	27,286	Lowe’s Cos., Inc.	4,525,656
	24,898	Target Corp.	3,919,443
	1,213	Wayfair, Inc. Class A*	352,995
			31,507,943
	Semiconductors & Semiconductor Equipment – 4.0%
	6,444	Advanced Micro Devices, Inc.*	528,344
	6,442	Analog Devices, Inc.	752,039
	19,966	Applied Materials, Inc.	1,186,979
	22,558	Intel Corp.	1,168,053
	10,214	Lam Research Corp.	3,388,494
	1,094	NVIDIA Corp.	592,095
	31,400	Texas Instruments, Inc.	4,483,606
			12,099,610
	Software & Services – 14.9%
	11,577	Adobe, Inc.*	5,677,708
	5,950	Black Knight, Inc.*	517,947
	15,548	Fidelity National Information Services, Inc.	2,288,821
	198	FleetCor Technologies, Inc.*	47,144
	28,909	International Business Machines Corp.	3,517,358
	642	Mastercard, Inc. Class A	217,105
	92,472	Microsoft Corp.	19,449,636
	25,543	Oracle Corp.	1,524,917
	28,591	PayPal Holdings, Inc.*	5,633,285
	4,609	salesforce.com, Inc.*	1,158,334
	1,594	ServiceNow, Inc.*	773,090
	13,454	VeriSign, Inc.*	2,756,052
	3,454	Visa, Inc. Class A	690,696
	5,844	Workday, Inc. Class A*	1,257,220
			45,509,313
	Technology Hardware & Equipment – 6.3%
	164,131	Apple, Inc.	19,008,011
	744	SYNNEX Corp.	104,205
			19,112,216
	Telecommunication Services – 0.4%
	57,206	Liberty Global plc Class C*	1,174,725
	Transportation – 3.8%
	7,892	FedEx Corp.	1,984,996
	17,764	Old Dominion Freight Line, Inc.	3,213,863
	11,042	Union Pacific Corp.	2,173,839
	25,823	United Parcel Service, Inc. Class B	4,302,886
			11,675,584
	Utilities – 0.6%
	1,581	Entergy Corp.	155,776
	2,212	Evergy, Inc.	112,413
	30,290	Public Service Enterprise Group, Inc.	1,663,224
	2,051	Vistra Corp.	38,682
			1,970,095

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

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

	Value
TOTAL INVESTMENTS – 98.8% (Cost $229,931,012)	$300,833,719
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.2%	3,531,863
NET ASSETS – 100.0%	$304,365,582

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.

Investment Abbreviation:
REIT	— Real Estate Investment Trust

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

Investment Valuation — The Funds’, Portfolio’s and underlying funds (“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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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 will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. 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 Fair 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.

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 and the Portfolio 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 the Portfolio 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

A forward foreign currency exchange contract is a forward contract in which a Fund 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 by using the outright forward rates or interpolating based upon maturity dates, where available. 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 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)

September 30, 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 September 30, 2020.

CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Bonds	$	—		$	30,027,783		$	—
Mortgage-Backed Securities		—			23,497,240			—
Collateralized Mortgage Obligations		—			602,673			—
Commercial Mortgage-Backed Securities		—			277,734			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		7,437,676			2,258,280			—
Asset-Backed Securities		—			3,128,215			—
Foreign Government Securities		—			943,042			—
Municipal Bonds		—			465,190			—
Investment Company		8,945,818			—			—
Total	$	16,383,494		$	61,200,157		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	29,642		$	—
Futures Contracts		19,182			—			—
Credit Default Swaps Contracts		—			13,089			—
Interest Rate Swap Contracts		—			25,313			—
Total	$	19,182		$	68,044		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(51,607	)	$	—
Futures Contracts(a)		(26,977	)		—			—
Credit Default Swaps Contracts(a)		—			(8,531	)		—
Interest Rate Swap Contracts(a)		—			(17,400	)		—
Written Options Contracts		—			(12,375	)		—
Total	$	(26,977	)	$	(89,913	)	$	—
EQUITY INDEX
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	774,138		$	—		$	—
North America		167,883,217			—			—
Securities Lending Reinvestment Vehicle		104,400			—			—
Total	$	168,761,755		$	—		$	—
Derivative Type
Assets(a)
Futures Contract	$	3,304		$	—		$	—
GLOBAL TRENDS ALLOCATION
Investment Type	Level 1			Level 2			Level 3
Assets
Exchange Traded Funds	$	91,186,546		$	—		$	—
Investment Companies		177,411,613			—			—
Total	$	268,598,159		$	—		$	—
Derivative Type
Assets(a)
Futures Contracts	$	953,939		$	—		$	—
Liabilities(a)
Futures Contracts	$	(1,135,044	)	$	—		$	—

