GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – 37.2%
Automobiles & Components(a) – 0.1%
General Motors Co.
$	50,000		5.400	%	10/02/2023	$       55,419
	25,000		4.000		04/01/2025	27,236
						82,655
Banks – 9.4%
Ally Financial, Inc.(a)
	25,000		1.450		10/02/2023	25,371
American Express Co.(a)
	20,000		2.500		07/30/2024	21,138
	25,000		3.625		12/05/2024	27,279
American Express Co. Series C(a)(b)
	(3 Mo. LIBOR + 3.29%),
	40,000		3.469		06/15/2021	39,750
Avolon Holdings Funding Ltd.(a)(c)
	25,000		3.950		07/01/2024	26,130
	100,000		2.875		02/15/2025	100,086
	25,000		4.250		04/15/2026	26,154
Banco Santander SA
	200,000		2.746		05/28/2025	209,214
Bank of America Corp.
	75,000		4.125		01/22/2024	81,975
	65,000		4.200		08/26/2024	71,655
	45,000		3.248	(a)	10/21/2027	48,388
	(3 Mo. LIBOR + 1.58%),
	75,000		3.824	(a)(b)	01/20/2028	82,526
	(3 Mo. LIBOR + 1.37%),
	25,000		3.593	(a)(b)	07/21/2028	27,163
	(3 Mo. LIBOR + 1.04%),
	85,000		3.419	(a)(b)	12/20/2028	91,132
	(3 Mo. LIBOR + 1.31%),
	50,000		4.271	(a)(b)	07/23/2029	56,368
	(3 Mo. LIBOR + 1.19%),
	50,000		2.884	(a)(b)	10/22/2030	51,404
	(SOFR + 2.15%),
	175,000		2.592	(a)(b)	04/29/2031	174,448
	(SOFR + 1.53%),
	50,000		1.898	(a)(b)	07/23/2031	47,036
Bank of America Corp. Series L(a)
	25,000		4.183		11/25/2027	27,810
Barclays plc(a)(b)
	(SOFR + 2.71%),
	200,000		2.852		05/07/2026	209,195
BNP Paribas SA(c)
	200,000		3.375		01/09/2025	214,674
	(SOFR + 1.00%),
	200,000		1.323	(a)(b)	01/13/2027	195,783
Capital One Financial Corp.
	25,000		3.500		06/15/2023	26,591
	45,000		3.300	(a)	10/30/2024	48,522
Citigroup, Inc.
	220,000		3.400		05/01/2026	238,984
	150,000		4.450		09/29/2027	168,704
	25,000		4.125		07/25/2028	27,593
	(SOFR + 1.42%),
	75,000		2.976	(a)(b)	11/05/2030	77,570
Credit Suisse Group AG
	250,000		4.550		04/17/2026	279,870
Deutsche Bank AG(a)(b)
	(SOFR + 2.16%),
	150,000		2.222		09/18/2024	153,766
Discover Financial Services(a)
	75,000		3.750		03/04/2025	81,203

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Banks – (continued)
Fifth Third Bancorp(a)
$	30,000		2.375	%	01/28/2025	$       31,288
Gazprom PJSC
	240,000		4.950		03/23/2027	262,275
GE Capital International Funding Co. Unlimited Co.(a)
	200,000		3.373		11/15/2025	216,732
General Motors Financial Co., Inc.(a)
	25,000		4.300		07/13/2025	27,494
	125,000		2.350		01/08/2031	119,409
HSBC Holdings plc(a)(b)
	(SOFR + 1.54%),
	200,000		1.645		04/18/2026	200,191
Huntington Bancshares, Inc.(a)
	50,000		4.000		05/15/2025	55,416
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	198,999
Intercontinental Exchange, Inc.(a)
	50,000		3.000		06/15/2050	46,300
JPMorgan Chase & Co.(a)
	(3 Mo. LIBOR + 0.73%),
	25,000		3.559	(b)	04/23/2024	26,492
	(3 Mo. LIBOR + 0.89%),
	25,000		3.797	(b)	07/23/2024	26,775
	(3 Mo. LIBOR + 1.00%),
	50,000		4.023	(b)	12/05/2024	54,252
	(SOFR + 1.16%),
	125,000		2.301	(b)	10/15/2025	130,334
	(3 Mo. LIBOR + 1.25%),
	100,000		3.960	(b)	01/29/2027	110,555
	15,000		3.625		12/01/2027	16,293
	(3 Mo. LIBOR + 1.34%),
	75,000		3.782	(b)	02/01/2028	82,719
	(3 Mo. LIBOR + 0.95%),
	45,000		3.509	(b)	01/23/2029	48,731
	(SOFR + 3.79%),
	25,000		4.493	(b)	03/24/2031	28,838
	(SOFR + 2.04%),
	25,000		2.522	(b)	04/22/2031	24,921
	(SOFR + 2.52%),
	25,000		2.956	(b)	05/13/2031	25,445
JPMorgan Chase & Co. Series HH(a)(b)
	(SOFR + 3.13%),
	100,000		4.600		02/01/2025	101,039
JPMorgan Chase & Co. Series Z(a)(b)
	(3 Mo. LIBOR + 3.80%),
	85,000		4.005		05/01/2021	85,053
Macquarie Bank Ltd.(a)(b)(c)
	(US Treasury Yield Curve Rate T-Note Constant Maturity 5 Yr. + 1.70%),
	200,000		3.052		03/03/2036	191,466
Macquarie Group Ltd.(a)(b)(c)
	(SOFR + 1.07%),
	50,000		1.340		01/12/2027	49,052

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Banks – (continued)
Morgan Stanley
	(3 Mo. LIBOR + 1.40%),
$	50,000		1.618	%(a)(b)	10/24/2023	$       50,892
	(3 Mo. LIBOR + 0.85%),
	25,000		3.737	(a)(b)	04/24/2024	26,568
	225,000		3.700	(a)	10/23/2024	246,460
	(SOFR + 1.15%),
	75,000		2.720	(a)(b)	07/22/2025	79,100
	25,000		3.625	(a)	01/20/2027	27,450
	50,000		3.950		04/23/2027	55,182
	(3 Mo. LIBOR + 1.63%),
	25,000		4.431	(a)(b)	01/23/2030	28,627
	(SOFR + 1.14%),
	300,000		2.699	(a)(b)	01/22/2031	304,320
	(SOFR + 3.12%),
	50,000		3.622	(a)(b)	04/01/2031	54,211
	(SOFR + 1.03%),
	75,000		1.794	(a)(b)	02/13/2032	70,017
Morgan Stanley Series F(a)
	25,000		3.875		04/29/2024	27,308
Natwest Group plc
	200,000		3.875		09/12/2023	214,481
NTT Finance Corp.(a)(c)
	200,000		2.065		04/03/2031	197,386
Nuveen LLC(a)(c)
	25,000		4.000		11/01/2028	28,154
Raymond James Financial, Inc.(a)
	25,000		4.650		04/01/2030	29,187
Standard Chartered plc(a)(b)(c)
	(3 Mo. LIBOR + 1.15%),
	200,000		4.247		01/20/2023	205,538
Wells Fargo & Co.
	25,000		3.750	(a)	01/24/2024	27,033
	175,000		3.000		10/23/2026	187,242
	50,000		4.300		07/22/2027	56,530
	(3 Mo. LIBOR + 4.24%),
	25,000		5.013	(a)(b)	04/04/2051	32,035
Westpac Banking Corp.(a)(b)
	(5 Yr. Swap Rate + 2.24%),
	25,000		4.322		11/23/2031	27,580
	(US Treasury Yield Curve Rate T-Note Constant Maturity 5 Yr. + 2.00%),
	25,000		4.110		07/24/2034	26,713
						7,119,565
Capital Goods(a) – 2.2%
Air Lease Corp.
	75,000		2.300		02/01/2025	76,567
	75,000		3.375		07/01/2025	79,256
	75,000		2.875		01/15/2026	77,624
	75,000		3.750		06/01/2026	80,104
Aviation Capital Group LLC(c)
	50,000		1.950		01/30/2026	48,720
Boeing Co. (The)
	50,000		3.450		11/01/2028	51,727
	25,000		5.150		05/01/2030	28,791
	25,000		3.250		02/01/2035	24,179
	100,000		5.805		05/01/2050	126,495
Carrier Global Corp.
	150,000		2.493		02/15/2027	155,231
	75,000		2.722		02/15/2030	75,705

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Capital Goods(a) – (continued)
General Electric Co.
$	25,000		3.450	%	05/01/2027	$       27,150
	25,000		3.625		05/01/2030	26,913
	25,000		4.250		05/01/2040	27,465
	50,000		4.350		05/01/2050	55,550
Masco Corp.
	50,000		1.500		02/15/2028	48,095
Northrop Grumman Corp.
	50,000		2.930		01/15/2025	53,242
	75,000		3.250		01/15/2028	80,325
	25,000		4.750		06/01/2043	30,191
	50,000		5.250		05/01/2050	65,190
Otis Worldwide Corp.
	25,000		2.293		04/05/2027	25,665
	150,000		2.565		02/15/2030	151,018
Raytheon Technologies Corp.
	50,000		3.950		08/16/2025	55,569
	50,000		4.125		11/16/2028	56,290
	25,000		4.050		05/04/2047	27,788
Roper Technologies, Inc.
	50,000		4.200		09/15/2028	56,361
Stanley Black & Decker, Inc.
	50,000		4.250		11/15/2028	57,334
						1,668,545
Commercial & Professional Services(a) – 0.6%
CoStar Group, Inc. (c)
	100,000		2.800		07/15/2030	97,359
IHS Markit Ltd.
	75,000		3.625		05/01/2024	80,625
	75,000		4.250		05/01/2029	84,281
Republic Services, Inc.
	75,000		2.500		08/15/2024	78,949
	100,000		1.750		02/15/2032	92,979
Waste Management, Inc.
	50,000		1.150		03/15/2028	47,368
						481,561
Consumer Services(a) – 0.3%
Emory University Series 2020
	140,000		2.143		09/01/2030	138,316
McDonald’s Corp.
	25,000		4.200		04/01/2050	28,494
Starbucks Corp.
	75,000		3.800		08/15/2025	82,763
						249,573
Electric – 2.2%
Alliant Energy Finance LLC(a)(c)
	25,000		3.750		06/15/2023	26,574
American Electric Power Co., Inc.(a)
	50,000		2.300		03/01/2030	48,737
Arizona Public Service Co.(a)
	45,000		2.950		09/15/2027	48,429
Avangrid, Inc.(a)
	25,000		3.200		04/15/2025	26,794
Berkshire Hathaway Energy Co.(a)
	25,000		3.250		04/15/2028	27,038
	50,000		3.700		07/15/2030	55,407
Dominion Energy, Inc.
	50,000		3.071		08/15/2024	53,353
Dominion Energy, Inc. Series C(a)
	25,000		3.375		04/01/2030	26,632

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Electric – (continued)
East Ohio Gas Co. (The)(a)(c)
$	25,000		1.300	%	06/15/2025	$       24,931
	25,000		2.000		06/15/2030	24,082
Emera US Finance LP(a)
	45,000		2.700		06/15/2021	45,111
Entergy Corp.(a)
	45,000		2.950		09/01/2026	47,964
Exelon Corp.(a)
	45,000		3.497		06/01/2022	46,411
	50,000		4.050		04/15/2030	55,598
	25,000		4.700		04/15/2050	29,979
FirstEnergy Corp.(a)
	100,000		2.650		03/01/2030	96,861
FirstEnergy Corp. Series B(a)
	50,000		2.250		09/01/2030	46,109
Florida Power & Light Co.(a)
	68,000		4.125		02/01/2042	78,361
MidAmerican Energy Co.(a)
	25,000		3.650		04/15/2029	27,760
NiSource, Inc.(a)
	95,000		3.490		05/15/2027	103,199
	25,000		3.600		05/01/2030	27,102
NRG Energy, Inc.(a)(c)
	75,000		3.750		06/15/2024	80,360
Ohio Power Co. Series P(a)
	25,000		2.600		04/01/2030	25,447
Pacific Gas and Electric Co.(a)
	25,000		2.100		08/01/2027	24,473
	50,000		2.500		02/01/2031	47,156
	25,000		3.300		08/01/2040	22,541
	25,000		3.500		08/01/2050	21,757
Progress Energy, Inc.(a)
	95,000		7.000		10/30/2031	128,259
Southern California Edison Co. Series A(a)
	50,000		4.200		03/01/2029	55,712
Southern Co. (The)(a)
	60,000		3.250		07/01/2026	64,242
Virginia Electric and Power Co.(a)
	75,000		2.450		12/15/2050	64,450
Vistra Operations Co. LLC(a)(c)
	125,000		3.550		07/15/2024	130,748
						1,631,577
Energy(a) – 1.7%
BP Capital Markets America, Inc.
	50,000		3.224		04/14/2024	53,654
Continental Resources, Inc.
	31,000		4.500		04/15/2023	31,969
Devon Energy Corp.
	29,000		5.850		12/15/2025	33,821
Energy Transfer Operating LP
	75,000		4.200		09/15/2023	80,350
	50,000		2.900		05/15/2025	52,106
	25,000		5.250		04/15/2029	28,498
	5,000		6.000		06/15/2048	5,707
EQM Midstream Partners LP
	9,000		4.750		07/15/2023	9,315
	25,000		5.500		07/15/2028	26,187
Marathon Petroleum Corp.
	75,000		4.500		05/01/2023	80,458
MPLX LP
	75,000		2.650		08/15/2030	73,549
	35,000		4.500		04/15/2038	38,232
	25,000		5.500		02/15/2049	29,794

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Energy(a) – (continued)
Occidental Petroleum Corp.
$	100,000		2.900	%	08/15/2024	$       98,625
Ovintiv Exploration, Inc.
	50,000		5.625		07/01/2024	54,926
Phillips 66
	50,000		3.700		04/06/2023	53,009
	25,000		1.300		02/15/2026	24,749
Plains All American Pipeline LP
	15,000		3.650		06/01/2022	15,359
	35,000		3.850		10/15/2023	37,066
	25,000		3.800		09/15/2030	25,468
Sabine Pass Liquefaction LLC
	75,000		5.625		03/01/2025	85,814
	75,000		5.000		03/15/2027	85,499
Suncor Energy, Inc.
	25,000		2.800		05/15/2023	26,121
	50,000		3.100		05/15/2025	53,394
Valero Energy Corp.
	50,000		2.700		04/15/2023	51,916
Western Midstream Operating LP
	75,000		4.350		02/01/2025	77,437
	25,000		5.450		04/01/2044	25,625
	20,000		5.300		03/01/2048	20,000
						1,278,648
Food & Beverage(a) – 1.4%
Anheuser-Busch Cos. LLC
	35,000		4.700		02/01/2036	41,043
	210,000		4.900		02/01/2046	249,580
Anheuser-Busch InBev Worldwide, Inc.
	175,000		4.750		01/23/2029	204,484
	25,000		4.950		01/15/2042	29,975
	100,000		4.600		04/15/2048	114,649
	25,000		5.550		01/23/2049	32,240
	25,000		4.500		06/01/2050	28,439
Constellation Brands, Inc.
	50,000		4.400		11/15/2025	56,387
	25,000		3.700		12/06/2026	27,456
	50,000		3.600		02/15/2028	54,430
	25,000		3.150		08/01/2029	26,188
J M Smucker Co. (The)
	25,000		2.375		03/15/2030	24,654
Keurig Dr Pepper, Inc.
	26,000		4.057		05/25/2023	27,891
	25,000		5.085		05/25/2048	31,343
	25,000		3.800		05/01/2050	26,596
Mars, Inc.(c)
	25,000		2.700		04/01/2025	26,483
	25,000		3.200		04/01/2030	26,770
Tyson Foods, Inc.
	50,000		3.900		09/28/2023	53,917
						1,082,525
Health Care Equipment & Services(a) – 1.9%
Adventist Health System
	30,000		2.952		03/01/2029	30,999
Banner Health
	120,000		2.338		01/01/2030	120,288
Baylor Scott & White Holdings Series 2021
	40,000		1.777		11/15/2030	38,037

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Health Care Equipment & Services(a) – (continued)
Becton Dickinson and Co.
$	39,000		2.894	%	06/06/2022	$       40,015
	25,000		3.363		06/06/2024	26,804
	40,000		3.700		06/06/2027	44,088
	100,000		2.823		05/20/2030	102,635
Centene Corp.
	150,000		4.250		12/15/2027	157,666
Cigna Corp.
	50,000		2.400		03/15/2030	49,528
	150,000		3.400		03/15/2050	148,469
CVS Health Corp.
	25,000		2.625		08/15/2024	26,376
	50,000		3.875		07/20/2025	55,261
	25,000		5.125		07/20/2045	30,728
Dentsply Sirona, Inc.
	50,000		3.250		06/01/2030	52,231
PeaceHealth Obligated Group Series 2020
	65,000		1.375		11/15/2025	64,837
Rush Obligated Group Series 2020
	60,000		3.922		11/15/2029	66,861
Stanford Health Care Series 2020
	40,000		3.310		08/15/2030	43,229
STERIS Irish FinCo. UnLtd Co.
	75,000		2.700		03/15/2031	74,388
Stryker Corp.
	100,000		1.950		06/15/2030	96,650
Sutter Health Series 20A
	40,000		2.294		08/15/2030	39,264
Zimmer Biomet Holdings, Inc.
	100,000		3.550		03/20/2030	107,042
						1,415,396
Household & Personal Products(a) – 0.0%
Kimberly-Clark Corp.
	25,000		3.100		03/26/2030	26,939
Life Insurance(a) – 0.7%
American International Group, Inc.
	25,000		4.875		06/01/2022	26,249
	125,000		3.900		04/01/2026	137,981
	25,000		4.200		04/01/2028	28,106
	25,000		3.400		06/30/2030	26,598
Berkshire Hathaway Finance Corp.
	75,000		1.850		03/12/2030	73,150
Marsh & McLennan Cos., Inc.
	50,000		4.375		03/15/2029	57,377
Principal Financial Group, Inc.
	50,000		3.100		11/15/2026	53,894
	75,000		2.125		06/15/2030	72,280
Willis North America, Inc.
	25,000		2.950		09/15/2029	25,948
						501,583
Materials(a) – 0.8%
Berry Global, Inc.(c)
	50,000		1.570		01/15/2026	49,223
DuPont de Nemours, Inc.
	25,000		4.205		11/15/2023	27,139
	50,000		4.493		11/15/2025	56,588
Ecolab, Inc.
	4,000		5.500		12/08/2041	5,236
Huntsman International LLC
	25,000		4.500		05/01/2029	27,591

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Materials(a) – (continued)
Nutrition & Biosciences, Inc.(c)
$	75,000		1.832	%	10/15/2027	$     73,388
	150,000		2.300		11/01/2030	145,414
	50,000		3.268		11/15/2040	49,177
Sherwin-Williams Co. (The)
	25,000		3.450		06/01/2027	27,253
	50,000		2.950		08/15/2029	52,069
Steel Dynamics, Inc.
	20,000		2.400		06/15/2025	20,863
	50,000		1.650		10/15/2027	49,021
						582,962
Media & Entertainment(a) – 1.6%
Charter Communications Operating LLC
	320,000		4.908		07/23/2025	363,159
Comcast Corp.
	25,000		3.700		04/15/2024	27,279
	25,000		3.100		04/01/2025	26,973
	45,000		3.375		08/15/2025	49,036
	50,000		3.950		10/15/2025	55,861
	25,000		3.300		02/01/2027	27,264
	75,000		3.300		04/01/2027	81,856
	225,000		3.150		02/15/2028	242,915
	125,000		4.150		10/15/2028	142,948
	25,000		4.250		10/15/2030	28,843
	25,000		3.750		04/01/2040	27,451
	25,000		4.700		10/15/2048	30,890
Fox Corp.
	25,000		4.030		01/25/2024	27,152
	25,000		4.709		01/25/2029	28,818
Walt Disney Co. (The)
	25,000		3.700		09/15/2024	27,357
						1,187,802
Metals and Mining(a) – 0.3%
Glencore Funding LLC(c)
	75,000		4.125		03/12/2024	81,195
	25,000		4.625		04/29/2024	27,567
Newcrest Finance Pty. Ltd.(c)
	25,000		3.250		05/13/2030	26,218
Newmont Corp.
	75,000		2.250		10/01/2030	73,056
Teck Resources Ltd.
	25,000		3.900		07/15/2030	26,111
						234,147
Pharmaceuticals, Biotechnology & Life Sciences(a) – 1.9%
AbbVie, Inc.
	125,000		4.050		11/21/2039	139,345
	200,000		4.250		11/21/2049	226,393
Amgen, Inc.
	70,000		3.125		05/01/2025	75,098
Bayer US Finance II LLC(c)
	200,000		3.875		12/15/2023	215,596
Bristol-Myers Squibb Co.
	71,000		3.875		08/15/2025	78,919
	25,000		4.250		10/26/2049	29,449
DH Europe Finance II Sarl
	75,000		2.200		11/15/2024	78,209
	25,000		2.600		11/15/2029	25,546
	75,000		3.250		11/15/2039	76,559
Elanco Animal Health, Inc.
	50,000		4.912		08/27/2021	50,589
	25,000		5.272		08/28/2023	26,903

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021 (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	$       82,314
	25,000		2.625			04/01/2030	25,928
Royalty Pharma plc(c)
	75,000		1.200			09/02/2025	73,634
Thermo Fisher Scientific, Inc.
	15,000		3.650			12/15/2025	16,458
	25,000		4.497			03/25/2030	29,176
Zoetis, Inc.
	45,000		3.000			09/12/2027	48,091
	150,000		2.000			05/15/2030	144,249
							1,442,456
Pipelines(a) – 0.1%
Sunoco Logistics Partners Operations LP
	15,000		4.250			04/01/2024	16,208
Williams Cos., Inc. (The)
	25,000		3.600			03/15/2022	25,597
	25,000		3.900			01/15/2025	27,096
	35,000		4.000			09/15/2025	38,416
							107,317
Property/Casualty Insurance(a) – 0.1%
Arch Capital Group US, Inc.
	36,000		5.144			11/01/2043	44,041
XLIT Ltd.
	45,000		4.450			03/31/2025	50,170
							94,211
Real Estate Investment Trusts(a) – 2.1%
Alexandria Real Estate Equities, Inc.
	25,000		3.800			04/15/2026	27,623
	25,000		3.375			08/15/2031	26,364
American Campus Communities Operating Partnership LP
	95,000		4.125			07/01/2024	103,849
American Homes 4 Rent LP
	50,000		4.900			02/15/2029	57,144
American Tower Corp.
	75,000		3.375			05/15/2024	80,413
	100,000		2.400			03/15/2025	104,264
	75,000		2.100			06/15/2030	71,661
Crown Castle International Corp.
	85,000		3.150			07/15/2023	89,776
	60,000		3.650			09/01/2027	65,593
	25,000		3.300			07/01/2030	26,127
CubeSmart LP
	45,000		4.000			11/15/2025	49,528
Duke Realty LP
	25,000		1.750			07/01/2030	23,341
Essex Portfolio LP
	50,000		3.000			01/15/2030	51,200
Healthcare Realty Trust, Inc.
	25,000		2.050			03/15/2031	23,494
Kilroy Realty LP
	25,000		4.750			12/15/2028	28,281
Mid-America Apartments LP
	50,000		1.700			02/15/2031	45,970
National Retail Properties, Inc.
	35,000		3.900			06/15/2024	38,030
	45,000		4.000			11/15/2025	49,443
Regency Centers LP
	100,000		2.950			09/15/2029	101,812

