NPORT-EX 2 303814GS093024.htm
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
September
30,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
97.3%
Australia
–
8.3%
51,915
ANZ
Group
Holdings
Ltd.
(Banks)
$
1,091,042
3,593
Aristocrat
Leisure
Ltd.
(Consumer
Services)
145,066
38,683
BHP
Group
Ltd.
(Materials)
1,200,959
15,008
Commonwealth
Bank
of
Australia
(Banks)
1,399,884
27,005
Computershare
Ltd.
(Commercial
&
Professional
Services)
470,775
36,572
Fortescue
Ltd.
(Materials)
515,833
83,816
Glencore
PLC
(Materials)*
479,985
9,568
Insurance
Australia
Group
Ltd.
(Insurance)
48,625
5,138
JB
Hi-Fi
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
282,779
51,845
National
Australia
Bank
Ltd.
(Banks)
1,342,283
56,680
Northern
Star
Resources
Ltd.
(Materials)
620,887
1,111
Pro
Medicus
Ltd.
(Health
Care
Equipment
&
Services)
136,747
58,200
Scentre
Group
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
146,309
19,954
Suncorp
Group
Ltd.
(Insurance)
249,171
122,773
Telstra
Group
Ltd.
(Telecommunication
Services)
328,606
32,090
Westpac
Banking
Corp.
(Banks)
701,247
9,160,198
Austria
–
0.4%
5,898
BAWAG
Group
AG
(Banks)*
(a)
456,959
Belgium
–
0.1%
2,366
KBC
Ancora
(Banks)
127,898
China
–
1.2%
22,710
Prosus
NV
(Consumer
Discretionary
Distribution
&
Retail)*
992,479
185,700
Yangzijiang
Shipbuilding
Holdings
Ltd.
(Capital
Goods)
354,427
1,346,906
Denmark
–
3.9%
2,399
Genmab
A/S
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
581,599
26,861
Novo
Nordisk
A/S,
Class
B
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
3,186,024
1,545
Pandora
A/S
(Consumer
Durables
&
Apparel)
254,644
2,191
Scandinavian
Tobacco
Group
A/S
(Food,
Beverage
&
Tobacco)
(a)
33,634
254
Sydbank
AS
(Banks)
12,502
Shares
Description
Value
a
Common
Stocks
–
(continued)
Denmark
–
(continued)
11,789
Vestas
Wind
Systems
A/S
(Capital
Goods)*
$
259,402
4,327,805
Finland
–
0.1%
21,229
Nokia
OYJ
(Technology
Hardware
&
Equipment)
92,689
France
–
9.8%
8,035
Air
Liquide
SA
(Materials)
1,551,642
6,803
Bouygues
SA
(Capital
Goods)
227,704
976
Capgemini
SE
(Software
&
Services)
210,719
3,015
Cie
de
Saint-Gobain
SA
(Capital
Goods)
274,976
11,772
Danone
SA
(Food,
Beverage
&
Tobacco)
857,467
1,961
Dassault
Aviation
SA
(Capital
Goods)
404,924
9,728
Dassault
Systemes
(Software
&
Services)
386,404
6,278
Eiffage
SA
(Capital
Goods)
606,240
4,044
EssilorLuxottica
SA
(Health
Care
Equipment
&
Services)
958,123
2,799
Gecina
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
322,276
169
Hermes
International
SCA
(Consumer
Durables
&
Apparel)
416,138
5,604
Klepierre
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
183,621
979
La
Francaise
des
Jeux
SAEM
(Consumer
Services)
(a)
40,285
9,553
Legrand
SA
(Capital
Goods)
1,100,562
293
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Consumer
Durables
&
Apparel)
224,695
2,330
Publicis
Groupe
SA
(Media
&
Entertainment)
254,987
2,657
Rexel
SA
(Capital
Goods)
77,018
5,931
Safran
SA
(Capital
Goods)
1,395,701
6,101
SCOR
SE
(Insurance)
136,480
1,200
Thales
SA
(Capital
Goods)
190,718
9,785
Valeo
SE
(Automobiles
&
Components)
118,398
27,392
Veolia
Environnement
SA
(Utilities)
901,835
10,840,913
Georgia
–
0.1%
1,499
TBC
Bank
Group
PLC
(Banks)
53,108
Germany
–
11.6%
3,639
Allianz
SE
(Insurance)
1,196,938
614
Atoss
Software
SE
(Software
&
Services)
88,877
15,091
BASF
SE
(Materials)
799,867
3,401
Continental
AG
(Automobiles
&
Components)
220,398
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
(continued)
10,306
Deutsche
Bank
AG
(Financial
Services)
$
178,414
354
Deutsche
Post
AG
(Transportation)
15,791
6,992
Fresenius
Medical
Care
AG
(Health
Care
Equipment
&
Services)
297,102
16,998
Fresenius
SE
&
Co.
KGaA
(Health
Care
Equipment
&
Services)*
648,486
9,023
FUCHS
SE
(Materials)
338,963
8,558
GEA
Group
AG
(Capital
Goods)
419,741
2,778
Hannover
Rueck
SE
(Insurance)
793,007
7,881
Henkel
AG
&
Co.
KGaA
(Household
&
Personal
Products)
669,982
549
Hornbach
Holding
AG
&
Co.
KGaA
(Consumer
Discretionary
Distribution
&
Retail)
53,986
5,652
Knorr-Bremse
AG
(Capital
Goods)
503,621
2,014
MTU
Aero
Engines
AG
(Capital
Goods)
629,432
1,848
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Insurance)
1,018,331
1,915
Nemetschek
SE
(Software
&
Services)
199,045
10,333
SAP
SE
(Software
&
Services)
2,363,496
441
Scout24
SE
(Media
&
Entertainment)
(a)
37,969
6,616
Siemens
AG
(Capital
Goods)
1,338,470
12,058
Siemens
Energy
AG
(Capital
Goods)*
445,180
984
Talanx
AG
(Insurance)
82,946
9,871
TeamViewer
SE
(Software
&
Services)*
(a)
126,028
7,538
Zalando
SE
(Consumer
Discretionary
Distribution
&
Retail)*
(a)
249,146
12,715,216
Hong
Kong
–
2.5%
146,200
AIA
Group
Ltd.
(Insurance)
1,276,744
56,500
Johnson
Electric
Holdings
Ltd.
(Automobiles
&
Components)
82,831
5,000
Power
Assets
Holdings
Ltd.
(Utilities)
31,872
12,072
Prudential
PLC
(Insurance)
111,995
22,500
Sun
Hung
Kai
Properties
Ltd.
(Real
Estate
Management
&
Development)
243,784
55,000
Swire
Pacific
Ltd.,
Class
A
(Capital
Goods)
469,003
225,000
Swire
Pacific
Ltd.,
Class
B
(Capital
Goods)
302,831
Shares
Description
Value
a
Common
Stocks
–
(continued)
Hong
Kong
–
(continued)
328,500
WH
Group
Ltd.
(Food,
Beverage
&
Tobacco)
(a)
$
258,726
2,777,786
Italy
–
1.8%
2,595
Azimut
Holding
SpA
(Financial
Services)
67,115
64,697
Banca
Mediolanum
SpA
(Financial
Services)
817,210
82,441
Banco
BPM
SpA
(Banks)
557,009
6,622
BPER
Banca
SpA
(Banks)
37,310
246
Prysmian
SpA
(Capital
Goods)
17,899
28,439
RAI
Way
SpA
(Telecommunication
Services)
(a)
168,731
7,483
UniCredit
SpA
(Banks)
328,516
1,993,790
Japan
–
21.8%
3,200
Alfresa
Holdings
Corp.
(Health
Care
Equipment
&
Services)
50,618
2,300
Arcs
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
41,227
16,200
Asahi
Kasei
Corp.
(Materials)
122,819
2,600
Brother
Industries
Ltd.
(Technology
Hardware
&
Equipment)
50,992
15,700
Central
Japan
Railway
Co.
(Transportation)
362,514
3,100
Chubu
Electric
Power
Co.,
Inc.
(Utilities)
36,432
7,400
CMK
Corp.
(Technology
Hardware
&
Equipment)
21,148
2,400
Coca-Cola
Bottlers
Japan
Holdings,
Inc.
(Food,
Beverage
&
Tobacco)
33,347
1,200
Daiichi
Jitsugyo
Co.
Ltd.
(Capital
Goods)
19,481
14,800
Dai-ichi
Life
Holdings,
Inc.
(Insurance)
384,021
13,000
Daiichi
Sankyo
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
429,421
1,500
Dainichiseika
Color
&
Chemicals
Manufacturing
Co.
Ltd.
(Materials)
31,531
24,500
Daiwa
House
Industry
Co.
Ltd.
(Real
Estate
Management
&
Development)
771,162
66,600
Daiwa
Securities
Group,
Inc.
(Financial
Services)
472,372
18,200
DIC
Corp.
(Materials)
412,555
3,600
Enomoto
Co.
Ltd.
(Technology
Hardware
&
Equipment)
34,838
7,800
Feed
One
Co.
Ltd.
(Food,
Beverage
&
Tobacco)
48,387
7,800
Food
&
Life
Cos.
Ltd.
(Consumer
Services)
156,729
1,300
Foster
Electric
Co.
Ltd.
(Consumer
Durables
&
Apparel)
16,690
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
25,600
Fujikura
Kasei
Co.
Ltd.
(Materials)
$
83,270
13,900
Hitachi
Ltd.
(Capital
Goods)
368,591
4,900
Hokuhoku
Financial
Group,
Inc.
(Banks)
53,897
11,400
Hokuriku
Electric
Power
Co.
(Utilities)
73,381
47,200
Honda
Motor
Co.
Ltd.
(Automobiles
&
Components)
503,923
31,700
Hulic
Co.
Ltd.
(Real
Estate
Management
&
Development)
322,690
2,200
Ines
Corp.
(Software
&
Services)
25,125
10,400
J
Front
Retailing
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
113,165
4,200
Japan
Aviation
Electronics
Industry
Ltd.
(Technology
Hardware
&
Equipment)
74,980
43,500
Japan
Post
Bank
Co.
Ltd.
(Banks)
408,346
22,400
Japan
Post
Holdings
Co.
Ltd.
(Insurance)
214,797
5,600
Kagome
Co.
Ltd.
(Food,
Beverage
&
Tobacco)
125,484
2,000
Kaken
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
53,492
3,200
Kawasaki
Heavy
Industries
Ltd.
(Capital
Goods)
131,165
6,300
KDDI
Corp.
(Telecommunication
Services)
201,836
1,300
Keio
Corp.
(Transportation)
31,019
2,100
Kewpie
Corp.
(Food,
Beverage
&
Tobacco)
52,459
19,400
Kikkoman
Corp.
(Food,
Beverage
&
Tobacco)
220,705
3,100
Kimura
Unity
Co.
Ltd.
(Commercial
&
Professional
Services)
31,326
5,900
Kirin
Holdings
Co.
Ltd.
(Food,
Beverage
&
Tobacco)
89,915
200
Lasertec
Corp.
(Semiconductors
&
Semiconductor
Equipment)
33,345
1,600
Life
Corp.
(Consumer
Staples
Distribution
&
Retail)
40,590
16,700
Lintec
Corp.
(Materials)
386,210
10,000
Marusan
Securities
Co.
Ltd.
(Financial
Services)
64,503
1,000
Maxell
Ltd.
(Technology
Hardware
&
Equipment)
12,902
11,900
Mito
Securities
Co.
Ltd.
(Financial
Services)
39,084
53,000
Mitsubishi
Electric
Corp.
(Capital
Goods)
859,710
11,400
Mitsubishi
Estate
Co.
Ltd.
(Real
Estate
Management
&
Development)
180,055
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
13,200
Mitsubishi
HC
Capital,
Inc.
(Financial
Services)
$
93,748
33,100
Mitsubishi
UFJ
Financial
Group,
Inc.
(Banks)
339,891
16,000
Mitsui
OSK
Lines
Ltd.
(Transportation)
553,930
16,900
Mizuho
Financial
Group,
Inc.
(Banks)
349,337
16,800
Modec,
Inc.
(Energy)
403,276
36,400
MS&AD
Insurance
Group
Holdings,
Inc.
(Insurance)
855,552
900
NEC
Networks
&
System
Integration
Corp.
(Software
&
Services)
17,422
5,500
Nexon
Co.
Ltd.
(Media
&
Entertainment)
109,295
21,600
NGK
Insulators
Ltd.
(Capital
Goods)
284,086
1,800
Nichimo
Co.
Ltd.
(Food,
Beverage
&
Tobacco)
23,255
2,100
Nippon
Carbide
Industries
Co.,
Inc.
(Materials)
25,077
6,200
Nippon
Kayaku
Co.
Ltd.
(Materials)
54,163
476,200
Nippon
Telegraph
&
Telephone
Corp.
(Telecommunication
Services)
488,193
18,500
Nippon
Yusen
KK
(Transportation)
679,534
6,800
Nisshin
Group
Holdings
Co.
Ltd.
(Real
Estate
Management
&
Development)
23,495
7,500
Nitto
Denko
Corp.
(Materials)
126,212
68,700
Nomura
Holdings,
Inc.
(Financial
Services)
358,544
15,600
Nomura
Real
Estate
Holdings,
Inc.
(Real
Estate
Management
&
Development)
420,312
41,400
ORIX
Corp.
(Financial
Services)
968,713
3,800
Otsuka
Holdings
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
215,837
10,700
PHC
Holdings
Corp.
(Health
Care
Equipment
&
Services)
(b)
79,176
15,700
Rakuten
Group,
Inc.
(Consumer
Discretionary
Distribution
&
Retail)*
101,303
3,300
Sakata
INX
Corp.
(Materials)
37,288
2,900
Sangetsu
Corp.
(Consumer
Durables
&
Apparel)
57,029
5,700
Sankyo
Co.
Ltd.
(Consumer
Durables
&
Apparel)
84,012
1,200
Sanyo
Chemical
Industries
Ltd.
(Materials)
34,854
2,100
Sawai
Group
Holdings
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
30,002
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
14,800
SBI
Holdings,
Inc.
(Financial
Services)
$
342,509
4,000
Scroll
Corp.
(Consumer
Discretionary
Distribution
&
Retail)
27,010
1,000
Sekisui
Chemical
Co.
Ltd.
(Consumer
Durables
&
Apparel)
15,636
23,900
Sekisui
House
Ltd.
