0001752724-24-121497.txt : 20240528
0001752724-24-121497.hdr.sgml : 20240528
20240528124203
ACCESSION NUMBER: 0001752724-24-121497
CONFORMED SUBMISSION TYPE: NPORT-P
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20240331
FILED AS OF DATE: 20240528
DATE AS OF CHANGE: 20240528
PERIOD START: 20241231
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: GOLDMAN SACHS VARIABLE INSURANCE TRUST
CENTRAL INDEX KEY: 0001046292
ORGANIZATION NAME:
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FILING VALUES:
FORM TYPE: NPORT-P
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-08361
FILM NUMBER: 24988995
BUSINESS ADDRESS:
STREET 1: 71 SOUTH WACKER DRIVE
CITY: CHICAGO
STATE: IL
ZIP: 60606
BUSINESS PHONE: 3126554400
MAIL ADDRESS:
STREET 1: 200 WEST STREET
CITY: NEW YORK
STATE: NY
ZIP: 10282
0001046292
S000009357
Goldman Sachs Large Cap Value Fund
C000025646
Institutional
C000025647
Service
NPORT-P
1
primary_doc.xml
NPORT-P
false
0001046292
XXXXXXXX
S000009357
C000025647
C000025646
Goldman Sachs Variable Insurance Trust
811-08361
0001046292
H39OGLUI7D5CIH8CZ870
200 West Street
New York
10282
312-655-4400
Goldman Sachs Variable Insurance Trust Large Cap Value Fund
S000009357
CPSL04DES1OGZT14WA65
2024-12-31
2024-03-31
N
300738359.09
2505804.56
298232554.53
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
538377.01000000
N
American Express Co
R4PP93JZOLY261QX3811
American Express Co
025816109
23261.00000000
NS
USD
5296297.09000000
1.775895022039
Long
EC
CORP
US
N
1
N
N
N
Visa Inc
549300JZ4OKEHW3DPJ59
Visa Inc
92826C839
7732.00000000
NS
USD
2157846.56000000
0.723544940759
Long
EC
CORP
US
N
1
N
N
N
Citigroup Inc
6SHGI4ZSSLCXXQSBB395
Citigroup Inc
172967424
67704.00000000
NS
USD
4281600.96000000
1.435658480257
Long
EC
CORP
US
N
1
N
N
N
Oracle Corp
1Z4GXXU7ZHVWFCD8TV52
Oracle Corp
68389X105
33910.00000000
NS
USD
4259435.10000000
1.428226072338
Long
EC
CORP
US
N
1
N
N
N
Chesapeake Energy Corp
X2MT1W32SPAZ9WSKLE78
Chesapeake Energy Corp
165167735
25474.00000000
NS
USD
2262855.42000000
0.758755335602
Long
EC
CORP
US
N
1
N
N
General Motors Co
54930070NSV60J38I987
General Motors Co
37045V100
57336.00000000
NS
USD
2600187.60000000
0.871865784101
Long
EC
CORP
US
N
1
N
N
N
Danaher Corp
S4BKK9OTCEWQ3YHPFM11
Danaher Corp
235851102
25622.00000000
NS
USD
6398325.84000000
2.145414959840
Long
EC
CORP
US
N
1
N
N
N
Caterpillar Inc
WRJR7GS4GTRECRRTVX92
Caterpillar Inc
149123101
12453.00000000
NS
USD
4563152.79000000
1.530065286531
Long
EC
CORP
US
N
1
N
N
N
KKR & Co Inc
54930013V5I303TF9571
KKR & Co Inc
48251W104
45010.00000000
NS
USD
4527105.80000000
1.517978413568
Long
EC
CORP
US
N
1
N
N
N
Lamb Weston Holdings Inc
5493005SMYID1D2OY946
Lamb Weston Holdings Inc
513272104
21536.00000000
NS
USD
2294230.08000000
0.769275535199
Long
EC
CORP
US
N
1
N
N
N
Bristol-Myers Squibb Co
HLYYNH7UQUORYSJQCN42
Bristol-Myers Squibb Co
110122108
112244.00000000
NS
USD
6086992.12000000
2.041022023766
Long
EC
CORP
US
N
1
N
N
N
M&T Bank Corp
549300WYXDDBYRASEG81
M&T Bank Corp
55261F104
20714.00000000
NS
USD
3012644.16000000
1.010166098314
Long
EC
CORP
US
N
1
N
N
N
Dell Technologies Inc
549300TJB5YBRUPOG437
Dell Technologies Inc
24703L202
33543.00000000
NS
USD
3827591.73000000
1.283425190127
Long
EC
CORP
US
N
1
N
N
N
Alphabet Inc
5493006MHB84DD0ZWV18
Alphabet Inc
02079K305
35629.00000000
NS
USD
5377484.97000000
1.803118032662
Long
EC
CORP
US
N
1
N
N
N
GOLDMAN SACHS FINANCIAL SQUARE FUNDS PRIME OBLIGATIONS FUND
N/A
GOLDMAN SACHS FINANCIAL SQUARE FUNDS PRIME OBLIGATIONS FUND
000000000
2211455.99000000
NS
USD
2211455.99000000
0.741520654405
Long
STIV
RF
US
N
1
N
N
Extra Space Storage Inc
N/A
Extra Space Storage Inc
30225T102
12300.00000000
NS
USD
1808100.00000000
0.606271841398
Long
EC
CORP
US
N
1
N
N
N
Arista Networks Inc
635400H1WKBLOQERUU95
Arista Networks Inc
040413106
5147.00000000
NS
USD
1492527.06000000
0.500457457554
Long
EC
CORP
US
N
1
N
N
N
Biogen Inc
W8J5WZB5IY3K0NDQT671
Biogen Inc
09062X103
3773.00000000
NS
USD
813571.99000000
0.272797847734
Long
EC
CORP
US
N
1
N
N
N
Johnson & Johnson
549300G0CFPGEF6X2043
Johnson & Johnson
478160104
43925.00000000
NS
USD
6948495.75000000
2.329891772194
Long
EC
CORP
US
N
1
N
N
N
General Electric Co
3C7474T6CDKPR9K6YT90
General Electric Co
369604301
40574.00000000
NS
USD
7121954.22000000
2.388053923631
Long
EC
CORP
US
N
1
N
N
N
Waste Connections Inc
549300HDLRTPBQU69P29
Waste Connections Inc
94106B101
19228.00000000
NS
USD
3307408.28000000
1.109003101694
Long
EC
CORP
CA
N
1
N
N
N
Allstate Corp/The
OBT0W1ED8G0NWVOLOJ77
Allstate Corp/The
020002101
29423.00000000
NS
USD
5090473.23000000
1.706880470518
Long
EC
CORP
US
N
1
N
N
N
NIKE Inc
787RXPR0UX0O0XUXPZ81
NIKE Inc
654106103
37434.00000000
NS
USD
3518047.32000000
1.179632225443
Long
EC
CORP
US
N
1
N
N
N
Berkshire Hathaway Inc
5493000C01ZX7D35SD85
Berkshire Hathaway Inc
084670702
15380.00000000
NS
USD
6467597.60000000
2.168642390564
Long
EC
CORP
US
N
1
N
N
N
CMS Energy Corp
549300IA9XFBAGNIBW29
CMS Energy Corp
125896100
70669.00000000
NS
USD
4264167.46000000
1.429812874292
Long
EC
CORP
US
N
1
N
N
N
Old Dominion Freight Line Inc
5299009TWK32WE417T96
Old Dominion Freight Line Inc
679580100
11578.00000000
NS
USD
2539171.18000000
0.851406441527
Long
EC
CORP
US
N
1
N
N
N
Align Technology Inc
549300N5YSE0U3LCP840
Align Technology Inc
016255101
6251.00000000
NS
USD
2049827.92000000
0.687325340196
Long
EC
CORP
US
N
1
N
N
N
Linde PLC
5299003QR1WT0EF88V51
Linde PLC
000000000
11432.00000000
NS
USD
5308106.24000000
1.779854733955
Long
EC
CORP
US
N
1
N
N
N
BioMarin Pharmaceutical Inc
NSLL8ITTRR0J5HEMR848
BioMarin Pharmaceutical Inc
09061G101
5561.00000000
NS
USD
485697.74000000
0.162858726394
Long
EC
CORP
US
N
1
N
N
N
Walmart Inc
Y87794H0US1R65VBXU25
Walmart Inc
931142103
111703.00000000
NS
USD
6721169.51000000
2.253667283436
Long
EC
CORP
US
N
1
N
N
N
Illinois Tool Works Inc
76NA4I14SZCFAYMNSV04
Illinois Tool Works Inc
452308109
15665.00000000
NS
USD
4203389.45000000
1.409433472688
Long
EC
CORP
US
N
1
N
N
N
Marvell Technology Inc
N/A
Marvell Technology Inc
573874104
57600.00000000
NS
USD
4082688.00000000
1.368961214322
Long
EC
CORP
US
N
1
N
N
N
Phillips 66
5493005JBO5YSIGK1814
Phillips 66
718546104
16013.00000000
NS
USD
2615563.42000000
0.877021431856
Long
EC
CORP
US
N
1
N
N
N
EOG Resources Inc
XWTZDRYZPBUHIQBKDB46
EOG Resources Inc
26875P101
28955.00000000
NS
USD
3701607.20000000
1.241181468546
Long
EC
CORP
US
N
1
N
N
N
Eaton Corp PLC
549300VDIGTMXUNT7H71
Eaton Corp PLC
000000000
20121.00000000
NS
USD
6291434.28000000
2.109573279119
Long
EC
CORP
US
N
1
N
N
N
AstraZeneca PLC