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 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)
Europe	$	374,056		$	—	$	—
North America		71,859,416			—		—
South America		582,374			—		—
Investment Company		570,179			—		—
Total	$	73,386,025		$	—	$	—
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	$	22,767,004		$	1,501,003	$	—
Mortgage-Backed Securities		—			1,590,882		—
Collateralized Mortgage Obligations		—			18,798,768		—
Asset-Backed Securities		—			17,668,105		—
Supranational		—			1,531,191		—
Municipal Bond		—			94,419		—
Investment Company		7,704,538			—		—
Total	$	30,471,542		$	41,184,368	$	—
Derivative Type
Assets(b)
Futures Contracts	$	966		$	—	$	—
Interest Rate Swap Contracts		—			773		—
Total	$	966		$	773	$	—
Liabilities(b)
Futures Contracts	$	(12,622	)		—		—
INTERNATIONAL EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—		$	619,066	$	—
Asia		—			28,545,562		—
Australia and Oceania		948,183			7,098,744		—
Europe		1,693,386			46,066,593		—
Securities Lending Reinvestment Vehicle		542,340			—		—
Total	$	3,183,909		$	82,329,965	$	—
Derivative Type
Assets(b)
Futures Contracts	$	7,245		$	—	$	—
Liabilities(b)
Futures Contracts	$	(38,575	)	$	—	$	—
LARGE CAP VALUE
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	11,787,633		$	—	$	—
North America		401,573,848			—		—
Total	$	413,361,481		$	—	$	—
MID CAP VALUE
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	9,925,298		$	—	$	—
North America		384,134,782			—		—
Investment Company		3,657,379			—		—
Total	$	397,717,459		$	—	$	—

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

MULTI-STRATEGY ALTERNATIVES
Investment Type	Level 1			Level 2		Level 3
Assets
Equity Underlying Funds	$	6,995,950		$	—	$	—
Fixed Income Underlying Funds		13,511,415			—		—
Exchange Traded Fund		187,973			—		—
Investment Company		507,896			—		—
Total	$	21,203,234		$	—	$	—
Derivative Type
Assets
Futures Contracts(a)	$	7,411		$	—	$	—
Purchased Options Contracts		77,913			—		—
Total	$	85,324		$	—	$	—
Liabilities(a)
Futures Contracts	$	(4,583	)	$	—	$	—
SMALL CAP EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	187,732		$	—	$	—
North America		80,760,706			—		—
Investment Company		602,831			—		—
Securities Lending Reinvestment Vehicle		592,450			—		—
Total	$	82,143,719		$	—	$	—
Derivative Type
Assets(b)
Futures Contracts	$	13,467		$	—	$	—
STRATEGIC GROWTH
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	9,672,190		$	—	$	—
North America		385,997,056			—		—
Investment Company		2,187,317			—		—
Securities Lending Reinvestment Vehicle		2,041,311			—		—
Total	$	399,897,874		$	—	$	—
U.S. EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	4,703,198		$	—	$	—
North America		296,130,521			—		—
Total	$	300,833,719		$	—	$	—

(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, Global Trends Allocation, International Equity Insights, Small Cap Equity Insights and U.S. Equity Insights Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ and the Portfolio’s securities lending procedures, the Funds and 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. 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, Global Trends Allocation, 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

Derivatives Risk — The Funds’ and the Portfolio’s 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 and the Portfolio. 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, Portfolio or an Underlying 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, Portfolio or an Underlying 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, Portfolio or an Underlying Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

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

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund and the Portfolio 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 and the Portfolio. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund, Portfolio or Underlying 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 or an Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s, Portfolio’s or an 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 or an Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in a Fund’s, Portfolio’s or the Underlying Fund’s expense ratio. Similarly, large Fund, Portfolio or Underlying Fund share purchases may adversely affect a Fund’s, Portfolio’s or an Underlying Fund’s performance to the extent that the Fund, Portfolio or the 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 an 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 and Portfolio’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s, Portfolio’s and Underlying Fund’s liquidity.

Market and Credit Risks — In the normal course of business, a Fund, Portfolio and an Underlying Fund trades financial instruments and enters 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 and/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 and/or Underlying Fund and its investments. Additionally, a Fund, Portfolio and/or 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 the Underlying Fund have 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.