(Consumer
Durables
&
Apparel)
663,600
1,300
Shimamura
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
71,014
3,200
Shindengen
Electric
Manufacturing
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
52,462
42,900
Shionogi
&
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
614,937
4,700
Siix
Corp.
(Technology
Hardware
&
Equipment)
36,335
15,700
Sintokogio
Ltd.
(Capital
Goods)
106,307
183,000
SoftBank
Corp.
(Telecommunication
Services)
238,923
4,400
SoftBank
Group
Corp.
(Telecommunication
Services)
260,991
22,400
Sojitz
Corp.
(Capital
Goods)
530,738
3,100
Solasto
Corp.
(Health
Care
Equipment
&
Services)
12,060
4,600
Sompo
Holdings,
Inc.
(Insurance)
103,688
900
SPK
Corp.
(Consumer
Discretionary
Distribution
&
Retail)
12,208
8,200
SRA
Holdings
(Software
&
Services)
245,057
2,400
Subaru
Corp.
(Automobiles
&
Components)
42,459
42,300
Sumitomo
Electric
Industries
Ltd.
(Automobiles
&
Components)
686,854
2,100
Sumitomo
Heavy
Industries
Ltd.
(Capital
Goods)
50,814
8,700
Sumitomo
Mitsui
Financial
Group,
Inc.
(Banks)
185,890
15,700
Sumitomo
Mitsui
Trust
Holdings,
Inc.
(Banks)
375,779
2,900
Sumitomo
Seika
Chemicals
Co.
Ltd.
(Materials)
104,523
11,900
T&D
Holdings,
Inc.
(Insurance)
209,807
53,600
Takashimaya
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
430,311
16,000
TDK
Corp.
(Technology
Hardware
&
Equipment)
204,389
5,200
Toho
Holdings
Co.
Ltd.
(Health
Care
Equipment
&
Services)
165,268
91,800
Tokai
Tokyo
Financial
Holdings,
Inc.
(Financial
Services)
311,971
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
9,800
Tokio
Marine
Holdings,
Inc.
(Insurance)
$
361,370
2,000
Tokyo
Century
Corp.
(Financial
Services)
22,529
3,900
Tokyo
Electron
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
695,509
20,400
Tokyu
Fudosan
Holdings
Corp.
(Real
Estate
Management
&
Development)
141,936
4,400
TOPPAN
Holdings,
Inc.
(Commercial
&
Professional
Services)
130,954
2,400
Towa
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
50,711
900
Toyo
Tire
Corp.
(Automobiles
&
Components)
13,218
5,000
Toyota
Motor
Corp.
(Automobiles
&
Components)
89,870
10,500
Trend
Micro,
Inc.
(Software
&
Services)
623,441
7,200
USS
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
68,342
4,700
World
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
63,137
120,600
Yamada
Holdings
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
378,142
2,000
Yamazaki
Baking
Co.
Ltd.
(Food,
Beverage
&
Tobacco)
39,629
4,200
Yokogawa
Electric
Corp.
(Technology
Hardware
&
Equipment)
107,624
23,993,737
Netherlands
–
3.8%
18,605
ABN
AMRO
Bank
NV
(Banks)
(a)
336,227
796
ASM
International
NV
(Semiconductors
&
Semiconductor
Equipment)
525,169
1,899
ASML
Holding
NV
(Semiconductors
&
Semiconductor
Equipment)
1,579,704
28,732
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples
Distribution
&
Retail)
992,434
9,225
Wereldhave
NV
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
152,836
3,423
Wolters
Kluwer
NV
(Commercial
&
Professional
Services)
577,364
4,163,734
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Norway
–
0.4%
4,252
Kongsberg
Gruppen
ASA
(Capital
Goods)
$
415,333
Singapore
–
0.4%
127,800
Singapore
Technologies
Engineering
Ltd.
(Capital
Goods)
461,581
South
Africa
–
0.3%
10,998
Anglo
American
PLC
(Materials)
357,498
Spain
–
1.6%
10,108
Banco
Bilbao
Vizcaya
Argentaria
SA
(Banks)
109,189
64,606
Banco
Santander
SA
(Banks)
331,033
22,163
Industria
de
Diseno
Textil
SA
(Consumer
Discretionary
Distribution
&
Retail)
1,312,637
1,752,859
Sweden
–
3.6%
11,865
Alfa
Laval
AB
(Capital
Goods)
570,422
4,077
Ambea
AB
(Health
Care
Equipment
&
Services)
(a)
36,082
21,511
Essity
AB,
Class
B
(Household
&
Personal
Products)
671,223
7,613
Evolution
AB
(Consumer
Services)
(a)
748,762
6,613
Fagerhult
Group
AB
(Capital
Goods)
42,325
4,753
H
&
M
Hennes
&
Mauritz
AB,
Class
B
(Consumer
Discretionary
Distribution
&
Retail)
80,951
1,571
Indutrade
AB
(Capital
Goods)
48,890
19,004
Investor
AB,
Class
B
(Financial
Services)
585,631
38,859
SSAB
AB,
Class
A
(Materials)
203,469
53,663
SSAB
AB,
Class
B
(Materials)
274,764
7,911
Svenska
Handelsbanken
AB,
Class
A
(Banks)
81,261
19,916
Swedbank
AB,
Class
A
(Banks)
422,730
22,204
Telefonaktiebolaget
LM
Ericsson,
Class
B
(Technology
Hardware
&
Equipment)
167,784
3,934,294
Switzerland
–
5.7%
11,874
ABB
Ltd.
(Capital
Goods)
688,878
1,067
Lonza
Group
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
677,101
20,171
Novartis
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
2,322,537
3,572
Sika
AG
(Materials)
1,183,995
43,621
UBS
Group
AG
(Financial
Services)
1,349,810
6,222,321
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
10.4%
11,144
Associated
British
Foods
PLC
(Food,
Beverage
&
Tobacco)
$
348,280
23,630
AstraZeneca
PLC
ADR
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,841,013
6,647
Auto
Trader
Group
PLC
(Media
&
Entertainment)
(a)
77,273
31,706
Aviva
PLC
(Insurance)
205,352
39,425
BAE
Systems
PLC
(Capital
Goods)
654,537
11,316
Barclays
PLC
(Banks)
34,000
62,369
Barratt
Developments
PLC
(Consumer
Durables
&
Apparel)
400,135
18,310
Beazley
PLC
(Insurance)
186,985
3,067
Bellway
PLC
(Consumer
Durables
&
Apparel)
127,687
1,391
Bloomsbury
Publishing
PLC
(Media
&
Entertainment)
12,607
130,289
BT
Group
PLC
(Telecommunication
Services)
258,242
11,221
Central
Asia
Metals
PLC
(Materials)
29,344
3,070
Dunelm
Group
PLC
(Consumer
Discretionary
Distribution
&
Retail)
47,394
8,737
Entain
PLC
(Consumer
Services)
89,267
24,107
Galliford
Try
Holdings
PLC
(Capital
Goods)
99,268
9,455
Halfords
Group
PLC
(Consumer
Discretionary
Distribution
&
Retail)
19,012
92,318
HSBC
Holdings
PLC
(Banks)
828,187
32,339
Imperial
Brands
PLC
(Food,
Beverage
&
Tobacco)
940,712
5,648
Investec
PLC
(Financial
Services)
42,987
50,339
J
Sainsbury
PLC
(Consumer
Staples
Distribution
&
Retail)
199,209
18,313
Lancashire
Holdings
Ltd.
(Insurance)
168,202
93,150
M&G
PLC
(Financial
Services)
258,385
23,839
Marks
&
Spencer
Group
PLC
(Consumer
Staples
Distribution
&
Retail)
118,967
14,808
Mears
Group
PLC
(Commercial
&
Professional
Services)
74,835
13,917
MONY
Group
PLC
(Media
&
Entertainment)
39,404
67,741
National
Grid
PLC
(Utilities)
936,385
105,708
NatWest
Group
PLC
(Banks)
489,360
1,439
Next
PLC
(Consumer
Discretionary
Distribution
&
Retail)
188,504
8,687
Persimmon
PLC
(Consumer
Durables
&
Apparel)
191,165
14,598
Polar
Capital
Holdings
PLC
(Financial
Services)
104,610
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
9,486
Rentokil
Initial
PLC
(Commercial
&
Professional
Services)
$
46,385
83,164
Rolls-Royce
Holdings
PLC
(Capital
Goods)*
588,593
3,634
Smiths
Group
PLC
(Capital
Goods)
81,667
9,122
SSE
PLC
(Utilities)
229,915
139,769
Taylor
Wimpey
PLC
(Consumer
Durables
&
Apparel)
307,447
72,337
Tesco
PLC
(Consumer
Staples
Distribution
&
Retail)
347,312
5,499
Vistry
Group
PLC
(Consumer
Durables
&
Apparel)*
96,167
44,995
Vodafone
Group
PLC
ADR
(Telecommunication
Services)
450,850
34,086
Wickes
Group
PLC
(Consumer
Discretionary
Distribution
&
Retail)
79,841
34,496
Zigup
PLC
(Transportation)
177,705
11,417,190
United
States
–
9.5%
21,245
BP
PLC
ADR
(Energy)
666,881
2,123
Carnival
PLC
ADR
(Consumer
Services)*
35,390
32,345
GSK
PLC
ADR
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,322,264
24,740
Nestle
SA
(Food,
Beverage
&
Tobacco)
2,486,183
7,709
Roche
Holding
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
2,467,013
2,324
Sanofi
SA
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
267,584
6,672
Schneider
Electric
SE
(Capital
Goods)
1,758,793
27,573
Shell
PLC
(Energy)
910,858
4,265
Swiss
Re
AG
(Insurance)
590,188
10,505,154
TOTAL
COMMON
STOCKS
(Cost
$91,950,504)
107,116,969
Shares
Description
Rate
Value
a
Preferred
Stock
–
0.4%
Germany
–
0.4%
5,193
Henkel
AG
&
Co.
KGaA
(Household
&
Personal
Products)
(Cost
$398,024)
2.19
%
488,142
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$92,348,528)
107,605,111
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
0.1%
(c)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
–
Institutional
Shares
79,000
4.854%
$
79,000
(Cost
$79,000)
TOTAL
INVESTMENTS
–
97.8%
(Cost
$92,427,528)
$
107,684,111
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
2.2%
2,407,162
NET
ASSETS
–
100.0%
$
110,091,273
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
All
or
a
portion
of
security
is
on
loan.
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Financials
23.0
%
Industrials
18.4
Health
Care
15.2
Consumer
Discretionary
9.7
Consumer
Staples
8.4
Materials
8.3
Information
Technology
7.4
Communication
Services
2.8
Real
Estate
2.7
Utilities
2.1
Energy
1.9
Securities
Lending
Reinvestment
Vehicle
0.1
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Additional
Investment
Information 
FUTURES
CONTRACTS
—
At
September
30,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
EURO
STOXX
50
Index
10
12/20/24
$
559,915
$
9,689
FTSE
100
Index
2
12/20/24
221,626
(2,648)
MSCI
Singapore
Index
1
10/29/24
26,718
(8)
SPI
200
Index
1
12/19/24
143,559
1,606
TOPIX
Index
2
12/12/24
368,412
6,697
Total
Futures
Contracts
$
15,336
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-LARGE
CAP
VALUE
FUND
Schedule
of
Investments
September
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.2%
Aerospace
&
Defense
–
1.8%
28,440
General
Electric
Co.
$
5,363,215
Air
Freight
&
Logistics
–
1.0%
22,504
United
Parcel
Service,
Inc.,
Class
B
3,068,195
Banks
–
6.6%
133,347
Bank
of
America
Corp.
5,291,209
71,630
Citigroup,
Inc.
4,484,038
44,638
JPMorgan
Chase &
Co.
9,412,369
19,187,616
Beverages
–
1.7%
68,028
Coca-Cola
Co.
(The)
4,888,492
Biotechnology
–
2.3%
12,595
AbbVie,
Inc.
2,487,261
12,121
Amgen,
Inc.
3,905,507
5,176
BioMarin
Pharmaceutical,
Inc.*
363,821
6,756,589
Capital
Markets
–
6.1%
4,937
BlackRock,
Inc.
4,687,731
12,121
Blackstone,
Inc.
1,856,089
21,720
KKR
&
Co.,
Inc.
2,836,197
44,550
Morgan
Stanley
4,643,892
52,020
Nasdaq,
Inc.
3,797,980
17,821,889
Chemicals
–
2.9%
9,422
Linde
PLC
4,492,975
10,567
Sherwin-Williams
Co.
(The)
4,033,107
8,526,082
Commercial
Services
&
Supplies
–
0.8%
13,014
Waste
Connections,
Inc.
2,327,164
Construction
Materials
–
1.2%
6,684
Martin
Marietta
Materials,
Inc.
3,597,663
Consumer
Finance
–
2.0%
21,649
American
Express
Co.
5,871,209
Consumer
Staples
Distribution
&
Retail
–
1.8%
65,203
Walmart,
Inc.
5,265,142
Containers
&
Packaging
–
0.7%
31,053
Ball
Corp.
2,108,809
Diversified
Telecommunication
Services
–
1.8%
237,911
AT&T,
Inc.
5,234,042
Electric
Utilities
–
2.8%
86,669
Exelon
Corp.
3,514,428
54,290
NextEra
Energy,
Inc.
4,589,134
8,103,562
Electrical
Equipment
–
3.8%
14,872
Eaton
Corp.
PLC
4,929,176
24,355
GE
Vernova,
Inc.*
6,210,038
11,139,214
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financial
Services
–
4.7%
14,313
Berkshire
Hathaway,
Inc.,
Class
B*
$
6,587,702
49,794
Fidelity
National
Information
Services,
Inc.
4,170,248
11,234
Visa,
Inc.,
Class
A
3,088,788
13,846,738
Food
Products
–
0.8%
68,513
Kraft
Heinz
Co.
(The)
2,405,491
Ground
Transportation
–
1.8%
18,460
Old
Dominion
Freight
Line,
Inc.
3,666,895
3,439
Saia,
Inc.*
1,503,737
5,170,632
Health
Care
Equipment
&
Supplies
–
4.3%
29,259
Abbott
Laboratories
3,335,818
5,818
Align
Technology,
Inc.*
1,479,634
58,682
Boston
Scientific
Corp.*
4,917,552
24,445
Cooper
Cos.,
Inc.
(The)*
2,697,261
12,430,265
Health
Care
Providers
&
Services
–
2.9%
9,507
Humana,
Inc.
3,011,247
9,495
UnitedHealth
Group,
Inc.