PY6ZZQWO2IZFZC3IOL08
AstraZeneca PLC
046353108
49480.00000000
NS
USD
3352270.00000000
1.124045631196
Long
EC
CORP
GB
N
1
N
N
N
CVS Health Corp
549300EJG376EN5NQE29
CVS Health Corp
126650100
49522.00000000
NS
USD
3949874.72000000
1.324427752773
Long
EC
CORP
US
N
1
N
N
N
Foot Locker Inc
549300X383CBNP6MTV94
Foot Locker Inc
344849104
67804.00000000
NS
USD
1932414.00000000
0.647955419570
Long
EC
CORP
US
N
1
N
N
N
Exxon Mobil Corp
J3WHBG0MTS7O8ZVMDC91
Exxon Mobil Corp
30231G102
97606.00000000
NS
USD
11345721.44000000
3.804320241926
Long
EC
CORP
US
N
1
N
N
N
Honeywell International Inc
ISRPG12PN4EIEOEMW547
Honeywell International Inc
438516106
23128.00000000
NS
USD
4747022.00000000
1.591718250705
Long
EC
CORP
US
N
1
N
N
N
Bank of America Corp
9DJT3UXIJIZJI4WXO774
Bank of America Corp
060505104
143278.00000000
NS
USD
5433101.76000000
1.821766831780
Long
EC
CORP
US
N
1
N
N
N
Globe Life Inc
5493001JFHKQOPP6XA71
Globe Life Inc
37959E102
31958.00000000
NS
USD
3718952.46000000
1.246997486864
Long
EC
CORP
US
N
1
N
N
N
Ameren Corp
XRZQ5S7HYJFPHJ78L959
Ameren Corp
023608102
58364.00000000
NS
USD
4316601.44000000
1.447394449208
Long
EC
CORP
US
N
1
N
N
N
Prologis Inc
529900DFH19P073LZ636
Prologis Inc
74340W103
32497.00000000
NS
USD
4231759.34000000
1.418946146462
Long
EC
CORP
US
N
1
N
N
N
Micron Technology Inc
B3DXGBC8GAIYWI2Z0172
Micron Technology Inc
595112103
32841.00000000
NS
USD
3871625.49000000
1.298190097355
Long
EC
CORP
US
N
1
N
N
N
American Tower Corp
5493006ORUSIL88JOE18
American Tower Corp
03027X100
10144.00000000
NS
USD
2004352.96000000
0.672077185925
Long
EC
CORP
US
N
1
N
N
N
Fidelity National Information
6WQI0GK1PRFVBA061U48
Fidelity National Information Services Inc
31620M106
43837.00000000
NS
USD
3251828.66000000
1.090366766004
Long
EC
CORP
US
N
1
N
N
N
Omnicom Group Inc
HKUPACFHSSASQK8HLS17
Omnicom Group Inc
681919106
29954.00000000
NS
USD
2898349.04000000
0.971841938774
Long
EC
CORP
US
N
1
N
N
N
Alexandria Real Estate Equitie
MGCJBT4MKTQBVLNUIS88
Alexandria Real Estate Equities Inc
015271109
13385.00000000
NS
USD
1725460.35000000
0.578562039519
Long
EC
CORP
US
N
1
N
N
N
Zimmer Biomet Holdings Inc
2P2YLDVPES3BXQ1FRB91
Zimmer Biomet Holdings Inc
98956P102
38241.00000000
NS
USD
5047047.18000000
1.692319333801
Long
EC
CORP
US
N
1
N
N
N
Applied Materials Inc
41BNNE1AFPNAZELZ6K07
Applied Materials Inc
038222105
10351.00000000
NS
USD
2134686.73000000
0.715779245952
Long
EC
CORP
US
N
1
N
N
N
AT&T Inc
549300Z40J86GGSTL398
AT&T Inc
00206R102
269510.00000000
NS
USD
4743376.00000000
1.590495714820
Long
EC
CORP
US
N
1
N
N
N
Colgate-Palmolive Co
YMEGZFW4SBUSS5BQXF88
Colgate-Palmolive Co
194162103
48861.00000000
NS
USD
4399933.05000000
1.475336271365
Long
EC
CORP
US
N
1
N
N
N
Sherwin-Williams Co/The
Z15BMIOX8DDH0X2OBP21
Sherwin-Williams Co/The
824348106
10210.00000000
NS
USD
3546239.30000000
1.189085244429
Long
EC
CORP
US
N
1
N
N
N
Amgen Inc
62QBXGPJ34PQ72Z12S66
Amgen Inc
031162100
12857.00000000
NS
USD
3655502.24000000
1.225722069732
Long
EC
CORP
US
N
1
N
N
N
Stanley Black & Decker Inc
549300DJ09SMTO561131
Stanley Black & Decker Inc
854502101
42510.00000000
NS
USD
4163004.30000000
1.395891976501
Long
EC
CORP
US
N
1
N
N
N
Ball Corp
0BGI85ALH27ZJP15DY16
Ball Corp
058498106
49039.00000000
NS
USD
3303267.04000000
1.107614507479
Long
EC
CORP
US
N
1
N
N
N
Exelon Corp
3SOUA6IRML7435B56G12
Exelon Corp
30161N101
117387.00000000
NS
USD
4410229.59000000
1.478788791837
Long
EC
CORP
US
N
1
N
N
N
Dynatrace Inc
N/A
Dynatrace Inc
268150109
32298.00000000
NS
USD
1499919.12000000
0.502936080322
Long
EC
CORP
US
N
1
N
N
N
Goldman Sachs Financial Square Government Fund
549300BRJMXN4GUWZ402
Goldman Sachs Financial Square Government Fund
38141W273
1203277.00000000
NS
USD
1203277.00000000
0.403469367016
Long
STIV
RF
US
N
1
N
N
N
Martin Marietta Materials Inc
5299005MZ4WZECVATV08
Martin Marietta Materials Inc
573284106
5697.00000000
NS
USD
3497616.18000000
1.172781484406
Long
EC
CORP
US
N
1
N
N
N
Boston Scientific Corp
Y6ZDD9FP4P8JSSJMW954
Boston Scientific Corp
101137107
71200.00000000
NS
USD
4876488.00000000
1.635129339815
Long
EC
CORP
US
N
1
N
N
N
KLA Corp
549300H0BF5JCG96TJ81
KLA Corp
482480100
2732.00000000
NS
USD
1908493.24000000
0.639934578238
Long
EC
CORP
US
N
1
N
N
N
Coca-Cola Co/The
UWJKFUJFZ02DKWI3RY53
Coca-Cola Co/The
191216100
73201.00000000
NS
USD
4478437.18000000
1.501659396995
Long
EC
CORP
US
N
1
N
N
N
Freeport-McMoRan Inc
549300IRDTHJQ1PVET45
Freeport-McMoRan Inc
35671D857
108810.00000000
NS
USD
5116246.20000000
1.715522374162
Long
EC
CORP
US
N
1
N
N
N
Norfolk Southern Corp
54930036C8MWP850MI84
Norfolk Southern Corp
655844108
11184.00000000
NS
USD
2850466.08000000
0.955786360912
Long
EC
CORP
US
N
1
N
N
N
AvalonBay Communities Inc
K9G90K85RBWD2LAGQX17
AvalonBay Communities Inc
053484101
19490.00000000
NS
USD
3616564.40000000
1.212665869324
Long
EC
CORP
US
N
1
N
N
N
Salesforce Inc
RCGZFPDMRW58VJ54VR07
Salesforce Inc
79466L302
11733.00000000
NS
USD
3533744.94000000
1.184895775569
Long
EC
CORP
US
N
1
N
N
N
Advanced Micro Devices Inc
R2I72C950HOYXII45366
Advanced Micro Devices Inc
007903107
15699.00000000
NS
USD
2833512.51000000
0.950101679699
Long
EC
CORP
US
N
1
N
N
N
Nasdaq Inc
549300L8X1Q78ERXFD06
Nasdaq Inc
631103108
55892.00000000
NS
USD
3526785.20000000
1.182562113501
Long
EC
CORP
US
N
1
N
N
N
United Parcel Service Inc
D01LMJZU09ULLNCY6Z23
United Parcel Service Inc
911312106
25790.00000000
NS
USD
3833167.70000000
1.285294861937
Long
EC
CORP
US
N
1
N
N
N
Lowe's Cos Inc
WAFCR4OKGSC504WU3E95
Lowe's Cos Inc
548661107
15995.00000000
NS
USD
4074406.35000000
1.366184304198
Long
EC
CORP
US
N
1
N
N
N
Kenvue Inc
5493008HSF8L4M2LIJ82
Kenvue Inc
49177J102
180497.00000000
NS
USD
3873465.62000000
1.298807109138
Long
EC
CORP
US
N
1
N
N
N
BlackRock Inc
549300LRIF3NWCU26A80
BlackRock Inc
09247X101
6756.00000000
NS
USD
5632477.20000000
1.888619171329
Long
EC
CORP
US
N
1
N
N
N
JPMorgan Chase & Co
8I5DZWZKVSZI1NUHU748
JPMorgan Chase & Co
46625H100
50460.00000000
NS
USD
10107138.00000000
3.389012314879
Long
EC
CORP
US
N
1
N
N
N
Cooper Cos Inc/The
QJKMVPIGLH7530PCUE20
Cooper Cos Inc/The
216648501
32801.00000000
NS
USD
3327989.46000000
1.115904152464
Long
EC
CORP
US
N
1
N
N
N
2024-05-24
Goldman Sachs Variable Insurance Trust
Peter Fortner
Peter Fortner
Vice President Assistant Treasurer
XXXX
NPORT-EX
2
302083GS033124.htm
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
March
31.
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
97.1%
Australia
–
6.9%
7,730
Aristocrat
Leisure
Ltd.
(Consumer
Services)
$
216,447
30,500
BHP
Group
Ltd.