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Bonds – (continued)
Real Estate Investment Trusts(a) – (continued)
Spirit Realty LP
$	75,000		3.400	%		01/15/2030	$       77,595
UDR, Inc.
	25,000		2.100			08/01/2032	23,283
	100,000		1.900			03/15/2033	90,573
Ventas Realty LP
	45,000		3.500			02/01/2025	48,619
VEREIT Operating Partnership LP
	50,000		4.625			11/01/2025	56,460
	25,000		3.950			08/15/2027	27,463
	25,000		3.400			01/15/2028	26,422
	50,000		2.850			12/15/2032	48,465
WP Carey, Inc.
	20,000		4.600			04/01/2024	22,005
	30,000		4.000			02/01/2025	32,560
	25,000		3.850			07/15/2029	26,949
	25,000		2.400			02/01/2031	23,991
							1,568,298
Retailing(a) – 1.7%
7-Eleven, Inc.(c)
	100,000		1.300			02/10/2028	95,666
Alimentation Couche-Tard, Inc.(c)
	45,000		2.700			07/26/2022	46,214
Amazon.com, Inc.
	335,000		5.200			12/03/2025	394,211
	45,000		4.800			12/05/2034	56,830
	15,000		3.875			08/22/2037	17,116
Booking Holdings, Inc.
	25,000		4.100			04/13/2025	27,900
Dollar Tree, Inc.
	50,000		4.000			05/15/2025	55,204
	50,000		4.200			05/15/2028	56,162
Expedia Group, Inc.(c)
	50,000		3.600			12/15/2023	53,093
	25,000		4.625			08/01/2027	27,790
	35,000		3.800			02/15/2028	36,976
	50,000		2.950			03/15/2031	49,280
Home Depot, Inc. (The)
	25,000		3.900			12/06/2028	28,628
	25,000		4.250			04/01/2046	29,419
Lowe’s Cos., Inc.
	100,000		1.700			10/15/2030	93,571
	25,000		3.000			10/15/2050	23,349
Sysco Corp.
	25,000		6.600			04/01/2050	36,201
Tractor Supply Co.
	50,000		1.750			11/01/2030	46,357
Walgreens Boots Alliance, Inc.
	100,000		4.100			04/15/2050	101,775
							1,275,742
Software & Services(a) – 1.5%
Adobe, Inc.
	50,000		2.150			02/01/2027	51,632
	75,000		2.300			02/01/2030	75,998
Amdocs Ltd.
	50,000		2.538			06/15/2030	49,039
Fiserv, Inc.
	100,000		2.750			07/01/2024	105,717
	50,000		3.200			07/01/2026	53,919
	25,000		4.200			10/01/2028	28,161

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021 (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	$       52,528
	25,000		3.200		08/15/2029	26,326
Intuit, Inc.
	25,000		1.350		07/15/2027	24,526
Mastercard, Inc.
	25,000		3.300		03/26/2027	27,490
Oracle Corp.
	125,000		2.875		03/25/2031	127,252
	25,000		3.600		04/01/2040	25,137
	50,000		3.850		04/01/2060	49,121
PayPal Holdings, Inc.
	150,000		1.650		06/01/2025	152,871
	125,000		2.650		10/01/2026	132,296
ServiceNow, Inc.
	125,000		1.400		09/01/2030	113,002
						1,095,015
Technology(a) – 2.5%
Apple, Inc.
	325,000		2.450		08/04/2026	342,679
Applied Materials, Inc.
	25,000		1.750		06/01/2030	24,029
Broadcom Corp.
	95,000		3.875		01/15/2027	103,073
Broadcom, Inc.
	104,000		3.459		09/15/2026	111,653
	200,000		3.419	(c)	04/15/2033	200,573
	255,000		3.469	(c)	04/15/2034	255,872
	100,000		3.500	(c)	02/15/2041	95,801
Dell International LLC(c)
	70,000		5.450		06/15/2023	76,500
	75,000		5.850		07/15/2025	87,458
	100,000		6.020		06/15/2026	118,327
	25,000		5.300		10/01/2029	29,233
Hewlett Packard Enterprise Co.
	150,000		4.450		10/02/2023	163,071
	50,000		4.650		10/01/2024	55,929
	45,000		4.900		10/15/2025	51,294
	25,000		6.350		10/15/2045	32,634
Lam Research Corp.
	50,000		1.900		06/15/2030	48,549
Microchip Technology, Inc.
	25,000		3.922		06/01/2021	25,134
NXP BV(c)
	25,000		3.400		05/01/2030	26,368
						1,848,177
Tobacco(a) – 0.2%
Archer-Daniels-Midland Co.
	25,000		3.250		03/27/2030	26,821
BAT Capital Corp.
	25,000		3.222		08/15/2024	26,642
	100,000		2.259		03/25/2028	98,351
	25,000		4.540		08/15/2047	25,202
						177,016
Transportation(a) – 0.3%
Burlington Northern Santa Fe LLC
	25,000		4.050		06/15/2048	28,104
Canadian Pacific Railway Co.
	25,000		2.050		03/05/2030	24,168

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Transportation(a) – (continued)
FedEx Corp.
$	45,000		3.400	%	02/15/2028	$       48,962
	75,000		5.250		05/15/2050	96,213
						197,447
Wireless Telecommunications(a) – 3.6%
American Tower Corp.
	45,000		4.700		03/15/2022	46,816
AT&T, Inc.
	300,000		2.300		06/01/2027	305,856
	150,000		4.350		03/01/2029	169,536
	50,000		2.750		06/01/2031	49,811
	128,000		2.550	(c)	12/01/2033	121,496
	25,000		4.900		08/15/2037	29,442
	60,000		4.850		03/01/2039	69,724
	75,000		3.500		06/01/2041	74,126
	25,000		4.750		05/15/2046	28,667
	25,000		5.150		11/15/2046	30,358
	25,000		4.500		03/09/2048	27,436
T-Mobile USA, Inc.(c)
	75,000		3.500		04/15/2025	80,898
	75,000		1.500		02/15/2026	74,285
	150,000		3.750		04/15/2027	163,854
	175,000		2.050		02/15/2028	171,657
	125,000		3.875		04/15/2030	135,638
	50,000		3.000		02/15/2041	46,530
Verizon Communications, Inc.
	25,000		3.376		02/15/2025	27,117
	25,000		2.625		08/15/2026	26,401
	275,000		2.100		03/22/2028	275,891
	145,000		4.329		09/21/2028	166,023
	200,000		3.875		02/08/2029	223,378
	50,000		3.150		03/22/2030	52,684
	125,000		2.550		03/21/2031	124,836
	100,000		4.862		08/21/2046	120,483
	9,000		5.012		04/15/2049	11,116
	90,000		2.987	(c)	10/30/2056	79,176
						2,733,235
TOTAL CORPORATE BONDS (Cost $27,048,615)						$28,082,392
Mortgage-Backed Securities – 31.2%
FHLMC – 0.0%
$	1,841		4.500	%	07/01/2024	$         1,933
	9,996		4.500		11/01/2024	10,529
	1,850		4.500		12/01/2024	1,952
	5,364		7.500		12/01/2029	6,268
	1,552		5.000		10/01/2033	1,760
	2,288		5.000		07/01/2035	2,612
	3,265		5.000		12/01/2035	3,721
	654		5.000		03/01/2038	748
	1,604		5.000		06/01/2041	1,847
						31,370
GNMA – 18.9%
	853		7.000		10/15/2025	867
	4,355		7.000		11/15/2025	4,647
	498		7.000		02/15/2026	507
	2,057		7.000		04/15/2026	2,182
	2,209		7.000		03/15/2027	2,376
	11,342		7.000		11/15/2027	11,721
	5,462		7.000		02/15/2028	5,890

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Securities – (continued)
GNMA – (continued)
$	1,328		7.000	%		03/15/2028		$         1,367
	740		7.000			04/15/2028		761
	98		7.000			05/15/2028		107
	2,151		7.000			06/15/2028		2,346
	3,229		7.000			07/15/2028		3,523
	8,563		7.000			09/15/2028		9,313
	71,979		6.000			08/20/2034		83,017
	62,601		5.000			06/15/2040		69,390
	295,520		4.000			08/20/2043		326,544
	127,248		4.000			10/20/2045		139,692
	414,710		3.500			04/20/2047		441,535
	542,984		3.500			12/20/2047		578,106
	93,561		5.000			08/20/2048		102,231
	287,364		4.500			09/20/2048		311,946
	339,651		5.000			10/20/2048		370,967
	971,407		5.000			11/20/2048		1,060,970
	120,035		5.000			12/20/2048		131,027
	712,469		4.500			01/20/2049		770,687
	97,650		4.500			03/20/2049		105,568
	666,438		4.500			10/20/2049		721,810
	714,459		4.500			03/20/2050		770,887
	1,000,000		2.500			TBA-30yr	(d)	1,031,450
	3,000,000		2.000			TBA-30yr	(d)	3,022,675
	2,000,000		2.500			TBA-30yr	(d)	2,058,915
	2,000,000		3.000			TBA-30yr	(d)	2,083,279
								14,226,303
UMBS – 8.3%
	7,662		5.500			09/01/2023		7,922
	2,368		5.500			10/01/2023		2,450
	761		4.500			07/01/2024		799
	22,359		4.500			11/01/2024		23,514
	10,901		4.500			12/01/2024		11,474
	4,047		9.000			11/01/2025		4,418
	21,066		7.000			08/01/2026		23,486
	7,456		8.000			10/01/2029		8,586
	1,017		8.500			04/01/2030		1,208
	1,910		8.000			05/01/2030		2,070
	5,390		8.000			08/01/2032		6,335
	6,444		4.500			08/01/2039		7,167
	30,419		3.000			01/01/2043		32,740
	132,185		3.000			03/01/2043		142,269
	182,750		3.000			04/01/2043		196,732
	133,111		3.000			05/01/2043		143,432
	396,150		4.500			04/01/2045		448,128
	46,267		4.500			05/01/2045		52,366
	249,858		4.000			02/01/2048		272,616
	310,264		4.000			03/01/2048		338,330
	25,397		4.000			07/01/2048		27,831
	786,998		4.500			07/01/2048		854,537
	353,586		4.000			08/01/2048		385,130
	892,408		4.500			11/01/2048		968,506
	304,597		5.000			11/01/2048		346,038
	927,182		3.000			09/01/2049		982,269
	17,113		5.000			10/01/2049		18,911
	891,335		4.500			01/01/2050		967,550
								6,276,814

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Securities – (continued)
UMBS, 30 Year, Single Family – 4.0%
UMBS, 30 Year, Single Family
$	3,000,000		2.000	%		TBA-30yr	(d)	$  2,992,951
TOTAL MORTGAGE-BACKED SECURITIES (Cost $23,282,447)								$23,527,438
Collateralized Mortgage Obligations – 0.8%
Adjustable Rate Non-Agency(a)(b) – 0.7%
Alternative Loan Trust Series 2005-38, Class A1
$	55,978		1.759	%		09/25/2035		$       52,264
FHLMC STACR REMIC Trust Series 2020-DNA3, Class M2(c)
	74,145		3.109			06/25/2050		74,394
FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2(c)
	36,000		2.817			10/25/2050		36,231
Harben Finance plc Series 2017-1X, Class A
GBP	63,304		0.859			08/20/2056		87,409
Lehman XS Trust Series 2005-7N, Class 1A1A
$	108,520		0.649			12/25/2035		106,333
London Wall Mortgage Capital plc Series 2017-FL1, Class A
GBP	33,789		0.903			11/15/2049		46,634
Stratton Mortgage Funding plc Series 2019-1, Class A
	84,528		1.250			05/25/2051		116,981
Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1(c)
$	28,635		3.500			07/25/2049		29,042
								549,288
Sequential Fixed Rate – 0.1%
FNMA REMIC Series 2012-111, Class B
	8,248		7.000			10/25/2042		9,886
FNMA REMIC Series 2012-153, Class B
	22,325		7.000			07/25/2042		27,329
								37,215
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $541,622)								$     586,503
Commercial Mortgage-Backed Securities(a) – 0.5%
Sequential Fixed Rate – 0.5%
BANK Series 2019-BN21, Class A5
$	150,000		2.851	%		10/17/2052		$     155,967
BANK Series 2021-BN32, Class A5
	150,000		2.643			04/15/2054		152,637
Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4
	100,000		3.006			01/15/2053		104,825
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $413,177)								$     413,429
U.S. Government Agency Securities – 4.3%
FHLB
$	100,000		3.375	%		12/08/2023		$     108,033
FHLMC
	1,140,000		0.375			09/23/2025		1,117,797

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Government Agency Securities – (continued)
FNMA
$	1,110,000		0.500	%	11/07/2025	$  1,092,463
	400,000		1.875		09/24/2026	417,481
	400,000		6.250		05/15/2029	540,467
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $3,238,374)						$  3,276,241
Asset-Backed Securities(a)(b) – 4.8%
Collateralized Debt Obligations(c) – 0.6%
Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A
$	200,000		1.256	%	06/15/2028	$     200,061
KREF Ltd. Series 2018-FL1, Class A
	149,171		1.208		06/15/2036	149,171
Orix Credit Alliance Owner Trust Ltd. Series 2018-CRE1, Class A
	125,000		1.286		06/15/2036	125,122
						474,354
Collateralized Loan Obligations(c) – 4.1%
CBAM Ltd. Series 2018-5A, Class A
	525,000		1.243		04/17/2031	525,104
Crown City CLO I Series 2020-1A, Class A1
	250,000		2.274		07/20/2030	250,606
Cutwater Ltd. Series 2014-1A, Class A1AR
	111,702		1.491		07/15/2026	111,708
Elmwood CLO IV Ltd. Series 2020-1A, Class A
	600,000		1.481		04/15/2033	602,389
Halseypoint CLO 2 Ltd. Series 2020-2A, Class A1
	300,000		2.084		07/20/2031	301,658
HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A
	250,000		1.629		11/30/2032	250,996
Jamestown CLO XV Ltd. Series 2020-15A, Class A
	300,000		1.581		04/15/2033	300,376
Marble Point CLO XVII Ltd. Series 2020-1A, Class A
	500,000		1.524		04/20/2033	500,634
Venture 39 CLO Ltd. Series 2020-39A, Class A1
	275,000		1.521		04/15/2033	275,806
						3,119,277
Home Equity – 0.1%
GMACM Home Equity Loan Trust Series 2007-HE3, Class 2A1
	37,863		7.000		09/25/2037	38,397
TOTAL ASSET-BACKED SECURITIES (Cost $3,619,486)						$  3,632,028
Foreign Government Securities – 1.7%
Republic of Indonesia
$	200,000		3.050	%	03/12/2051	$     197,750
Republic of Peru(a)
	10,000		3.230		07/28/2121	8,066
Romania Government Bond
EUR	70,000		2.875		03/11/2029	90,760
	10,000		2.124	(c)	07/16/2031	11,983
	30,000		2.625	(c)	12/02/2040	34,829
	10,000		4.625	(c)	04/03/2049	14,446
State of Israel AID Bond(e)
$	200,000		5.500		12/04/2023	226,908
	100,000		5.500		04/26/2024	115,242

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Government Securities – (continued)
United Arab Emirates Government Bond(c)
$	220,000		3.125	%	10/11/2027	$     238,494
United Mexican States(a)
	200,000		3.250		04/16/2030	201,625
EUR	110,000		1.45		10/25/2033	121,096
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $1,233,338)						$  1,261,199
Municipal Bonds – 2.2%
Arizona – 0.1%
City of Tucson COPS Series 2021 A (AGM)
$	25,000		0.984	%	07/01/2026	$       24,564
	25,000		1.457		07/01/2028	24,306
	25,000		1.932		07/01/2031	24,222
						73,092
California – 0.7%
Bay Area Toll Authority RB Refunding Series 2021 F-1
	25,000		1.079		04/01/2026	24,652
	30,000		1.633		04/01/2028	29,370
	15,000		2.069		04/01/2031	14,660
California State Various Purpose GO Bonds Series 2010
	105,000		7.625		03/01/2040	168,385
California Statewide Communities Development Authority RB Refunding for California Independent System Operator Corp. Series 2021
	50,000		1.877		02/01/2031	47,293
Fresno Unified School District GO Refunding Bonds Series 2020
	35,000		1.162		08/01/2026	34,818
Los Angeles Municipal Improvement Corp. RB Refunding for City of Los Angeles Series 2021 A
	25,000		1.197		11/01/2026	24,556
	35,000		1.648		11/01/2028	33,825
	80,000		2.074		11/01/2030	77,302
Port of Oakland RB Refunding Series 2020 R
	25,000		2.199		05/01/2031	24,550
San Francisco Municipal Transportation Agency RB Refunding Series 2021 A
	30,000		1.302		03/01/2028	29,148
San Jose Financing Authority RB for Civic Center Refunding Project Series 2020 A
	25,000		1.812		06/01/2029	24,396
	25,000		1.862		06/01/2030	24,148
						557,103
Colorado – 0.1%
City & County of Denver Airport System RB Refunding Series 2020 C
	25,000		1.572		11/15/2026	25,081
Regional Transportation District Sales Tax RB Series 2021 A
	45,000		0.900		11/01/2026	44,249
						69,330
Florida – 0.1%
State Board of Administration Finance Corp. RB Series 2020 A
	70,000		2.154		07/01/2030	69,943
Illinois – 0.3%
Chicago O’Hare International Airport RB Refundning Series 2020 D
	30,000		1.704		01/01/2026	30,353
Illinois State GO Bonds for Build America Bonds Series 2010-5
	100,000		7.350		07/01/2035	124,173

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
Illinois State GO Bonds Pension Funding Series 2003
$	25,000		5.100	%		06/01/2033	$       28,146
							182,672
Louisiana – 0.1%
City of New Orleans LA Water System Revenue RB Refunding Series 2021 (AGM)
	25,000		1.008			12/01/2026	24,346
State of Louisiana RB Refunding for 1-49 North Project Series 2021
	25,000		1.059			09/01/2026	24,409
							48,755
Maryland – 0.1%
State of Maryland Department of Transportation RB Refunding for Maryland Aviation Administration Series 2021 A
	30,000		0.906			08/01/2026	29,132
	40,000		1.303			08/01/2028	37,972
							67,104
Massachusetts – 0.0%
City of Worcester GO Refunding Bonds Series 2021 B
	25,000		1.010			11/15/2026	24,808
New Jersey – 0.1%
New Jersey Turnpike Authority RB Refunding Series 2021 B
	40,000		1.047			01/01/2026	39,343
	40,000		1.483			01/01/2028	38,902
							78,245
New York – 0.4%
City of New York GO Bonds Series 2021 D
	65,000		0.982			08/01/2025	64,924
	80,000		1.396			08/01/2027	78,540
Metropolitan Transportation Authority Dedicated Tax Fund RB Series 2010
	25,000		5.989			11/15/2030	31,687
New York City Transitional Finance Authority Future Tax Secured RB Series 2018 B-2
	80,000		3.590			08/01/2027	89,221
							264,372
North Carolina – 0.0%
University of North Carolina at Charlotte (The) RB Refunding Series 2021
	25,000		1.225			04/01/2026	25,080
Ohio – 0.2%
American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT
	100,000		6.270			02/15/2050	136,059
Texas – 0.0%
City of Houston Airport System RB Refunding Series 2020 C
	30,000		2.235			07/01/2029	30,134
TOTAL MUNICIPAL BONDS (Cost $1,532,867)							$  1,626,697
U.S. Treasury Obligations – 14.1%
U.S. Treasury Bonds
$	140,000		3.375	%		11/15/2048	$     168,350
	150,000		2.000			02/15/2050	137,367

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
U.S. Treasury Notes
$	3,030,000		2.375	%	03/15/2022	$  3,096,281
	730,000		0.125		12/15/2023	726,806
	1,030,000		0.375		12/31/2025	1,005,859
	1,030,000		0.500		02/28/2026	1,009,722
	1,010,000		0.750		03/31/2026	1,001,084
	900,000		1.125		02/29/2028	884,250
	1,010,000		1.250		03/31/2028	999,427
	1,440,000		3.125		11/15/2028	1,610,325
TOTAL U.S. TREASURY OBLIGATIONS (Cost $10,813,381)						$10,639,471
Shares		Dividend Rate				Value
Investment Company(f) – 14.8%
Goldman Sachs Financial Square Government Fund — Institutional Shares
11,198,530			0.036%			$11,198,530
(Cost $11,198,530)
TOTAL INVESTMENTS – 111.6% (Cost $82,921,837)						$84,243,928
LIABILITIES IN EXCESS OF     OTHER ASSETS – (11.6)%						(8,764,511)
NET ASSETS – 100.0%						$75,479,417

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

(a)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $11,189,270 which represents approximately 14.8% of net assets as of March 31, 2021.
(e)	Guaranteed by the United States Government. Total market value of these securities amounts to $342,150, which represents 0.5% of net assets as of March 31, 2021.
(f)	Represents an Affiliated Issuer.