5,551,537
8,562,784
Household
Durables
–
0.7%
10,832
Lennar
Corp.,
Class
A
2,030,783
Household
Products
–
1.0%
28,313
Colgate-Palmolive
Co.
2,939,173
Industrial
Conglomerates
–
3.2%
31,356
3M
Co.
4,286,365
23,546
Honeywell
International,
Inc.
4,867,194
9,153,559
Industrial
REITs
–
1.3%
30,245
Prologis,
Inc.
REIT
3,819,339
Insurance
–
2.2%
17,224
Allstate
Corp.
(The)
3,266,532
13,662
Marsh
&
McLennan
Cos.,
Inc.
3,047,855
6,314,387
Interactive
Media
&
Services
–
1.9%
33,160
Alphabet,
Inc.,
Class
A
5,499,586
IT
Services
–
1.3%
10,411
Accenture
PLC,
Class
A
(Ireland)
3,680,080
Life
Sciences
Tools
&
Services
–
3.0%
23,846
Danaher
Corp.
6,629,665
3,662
Thermo
Fisher
Scientific,
Inc.
2,265,203
8,894,868
Machinery
–
3.2%
13,855
Caterpillar,
Inc.
5,418,968
14,579
Illinois
Tool
Works,
Inc.
3,820,718
9,239,686
Metals
&
Mining
–
1.5%
90,255
Freeport-McMoRan,
Inc.
4,505,530
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-LARGE
CAP
VALUE
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Multi-Utilities
–
2.9%
54,320
Ameren
Corp.
$
4,750,827
53,275
CMS
Energy
Corp.
3,762,813
8,513,640
Oil,
Gas
&
Consumable
Fuels
–
6.2%
12,760
Cheniere
Energy,
Inc.
2,294,758
30,287
EOG
Resources,
Inc.
3,723,181
86,504
Exxon
Mobil
Corp.
10,139,999
14,882
Phillips
66
1,956,239
18,114,177
Personal
Care
Products
–
1.6%
207,438
Kenvue,
Inc.
4,798,041
Pharmaceuticals
–
4.6%
46,052
AstraZeneca
PLC
ADR
(United
Kingdom)
3,587,911
40,226
Johnson &
Johnson
6,519,026
29,449
Merck &
Co.,
Inc.
3,344,228
13,451,165
Residential
REITs
–
1.4%
18,140
AvalonBay
Communities,
Inc.
REIT
4,086,035
Semiconductors
&
Semiconductor
Equipment
–
4.0%
5,954
Enphase
Energy,
Inc.*
672,921
53,609
Marvell
Technology,
Inc.
3,866,281
25,764
Micron
Technology,
Inc.
2,671,985
21,490
Texas
Instruments,
Inc.
4,439,189
11,650,376
Software
–
2.3%
48,116
Dynatrace,
Inc.*
2,572,762
15,642
Salesforce,
Inc.
4,281,372
6,854,134
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Specialized
REITs
–
2.0%
9,441
American
Tower
Corp.
REIT
$
2,195,599
20,000
Extra
Space
Storage,
Inc.
REIT
3,603,800
5,799,399
Specialty
Retail
–
1.8%
19,926
Lowe’s
Cos.,
Inc.
5,396,957
Textiles,
Apparel
&
Luxury
Goods
–
1.3%
43,039
NIKE,
Inc.,
Class
B
3,804,648
TOTAL
COMMON
STOCKS
(Cost
$210,382,431)
290,220,356
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.7%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,928,353
4.854%
1,928,353
(Cost
$1,928,353)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$212,310,784)
$
292,148,709
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
166,092
NET
ASSETS
–
100.0%
$
292,314,801
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-MID
CAP
GROWTH
FUND
Schedule
of
Investments
September
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
97.6%
Aerospace
&
Defense
–
0.7%
2,568
Woodward,
Inc.
$
440,438
Beverages
–
1.0%
8,251
Coca-Cola
Europacific
Partners
PLC
(United
Kingdom)
649,766
Biotechnology
–
4.2%
4,057
Alnylam
Pharmaceuticals,
Inc.*
1,115,796
6,037
BioMarin
Pharmaceutical,
Inc.*
424,341
5,731
Neurocrine
Biosciences,
Inc.*
660,326
41,365
Roivant
Sciences
Ltd.*
477,352
2,677,815
Building
Products
–
1.3%
2,186
Trane
Technologies
PLC
849,764
Capital
Markets
–
6.5%
8,572
Ares
Management
Corp.,
Class
A
1,335,861
1,173
Coinbase
Global,
Inc.,
Class
A*
208,993
2,752
MSCI,
Inc.
1,604,223
5,160
Nasdaq,
Inc.
376,732
4,635
Tradeweb
Markets,
Inc.,
Class
A
573,210
4,099,019
Chemicals
–
1.0%
7,236
Ashland,
Inc.
629,315
Construction
&
Engineering
–
1.0%
1,619
Comfort
Systems
USA,
Inc.
631,977
Construction
Materials
–
1.6%
1,935
Martin
Marietta
Materials,
Inc.
1,041,514
Consumer
Staples
Distribution
&
Retail
–
1.5%
11,147
BJ's
Wholesale
Club
Holdings,
Inc.*
919,405
Containers
&
Packaging
–
1.2%
11,519
Ball
Corp.
782,255
Electrical
Equipment
–
6.4%
3,574
AMETEK,
Inc.
613,692
5,535
GE
Vernova,
Inc.*
1,411,314
1,829
Rockwell
Automation,
Inc.
491,013
15,228
Vertiv
Holdings
Co.,
Class
A
1,515,034
4,031,053
Entertainment
–
1.1%
6,215
Live
Nation
Entertainment,
Inc.*
680,480
Financial
Services
–
2.6%
3,399
Corpay,
Inc.*
1,063,071
6,738
Fidelity
National
Information
Services,
Inc.
564,308
1,627,379
Ground
Transportation
–
3.2%
6,606
Old
Dominion
Freight
Line,
Inc.
1,312,216
1,640
Saia,
Inc.*
717,106
2,029,322
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
Equipment
&
Supplies
–
6.6%
3,459
Align
Technology,
Inc.*
$
879,693
6,384
Cooper
Cos.,
Inc.
(The)*
704,411
2,155
IDEXX
Laboratories,
Inc.*
1,088,749
6,443
Insulet
Corp.*
1,499,608
4,172,461
Health
Care
Providers
&
Services
–
2.3%
6,475
Cencora,
Inc.
1,457,393
Health
Care
Technology
–
1.3%
4,024
Veeva
Systems,
Inc.,
Class
A*
844,517
Hotel
&
Resort
REITs
–
1.0%
5,699
Ryman
Hospitality
Properties,
Inc.
REIT
611,161
Hotels,
Restaurants
&
Leisure
–
6.6%
5,201
Cava
Group,
Inc.*
644,144
2,636
Domino's
Pizza,
Inc.
1,133,849
4,163
DoorDash,
Inc.,
Class
A*
594,185
23,841
DraftKings,
Inc.,
Class
A*
934,567
5,102
Texas
Roadhouse,
Inc.
901,013
4,207,758
Independent
Power
and
Renewable
Electricity
Producers
–
2.5%
13,327
Vistra
Corp.
1,579,783
Interactive
Media
&
Services
–
1.0%
60,899
Snap,
Inc.,
Class
A*
651,619
IT
Services
–
2.6%
10,016
Cloudflare,
Inc.,
Class
A*
810,194
3,221
MongoDB,
Inc.*
870,797
1,680,991
Life
Sciences
Tools
&
Services
–
2.7%
527
Mettler-Toledo
International,
Inc.*
790,342
3,000
West
Pharmaceutical
Services,
Inc.
900,480
1,690,822
Machinery
–
1.5%
7,511
Fortive
Corp.
592,843
2,315
ITT,
Inc.
346,116
938,959
Media
–
2.7%
15,603
Trade
Desk,
Inc.
(The),
Class
A*
1,710,869
Oil,
Gas
&
Consumable
Fuels
–
4.2%
5,079
Cheniere
Energy,
Inc.
913,407
8,648
DT
Midstream,
Inc.
680,252
4,969
Hess
Corp.
674,790
26,875
Permian
Resources
Corp.
365,769
2,634,218
Personal
Care
Products
–
0.7%
4,066
elf
Beauty,
Inc.*
443,316
Professional
Services
–
1.3%
2,678
Equifax,
Inc.
786,957
Real
Estate
Management
&
Development
–
0.7%
6,082
CoStar
Group,
Inc.*
458,826
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-MID
CAP
GROWTH
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Semiconductors
&
Semiconductor
Equipment
–
2.9%
5,346
Entegris,
Inc.
$
601,585
12,898
Marvell
Technology,
Inc.
930,204
2,535
MKS
Instruments,
Inc.
275,580
1,807,369
Software
–
17.8%
13,811
AppLovin
Corp.,
Class
A*
1,803,026
8,917
Datadog,
Inc.,
Class
A*
1,025,990
13,367
Dynatrace,
Inc.*
714,734
839
Fair
Isaac
Corp.*
1,630,613
1,190
HubSpot,
Inc.*
632,604
4,051
Manhattan
Associates,
Inc.*
1,139,870
1,356
Monday.com
Ltd.*
376,656
29,294
Palantir
Technologies,
Inc.,
Class
A*
1,089,737
10,264
Samsara,
Inc.,
Class
A*
493,904
2,430
Tyler
Technologies,
Inc.*
1,418,440
6,328
Varonis
Systems,
Inc.*
357,532
3,498
Zscaler,
Inc.*
597,948
11,281,054
Specialty
Retail
–
2.6%
8,229
Ross
Stores,
Inc.
1,238,547
976
Ulta
Beauty,
Inc.*
379,781
1,618,328
Technology
Hardware,
Storage
&
Peripherals
–
0.3%
458
Super
Micro
Computer,
Inc.*
190,711
Trading
Companies
&
Distributors
–
3.0%
15,735
Fastenal
Co.
1,123,794
933
United
Rentals,
Inc.
755,478
1,879,272
TOTAL
COMMON
STOCKS
(Cost
$48,107,901)
61,735,886
Shares
Dividend
Rate
Value
aa
Investment
Company
–
2.4%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,497,093
4.854%
1,497,093
(Cost
$1,497,093)
TOTAL
INVESTMENTS
–
100.0%
(Cost
$49,604,994)
$
63,232,979
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.0)%
(11,419)
NET
ASSETS
–
100.0%
$
63,221,560
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-MID
CAP
VALUE
FUND
Schedule
of
Investments
September
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.4%
Aerospace
&
Defense
–
2.3%
23,554
L3Harris
Technologies,
Inc.
$
5,602,790
30,715
Woodward,
Inc.
5,267,930
10,870,720
Banks
–
5.1%
102,612
Citizens
Financial
Group,
Inc.
4,214,275
55,452
East
West
Bancorp,
Inc.
4,588,099
338,552
Huntington
Bancshares,
Inc.
4,976,714
32,770
M&T
Bank
Corp.
5,836,992
40,653
Pinnacle
Financial
Partners,
Inc.
3,982,775
23,598,855
Beverages
–
1.7%
60,242
Coca-Cola
Europacific
Partners
PLC
(United
Kingdom)
4,744,057
12,314
Constellation
Brands,
Inc.,
Class
A
3,173,195
7,917,252
Biotechnology
–
1.5%
20,875
Biogen,
Inc.*
4,046,410
246,883
Roivant
Sciences
Ltd.*
2,849,030
6,895,440
Capital
Markets
–
2.4%
82,902
Nasdaq,
Inc.
6,052,675
40,341
Raymond
James
Financial,
Inc.
4,940,159
10,992,834
Chemicals
–
3.6%
76,382
Ashland,
Inc.
6,642,943
28,151
Celanese
Corp.
3,827,410
52,528
RPM
International,
Inc.
6,355,888
16,826,241
Construction
&
Engineering
–
0.4%
4,718
Comfort
Systems
USA,
Inc.
1,841,671
Construction
Materials
–
1.0%
8,808
Martin
Marietta
Materials,
Inc.
4,740,906
Consumer
Staples
Distribution
&
Retail
–
1.5%
40,538
BJ's
Wholesale
Club
Holdings,
Inc.*
3,343,574
49,161
Performance
Food
Group
Co.*
3,852,748
7,196,322
Containers
&
Packaging
–
2.3%
20,797
Avery
Dennison
Corp.
4,591,146
88,970
Ball
Corp.
6,041,952
10,633,098
Electric
Utilities
–
2.7%
95,223
Eversource
Energy
6,479,925
12,974
NRG
Energy,
Inc.
1,181,931
257,757
PG&E
Corp.
5,095,856
12,757,712
Electrical
Equipment
–
5.4%
45,543
AMETEK,
Inc.
7,820,188
49,347
GE
Vernova,
Inc.*
12,582,498
17,241
Rockwell
Automation,
Inc.
4,628,519
25,031,205
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Electronic
Equipment,
Instruments
&
Components
–
1.9%
21,272
Keysight
Technologies,
Inc.*
$
3,380,759
14,854
Zebra
Technologies
Corp.,
Class
A*
5,500,733
8,881,492
Entertainment
–
1.0%
32,146
Electronic
Arts,
Inc.
4,611,022
Financial
Services
–
3.1%
131,957
Fidelity
National
Information
Services,
Inc.
11,051,399
43,367
Voya
Financial,
Inc.
3,435,534
14,486,933
Food
Products
–
1.0%
136,931
Kraft
Heinz
Co.
(The)
4,807,647
Ground
Transportation
–
1.1%
12,888
Old
Dominion
Freight
Line,
Inc.
2,560,072
5,479
Saia,
Inc.*
2,395,748
4,955,820
Health
Care
Equipment
&
Supplies
–
2.8%
67,294
Cooper
Cos.,
Inc.
(The)*
7,425,220
51,446
Zimmer
Biomet
Holdings,
Inc.
5,553,596
12,978,816
Health
Care
Providers
&
Services
–
2.0%
23,730
Cencora,
Inc.
5,341,149
12,422
Humana,
Inc.
3,934,544
9,275,693
Health
Care
REITs
–
1.4%
36,967
Alexandria
Real
Estate
Equities,
Inc.
REIT
4,389,831
39,254
Ventas,
Inc.
REIT
2,517,359
6,907,190
Hotels,
Restaurants
&
Leisure
–
1.9%
4,785
Domino's
Pizza,
Inc.