(Materials)
881,876
15,850
BlueScope
Steel
Ltd.
(Materials)
246,517
60,296
Brambles
Ltd.
(Commercial
&
Professional
Services)
634,562
8,577
Challenger
Ltd.
(Financial
Services)
39,731
2,139
Cochlear
Ltd.
(Health
Care
Equipment
&
Services)
470,433
533
Commonwealth
Bank
of
Australia
(Banks)
41,808
69,692
Dexus
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
359,095
36,572
Fortescue
Ltd.
(Materials)
612,034
176,928
Insurance
Australia
Group
Ltd.
(Insurance)
738,026
739
Macquarie
Group
Ltd.
(Financial
Services)
96,127
48,990
National
Australia
Bank
Ltd.
(Banks)
1,109,236
4,997
New
Hope
Corp.
Ltd.
(Energy)
15,138
9,913
Northern
Star
Resources
Ltd.
(Materials)
93,535
891
Pro
Medicus
Ltd.
(Health
Care
Equipment
&
Services)
60,251
3,345
Reece
Ltd.
(Capital
Goods)
61,246
2,984
Rio
Tinto
Ltd.
(Materials)
236,826
262,570
Scentre
Group
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
579,893
33,215
Service
Stream
Ltd.
(Capital
Goods)
27,056
24,663
Suncorp
Group
Ltd.
(Insurance)
263,251
36,942
Woolworths
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
798,540
7,581,628
Austria
–
0.7%
6,452
BAWAG
Group
AG
(Banks)*
(a)
408,357
1,335
Erste
Group
Bank
AG
(Banks)
59,498
8,027
Strabag
SE
(Capital
Goods)
338,170
806,025
Belgium
–
0.3%
3,126
KBC
Ancora
(Banks)
152,324
992
UCB
SA
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
122,459
1,589
Umicore
SA
(Materials)
34,258
309,041
China
–
0.7%
13,182
Prosus
NV
(Consumer
Discretionary
Distribution
&
Retail)*
412,602
234,500
Yangzijiang
Shipbuilding
Holdings
Ltd.
(Capital
Goods)
331,689
744,291
Shares
Description
Value
a
Common
Stocks
–
(continued)
Denmark
–
3.9%
2,234
Genmab
A/S
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
$
669,817
24,588
Novo
Nordisk
A/S,
Class
B
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
3,153,987
2,949
Pandora
A/S
(Consumer
Durables
&
Apparel)
475,986
254
Sydbank
AS
(Banks)
13,168
4,312,958
Finland
–
0.7%
15,785
Kone
OYJ,
Class
B
(Capital
Goods)
735,378
20,335
Nokia
OYJ
(Technology
Hardware
&
Equipment)
72,151
807,529
France
–
9.7%
6,043
Air
Liquide
SA
(Materials)
1,257,239
2,236
Airbus
SE
(Capital
Goods)
411,936
6,099
Cie
de
Saint-Gobain
SA
(Capital
Goods)
473,367
2,310
Coface
SA
(Insurance)
36,515
10,985
Danone
SA
(Food,
Beverage
&
Tobacco)
710,124
2,188
Dassault
Aviation
SA
(Capital
Goods)
481,732
15,117
Dassault
Systemes
(Software
&
Services)
669,187
4,632
Edenred
SE
(Financial
Services)
247,325
6,278
Eiffage
SA
(Capital
Goods)
712,504
7,995
Engie
SA
(Utilities)
133,975
1,173
EssilorLuxottica
SA
(Health
Care
Equipment
&
Services)
265,346
2,607
Getlink
SE
(Transportation)
44,388
567
Hermes
International
SCA
(Consumer
Durables
&
Apparel)
1,449,128
903
La
Francaise
des
Jeux
SAEM
(Consumer
Services)
(a)
36,804
9,553
Legrand
SA
(Capital
Goods)
1,011,632
555
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Consumer
Durables
&
Apparel)
499,387
2,315
Publicis
Groupe
SA
(Media
&
Entertainment)
252,383
10,571
Rexel
SA
(Capital
Goods)
285,553
3,140
Safran
SA
(Capital
Goods)
711,122
5,384
Thales
SA
(Capital
Goods)
917,867
10,607,514
Georgia
–
0.1%
3,731
TBC
Bank
Group
PLC
(Banks)
151,397
Germany
–
7.4%
495
Atoss
Software
AG
(Software
&
Services)
146,340
1,412
Continental
AG
(Automobiles
&
Components)
101,925
1,676
Deutsche
Boerse
AG
(Financial
Services)
343,228
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31.
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
(continued)
40,182
Deutsche
Telekom
AG
(Telecommunication
Services)
$
975,399
11,244
E.ON
SE
(Utilities)
156,538
12,678
FUCHS
SE
(Materials)
497,884
8,558
GEA
Group
AG
(Capital
Goods)
361,834
2,315
Hannover
Rueck
SE
(Insurance)
633,908
7,881
Henkel
AG
&
Co.
KGaA
(Household
&
Personal
Products)
567,854
752
HOCHTIEF
AG
(Capital
Goods)
87,385
2,277
Indus
Holding
AG
(Capital
Goods)
65,212
2,467
Knorr-Bremse
AG
(Capital
Goods)
186,591
665
MTU
Aero
Engines
AG
(Capital
Goods)
168,661
2,761
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Insurance)
1,347,758
1,593
Nemetschek
SE
(Software
&
Services)
157,680
8,053
SAP
SE
(Software
&
Services)
1,568,073
1,089
Scout24
SE
(Media
&
Entertainment)
(a)
82,043
3,262
Siemens
AG
(Capital
Goods)
622,843
8,071,156
Hong
Kong
–
1.7%
158,800
AIA
Group
Ltd.
(Insurance)
1,068,180
55,000
Swire
Pacific
Ltd.,
Class
A
(Real
Estate
Management
&
Development)
452,780
152,500
Swire
Pacific
Ltd.,
Class
B
(Real
Estate
Management
&
Development)
198,908
9,000
Techtronic
Industries
Co.
Ltd.
(Capital
Goods)
122,291
1,842,159
Italy
–
2.6%
2,558
Azimut
Holding
SpA
(Financial
Services)
69,540
64,697
Banca
Mediolanum
SpA
(Financial
Services)
711,082
20,812
Banca
Monte
dei
Paschi
di
Siena
SpA
(Banks)*
94,389
37,866
Banco
BPM
SpA
(Banks)
251,933
6,402
Credito
Emiliano
SpA
(Banks)
64,060
8,509
Prysmian
SpA
(Capital
Goods)
443,778
25,688
UniCredit
SpA
(Banks)
975,613
23,614
Unipol
Gruppo
SpA
(Insurance)
197,884
2,808,279
Japan
–
25.0%
4,900
Advantest
Corp.
(Semiconductors
&
Semiconductor
Equipment)
217,672
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
5,500
Aisin
Corp.
(Automobiles
&
Components)
$
224,745
1,400
Argo
Graphics,
Inc.
(Software
&
Services)
39,373
2,000
Axial
Retailing,
Inc.
(Consumer
Staples
Distribution
&
Retail)
13,575
8,900
Brother
Industries
Ltd.
(Technology
Hardware
&
Equipment)
165,061
14,100
Central
Japan
Railway
Co.
(Transportation)
350,178
4,000
Chubu
Electric
Power
Co.,
Inc.
(Utilities)
52,305
7,300
Computer
Engineering
&
Consulting
Ltd.
(Software
&
Services)
74,634
2,200
Daiichi
Jitsugyo
Co.
Ltd.
(Capital
Goods)
30,845
6,400
Dai-ichi
Life
Holdings,
Inc.
(Insurance)
163,229
9,500
Daiwa
House
Industry
Co.
Ltd.
(Real
Estate
Management
&
Development)
282,771
9,600
Daiwa
Securities
Group,
Inc.
(Financial
Services)
73,040
1,600
Disco
Corp.
(Semiconductors
&
Semiconductor
Equipment)
584,854
90,400
ENEOS
Holdings,
Inc.
(Energy)
435,534
7,800
Feed
One
Co.
Ltd.
(Food,
Beverage
&
Tobacco)
50,064
25,600
Fujikura
Kasei
Co.
Ltd.
(Materials)
80,312
14,000
Fujitsu
Ltd.
(Software
&
Services)
224,056
107,400
Honda
Motor
Co.
Ltd.
(Automobiles
&
Components)
1,328,934
11,600
IHI
Corp.
(Capital
Goods)
310,088
3,100
Iino
Kaiun
Kaisha
Ltd.
(Transportation)
25,872
1,800
IwaiCosmo
Holdings,
Inc.
(Financial
Services)
26,475
36,000
JFE
Holdings,
Inc.
(Materials)
596,650
11,900
JSP
Corp.
(Materials)
177,441
4,900
Kandenko
Co.
Ltd.
(Capital
Goods)
55,936
5,300
Kansai
Electric
Power
Co.,
Inc.
(The)
(Utilities)
75,625
17,700
KDDI
Corp.
(Telecommunication
Services)
523,331
1,500
Kitagawa
Corp.
(Capital
Goods)
16,416
900
Kobe
Steel
Ltd.
(Materials)
12,213
8,100
Kokuyo
Co.
Ltd.
(Commercial
&
Professional
Services)
132,456
1,200
Kurita
Water
Industries
Ltd.
(Capital
Goods)
49,752
10,400
Kyoei
Steel
Ltd.
(Materials)
162,667
3,300
Kyokuto
Securities
Co.
Ltd.
(Financial
Services)
34,787
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31.
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
2,200
Kyoto
Financial
Group,
Inc.
(Banks)
$
39,703
6,300
Kyowa
Leather
Cloth
Co.
Ltd.
(Materials)
33,307
38,500
Mazda
Motor
Corp.