Investment Abbreviations:
AGM	— Insured by Assured Guaranty Municipal Corp.
BA	— Banker Acceptance Rate
BBR	— Bank Bill Reference Rate
COPS	— Certificates of Participation
EURIBOR	— Euro Interbank Offered Rate
ESTR	— Euro Short Term Rate
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
GO	— General Obligation
LIBOR	— London Interbank Offered Rate
Mo.	— Month
NIBOR	— Norwegian Interbank Offered Rate
RB	— Revenue Bond
REMIC	— Real Estate Mortgage Investment Conduit
RMKT	— Remarketed
SOFR	— Secured Overnight Financing Rate
SONIA	— Sterling Overnight Index Average
STIBOR	— Stockholm Interbank Offered Rate
T-Note	— Treasury Note
UMBS	— Uniform Mortgage-Backed Securities
Yr.	— Year
Currency Abbreviations:
AUD	— Australian Dollar
CAD	— Canadian Dollar
CHF	— Swiss Franc
EUR	— Euro
GBP	— British Pound
JPY	— Japanese Yen
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
SEK	— Swedish Krona
USD	— United States Dollar
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.	CAD	258,925	USD	205,359		06/01/2021	$	691
	GBP	31,989	USD	43,869		05/20/2021		237
	USD	160,720	AUD	208,671		06/16/2021		2,174
	USD	1,262,798	EUR	1,040,022		04/09/2021		43,064
	USD	647,243	GBP	465,079		05/20/2021		5,994
	USD	84,194	JPY	9,167,661		06/10/2021		1,346
	USD	50,934	NOK	425,607		05/21/2021		1,174
	USD	196,260	NOK	1,663,742		06/16/2021		1,749
	USD	165,779	NZD	231,355		06/16/2021		4,229
	USD	220,909	SEK	1,832,063		05/19/2021		11,048
	USD	207,975	SEK	1,766,683		06/16/2021		5,548
TOTAL							$	77,254
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	AUD	348,687	USD	268,747		06/01/2021	$	(3,832	)
	EUR	867,340	USD	1,051,379		04/09/2021		(34,165	)
	EUR	317,065	USD	377,814		06/16/2021		(5,414	)
	GBP	303,451	USD	422,308		05/20/2021		(3,911	)
	JPY	11,613,101	USD	106,652		06/10/2021		(1,705	)
	JPY	22,912,794	USD	210,830		06/16/2021		(3,753	)
	SEK	1,653,000	USD	199,318		05/19/2021		(9,968	)
	USD	150,647	AUD	198,292		06/01/2021		(5	)
	USD	132,758	CAD	167,387		06/01/2021		(447	)
	USD	181,801	CAD	229,968		06/16/2021		(1,210	)
TOTAL							$	(64,410	)

FORWARD SALES CONTRACTS — At March 31, 2021, the Fund had the following forward sales contracts:

Description	Interest Rate	Maturity Date(a)		Principal Amount			Settlement Date		Value
GNMA	2.000%		TBA-30yr	$	(1,000,000	)		04/15/2051	$	(1,009,199	)
UMBS, 30 Year, Single Family	3.000		TBA-30yr		(1,000,000	)		04/15/2020		(1,041,641	)
TOTAL (Proceeds Received: $2,051,328)									$	(2,050,840	)

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2021, 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	26	06/30/2021	$	5,739,297		$	(3,421	)
U.S. Treasury 10 Year Note	25	06/21/2021		3,276,562			(68,533	)
U.S. Treasury Long Bond	27	06/21/2021		4,180,781			(139,127	)
U.S. Treasury Ultra Bond	29	06/21/2021		5,276,188			(182,168	)
Total						$	(393,249	)
Short position contracts:
U.S. Treasury 5 Year Note	(42)	06/30/2021		(5,185,031	)		40,645
U.S. Treasury 10 Year Ultra Note	(22)	06/21/2021		(3,165,250	)		106,725
Total						$	147,370
Total Futures Contracts						$	(245,879	)

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund		Credit Spread at March 31, 2021(b)		Termination Date		Notional Amount (000’s)		Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
General Electric Co.		1.000%		0.520%		06/20/2024	USD	125	$	1,964	$	(1,373	)	$	3,337
General Electric Co.		1.000		0.682		12/20/2024		50		600		(598	)		1,198
iTraxx Asia ex-Japan Investment Grade Index		1.000		0.642		06/20/2026		1,310		24,077		24,048			29
Markit CDX North America Investment Grade Index		1.000		0.319		06/20/2023		1,025		15,867		9,756			6,111
Markit CDX North America Investment Grade Index		1.000		0.554		06/20/2025		3,500		65,723		50,371			15,352
Markit CDX North America Investment Grade Index		1.000		0.482		12/20/2025		575		13,940		12,558			1,382
Prudential Financial, Inc.		1.000		0.347		06/20/2024		75		1,600		817			783
Republic of Chile		1.000		0.317		06/20/2024		20		446		397			49
Republic of Colombia		1.000		0.832		06/20/2024		210		1,189		559			630
Republic of Indonesia		1.000		0.515		06/20/2024		160		2,540		420			2,120
Republic of Peru		1.000		0.509		06/20/2024		40		645		601			44
Russian Federation		1.000		0.841		12/20/2024		30		184		(195	)		379
State of Qatar		1.000		0.294		06/20/2024		20		463		273			190
State of Qatar		1.000		0.345		12/20/2024		10		247		161			86
United Mexican States		1.000		0.658		06/20/2024		20		225		(192	)		417
TOTAL									$	129,710	$	97,603		$	32,107

(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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund		Credit Spread at March 31, 2021(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%		4.046%		Morgan Stanley Co., Inc.		11/18/2054		USD 200	$	(12,025	)	$	(56,095	)	$	44,070
Markit CMBX North American BBB-8		3.000		8.119				10/17/2057		USD 100		(15,700	)		(27,160	)		11,460
TOTAL											$	(27,725	)	$	(83,255	)	$	55,530

(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.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund	Termination Date	Notional Amount (000’s)(a)			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3 Month BBR(b)	0.190%	02/22/2023		AUD	8,280	$	(3,511	)	$	(3,022	)	$	(489	)
3 Month BA(c)	0.804	02/28/2023		CAD	6,680		4,369			940			3,429
3 Month BA(c)	0.750	03/01/2023		CAD	11,230		2,437			(3,073	)		5,510
0.275%(c)	3 Month LIBOR	03/03/2023		USD	8,800		5,480			1,868			3,612
3 Month BA(c)	0.700	11/18/2023		CAD	1,750		(6,103	)		46			(6,149	)
3 Month BBR(b)	0.500	01/25/2024		AUD	4,260		(3,082	)		6,263			(9,345	)
3 Month BBR(b)	0.500	02/24/2024		AUD	1,420		1,186			3,515			(2,329	)
(0.500)(d)	1 Day ESTR	06/16/2026		EUR	790		3,434			2,350			1,084
1 Day SONIA(d)	0.000	06/16/2026		GBP	910		(31,055	)		(29,987	)		(1,068	)
6 Month NIBOR(c)	1.500	06/16/2026		NOK	2,010		(232	)		(327	)		95
3 Month STIBOR(b)	0.500	06/16/2026		SEK	12,730		9,722			9,610			112
6 Month BBR(c)	0.750	06/16/2028		AUD	520		(19,262	)		(17,648	)		(1,614	)
1.000(c)	3 Month BA	06/16/2028		CAD	490		21,593			17,101			4,492
6 Month LIBOR(c)	(0.250)	06/16/2028		CHF	790		(3,163	)		(229	)		(2,934	)
(0.500)(d)	1 Day ESTR	06/16/2028		EUR	570		10,546			9,478			1,068
6 Month EURIBOR(c)	0.050	05/21/2030		EUR	980		(15,932	)		10,844			(26,776	)
6 Month BBR(c)	1.240	10/28/2030		AUD	710		(38,237	)		(19,414	)		(18,823	)
1.240(d)	6 Month NIBOR	10/29/2030		NOK	5,960		31,076			6,602			24,474
6 Month BBR(c)	1.710	01/21/2031		AUD	1,560		(60,941	)		(21,028	)		(39,913	)
0.500(c)	6 Month LIBOR	01/26/2031		GBP	940		57,504			27,698			29,806
6 Month BBR(c)	1.500	02/02/2031		AUD	230		(10,691	)		(6,417	)		(4,274	)
1.500(c)	3 Month LIBOR	02/02/2031		USD	190		9,039			1,879			7,160
1.000(c)	6 Month LIBOR	02/10/2031		GBP	720		20,572			7,467			13,105
6 Month EURIBOR(c)	0.500	02/12/2031		EUR	970		4,036			14,201			(10,165	)
3 Month LIBOR(b)	2.209	02/25/2031		USD	400		(6,261	)		(1,195	)		(5,066	)
6 Month BBR(c)	1.000	06/16/2031		AUD	370		(24,224	)		(22,494	)		(1,730	)
3 Month BA(c)	1.250	06/16/2031		CAD	330		(21,431	)		(20,460	)		(971	)
0.250(d)	1 Day SONIA	06/16/2031		GBP	850		66,206			57,372			8,834
2.000(d)	6 Month NIBOR	06/16/2031		NOK	2,610		(3,209	)		(4,160	)		951
2.431(c)	3 Month LIBOR	02/25/2036		USD	490		4,858			592			4,266
0.260(d)	6 Month EURIBOR	05/21/2040		EUR	500		35,095			519			34,576
0.000(d)	6 Month EURIBOR	06/16/2051		EUR	20		3,320			2,738			582
0.500(c)	6 Month LIBOR	06/16/2051		JPY	18,970		3,564			3,182			382
TOTAL						$	46,703		$	34,811		$	11,892

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2021.

(b) Payments made quarterly.

(c) Payments made semi-annually.

(d) Payments made annually.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED & WRITTEN OPTIONS CONTRACTS — At March 31, 2021, the Fund had the following purchased & 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)
Purchased option contracts
Puts
6M IRS	Bank of America NA		0.415%		06/04/2021	50,000	$	50,000		$	2,260		$	1,843		$	417
6M IRS	JPMorgan Chase Bank NA		0.325		06/01/2021	40,000		40,000			2,632			1,768			864
6M IRS			0.390		06/01/2021	40,000		40,000			1,985			1,474			511
6M IRS			0.428		06/07/2021	50,000		50,000			2,142			1,937			205
Total Purchased option contracts						180,000				$	9,019		$	7,022		$	1,997
Written option contracts
Puts
3M IRS	Bank of America NA		0.963		06/04/2021	(280,000)		(280,000	)	$	(2,881	)	$	(1,624	)	$	(1,257	)
3M IRS			1.025		06/07/2021	(280,000)		(280,000	)		(2,365	)		(2,086	)		(279	)
3M IRS	JPMorgan Chase Bank NA		0.980		06/01/2021	(290,000)		(290,000	)		(2,722	)		(1,595	)		(1,127	)
3M IRS	Morgan Stanley Co., Inc.		0.912		06/01/2021	(270,000)		(270,000	)		(3,170	)		(1,809	)		(1,361	)
Total puts						(1,120,000)				$	(11,138	)	$	(7,114	)	$	(4,024	)
Calls
6M IRS	Morgan Stanley Co., Inc.		(0.040)		04/06/2021	(80,000)		(80,000	)	$	—		$	(2,714	)	$	2,714
Total written option contracts						(1,200,000)				$	(11,138	)	$	(9,828	)	$	(1,310	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.1%
	Automobiles & Components – 2.0%
	1,549	Aptiv plc*	$       213,607
	1,305	BorgWarner, Inc.	60,500
	22,309	Ford Motor Co.*	273,285
	7,152	General Motors Co.*	410,954
	4,365	Tesla, Inc.*	2,915,515
			3,873,861
	Banks – 4.4%
	43,249	Bank of America Corp.	1,673,304
	11,886	Citigroup, Inc.	864,707
	2,382	Citizens Financial Group, Inc.	105,165
	774	Comerica, Inc.	55,527
	4,059	Fifth Third Bancorp	152,010
	979	First Republic Bank	163,248
	5,981	Huntington Bancshares, Inc.	94,021
	17,320	JPMorgan Chase & Co.	2,636,624
	5,526	KeyCorp	110,410
	746	M&T Bank Corp.	113,101
	2,606	People’s United Financial, Inc.	46,647
	2,418	PNC Financial Services Group, Inc. (The)	424,141
	5,672	Regions Financial Corp.	117,184
	294	SVB Financial Group*	145,136
	7,698	Truist Financial Corp.	448,947
	7,788	US Bancorp	430,754
	23,415	Wells Fargo & Co.	914,824
	945	Zions Bancorp NA	51,937
			8,547,687
	Capital Goods – 6.0%
	3,276	3M Co.	631,220
	728	A O Smith Corp.	49,220
	503	Allegion plc	63,187
	1,320	AMETEK, Inc.	168,604
	3,129	Boeing Co. (The)*	797,019
	4,605	Carrier Global Corp.	194,423
	3,086	Caterpillar, Inc.	715,551
	846	Cummins, Inc.	219,207
	1,776	Deere & Co.	664,473
	820	Dover Corp.	112,446
	2,294	Eaton Corp. plc	317,214
	3,383	Emerson Electric Co.	305,214
	3,230	Fastenal Co.	162,404
	1,820	Fortive Corp.	128,565
	757	Fortune Brands Home & Security, Inc.	72,536
	359	Generac Holdings, Inc.*	117,554
	1,334	General Dynamics Corp.	242,201
	49,670	General Electric Co.	652,167
	3,959	Honeywell International, Inc.	859,380
	2,222	Howmet Aerospace, Inc.*	71,393
	219	Huntington Ingalls Industries, Inc.	45,081
	449	IDEX Corp.	93,985
	1,634	Illinois Tool Works, Inc.	361,964
	2,107	Ingersoll Rand, Inc.*	103,685
	4,051	Johnson Controls International plc	241,723
	1,160	L3Harris Technologies, Inc.	235,109
	1,409	Lockheed Martin Corp.	520,625
	1,464	Masco Corp.	87,693
	873	Northrop Grumman Corp.	282,538

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	2,295	Otis Worldwide Corp.	$       157,093
	1,979	PACCAR, Inc.	183,889
	727	Parker-Hannifin Corp.	229,318
	945	Pentair plc	58,892
	770	Quanta Services, Inc.	67,745
	8,628	Raytheon Technologies Corp.	666,685
	657	Rockwell Automation, Inc.	174,394
	605	Roper Technologies, Inc.	244,021
	297	Snap-on, Inc.	68,530
	906	Stanley Black & Decker, Inc.	180,901
	212	Teledyne Technologies, Inc.*	87,694
	1,297	Textron, Inc.	72,736
	1,339	Trane Technologies plc	221,685
	307	TransDigm Group, Inc.*	180,491
	403	United Rentals, Inc.*	132,712
	1,007	Westinghouse Air Brake Technologies Corp.	79,714
	244	WW Grainger, Inc.	97,827
	1,023	Xylem, Inc.	107,599
			11,528,307
	Commercial & Professional Services – 0.8%
	498	Cintas Corp.	169,972
	1,203	Copart, Inc.*	130,658
	716	Equifax, Inc.	129,689
	2,145	IHS Markit Ltd.	207,593
	717	Jacobs Engineering Group, Inc.	92,687
	768	Leidos Holdings, Inc.	73,943
	1,932	Nielsen Holdings plc	48,590
	1,195	Republic Services, Inc.	118,723
	697	Robert Half International, Inc.	54,415
	1,323	Rollins, Inc.	45,538
	914	Verisk Analytics, Inc.	161,495
	2,220	Waste Management, Inc.	286,424
			1,519,727
	Consumer Durables & Apparel – 1.2%
	1,899	DR Horton, Inc.	169,239
	846	Garmin Ltd.	111,545
	1,859	Hanesbrands, Inc.	36,567
	739	Hasbro, Inc.	71,033
	759	Leggett & Platt, Inc.	34,648
	1,559	Lennar Corp. Class A	157,818
	326	Mohawk Industries, Inc.*	62,693
	2,039	Newell Brands, Inc.	54,604
	7,189	NIKE, Inc. Class B	955,346
	19	NVR, Inc.*	89,508
	1,535	PulteGroup, Inc.	80,495
	425	PVH Corp.*	44,922
	305	Ralph Lauren Corp.*	37,564
	1,605	Tapestry, Inc.*	66,142
	1,254	Under Armour, Inc. Class A*	27,789
	1,232	Under Armour, Inc. Class C*	22,743
	1,836	VF Corp.	146,733
	377	Whirlpool Corp.	83,072
			2,252,461
	Consumer Services – 1.8%
	1,188	Caesars Entertainment, Inc.*	103,891
	4,349	Carnival Corp.*	115,422
	156	Chipotle Mexican Grill, Inc.*	221,648
	753	Darden Restaurants, Inc.	106,926

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Services – (continued)
	229	Domino’s Pizza, Inc.	$       84,224
	1,566	Hilton Worldwide Holdings, Inc.*	189,361
	1,934	Las Vegas Sands Corp.*	117,510
	1,508	Marriott International, Inc. Class A*	223,350
	4,230	McDonald’s Corp.	948,112
	2,367	MGM Resorts International	89,922
	2,072	Norwegian Cruise Line Holdings Ltd.*	57,166
	848	Penn National Gaming, Inc.*	88,904
	1,249	Royal Caribbean Cruises Ltd.*	106,927
	6,685	Starbucks Corp.	730,470
	596	Wynn Resorts Ltd.*	74,721
	1,709	Yum! Brands, Inc.	184,880
			3,443,434
	Diversified Financials – 4.9%
	3,732	American Express Co.	527,854
	667	Ameriprise Financial, Inc.	155,044
	4,625	Bank of New York Mellon Corp. (The)	218,716
	10,839	Berkshire Hathaway, Inc. Class B*	2,769,039
	804	BlackRock, Inc.	606,184
	2,631	Capital One Financial Corp.	334,742
	600	Cboe Global Markets, Inc.	59,214
	8,526	Charles Schwab Corp. (The)	555,725
	2,040	CME Group, Inc.	416,629
	1,731	Discover Financial Services	164,428
	1,640	Franklin Resources, Inc.	48,544
	1,949	Goldman Sachs Group, Inc. (The)(a)	637,323
	3,190	Intercontinental Exchange, Inc.	356,259
	2,035	Invesco Ltd.	51,323
	223	MarketAxess Holdings, Inc.	111,036
	908	Moody’s Corp.	271,138
	8,523	Morgan Stanley	661,896
	478	MSCI, Inc.	200,416
	638	Nasdaq, Inc.	94,079
	1,173	Northern Trust Corp.	123,294
	701	Raymond James Financial, Inc.	85,915
	1,377	S&P Global, Inc.	485,902
	1,972	State Street Corp.	165,668
	3,047	Synchrony Financial	123,891
	1,299	T. Rowe Price Group, Inc.	222,908
			9,447,167
	Energy – 2.8%
	2,202	APA Corp.*	39,416
	3,974	Baker Hughes Co.	85,878
	2,134	Cabot Oil & Gas Corp.	40,076
	10,958	Chevron Corp.	1,148,289
	7,644	ConocoPhillips	404,903
	3,389	Devon Energy Corp.	74,050
	915	Diamondback Energy, Inc.	67,243
	3,313	EOG Resources, Inc.	240,292
	24,041	Exxon Mobil Corp.	1,342,209
	4,950	Halliburton Co.	106,227
	1,591	Hess Corp.	112,579
	857	HollyFrontier Corp.	30,663
	11,127	Kinder Morgan, Inc.	185,265

Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	4,228	Marathon Oil Corp.	$       45,155
	3,740	Marathon Petroleum Corp.	200,053
	2,058	NOV, Inc.*	28,236
	4,860	Occidental Petroleum Corp.	129,373
	2,537	ONEOK, Inc.	128,524
	2,467	Phillips 66	201,159
	1,158	Pioneer Natural Resources Co.	183,914
	7,876	Schlumberger NV	214,148
	2,377	Valero Energy Corp.	170,193
	6,972	Williams Cos., Inc. (The)	165,167
			5,343,012
	Food & Staples Retailing – 1.3%
	2,527	Costco Wholesale Corp.	890,717
	4,401	Kroger Co. (The)	158,392
	2,909	Sysco Corp.	229,055
	4,113	Walgreens Boots Alliance, Inc.	225,804
	7,856	Walmart, Inc.	1,067,080
			2,571,048
	Food, Beverage & Tobacco – 3.1%
	10,632	Altria Group, Inc.	543,933
	3,198	Archer-Daniels-Midland Co.	182,286
	1,055	Brown-Forman Corp. Class B	72,763
	1,039	Campbell Soup Co.	52,231
	22,064	Coca-Cola Co. (The)	1,162,994
	2,861	Conagra Brands, Inc.	107,574
	965	Constellation Brands, Inc. Class A	220,020
	3,515	General Mills, Inc.	215,540
	845	Hershey Co. (The)	133,645
	1,579	Hormel Foods Corp.	75,445
	642	J M Smucker Co. (The)	81,232
	1,408	Kellogg Co.	89,126
	3,667	Kraft Heinz Co. (The)	146,680
	809	Lamb Weston Holdings, Inc.	62,681
	1,383	McCormick & Co., Inc. (Non-Voting)	123,308
	1,037	Molson Coors Beverage Co. Class B*	53,043
	8,004	Mondelez International, Inc. Class A	468,474
	2,122	Monster Beverage Corp.*	193,293
	7,830	PepsiCo, Inc.	1,107,554
	8,888	Philip Morris International, Inc.	788,721
	1,668	Tyson Foods, Inc. Class A	123,932
			6,004,475
	Health Care Equipment & Services – 6.3%
	10,057	Abbott Laboratories	1,205,231
	261	ABIOMED, Inc.*	83,189
	414	Align Technology, Inc.*	224,193
	825	AmerisourceBergen Corp.	97,408
	1,391	Anthem, Inc.	499,299
	2,845	Baxter International, Inc.	239,947
	1,655	Becton Dickinson and Co.	402,413
	8,020	Boston Scientific Corp.*	309,973
	1,627	Cardinal Health, Inc.	98,840
	3,331	Centene Corp.*	212,884
	1,758	Cerner Corp.	126,365
	1,998	Cigna Corp.	482,997
	287	Cooper Cos., Inc. (The)	110,234

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	7,413	CVS Health Corp.	$       557,680
	3,609	Danaher Corp.	812,314
	424	DaVita, Inc.*	45,694
	1,297	Dentsply Sirona, Inc.	82,762
	547	DexCom, Inc.*	196,586
	3,519	Edwards Lifesciences Corp.*	294,329
	1,521	HCA Healthcare, Inc.	286,465
	846	Henry Schein, Inc.*	58,577
	1,464	Hologic, Inc.*	108,892
	729	Humana, Inc.	305,633
	486	IDEXX Laboratories, Inc.*	237,805
	670	Intuitive Surgical, Inc.*	495,090
	544	Laboratory Corp. of America Holdings*	138,736
	915	McKesson Corp.	178,462
	7,647	Medtronic plc	903,340
	784	Quest Diagnostics, Inc.	100,619
	820	ResMed, Inc.	159,096
	498	STERIS plc	94,859
	1,870	Stryker Corp.	455,495
	265	Teleflex, Inc.	110,097
	5,364	UnitedHealth Group, Inc.	1,995,783
	458	Universal Health Services, Inc. Class B	61,093
	546	Varian Medical Systems, Inc.*	96,385
	419	West Pharmaceutical Services, Inc.	118,066
	1,183	Zimmer Biomet Holdings, Inc.	189,375
			12,176,206
	Household & Personal Products – 1.7%
	1,363	Church & Dwight Co., Inc.	119,058
	722	Clorox Co. (The)	139,259
	4,793	Colgate-Palmolive Co.	377,832
	1,288	Estee Lauder Cos., Inc. (The) Class A	374,615
	1,906	Kimberly-Clark Corp.	265,029
	13,971	Procter & Gamble Co. (The)	1,892,093
			3,167,886
	Insurance – 1.9%
	3,596	Aflac, Inc.	184,043
	1,753	Allstate Corp. (The)	201,420
	4,899	American International Group, Inc.	226,383
	1,278	Aon plc Class A	294,081
	1,095	Arthur J Gallagher & Co.	136,623
	310	Assurant, Inc.	43,949
	2,577	Chubb Ltd.	407,089
	871	Cincinnati Financial Corp.	89,791
	227	Everest Re Group Ltd.	56,253
	531	Globe Life, Inc.	51,310
	2,094	Hartford Financial Services Group, Inc. (The)	139,858
	991	Lincoln National Corp.	61,709
	1,305	Loews Corp.	66,920
	2,922	Marsh & McLennan Cos., Inc.	355,900
	4,248	MetLife, Inc.	258,236
	1,435	Principal Financial Group, Inc.	86,043
	3,318	Progressive Corp. (The)	317,234
	2,242	Prudential Financial, Inc.	204,246
	1,445	Travelers Cos., Inc. (The)	217,328

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	1,272	Unum Group	$         35,400
	768	W R Berkley Corp.	57,869
	741	Willis Towers Watson plc	169,600
			3,661,285
	Materials – 2.7%
	1,249	Air Products and Chemicals, Inc.	351,394
	613	Albemarle Corp.	89,565
	8,922	Amcor plc	104,209
	481	Avery Dennison Corp.	88,336
	1,883	Ball Corp.	159,565
	652	Celanese Corp.	97,676
	1,167	CF Industries Holdings, Inc.	52,958
	4,287	Corteva, Inc.	199,860
	4,272	Dow, Inc.	273,152
	3,031	DuPont de Nemours, Inc.	234,236
	756	Eastman Chemical Co.	83,251
	1,407	Ecolab, Inc.	301,196
	721	FMC Corp.	79,750
	8,373	Freeport-McMoRan, Inc.*	275,723
	1,396	International Flavors & Fragrances, Inc.	194,896
	2,304	International Paper Co.	124,577
	2,965	Linde plc	830,615
	1,498	LyondellBasell Industries NV Class A	155,867
	353	Martin Marietta Materials, Inc.	118,544
	1,883	Mosaic Co. (The)	59,522
	4,518	Newmont Corp.	272,300
	1,657	Nucor Corp.	133,007
	542	Packaging Corp. of America	72,888
	1,355	PPG Industries, Inc.	203,602
	908	Sealed Air Corp.	41,605
	463	Sherwin-Williams Co. (The)	341,699
	743	Vulcan Materials Co.	125,381
	1,495	Westrock Co.	77,815
			5,143,189
	Media & Entertainment – 9.2%
	4,389	Activision Blizzard, Inc.	408,177
	1,710	Alphabet, Inc. Class A*	3,526,909
	1,639	Alphabet, Inc. Class C*	3,390,485
	803	Charter Communications, Inc. Class A*	495,467
	25,962	Comcast Corp. Class A	1,404,804
	876	Discovery, Inc. Class A*	38,071
	1,617	Discovery, Inc. Class C*	59,651
	1,329	DISH Network Corp. Class A*	48,110
	1,661	Electronic Arts, Inc.	224,850
	13,678	Facebook, Inc. Class A*	4,028,581
	1,841	Fox Corp. Class A	66,478
	935	Fox Corp. Class B	32,660
	2,371	Interpublic Group of Cos., Inc. (The)	69,233
	839	Live Nation Entertainment, Inc.*	71,021
	2,511	Netflix, Inc.*	1,309,888
	2,320	News Corp. Class A	58,998
	566	News Corp. Class B	13,278
	1,207	Omnicom Group, Inc.	89,499
	652	Take-Two Interactive Software, Inc.*	115,208
	4,547	Twitter, Inc.*	289,326