2,058,220
48,580
Red
Rock
Resorts,
Inc.,
Class
A
2,644,695
23,759
Royal
Caribbean
Cruises
Ltd.
4,213,896
8,916,811
Household
Durables
–
1.5%
38,392
Lennar
Corp.,
Class
A
7,197,732
Independent
Power
and
Renewable
Electricity
Producers
–
1.9%
359,134
AES
Corp.
(The)
7,204,228
15,557
Vistra
Corp.
1,844,127
9,048,355
Insurance
–
6.8%
44,331
Allstate
Corp.
(The)
8,407,374
25,310
American
Financial
Group,
Inc.
3,406,726
39,798
Arch
Capital
Group
Ltd.*
4,452,600
15,667
Arthur
J
Gallagher
&
Co.
4,408,224
24,392
Globe
Life,
Inc.
2,583,357
22,356
Prudential
Financial,
Inc.
2,707,311
97,975
Unum
Group
5,823,634
31,789,226
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-MID
CAP
VALUE
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Life
Sciences
Tools
&
Services
–
2.0%
16,745
Agilent
Technologies,
Inc.
$
2,486,298
4,406
Mettler-Toledo
International,
Inc.*
6,607,678
9,093,976
Machinery
–
6.3%
92,999
Fortive
Corp.
7,340,411
20,299
IDEX
Corp.
4,354,136
59,825
Ingersoll
Rand,
Inc.
5,872,422
25,369
ITT,
Inc.
3,792,919
44,465
Stanley
Black
&
Decker,
Inc.
4,896,930
22,140
Xylem,
Inc.
2,989,564
29,246,382
Media
–
0.8%
36,704
Omnicom
Group,
Inc.
3,794,827
Metals
&
Mining
–
1.8%
67,362
Steel
Dynamics,
Inc.
8,493,001
Multi-Utilities
–
5.9%
210,552
CenterPoint
Energy,
Inc.
6,194,440
84,259
CMS
Energy
Corp.
5,951,213
273,452
NiSource,
Inc.
9,475,112
66,300
Public
Service
Enterprise
Group,
Inc.
5,914,623
27,535,388
Oil,
Gas
&
Consumable
Fuels
–
5.3%
30,034
Chesapeake
Energy
Corp.
2,470,296
35,786
Diamondback
Energy,
Inc.
6,169,506
47,638
DT
Midstream,
Inc.
3,747,205
180,598
Marathon
Oil
Corp.
4,809,325
191,865
Permian
Resources
Corp.
2,611,283
35,473
Phillips
66
4,662,926
24,470,541
Passenger
Airlines
–
1.5%
119,592
United
Airlines
Holdings,
Inc.*
6,823,920
Residential
REITs
–
3.5%
74,343
American
Homes
4
Rent,
Class
A
REIT
2,854,028
38,547
AvalonBay
Communities,
Inc.
REIT
8,682,712
66,640
Equity
LifeStyle
Properties,
Inc.
REIT
4,754,098
16,290,838
Semiconductors
&
Semiconductor
Equipment
–
2.6%
114,545
Marvell
Technology,
Inc.
8,260,985
34,966
MKS
Instruments,
Inc.
3,801,154
12,062,139
Software
–
1.3%
44,128
Dynatrace,
Inc.*
2,359,524
110,105
Klaviyo,
Inc.,
Class
A*
3,895,515
6,255,039
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Specialized
REITs
–
4.2%
27,101
Digital
Realty
Trust,
Inc.
REIT
$
4,385,755
33,834
Extra
Space
Storage,
Inc.
REIT
6,096,548
274,853
VICI
Properties,
Inc.
REIT
9,155,353
19,637,656
Specialty
Retail
–
4.1%
138,008
Foot
Locker,
Inc.
3,566,127
3,870
RH*
1,294,244
34,091
Ross
Stores,
Inc.
5,131,036
12,860
Ulta
Beauty,
Inc.*
5,004,083
75,205
Wayfair,
Inc.,
Class
A*
4,225,017
19,220,507
Technology
Hardware,
Storage
&
Peripherals
–
1.3%
286,332
Hewlett
Packard
Enterprise
Co.
5,858,353
Trading
Companies
&
Distributors
–
2.5%
77,019
Fastenal
Co.
5,500,697
7,772
United
Rentals,
Inc.
6,293,222
11,793,919
TOTAL
COMMON
STOCKS
(Cost
$358,731,328)
463,735,479
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.4%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
2,085,426
4.854%
2,085,426
(Cost
$2,085,426)
TOTAL
INVESTMENTS
–
99.8%
(Cost
$360,816,754)
$
465,820,905
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.2%
998,309
NET
ASSETS
–
100.0%
$
466,819,214
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
September
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
97.6%
Aerospace
&
Defense
–
1.0%
170
AeroVironment,
Inc.*
$
34,085
695
Cadre
Holdings,
Inc.
26,375
4,045
Kratos
Defense &
Security
Solutions,
Inc.*
94,249
20,470
Leonardo
DRS,
Inc.*
577,663
4,242
Park
Aerospace
Corp.
55,273
69,605
Rocket
Lab
USA,
Inc.*
(a)
677,257
1,464,902
Automobile
Components
–
1.9%
29,368
American
Axle &
Manufacturing
Holdings,
Inc.*
181,494
1,701
Cooper-Standard
Holdings,
Inc.*
23,593
7,479
Fox
Factory
Holding
Corp.*
310,379
106,444
Goodyear
Tire
&
Rubber
Co.
(The)*
942,029
21,636
Holley,
Inc.*
63,826
246
LCI
Industries
29,653
7,861
Modine
Manufacturing
Co.*
1,043,862
6,714
Stoneridge,
Inc.*
75,130
2,669,966
Banks
–
10.4%
10,071
Amalgamated
Financial
Corp.
315,927
10,689
Ameris
Bancorp
666,887
5,645
Axos
Financial,
Inc.*
354,958
5,113
BancFirst
Corp.
538,143
11,097
Bancorp,
Inc.
(The)*
593,690
10,690
BankUnited,
Inc.
389,544
3,325
Banner
Corp.
198,037
6,682
Berkshire
Hills
Bancorp,
Inc.
179,946
2,820
Business
First
Bancshares,
Inc.
72,389
19,529
Cadence
Bank
621,999
1,043
Capital
City
Bank
Group,
Inc.
36,807
67,291
Capitol
Federal
Financial,
Inc.
392,979
1,229
Cathay
General
Bancorp
52,786
1,035
Civista
Bancshares,
Inc.
18,444
3,484
Community
Trust
Bancorp,
Inc.
173,015
32,089
CVB
Financial
Corp.
571,826
942
Dime
Community
Bancshares,
Inc.
27,130
1,276
Eagle
Bancorp,
Inc.
28,812
309
Esquire
Financial
Holdings,
Inc.
20,150
2,569
Financial
Institutions,
Inc.
65,432
584
First
Bancorp,
Inc.
(The)
15,371
19,579
First
BanCorp.
(Puerto
Rico)
414,487
17,467
First
Commonwealth
Financial
Corp.
299,559
413
First
Financial
Bancorp
10,420
9,857
First
Financial
Bankshares,
Inc.
364,808
2,862
First
Internet
Bancorp
98,052
4,362
Fulton
Financial
Corp.
79,083
13,420
Hancock
Whitney
Corp.
686,701
22,647
Hanmi
Financial
Corp.
421,234
16,841
Heritage
Financial
Corp.
366,629
1,621
Home
Bancorp,
Inc.
72,264
4,556
Home
BancShares,
Inc.
123,422
3,980
HomeTrust
Bancshares,
Inc.
135,638
6,492
Hope
Bancorp,
Inc.
81,540
1,175
Independent
Bank
Corp.
39,186
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Banks
–
(continued)
9,640
Independent
Bank
Corp.
$
570,013
9,228
International
Bancshares
Corp.
551,742
11,509
Kearny
Financial
Corp.
79,067
5,315
Live
Oak
Bancshares,
Inc.
251,772
3,055
Metrocity
Bankshares,
Inc.
93,544
307
Nicolet
Bankshares,
Inc.
29,358
5,723
Northeast
Community
Bancorp,
Inc.
151,373
904
Northrim
BanCorp,
Inc.
64,383
11,227
OFG
Bancorp
(Puerto
Rico)
504,317
15,831
Old
Second
Bancorp,
Inc.
246,805
1,257
Park
National
Corp.
211,151
4,212
Preferred
Bank
338,013
4,471
Primis
Financial
Corp.
54,457
1,223
Provident
Financial
Services,
Inc.
22,699
1,952
Red
River
Bancshares,
Inc.
101,504
14,817
Renasant
Corp.
481,553
2,967
ServisFirst
Bancshares,
Inc.
238,695
1,919
Sierra
Bancorp
55,421
1,566
SmartFinancial,
Inc.
45,633
4,058
Southern
First
Bancshares,
Inc.*
138,297
363
Southern
Missouri
Bancorp,
Inc.
20,506
457
Southern
States
Bancshares,
Inc.
14,044
10,414
Southside
Bancshares,
Inc.
348,140
6,078
Stock
Yards
Bancorp,
Inc.
376,775
8,176
Texas
Capital
Bancshares,
Inc.*
584,257
1,452
Timberland
Bancorp,
Inc.
43,938
393
Tompkins
Financial
Corp.
22,711
13,400
TrustCo
Bank
Corp.
443,138
427
UMB
Financial
Corp.
44,882
748
Univest
Financial
Corp.
21,049
3,620
USCB
Financial
Holdings,
Inc.
55,205
7,086
Valley
National
Bancorp
64,199
13,273
WesBanco,
Inc.
395,270
3,496
Westamerica
BanCorp
172,772
15,363,978
Biotechnology
–
8.4%
8,399
89bio,
Inc.*
62,153
37,947
ACADIA
Pharmaceuticals,
Inc.*
583,625
7,858
ADMA
Biologics,
Inc.*
157,081
1,885
Akero
Therapeutics,
Inc.*
54,081
61,442
Amicus
Therapeutics,
Inc.*
656,201
2,668
AnaptysBio,
Inc.*
89,378
18,530
Annexon,
Inc.*
109,698
1,012
Apogee
Therapeutics,
Inc.*
59,445
3,092
Arcturus
Therapeutics
Holdings,
Inc.*
71,765
1,738
Arcus
Biosciences,
Inc.*
26,574
9,440
Ardelyx,
Inc.*
65,042
1,380
ArriVent
Biopharma,
Inc.*
(a)
32,430
71,044
Aurinia
Pharmaceuticals,
Inc.
(Canada)*
520,753
6,352
Beam
Therapeutics,
Inc.*
155,624
20,836
BioCryst
Pharmaceuticals,
Inc.*
158,354
5,631
Biohaven
Ltd.*
281,381
1,508
Biomea
Fusion,
Inc.*
(a)
15,231
5,999
Blueprint
Medicines
Corp.*
554,907
10,935
Bridgebio
Pharma,
Inc.*
278,405
7,498
C4
Therapeutics,
Inc.*
42,739
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Biotechnology
–
(continued)
3,555
Cabaletta
Bio,
Inc.*
$
16,780
3,793
CareDx,
Inc.*
118,436
7,570
Caribou
Biosciences,
Inc.*
14,837
12,545
Catalyst
Pharmaceuticals,
Inc.*
249,395
14,635
Celldex
Therapeutics,
Inc.*
497,444
10,450
Coherus
Biosciences,
Inc.*
(a)
10,868
3,996
Day
One
Biopharmaceuticals,
Inc.*
55,664
16,657
Denali
Therapeutics,
Inc.*
485,218
9,376
Design
Therapeutics,
Inc.*
50,443
3,853
Dyne
Therapeutics,
Inc.*
138,400
17,498
Editas
Medicine,
Inc.*
59,668
6,409
Generation
Bio
Co.*
15,830
10,963
Heron
Therapeutics,
Inc.*
21,816
6,451
Ideaya
Biosciences,
Inc.*
204,368
7,349
Immunovant,
Inc.*
209,520
768
Insmed,
Inc.*
56,064
8,772
Iovance
Biotherapeutics,
Inc.*
82,369
19,585
iTeos
Therapeutics,
Inc.*
199,963
3,287
Janux
Therapeutics,
Inc.*
149,328
1,449
Keros
Therapeutics,
Inc.*
84,143
9,070
Kodiak
Sciences,
Inc.*
23,673
1,170
Krystal
Biotech,
Inc.*
212,975
5,722
Larimar
Therapeutics,
Inc.*
37,479
530
Madrigal
Pharmaceuticals,
Inc.*
112,477
23,975
MannKind
Corp.*
150,803
7,791
MeiraGTx
Holdings
PLC*
32,488
26,758
Monte
Rosa
Therapeutics,
Inc.*
141,817
3,957
Nurix
Therapeutics,
Inc.*
88,914
2,660
Nuvalent,
Inc.,
Class
A*
272,118
2,268
ORIC
Pharmaceuticals,
Inc.*
23,247
32,240
Poseida
Therapeutics,
Inc.*
92,206
8,468
Precigen,
Inc.*
8,020
7,940
Protagonist
Therapeutics,
Inc.*
357,300
5,525
Prothena
Corp.
PLC
(Ireland)*
92,433
20,927
PTC
Therapeutics,
Inc.*
776,392
29,445
RAPT
Therapeutics,
Inc.*
59,184
2,581
Recursion
Pharmaceuticals,
Inc.,
Class
A*
17,009
49,731
Relay
Therapeutics,
Inc.*
352,095
4,807
REVOLUTION
Medicines,
Inc.*
217,997
798
Rhythm
Pharmaceuticals,
Inc.*
41,807
5,403
Rocket
Pharmaceuticals,
Inc.*
99,793
7,303
Sage
Therapeutics,
Inc.*
52,728
3,250
Solid
Biosciences,
Inc.*
22,652
6,574
SpringWorks
Therapeutics,
Inc.*
210,631
68,469
Sutro
Biopharma,
Inc.*
236,903
2,720
Syndax
Pharmaceuticals,
Inc.*
52,360
26,876
Taysha
Gene
Therapies,
Inc.*
54,021
21,102
Tenaya
Therapeutics,
Inc.*
40,727
29,929
TG
Therapeutics,
Inc.*
700,039
3,007
Tyra
Biosciences,
Inc.*
70,695
12,514
Vanda
Pharmaceuticals,
Inc.*
58,691
2,695
Vaxcyte,
Inc.*
307,958
2,976
Vera
Therapeutics,
Inc.*
131,539
11,833
Veracyte,
Inc.*
402,795
22,804
Verve
Therapeutics,
Inc.*
110,371
2,217
Xencor,
Inc.*
44,584
12,402,342
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Broadline
Retail
–
0.2%
33,436
Savers
Value
Village,
Inc.*
$
351,747
Capital
Markets
–
1.5%
25,277
BGC
Group,
Inc.,
Class
A
232,043
2,267
Brightsphere
Investment
Group,
Inc.