(Automobiles
&
Components)
446,200
7,100
Mimasu
Semiconductor
Industry
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
144,367
11,900
Mito
Securities
Co.
Ltd.
(Financial
Services)
38,795
4,700
Mitsubishi
Electric
Corp.
(Capital
Goods)
78,673
56,500
Mitsubishi
HC
Capital,
Inc.
(Financial
Services)
394,067
20,000
Mitsubishi
Heavy
Industries
Ltd.
(Capital
Goods)
181,267
2,900
Mitsubishi
Logisnext
Co.
Ltd.
(Capital
Goods)
35,246
3,300
Mitsubishi
Pencil
Co.
Ltd.
(Commercial
&
Professional
Services)
55,300
2,600
Mitsubishi
Shokuhin
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
95,627
37,100
Mitsubishi
UFJ
Financial
Group,
Inc.
(Banks)
377,459
42,600
Mizuho
Financial
Group,
Inc.
(Banks)
842,428
6,500
Mizuho
Leasing
Co.
Ltd.
(Financial
Services)
47,911
10,000
Modec,
Inc.
(Energy)
202,294
54,300
MS&AD
Insurance
Group
Holdings,
Inc.
(Insurance)
958,805
3,500
NEC
Corp.
(Software
&
Services)
255,519
3,100
NEC
Networks
&
System
Integration
Corp.
(Software
&
Services)
51,611
63,200
NGK
Insulators
Ltd.
(Capital
Goods)
849,815
25,300
Nippon
Steel
Corp.
(Materials)
608,831
403,400
Nippon
Telegraph
&
Telephone
Corp.
(Telecommunication
Services)
480,491
1,500
Nippon
Yusen
KK
(Transportation)
41,181
14,400
Nisshin
Seifun
Group,
Inc.
(Food,
Beverage
&
Tobacco)
198,402
9,000
Nissin
Foods
Holdings
Co.
Ltd.
(Food,
Beverage
&
Tobacco)
248,113
9,700
Nomura
Holdings,
Inc.
(Financial
Services)
62,085
25,700
Nomura
Real
Estate
Holdings,
Inc.
(Real
Estate
Management
&
Development)
726,059
4,100
Nomura
Research
Institute
Ltd.
(Software
&
Services)
115,820
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
41,200
ORIX
Corp.
(Financial
Services)
$
901,116
10,300
Otsuka
Holdings
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
427,845
84,200
Panasonic
Holdings
Corp.
(Consumer
Durables
&
Apparel)
803,585
3,400
Plant
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
40,115
28,200
Renesas
Electronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)
502,543
4,800
Sakata
INX
Corp.
(Materials)
49,978
1,900
SCREEN
Holdings
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
246,344
24,900
SCSK
Corp.
(Software
&
Services)
462,835
16,400
Seiko
Epson
Corp.
(Technology
Hardware
&
Equipment)
286,877
34,400
Sekisui
House
Ltd.
(Consumer
Durables
&
Apparel)
780,351
15,700
Sintokogio
Ltd.
(Capital
Goods)
131,101
11,600
SoftBank
Group
Corp.
(Telecommunication
Services)
688,870
6,400
Sojitz
Corp.
(Capital
Goods)
168,825
14,700
Sompo
Holdings,
Inc.
(Insurance)
308,113
7,900
Sony
Group
Corp.
(Consumer
Durables
&
Apparel)
677,431
10,800
SPK
Corp.
(Consumer
Discretionary
Distribution
&
Retail)
146,763
8,200
SRA
Holdings
(Software
&
Services)
214,070
13,700
Subaru
Corp.
(Automobiles
&
Components)
310,276
36,300
Sumitomo
Electric
Industries
Ltd.
(Automobiles
&
Components)
559,919
11,600
Sumitomo
Heavy
Industries
Ltd.
(Capital
Goods)
365,275
10,900
Sumitomo
Mitsui
Trust
Holdings,
Inc.
(Banks)
234,858
4,900
Sumitomo
Realty
&
Development
Co.
Ltd.
(Real
Estate
Management
&
Development)
182,572
21,000
Taiho
Kogyo
Co.
Ltd.
(Automobiles
&
Components)
129,601
3,000
Takashimaya
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
47,900
5,200
Toho
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
101,230
91,800
Tokai
Tokyo
Financial
Holdings,
Inc.
(Financial
Services)
366,178
8,700
Tokio
Marine
Holdings,
Inc.
(Insurance)
272,713
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31.
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
5,200
Tokyo
Century
Corp.
(Financial
Services)
$
54,156
2,900
Tokyo
Electron
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
755,303
2,800
Tokyo
Tekko
Co.
Ltd.
(Materials)
97,305
27,500
Tokyu
Fudosan
Holdings
Corp.
(Real
Estate
Management
&
Development)
222,185
6,700
Toyo
Tire
Corp.
(Automobiles
&
Components)
126,607
66,100
Toyota
Motor
Corp.
(Automobiles
&
Components)
1,670,676
6,500
Trend
Micro,
Inc.
(Software
&
Services)
330,114
1,100
Uchida
Yoko
Co.
Ltd.
(Software
&
Services)
50,281
40,400
USS
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
333,993
6,000
Yokogawa
Electric
Corp.
(Technology
Hardware
&
Equipment)
138,176
400
Zensho
Holdings
Co.
Ltd.
(Consumer
Services)
16,634
27,402,981
Jersey
–
0.0%
2,510
JTC
PLC
(Financial
Services)
(a)
26,052
Netherlands
–
6.0%
24,088
ABN
AMRO
Bank
NV
(Banks)
(a)
412,200
26
Adyen
NV
(Financial
Services)*
(a)
43,917
980
ASM
International
NV
(Semiconductors
&
Semiconductor
Equipment)
600,155
3,407
ASML
Holding
NV
(Semiconductors
&
Semiconductor
Equipment)
3,302,958
826
BE
Semiconductor
Industries
NV
(Semiconductors
&
Semiconductor
Equipment)
126,526
2,680
Euronext
NV
(Financial
Services)
(a)
255,056
15,826
ING
Groep
NV
(Banks)
260,548
19,871
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples
Distribution
&
Retail)
594,576
27,573
Shell
PLC
(Energy)
923,754
142
Wolters
Kluwer
NV
(Commercial
&
Professional
Services)
22,236
6,541,926
New
Zealand
–
0.3%
3,301
Xero
Ltd.
(Software
&
Services)*
286,624
Shares
Description
Value
a
Common
Stocks
–
(continued)
Norway
–
1.1%
8,553
Kongsberg
Gruppen
ASA
(Capital
Goods)
$
590,567
26,857
Leroy
Seafood
Group
ASA
(Food,
Beverage
&
Tobacco)
118,149
52,800
Orkla
ASA
(Food,
Beverage
&
Tobacco)
372,912
3,573
Protector
Forsikring
ASA
(Insurance)
74,708
4,089
Veidekke
ASA
(Capital
Goods)
44,444
5,178
Wallenius
Wilhelmsen
ASA
(Transportation)
42,356
1,243,136
Portugal
–
0.1%
3,080
Jeronimo
Martins
SGPS
SA
(Consumer
Staples
Distribution
&
Retail)
61,108
Singapore
–
0.9%
6,007
Hafnia
Ltd.
(Energy)
41,444
34,200
Keppel
Ltd.
(Capital
Goods)
185,844
30,500
Oversea-Chinese
Banking
Corp.
Ltd.
(Banks)
304,752
11,400
Singapore
Technologies
Engineering
Ltd.
(Capital
Goods)
33,941
19,700
United
Overseas
Bank
Ltd.
(Banks)
428,279
994,260
Spain
–
2.6%
6,731
Amadeus
IT
Group
SA
(Consumer
Services)
432,108
10,108
Banco
Bilbao
Vizcaya
Argentaria
SA
(Banks)
120,371
104,610
Banco
Santander
SA
(Banks)
510,961
22,338
Bankinter
SA
(Banks)
163,670
34,234
CaixaBank
SA
(Banks)
166,123
2,878
CIE
Automotive
SA
(Automobiles
&
Components)
82,541
26,492
Industria
de
Diseno
Textil
SA
(Consumer
Discretionary
Distribution
&
Retail)
1,334,040
2,809,814
Sweden
–
3.1%
3,926
Atea
ASA
(Software
&
Services)*
46,939
11,283
Atlas
Copco
AB,
Class
B
(Capital
Goods)
166,649
1,349
Evolution
AB
(Consumer
Services)
(a)
167,551
7,975
Industrivarden
AB,
Class
A
(Financial
Services)
274,258
14,650
Indutrade
AB
(Capital
Goods)*
399,020
11,133
Investor
AB,
Class
A
(Financial
Services)
276,846
34,087
Investor
AB,
Class
B
(Financial
Services)
855,390
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31.
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
7,755
Lagercrantz
Group
AB,
Class
B
(Technology
Hardware
&
Equipment)
$
118,548
2,349
Proact
IT
Group
AB
(Software
&
Services)
24,265
3,241
Saab
AB,
Class
B
(Capital
Goods)
288,296
3,630
Sandvik
AB
(Capital
Goods)
80,589
43,024
SSAB
AB,
Class
A
(Materials)
317,914
41,658
SSAB
AB,
Class
B
(Materials)
307,588
634
Swedbank
AB,
Class
A
(Banks)
12,584
1,060
Trelleborg
AB,
Class
B
(Capital
Goods)
37,904
4,645
Wihlborgs
Fastigheter
AB
(Real
Estate
Management
&
Development)
43,040
3,417,381
Switzerland
–
6.3%
31,255
ABB
Ltd.
(Capital
Goods)
1,449,929
10,847
Julius
Baer
Group
Ltd.