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Media & Entertainment – (continued)
	3,198	ViacomCBS, Inc.	$       144,230
	10,315	Walt Disney Co. (The)*	1,903,324
			17,788,248
	Pharmaceuticals, Biotechnology & Life Sciences – 6.6%
	10,070	AbbVie, Inc.	1,089,775
	1,766	Agilent Technologies, Inc.	224,529
	1,257	Alexion Pharmaceuticals, Inc.*	192,208
	3,287	Amgen, Inc.	817,838
	858	Biogen, Inc.*	240,026
	124	Bio-Rad Laboratories, Inc. Class A*	70,825
	12,751	Bristol-Myers Squibb Co.	804,971
	930	Catalent, Inc.*	97,938
	4,505	Eli Lilly and Co.	841,624
	7,173	Gilead Sciences, Inc.	463,591
	828	Illumina, Inc.*	318,002
	1,026	Incyte Corp.*	83,383
	1,077	IQVIA Holdings, Inc.*	208,012
	14,941	Johnson & Johnson	2,455,553
	14,340	Merck & Co., Inc.	1,105,471
	131	Mettler-Toledo International, Inc.*	151,395
	633	PerkinElmer, Inc.	81,208
	823	Perrigo Co. plc	33,307
	31,758	Pfizer, Inc.	1,150,592
	606	Regeneron Pharmaceuticals, Inc.*	286,723
	2,243	Thermo Fisher Scientific, Inc.	1,023,660
	1,474	Vertex Pharmaceuticals, Inc.*	316,748
	7,020	Viatris, Inc.*	98,069
	348	Waters Corp.*	98,891
	2,718	Zoetis, Inc.	428,031
			12,682,370
	Real Estate – 2.4%
	696	Alexandria Real Estate Equities, Inc. (REIT)	114,353
	2,516	American Tower Corp. (REIT)	601,475
	795	AvalonBay Communities, Inc. (REIT)	146,685
	829	Boston Properties, Inc. (REIT)	83,944
	1,951	CBRE Group, Inc. Class A*	154,344
	2,452	Crown Castle International Corp. (REIT)	422,063
	1,597	Digital Realty Trust, Inc. (REIT)	224,921
	2,097	Duke Realty Corp. (REIT)	87,927
	512	Equinix, Inc. (REIT)	347,950
	1,931	Equity Residential (REIT)	138,317
	365	Essex Property Trust, Inc. (REIT)	99,222
	729	Extra Space Storage, Inc. (REIT)	96,629
	378	Federal Realty Investment Trust (REIT)	38,348
	3,015	Healthpeak Properties, Inc. (REIT)	95,696
	4,011	Host Hotels & Resorts, Inc. (REIT)*	67,585
	1,759	Iron Mountain, Inc. (REIT)	65,101
	2,332	Kimco Realty Corp. (REIT)	43,725
	646	Mid-America Apartment Communities, Inc. (REIT)	93,257

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	4,229	Prologis, Inc. (REIT)	$       448,274
	876	Public Storage (REIT)	216,162
	2,020	Realty Income Corp. (REIT)	128,270
	891	Regency Centers Corp. (REIT)	50,529
	611	SBA Communications Corp. (REIT)	169,583
	1,826	Simon Property Group, Inc. (REIT)	207,744
	1,629	UDR, Inc. (REIT)	71,448
	2,162	Ventas, Inc. (REIT)	115,321
	862	Vornado Realty Trust (REIT)	39,126
	2,332	Welltower, Inc. (REIT)	167,041
	4,285	Weyerhaeuser Co. (REIT)	152,546
			4,687,586
	Retailing – 7.4%
	380	Advance Auto Parts, Inc.	69,726
	2,431	Amazon.com, Inc.*	7,521,708
	125	AutoZone, Inc.*	175,537
	1,304	Best Buy Co., Inc.	149,712
	234	Booking Holdings, Inc.*	545,182
	931	CarMax, Inc.*	123,506
	1,380	Dollar General Corp.	279,616
	1,328	Dollar Tree, Inc.*	152,003
	3,625	eBay, Inc.	221,995
	725	Etsy, Inc.*	146,211
	764	Expedia Group, Inc.*	131,500
	1,099	Gap, Inc. (The)*	32,728
	813	Genuine Parts Co.	93,975
	6,129	Home Depot, Inc. (The)	1,870,877
	1,338	L Brands, Inc.*	82,769
	1,596	LKQ Corp.*	67,559
	4,173	Lowe’s Cos., Inc.	793,621
	395	O’Reilly Automotive, Inc.*	200,364
	221	Pool Corp.	76,298
	2,046	Ross Stores, Inc.	245,336
	2,831	Target Corp.	560,736
	6,858	TJX Cos., Inc. (The)	453,657
	684	Tractor Supply Co.	121,123
	329	Ulta Beauty, Inc.*	101,717
			14,217,456
	Semiconductors & Semiconductor Equipment – 5.5%
	6,892	Advanced Micro Devices, Inc.*	541,022
	2,081	Analog Devices, Inc.	322,722
	5,237	Applied Materials, Inc.	699,663
	2,318	Broadcom, Inc.	1,074,764
	735	Enphase Energy, Inc.*	119,188
	23,041	Intel Corp.	1,474,624
	867	KLA Corp.	286,457
	810	Lam Research Corp.	482,144
	1,529	Maxim Integrated Products, Inc.	139,705
	1,506	Microchip Technology, Inc.	233,761
	6,383	Micron Technology, Inc.*	563,044
	244	Monolithic Power Systems, Inc.	86,183
	3,517	NVIDIA Corp.	1,877,832
	1,580	NXP Semiconductors NV	318,117
	666	Qorvo, Inc.*	121,678
	6,478	QUALCOMM, Inc.	858,918
	953	Skyworks Solutions, Inc.	174,856
	947	Teradyne, Inc.	115,231
	5,213	Texas Instruments, Inc.	985,205

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	1,375	Xilinx, Inc.	$       170,363
			10,645,477
	Software & Services – 13.4%
	3,599	Accenture plc Class A	994,224
	2,727	Adobe, Inc.*	1,296,334
	925	Akamai Technologies, Inc.*	94,258
	494	ANSYS, Inc.*	167,743
	1,264	Autodesk, Inc.*	350,318
	2,447	Automatic Data Processing, Inc.	461,186
	655	Broadridge Financial Solutions, Inc.	100,280
	1,579	Cadence Design Systems, Inc.*	216,307
	728	Citrix Systems, Inc.	102,182
	2,989	Cognizant Technology Solutions Corp. Class A	233,501
	1,390	DXC Technology Co.*	43,451
	3,556	Fidelity National Information Services, Inc.	500,009
	3,218	Fiserv, Inc.*	383,071
	489	FleetCor Technologies, Inc.*	131,360
	766	Fortinet, Inc.*	141,266
	524	Gartner, Inc.*	95,656
	1,698	Global Payments, Inc.	342,283
	5,073	International Business Machines Corp.	676,028
	1,562	Intuit, Inc.	598,340
	447	Jack Henry & Associates, Inc.	67,819
	4,974	Mastercard, Inc. Class A	1,770,993
	42,842	Microsoft Corp.	10,100,858
	3,235	NortonLifeLock, Inc.	68,776
	10,551	Oracle Corp.	740,364
	1,810	Paychex, Inc.	177,416
	286	Paycom Software, Inc.*	105,837
	6,667	PayPal Holdings, Inc.*	1,619,014
	5,229	salesforce.com, Inc.*	1,107,868
	1,108	ServiceNow, Inc.*	554,122
	872	Synopsys, Inc.*	216,064
	234	Tyler Technologies, Inc.*	99,340
	553	VeriSign, Inc.*	109,914
	9,638	Visa, Inc. Class A	2,040,654
	2,511	Western Union Co. (The)	61,921
			25,768,757
	Technology Hardware & Equipment – 7.5%
	3,444	Amphenol Corp. Class A	227,201
	89,641	Apple, Inc.	10,949,648
	317	Arista Networks, Inc.*	95,699
	786	CDW Corp.	130,280
	23,933	Cisco Systems, Inc.	1,237,575
	4,344	Corning, Inc.	189,007
	368	F5 Networks, Inc.*	76,772
	802	FLIR Systems, Inc.	45,289
	7,290	Hewlett Packard Enterprise Co.	114,745
	7,145	HP, Inc.	226,854
	209	IPG Photonics Corp.*	44,086
	1,798	Juniper Networks, Inc.	45,543
	1,053	Keysight Technologies, Inc.*	151,000
	975	Motorola Solutions, Inc.	183,349
	1,310	NetApp, Inc.	95,198
	1,109	Seagate Technology plc	85,116
	1,894	TE Connectivity Ltd.	244,534

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	1,452	Trimble, Inc.*	$       112,951
	1,757	Western Digital Corp.	117,280
	305	Zebra Technologies Corp. Class A*	147,980
			14,520,107
	Telecommunication Services – 1.6%
	40,428	AT&T, Inc.	1,223,756
	5,649	Lumen Technologies, Inc.	75,414
	3,319	T-Mobile US, Inc.*	415,837
	23,547	Verizon Communications, Inc.	1,369,258
			3,084,265
	Transportation – 2.0%
	699	Alaska Air Group, Inc.*	48,378
	3,649	American Airlines Group, Inc.*	87,211
	782	CH Robinson Worldwide, Inc.	74,626
	4,351	CSX Corp.	419,523
	3,380	Delta Air Lines, Inc.*	163,186
	947	Expeditors International of Washington, Inc.	101,983
	1,395	FedEx Corp.	396,236
	467	JB Hunt Transport Services, Inc.	78,489
	533	Kansas City Southern	140,669
	1,444	Norfolk Southern Corp.	387,743
	535	Old Dominion Freight Line, Inc.	128,619
	3,313	Southwest Airlines Co.*	202,292
	3,806	Union Pacific Corp.	838,881
	1,817	United Airlines Holdings, Inc.*	104,550
	4,080	United Parcel Service, Inc. Class B	693,559
			3,865,945
	Utilities – 2.6%
	3,755	AES Corp. (The)	100,672
	1,446	Alliant Energy Corp.	78,315
	1,445	Ameren Corp.	117,565
	2,870	American Electric Power Co., Inc.	243,089
	1,032	American Water Works Co., Inc.	154,717
	741	Atmos Energy Corp.	73,248
	3,042	CenterPoint Energy, Inc.	68,901
	1,628	CMS Energy Corp.	99,666
	1,975	Consolidated Edison, Inc.	147,730
	4,627	Dominion Energy, Inc.	351,467
	1,108	DTE Energy Co.	147,519
	4,178	Duke Energy Corp.	403,302
	2,210	Edison International	129,506
	1,137	Entergy Corp.	113,097
	1,244	Evergy, Inc.	74,055
	1,954	Eversource Energy	169,197
	5,618	Exelon Corp.	245,731
	3,078	FirstEnergy Corp.	106,776
	11,114	NextEra Energy, Inc.	840,330
	2,370	NiSource, Inc.	57,141
	1,439	NRG Energy, Inc.	54,294
	691	Pinnacle West Capital Corp.	56,213
	4,377	PPL Corp.	126,233
	2,826	Public Service Enterprise Group, Inc.	170,154
	1,666	Sempra Energy	220,878
	5,978	Southern Co. (The)	371,593

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	1,773	WEC Energy Group, Inc.	$       165,935
	2,991	Xcel Energy, Inc.	198,931
			5,086,255
	TOTAL INVESTMENTS – 99.1% (Cost $51,620,589)		$191,026,211
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%		1,706,033
	NET ASSETS – 100.0%		$192,732,244

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.

Investment Abbreviation:

REIT — Real Estate Investment Trust

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2021, 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	9	06/18/2021	$	1,785,330	$	23,227

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Schedule of Investments

March 31, 2021 (Unaudited)

Shares		Description	Value
	Exchange-Traded Funds – 34.7%
	508,400	iShares Core MSCI Emerging Markets ETF	$  32,720,624
	112,665	iShares Core S&P 500 ETF	44,820,391
	113,300	Vanguard S&P 500 ETF	41,275,190
	TOTAL EXCHANGE-TRADED FUNDS (Cost $82,099,782)		$118,816,205
Shares		Dividend Rate	Value
	Investment Companies(a) – 54.8%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	102,943,609	0.036%	$102,943,609
	Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares
	17,213,403	0.006	17,213,403
	Goldman Sachs Financial Square Treasury Obligations Fund — Institutional Shares
	33,836,539	0.026	33,836,539
	Goldman Sachs Financial Square Treasury Solutions Fund — Institutional Shares
	33,835,724	0.006	33,835,724
	TOTAL INVESTMENT COMPANIES (Cost $187,829,275)		$187,829,275
	TOTAL INVESTMENTS – 89.5% (Cost $269,929,057)		$306,645,480
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 10.5%		35,980,402
	NET ASSETS – 100.0%		$342,625,882

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2021, 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	393	06/18/2021	$	17,817,277	$	342,806
Euro-Bund	334	06/08/2021		67,048,091		42,825
FTSE 100 Index	251	06/18/2021		23,112,981		(208,430	)
Russell 2000 E-Mini Index	95	06/18/2021		10,556,875		(601,051	)
S&P 500 E-Mini Index	331	06/18/2021		65,660,470		174,185
TOPIX Index	173	06/10/2021		30,529,871		874,726
Total Futures Contracts					$	625,061

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.6%
	Capital Goods – 7.2%
	6,264	AMETEK, Inc.	$       800,101
	21,069	AZEK Co., Inc. (The)*	885,951
	1,576	Cummins, Inc.	408,357
	5,317	Graco, Inc.	380,803
	3,185	HEICO Corp.	400,673
	7,491	ITT, Inc.	681,007
	4,747	Rockwell Automation, Inc.	1,260,044
	4,378	Trane Technologies plc	724,822
			5,541,758
	Commercial & Professional Services – 4.4%
	8,007	Booz Allen Hamilton Holding Corp.	644,804
	1,506	CoStar Group, Inc.*	1,237,766
	8,466	Verisk Analytics, Inc.	1,495,858
			3,378,428
	Consumer Durables & Apparel – 2.1%
	5,311	Lululemon Athletica, Inc.*	1,628,937
	Consumer Services – 3.3%
	7,458	Chegg, Inc.*	638,853
	2,664	Wingstop, Inc.	338,781
	7,633	Wynn Resorts Ltd.*	956,949
	5,929	Yum! Brands, Inc.	641,399
			2,575,982
	Diversified Financials – 3.5%
	11,644	Discover Financial Services	1,106,064
	1,531	MarketAxess Holdings, Inc.	762,315
	1,176	MSCI, Inc.	493,073
	4,221	Tradeweb Markets, Inc. Class A	312,354
			2,673,806
	Energy – 0.5%
	5,147	Cheniere Energy, Inc.*	370,635
	Food, Beverage & Tobacco – 3.5%
	15,559	Coca-Cola European Partners plc	811,557
	13,438	McCormick & Co., Inc. (Non-Voting)	1,198,132
	26,577	Utz Brands, Inc.	658,844
			2,668,533
	Health Care Equipment & Services – 15.9%
	2,679	Align Technology, Inc.*	1,450,759
	22,747	American Well Corp. Class A*	395,116
	22,385	Boston Scientific Corp.*	865,180
	5,755	Centene Corp.*	367,802
	12,831	Certara, Inc.*	350,286
	9,106	Guardant Health, Inc.*	1,390,031
	11,275	Hologic, Inc.*	838,635
	2,378	IDEXX Laboratories, Inc.*	1,163,579
	4,549	Insulet Corp.*	1,186,925
	7,372	Veeva Systems, Inc. Class A*	1,925,861
	4,675	West Pharmaceutical Services, Inc.	1,317,322
	6,054	Zimmer Biomet Holdings, Inc.	969,124
			12,220,620

Shares		Description	Value
	Common Stocks – (continued)
	Household & Personal Products – 1.3%
	11,553	Church & Dwight Co., Inc.	$       1,009,154
	Materials – 3.5%
	16,793	Ball Corp.	1,423,039
	8,672	Danimer Scientific, Inc.*(a)	327,368
	2,838	Martin Marietta Materials, Inc.	953,057
			2,703,464
	Media & Entertainment – 5.0%
	4,021	Bumble, Inc. Class A*	250,830
	8,561	Live Nation Entertainment, Inc.*	724,689
	9,662	Match Group, Inc.*	1,327,366
	14,478	Pinterest, Inc. Class A*	1,071,806
	1,873	Spotify Technology SA*	501,870
			3,876,561
	Pharmaceuticals, Biotechnology & Life Sciences – 6.7%
	2,707	10X Genomics, Inc. Class A*	489,967
	3,795	Adaptive Biotechnologies Corp.*	152,787
	9,349	Agios Pharmaceuticals, Inc.*	482,782
	10,184	Catalent, Inc.*	1,072,477
	3,043	Exact Sciences Corp.*	401,007
	12,036	Genmab A/S ADR*	395,142
	8,232	Neurocrine Biosciences, Inc.*	800,562
	6,288	PerkinElmer, Inc.	806,687
	4,030	Seagen, Inc.*	559,606
			5,161,017
	Real Estate Investment Trusts – 1.1%
	7,756	Equity LifeStyle Properties, Inc.	493,592
	3,467	Simon Property Group, Inc.	394,440
			888,032
	Retailing – 8.7%
	3,815	Burlington Stores, Inc.*	1,139,922
	10,457	Dollar Tree, Inc.*	1,196,908
	6,591	Etsy, Inc.*	1,329,207
	4,104	Expedia Group, Inc.*	706,380
	2,920	O’Reilly Automotive, Inc.*	1,481,170
	2,756	Ulta Beauty, Inc.*	852,073
			6,705,660
	Semiconductors & Semiconductor Equipment – 7.9%
	3,569	Cree, Inc.*	385,916
	6,951	Entegris, Inc.	777,122
	2,393	KLA Corp.	790,647
	26,505	Marvell Technology Group Ltd.	1,298,215
	5,970	Microchip Technology, Inc.	926,663
	5,050	MKS Instruments, Inc.	936,371
	6,509	ON Semiconductor Corp.*	270,840
	5,802	Xilinx, Inc.	718,868
			6,104,642
	Software & Services – 19.6%
	3,261	Akamai Technologies, Inc.*	332,296
	10,164	Anaplan, Inc.*	547,331
	3,134	ANSYS, Inc.*	1,064,181
	3,432	Avalara, Inc.*	457,932

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	2,891	Bill.com Holdings, Inc.*	$     420,641
	3,198	C3.ai, Inc. Class A*(a)	210,780
	13,150	Cadence Design Systems, Inc.*	1,801,418
	6,939	DocuSign, Inc.*	1,404,801
	10,663	Dynatrace, Inc.*	514,383
	3,061	HubSpot, Inc.*	1,390,337
	4,006	Okta, Inc.*	883,043
	5,098	Palo Alto Networks, Inc.*	1,641,862
	2,103	Paycom Software, Inc.*	778,236
	4,750	RingCentral, Inc. Class A*	1,414,930
	7,826	Splunk, Inc.*	1,060,266
	3,421	Twilio, Inc. Class A*	1,165,740
			15,088,177
	Technology Hardware & Equipment – 2.4%
	24,964	Amphenol Corp. Class A	1,646,875
	1,677	Keysight Technologies, Inc.*	240,482
			1,887,357
	Transportation – 2.0%
	4,533	Old Dominion Freight Line, Inc.	1,089,779
	1,806	Saia, Inc.*	416,427
			1,506,206
	TOTAL COMMON STOCKS (Cost $52,498,172)		$75,988,969
Shares		Dividend Rate	Value
	Investment Company(b) – 0.9%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	690,845	0.036%	$     690,845
	(Cost $690,845)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $53,189,017)		$76,679,814
	Securities Lending Reinvestment Vehicle(b) – 0.7%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	504,682	0.036%	$     504,682
	(Cost $504,682)
	TOTAL INVESTMENTS – 100.2% (Cost $53,693,699)		$77,184,496
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.2)%		(155,394)
	NET ASSETS – 100.0%		$77,029,102

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

  GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – 1.7%
Adjustable Rate FHLMC(a) – 0.7%
$	64,911		3.474	%	05/01/2035	$       68,354
	15,788		2.464		09/01/2035	16,642
	97,381		2.360		12/01/2036	102,780
	80,821		4.180		04/01/2037	85,087
	119,289		2.580		01/01/2038	125,757
	99,658		2.589		01/01/2038	105,450
						504,070
Adjustable Rate FNMA(a) – 0.9%
	34,718		2.387		05/01/2033	36,118
	66,899		2.708		05/01/2035	70,356
	175,518		2.458		06/01/2035	182,673
	212,185		2.069		11/01/2035	222,425
	37,263		2.097		12/01/2035	39,206
	103,575		2.471		03/01/2037	109,000
						659,778
Adjustable Rate GNMA(a) – 0.1%
	110,838		2.875		04/20/2033	114,031
Agency Multi-Family – 0.0%
FNMA
	9,098		4.244		06/01/2021	9,101
TOTAL MORTGAGE-BACKED SECURITIES (Cost $1,298,151)						$  1,286,980
Collateralized Mortgage Obligations(a) – 19.3%
Agency Multi-Family(b) – 1.6%
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series J15L, Class AFL
$	31,305		0.469	%	08/25/2025	$       31,312
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF32, Class A
	275,639		0.488		05/25/2024	276,235
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF58, Class A
	468,040		0.619		01/25/2026	471,287
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF60, Class A
	410,225		0.609		02/25/2026	411,416
						1,190,250
Regular Floater – 17.7%
FHLMC REMIC Series 3049, Class FP
	126,274		0.456		10/15/2035	127,263
FHLMC REMIC Series 3208, Class FB
	69,292		0.506		08/15/2036	69,910
FHLMC REMIC Series 3208, Class FD
	103,246		0.506		08/15/2036	104,167
FHLMC REMIC Series 3208, Class FG
	415,753		0.506		08/15/2036	419,462
FHLMC REMIC Series 3307, Class FT
	655,728		0.346		07/15/2034	656,156
FHLMC REMIC Series 3311, Class KF
	1,238,770		0.446		05/15/2037	1,244,913
FHLMC REMIC Series 3371, Class FA(b)
	283,223		0.706		09/15/2037	287,381
FHLMC REMIC Series 4068, Class UF
	1,402,623		0.606		06/15/2042	1,414,027
FHLMC REMIC Series 4174, Class FB(b)
	193,687		0.406		05/15/2039	193,723