57,582
8,337
Moelis
&
Co.,
Class
A
571,168
24,318
Open
Lending
Corp.*
148,826
18,646
Patria
Investments
Ltd.,
Class
A
(Cayman
Islands)
208,276
1,723
Piper
Sandler
Cos.
489,004
4,537
Silvercrest
Asset
Management
Group,
Inc.,
Class
A
78,218
2,318
StoneX
Group,
Inc.*
189,798
764
Virtus
Investment
Partners,
Inc.
160,020
2,134,935
Chemicals
–
2.0%
25,568
Arcadium
Lithium
PLC
(Argentina)*
72,869
1,383
Aspen
Aerogels,
Inc.*
38,295
226
Balchem
Corp.
39,776
3,721
Hawkins,
Inc.
474,316
10,922
HB
Fuller
Co.
866,988
605
Ingevity
Corp.*
23,595
7,097
Innospec,
Inc.
802,600
11,187
Mativ
Holdings,
Inc.
190,067
2,285
Minerals
Technologies,
Inc.
176,471
743
Orion
SA
(Germany)
13,233
3,101
Stepan
Co.
239,552
1,562
Tronox
Holdings
PLC
22,852
2,960,614
Commercial
Services
&
Supplies
–
1.4%
2,830
ABM
Industries,
Inc.
149,311
20,011
CECO
Environmental
Corp.*
564,310
9,359
Deluxe
Corp.
182,407
10,117
Enviri
Corp.*
104,610
69,098
Healthcare
Services
Group,
Inc.*
771,825
3,827
Montrose
Environmental
Group,
Inc.*
100,650
3,127
Viad
Corp.*
112,040
1,985,153
Communications
Equipment
–
0.7%
39,783
NetScout
Systems,
Inc.*
865,280
11,947
Viasat,
Inc.*
142,647
1,007,927
Construction
&
Engineering
–
3.1%
3,042
Construction
Partners,
Inc.,
Class
A*
212,332
2,255
Dycom
Industries,
Inc.*
444,460
16,209
Fluor
Corp.*
773,331
5,004
Great
Lakes
Dredge
&
Dock
Corp.*
52,692
3,793
IES
Holdings,
Inc.*
757,159
7,860
Limbach
Holdings,
Inc.*
595,474
11,016
Primoris
Services
Corp.
639,809
7,890
Sterling
Infrastructure,
Inc.*
1,144,208
4,619,465
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Construction
Materials
–
1.1%
5,734
Knife
River
Corp.*
$
512,562
23,732
Summit
Materials,
Inc.,
Class
A*
926,260
1,571
United
States
Lime
&
Minerals,
Inc.
153,424
1,592,246
Consumer
Finance
–
1.7%
1,171
Bread
Financial
Holdings,
Inc.
55,716
9,978
Encore
Capital
Group,
Inc.*
471,660
6,792
Enova
International,
Inc.*
569,102
17,698
Green
Dot
Corp.,
Class
A*
207,244
2,168
Medallion
Financial
Corp.
17,648
1,727
Moneylion,
Inc.*
71,757
30,016
Navient
Corp.
467,949
1,414
PRA
Group,
Inc.*
31,617
2,822
PROG
Holdings,
Inc.
136,839
8,690
Regional
Management
Corp.
284,250
2,328
Upstart
Holdings,
Inc.*
93,143
729
World
Acceptance
Corp.*
86,007
2,492,932
Consumer
Staples
Distribution
&
Retail
–
0.3%
1,924
SpartanNash
Co.
43,117
3,800
Sprouts
Farmers
Market,
Inc.*
419,558
477
Weis
Markets,
Inc.
32,879
495,554
Containers
&
Packaging
–
0.2%
19,843
O-I
Glass,
Inc.*
260,340
Distributors
–
0.0%
659
Weyco
Group,
Inc.
22,432
Diversified
Consumer
Services
–
1.3%
74,174
Coursera,
Inc.*
588,942
8,951
Frontdoor,
Inc.*
429,558
114
Graham
Holdings
Co.,
Class
B
93,676
13,041
Mister
Car
Wash,
Inc.*
84,897
9,869
OneSpaWorld
Holdings
Ltd.
(Bahamas)
162,937
5,704
Strategic
Education,
Inc.
527,905
1,887,915
Diversified
REITs
–
0.5%
12,542
American
Assets
Trust,
Inc.
REIT
335,122
27,290
Armada
Hoffler
Properties,
Inc.
REIT
295,551
23,984
NexPoint
Diversified
Real
Estate
Trust
REIT
149,900
780,573
Diversified
Telecommunication
Services
–
0.4%
4,629
AST
SpaceMobile,
Inc.*
(a)
121,049
612
ATN
International,
Inc.
19,792
4,754
Liberty
Latin
America
Ltd.,
Class
A
(Puerto
Rico)*
45,543
58,609
Lumen
Technologies,
Inc.*
416,124
602,508
Electrical
Equipment
–
1.9%
3,195
American
Superconductor
Corp.*
75,402
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Electrical
Equipment
–
(continued)
9,140
Atkore,
Inc.
$
774,524
11,049
Bloom
Energy
Corp.,
Class
A*
116,677
1,146
Enovix
Corp.*
(a)
10,704
10,581
Fluence
Energy,
Inc.*
240,295
62,175
FuelCell
Energy,
Inc.*
(a)
23,626
4,893
NEXTracker,
Inc.,
Class
A*
183,390
6,685
NuScale
Power
Corp.*
(a)
77,412
1,319
Powell
Industries,
Inc.
292,805
23,090
Shoals
Technologies
Group,
Inc.,
Class
A*
129,535
16,318
Sunrun,
Inc.*
294,703
18,437
Thermon
Group
Holdings,
Inc.*
550,160
11,891
TPI
Composites,
Inc.*
(a)
54,104
2,823,337
Electronic
Equipment,
Instruments
&
Components
–
3.0%
6,633
Arlo
Technologies,
Inc.*
80,326
3,349
Badger
Meter,
Inc.
731,455
852
Belden,
Inc.
99,795
1,116
ePlus,
Inc.*
109,747
5,168
Fabrinet
(Thailand)*
1,221,922
7,172
Itron,
Inc.*
766,041
40,518
Knowles
Corp.*
730,540
2,420
Napco
Security
Technologies,
Inc.
97,913
14,121
nLight,
Inc.*
150,953
726
Novanta,
Inc.*
129,896
9,678
Vishay
Precision
Group,
Inc.*
250,660
4,369,248
Energy
Equipment
&
Services
–
1.5%
5,014
Archrock,
Inc.
101,483
12,680
Borr
Drilling
Ltd.
(Mexico)*
69,613
13,265
ChampionX
Corp.
399,940
4,963
Expro
Group
Holdings
NV*
85,215
1,316
Nabors
Industries
Ltd.*
84,843
14,666
Newpark
Resources,
Inc.*
101,635
17,064
Oceaneering
International,
Inc.*
424,382
3,497
Oil
States
International,
Inc.*
16,086
32,406
Patterson-UTI
Energy,
Inc.
247,906
7,783
SEACOR
Marine
Holdings,
Inc.*
75,106
6,624
Tidewater,
Inc.*
475,537
31,292
Transocean
Ltd.*
132,991
2,214,737
Entertainment
–
0.8%
25,238
AMC
Entertainment
Holdings,
Inc.,
Class
A*
114,833
43,411
Eventbrite,
Inc.,
Class
A*
118,512
19,500
Madison
Square
Garden
Entertainment
Corp.*
829,335
1,062,680
Financial
Services
–
2.5%
2,562
Alerus
Financial
Corp.
58,618
10,908
AvidXchange
Holdings,
Inc.*
88,464
28,840
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
(Panama)
937,012
17,271
I3
Verticals,
Inc.,
Class
A*
368,045
3,577
Jackson
Financial,
Inc.,
Class
A
326,330
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financial
Services
–
(continued)
14,724
Merchants
Bancorp
$
661,991
2,814
Mr
Cooper
Group,
Inc.*
259,394
3,652
NCR
Atleos
Corp.*
104,192
6,558
NMI
Holdings,
Inc.,
Class
A*
270,124
63,347
Payoneer
Global,
Inc.*
477,003
16,173
Paysign,
Inc.*
59,355
3,610,528
Food
Products
–
0.6%
1,703
Dole
PLC
27,742
21,100
Hain
Celestial
Group,
Inc.
(The)*
182,093
306
John
B.
Sanfilippo
&
Son,
Inc.
28,859
2,602
Lancaster
Colony
Corp.
459,435
13,242
WK
Kellogg
Co.
226,570
924,699
Gas
Utilities
–
0.5%
9,073
ONE
Gas,
Inc.
675,213
Ground
Transportation
–
1.2%
1,807
ArcBest
Corp.
195,969
19,018
Heartland
Express,
Inc.
233,541
2,706
Marten
Transport
Ltd.
47,896
3,699
PAM
Transportation
Services,
Inc.*
68,432
9,055
RXO,
Inc.*
253,540
23,174
Werner
Enterprises,
Inc.
894,285
1,693,663
Health
Care
Equipment
&
Supplies
–
1.8%
747
Artivion,
Inc.*
19,885
20,307
AtriCure,
Inc.*
569,408
3,194
Avanos
Medical,
Inc.*
76,752
1,696
CVRx,
Inc.*
14,942
25,783
Embecta
Corp.
363,540
1,603
Haemonetics
Corp.*
128,849
2,528
Inari
Medical,
Inc.*
104,255
7,337
iRadimed
Corp.
368,978
4,247
Lantheus
Holdings,
Inc.*
466,108
215
LeMaitre
Vascular,
Inc.
19,971
3,355
Merit
Medical
Systems,
Inc.*
331,575
1,554
PROCEPT
BioRobotics
Corp.*
124,507
7,370
Pulmonx
Corp.*
61,097
2,649,867
Health
Care
Providers
&
Services
–
3.9%
716
Addus
HomeCare
Corp.*
95,249
115,777
agilon
health,
Inc.*
455,004
29,011
Brookdale
Senior
Living,
Inc.*
196,985
60,993
Community
Health
Systems,
Inc.*
370,227
2,440
DocGo,
Inc.*
8,101
31,452
Enhabit,
Inc.*
248,471
6,110
Ensign
Group,
Inc.
(The)
878,740
13,104
Guardant
Health,
Inc.*
300,606
5,980
HealthEquity,
Inc.*
489,463
2,004
InfuSystem
Holdings,
Inc.*
13,427
17,228
Joint
Corp.
(The)*
197,088
83,911
LifeStance
Health
Group,
Inc.*
587,377
4,807
ModivCare,
Inc.*
68,644
1,112
NeoGenomics,
Inc.*
16,402
1,349
Option
Care
Health,
Inc.*
42,224
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
Providers
&
Services
–
(continued)
524
PACS
Group,
Inc.*
$
20,944
6,739
Pediatrix
Medical
Group,
Inc.*
78,105
18,413
Pennant
Group,
Inc.
(The)*
657,344
3,074
Privia
Health
Group,
Inc.*
55,977
12,529
Select
Medical
Holdings
Corp.
436,886
7,416
Surgery
Partners,
Inc.*
239,092
35,820
Viemed
Healthcare,
Inc.*
262,561
5,718,917
Health
Care
REITs
–
0.1%
2,760
Universal
Health
Realty
Income
Trust
REIT
126,270
Health
Care
Technology
–
0.4%
10,334
Evolent
Health,
Inc.,
Class
A*
292,245
14,494
Health
Catalyst,
Inc.*
117,981
25,828
LifeMD,
Inc.*
135,339
545,565
Hotel
&
Resort
REITs
–
1.1%
8,856
Apple
Hospitality
REIT,
Inc.
REIT
131,512
47,170
Chatham
Lodging
Trust
REIT
401,888
79,620
RLJ
Lodging
Trust
REIT
730,912
61,983
Service
Properties
Trust
REIT
282,643
6,157
Summit
Hotel
Properties,
Inc.
REIT
42,237
1,589,192
Hotels,
Restaurants
&
Leisure
–
3.4%
16,407
BJ's
Restaurants,
Inc.*
534,212
6,727
Cheesecake
Factory,
Inc.
(The)
272,780
3,406
Cracker
Barrel
Old
Country
Store,
Inc.
(a)
154,462
62,462
Denny’s
Corp.*
402,880
11,824
Dine
Brands
Global,
Inc.
369,263
25,126
El
Pollo
Loco
Holdings,
Inc.*
344,226
5,062
Hilton
Grand
Vacations,
Inc.*
183,852
12,953
International
Game
Technology
PLC
275,899
5,739
Jack
in
the
Box,
Inc.
267,093
30,935
Life
Time
Group
Holdings,
Inc.*
755,433
670
Nathan's
Famous,
Inc.
54,203
22,410
Portillo's,
Inc.,
Class
A*
301,863
7,171
RCI
Hospitality
Holdings,
Inc.
319,468
5,445
Red
Rock
Resorts,
Inc.,
Class
A
296,426
17,546
Rush
Street
Interactive,
Inc.*
190,374
2,762
Shake
Shack,
Inc.,
Class
A*
285,066
5,007,500
Household
Durables
–
2.0%
59,055
GoPro,
Inc.,
Class
A*
80,315
6,418
Green
Brick
Partners,
Inc.*
536,031
2,448
Installed
Building
Products,
Inc.
602,869
1,417
KB
Home
121,423
4,183
LGI
Homes,
Inc.*
495,769
6,864
M/I
Homes,
Inc.*
1,176,215
3,012,622
Industrial
REITs
–
0.6%
90,159
LXP
Industrial
Trust
REIT
906,098
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Insurance
–
2.2%
7,105
Ambac
Financial
Group,
Inc.*
$
79,647
6,427
Baldwin
Insurance
Group,
Inc.
(The),
Class
A*
320,065
4,579
CNO
Financial
Group,
Inc.
160,723
72,218
Genworth
Financial,
Inc.,
Class
A*
494,693
1,224
HCI
Group,
Inc.
131,041
32,412
James
River
Group
Holdings
Ltd.
203,223
4,324
Lemonade,
Inc.*
71,303
11,695
Mercury
General
Corp.