(Financial
Services)
629,109
580
Logitech
International
SA
(Technology
Hardware
&
Equipment)
51,973
1,718
Lonza
Group
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,026,674
18,632
Novartis
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,804,667
229
Sika
AG
(Materials)
68,139
1,237
Temenos
AG
(Software
&
Services)
88,483
35,102
UBS
Group
AG
(Financial
Services)
1,080,823
188
VAT
Group
AG
(Capital
Goods)
(a)
97,120
1,073
Zurich
Insurance
Group
AG
(Insurance)
579,650
6,876,567
United
Kingdom
–
8.7%
1,471
3i
Group
PLC
(Financial
Services)
52,158
924
4imprint
Group
PLC
(Media
&
Entertainment)
73,767
24,354
AstraZeneca
PLC
ADR
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,649,983
74,772
Aviva
PLC
(Insurance)
469,172
25,454
BAE
Systems
PLC
(Capital
Goods)
433,875
18,310
Beazley
PLC
(Insurance)
153,967
3,067
Bellway
PLC
(Consumer
Durables
&
Apparel)
102,885
5,590
Bodycote
PLC
(Capital
Goods)
48,996
19,176
BP
PLC
ADR
(Energy)
722,552
8,423
British
American
Tobacco
PLC
(Food,
Beverage
&
Tobacco)
255,648
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
3,000
CK
Hutchison
Holdings
Ltd.
(Capital
Goods)
$
14,438
629
Clarkson
PLC
(Transportation)
31,835
15,611
CMC
Markets
PLC
(Financial
Services)
(a)
42,855
9,021
Compass
Group
PLC
(Consumer
Services)
264,610
23,790
Direct
Line
Insurance
Group
PLC
(Insurance)*
58,567
3,070
Dunelm
Group
PLC
(Consumer
Discretionary
Distribution
&
Retail)
43,989
100,483
HSBC
Holdings
PLC
(Banks)
785,459
10,706
Impax
Asset
Management
Group
PLC
(Financial
Services)
62,766
5,648
Investec
PLC
(Financial
Services)
37,866
18,313
Lancashire
Holdings
Ltd.
(Insurance)
143,074
69,594
M&G
PLC
(Financial
Services)
193,704
13,797
Marks
&
Spencer
Group
PLC
(Consumer
Staples
Distribution
&
Retail)
46,204
67,741
National
Grid
PLC
(Utilities)
912,744
74,326
NatWest
Group
PLC
(Banks)
248,943
24,691
Pearson
PLC
(Consumer
Services)
325,119
29,246
Polar
Capital
Holdings
PLC
(Financial
Services)
168,223
1,147
Reckitt
Benckiser
Group
PLC
(Household
&
Personal
Products)
65,385
34,496
Redde
Northgate
PLC
(Transportation)
166,102
28,126
Redrow
PLC
(Consumer
Durables
&
Apparel)
236,248
44,773
Rentokil
Initial
PLC
(Commercial
&
Professional
Services)
266,199
126,723
Rolls-Royce
Holdings
PLC
(Capital
Goods)*
681,817
18,925
Sage
Group
PLC
(The)
(Software
&
Services)
302,461
3,634
Smiths
Group
PLC
(Capital
Goods)
75,327
1,464
SSE
PLC
(Utilities)
30,522
139,769
Taylor
Wimpey
PLC
(Consumer
Durables
&
Apparel)
241,643
32,059
Tesco
PLC
(Consumer
Staples
Distribution
&
Retail)
120,076
7,045
Vesuvius
PLC
(Capital
Goods)
43,950
9,573,129
United
States
–
8.3%
6,217
CRH
PLC
(Materials)
536,279
3,683
Ferguson
PLC
(Capital
Goods)
805,821
13,316
GSK
PLC
ADR
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
570,857
12,253
Holcim
AG
(Materials)*
1,110,082
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31.
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
20,769
Nestle
SA
(Food,
Beverage
&
Tobacco)
$
2,206,705
2,466
Roche
Holding
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
629,617
11,704
Sanofi
SA
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,138,618
6,274
Schneider
Electric
SE
(Capital
Goods)
1,418,404
21,215
Stellantis
NV
(Automobiles
&
Components)
602,698
1,183
Tenaris
SA
(Energy)
23,390
9,042,471
TOTAL
COMMON
STOCKS
(Cost
$89,328,922)
106,317,426
Shares
Description
Rate
Value
a
Preferred
Stocks
–
1.2%
Germany
–
1.2%
1,833
Bayerische
Motoren
Werke
AG
(Automobiles
&
Components)
8.57
%
196,686
921
FUCHS
SE
(Materials)
2.33
45,629
5,193
Henkel
AG
&
Co.
KGaA
(Household
&
Personal
Products)
2.47
417,393
8,030
Porsche
Automobil
Holding
SE
(Automobiles
&
Components)
5.21
425,380
531
Sartorius
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
0.39
210,866
TOTAL
PREFERRED
STOCKS
(Cost
$1,248,677)
1,295,954
TOTAL
INVESTMENTS
–
98.3%
(Cost
$90,577,599)
$
107,613,380
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.7%
1,837,518
NET
ASSETS
–
100.0%
$
109,450,898
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.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Financials
21.6
%
Industrials
18.1
Consumer
Discretionary
14.2
Information
Technology
11.5
Health
Care
11.4
Materials
7.5
Consumer
Staples
6.5
Communication
Services
2.9
Real
Estate
2.9
Energy
2.1
Utilities
1.3
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
LARGE
CAP
VALUE
FUND
Schedule
of
Investments
March
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.3%
Air
Freight
&
Logistics
–
1.5%
30,152
United
Parcel
Service,
Inc.,
Class
B
$
4,481,492
Automobiles
–
0.9%
57,336
General
Motors
Co.
2,600,188
Banks
–
7.7%
143,278
Bank
of
America
Corp.
5,433,102
67,704
Citigroup,
Inc.
4,281,601
50,460
JPMorgan
Chase &
Co.
10,107,138
20,714
M&T
Bank
Corp.
3,012,644
22,834,485
Beverages
–
1.5%
73,201
Coca-Cola
Co.
(The)
4,478,437
Biotechnology
–
1.7%
12,857
Amgen,
Inc.
3,655,502
3,773
Biogen,
Inc.*
813,572
5,561
BioMarin
Pharmaceutical,
Inc.*
485,698
4,954,772
Capital
Markets
–
4.6%
6,756
BlackRock,
Inc.
5,632,477
45,010
KKR
&
Co.,
Inc.
4,527,106
55,892
Nasdaq,
Inc.
3,526,785
13,686,368
Chemicals
–
2.7%
11,432
Linde
PLC
5,308,106
7,753
Sherwin-Williams
Co.
(The)
2,692,850
8,000,956
Commercial
Services
&
Supplies
–
1.1%
19,228
Waste
Connections,
Inc.
3,307,408
Construction
Materials
–
1.2%
5,697
Martin
Marietta
Materials,
Inc.
3,497,616
Consumer
Finance
–
1.8%
23,261
American
Express
Co.
5,296,297
Consumer
Staples
Distribution
&
Retail
–
1.9%
96,414
Walmart,
Inc.
5,801,230
Containers
&
Packaging
–
1.1%
49,039
Ball
Corp.
3,303,267
Diversified
Telecommunication
Services
–
1.6%
269,510
AT&T,
Inc.
4,743,376
Electric
Utilities
–
1.5%
117,387
Exelon
Corp.
4,410,230
Electrical
Equipment
–
1.9%
18,122
Eaton
Corp.
PLC
5,666,387
Financial
Services
–
4.0%
15,380
Berkshire
Hathaway,
Inc.,
Class
B*
6,467,598
43,837
Fidelity
National
Information
Services,
Inc.
3,251,829
7,732
Visa,
Inc.,
Class
A
2,157,846
11,877,273
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Food
Products
–
0.8%
21,536
Lamb
Weston
Holdings,
Inc.
$
2,294,230
Ground
Transportation
–
1.8%
11,184
Norfolk
Southern
Corp.
2,850,466
11,578
Old
Dominion
Freight
Line,
Inc.
2,539,171
5,389,637
Health
Care
Equipment
&
Supplies
–
5.1%
6,251
Align
Technology,
Inc.*
2,049,828
71,200
Boston
Scientific
Corp.*
4,876,488
32,801
Cooper
Cos.,
Inc.
(The)
3,327,990
38,241
Zimmer
Biomet
Holdings,
Inc.
5,047,047
15,301,353
Health
Care
Providers
&
Services
–
1.3%
49,522
CVS
Health
Corp.
3,949,875
Household
Products
–
1.5%
48,861
Colgate-Palmolive
Co.
4,399,933
Industrial
Conglomerates
–
4.0%
40,574
General
Electric
Co.
7,121,954
23,128
Honeywell
International,
Inc.
4,747,022
11,868,976
Industrial
REITs
–
1.4%
32,497
Prologis,
Inc.
REIT
4,231,759
Insurance
–
2.9%
25,876
Allstate
Corp.
(The)
4,476,807
37,008
Globe
Life,
Inc.
4,306,621
8,783,428
Interactive
Media
&
Services
–
1.8%
35,629
Alphabet,
Inc.,
Class
A*
5,377,485
Life
Sciences
Tools
&
Services
–
2.1%
25,622
Danaher
Corp.
6,398,326
Machinery
–
4.3%
12,453
Caterpillar,
Inc.
4,563,153
15,665
Illinois
Tool
Works,
Inc.
4,203,389
42,510
Stanley
Black
&
Decker,
Inc.
4,163,004
12,929,546
Media
–
1.0%
29,954
Omnicom
Group,
Inc.
2,898,349
Metals
&
Mining
–
1.7%
108,810
Freeport-McMoRan,
Inc.
5,116,246
Multi-Utilities
–
2.9%
58,364
Ameren
Corp.
4,316,601
70,669
CMS
Energy
Corp.