Principal Amount		Interest Rate			Maturity Date	Value
Collateralized Mortgage Obligations(a) – (continued)
Regular Floater – (continued)
FHLMC REMIC Series 4320, Class FD
$	229,379		0.506	%	07/15/2039	$     231,332
FHLMC REMIC Series 4477, Class FG
	244,533		0.423		10/15/2040	243,566
FHLMC REMIC Series 4508, Class CF
	217,646		0.506		09/15/2045	219,207
FHLMC REMIC Series 4631, Class GF
	1,247,798		0.606		11/15/2046	1,258,325
FHLMC REMIC Series 4637, Class QF
	552,040		1.115		04/15/2044	530,071
FNMA REMIC Series 2006-82, Class F
	79,959		0.679		09/25/2036	80,904
FNMA REMIC Series 2006-96, Class FA
	352,141		0.409		10/25/2036	353,308
FNMA REMIC Series 2007-33, Class HF
	61,396		0.459		04/25/2037	61,623
FNMA REMIC Series 2007-36, Class F
	98,549		0.339		04/25/2037	98,610
FNMA REMIC Series 2007-85, Class FC
	281,396		0.649		09/25/2037	284,852
FNMA REMIC Series 2008-8, Class FB
	201,166		0.929		02/25/2038	204,351
FNMA REMIC Series 2011-63, Class FG
	239,800		0.559		07/25/2041	242,557
FNMA REMIC Series 2012-35, Class QF
	783,105		0.509		04/25/2042	788,569
FNMA REMIC Series 2016-1, Class FT
	591,552		0.459		02/25/2046	595,667
FNMA REMIC Series 2017-45, Class FA
	385,323		0.443		06/25/2047	384,204
FNMA REMIC Series 2017-96, Class FC
	786,005		0.509		12/25/2057	792,809
FNMA REMIC Series 2018-60, Class FK
	2,172,867		0.409		08/25/2048	2,175,891
GNMA REMIC Series 2005-48, Class AF(b)
	338,788		0.311		06/20/2035	339,692
GNMA REMIC Series 2012-98, Class FA(b)
	304,551		0.511		08/20/2042	306,088
						13,708,628
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $14,852,438)						$14,898,878
U.S. Government Agency Security(a) – 1.9%
FFCB
	(SOFR + 0.17%),
$	1,500,000		0.180	%	03/15/2022	$  1,501,129
(Cost $1,500,000)
Asset-Backed Securities(b) – 24.1%
Automobile – 2.6%
Chesapeake Funding II LLC Series 2017-3A, Class A2(a)(c)
$	8,832		0.446	%	08/15/2029	$         8,832
Ford Credit Auto Owner Trust Series 2018-2, Class A(c)
	350,000		3.470		01/15/2030	372,877
Ford Credit Floorplan Master Owner Trust A Series 2020-1, Class A2(a)
	750,000		0.606		09/15/2025	752,970

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(b) – (continued)
Automobile – (continued)
Nissan Master Owner Trust Receivables Series 2019-A, Class A(a)
$	850,000		0.666	%	02/15/2024	$     853,511
						1,988,190
Collateralized Loan Obligations(a)(c) – 14.5%
Anchorage Capital CLO Ltd. Series 2014-4RA, Class A
	350,000		1.268		01/28/2031	350,116
Assurant CLO I Ltd. Series 2017-1A, Class A
	300,000		1.474		10/20/2029	300,052
Benefit Street Partners CLO VII Ltd. Series 2015-VIIA, Class A1AR
	336,582		1.003		07/18/2027	336,601
Carlyle US CLO Ltd. Series 2017-2A, Class A1R
	1,000,000		0.000		07/20/2031	1,000,000
CBAM Ltd. Series 2018-5A, Class A
	1,100,000		1.243		04/17/2031	1,100,219
CIFC Funding Ltd. Series 2017-2A, Class A
	350,000		1.464		04/20/2030	350,019
Cutwater Ltd. Series 2014-1A, Class A1AR
	71,083		1.491		07/15/2026	71,087
Dryden 49 Senior Loan Fund Series 2017-49A, Class A
	1,711,000		1.433		07/18/2030	1,711,050
Dryden 64 CLO Ltd. Series 2018-64A, Class A
	600,000		1.193		04/18/2031	599,467
LCM XV LP Series 15A, Class AR2
	1,000,000		0.000		07/20/2030	1,000,108
LCM XX LP Series 20A, Class AR
	621,379		1.264		10/20/2027	621,478
Madison Park Funding XXX Ltd. Series 2018-30A, Class A
	1,100,000		0.991		04/15/2029	1,096,890
Mountain View CLO Ltd. Series 2013-1A, Class AR
	467,704		1.474		10/12/2030	467,717
Neuberger Berman Loan Advisers CLO 31 Ltd. Series 2019-31A, Class AR
	300,000		0.000		04/20/2031	300,000
Parallel Ltd. Series 2015-1A, Class AR
	136,569		1.074		07/20/2027	136,576
Pikes Peak CLO 2 Series 2018-2A, Class A
	800,000		1.513		01/18/2032	800,057
THL Credit Wind River CLO Ltd. Series 2017-3A, Class A
	500,000		1.491		10/15/2030	500,015
Trimaran CAVU Ltd. Series 2021-1A, Class A
	500,000		1.339		04/23/2032	500,105
WhiteHorse IX Ltd. Series 2014-9A, Class AR
	6,660		1.383		07/17/2026	6,661
						11,248,218
Credit Card(a) – 2.5%
Citibank Credit Card Issuance Trust Series 2017-A5, Class A5
	1,400,000		0.731		04/22/2026	1,416,914
Citibank Credit Card Issuance Trust Series 2017-A7, Class A7
	500,000		0.474		08/08/2024	501,968
						1,918,882
Student Loans(a) – 4.5%
Brazos Higher Education Authority, Inc. Series 2011-1, Class A2
	490,903		0.988		02/25/2030	492,331
Edsouth Indenture No. 5 LLC Series 2014-1, Class A(c)
	127,317		0.809		02/25/2039	126,370

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(b) – (continued)
Student Loans(a) – (continued)
Educational Funding of the South, Inc. Series 2011-1, Class A2
$	248,879		0.868	%	04/25/2035	$     247,399
Higher Education Funding I Series 2014-1, Class A(c)
	806,461		1.238		05/25/2034	810,901
Illinois Student Assistance Commission Series 2010-1, Class A3
	140,005		1.118		07/25/2045	138,989
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2
	300,254		1.111		05/20/2030	300,546
Pennsylvania Higher Education Assistance Agency Series 2006-1, Class A3
	328,035		0.358		10/25/2035	320,547
SLM Student Loan Trust Series 2005-5, Class A4
	548,944		0.358		10/25/2028	546,013
SLM Student Loan Trust Series 2007-1, Class A5
	181,641		0.308		01/26/2026	181,564
SLM Student Loan Trust Series 2008-5, Class A4
	49,605		1.918		07/25/2023	49,973
South Texas Higher Education Authority, Inc. Series 2012-1, Class A2
	12,542		1.088		10/01/2024	12,550
Utah State Board of Regents Series 2015-1, Class A
	218,969		0.718		02/25/2043	219,036
						3,446,219
TOTAL ASSET-BACKED SECURITIES (Cost $18,545,897)						$18,601,509
Supranational(a)(c) – 2.0%
European Investment Bank
	(SOFR + 0.29%),
$	1,530,000		0.300	%	06/10/2022	$  1,533,455
(Cost $1,530,000)
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%),
$	94,133		0.609	%	01/25/2033	$       94,598
(Cost $94,133)
U.S. Treasury Obligations – 29.4%
U.S. Treasury Bonds
$	220,000		3.750	%	11/15/2043	$     275,378
	170,000		3.375		05/15/2044	201,424
U.S. Treasury Inflation Linked Notes
	853,125		0.125		07/15/2022	886,904

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
U.S. Treasury Notes
	(3 Mo. U.S. T-Bill MMY + 0.22%),
$	13,400,000		0.240	%(a)	07/31/2021	$13,409,372
	310,000		2.875		10/15/2021	314,723
	(3 Mo. U.S. T-Bill MMY + 0.15%),
	600,000		0.174	(a)	01/31/2022	600,680
	120,000		1.875		02/28/2022	121,959
	(3 Mo. U.S. T-Bill MMY + 0.06%),
	5,500,000		0.075	(a)	10/31/2022	5,502,770
	20,000		2.750		04/30/2023	21,064
	920,000		2.875		10/31/2023	981,884
	140,000		2.875		05/31/2025	152,513
	10,000		3.000		09/30/2025	10,978
	250,000		2.125		05/31/2026	264,512
	20,000		1.375		08/31/2026	20,348
TOTAL U.S. TREASURY OBLIGATIONS (Cost $22,626,277)						$22,764,509
Shares		Dividend Rate				Value
Investment Company(d) – 22.1%
Goldman Sachs Financial Square Government Fund — Institutional Shares
	17,113,868		0.036%			$17,113,868
(Cost $17,113,868)
TOTAL INVESTMENTS – 100.6% (Cost $77,560,764)						$77,794,926
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.6)%						(457,401)
NET ASSETS – 100.0%						$77,337,525

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.
(b)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	Represents an Affiliated Issuer.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2021, 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	8	06/30/2021	$	1,765,937		$	(1,413	)
U.S. Treasury 10 Year Ultra Note	4	06/21/2021		575,500			(17,924	)
Total						$	(19,337	)
Short position contracts:
U.S. Treasury 5 Year Note	(31)	06/30/2021		(3,827,047	)		45,498
U.S. Treasury 10 Year Note	(1)	06/21/2021		(131,062	)		3,068
U.S. Treasury Long Bond	(6)	06/21/2021		(929,062	)		35,635
U.S. Treasury Ultra Bond	(1)	06/21/2021		(181,938	)		6,902
Total						$	91,103
Total Futures Contracts						$	71,766

SWAP CONTRACTS — At March 31, 2021, 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  2,180	$	197	$	745	$	(548	)
1 Day SOFR	3 Month LIBOR	11/10/2024		1,290		40		1		39
TOTAL						237		746		(509	)

(a) Payments made quarterly

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2021.

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.9%
	Australia – 9.6%
	21,629	BHP Group Ltd. (Materials)	$       750,297
	33,477	BHP Group plc (Materials)	963,871
	74,127	Brambles Ltd. (Commercial & Professional Services)	597,958
	17,506	Commonwealth Bank of Australia (Banks)	1,148,652
	49,386	Fortescue Metals Group Ltd. (Materials)	752,672
	53,512	Glencore plc (Materials)*	210,110
	53,719	Goodman Group (REIT)	741,771
	16,813	JB Hi-Fi Ltd. (Retailing)	663,567
	12,134	Mineral Resources Ltd. (Materials)	352,233
	3,289	Premier Investments Ltd. (Retailing)	65,255
	145	REA Group Ltd. (Media & Entertainment)	15,691
	8,610	Rio Tinto Ltd. (Materials)	727,692
	9,491	Rio Tinto plc ADR (Materials)(a)	736,976
	24,356	Sonic Healthcare Ltd. (Health Care Equipment & Services)	651,313
	22,255	Wesfarmers Ltd. (Retailing)	893,731
	11,757	Woolworths Group Ltd. (Food & Staples Retailing)	366,163
			9,637,952
	Belgium – 0.5%
	2,653	Tessenderlo Group SA (Materials)*	116,453
	10,368	Warehouses De Pauw CVA (REIT)	342,584
			459,037
	China – 0.4%
	248,400	Chow Tai Fook Jewellery Group Ltd. (Retailing)	380,289
	Denmark – 1.8%
	86	AP Moller - Maersk A/S Class A (Transportation)	187,142
	247	AP Moller - Maersk A/S Class B (Transportation)	573,415
	2,614	GN Store Nord A/S (Health Care Equipment & Services)	205,745
	6,817	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	459,354
	450	Pandora A/S (Consumer Durables & Apparel)	48,127
	3,706	Solar A/S Class B (Capital Goods)	280,145
			1,753,928
	Finland – 0.9%
	24,623	Kesko OYJ Class B (Food & Staples Retailing)	753,029
	23,745	Nokia OYJ (Technology Hardware & Equipment)*	94,829
			847,858

Shares		Description	Value
	Common Stocks – (continued)
	France – 9.5%
	1,769	Arkema SA (Materials)	$       214,235
	11,407	Bigben Interactive (Consumer Durables & Apparel)*	263,836
	14,264	BNP Paribas SA (Banks)*	869,096
	7,594	Bouygues SA (Capital Goods)	304,175
	1,956	Cie de Saint-Gobain (Capital Goods)	115,505
	2,560	Dassault Systemes SE (Software & Services)	547,172
	4,169	Gecina SA (REIT)	573,868
	603	Hermes International (Consumer Durables & Apparel)	666,916
	2,917	IPSOS (Media & Entertainment)	110,052
	1,176	Kering SA (Consumer Durables & Apparel)	811,508
	4,936	Legrand SA (Capital Goods)	458,595
	3,173	L’Oreal SA (Household & Personal Products)	1,215,517
	1,031	Mersen SA (Capital Goods)*	35,883
	2,699	Publicis Groupe SA (Media & Entertainment)	164,591
	37,923	Rexel SA (Capital Goods)	750,653
	6,082	Rothschild & Co. (Diversified Financials)	219,706
	918	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)	377,801
	8,247	Schneider Electric SE (Capital Goods)	1,256,308
	1,398	Teleperformance (Commercial & Professional Services)	509,705
	458	Trigano SA (Automobiles & Components)	85,605
			9,550,727
	Germany – 9.2%
	5,341	Allianz SE (Registered) (Insurance)	1,358,511
	5,679	Aurubis AG (Materials)	470,657
	6,894	Brenntag SE (Capital Goods)	588,947
	4,837	Daimler AG (Registered) (Automobiles & Components)	431,701
	17,757	Deutsche Post AG (Registered) (Transportation)	974,164
	4,405	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)	437,493
	1,202	Hapag-Lloyd AG (Transportation)(b)	185,919
	3,371	Henkel AG & Co. KGaA (Preference) (Household & Personal Products)(c)	379,014
	2,459	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)	104,625
	4,486	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)	767,349

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Germany – (continued)
	2,757	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) (Insurance)	$       849,071
	7,981	Porsche Automobil Holding SE (Preference) (Automobiles & Components)(c)	846,792
	1,221	Rheinmetall AG (Capital Goods)	123,838
	14,383	SAF-Holland SE (Automobiles & Components)*	209,613
	6,210	Scout24 AG (Media & Entertainment)(b)	471,113
	846	Sixt SE (Preference) (Transportation)(c)	66,136
	3,146	SUESS MicroTec SE (Semiconductors & Semiconductor Equipment)*	98,235
	3,230	Volkswagen AG (Preference) (Automobiles & Components)(c)	904,144
			9,267,322
	Hong Kong – 2.7%
	121,600	AIA Group Ltd. (Insurance)	1,487,991
	4,000	CK Asset Holdings Ltd. (Real Estate)	24,350
	37,500	CLP Holdings Ltd. (Utilities)	365,126
	5,500	Sun Hung Kai Properties Ltd. (Real Estate)	83,280
	45,000	Techtronic Industries Co. Ltd. (Capital Goods)	771,472
			2,732,219
	Ireland – 0.1%
	2,958	Smurfit Kappa Group plc (Materials)	138,836
	Israel – 0.1%
	2,710	Plus500 Ltd. (Diversified Financials)	52,313
	Italy – 2.1%
	105,579	Enel SpA (Utilities)	1,050,232
	44,455	Mediobanca Banca di Credito Finanziario SpA (Banks)*	492,617
	5,451	Prysmian SpA (Capital Goods)	176,995
	36,213	UniCredit SpA (Banks)*	382,512
			2,102,356
	Japan – 27.7%
	10,200	Aisin Corp. (Automobiles & Components)	388,480
	12,400	Brother Industries Ltd. (Technology Hardware & Equipment)	275,409
	10,000	Chubu Electric Power Co., Inc. (Utilities)	128,855
	9,400	Daicel Corp. (Materials)	72,427
	10,700	Daiwa House Industry Co. Ltd. (Real Estate)	314,036
	26,000	DeNA Co. Ltd. (Media & Entertainment)	508,578

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	20,900	Dentsu Group, Inc. (Media & Entertainment)	$       672,782
	500	Dowa Holdings Co. Ltd. (Materials)	20,863
	14,600	Ebara Corp. (Capital Goods)	595,718
	149,400	ENEOS Holdings, Inc. (Energy)	677,809
	5,200	Fujitsu Ltd. (Software & Services)	756,671
	1,000	Hikari Tsushin, Inc. (Retailing)	201,617
	37,000	Hitachi Metals Ltd. (Materials)	610,757
	5,700	Hoya Corp. (Health Care Equipment & Services)	670,872
	28,400	Inpex Corp. (Energy)	194,196
	12,100	ITOCHU Corp. (Capital Goods)	392,839
	37,200	Japan Tobacco, Inc. (Food, Beverage & Tobacco)	714,627
	2,100	KDDI Corp. (Telecommunication Services)	64,702
	3,380	Koei Tecmo Holdings Co. Ltd. (Media & Entertainment)	152,169
	11,300	Konami Holdings Corp. (Media & Entertainment)	674,606
	9,600	K’s Holdings Corp. (Retailing)	132,152
	5,100	M3, Inc. (Health Care Equipment & Services)	350,105
	50,300	Mitsubishi Electric Corp. (Capital Goods)	768,737
	8,500	Mitsubishi Materials Corp. (Materials)	199,049
	144,000	Mitsubishi UFJ Financial Group, Inc. (Banks)	770,010
	37,800	Mitsui & Co. Ltd. (Capital Goods)	788,899
	5,500	Murata Manufacturing Co. Ltd. (Technology Hardware & Equipment)	442,725
	11,300	NEC Corp. (Software & Services)	667,214
	23,700	NGK Insulators Ltd. (Capital Goods)	434,955
	1,700	Nintendo Co. Ltd. (Media & Entertainment)	958,180
	200	Nippon Express Co. Ltd. (Transportation)	14,918
	18,600	Nippon Telegraph & Telephone Corp. (Telecommunication Services)	479,916
	5,600	Nippon Yusen KK (Transportation)	191,522
	3,000	Nitori Holdings Co. Ltd. (Retailing)	581,113
	72,100	Nomura Holdings, Inc. (Diversified Financials)	382,019
	1,600	Nomura Research Institute Ltd. (Software & Services)	49,709
	27,100	NTT Data Corp. (Software & Services)	420,292
	7,500	Omron Corp. (Technology Hardware & Equipment)	587,493

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	50,000	ORIX Corp. (Diversified Financials)	$       845,639
	50,500	Panasonic Corp. (Consumer Durables & Apparel)	653,948
	8,000	Ricoh Co. Ltd. (Technology Hardware & Equipment)	81,545
	1,800	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)	176,533
	2,500	S Foods, Inc. (Food, Beverage & Tobacco)	85,651
	23,600	Seiko Epson Corp. (Technology Hardware & Equipment)	385,272
	12,500	SoftBank Group Corp. (Telecommunication Services)	1,064,220
	113,800	Sojitz Corp. (Capital Goods)	321,541
	13,800	Sony Group Corp. (Consumer Durables & Apparel)	1,460,502
	48,400	Sumitomo Corp. (Capital Goods)	692,684
	36,700	Sumitomo Electric Industries Ltd. (Automobiles & Components)	551,850
	500	Sumitomo Mitsui Financial Group, Inc. (Banks)	18,124
	15,600	Taiheiyo Cement Corp. (Materials)	411,051
	3,700	Taisei Corp. (Capital Goods)	142,751
	27,200	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	991,499
	1,100	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)	478,097
	3,400	Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment)	155,547
	1,100	Tokyotokeiba Co. Ltd. (Consumer Services)	55,649
	31,300	Tosoh Corp. (Materials)	599,472
	1,800	Toyo Tire Corp. (Automobiles & Components)	31,974
	17,500	Toyota Motor Corp. (Automobiles & Components)	1,361,850
	4,400	Toyota Tsusho Corp. (Capital Goods)	185,286
	2,100	Tv Tokyo Holdings Corp. (Media & Entertainment)	45,362
	119,200	Yamada Holdings Co. Ltd. (Retailing)	644,183
			27,747,251
	Luxembourg – 0.8%
	2,493	APERAM SA (Materials)	112,081
	7,534	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)	720,102
			832,183

Shares		Description	Value
	Common Stocks – (continued)
	Malta – 0.3%
	19,138	Kindred Group plc SDR (Consumer Services)	$       336,292
	Netherlands – 5.7%
	2,540	ASM International NV (Semiconductors & Semiconductor Equipment)	736,456
	3,846	ASML Holding NV (Semiconductors & Semiconductor Equipment)	2,359,787
	7,444	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)	621,818
	834	Flow Traders (Diversified Financials)(b)	34,877
	28,374	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)	791,432
	524	Koninklijke Philips NV (Health Care Equipment & Services)*	29,881
	2,206	Randstad NV (Commercial & Professional Services)	154,850
	26,333	Royal Dutch Shell plc Class A (Energy)	517,629
	11,980	Royal Dutch Shell plc Class B ADR (Energy)	441,223
	1,439	Van Lanschot Kempen NV CVA (Banks)	40,243
			5,728,196
	New Zealand – 0.6%
	2,630	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)	59,050
	5,244	Xero Ltd. (Software & Services)*	507,545
			566,595
	Norway – 0.7%
	15,644	Kid ASA (Retailing)(b)	182,542
	30,862	Norsk Hydro ASA (Materials)	198,225
	4,639	Orkla ASA (Food, Beverage & Tobacco)	45,495
	13,872	Stolt-Nielsen Ltd. (Transportation)	204,678
	33,535	Wallenius Wilhelmsen ASA (Transportation)*	108,915
			739,855
	Singapore – 0.9%
	38,459	DBS Group Holdings Ltd. (Banks)	824,614
	3,900	United Overseas Bank Ltd. (Banks)	75,200
			899,814
	South Africa – 1.0%
	25,588	Anglo American plc (Materials)	1,002,227
	Spain – 2.1%
	5,310	Acerinox SA (Materials)	69,555
	99,647	Banco Bilbao Vizcaya Argentaria SA (Banks)	519,276

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Spain – (continued)
	317,066	Banco Santander SA (Banks)	$    1,081,451
	1,349	Corp. Financiera Alba SA (Diversified Financials)	66,943
	5,512	Iberdrola SA (Utilities)	71,143
	43,269	Mediaset Espana Comunicacion SA (Media & Entertainment)*	257,006
			2,065,374
	Sweden – 3.7%
	34,474	Epiroc AB Class B (Capital Goods)	718,148
	1,430	Evolution Gaming Group AB (Consumer Services)(b)	210,589
	2,362	Investor AB Class A (Diversified Financials)	187,357
	7,087	Investor AB Class B (Diversified Financials)	565,470
	12,497	Lundin Energy AB (Energy)	393,057
	3,665	Sandvik AB (Capital Goods)*	100,282
	8,824	Swedish Match AB (Food, Beverage & Tobacco)	688,371
	33,905	Volvo AB Class B (Capital Goods)(a)	858,645
			3,721,919
	Switzerland – 8.8%
	10,963	Adecco Group AG (Registered) (Commercial & Professional Services)	739,475
	55,981	Credit Suisse Group AG (Registered) (Diversified Financials)	592,243
	625	Kuehne + Nagel International AG (Registered) (Transportation)	178,516
	6,879	Logitech International SA (Registered) (Technology Hardware & Equipment)	721,430
	1,479	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	827,204
	8,394	Nestle SA (Registered) (Food, Beverage & Tobacco)	935,733
	1,756	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	150,104
	4,851	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)	1,571,450
	61	Sika AG (Registered) (Materials)	17,443
	19,234	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)	735,186
	568	Swiss Life Holding AG (Registered) (Insurance)	279,136