736,551
6,157
Selective
Insurance
Group,
Inc.
574,448
1,589
Tiptree,
Inc.
31,097
17,713
Universal
Insurance
Holdings,
Inc.
392,520
3,195,311
Interactive
Media
&
Services
–
1.0%
12,497
EverQuote,
Inc.,
Class
A*
263,562
65,998
fuboTV,
Inc.*
93,717
17,111
MediaAlpha,
Inc.,
Class
A*
309,880
3,369
Outbrain,
Inc.*
16,373
14,178
QuinStreet,
Inc.*
271,225
84,960
Vimeo,
Inc.*
429,048
11,251
ZipRecruiter,
Inc.,
Class
A*
106,885
1,490,690
IT
Services
–
0.2%
2,534
Backblaze,
Inc.,
Class
A*
16,192
12,133
Hackett
Group,
Inc.
(The)
318,734
11,015
Information
Services
Group,
Inc.
36,350
371,276
Leisure
Products
–
0.8%
8,213
Malibu
Boats,
Inc.,
Class
A*
318,746
4,423
Marine
Products
Corp.
42,859
32,645
Peloton
Interactive,
Inc.,
Class
A*
152,779
23,953
Smith
&
Wesson
Brands,
Inc.
310,910
25,944
Topgolf
Callaway
Brands
Corp.*
284,865
1,110,159
Life
Sciences
Tools
&
Services
–
0.6%
57,607
Adaptive
Biotechnologies
Corp.*
294,948
4,279
BioLife
Solutions,
Inc.*
107,146
19,918
Codexis,
Inc.*
61,347
24,986
Cytek
Biosciences,
Inc.*
138,423
33,846
Maravai
LifeSciences
Holdings,
Inc.,
Class
A*
281,260
11,273
Pacific
Biosciences
of
California,
Inc.*
19,164
1,078
Quanterix
Corp.*
13,971
916,259
Machinery
–
3.6%
2,290
Chart
Industries,
Inc.*
284,281
22,890
Douglas
Dynamics,
Inc.
631,306
2,846
ESCO
Technologies,
Inc.
367,077
11,156
Federal
Signal
Corp.
1,042,640
6,430
Gencor
Industries,
Inc.*
134,130
4,352
Gorman-Rupp
Co.
(The)
169,510
2,171
Helios
Technologies,
Inc.
103,557
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Machinery
–
(continued)
16,402
Hillman
Solutions
Corp.*
$
173,205
1,543
Kennametal,
Inc.
40,010
5,542
Mayville
Engineering
Co.,
Inc.*
116,825
10,158
Miller
Industries,
Inc.
619,638
6,522
Mueller
Industries,
Inc.
483,280
1,787
Mueller
Water
Products,
Inc.,
Class
A
38,778
2,618
Omega
Flex,
Inc.
130,691
5,635
SPX
Technologies,
Inc.*
898,557
2,732
Wabash
National
Corp.
52,427
5,285,912
Marine
Transportation
–
0.1%
2,267
Pangaea
Logistics
Solutions
Ltd.
16,390
18,063
Safe
Bulkers,
Inc.
(Monaco)
93,566
109,956
Media
–
0.8%
10,809
AMC
Networks,
Inc.,
Class
A*
93,930
1,112
Cable
One,
Inc.
388,966
28,162
Entravision
Communications
Corp.,
Class
A
58,295
78,298
EW
Scripps
Co.
(The),
Class
A*
175,779
75,199
Gray
Television,
Inc.
403,067
2,666
Magnite,
Inc.*
36,924
4,220
Thryv
Holdings,
Inc.*
72,711
1,229,672
Metals
&
Mining
–
1.8%
7,360
Carpenter
Technology
Corp.
1,174,509
34,203
Coeur
Mining,
Inc.*
235,317
111,864
Hecla
Mining
Co.
746,133
1,716
Kaiser
Aluminum
Corp.
124,444
1,182
Materion
Corp.
132,218
3,764
Olympic
Steel,
Inc.
146,796
1,191
Ryerson
Holding
Corp.
23,713
2,720
Worthington
Steel,
Inc.
92,507
2,675,637
Mortgage
Real
Estate
Investment
Trusts
(REITs)
–
1.3%
56,480
Arbor
Realty
Trust,
Inc.
REIT
878,829
9,247
BrightSpire
Capital,
Inc.
REIT
51,783
22,134
Invesco
Mortgage
Capital,
Inc.
REIT
207,838
5,622
Ladder
Capital
Corp.
REIT
65,215
30,193
Orchid
Island
Capital,
Inc.
REIT
248,187
18,555
PennyMac
Mortgage
Investment
Trust
REIT
264,594
16,431
TPG
RE
Finance
Trust,
Inc.
REIT
140,157
1,856,603
Multi-Utilities
–
0.6%
15,534
Black
Hills
Corp.
949,438
Office
REITs
–
0.3%
13,991
Brandywine
Realty
Trust
REIT
76,111
5,535
City
Office
REIT,
Inc.
REIT
32,324
9,177
COPT
Defense
Properties
REIT
278,338
5,889
Hudson
Pacific
Properties,
Inc.
REIT
28,149
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Office
REITs
–
(continued)
5,071
JBG
SMITH
Properties
REIT
$
88,641
503,563
Oil,
Gas
&
Consumable
Fuels
–
2.4%
1,741
Ardmore
Shipping
Corp.
(Ireland)
31,512
10,891
Dorian
LPG
Ltd.
374,868
13,838
Excelerate
Energy,
Inc.,
Class
A
304,574
6,951
FLEX
LNG
Ltd.
(Norway)
176,833
6,406
Kinetik
Holdings,
Inc.
289,936
31,397
Kosmos
Energy
Ltd.
(Ghana)*
126,530
7,741
Murphy
Oil
Corp.
261,181
145,641
Nordic
American
Tankers
Ltd.
534,503
2,510
Par
Pacific
Holdings,
Inc.*
44,176
7,536
PBF
Energy,
Inc.,
Class
A
233,239
6,612
Scorpio
Tankers,
Inc.
(Monaco)
471,436
2,850
SM
Energy
Co.
113,915
15,563
Talos
Energy,
Inc.*
161,077
1,217
Teekay
Corp.
(Bermuda)*
11,196
4,342
Vital
Energy,
Inc.*
116,800
9,168
World
Kinect
Corp.
283,383
3,535,159
Paper
&
Forest
Products
–
0.3%
5,375
Sylvamo
Corp.
461,444
Passenger
Airlines
–
0.5%
6,545
Allegiant
Travel
Co.
360,368
8,403
Joby
Aviation,
Inc.*
(a)
42,267
4,493
SkyWest,
Inc.*
381,995
784,630
Pharmaceuticals
–
1.7%
1,227
Amphastar
Pharmaceuticals,
Inc.*
59,546
804
ANI
Pharmaceuticals,
Inc.*
47,967
7,457
Arvinas,
Inc.*
183,666
3,827
Axsome
Therapeutics,
Inc.*
343,932
5,115
Collegium
Pharmaceutical,
Inc.*
197,643
8,379
Corcept
Therapeutics,
Inc.*
387,780
5,845
Evolus,
Inc.*
94,689
4,373
Innoviva,
Inc.*
84,443
157
Ligand
Pharmaceuticals,
Inc.*
15,714
5,586
Phathom
Pharmaceuticals,
Inc.*
100,995
14,032
Phibro
Animal
Health
Corp.,
Class
A
316,001
19,606
Supernus
Pharmaceuticals,
Inc.*
611,315
15,034
Theravance
Biopharma,
Inc.*
121,174
2,564,865
Professional
Services
–
1.9%
21,441
Conduent,
Inc.*
86,407
18,085
ExlService
Holdings,
Inc.*
689,943
2,568
Exponent,
Inc.
296,039
6,320
Franklin
Covey
Co.*
259,941
8,127
Maximus,
Inc.
757,111
783
NV5
Global,
Inc.*
73,195
5,206
TriNet
Group,
Inc.
504,826
2,667,462
Real
Estate
Management
&
Development
–
0.2%
17,479
Compass,
Inc.,
Class
A*
106,797
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Real
Estate
Management
&
Development
–
(continued)
6,156
Newmark
Group,
Inc.,
Class
A
$
95,603
11,599
Redfin
Corp.*
145,335
347,735
Residential
REITs
–
0.8%
3,202
Centerspace
REIT
225,645
20,060
NexPoint
Residential
Trust,
Inc.
REIT
882,841
1,108,486
Retail
REITs
–
0.5%
400
Alexander's,
Inc.
REIT
96,944
13,289
Kite
Realty
Group
Trust
REIT
352,956
5,516
Macerich
Co.
(The)
REIT
100,612
3,413
Tanger,
Inc.
REIT
113,243
663,755
Semiconductors
&
Semiconductor
Equipment
–
1.4%
2,796
Ambarella,
Inc.*
157,708
5,243
Axcelis
Technologies,
Inc.*
549,728
797
Cohu,
Inc.*
20,483
10,172
FormFactor,
Inc.*
467,912
573
Impinj,
Inc.*
124,066
3,752
MaxLinear,
Inc.*
54,329
5,873
PDF
Solutions,
Inc.*
186,057
3,871
Photronics,
Inc.*
95,846
496
Power
Integrations,
Inc.
31,803
2,610
Semtech
Corp.*
119,173
636
SiTime
Corp.*
109,080
2,592
Ultra
Clean
Holdings,
Inc.*
103,499
806
Veeco
Instruments,
Inc.*
26,703
2,046,387
Software
–
7.6%
24,702
ACI
Worldwide,
Inc.*
1,257,332
2,756
Agilysys,
Inc.*
300,321
14,951
Alarm.com
Holdings,
Inc.*
817,371
23,842
Alkami
Technology,
Inc.*
751,977
727
AudioEye,
Inc.*
16,612
9,742
BlackLine,
Inc.*
537,174
15,657
Blend
Labs,
Inc.,
Class
A*
58,714
1,331
C3.ai,
Inc.,
Class
A*
32,250
4,913
Cleanspark,
Inc.*
45,887
33,831
Clear
Secure,
Inc.,
Class
A
1,121,159
26,816
Clearwater
Analytics
Holdings,
Inc.,
Class
A*
677,104
7,256
CommVault
Systems,
Inc.*
1,116,336
17,212
Consensus
Cloud
Solutions,
Inc.*
405,343
2,036
Dave,
Inc.*
81,359
7,287
Intapp,
Inc.*
348,537
10,920
MARA
Holdings,
Inc.*
177,122
58,943
Olo,
Inc.,
Class
A*
292,357
7,352
OneSpan,
Inc.*
122,558
15,951
Pagaya
Technologies
Ltd.,
Class
A*
(a)
168,602
6,595
Q2
Holdings,
Inc.*
526,083
1,513
Rapid7,
Inc.*
60,354
5,300
Red
Violet,
Inc.*
150,785
4,687
Riot
Platforms,
Inc.*
34,777
693
Sapiens
International
Corp.
NV
(Israel)
25,828
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Software
–
(continued)
2,623
SoundThinking,
Inc.*
$
30,401
8,513
Varonis
Systems,
Inc.*
480,984
19,168
Verint
Systems,
Inc.*
485,525
3,573
Workiva,
Inc.*
282,696
978
Xperi,
Inc.*
9,037
9,049
Zeta
Global
Holdings
Corp.,
Class
A*
269,932
64,172
Zuora,
Inc.,
Class
A*
553,163
11,237,680
Specialty
Retail
–
3.2%
7,211
Abercrombie
&
Fitch
Co.,
Class
A*
1,008,819
40,447
American
Eagle
Outfitters,
Inc.
905,608
4,123
America's
Car-Mart,
Inc.*
172,836
5,093
Arko
Corp.
35,753
13,807
Buckle,
Inc.
(The)
607,094
798
Genesco,
Inc.*
21,682
3,837
Haverty
Furniture
Cos.,
Inc.
105,402
46,615
Leslie's,
Inc.*
147,304
1,352
Monro,
Inc.
39,019
13,813
Revolve
Group,
Inc.*
342,286
17,146
Shoe
Carnival,
Inc.
751,852
4,597
Upbound
Group,
Inc.
147,058
1,898
Warby
Parker,
Inc.,
Class
A*
30,994
18,751
Zumiez,
Inc.*
399,396
4,715,103
Technology
Hardware,
Storage
&
Peripherals
–
0.1%
13,048
Eastman
Kodak
Co.*
61,587
1,997
IonQ,
Inc.*
(a)
17,454
5,945
Turtle
Beach
Corp.*
91,196
170,237
Textiles,
Apparel
&
Luxury
Goods
–
0.3%
4,579
Figs,
Inc.,
Class
A*
31,320
10,807
G-III
Apparel
Group
Ltd.*
329,829
2,931
Steven
Madden
Ltd.
143,590
504,739
Tobacco
–
0.2%
4,718
Universal
Corp.
250,573
Trading
Companies
&
Distributors
–
1.1%
145
Boise
Cascade
Co.
20,442
1,065
DXP
Enterprises,
Inc.*
56,828
7,191
FTAI
Aviation
Ltd.
955,684
2,961
H&E
Equipment
Services,
Inc.
144,142
1,330
McGrath
RentCorp
140,022
21,966
MRC
Global,
Inc.*
279,847
1,596,965
Water
Utilities
–
0.4%
1,985
California
Water
Service
Group
107,627
1,108
Consolidated
Water
Co.
Ltd.
27,933
1,234
Global
Water
Resources,
Inc.
15,536
7,511
SJW
Group
436,464
587,560
Wireless
Telecommunication
Services
–
0.3%
3,576
Spok
Holdings,
Inc.
53,855
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Wireless
Telecommunication
Services
–
(continued)
18,516
Telephone
and
Data
Systems,
Inc.
$
430,497
484,352
TOTAL
COMMON
STOCKS
(Cost
$125,699,939)
143,447,273
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.7%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,075,664
4.854%
1,075,664
(Cost
$1,075,664)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$126,775,603)
144,522,937
a
Securities
Lending
Reinvestment
Vehicle
–
0.7%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
–
Institutional
Shares
1,078,475
4.854%
1,078,475
(Cost
$1,078,475)
TOTAL
INVESTMENTS
–
99.0%
(Cost
$127,854,078)
$
145,601,412
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.0%
1,450,299
NET
ASSETS
–
100.0%
$
147,051,711
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
All
or
a
portion
of
security
is
on
loan.