4,264,168
8,580,769
Office
REITs
–
0.6%
13,385
Alexandria
Real
Estate
Equities,
Inc.
REIT
1,725,460
Oil,
Gas
&
Consumable
Fuels
–
6.7%
25,474
Chesapeake
Energy
Corp.
(a)
2,262,855
28,955
EOG
Resources,
Inc.
3,701,607
97,606
Exxon
Mobil
Corp.
11,345,722
16,013
Phillips
66
2,615,563
19,925,747
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
LARGE
CAP
VALUE
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Personal
Care
Products
–
1.3%
180,497
Kenvue,
Inc.
$
3,873,466
Pharmaceuticals
–
5.5%
49,480
AstraZeneca
PLC
ADR
(United
Kingdom)
3,352,270
112,244
Bristol-Myers
Squibb
Co.
6,086,992
43,925
Johnson &
Johnson
6,948,496
16,387,758
Residential
REITs
–
1.2%
19,490
AvalonBay
Communities,
Inc.
REIT
3,616,565
Semiconductors
&
Semiconductor
Equipment
–
5.8%
15,699
Advanced
Micro
Devices,
Inc.*
2,833,513
10,351
Applied
Materials,
Inc.
2,134,687
2,732
KLA
Corp.
1,908,493
57,600
Marvell
Technology,
Inc.
4,082,688
32,841
Micron
Technology,
Inc.
3,871,625
13,747
Texas
Instruments,
Inc.
2,394,865
17,225,871
Software
–
3.1%
32,298
Dynatrace,
Inc.*
1,499,919
33,910
Oracle
Corp.
4,259,435
11,733
Salesforce,
Inc.
3,533,745
9,293,099
Specialized
REITs
–
1.3%
10,144
American
Tower
Corp.
REIT
2,004,353
12,300
Extra
Space
Storage,
Inc.
REIT
1,808,100
3,812,453
Specialty
Retail
–
2.0%
67,804
Foot
Locker,
Inc.
1,932,414
15,995
Lowe’s
Cos.,
Inc.
4,074,406
6,006,820
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Technology
Hardware,
Storage
&
Peripherals
–
1.3%
33,543
Dell
Technologies,
Inc.,
Class
C
$
3,827,592
Textiles,
Apparel
&
Luxury
Goods
–
1.2%
37,434
NIKE,
Inc.,
Class
B
3,518,047
TOTAL
COMMON
STOCKS
(Cost
$217,311,251)
295,672,572
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.4%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,204,270
5.211%
1,204,270
(Cost
$1,204,270)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$218,515,521)
296,876,842
a
Securities
Lending
Reinvestment
Vehicle
–
0.7%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
2,211,456
5.211%
2,211,456
(Cost
$2,211,456)
TOTAL
INVESTMENTS
–
100.4%
(Cost
$220,726,977)
$
299,088,298
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.4)%
(1,089,238)
NET
ASSETS
–
100.0%
$
297,999,060
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:
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
March
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
98.9%
Aerospace
&
Defense
–
0.7%
3,034
Woodward,
Inc.
$
467,600
Automobile
Components
–
0.7%
14,426
Mobileye
Global,
Inc.,
Class
A
(Israel)*
(a)
463,796
Biotechnology
–
4.0%
2,740
Alnylam
Pharmaceuticals,
Inc.*
409,493
2,413
Biogen,
Inc.*
520,315
6,037
BioMarin
Pharmaceutical,
Inc.*
527,271
6,911
Exact
Sciences
Corp.*
477,274
4,729
Neurocrine
Biosciences,
Inc.*
652,224
2,586,577
Building
Products
–
2.1%
4,598
Trane
Technologies
PLC
1,380,320
Capital
Markets
–
4.7%
8,925
KKR
&
Co.,
Inc.
897,677
2,395
MSCI,
Inc.
1,342,278
5,160
Nasdaq,
Inc.
325,596
4,596
Tradeweb
Markets,
Inc.,
Class
A
478,765
3,044,316
Chemicals
–
1.4%
9,286
Ashland,
Inc.
904,178
Construction
Materials
–
1.8%
1,935
Martin
Marietta
Materials,
Inc.
1,187,974
Containers
&
Packaging
–
1.8%
16,883
Ball
Corp.
1,137,239
Electrical
Equipment
–
4.1%
5,261
AMETEK,
Inc.
962,237
5,884
Rockwell
Automation,
Inc.
1,714,186
2,676,423
Electronic
Equipment,
Instruments
&
Components
–
2.2%
12,056
Amphenol
Corp.,
Class
A
1,390,660
Entertainment
–
1.0%
6,215
Live
Nation
Entertainment,
Inc.*
657,361
Financial
Services
–
1.4%
6,738
Fidelity
National
Information
Services,
Inc.
499,825
2,340
Jack
Henry
&
Associates,
Inc.
406,528
906,353
Food
Products
–
0.6%
4,671
McCormick
&
Co.,
Inc.
358,779
Ground
Transportation
–
3.0%
5,864
Old
Dominion
Freight
Line,
Inc.
1,286,034
1,106
Saia,
Inc.*
647,010
1,933,044
Health
Care
Equipment
&
Supplies
–
9.3%
2,136
Align
Technology,
Inc.*
700,437
6,384
Cooper
Cos.,
Inc.
(The)
647,721
8,518
Dexcom,
Inc.*
1,181,446
2,155
IDEXX
Laboratories,
Inc.*
1,163,549
7,263
Insulet
Corp.*
1,244,878
8,212
Zimmer
Biomet
Holdings,
Inc.
1,083,820
6,021,851
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
Providers
&
Services
–
2.4%
6,475
Cencora,
Inc.
$
1,573,360
Hotel
&
Resort
REITs
–
1.0%
5,699
Ryman
Hospitality
Properties,
Inc.
REIT
658,861
Hotels,
Restaurants
&
Leisure
–
8.1%
6,615
Cava
Group,
Inc.*
463,381
2,477
Domino's
Pizza,
Inc.
1,230,772
7,530
DoorDash,
Inc.,
Class
A*
1,037,032
14,829
DraftKings,
Inc.,
Class
A*
673,385
4,576
Expedia
Group,
Inc.*
630,344
8,636
Yum!
Brands,
Inc.
1,197,381
5,232,295
Interactive
Media
&
Services
–
0.5%
27,408
Snap,
Inc.,
Class
A*
314,644
IT
Services
–
2.1%
6,629
Cloudflare,
Inc.,
Class
A*
641,886
1,902
MongoDB,
Inc.*
682,133
1,324,019
Life
Sciences
Tools
&
Services
–
5.4%
8,868
Agilent
Technologies,
Inc.
1,290,383
887
Mettler-Toledo
International,
Inc.*
1,180,854
2,591
West
Pharmaceutical
Services,
Inc.
1,025,285
3,496,522
Machinery
–
4.9%
3,469
Chart
Industries,
Inc.*
571,413
9,362
Fortive
Corp.
805,319
5,394
ITT,
Inc.
733,746
8,403
Xylem,
Inc.
1,086,004
3,196,482
Media
–
2.2%
16,562
Trade
Desk,
Inc.
(The),
Class
A*
1,447,850
Oil,
Gas
&
Consumable
Fuels
–
3.3%
5,079
Cheniere
Energy,
Inc.
819,141
2,862
Chesapeake
Energy
Corp.
(a)
254,232
1,697
Hess
Corp.
259,030
7,080
Targa
Resources
Corp.
792,889
2,125,292
Personal
Care
Products
–
0.6%
1,921
elf
Beauty,
Inc.*
376,574
Pharmaceuticals
–
0.5%
4,485
Intra-Cellular
Therapies,
Inc.*
310,362
Professional
Services
–
2.1%
3,090
Equifax,
Inc.
826,637
2,536
Paycom
Software,
Inc.
504,689
1,331,326
Real
Estate
Management
&
Development
–
2.1%
14,213
CoStar
Group,
Inc.*
1,372,976
Semiconductors
&
Semiconductor
Equipment
–
4.1%
5,387
Enphase
Energy,
Inc.*
651,719
3,072
Entegris,
Inc.
431,739
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
MID
CAP
GROWTH
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Semiconductors
&
Semiconductor
Equipment
–
(continued)
17,506
Marvell
Technology,
Inc.
$
1,240,825
2,535
MKS
Instruments,
Inc.
337,155
2,661,438
Software
–
13.2%
7,735
AppLovin
Corp.,
Class
A*
535,417
5,146
Crowdstrike
Holdings,
Inc.,
Class
A*
1,649,756
8,917
Datadog,
Inc.,
Class
A*
1,102,141
950
Fair
Isaac
Corp.*
1,187,129
1,506
HubSpot,
Inc.*
943,599
13,043
Klaviyo,
Inc.,
Class
A*
332,336
3,341
Manhattan
Associates,
Inc.*
836,018
1,879
Monday.com
Ltd.*
424,410
18,681
Palantir
Technologies,
Inc.,
Class
A*
429,850
10,711
Samsara,
Inc.,
Class
A*
404,769
3,498
Zscaler,
Inc.*
673,820
8,519,245
Specialty
Retail
–
3.8%
11,805
Ross
Stores,
Inc.
1,732,502
1,329
Ulta
Beauty,
Inc.*
694,907
2,427,409
Textiles,
Apparel
&
Luxury
Goods
–
1.2%
1,933
Lululemon
Athletica,
Inc.*
755,126
Trading
Companies
&
Distributors
–
2.6%
12,975
Fastenal
Co.
1,000,891
933
United
Rentals,
Inc.