Shares		Description	Value
	Common Stocks – (continued)
	Switzerland – (continued)
	1,194	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	$       529,706
	65,173	UBS Group AG (Registered) (Diversified Financials)	1,008,323
	1,346	Zurich Insurance Group AG (Insurance)	572,927
			8,858,876
	Ukraine – 0.1%
	12,085	Ferrexpo plc (Materials)	62,402
	United Kingdom – 8.1%
	29,481	3i Group plc (Diversified Financials)	468,527
	22,376	AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)(a)	1,112,535
	109,878	Aviva plc (Insurance)	619,348
	23,050	Barclays plc (Banks)	59,029
	30,557	British American Tobacco plc (Food, Beverage & Tobacco)	1,161,486
	13,905	Clarkson plc (Transportation)	527,159
	53,202	CNH Industrial NV (Capital Goods)	823,578
	11,804	Entain plc (Consumer Services)*	246,854
	1,177	Games Workshop Group plc (Consumer Durables & Apparel)	161,707
	16,385	Halfords Group plc (Retailing)*	85,836
	34,232	Imperial Brands plc (Food, Beverage & Tobacco)	701,788
	438,726	ITV plc (Media & Entertainment)*	726,275
	33,067	JD Sports Fashion plc (Retailing)*	375,899
	42,097	Legal & General Group plc (Insurance)	161,632
	22,742	M&G plc (Diversified Financials)	64,989
	34,750	Melrose Industries plc (Capital Goods)*	79,907
	4,989	Mondi plc (Materials)	127,186
	1,027	Next plc (Retailing)*	111,308
	786	Persimmon plc (Consumer Durables & Apparel)	31,837
	39,998	Tate & Lyle plc (Food, Beverage & Tobacco)	421,970
			8,068,850
	United States – 0.5%
	29,073	Stellantis NV (Automobiles & Components)	514,273
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $86,322,125)		$  98,066,944

  GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle(d) – 2.0%
Goldman Sachs Financial Square Government Fund — Institutional Shares
2,054,850	0.036%	$    2,054,850
(Cost $2,054,850)
TOTAL INVESTMENTS – 99.9% (Cost $88,376,975)		$100,121,794
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%		145,394
NET ASSETS – 100.0%		$100,267,188

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)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	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.
(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
SDR	— Swedish 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 INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2021, 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	10		06/18/2021	$	453,366	$	10,623
FTSE 100 Index	2		06/18/2021		184,167		(742	)
MSCI Singapore Index	1		04/29/2021		26,609		(33	)
SPI 200 Index	1		06/17/2021		128,478		440
TOPIX Index	1		06/10/2021		176,473		6,231
Total Futures Contracts						$	16,519

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 100.2%
	Automobiles & Components – 1.2%
	102,213	General Motors Co.*	$    5,873,159
	Banks – 9.2%
	128,029	JPMorgan Chase & Co.	19,489,855
	48,932	M&T Bank Corp.	7,418,580
	161,601	Truist Financial Corp.	9,424,570
	197,037	Wells Fargo & Co.	7,698,236
			44,031,241
	Capital Goods – 9.0%
	16,505	Deere & Co.	6,175,181
	34,711	Eaton Corp. plc	4,799,837
	748,313	General Electric Co.	9,825,350
	45,674	Honeywell International, Inc.	9,914,455
	22,054	Illinois Tool Works, Inc.	4,885,402
	35,264	L3Harris Technologies, Inc.	7,147,307
			42,747,532
	Commercial & Professional Services – 1.0%
	44,070	Waste Connections, Inc.	4,758,679
	Consumer Durables & Apparel – 1.0%
	49,097	Brunswick Corp.	4,682,381
	Consumer Services – 3.7%
	50,831	Hilton Worldwide Holdings, Inc.*	6,146,485
	49,903	Las Vegas Sands Corp.*	3,032,106
	36,979	McDonald’s Corp.	8,288,473
			17,467,064
	Diversified Financials – 6.6%
	66,805	American Express Co.	9,448,899
	19,636	Berkshire Hathaway, Inc. Class B*	5,016,409
	10,910	BlackRock, Inc.	8,225,704
	113,658	Morgan Stanley	8,826,680
			31,517,692
	Energy – 3.2%
	90,898	Chevron Corp.	9,525,202
	108,864	ConocoPhillips	5,766,526
			15,291,728
	Food & Staples Retailing – 1.6%
	56,417	Walmart, Inc.	7,663,121
	Food, Beverage & Tobacco – 4.0%
	131,483	Coca-Cola Co. (The)	6,930,469
	23,576	Constellation Brands, Inc. Class A	5,375,328
	115,860	Mondelez International, Inc. Class A	6,781,286
			19,087,083
	Health Care Equipment & Services – 5.5%
	168,232	Boston Scientific Corp.*	6,502,167
	12,855	Humana, Inc.	5,389,459
	63,753	Medtronic plc	7,531,142

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	43,653	Zimmer Biomet Holdings, Inc.	$    6,987,972
			26,410,740
	Household & Personal Products – 0.6%
	20,127	Procter & Gamble Co. (The)	2,725,800
	Insurance – 1.2%
	35,692	Chubb Ltd.	5,638,265
	Materials – 5.9%
	25,960	Ecolab, Inc.	5,557,257
	127,293	Freeport-McMoRan, Inc.*	4,191,758
	28,827	Linde plc	8,075,596
	17,406	Martin Marietta Materials, Inc.	5,845,283
	34,839	Packaging Corp. of America	4,685,149
			28,355,043
	Media & Entertainment – 7.5%
	4,695	Alphabet, Inc. Class A*	9,683,531
	173,911	Comcast Corp. Class A	9,410,324
	29,904	Electronic Arts, Inc.	4,048,105
	68,531	Walt Disney Co. (The)*	12,645,340
			35,787,300
	Pharmaceuticals, Biotechnology & Life Sciences – 5.9%
	2,858	Biogen, Inc.*	799,526
	10,389	BioMarin Pharmaceutical, Inc.*	784,473
	126,899	Bristol-Myers Squibb Co.	8,011,134
	18,310	Eli Lilly and Co.	3,420,674
	23,767	Genmab A/S ADR*	780,271
	54,072	Johnson & Johnson	8,886,733
	9,877	Neurocrine Biosciences, Inc.*	960,538
	9,797	Thermo Fisher Scientific, Inc.	4,471,155
			28,114,504
	Real Estate Investment Trusts – 5.7%
	23,488	Alexandria Real Estate Equities, Inc.	3,859,078
	26,166	AvalonBay Communities, Inc.	4,827,889
	33,796	Boston Properties, Inc.	3,422,183
	51,363	Equity Residential	3,679,132
	40,295	Prologis, Inc.	4,271,270
	12,858	Public Storage	3,172,840
	51,811	Welltower, Inc.	3,711,222
			26,943,614
	Retailing – 3.1%
	93,281	L Brands, Inc.*	5,770,363
	12,772	O’Reilly Automotive, Inc.*	6,478,597
	21,499	Ross Stores, Inc.	2,577,945
			14,826,905
	Semiconductors & Semiconductor Equipment – 4.2%
	24,330	Cree, Inc.*	2,630,803
	7,133	KLA Corp.	2,356,743
	120,537	Marvell Technology Group Ltd.	5,903,902
	14,733	NXP Semiconductors NV	2,966,342
	32,209	Texas Instruments, Inc.	6,087,179
			19,944,969

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – 5.7%
	71,321	Cognizant Technology Solutions Corp. Class A	$    5,571,597
	55,050	Fidelity National Information Services, Inc.	7,740,580
	37,824	International Business Machines Corp.	5,040,426
	10,149	Microsoft Corp.	2,392,830
	21,365	Splunk, Inc.*	2,894,530
	16,861	Visa, Inc. Class A	3,569,980
			27,209,943
	Technology Hardware & Equipment – 1.8%
	163,262	Cisco Systems, Inc.	8,442,278
	Telecommunication Services – 2.2%
	184,529	Verizon Communications, Inc.	10,730,361
	Transportation – 4.0%
	22,685	Norfolk Southern Corp.	6,091,376
	37,424	Union Pacific Corp.	8,248,624
	81,056	United Airlines Holdings, Inc.*	4,663,962
			19,003,962
	Utilities – 6.4%
	53,753	Ameren Corp.	4,373,344
	29,395	American Water Works Co., Inc.	4,406,899
	27,846	Atmos Energy Corp.	2,752,577
	62,500	CMS Energy Corp.	3,826,250
	131,956	NextEra Energy, Inc.	9,977,193
	77,438	Xcel Energy, Inc.	5,150,401
			30,486,664
	TOTAL COMMON STOCKS (Cost $359,768,301)		$477,740,028
Shares		Dividend Rate	Value
	Investment Company(a) – 0.2%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	899,225	0.036%	$       899,225
	(Cost $899,225)
	TOTAL INVESTMENTS – 100.4% (Cost $360,667,526)		$478,639,253
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.4)%		(2,004,315)
	NET ASSETS – 100.0%		$476,634,938

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.

Investment Abbreviation:
ADR	— American Depositary Receipt

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.1%
	Automobiles & Components – 1.3%
	48,473	Aptiv plc*	$    6,684,427
	Banks – 6.1%
	86,671	East West Bancorp, Inc.	6,396,320
	54,229	M&T Bank Corp.	8,221,659
	78,117	Pinnacle Financial Partners, Inc.	6,925,853
	18,124	Signature Bank	4,097,836
	12,331	SVB Financial Group*	6,087,321
			31,728,989
	Capital Goods – 11.7%
	74,537	AMETEK, Inc.	9,520,611
	26,407	Cummins, Inc.	6,842,318
	84,313	Fastenal Co.	4,239,258
	88,532	Fortive Corp.	6,253,900
	60,055	Graco, Inc.	4,301,139
	18,422	IDEX Corp.	3,856,093
	93,736	ITT, Inc.	8,521,540
	13,581	L3Harris Technologies, Inc.	2,752,597
	26,196	Rockwell Automation, Inc.	6,953,466
	24,976	Trane Technologies plc	4,135,027
	5,426	TransDigm Group, Inc.*	3,190,054
			60,566,003
	Commercial & Professional Services – 0.7%
	45,132	Booz Allen Hamilton Holding Corp.	3,634,480
	Consumer Durables & Apparel – 1.8%
	50,813	Brunswick Corp.	4,846,036
	84,936	Capri Holdings Ltd.*	4,331,736
			9,177,772
	Consumer Services – 3.6%
	46,379	Royal Caribbean Cruises Ltd.*	3,970,506
	68,098	Wyndham Hotels & Resorts, Inc.	4,751,879
	46,779	Wynn Resorts Ltd.*	5,864,683
	37,727	Yum! Brands, Inc.	4,081,307
			18,668,375
	Diversified Financials – 3.9%
	87,576	Ally Financial, Inc.	3,959,311
	84,853	Bank of New York Mellon Corp. (The)	4,012,698
	84,168	Carlyle Group, Inc. (The)	3,094,016
	50,160	Discover Financial Services	4,764,699
	35,836	Raymond James Financial, Inc.	4,392,060
			20,222,784
	Energy – 4.3%
	76,062	Cheniere Energy, Inc.*	5,477,225
	84,772	Hess Corp.	5,998,467
	35,141	Marathon Petroleum Corp.	1,879,692
	23,413	Phillips 66	1,909,096
	43,370	Pioneer Natural Resources Co.	6,888,023
			22,152,503
	Food & Staples Retailing – 0.5%
	44,559	Performance Food Group Co.*	2,567,044

Shares		Description	Value
	Common Stocks – (continued)
	Food, Beverage & Tobacco – 3.7%
	92,586	Coca-Cola European Partners plc	$    4,829,286
	21,942	Constellation Brands, Inc. Class A	5,002,776
	33,103	McCormick & Co., Inc. (Non-Voting)	2,951,463
	230,674	Nomad Foods Ltd.*	6,334,308
			19,117,833
	Health Care Equipment & Services – 4.7%
	35,373	Centene Corp.*	2,260,689
	59,627	Certara, Inc.*	1,627,817
	12,461	Cooper Cos., Inc. (The)	4,786,146
	28,061	Hologic, Inc.*	2,087,177
	26,586	Quest Diagnostics, Inc.	3,412,047
	61,566	Zimmer Biomet Holdings, Inc.	9,855,485
			24,029,361
	Insurance – 6.4%
	4,040	Alleghany Corp.*	2,530,212
	37,353	American Financial Group, Inc.	4,261,977
	120,507	Arch Capital Group Ltd.*	4,623,854
	30,342	Arthur J Gallagher & Co.	3,785,771
	59,863	Athene Holding Ltd. Class A*	3,017,095
	59,381	Brown & Brown, Inc.	2,714,306
	31,088	Globe Life, Inc.	3,004,033
	48,861	Hartford Financial Services Group, Inc. (The)	3,263,426
	5,078	Markel Corp.*	5,786,990
			32,987,664
	Materials – 8.1%
	107,647	Allegheny Technologies, Inc.*	2,267,046
	48,099	Ashland Global Holdings, Inc.	4,269,748
	84,357	Ball Corp.	7,148,412
	196,915	Corteva, Inc.	9,180,177
	245,522	Freeport-McMoRan, Inc.*	8,085,040
	15,124	Martin Marietta Materials, Inc.	5,078,942
	41,715	Packaging Corp. of America	5,609,833
			41,639,198
	Media & Entertainment – 2.6%
	23,447	Liberty Broadband Corp. Class C*	3,520,567
	47,728	Live Nation Entertainment, Inc.*	4,040,175
	49,508	Twitter, Inc.*	3,150,194
	59,780	ViacomCBS, Inc.(a)	2,696,078
			13,407,014
	Pharmaceuticals, Biotechnology & Life Sciences – 2.8%
	59,455	Catalent, Inc.*	6,261,206
	43,310	Ionis Pharmaceuticals, Inc.*	1,947,218
	23,141	Neurocrine Biosciences, Inc.*	2,250,462
	29,174	PerkinElmer, Inc.	3,742,732
			14,201,618
	Real Estate Investment Trusts – 10.6%
	24,712	Alexandria Real Estate Equities, Inc.	4,060,182

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Investment Trusts – (continued)
	24,116	AvalonBay Communities, Inc.	$    4,449,643
	60,156	Boston Properties, Inc.	6,091,397
	30,261	Camden Property Trust	3,325,987
	74,362	CubeSmart	2,813,115
	162,495	Duke Realty Corp.	6,813,415
	53,169	Equity LifeStyle Properties, Inc.	3,383,675
	12,068	Essex Property Trust, Inc.	3,280,565
	138,406	Healthpeak Properties, Inc.	4,393,006
	84,190	Highwoods Properties, Inc.	3,615,119
	103,878	Invitation Homes, Inc.	3,323,057
	4,041	Life Storage, Inc.	347,324
	37,285	Ryman Hospitality Properties, Inc.*	2,889,960
	79,472	Welltower, Inc.	5,692,579
			54,479,024
	Retailing – 6.1%
	34,724	Advance Auto Parts, Inc.	6,371,507
	16,662	Burlington Stores, Inc.*	4,978,606
	36,536	Dollar Tree, Inc.*	4,181,910
	33,600	Expedia Group, Inc.*	5,783,232
	101,085	L Brands, Inc.*	6,253,118
	6,759	RH*	4,032,419
			31,600,792
	Semiconductors & Semiconductor Equipment – 6.3%
	28,625	Cree, Inc.*	3,095,221
	33,615	Entegris, Inc.	3,758,157
	211,650	Marvell Technology Group Ltd.	10,366,617
	31,767	Microchip Technology, Inc.	4,930,874
	25,313	MKS Instruments, Inc.	4,693,537
	141,207	ON Semiconductor Corp.*	5,875,623
			32,720,029
	Software & Services – 1.0%
	22,670	Splunk, Inc.*	3,071,331
	9,377	WEX, Inc.*	1,961,856
			5,033,187
	Technology Hardware & Equipment – 2.6%
	93,445	Juniper Networks, Inc.	2,366,962
	21,145	Motorola Solutions, Inc.	3,976,317
	280,823	Viavi Solutions, Inc.*	4,408,921
	95,857	Vontier Corp.*	2,901,592
			13,653,792
	Transportation – 4.0%
	174,495	JetBlue Airways Corp.*	3,549,228
	30,554	Old Dominion Freight Line, Inc.	7,345,487
	11,434	Saia, Inc.*	2,636,452
	119,937	United Airlines Holdings, Inc.*	6,901,175
			20,432,342
	Utilities – 6.3%
	79,616	AES Corp. (The)	2,134,505
	76,063	Alliant Energy Corp.	4,119,572
	60,562	Ameren Corp.	4,927,324
	21,834	American Water Works Co., Inc.	3,273,353
	34,417	Atmos Energy Corp.	3,402,121
	75,695	CMS Energy Corp.	4,634,048

Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	41,489	NextEra Energy Partners LP	$    3,023,718
	55,823	Public Service Enterprise Group, Inc.	3,361,103
	58,034	Xcel Energy, Inc.	3,859,841
			32,735,585
	TOTAL COMMON STOCKS (Cost $372,302,173)		$511,439,816
Shares		Dividend Rate	Value
	Investment Company(b) – 0.5%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	2,609,392	0.036%	$    2,609,392
	(Cost $2,609,392)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $374,911,565)		$514,049,208
	Securities Lending Reinvestment Vehicle(b) – 0.3%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,674,163	0.036%	$    1,674,163
	(Cost $1,674,163)
	TOTAL INVESTMENTS – 99.9% (Cost $376,585,728)		$515,723,371
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%		445,351
	NET ASSETS – 100.0%		$516,168,722

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments

March 31, 2021 (Unaudited)

Shares		Description	Value
	Underlying Funds (Class R6 Shares)(a) – 96.4%
	Equity – 40.6%
	458,492	Goldman Sachs Tactical Tilt Overlay Fund	$  4,639,940
	216,195	Goldman Sachs Absolute Return Tracker Fund	2,209,514
	83,415	Goldman Sachs Dynamic Global Equity Fund	1,912,697
	66,005	Goldman Sachs Emerging Markets Equity Insights Fund	815,817
			9,577,968
	Fixed Income – 55.8%
	271,290	Goldman Sachs Managed Futures Strategy Fund	2,910,944
	162,290	Goldman Sachs Global Infrastructure Fund	1,976,693
	161,870	Goldman Sachs Emerging Markets Debt Fund	1,940,816
	184,348	Goldman Sachs Long Short Credit Strategies Fund	1,642,540
	235,532	Goldman Sachs High Yield Fund	1,512,114
	191,337	Goldman Sachs Alternative Premia Fund	1,299,178
	126,549	Goldman Sachs High Yield Floating Rate Fund	1,184,494
	76,703	Goldman Sachs Strategic Income Fund	721,008
			13,187,787
	TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) (Cost $22,132,478)		$22,765,755
Shares		Dividend Rate	Value
	Investment Company(a) – 2.2%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	525,989	0.036%	$     525,989
	(Cost $525,989)
	TOTAL INVESTMENTS – 98.6% (Cost $22,658,467)		$23,291,744
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.4%		330,871
	NET ASSETS – 100.0%		$23,622,615
	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a) Represents an Affiliated Issuer.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2021, the Portfolio had the following futures contracts:

Description	Number of Contracts	Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
MSCI Emerging Markets E-Mini Index	6		06/18/2021	$	396,750	$	(2,874	)
Russell 2000 E-Mini Index	2		06/18/2021		222,250		(10,971	)
U.S. Treasury 10 Year Note	19		06/21/2021		2,490,188		(62,128	)
Total Futures Contracts						$	(75,973	)

PURCHASED OPTIONS CONTRACTS — At March 31, 2021, the Portfolio had the following purchased options contracts:

EXCHANGE TRADED INTEREST RATE OPTIONS

Description	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		97.75 USD		03/13/2023		7	$	1,750,000	$	29,663	$	30,832	$	(1,169	)
		97.75 USD		06/19/2023		7		1,750,000		27,125		28,546		(1,421	)
Total purchased options contracts						14			$	56,788	$	59,378	$	(2,590	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.6%
	Automobiles & Components – 1.2%
	5,078	Adient plc*	$       224,448
	20,799	American Axle & Manufacturing Holdings, Inc.*	200,918
	52,345	Goodyear Tire & Rubber Co. (The)*	919,702
	740	Standard Motor Products, Inc.	30,769
	5,626	Tenneco, Inc. Class A*	60,311
	559	Visteon Corp.*	68,170
			1,504,318
	Banks – 7.2%
	681	1st Constitution Bancorp	11,992
	4,389	1st Source Corp.	208,829
	1,732	Amalgamated Financial Corp.	28,734
	13,865	Atlantic Capital Bancshares, Inc.*	334,146
	1,273	Atlantic Union Bankshares Corp.	48,832
	31,407	Bancorp, Inc. (The)*	650,753
	637	Banner Corp.	33,971
	21,526	Cadence BanCorp	446,234
	857	Camden National Corp.	41,016
	4,344	Cathay General Bancorp	177,148
	385	Century Bancorp, Inc. Class A	35,924
	24,423	Community Bankers Trust Corp.	215,411
	28,364	CVB Financial Corp.	626,561
	3,237	Eagle Bancorp Montana, Inc.	78,724
	4,385	First BanCorp/PR	49,375
	1,500	First Bank	18,255
	17,684	First Foundation, Inc.	414,867
	4,749	First Internet Bancorp	167,307
	15,685	Flagstar Bancorp, Inc.	707,394
	402	Glacier Bancorp, Inc.	22,946
	8,614	Guaranty Bancshares, Inc.	316,565
	9,753	Hanmi Financial Corp.	192,427
	8,183	Heartland Financial USA, Inc.	411,278
	17,471	International Bancshares Corp.	811,004
	52,821	Investors Bancorp, Inc.	775,940
	5,097	Limestone Bancorp, Inc.*	80,787
	8,798	Merchants Bancorp	368,988
	239	Metropolitan Bank Holding Corp.*	12,036
	2,862	National Bank Holdings Corp. Class A	113,564
	131	Preferred Bank	8,342
	3,923	SB Financial Group, Inc.	71,634
	3,152	Sierra Bancorp	84,474
	1,325	South Plains Financial, Inc.	30,104
	645	Timberland Bancorp, Inc.	17,937
	622	TriCo Bancshares	29,464
	3,967	TriState Capital Holdings, Inc.*	91,479
	16,585	Trustmark Corp.	558,251
	708	United Bankshares, Inc.	27,315
	18,459	Washington Federal, Inc.	568,537
	495	Washington Trust Bancorp, Inc.	25,557
	638	Westamerica BanCorp	40,054
			8,954,156
	Capital Goods – 9.9%
	747	Advanced Drainage Systems, Inc.	77,232
	206	Albany International Corp. Class A	17,195
	1,070	Astronics Corp.*	19,303
	10,732	Atkore, Inc.*	771,631
	234	Barnes Group, Inc.	11,592