(b)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
ADDITIONAL
INVESTMENT
INFORMATION
**End
swaps
header**
FUTURES
CONTRACTS
—
At
September
30,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
Russell
2000
E-Mini
Index
19
12/20/24
$
2,136,740
$
40,682
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-STRATEGIC
GROWTH
FUND
Schedule
of
Investments
September
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.9%
Automobiles
–
1.3%
20,466
Tesla,
Inc.*
$
5,354,520
Biotechnology
–
1.8%
10,379
Alnylam
Pharmaceuticals,
Inc.*
2,854,536
4,497
Argenx
SE
ADR
(Netherlands)*
2,437,734
16,339
Neurocrine
Biosciences,
Inc.*
1,882,580
7,174,850
Broadline
Retail
–
6.5%
141,734
Amazon.com,
Inc.*
26,409,296
Capital
Markets
–
1.9%
59,286
Charles
Schwab
Corp.
(The)
3,842,326
6,899
MSCI,
Inc.
4,021,634
7,863,960
Chemicals
–
1.7%
3,803
Linde
PLC
1,813,498
13,592
Sherwin-Williams
Co.
(The)
5,187,659
7,001,157
Commercial
Services
&
Supplies
–
0.5%
11,277
Waste
Connections,
Inc.
2,016,553
Construction
Materials
–
0.7%
5,550
Martin
Marietta
Materials,
Inc.
2,987,287
Electrical
Equipment
–
1.7%
13,763
GE
Vernova,
Inc.*
3,509,290
12,501
Rockwell
Automation,
Inc.
3,356,018
6,865,308
Entertainment
–
2.6%
10,639
Netflix,
Inc.*
7,545,924
8,072
Spotify
Technology
SA*
2,974,774
10,520,698
Financial
Services
–
3.2%
26,389
Mastercard,
Inc.,
Class
A
13,030,888
Ground
Transportation
–
1.8%
19,911
Old
Dominion
Freight
Line,
Inc.
3,955,121
7,411
Saia,
Inc.*
3,240,534
7,195,655
Health
Care
Equipment
&
Supplies
–
3.7%
7,218
Align
Technology,
Inc.*
1,835,682
51,162
Boston
Scientific
Corp.*
4,287,375
17,869
Insulet
Corp.*
4,159,010
9,656
Intuitive
Surgical,
Inc.*
4,743,703
15,025,770
Hotels,
Restaurants
&
Leisure
–
2.5%
19,359
Cava
Group,
Inc.*
2,397,612
16,853
DoorDash,
Inc.,
Class
A*
2,405,429
64,146
DraftKings,
Inc.,
Class
A*
2,514,523
9,287
McDonald's
Corp.
2,827,985
10,145,549
Household
Products
–
0.8%
18,241
Procter &
Gamble
Co.
(The)
3,159,341
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Interactive
Media
&
Services
–
9.2%
105,762
Alphabet,
Inc.,
Class
A
$
17,540,628
63,853
Alphabet,
Inc.,
Class
C
10,675,583
11,082
Meta
Platforms,
Inc.,
Class
A
6,343,780
249,049
Snap,
Inc.,
Class
A*
2,664,824
37,224,815
IT
Services
–
1.3%
8,502
Accenture
PLC,
Class
A
(Ireland)
3,005,287
21,474
Snowflake,
Inc.,
Class
A*
2,466,504
5,471,791
Machinery
–
0.5%
14,149
Xylem,
Inc.
1,910,539
Oil,
Gas
&
Consumable
Fuels
–
1.3%
29,943
Cheniere
Energy,
Inc.
5,384,949
Pharmaceuticals
–
4.5%
46,964
AstraZeneca
PLC
ADR
(United
Kingdom)
3,658,965
16,669
Eli
Lilly
&
Co.
14,767,734
18,426,699
Professional
Services
–
0.8%
10,856
Equifax,
Inc.
3,190,144
Semiconductors
&
Semiconductor
Equipment
–
16.4%
85,636
Broadcom,
Inc.
14,772,210
19,761
Enphase
Energy,
Inc.*
2,233,388
3,442
KLA
Corp.
2,665,519
62,381
Marvell
Technology,
Inc.
4,498,918
314,861
NVIDIA
Corp.
38,236,720
20,345
Texas
Instruments,
Inc.
4,202,667
66,609,422
Software
–
19.6%
11,008
Adobe,
Inc.*
5,699,722
38,643
AppLovin
Corp.,
Class
A*
5,044,844
54,075
Dynatrace,
Inc.*
2,891,390
1,563
Fair
Isaac
Corp.*
3,037,722
3,060
HubSpot,
Inc.*
1,626,696
8,038
Intuit,
Inc.
4,991,598
111,560
Microsoft
Corp.
48,004,268
15,834
Oracle
Corp.
2,698,113
19,918
Salesforce,
Inc.
5,451,756
79,446,109
Specialty
Retail
–
2.5%
22,592
Lowe’s
Cos.,
Inc.
6,119,043
26,340
Ross
Stores,
Inc.
3,964,434
10,083,477
Technology
Hardware,
Storage
&
Peripherals
–
13.1%
227,608
Apple,
Inc.
53,032,664
TOTAL
COMMON
STOCKS
(Cost
$164,513,565)
405,531,441
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-STRATEGIC
GROWTH
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.1%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
490,135
4.854%
$
490,135
(Cost
$490,135)
TOTAL
INVESTMENTS
–
100.0%
(Cost
$165,003,700)
$
406,021,576
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.0%
32,624
NET
ASSETS
–
100.0%
$
406,054,200
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
U.S.
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
September
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.2%
Aerospace
&
Defense
–
1.6%
5,544
General
Dynamics
Corp.
$
1,675,397
8,049
Huntington
Ingalls
Industries,
Inc.
2,127,994
3,712
Northrop
Grumman
Corp.
1,960,196
5,763,587
Air
Freight
&
Logistics
–
1.2%
33,308
United
Parcel
Service,
Inc.,
Class
B
4,541,213
Automobile
Components
–
0.4%
13,915
Lear
Corp.
1,518,822
Automobiles
–
0.9%
12,800
Tesla,
Inc.*
3,348,864
Banks
–
0.8%
18,879
Bank
of
America
Corp.
749,119
6,102
Citizens
Financial
Group,
Inc.
250,609
3,992
JPMorgan
Chase &
Co.
841,753
14,980
Prosperity
Bancshares,
Inc.
1,079,609
2,921,090
Beverages
–
0.4%
1,116
Coca-Cola
Consolidated,
Inc.
1,469,102
Biotechnology
–
2.5%
37,110
Gilead
Sciences,
Inc.
3,111,302
2,884
Natera,
Inc.*
366,124
4,358
Regeneron
Pharmaceuticals,
Inc.*
4,581,304
2,873
Vertex
Pharmaceuticals,
Inc.*
1,336,175
9,394,905
Broadline
Retail
–
4.5%
89,748
Amazon.com,
Inc.*
16,722,745
Capital
Markets
–
3.6%
4,407
Ameriprise
Financial,
Inc.
2,070,453
20,830
CME
Group,
Inc.
4,596,140
619
Evercore,
Inc.,
Class
A
156,817
90,076
Franklin
Resources,
Inc.
1,815,031
2,238
Interactive
Brokers
Group,
Inc.,
Class
A
311,888
24,266
Northern
Trust
Corp.
2,184,668
21,446
Stifel
Financial
Corp.
2,013,779
13,148,776
Chemicals
–
1.6%
3,085
Axalta
Coating
Systems
Ltd.*
111,646
16,903
Ecolab,
Inc.
4,315,843
3,624
Sherwin-Williams
Co.
(The)
1,383,172
5,810,661
Commercial
Services
&
Supplies
–
1.2%
21,069
Cintas
Corp.
4,337,686
Communications
Equipment
–
1.8%
86,909
Cisco
Systems,
Inc.
4,625,297
4,930
Motorola
Solutions,
Inc.
2,216,676
6,841,973
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Construction
&
Engineering
–
0.9%
7,974
Comfort
Systems
USA,
Inc.
$
3,112,651
1,432
MasTec,
Inc.*
176,279
3,288,930
Consumer
Finance
–
0.8%
36,453
Ally
Financial,
Inc.
1,297,362
2,118
Capital
One
Financial
Corp.
317,128
4,246
OneMain
Holdings,
Inc.
199,859
20,271
Synchrony
Financial
1,011,118
2,825,467
Consumer
Staples
Distribution
&
Retail
–
3.1%
7,820
Costco
Wholesale
Corp.
6,932,587
28,533
Target
Corp.
4,447,153
11,379,740
Containers
&
Packaging
–
0.2%
11,354
Berry
Global
Group,
Inc.
771,845
Diversified
Consumer
Services
–
0.4%
11,603
Bright
Horizons
Family
Solutions,
Inc.*
1,625,928
Electric
Utilities
–
0.3%
19,320
PG&E
Corp.
381,956
9,482
Xcel
Energy,
Inc.
619,175
1,001,131
Electrical
Equipment
–
0.0%
773
AMETEK,
Inc.
132,732
Electronic
Equipment,
Instruments
&
Components
–
0.4%
11,316
Jabil,
Inc.
1,355,996
Energy
Equipment
&
Services
–
1.4%
112,587
Halliburton
Co.
3,270,652
25,778
Schlumberger
NV
1,081,387
24,902
TechnipFMC
PLC
(United
Kingdom)
653,180
5,005,219
Entertainment
–
2.3%
9,014
Netflix,
Inc.*
6,393,360
44,913
ROBLOX
Corp.,
Class
A*
1,987,849
8,381,209
Financial
Services
–
4.4%
22,128
Berkshire
Hathaway,
Inc.,
Class
B*
10,184,633
8,327
Euronet
Worldwide,
Inc.*
826,288
27,626
Fiserv,
Inc.*
4,963,011
15,973,932
Ground
Transportation
–
1.1%
14,135
Old
Dominion
Freight
Line,
Inc.
2,807,776
15,255
Uber
Technologies,
Inc.*
1,146,566
3,954,342
Health
Care
Equipment
&
Supplies
–
0.3%
2,409
Penumbra,
Inc.*
468,093
2,178
Teleflex,
Inc.
538,663
1,006,756
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
U.S.
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
Providers
&
Services
–
5.1%
4,842
Centene
Corp.*
$
364,506
952
Elevance
Health,
Inc.
495,040
39,458
Encompass
Health
Corp.
3,813,221
1,471
Quest
Diagnostics,
Inc.
228,373
14,522
Tenet
Healthcare
Corp.*
2,413,556
13,148
UnitedHealth
Group,
Inc.
7,687,373
17,237
Universal
Health
Services,
Inc.,
Class
B
3,947,445
18,949,514
Hotel
&
Resort
REITs
–
0.2%
66,579
Park
Hotels
&
Resorts,
Inc.
REIT
938,764
Hotels,
Restaurants
&
Leisure
–
2.0%
3,023
Carnival
Corp.*
55,865
12,466
Marriott
International,
Inc.,
Class
A
3,099,048
22,512
MGM
Resorts
International*
879,994
2,136
Texas
Roadhouse,
Inc.
377,218
5,827
Wingstop,
Inc.
2,424,498
6,699
Wynn
Resorts
Ltd.
642,300
7,478,923
Household
Durables
–
1.1%
6,496
D.R.
Horton,
Inc.
1,239,242
5,894
Lennar
Corp.,
Class
A
1,105,007
195
NVR,
Inc.*
1,913,301
4,257,550
Household
Products
–
1.9%
40,393
Procter &
Gamble
Co.
(The)
6,996,068
Industrial
REITs
–
0.1%
6,138
Rexford
Industrial
Realty,
Inc.
REIT
308,803
Insurance
–
1.7%
3,382
Arthur
J
Gallagher
&
Co.
951,593
8,345
First
American
Financial
Corp.
550,853
2,789
Kinsale
Capital
Group,
Inc.
1,298,475
2,109
Progressive
Corp.
(The)
535,180
13,355
Travelers
Cos.,
Inc.
(The)
3,126,673
6,462,774
Interactive
Media
&
Services
–
7.7%
30,003
Alphabet,
Inc.,
Class
A
4,975,998
66,876
Alphabet,
Inc.,
Class
C
11,180,998
21,466
Meta
Platforms,
Inc.,
Class
A
12,287,997
28,444,993
IT
Services
–
0.1%
297
Gartner,
Inc.*
150,508
4,753
Kyndryl
Holdings,
Inc.*
109,224
1,847
VeriSign,
Inc.*
350,856
610,588
Leisure
Products
–
0.6%
29,921
Hasbro,
Inc.
2,163,887
Life
Sciences
Tools
&
Services
–
1.6%
17,050
IQVIA
Holdings,
Inc.*
4,040,339
5,523
Medpace
Holdings,
Inc.*
1,843,577
5,883,916
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Machinery
–
2.4%
17,449
Illinois
Tool
Works,
Inc.
$
4,572,859
12,256
PACCAR,
Inc.
1,209,422
4,779
Parker-Hannifin
Corp.
3,019,468
8,801,749
Media
–
0.7%
6,855
Charter
Communications,
Inc.,
Class
A*
2,221,568
7,973
News
Corp.,
Class
A
212,321
2,433,889
Oil,
Gas
&
Consumable
Fuels
–
1.9%
4,309
Chord
Energy
Corp.
561,161
34,553
ConocoPhillips
3,637,740
3,754
Devon
Energy
Corp.
146,856
1,871
DT
Midstream,
Inc.
147,173
1,058
Exxon
Mobil
Corp.
124,019
18,954
Ovintiv,
Inc.
726,128
884
Phillips
66
116,202
12,233
Valero
Energy
Corp.
1,651,822
7,111,101
Pharmaceuticals
–
4.1%
42,742
Bristol-Myers
Squibb
Co.
2,211,471
1,940
Eli
Lilly
&
Co.
1,718,724
41,841
Johnson &
Johnson
6,780,752
22,536
Zoetis,
Inc.
4,403,084
15,114,031
Professional
Services
–
0.7%
4,571
Equifax,
Inc.
1,343,234
5,702
FTI
Consulting,
Inc.*
1,297,547
2,640,781
Residential
REITs
–
1.0%
9,106
American
Homes
4
Rent,
Class
A
REIT
349,579
25,770
Camden
Property
Trust
REIT
3,183,368
3,532,947
Semiconductors
&
Semiconductor
Equipment
–
9.0%
39,629
Broadcom,
Inc.
6,836,002
13,390
Marvell
Technology,
Inc.
965,687
172,570
NVIDIA
Corp.
20,956,901
22,311
Texas
Instruments,
Inc.