672,796
1,673,687
TOTAL
COMMON
STOCKS
(Cost
$47,026,402)
63,913,939
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.3%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
186,198
5.211%
186,198
(Cost
$186,198)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$47,212,600)
64,100,137
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
1.1%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
–
Institutional
Shares
717,218
5.211%
$
717,218
(Cost
$717,218)
TOTAL
INVESTMENTS
–
100.3%
(Cost
$47,929,818)
$
64,817,355
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.3)%
(176,790)
NET
ASSETS
–
100.0%
$
64,640,565
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
MID
CAP
VALUE
FUND
Schedule
of
Investments
March
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.0%
Aerospace
&
Defense
–
1.7%
15,625
L3Harris
Technologies,
Inc.
$
3,329,687
30,547
Woodward,
Inc.
4,707,904
8,037,591
Automobiles
–
1.0%
106,256
General
Motors
Co.
4,818,710
Banks
–
4.6%
104,901
Citizens
Financial
Group,
Inc.
3,806,857
56,490
East
West
Bancorp,
Inc.
4,468,924
346,109
Huntington
Bancshares,
Inc.
4,828,221
33,384
M&T
Bank
Corp.
4,855,369
41,414
Pinnacle
Financial
Partners,
Inc.
3,556,634
21,516,005
Beverages
–
1.7%
54,981
Coca-Cola
Europacific
Partners
PLC
(United
Kingdom)
3,845,921
16,091
Constellation
Brands,
Inc.,
Class
A
4,372,890
8,218,811
Biotechnology
–
0.9%
19,813
Biogen,
Inc.*
4,272,277
Building
Products
–
2.2%
39,220
Allegion
PLC
5,283,326
16,879
Trane
Technologies
PLC
5,067,076
10,350,402
Capital
Markets
–
4.0%
61,514
KKR
&
Co.,
Inc.
6,187,078
84,643
Nasdaq,
Inc.
5,340,973
58,692
Raymond
James
Financial,
Inc.
7,537,227
19,065,278
Chemicals
–
3.7%
77,985
Ashland,
Inc.
7,593,399
28,743
Celanese
Corp.
4,939,772
35,022
PPG
Industries,
Inc.
5,074,688
17,607,859
Communications
Equipment
–
0.7%
8,718
Motorola
Solutions,
Inc.
3,094,716
Construction
Materials
–
2.1%
16,272
Martin
Marietta
Materials,
Inc.
9,990,032
Consumer
Staples
Distribution
&
Retail
–
0.6%
36,951
Performance
Food
Group
Co.*
2,758,023
Containers
&
Packaging
–
2.0%
15,200
Avery
Dennison
Corp.
3,393,400
92,755
Ball
Corp.
6,247,977
9,641,377
Electric
Utilities
–
2.0%
97,221
Eversource
Energy
5,810,899
97,197
FirstEnergy
Corp.
3,753,748
9,564,647
Electrical
Equipment
–
3.1%
46,499
AMETEK,
Inc.
8,504,667
21,714
Rockwell
Automation,
Inc.
6,325,940
14,830,607
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Electronic
Equipment,
Instruments
&
Components
–
2.4%
74,003
Cognex
Corp.
$
3,139,207
21,718
Keysight
Technologies,
Inc.*
3,396,261
15,165
Zebra
Technologies
Corp.,
Class
A*
4,571,338
11,106,806
Entertainment
–
0.9%
32,821
Electronic
Arts,
Inc.
4,354,362
Financial
Services
–
2.8%
134,726
Fidelity
National
Information
Services,
Inc.
9,993,975
44,278
Voya
Financial,
Inc.
3,273,030
13,267,005
Ground
Transportation
–
1.0%
10,026
Old
Dominion
Freight
Line,
Inc.
2,198,802
4,471
Saia,
Inc.*
2,615,535
4,814,337
Health
Care
Equipment
&
Supplies
–
3.5%
68,704
Cooper
Cos.,
Inc.
(The)
6,970,708
73,503
Zimmer
Biomet
Holdings,
Inc.
9,700,926
16,671,634
Health
Care
Providers
&
Services
–
1.5%
28,073
Cencora,
Inc.
6,821,458
Health
Care
REITs
–
0.9%
92,564
Ventas,
Inc.
REIT
4,030,236
Hotels,
Restaurants
&
Leisure
–
3.2%
44,309
Royal
Caribbean
Cruises
Ltd.*
6,159,394
43,369
Wyndham
Hotels
&
Resorts,
Inc.
3,328,571
40,303
Yum!
Brands,
Inc.
5,588,011
15,075,976
Household
Durables
–
2.0%
55,739
Lennar
Corp.,
Class
A
9,585,993
Independent
Power
and
Renewable
Electricity
Producers
–
1.2%
323,501
AES
Corp.
(The)
5,800,373
Industrial
REITs
–
0.3%
62,264
Americold
Realty
Trust,
Inc.
REIT
1,551,619
Insurance
–
6.3%
45,262
Allstate
Corp.
(The)
7,830,778
25,875
American
Financial
Group,
Inc.
3,531,420
40,686
Arch
Capital
Group
Ltd.*
3,761,014
16,017
Arthur
J
Gallagher
&
Co.
4,004,891
46,433
Globe
Life,
Inc.
5,403,408
100,162
Unum
Group
5,374,693
29,906,204
Life
Sciences
Tools
&
Services
–
1.3%
4,498
Mettler-Toledo
International,
Inc.*
5,988,142
Machinery
–
7.7%
9,376
Chart
Industries,
Inc.*
1,544,415
16,833
Cummins,
Inc.
4,959,843
94,951
Fortive
Corp.
8,167,685
15,631
IDEX
Corp.
3,814,277
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
MID
CAP
VALUE
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Machinery
–
(continued)
35,805
ITT,
Inc.
$
4,870,554
83,307
Stanley
Black
&
Decker,
Inc.
8,158,255
36,034
Xylem,
Inc.
4,657,034
36,172,063
Metals
&
Mining
–
2.2%
68,775
Steel
Dynamics,
Inc.
10,194,518
Multi-Utilities
–
3.4%
86,028
CMS
Energy
Corp.
5,190,930
164,978
NiSource,
Inc.
4,563,291
75,247
WEC
Energy
Group,
Inc.
6,179,284
15,933,505
Office
REITs
–
1.5%
53,445
Alexandria
Real
Estate
Equities,
Inc.
REIT
6,889,595
Oil,
Gas
&
Consumable
Fuels
–
6.7%
14,455
Cheniere
Energy,
Inc.
2,331,302
30,796
Chesapeake
Energy
Corp.
(a)
2,735,609
31,312
Diamondback
Energy,
Inc.
6,205,099
184,629
Marathon
Oil
Corp.
5,232,386
48,800
Phillips
66
7,970,992
65,216
Targa
Resources
Corp.
7,303,540
31,778,928
Passenger
Airlines
–
1.3%
124,082
United
Airlines
Holdings,
Inc.*
5,941,046
Residential
REITs
–
3.5%
39,408
AvalonBay
Communities,
Inc.
REIT
7,312,548
97,325
Equity
LifeStyle
Properties,
Inc.
REIT
6,267,730
78,983
Invitation
Homes,
Inc.
REIT
2,812,585
16,392,863
Retail
REITs
–
0.9%
73,927
Regency
Centers
Corp.
REIT
4,477,019
Semiconductors
&
Semiconductor
Equipment
–
3.8%
186,761
Marvell
Technology,
Inc.
13,237,620
35,701
MKS
Instruments,
Inc.
4,748,233
17,985,853
Software
–
1.1%
45,112
Dynatrace,
Inc.*
2,095,001
113,314
Klaviyo,
Inc.,
Class
A*
(a)
2,887,241
4,982,242
Specialized
REITs
–
3.4%
27,198
Digital
Realty
Trust,
Inc.
REIT
3,917,600
24,334
Extra
Space
Storage,
Inc.
REIT
3,577,098
280,988
VICI
Properties,
Inc.
REIT
8,370,632
15,865,330
Specialty
Retail
–
3.4%
99,738
Foot
Locker,
Inc.
2,842,533
6,957
RH*
2,422,845
45,387
Ross
Stores,
Inc.
6,660,996
7,780
Ulta
Beauty,
Inc.*
4,068,006
15,994,380
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Trading
Companies
&
Distributors
–
2.5%
32,354
Fastenal
Co.
$
2,495,787
12,871
United
Rentals,
Inc.
9,281,407
11,777,194
TOTAL
COMMON
STOCKS
(Cost
$356,926,852)
467,125,016
Shares
Dividend
Rate
Value
aa
Investment
Company
–
1.0%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
4,543,222
5.211%
4,543,222
(Cost
$4,543,222)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$361,470,074)
471,668,238
a
Securities
Lending
Reinvestment
Vehicle
–
0.7%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
3,478,144
5.211%
3,478,144
(Cost
$3,478,144)
TOTAL
INVESTMENTS
–
100.7%
(Cost
$364,948,218)
$
475,146,382
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.7)%
(3,442,454)
NET
ASSETS
–
100.0%
$
471,703,928
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
March
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
98.0%
Aerospace
&
Defense
–
0.3%
2,883
AAR
Corp.*
$
172,605
5,826
Kratos
Defense &
Security
Solutions,
Inc.*
107,082
2,629
National
Presto
Industries,
Inc.
220,310
499,997
Automobile
Components
–
1.5%
2,340
Adient
PLC*
77,033
1,701
Cooper-Standard
Holdings,
Inc.*
28,169
1,740
Dorman
Products,
Inc.*
167,719
1,972
Fox
Factory
Holding
Corp.*
102,682
52,098
Goodyear
Tire
&
Rubber
Co.
(The)*
(a)
715,305
14,302
Holley,
Inc.*
63,787
8,971
Modine
Manufacturing
Co.*
853,949
2,008,644
Banks
–
7.3%
6,447
Amalgamated
Financial
Corp.
154,728
10,179
Ameris
Bancorp
492,460
883
Axos
Financial,
Inc.*
47,717
5,602
BancFirst
Corp.