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	11,537	Boise Cascade Co.	$       690,259
	2,014	CAI International, Inc.	91,677
	637	CIRCOR International, Inc.*	22,180
	3,825	Columbus McKinnon Corp.	201,807
	9,467	Concrete Pumping Holdings, Inc.*	70,150
	1,051	Cornerstone Building Brands, Inc.*	14,746
	1,528	Dycom Industries, Inc.*	141,875
	2,585	EMCOR Group, Inc.	289,934
	689	Encore Wire Corp.	46,253
	4,685	Federal Signal Corp.	179,435
	4,612	Franklin Electric Co., Inc.	364,071
	662	FuelCell Energy, Inc.*	9,539
	10,070	Great Lakes Dredge & Dock Corp.*	146,821
	16,919	H&E Equipment Services, Inc.	642,922
	1,227	Herc Holdings, Inc.*	124,332
	3,251	Hurco Cos., Inc.	114,760
	4,371	Masonite International Corp.*	503,714
	4,759	Matrix Service Co.*	62,390
	3,950	Maxar Technologies, Inc.	149,389
	8,739	McGrath RentCorp	704,800
	16,524	Meritor, Inc.*	486,136
	4,149	Miller Industries, Inc.	191,642
	1,513	Moog, Inc. Class A	125,806
	35,588	MRC Global, Inc.*	321,360
	8,887	NOW, Inc.*	89,670
	12,915	Plug Power, Inc.*	462,874
	8,904	Powell Industries, Inc.	301,578
	14,562	Primoris Services Corp.	482,439
	13,305	Quanex Building Products Corp.	348,990
	2,980	RBC Bearings, Inc.*	586,375
	438	Resideo Technologies, Inc.*	12,374
	9,653	Rexnord Corp.	454,560
	15,289	Rush Enterprises, Inc. Class A	761,851
	2,815	Shyft Group, Inc. (The)	104,718
	5,740	Sunrun, Inc.*	347,155
	2,330	Titan Machinery, Inc.*	59,415
	8,942	Triton International Ltd.	491,721
	3,803	Tutor Perini Corp.*	72,067
	2,721	Vectrus, Inc.*	145,410
	4,991	Vicor Corp.*	424,385
	1,265	Wabash National Corp.	23,782
	17,445	WillScot Mobile Mini Holdings Corp.*	484,099
			12,246,414
	Commercial & Professional Services – 1.6%
	1,373	Barrett Business Services, Inc.	94,545
	671	BrightView Holdings, Inc.*	11,320
	1,257	Cimpress plc*	125,863
	16,635	Ennis, Inc.	355,157
	906	Franklin Covey Co.*	25,631
	3,365	HNI Corp.	133,119
	2,352	Huron Consulting Group, Inc.*	118,494
	10,182	KAR Auction Services, Inc.*	152,730
	8,191	KBR, Inc.	314,452
	10,780	Matthews International Corp. Class A	426,349
	32,688	Quad/Graphics, Inc.*	115,389
	10,235	Team, Inc.*	118,010
			1,991,059

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Durables & Apparel – 3.7%
	13,115	Callaway Golf Co.	$       350,826
	2,661	Century Communities, Inc.*	160,512
	10,582	Crocs, Inc.*	851,322
	5,381	G-III Apparel Group Ltd.*	162,183
	697	iRobot Corp.*	85,159
	3,422	LGI Homes, Inc.*	510,939
	6,921	M/I Homes, Inc.*	408,824
	3,924	MasterCraft Boat Holdings, Inc.*	104,339
	2,530	Nautilus, Inc.*	39,569
	11,368	Sonos, Inc.*	425,959
	4,916	Steven Madden Ltd.	183,170
	13,870	Taylor Morrison Home Corp.*	427,335
	25,362	TRI Pointe Group, Inc.*	516,370
	468	Universal Electronics, Inc.*	25,726
	4,360	Vista Outdoor, Inc.*	139,825
	3,449	Wolverine World Wide, Inc.	132,166
			4,524,224
	Consumer Services – 4.8%
	967	Boyd Gaming Corp.*	57,014
	7,279	Caesars Entertainment, Inc.*	636,549
	5,158	Century Casinos, Inc.*	52,973
	2,007	Churchill Downs, Inc.	456,432
	9,553	Chuy’s Holdings, Inc.*	423,389
	7,786	Del Taco Restaurants, Inc.	74,590
	766	Dine Brands Global, Inc.*	68,963
	1,638	El Pollo Loco Holdings, Inc.*	26,405
	2,994	Everi Holdings, Inc.*	42,245
	783	Fiesta Restaurant Group, Inc.*	9,858
	812	Marriott Vacations Worldwide Corp.*	141,434
	4,252	Monarch Casino & Resort, Inc.*	257,756
	3,148	Nathan’s Famous, Inc.	198,607
	12,087	Noodles & Co.*	125,100
	6,967	Penn National Gaming, Inc.*	730,420
	2,847	Red Robin Gourmet Burgers, Inc.*	113,567
	25,390	Red Rock Resorts, Inc. Class A*	827,460
	7,225	Ruth’s Hospitality Group, Inc.*	179,397
	8,367	SeaWorld Entertainment, Inc.*	415,589
	1,007	Shake Shack, Inc. Class A*	113,559
	10,025	Texas Roadhouse, Inc.*	961,799
			5,913,106
	Diversified Financials – 4.9%
	5,279	ARMOUR Residential REIT, Inc. (REIT)	64,404
	3,638	Artisan Partners Asset Management, Inc. Class A	189,794
	17,897	Banco Latinoamericano de Comercio Exterior SA Class E	270,782
	15,611	Capstead Mortgage Corp. (REIT)	97,256
	4,089	Chimera Investment Corp. (REIT)	51,930
	8,115	Cohen & Steers, Inc.	530,153
	11,984	Cowen, Inc. Class A	421,238
	7,994	Donnelley Financial Solutions, Inc.*	222,473
	17,629	Federated Hermes, Inc. Class B	551,788
	631	FirstCash, Inc.	41,438
	4,245	Focus Financial Partners, Inc. Class A*	176,677
	25,972	Great Ajax Corp. (REIT)	283,095
	4,096	Greenhill & Co., Inc.	67,502

Shares		Description	Value
	Common Stocks – (continued)
	Diversified Financials – (continued)
	1,609	Hamilton Lane, Inc. Class A	$       142,493
	10,885	MFA Financial, Inc. (REIT)	44,302
	10,859	Moelis & Co. Class A	595,942
	40,709	Navient Corp.	582,546
	8,657	Oppenheimer Holdings, Inc. Class A	346,713
	31,410	PennyMac Mortgage Investment Trust (REIT)	615,636
	8,873	PJT Partners, Inc. Class A	600,258
	834	Regional Management Corp.	28,906
	638	Virtus Investment Partners, Inc.	150,249
			6,075,575
	Energy – 3.1%
	6,086	Ardmore Shipping Corp.*	27,630
	8,512	Bonanza Creek Energy, Inc.*	304,134
	6,265	Cactus, Inc. Class A	191,834
	3,851	ChampionX Corp.*	83,682
	8,119	Clean Energy Fuels Corp.*	111,555
	2,104	CNX Resources Corp.*	30,929
	24,974	Comstock Resources, Inc.*	138,356
	17,101	DHT Holdings, Inc.	101,409
	5,542	Earthstone Energy, Inc. Class A*	39,625
	8,106	Falcon Minerals Corp.	36,396
	4,960	Goodrich Petroleum Corp.*	46,922
	9,399	Helix Energy Solutions Group, Inc.*	47,465
	34,179	Magnolia Oil & Gas Corp. Class A*	392,375
	9,655	Matador Resources Co.	226,410
	14,146	Oceaneering International, Inc.*	161,547
	25,179	Oil States International, Inc.*	151,829
	16,588	Ovintiv, Inc.	395,126
	2,820	Patterson-UTI Energy, Inc.	20,107
	11,590	PDC Energy, Inc.*	398,696
	39,079	Range Resources Corp.*	403,686
	3,123	REX American Resources Corp.*	262,863
	8,300	Scorpio Tankers, Inc.	153,218
	4,273	SM Energy Co.	69,949
	9,466	Transocean Ltd.*	33,604
	7,281	W&T Offshore, Inc.*	26,139
			3,855,486
	Food & Staples Retailing – 1.0%
	6,520	Ingles Markets, Inc. Class A	401,958
	1,364	Natural Grocers by Vitamin Cottage, Inc.	23,938
	11,649	Performance Food Group Co.*	671,099
	2,933	SpartanNash Co.	57,575
	771	Weis Markets, Inc.	43,577
			1,198,147
	Food, Beverage & Tobacco – 1.1%
	922	B&G Foods, Inc.(a)	28,637
	670	Celsius Holdings, Inc.*	32,194
	10,257	Darling Ingredients, Inc.*	754,710
	1,174	John B Sanfilippo & Son, Inc.	106,094
	1,707	Seneca Foods Corp. Class A*	80,383
	1,000	Universal Corp.	58,990
	17,762	Vector Group Ltd.	247,780
			1,308,788

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – 6.7%
	15,105	Accuray, Inc.*	$         74,770
	7,930	Cantel Medical Corp.*	633,131
	27,444	Community Health Systems, Inc.*	371,043
	3,290	CONMED Corp.	429,641
	1,396	Covetrus, Inc.*	41,838
	1,035	CryoLife, Inc.*	23,370
	7,293	FONAR Corp.*	131,930
	11,529	Hanger, Inc.*	263,092
	2,393	HealthEquity, Inc.*	162,724
	177	Heska Corp.*	29,817
	15,127	InfuSystem Holdings, Inc.*	307,986
	205	Inspire Medical Systems, Inc.*	42,433
	8,799	Integer Holdings Corp.*	810,388
	732	iRadimed Corp.*	18,864
	9,993	Joint Corp. (The)*	483,361
	1,902	LeMaitre Vascular, Inc.	92,780
	3,878	Meridian Bioscience, Inc.*	101,798
	5,853	Merit Medical Systems, Inc.*	350,478
	732	National HealthCare Corp.	57,030
	11,010	Natus Medical, Inc.*	281,966
	4,337	Neogen Corp.*	385,516
	1,152	OptimizeRx Corp.*	56,160
	1,767	Option Care Health, Inc.*	31,347
	12,775	RadNet, Inc.*	277,856
	4,127	Retractable Technologies, Inc.*(a)	52,908
	22,832	Select Medical Holdings Corp.*	778,571
	5,652	STAAR Surgical Co.*	595,777
	5,937	Surmodics, Inc.*	332,888
	14,731	Tenet Healthcare Corp.*	766,012
	802	US Physical Therapy, Inc.	83,488
	2,273	Utah Medical Products, Inc.	196,842
			8,265,805
	Household & Personal Products – 0.4%
	8,750	elf Beauty, Inc.*	234,762
	1,201	Medifast, Inc.	254,396
	123	WD-40 Co.	37,660
			526,818
	Insurance – 3.1%
	25,217	American Equity Investment Life Holding Co.	795,092
	1,840	AMERISAFE, Inc.	117,760
	5,164	Argo Group International Holdings Ltd.	259,853
	888	Enstar Group Ltd.*	219,096
	51,572	Genworth Financial, Inc. Class A*	171,219
	1,481	Goosehead Insurance, Inc. Class A	158,734
	741	HCI Group, Inc.	56,924
	780	Investors Title Co.	129,480
	905	James River Group Holdings Ltd.	41,286
	4,608	Kinsale Capital Group, Inc.	759,398
	170	National Western Life Group, Inc. Class A	42,330
	5,427	State Auto Financial Corp.	106,966
	13,345	Stewart Information Services Corp.	694,340
	4,162	Trupanion, Inc.*	317,186
			3,869,664

Shares		Description	Value
	Common Stocks – (continued)
	Materials – 5.4%
	6,653	AdvanSix, Inc.*	$       178,434
	27,340	Alcoa Corp.*	888,277
	4,197	Arconic Corp.*	106,562
	1,374	Balchem Corp.	172,313
	1,827	Clearwater Paper Corp.*	68,732
	16,319	Cleveland-Cliffs, Inc.	328,175
	9,596	Coeur Mining, Inc.*	86,652
	29,858	Ferro Corp.*	503,406
	8,502	Glatfelter Corp.	145,809
	5,634	Haynes International, Inc.	167,161
	10,594	Hecla Mining Co.	60,280
	7,212	Ingevity Corp.*	544,722
	10,045	Koppers Holdings, Inc.*	349,164
	6,326	Kraton Corp.*	231,468
	17,223	Louisiana-Pacific Corp.	955,188
	6,957	Minerals Technologies, Inc.	524,001
	1,804	Orion Engineered Carbons SA*	35,575
	27,611	Summit Materials, Inc. Class A*	773,660
	26,084	SunCoke Energy, Inc.	182,849
	6,511	TimkenSteel Corp.*	76,504
	857	United States Lime & Minerals, Inc.	114,590
	4,973	United States Steel Corp.	130,143
	2,970	Warrior Met Coal, Inc.	50,876
			6,674,541
	Media & Entertainment – 2.4%
	14,348	AMC Entertainment Holdings, Inc. Class A*(a)	146,493
	1,402	AMC Networks, Inc. Class A*	74,530
	12,279	Cargurus, Inc.*	292,609
	21,529	Cars.com, Inc.*	279,016
	3,185	Entravision Communications Corp. Class A	12,867
	3,093	EverQuote, Inc. Class A*	112,245
	6,985	EW Scripps Co. (The) Class A	134,601
	31,720	Gaia, Inc.*	377,151
	19,492	Gray Television, Inc.	358,653
	2,986	Hemisphere Media Group, Inc.*	34,787
	208	Loral Space & Communications, Inc.	7,835
	9,494	QuinStreet, Inc.*	192,728
	3,044	TechTarget, Inc.*	211,406
	18,919	TEGNA, Inc.	356,245
	48,366	TrueCar, Inc.*	231,431
	5,053	Yelp, Inc.*	197,067
			3,019,664
	Pharmaceuticals, Biotechnology & Life Sciences – 12.0%
	26,507	Affimed NV*	209,670
	14,419	Amicus Therapeutics, Inc.*	142,460
	14,619	Amneal Pharmaceuticals, Inc.*	98,386
	16,928	Amphastar Pharmaceuticals, Inc.*	310,121
	7,336	ANI Pharmaceuticals, Inc.*	265,123
	9,946	Apellis Pharmaceuticals, Inc.*	426,783
	945	Arcturus Therapeutics Holdings, Inc.*(a)	39,028
	4,406	Arrowhead Pharmaceuticals, Inc.*	292,162
	1,204	Atara Biotherapeutics, Inc.*	17,289
	6,672	Avenue Therapeutics, Inc.*(a)	40,499
	22,602	Avid Bioservices, Inc.*	412,034
	3,932	BioCryst Pharmaceuticals, Inc.*	39,988

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	66,689	BioDelivery Sciences International, Inc.*	$       260,754
	2,187	Calyxt, Inc.*	13,166
	7,970	CareDx, Inc.*	542,677
	1,074	Cassava Sciences, Inc.*(a)	48,276
	17,793	Catalyst Pharmaceuticals, Inc.*	82,026
	1,364	CEL-SCI Corp.*	20,746
	3,664	Centogene NV*	44,444
	2,250	Collegium Pharmaceutical, Inc.*	53,325
	3,447	Corcept Therapeutics, Inc.*	82,004
	5,595	Denali Therapeutics, Inc.*	319,475
	20,946	Durect Corp.*	41,473
	6,480	Dynavax Technologies Corp.*	63,698
	4,843	Eagle Pharmaceuticals, Inc.*	202,147
	875	Editas Medicine, Inc.*	36,750
	10,962	Eiger BioPharmaceuticals, Inc.*	97,014
	909	Emergent BioSolutions, Inc.*	84,455
	35,314	Endo International plc*	261,677
	4,186	Fate Therapeutics, Inc.*	345,136
	4,988	Flexion Therapeutics, Inc.*	44,643
	11,060	Fortress Biotech, Inc.*	39,042
	663	G1 Therapeutics, Inc.*	15,952
	5,705	Halozyme Therapeutics, Inc.*	237,841
	13,321	Harrow Health, Inc.*(a)	89,917
	3,321	Harvard Bioscience, Inc.*	18,133
	9,792	Hookipa Pharma, Inc.*	131,702
	15,542	ImmunoGen, Inc.*	125,890
	3,304	Immunovant, Inc.*	52,996
	7,946	Innoviva, Inc.*	94,955
	1,385	Inovio Pharmaceuticals, Inc.*	12,853
	1,958	Intellia Therapeutics, Inc.*	157,139
	3,888	Invitae Corp.*(a)	148,560
	4,321	Jounce Therapeutics, Inc.*	44,377
	27,698	Kadmon Holdings, Inc.*	107,745
	7,102	Kura Oncology, Inc.*	200,774
	4,453	Medpace Holdings, Inc.*	730,515
	25,737	MEI Pharma, Inc.*	88,278
	11,101	Minerva Neurosciences, Inc.*	32,415
	2,843	Mirati Therapeutics, Inc.*	487,006
	5,131	Mustang Bio, Inc.*	17,035
	16,112	Myriad Genetics, Inc.*	490,610
	689	NanoString Technologies, Inc.*	45,274
	8,757	Natera, Inc.*	889,186
	3,547	NeuBase Therapeutics, Inc.*	26,212
	4,073	NextCure, Inc.*	40,771
	3,299	Novavax, Inc.*	598,142
	5,360	Ocular Therapeutix, Inc.*	87,958
	54,471	OPKO Health, Inc.*(a)	233,681
	3,767	Organogenesis Holdings, Inc.*	68,635
	191	Pacira BioSciences, Inc.*	13,387
	3,818	Personalis, Inc.*	93,961
	14,897	Phibro Animal Health Corp. Class A	363,487
	16,004	Prestige Consumer Healthcare, Inc.*	705,456
	5,791	Prothena Corp. plc*	145,470
	1,339	Quanterix Corp.*	78,291
	1,122	Rhythm Pharmaceuticals, Inc.*	23,865
	47,557	Selecta Biosciences, Inc.*	215,195
	14,286	SIGA Technologies, Inc.*	92,859
	3,306	Sorrento Therapeutics, Inc.*(a)	27,341
	13,130	Syros Pharmaceuticals, Inc.*	98,212
	3,290	TG Therapeutics, Inc.*	158,578
	14,721	Translate Bio, Inc.*	242,749
	3,892	Twist Bioscience Corp.*	482,063
	2,323	Ultragenyx Pharmaceutical, Inc.*	264,497
	14,798	Veracyte, Inc.*	795,393

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	14,588	Verastem, Inc.*	$         36,032
	914	Vericel Corp.*	50,773
	1,237	Vir Biotechnology, Inc.*	63,421
	10,014	Voyager Therapeutics, Inc.*	47,166
	13,916	Xencor, Inc.*	599,223
			14,848,442
	Real Estate Investment Trusts – 7.4%
	12,772	American Assets Trust, Inc.	414,324
	1,106	Armada Hoffler Properties, Inc.	13,869
	28,464	CareTrust REIT, Inc.	662,784
	973	Chatham Lodging Trust *	12,805
	31,630	City Office REIT, Inc.	335,911
	14,762	Community Healthcare Trust, Inc.	680,824
	3,780	EastGroup Properties, Inc.	541,598
	14,661	Four Corners Property Trust, Inc.	401,711
	19,715	Gladstone Commercial Corp.	385,625
	14,261	Independence Realty Trust, Inc.	216,767
	7,149	Industrial Logistics Properties Trust	165,356
	14,348	Kite Realty Group Trust	276,773
	37,172	Lexington Realty Trust	412,981
	2,018	Macerich Co. (The)	23,611
	14,875	NexPoint Residential Trust, Inc.	685,589
	24,315	Physicians Realty Trust	429,646
	14,728	Piedmont Office Realty Trust, Inc. Class A	255,825
	10,234	PotlatchDeltic Corp.	541,583
	42,818	Retail Opportunity Investments Corp.	679,522
	3,787	Retail Properties of America, Inc. Class A	39,688
	7,937	Retail Value, Inc.	148,501
	18,442	Sabra Health Care REIT, Inc.	320,153
	7,975	Tanger Factory Outlet Centers, Inc.	120,662
	13,852	Terreno Realty Corp.	800,230
	269	Universal Health Realty Income Trust	18,233
	11,862	Urban Edge Properties	195,960
	14,614	Urstadt Biddle Properties, Inc. Class A	243,323
	11,200	Whitestone REIT	108,640
			9,132,494
	Retailing – 5.6%
	18,440	1-800-Flowers.com, Inc. Class A*	509,128
	23,508	Abercrombie & Fitch Co. Class A*	806,560
	12,724	At Home Group, Inc.*	365,179
	3,201	Bed Bath & Beyond, Inc.*	93,309
	2,372	Big Lots, Inc.	162,008
	1,464	Boot Barn Holdings, Inc.*	91,222
	10,160	Buckle, Inc. (The)	399,085
	1,903	Caleres, Inc.	41,485
	10,626	Camping World Holdings, Inc. Class A	386,574
	3,712	Container Store Group, Inc. (The)*	61,768
	2,279	Funko, Inc. Class A*	44,851
	2,356	GameStop Corp. Class A*(a)	447,216
	15,150	Haverty Furniture Cos., Inc.	563,429

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Retailing – (continued)
	2,084	Liquidity Services, Inc.*	$         38,721
	4,353	Lumber Liquidators Holdings, Inc.*	109,347
	2,422	Murphy USA, Inc.	350,124
	1,557	PetMed Express, Inc.	54,767
	2,037	RH*	1,215,274
	6,308	Signet Jewelers Ltd.*	365,738
	2,386	Sleep Number Corp.*	342,367
	1,334	Stamps.com, Inc.*	266,146
	2,264	Weyco Group, Inc.	48,970
	3,737	Zumiez, Inc.*	160,317
			6,923,585
	Semiconductors & Semiconductor Equipment – 2.3%
	4,237	Ambarella, Inc.*	425,352
	12,671	Axcelis Technologies, Inc.*	520,651
	565	Brooks Automation, Inc.	46,132
	2,625	CEVA, Inc.*	147,394
	9,420	FormFactor, Inc.*	424,936
	2,554	Ichor Holdings Ltd.*	137,405
	509	Lattice Semiconductor Corp.*	22,915
	7,687	MACOM Technology Solutions Holdings, Inc.*	446,000
	2,947	NeoPhotonics Corp.*	35,217
	2,523	Photronics, Inc.*	32,446
	16,826	Rambus, Inc.*	327,098
	3,000	Ultra Clean Holdings, Inc.*	174,120
	4,665	Veeco Instruments, Inc.*	96,752
			2,836,418
	Software & Services – 6.7%
	1,547	Agilysys, Inc.*	74,194
	6,822	Avaya Holdings Corp.*	191,221
	22,816	Brightcove, Inc.*	459,058
	3,576	Cass Information Systems, Inc.	165,462
	1,248	Cerence, Inc.*	111,796
	18,208	ChannelAdvisor Corp.*	428,798
	12,462	Cloudera, Inc.*	151,663
	9,003	CommVault Systems, Inc.*	580,694
	14,408	Conduent, Inc.*	95,957
	6,406	Digital Turbine, Inc.*	514,786
	5,376	Domo, Inc. Class B*	302,615
	4,250	Envestnet, Inc.*	306,978
	14,296	EVERTEC, Inc.	532,097
	1,378	Hackett Group, Inc. (The)	22,585
	3,714	LivePerson, Inc.*	195,876
	311	MicroStrategy, Inc. Class A*	211,107
	11,417	Perficient, Inc.*	670,406
	1,683	QAD, Inc. Class A	112,054
	5,793	Sapiens International Corp. NV	184,159
	7,793	SPS Commerce, Inc.*	773,923
	8,517	Sykes Enterprises, Inc.*	375,429
	25,046	Synchronoss Technologies, Inc.*	89,414
	4,952	Tenable Holdings, Inc.*	179,188
	13,250	Upland Software, Inc.*	625,268
	15,723	Varonis Systems, Inc.*	807,219
	1,006	Verint Systems, Inc.*	45,763
	916	Workiva, Inc.*	80,846
	3,435	Xperi Holding Corp.	74,780
			8,363,336
	Technology Hardware & Equipment – 3.4%
	7,887	3D Systems Corp.*	216,419
	2,923	Belden, Inc.	129,694
	8,004	Benchmark Electronics, Inc.	247,484