4,608,783
33,367,373
Software
–
10.0%
1,876
Adobe,
Inc.*
971,355
17,169
Fortinet,
Inc.*
1,331,456
2,458
Intuit,
Inc.
1,526,418
60,406
Microsoft
Corp.
25,992,702
12,083
Nutanix,
Inc.,
Class
A*
715,918
36,803
Oracle
Corp.
6,271,231
1,234
Workday,
Inc.,
Class
A*
301,602
37,110,682
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
U.S.
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Specialty
Retail
–
2.0%
9,439
Best
Buy
Co.,
Inc.
$
975,049
22,937
CarMax,
Inc.*
1,774,865
1,630
Floor
&
Decor
Holdings,
Inc.,
Class
A*
202,397
1,879
Lowe’s
Cos.,
Inc.
508,927
27,292
Ross
Stores,
Inc.
4,107,719
7,568,957
Technology
Hardware,
Storage
&
Peripherals
–
7.6%
119,772
Apple,
Inc.
27,906,876
Textiles,
Apparel
&
Luxury
Goods
–
1.0%
7,371
Birkenstock
Holding
PLC
*
363,317
47,737
Skechers
USA,
Inc.,
Class
A*
3,194,560
3,557,877
Trading
Companies
&
Distributors
–
0.6%
10,986
Ferguson
Enterprises,
Inc.
2,181,490
TOTAL
INVESTMENTS
–
99.2%
(Cost
$254,181,435)
$
366,346,184
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.8%
2,928,492
NET
ASSETS
–
100.0%
$
369,274,676
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
September
30,
2024
(Unaudited)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investment
Valuation
—
The
Funds’
valuation
policy
is
to
value
investments
at
fair
value.
Investments
and
Fair
Value
Measurements
—
U.S.
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’
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
GSAM’s
assumptions
in
determining
fair
value
measurement).
The
Board
of
Trustees
(“Trustees”)
has
approved
Valuation
Procedures
that
govern
the
valuation
of
the
portfolio
investments
held
by
the
Funds,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Funds’
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
the
Adviser
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
Investment
Company
Act
of
1940
(the
“Valuation
Designee”).
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds’
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
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
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
the
Valuation
Procedures
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.
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Money
Market
Funds
—
Investments
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Underlying
Money
Market
Fund”)
are
valued
at
the
NAV
per
share
of
the
Institutional
Share
class
on
the
day
of
valuation.
These
investments
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
For
information
regarding
the
Underlying
Money
Market
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Money
Market
Fund’s
shareholder
report.
Derivative
Contracts
—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Fund
enters
into
derivative
transactions
to
hedge
against
changes
in
interest
rates,
securities
prices,
and/or
currency
exchange
rates,
to
increase
total
return,
or
to
gain
access
to
certain
markets
or
attain
exposure
to
other
underliers.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
a
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statements
of
Assets
and
Liabilities
as
either
due
to
broker/receivable
for
collateral
on
certain
derivative
contracts.
Non-cash
collateral
pledged
by
a
Fund,
if
any,
is
noted
in
the
Schedules
of
Investments.
Exchange-traded
derivatives,
including
futures
and
options
contracts,
are
generally
valued
at
the
last
sale
or
settlement
price
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
options
without
settlement
prices
are
generally
valued
at
the
midpoint
of
the
bid
and
ask
prices
on
the
exchange
where
they
are
principally
traded
(or,
in
the
absence
of
two-way
trading,
at
the
last
bid
price
for
long
positions
and
the
last
ask
price
for
short
positions).
Exchange-traded
derivatives
typically
fall
within
Level
1
of
the
fair
value
hierarchy.
Over-the-counter
(“OTC”)
and
centrally
cleared
derivatives
are
valued
using
market
transactions
and
other
market
evidence,
including
market-based
inputs
to
models,
calibration
to
market-clearing
transactions,
broker
or
dealer
quotations,
or
other
alternative
pricing
sources.
Where
models
are
used,
the
selection
of
a
particular
model
to
value
OTC
and
centrally
cleared
derivatives
depends
upon
the
contractual
terms
of,
and
specific
risks
inherent
in,
the
instrument,
as
well
as
the
availability
of
pricing
information
in
the
market.
Valuation
models
require
a
variety
of
inputs,
including
contractual
terms,
market
prices,
yield
curves,
credit
curves,
measures
of
volatility,
voluntary
and
involuntary
prepayment
rates,
loss
severity
rates
and
correlations
of
such
inputs.
For
OTC
and
centrally
cleared
derivatives
that
trade
in
liquid
markets,
model
inputs
can
generally
be
verified
and
model
selection
does
not
involve
significant
management
judgment.
OTC
and
centrally
cleared
derivatives
are
classified
within
Level
2
of
the
fair
value
hierarchy
when
significant
inputs
are
corroborated
by
market
evidence.
i.
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
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
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.
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
investments
may
be
determined
under
the
Valuation
Procedures.
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
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
C.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
and
derivatives
classified
in
the
fair
value
hierarchy
as
of
September
30,
2024:
(a)
International
Equity
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
—
$
357,498
$
—
Asia
1,045,587
27,587,531
—
Europe
4,903,009
54,046,134
—
North
America
2,024,535
8,480,619
—
Oceania
—
9,160,198
—
Securities
Lending
Reinvestment
Vehicle
79,000
—
—
Total
$
8,052,131
$
99,631,980
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
17,992
$
—
$
—
€
1.00
€
1.00
€
1.00
Liabilities
Futures
Contracts
(b)
$
(2,656)
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Large
Cap
Value
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
7,267,991
$
—
$
—
North
America
282,952,365
—
—
Investment
Company
1,928,353
—
—
Total
$
292,148,709
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Mid
Cap
Growth
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
649,766
$
—
$
—
North
America
61,086,120
—
—
Investment
Company
1,497,093
—
—
Total
$
63,232,979
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Mid
Cap
Value
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
4,744,057
$
—
$
—
North
America
458,991,422
—
—
Investment
Company
2,085,426
—
—
Total
$
465,820,905
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
D.
Securities
Lending
—
The
Large
Cap
Value,
Mid
Cap
Growth,
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
International
Equity
Insights,
Small
Cap
Equity
Insights
and
U.
S.
Equity
Insights
Funds
may
lend
their
securities
through
a
securities
lending
agent,
Goldman
Sachs
Agency
Lending
(“GSAL”),
a
wholly-owned
subsidiary
of
Goldman
Sachs,
to
certain
qualified
borrowers
including
Goldman
Sachs
and
affiliates.
In
accordance
with
the
Funds’
securities
lending
procedures,
the
Funds
receive
cash
collateral
at
least
equal
to
the
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds,
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded,
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Funds
Small
Cap
Equity
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
126,530
$
—
$
—
Asia
1,247,750
—
—
Europe
879,013
—
—
North
America
141,121,111
—
—
South
America
72,869
—
—
Investment
Company
1,075,664
—
—
Securities
Lending
Reinvestment
Vehicle
1,078,475
—
—
Total
$
145,601,412
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
40,682
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Strategic
Growth
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
9,101,986
$
—
$
—
North
America
396,429,455
—
—
Investment
Company
490,135
—
—
Total
$
406,021,576
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
U.S.
Equity
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
1,016,497
$
—
$
—
North
America
365,329,687
—
—
Total
$
366,346,184
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Amounts
are
disclosed
by
continent
to
highlight
the
impact
of
time
zone
differences
between
local
market
close
and
the
calculation
of
NAV.
Security
valuations
are
based
on
the
principal
exchange
or
system
on
which
they
are
traded,
which
may
differ
from
country
of
domicile
noted
in
table.
The
Fund
utilizes
fair
value
model
prices
provided
by
an
independent
third-party
fair
value
service
for
certain
international
equity
securities
resulting
in
a
level
2
classification.
(b)
Amount
shown
represents
unrealized
gain
(loss)
at
period
end.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
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.
Dividend
income
received
from
securities
on
loan
may
not
be
subject
to
withholding
taxes
and
therefore
withholding
taxes
paid
may
differ
from
the
amounts
listed
in
the
Statements
of
Operations.
Loans
of
securities
are
terminable
at
any
time
and
as
such
1)
the
remaining
contractual
maturities
of
the
outstanding
securities
lending
transactions
are
considered
to
be
overnight
and
continuous
and
2)
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
The
International
Equity
Insights,
Large
Cap
Value,
Mid
Cap
Growth,
Mid
Cap
Value,
Small
Cap
Equity
Insights,
Strategic
Growth
and
U.S.
Equity
Insights
Funds
invest
the
cash
collateral
received
in
connection
with
securities
lending
transactions
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Government
Money
Market
Fund”),
an
affiliated
series
of
the
Goldman
Sachs
Trust.
The
Government
Money
Market
Fund
is
registered
under
the
Act
as
an
open
end
investment
company,
is
subject
to
Rule
2a-7
under
the
Act,
and
is
managed
by
GSAM,
for
which
GSAM
may
receive
a
management
fee
of
up
to
0.16%
on
an
annualized
basis
of
the
average
daily
net
assets
of
the
Government
Money
Market
Fund.
In
the
event
of
a
default
by
a
borrower
with
respect
to
any
loan,
GSAL
will,
and
BNYM
may,
exercise
any
and
all
remedies
provided
under
the
applicable
borrower
agreement
to
make
the
Funds
whole.
These
remedies
include
purchasing
replacement
securities
by
applying
the
collateral
held
from
the
defaulting
broker
against
the
purchase
cost
of
the
replacement
securities.
If
GSAL
or
BNYM
are
unable
to
purchase
replacement
securities,
GSAL
and/or
BNYM
will
indemnify
the
Funds
by
paying
the
Funds
an
amount
equal
to
the
market
value
of
the
securities
loaned
minus
the
value
of
cash
collateral
received
from
the
borrower
for
the
loan,
subject
to
an
exclusion
for
any
shortfalls
resulting
from
a
loss
of
value
in
such
cash
collateral
due
to
reinvestment
risk.
The
Funds’
master
netting
agreements
with
certain
borrowers
provide
the
right,
in
the
event
of
a
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
However,
in
the
event
of
a
default
by
a
borrower,
a
resolution
authority
could
determine
that
such
rights
are
not
enforceable
due
to
the
restrictions
or
prohibitions
against
the
right
of
set-off
that
may
be
imposed
in
accordance
with
a
particular
jurisdiction’s
bankruptcy
or
insolvency
laws.
The
Funds’
loaned
securities
were
all
subject
to
enforceable
Securities
Lending
Agreements
and
the
value
of
the
collateral
was
at
least
equal
to
the
value
of
the
cash
received.
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
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;
less
stringent
investor
protections;
less
stringent
accounting,
corporate
governance,
financial
reporting
and
disclosure
standards;
and
less
economic,
political
and
social
stability
in
the
countries
in
which
a
Fund
invests.
The
imposition
of
sanctions,
exchange
controls
(including
repatriation
restrictions),
confiscation
of
assets
and
property,
trade
restrictions
(including
tariffs)
and
other
government
restrictions
by
the
U.S.
or
other
governments,
or
from
problems
in
registration,
settlement
or
custody,
may
also
result
in
losses.
The
type
and
severity
of
sanctions
and
other
similar
measures,
including
counter
sanctions
and
other
retaliatory
actions,
that
may
be
imposed
could
vary
broadly
in
scope,
and
their
impact
is
impossible
to
predict.
For
example,
the
imposition
of
sanctions
and
other
similar
measures
could,
among
other
things,
cause
a
decline
in
the
value
and/or
liquidity
of
securities
issued
by
the
sanctioned
country
or
companies
located
in
or
economically
tied
to
the
sanctioned
country
and
increase
market
volatility
and
disruption
in
the
sanctioned
country
and
throughout
the
world.
Sanctions
and
other
similar
measures
could
limit
or
prevent
a
Fund
from
buying
and
selling
securities
(in
the
sanctioned
country
and
other
markets),
significantly
delay
or
prevent
the
settlement
of
securities
transactions,
and
significantly
impact
a
Fund’s
liquidity
and
performance.
Foreign
risk
also
involves
the
risk
of
negative
foreign
currency
exchange
rate
fluctuations,
which
may
cause
the
value
of
securities
denominated
in
such
foreign
currency
(or
other
instruments
through
which
a
Fund
has
exposure
to
foreign
currencies)
to
decline
in
value.
Currency
exchange
rates
may
fluctuate
significantly
over
short
periods
of
time.
To
the
extent
that
a
Fund
also
invests
in
securities
of
issuers
located
in,
or
economically
tied
to,
emerging
markets,
these
risks
may
be
more
pronounced.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Large
Shareholder
Transactions
Risk
—
A
Fund
may
experience
adverse
effects
when
certain
large
shareholders,
such
as
other
funds,
participating
insurance
companies,
accounts
and
Goldman
Sachs
affiliates,
purchase
or
redeem
large
amounts
of
shares
of
a
Fund.
Such
large
shareholder
redemptions,
which
may
occur
rapidly
or
unexpectedly,
may
cause
a
Fund
to
sell
portfolio
securities
at
times
when
it
would
not
otherwise
do
so,
which
may
negatively
impact
a
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
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Fund’s
expense
ratio.
Similarly,
large
Fund
share
purchases
may
adversely
affect
a
Fund’s
performance
to
the
extent
that
the
Fund
is
delayed
in
investing
new
cash
or
otherwise
maintains
a
larger
cash
position
than
it
ordinarily
would.
Market
Risk
—
The
value
of
the
securities
in
which
the
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,
military
conflict,
acts
of
terrorism,
social
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
sanctions,
the
spread
of
infectious
illness
or
other
public
health
threats
could
also
significantly
impact
the
Fund
and
its
investments.
Mid-Cap
and
Small-Cap
Risk
—
Investments
in
mid-capitalization
and
small-capitalization
companies
involve
greater
risks
than
those
associated
with
larger,
more
established
companies.
These
securities
may
be
subject
to
more
abrupt
or
erratic
price
movements
and
may
lack
sufficient
market
liquidity,
and
these
issuers
often
face
greater
business
risks.
Non-Diversification
Risk
—
The
Strategic
Growth
Fund
is
non-diversified,
meaning
that
it
is
permitted
to
invest
a
larger
percentage
of
its
assets
in
one
or
more
issuers
or
in
fewer
issuers
than
diversified
mutual
funds.
Thus,
the
Fund
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
held
in
its
portfolio,
and
may
be
more
susceptible
to
greater
losses
because
of
these
developments.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)