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	8,486	Calix, Inc.*	$       294,125
	2,713	Clearfield, Inc.*	81,743
	6,615	CTS Corp.	205,462
	12,064	Daktronics, Inc.*	75,641
	2,958	Digi International, Inc.*	56,172
	2,678	II-VI, Inc.*	183,095
	11,164	Immersion Corp.*	106,951
	8,433	Intevac, Inc.*	60,296
	29,309	Knowles Corp.*	613,144
	6,830	NETGEAR, Inc.*	280,713
	6,258	nLight, Inc.*	202,759
	692	Novanta, Inc.*	91,268
	5,160	Super Micro Computer, Inc.*	201,550
	41,180	TTM Technologies, Inc.*	597,110
	17,729	Vishay Intertechnology, Inc.	426,914
	4,237	Vishay Precision Group, Inc.*	130,542
			4,201,082
	Telecommunication Services – 0.9%
	17,242	Iridium Communications, Inc.*	711,233
	60,799	ORBCOMM, Inc.*	463,896
			1,175,129
	Transportation – 1.6%
	1,349	Avis Budget Group, Inc.*	97,857
	17,636	Costamare, Inc.	169,658
	34,354	Daseke, Inc.*	291,665
	5,944	Echo Global Logistics, Inc.*	186,701
	35,778	Marten Transport Ltd.	607,153
	2,327	Mesa Air Group, Inc.*	31,298
	4,887	Safe Bulkers, Inc.*	11,973
	13,289	Werner Enterprises, Inc.	626,842
			2,023,147
	Utilities – 1.2%
	677	Black Hills Corp.	45,203
	9,651	Clearway Energy, Inc. Class C	271,579
	27,887	Genie Energy Ltd. Class B	176,804
	2,717	Northwest Natural Holding Co.	146,582
	10,665	NorthWestern Corp.	695,358
	2,432	Southwest Gas Holdings, Inc.	167,103
			1,502,629
	TOTAL COMMON STOCKS (Cost $98,831,004)		$120,934,027
Shares		Dividend Rate	Value
	Investment Company(b) – 0.9%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,112,709	0.036%	$    1,112,709
	(Cost $1,112,709)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $99,943,713)		$122,046,736

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle(b) – 1.0%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,275,600	0.036%	$    1,275,600
	(Cost $1,275,600)
	TOTAL INVESTMENTS – 99.5% (Cost $101,219,313)		$123,322,336
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%		558,695
	NET ASSETS – 100.0%		$123,881,031

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:

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)

March 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2021, 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	06/18/2021	$	2,000,250	$	(93,512	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.5%
	Automobiles & Components – 3.4%
	21,661	Aptiv plc*	$     2,987,052
	16,618	Tesla, Inc.*	11,099,661
			14,086,713
	Capital Goods – 1.3%
	11,479	Boeing Co. (The)*	2,923,931
	5,968	Deere & Co.	2,232,867
			5,156,798
	Commercial & Professional Services – 0.8%
	19,292	Verisk Analytics, Inc.	3,408,703
	Consumer Durables & Apparel – 3.1%
	11,487	Lululemon Athletica, Inc.*	3,523,178
	52,809	NIKE, Inc. Class B	7,017,788
	21,049	PVH Corp.*	2,224,879
			12,765,845
	Consumer Services – 2.1%
	24,195	Chegg, Inc.*	2,072,544
	33,221	Las Vegas Sands Corp.*	2,018,508
	19,603	McDonald’s Corp.	4,393,816
			8,484,868
	Diversified Financials – 1.9%
	71,077	Charles Schwab Corp. (The)	4,632,799
	26,892	Intercontinental Exchange, Inc.	3,003,298
			7,636,097
	Food & Staples Retailing – 0.7%
	22,350	Walmart, Inc.	3,035,801
	Food, Beverage & Tobacco – 2.8%
	87,790	Coca-Cola Co. (The)	4,627,411
	22,944	McCormick & Co., Inc. (Non-Voting)	2,045,687
	36,400	Mondelez International, Inc. Class A	2,130,492
	30,598	Monster Beverage Corp.*	2,787,172
			11,590,762
	Health Care Equipment & Services – 7.2%
	51,926	American Well Corp. Class A*	901,955
	130,579	Boston Scientific Corp.*	5,046,878
	16,416	Danaher Corp.	3,694,913
	22,256	Guardant Health, Inc.*	3,397,378
	9,272	Humana, Inc.	3,887,286
	10,139	Insulet Corp.*	2,645,468
	5,648	Intuitive Surgical, Inc.*	4,173,533
	8,805	Veeva Systems, Inc. Class A*	2,300,218
	12,929	West Pharmaceutical Services, Inc.	3,643,134
			29,690,763
	Household & Personal Products – 1.2%
	17,037	Estee Lauder Cos., Inc. (The) Class A	4,955,211
	Materials – 2.6%
	32,020	Danimer Scientific, Inc.*(a)	1,208,755

Shares		Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	10,993	Ecolab, Inc.	$     2,353,271
	8,772	Linde plc	2,457,388
	5,936	Martin Marietta Materials, Inc.	1,993,428
	3,814	Sherwin-Williams Co. (The)	2,814,770
			10,827,612
	Media & Entertainment – 13.6%
	8,209	Alphabet, Inc. Class A*	16,931,227
	5,027	Alphabet, Inc. Class C*	10,399,003
	54,817	Facebook, Inc. Class A*	16,145,251
	24,134	Live Nation Entertainment, Inc.*	2,042,943
	16,964	Netflix, Inc.*	8,849,440
	34,140	Snap, Inc. Class A*	1,785,181
			56,153,045
	Pharmaceuticals, Biotechnology & Life Sciences – 7.0%
	15,584	10X Genomics, Inc. Class A*	2,820,704
	47,453	Adaptive Biotechnologies Corp.*	1,910,458
	22,900	BioMarin Pharmaceutical, Inc.*	1,729,179
	88,223	Bristol-Myers Squibb Co.	5,569,518
	32,214	Eli Lilly and Co.	6,018,219
	76,421	Genmab A/S ADR*	2,508,901
	11,210	Illumina, Inc.*	4,305,313
	20,303	Sarepta Therapeutics, Inc.*	1,513,183
	18,016	Seagen, Inc.*	2,501,702
			28,877,177
	Real Estate Investment Trusts – 1.7%
	16,666	American Tower Corp.	3,984,174
	4,668	Equinix, Inc.	3,172,326
			7,156,500
	Retailing – 7.3%
	6,492	Amazon.com, Inc.*	20,086,767
	15,592	Etsy, Inc.*	3,144,439
	29,117	Farfetch Ltd. Class A*	1,543,783
	44,039	Ross Stores, Inc.	5,280,717
			30,055,706
	Semiconductors & Semiconductor Equipment – 6.0%
	100,120	Marvell Technology Group Ltd.	4,903,878
	24,036	NVIDIA Corp.	12,833,541
	19,172	NXP Semiconductors NV	3,860,090
	24,603	QUALCOMM, Inc.	3,262,112
			24,859,621
	Software & Services – 26.5%
	19,259	Adobe, Inc.*	9,155,151
	10,901	Atlassian Corp. plc Class A*	2,297,495
	12,731	Bill.com Holdings, Inc.*	1,852,361
	21,747	C3.ai, Inc. Class A*(a)	1,433,345
	36,040	Fidelity National Information Services, Inc.	5,067,584
	11,062	Global Payments, Inc.	2,229,878
	8,436	HubSpot, Inc.*	3,831,716
	23,642	Mastercard, Inc. Class A	8,417,734
	116,402	Microsoft Corp.	27,444,100
	7,902	Okta, Inc.*	1,741,838
	46,668	PayPal Holdings, Inc.*	11,332,857

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	54,523	Qualtrics International, Inc. Class A*	$    1,794,352
	8,181	ServiceNow, Inc.*	4,091,400
	7,280	Snowflake, Inc. Class A*	1,669,158
	28,726	Splunk, Inc.*	3,891,798
	68,413	Visa, Inc. Class A	14,485,084
	34,349	Workday, Inc. Class A*	8,533,322
			109,269,173
	Technology Hardware & Equipment – 8.7%
	66,304	Amphenol Corp. Class A	4,374,075
	256,852	Apple, Inc.	31,374,472
			35,748,547
	Transportation – 1.6%
	29,285	Union Pacific Corp.	6,454,707
	TOTAL COMMON STOCKS (Cost $190,326,886)		$410,213,649
Shares		Dividend Rate	Value
	Investment Company(b) – 0.5%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,979,666	0.036%	$    1,979,666
	(Cost $1,979,666)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $192,306,552)		$412,193,315
	Securities Lending Reinvestment Vehicle(b) – 0.3%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,335,215	0.036%	$    1,335,215
	(Cost $1,335,215)
	TOTAL INVESTMENTS –100.3% (Cost $193,641,767)		$413,528,530
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.3)%		(1,206,465)
	NET ASSETS – 100.0%		$412,322,065

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

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.4%
	Automobiles & Components – 1.6%
	223,179	Ford Motor Co.*	$    2,733,943
	22,497	Gentex Corp.	802,468
	2,920	Tesla, Inc.*	1,950,355
			5,486,766
	Banks – 1.0%
	8,451	JPMorgan Chase & Co.	1,286,496
	28,643	KeyCorp	572,287
	40,679	Wells Fargo & Co.	1,589,328
			3,448,111
	Capital Goods – 4.1%
	11,129	Air Lease Corp.	545,321
	14,132	AMETEK, Inc.	1,805,080
	30,991	Howmet Aerospace, Inc.*	995,741
	833	Huntington Ingalls Industries, Inc.	171,473
	10,434	Northrop Grumman Corp.	3,376,860
	3,694	PACCAR, Inc.	343,247
	11,854	Parker-Hannifin Corp.	3,739,107
	6,413	Teledyne Technologies, Inc.*	2,652,737
			13,629,566
	Consumer Durables & Apparel – 0.8%
	26,073	DR Horton, Inc.	2,323,626
	3,783	Skechers USA, Inc. Class A*	157,789
	3,551	Tapestry, Inc.*	146,336
			2,627,751
	Consumer Services – 1.5%
	2,441	Chipotle Mexican Grill, Inc.*	3,468,222
	8,414	Darden Restaurants, Inc.	1,194,788
	1,290	Vail Resorts, Inc.*	376,241
			5,039,251
	Diversified Financials – 7.5%
	74,296	Ally Financial, Inc.	3,358,922
	78,103	Bank of New York Mellon Corp. (The)	3,693,491
	6,155	Berkshire Hathaway, Inc. Class B*	1,572,418
	31,224	Capital One Financial Corp.	3,972,629
	6,915	Evercore, Inc. Class A	910,982
	5,333	Interactive Brokers Group, Inc. Class A	389,522
	95,408	Jefferies Financial Group, Inc.	2,871,781
	3,893	Santander Consumer USA Holdings, Inc.	105,345
	42,353	State Street Corp.	3,558,076
	86,770	Synchrony Financial	3,528,068
	16,191	Voya Financial, Inc.	1,030,395
			24,991,629
	Energy – 2.2%
	22,817	Baker Hughes Co.	493,075
	8,636	Diamondback Energy, Inc.	634,660
	16,077	EOG Resources, Inc.	1,166,065
	27,351	Halliburton Co.	586,952
	33,796	Hess Corp.	2,391,405
	7,201	Pioneer Natural Resources Co.	1,143,663

Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	15,356	Schlumberger NV	$       417,529
	13,533	Targa Resources Corp.	429,673
			7,263,022
	Food & Staples Retailing – 3.0%
	13,932	Costco Wholesale Corp.	4,910,751
	38,596	Walmart, Inc.	5,242,495
			10,153,246
	Food, Beverage & Tobacco – 1.4%
	615	Archer-Daniels-Midland Co.	35,055
	853	Ingredion, Inc.	76,702
	53,259	Philip Morris International, Inc.	4,726,203
			4,837,960
	Health Care Equipment & Services – 8.2%
	11,482	Anthem, Inc.	4,121,464
	30,432	Centene Corp.*	1,944,909
	324	Chemed Corp.	148,982
	14,712	Cigna Corp.	3,556,479
	1,002	Cooper Cos., Inc. (The)	384,858
	14,299	Danaher Corp.	3,218,419
	8,176	Edwards Lifesciences Corp.*	683,841
	20,786	HCA Healthcare, Inc.	3,914,835
	26,852	Hologic, Inc.*	1,997,252
	14,596	Medtronic plc	1,724,225
	478	Teleflex, Inc.	198,590
	416	UnitedHealth Group, Inc.	154,781
	24,006	Universal Health Services, Inc. Class B	3,202,160
	7,740	West Pharmaceutical Services, Inc.	2,180,977
			27,431,772
	Household & Personal Products – 1.2%
	13,801	Estee Lauder Cos., Inc. (The) Class A	4,014,021
	Insurance – 4.3%
	231	Alleghany Corp.*	144,673
	1,645	American Financial Group, Inc.	187,695
	8,070	Aon plc Class A	1,856,988
	86,695	Arch Capital Group Ltd.*	3,326,487
	25,354	Chubb Ltd.	4,005,171
	14,856	First American Financial Corp.	841,593
	8,497	Globe Life, Inc.	821,065
	2,876	Primerica, Inc.	425,130
	38,820	W R Berkley Corp.	2,925,087
			14,533,889
	Materials – 3.9%
	74,197	Axalta Coating Systems Ltd.*	2,194,747
	23,707	Celanese Corp.	3,551,546
	13,572	CF Industries Holdings, Inc.	615,897
	1,304	International Flavors & Fragrances, Inc.	182,051
	2,280	Martin Marietta Materials, Inc.	765,670
	13,833	Mosaic Co. (The)	437,261
	5,347	Sherwin-Williams Co. (The)	3,946,140

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

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	8,733	Vulcan Materials Co.	$    1,473,694
			13,167,006
	Media & Entertainment – 13.0%
	44,040	Activision Blizzard, Inc.	4,095,720
	2,693	Alphabet, Inc. Class A*	5,554,366
	4,697	Alphabet, Inc. Class C*	9,716,355
	2,824	Charter Communications, Inc. Class A*	1,742,465
	2,235	Electronic Arts, Inc.	302,552
	35,456	Facebook, Inc. Class A*	10,442,856
	72,605	News Corp. Class A	1,846,345
	5,622	Nexstar Media Group, Inc. Class A	789,497
	8,773	Omnicom Group, Inc.	650,518
	1,648	Pinterest, Inc. Class A*	122,001
	10,224	Take-Two Interactive Software, Inc.*	1,806,581
	35,901	Walt Disney Co. (The)*	6,624,453
			43,693,709
	Pharmaceuticals, Biotechnology & Life Sciences – 7.9%
	6,216	Biogen, Inc.*	1,738,926
	4,085	IQVIA Holdings, Inc.*	788,977
	46,613	Johnson & Johnson	7,660,847
	8,680	Merck & Co., Inc.	669,141
	2,618	Mettler-Toledo International, Inc.*	3,025,596
	3,054	Perrigo Co. plc	123,595
	4,950	Pfizer, Inc.	179,339
	8,831	Thermo Fisher Scientific, Inc.	4,030,292
	18,045	Vertex Pharmaceuticals, Inc.*	3,877,690
	26,616	Zoetis, Inc.	4,191,488
			26,285,891
	Real Estate Investment Trusts – 3.5%
	2,418	AvalonBay Communities, Inc.	446,145
	9,601	Camden Property Trust	1,055,246
	50,785	Equity LifeStyle Properties, Inc.	3,231,957
	9,674	Extra Space Storage, Inc.	1,282,289
	14,611	First Industrial Realty Trust, Inc.	669,038
	6,846	Healthcare Trust of America, Inc. Class A	188,812
	20,816	Invitation Homes, Inc.	665,904
	39,126	Prologis, Inc.	4,147,356
			11,686,747
	Retailing – 6.2%
	5,122	Amazon.com, Inc.*	15,847,878
	1,894	Dick’s Sporting Goods, Inc.	144,228
	6,775	Kohl’s Corp.	403,858
	33,856	L Brands, Inc.*	2,094,332
	7,997	Target Corp.	1,583,966
	2,112	Wayfair, Inc. Class A*	664,752
			20,739,014
	Semiconductors & Semiconductor Equipment – 3.9%
	10,217	Advanced Micro Devices, Inc.*	802,034

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	35,623	Applied Materials, Inc.	$    4,759,233
	1,111	Lam Research Corp.	661,312
	8,803	Micron Technology, Inc.*	776,513
	14,309	NXP Semiconductors NV	2,880,974
	17,545	Texas Instruments, Inc.	3,315,829
			13,195,895
	Software & Services – 15.2%
	3,657	Accenture plc Class A	1,010,246
	28,624	Fidelity National Information Services, Inc.	4,024,821
	9,047	Global Payments, Inc.	1,823,694
	33,842	International Business Machines Corp.	4,509,785
	90,070	Microsoft Corp.	21,235,804
	66,841	Oracle Corp.	4,690,233
	24,023	PayPal Holdings, Inc.*	5,833,745
	4,971	salesforce.com, Inc.*	1,053,206
	1,831	Trade Desk, Inc. (The) Class A*	1,193,190
	7,438	VeriSign, Inc.*	1,478,377
	2,311	Visa, Inc. Class A	489,308
	139,155	Western Union Co. (The)	3,431,562
			50,773,971
	Technology Hardware & Equipment – 6.5%
	170,463	Apple, Inc.	20,822,056
	4,399	Dolby Laboratories, Inc. Class A	434,269
	5,537	Western Digital Corp.	369,595
			21,625,920
	Telecommunication Services – 0.3%
	40,217	Liberty Global plc Class C*	1,027,142
	Transportation – 2.0%
	1,127	AMERCO	690,400
	15,229	Old Dominion Freight Line, Inc.	3,661,204
	6,230	Union Pacific Corp.	1,373,154
	5,862	United Parcel Service, Inc. Class B	996,482
			6,721,240
	Utilities – 0.2%
	19,149	AES Corp. (The)	513,385
	TOTAL INVESTMENTS – 99.4% (Cost $247,423,790)		$332,886,904
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%		2,080,876
	NET ASSETS – 100.0%		$334,967,780

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 FUNDS

Schedule of Investments (continued)

March 31, 2021 (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 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)

March 31, 2021 (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)

March 31, 2021 (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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

C. Fair Value Hierarchy — The following is a summary of the Funds’ and Portfolio’s investments and derivatives classified in the fair value hierarchy as of March 31, 2021.

CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Bonds	$	—		$	28,082,392		$	—
Mortgage-Backed Securities		—			23,527,438			—
Collateralized Mortgage Obligations		—			586,503			—
Commercial Mortgage-Backed Securities		—			413,429			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		10,639,471			—			—
Asset-Backed Securities		—			3,632,028			—
Foreign Government Securities		—			1,261,199			—
Municipal Bonds		—			1,626,697			—
U.S. Government Agency Securities		—			3,276,241			—
Investment Company		11,198,530			—			—
Total	$	21,838,001		$	62,405,927		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(2,050,840	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	77,254		$	—
Futures Contracts(a)		147,370			—			—
Credit Default Swaps Contracts(a)		—			87,637			—
Interest Rate Swap Contracts(a)		—			143,538			—
Purchased Options Contracts		—			9,019			—
Total	$	147,370		$	317,448		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(64,410	)	$	—
Futures Contracts(a)		(393,249	)		—			—
Interest Rate Swap Contracts(a)		—			(131,646	)		—
Written Options Contracts		—			(11,138	)		—
Total	$	(393,249	)	$	(207,194	)	$	—

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

EQUITY INDEX
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	1,148,732		$	—		$	—
North America		189,877,479			—			—
Total	$	191,026,211		$	—		$	—
Derivative Type
Assets(a)
Futures Contracts	$	23,227		$	—		$	—
GLOBAL TRENDS ALLOCATION
Investment Type	Level 1			Level 2			Level 3
Assets
Exchange Traded Funds	$	118,816,205		$	—		$	—
Investment Companies		187,829,275			—			—
Total	$	306,645,480		$	—		$	—
Derivative Type
Assets(a)
Futures Contracts	$	1,434,542		$	—		$	—
Liabilities(a)
Futures Contracts	$	(809,481	)	$	—		$	—
GROWTH OPPORTUNITIES
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	1,206,699		$	—		$	—
North America		74,782,270			—			—
Investment Company		690,845			—			—
Securities Lending Reinvestment Vehicle		504,682			—			—
Total	$	77,184,496		$	—		$	—
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	$	22,764,509		$	—		$	—
Mortgage-Backed Securities		—			1,286,980			—
Collateralized Mortgage Obligations		—			14,898,878			—
Asset-Backed Securities		—			18,601,509			—
Municipal Bond		—			94,598			—
Supranational		—			1,533,455			—
U.S. Government Agency Security		—			1,501,129			—
Investment Company		17,113,868			—			—
Total	$	39,878,377		$	37,916,549		$	—
Derivative Type
Assets(a)
Futures Contracts	$	91,103		$	—		$	—
Interest Rate Swap Contracts		—			39			—
Total	$	91,103		$	39		$	—
Liabilities(a)
Futures Contracts	$	(19,337	)	$	—		$	—
Interest Rate Swap Contracts		—			(548	)		—
Total	$	(19,337	)	$	(548	)	$	—

(a)

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

(b)

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

INTERNATIONAL EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Africa	$	—		$	1,002,227	$	—
Asia		—			31,811,886		—
Australia and Oceania		736,976			9,467,571		—
Europe		2,943,459			51,590,552		—
North America		514,273			—		—
Securities Lending Reinvestment Vehicle		2,054,850			—		—
Total	$	6,249,558		$	93,872,236	$	—
Derivative Type
Assets(a)
Futures Contracts	$	17,294		$	—	$	—
Liabilities(a)
Futures Contracts	$	(775	)	$	—	$	—
LARGE CAP VALUE
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	11,822,209		$	—	$	—
North America		465,917,819			—		—
Investment Company		899,225			—		—
Total	$	478,639,253		$	—	$	—
MID CAP VALUE
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	11,163,594		$	—	$	—
North America		500,276,222			—		—
Investment Company		2,609,392			—		—
Securities Lending Reinvestment Vehicle		1,674,163			—		—
Total	$	515,723,371		$	—	$	—
MULTI-STRATEGY ALTERNATIVES
Investment Type	Level 1			Level 2		Level 3
Assets
Equity Underlying Funds	$	9,577,968		$	—	$	—
Fixed Income Underlying Funds		13,187,787			—		—
Investment Company		525,989			—		—
Total	$	23,291,744		$	—	$	—
Derivative Type
Assets
Purchased Options Contracts	$	56,788		$	—	$	—
Liabilities(a)
Futures Contracts	$	(75,973	)	$	—	$	—

(a)

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

(b)

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

SMALL CAP EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Asia	$	184,159		$	—	$	—
Europe		923,501			—		—
North America		119,826,367			—		—
Investment Company		1,112,709			—		—
Securities Lending Reinvestment Vehicle		1,275,600			—		—
Total	$	123,322,336		$	—	$	—
Derivative Type
Liabilities(a)
Futures Contracts	$	(93,512	)	$	—	$	—
STRATEGIC GROWTH
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	10,370,162		$	—	$	—
North America		399,843,487			—		—
Investment Company		1,979,666			—		—
Securities Lending Reinvestment Vehicle		1,335,215			—		—
Total	$	413,528,530		$	—	$	—
U.S. EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	3,908,116		$	—	$	—
North America		328,978,788			—		—
Total	$	332,886,904		$	—	$	—

(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.

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

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

The Equity Index, Global Trends Allocation, Growth Opportunities, International Equity Insights, Mid Cap Value, Small Cap Equity Insights and Strategic Growth 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)

March 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2021 (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 an 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 or an 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 a 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 or Underlying Fund’s liquidity.

Market and Credit Risks — In the normal course of business, a Fund, Portfolio or 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 or an Underlying Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund, Portfolio or an Underlying Fund and its investments. Additionally, a Fund, Portfolio and Underlying Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund, Portfolio and the Underlying Fund have unsettled or open transactions defaults.