493,144
15,067
Bancorp,
Inc.
(The)*
504,142
5,911
BankUnited,
Inc.
165,508
3,325
Banner
Corp.
159,600
2,820
Business
First
Bancshares,
Inc.
62,830
5,551
Byline
Bancorp,
Inc.
120,568
1,043
Capital
City
Bank
Group,
Inc.
28,891
1,035
Civista
Bancshares,
Inc.
15,918
3,484
Community
Trust
Bancorp,
Inc.
148,593
29,662
CVB
Financial
Corp.
529,170
2,297
Esquire
Financial
Holdings,
Inc.
109,039
2,569
Financial
Institutions,
Inc.
48,348
584
First
Bancorp,
Inc.
(The)
14,390
23,421
First
BanCorp.
(Puerto
Rico)
410,804
1,144
First
Bancshares,
Inc.
(The)
29,687
11,285
First
Commonwealth
Financial
Corp.
157,087
9,016
First
Financial
Bancorp
202,139
8,182
Hancock
Whitney
Corp.
376,699
17,146
Hanmi
Financial
Corp.
272,964
3,737
Heartland
Financial
USA,
Inc.
131,355
4,644
Heritage
Commerce
Corp.
39,845
19,671
Heritage
Financial
Corp.
381,421
2,784
Home
Bancorp,
Inc.
106,655
4,556
Home
BancShares,
Inc.
111,941
3,980
HomeTrust
Bancshares,
Inc.
108,813
6,492
Hope
Bancorp,
Inc.
74,723
9,948
International
Bancshares
Corp.
558,481
26,159
Macatawa
Bank
Corp.
256,097
3,055
Metrocity
Bankshares,
Inc.
76,253
12,781
National
Bank
Holdings
Corp.,
Class
A
461,011
5,222
Northeast
Community
Bancorp,
Inc.
82,142
12,099
OFG
Bancorp
(Puerto
Rico)
445,364
8,188
Old
Second
Bancorp,
Inc.
113,322
4,212
Preferred
Bank
323,355
2,951
Provident
Financial
Services,
Inc.
42,996
2,199
Renasant
Corp.
68,873
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Banks
–
(continued)
1,919
Sierra
Bancorp
$
38,764
12,858
Southside
Bancshares,
Inc.
375,839
8,783
Texas
Capital
Bancshares,
Inc.*
540,594
1,452
Timberland
Bancorp,
Inc.
39,088
10,924
TrustCo
Bank
Corp.
307,620
6,990
UMB
Financial
Corp.
608,060
2,041
WesBanco,
Inc.
60,842
9,897,880
Beverages
–
0.7%
166
Coca-Cola
Consolidated,
Inc.
140,504
39,645
Primo
Water
Corp.
721,936
862,440
Biotechnology
–
6.7%
852
4D
Molecular
Therapeutics,
Inc.*
27,145
14,820
89bio,
Inc.*
172,505
2,439
ACADIA
Pharmaceuticals,
Inc.*
45,097
8,684
Adicet
Bio,
Inc.*
20,407
2,265
Agios
Pharmaceuticals,
Inc.*
66,229
712
Akero
Therapeutics,
Inc.*
17,985
6,537
Aldeyra
Therapeutics,
Inc.*
21,376
2,970
Allogene
Therapeutics,
Inc.*
13,276
931
Alpine
Immune
Sciences,
Inc.*
36,905
1,323
Apogee
Therapeutics,
Inc.*
(b)
87,913
3,092
Arcturus
Therapeutics
Holdings,
Inc.*
104,417
71,044
Aurinia
Pharmaceuticals,
Inc.
(Canada)*
355,930
8,884
Beam
Therapeutics,
Inc.*
293,527
5,714
Biohaven
Ltd.*
312,499
1,508
Biomea
Fusion,
Inc.*
(b)
22,545
3,044
Blueprint
Medicines
Corp.*
288,754
3,199
Celldex
Therapeutics,
Inc.*
134,262
6,525
Cogent
Biosciences,
Inc.*
43,848
4,778
Cytokinetics,
Inc.*
334,986
3,996
Day
One
Biopharmaceuticals,
Inc.*
66,014
18,113
Deciphera
Pharmaceuticals,
Inc.*
284,917
22,244
Design
Therapeutics,
Inc.*
89,643
31,745
Editas
Medicine,
Inc.*
235,548
13,009
Fate
Therapeutics,
Inc.*
95,486
6,409
Generation
Bio
Co.*
26,085
6,455
Ideaya
Biosciences,
Inc.*
283,245
8,057
Inozyme
Pharma,
Inc.*
61,717
1,557
Intellia
Therapeutics,
Inc.*
42,833
4,187
Iovance
Biotherapeutics,
Inc.*
62,051
10,901
iTeos
Therapeutics,
Inc.*
148,690
1,449
Keros
Therapeutics,
Inc.*
95,924
20,890
Kiniksa
Pharmaceuticals
Ltd.,
Class
A*
412,160
17,823
Kodiak
Sciences,
Inc.*
93,749
1,992
Krystal
Biotech,
Inc.*
354,437
4,852
Kura
Oncology,
Inc.*
103,493
1,141
Kymera
Therapeutics,
Inc.*
45,868
13,341
MannKind
Corp.*
60,435
4,430
Morphic
Holding,
Inc.*
155,936
2,347
Mural
Oncology
PLC*
11,477
8,147
Nurix
Therapeutics,
Inc.*
119,761
2,016
Nuvalent,
Inc.,
Class
A*
151,381
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Biotechnology
–
(continued)
4,702
Olema
Pharmaceuticals,
Inc.*
$
53,227
25,897
PMV
Pharmaceuticals,
Inc.*
44,025
25,514
Poseida
Therapeutics,
Inc.*
81,390
8,468
Precigen,
Inc.*
12,279
1,565
Protagonist
Therapeutics,
Inc.*
45,275
31,818
Relay
Therapeutics,
Inc.*
264,089
13,743
REVOLUTION
Medicines,
Inc.*
442,937
3,686
Rhythm
Pharmaceuticals,
Inc.*
159,714
7,523
Rigel
Pharmaceuticals,
Inc.*
11,134
5,370
Rocket
Pharmaceuticals,
Inc.*
144,668
10,728
Sana
Biotechnology,
Inc.*
107,280
2,052
SpringWorks
Therapeutics,
Inc.*
100,999
36,762
Sutro
Biopharma,
Inc.*
207,705
7,388
Syndax
Pharmaceuticals,
Inc.*
175,834
17,958
TG
Therapeutics,
Inc.*
273,141
16,098
Verve
Therapeutics,
Inc.*
213,781
8,537
Viking
Therapeutics,
Inc.*
700,034
2,223
Viridian
Therapeutics,
Inc.*
38,925
2,831
Xencor,
Inc.*
62,650
21,799
Y-mAbs
Therapeutics,
Inc.*
354,452
8,893,995
Broadline
Retail
–
0.1%
2,715
Big
Lots,
Inc.*
11,756
336
Dillard's,
Inc.,
Class
A
158,471
170,227
Building
Products
–
0.7%
873
AAON,
Inc.
76,911
1,523
American
Woodmark
Corp.*
154,828
26,028
Masterbrand,
Inc.*
487,765
1,091
Resideo
Technologies,
Inc.*
24,460
718
Simpson
Manufacturing
Co.,
Inc.
147,319
775
UFP
Industries,
Inc.
95,333
986,616
Capital
Markets
–
0.9%
6,143
AssetMark
Financial
Holdings,
Inc.*
217,524
14,090
Bakkt
Holdings,
Inc.*
6,478
7,530
Moelis
&
Co.,
Class
A
427,478
5,187
Open
Lending
Corp.*
32,471
559
Piper
Sandler
Cos.
110,956
1,259
StepStone
Group,
Inc.,
Class
A
44,997
5,748
StoneX
Group,
Inc.*
403,854
1,243,758
Chemicals
–
1.9%
1,984
Core
Molding
Technologies,
Inc.*
37,557
10,922
HB
Fuller
Co.
870,920
2,635
Ingevity
Corp.*
125,689
6,922
Innospec,
Inc.
892,523
694
Koppers
Holdings,
Inc.
38,288
5,981
Minerals
Technologies,
Inc.
450,250
5,028
Orion
SA
(Germany)
118,259
2,533,486
Commercial
Services
&
Supplies
–
0.8%
613
Cimpress
PLC
(Ireland)*
54,256
9,359
Deluxe
Corp.
192,702
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Commercial
Services
&
Supplies
–
(continued)
14,353
Ennis,
Inc.
$
294,380
1,707
Enviri
Corp.*
15,619
14,392
Healthcare
Services
Group,
Inc.*
179,612
2,716
Montrose
Environmental
Group,
Inc.*
106,386
3,627
Steelcase,
Inc.,
Class
A
47,441
960
UniFirst
Corp.
166,493
1,056,889
Communications
Equipment
–
0.5%
1,032
Calix,
Inc.*
34,221
20,085
NetScout
Systems,
Inc.*
438,656
14,131
Viavi
Solutions,
Inc.*
128,451
601,328
Construction
&
Engineering
–
3.0%
4,406
Comfort
Systems
USA,
Inc.
1,399,830
2,416
Dycom
Industries,
Inc.*
346,768
7,569
Fluor
Corp.*
320,017
3,693
IES
Holdings,
Inc.*
449,216
1,799
Limbach
Holdings,
Inc.*
74,515
13,780
Primoris
Services
Corp.
586,615
7,676
Sterling
Infrastructure,
Inc.*
846,740
4,023,701
Construction
Materials
–
1.3%
10,099
Knife
River
Corp.*
818,827
21,120
Summit
Materials,
Inc.,
Class
A*
941,318
1,760,145
Consumer
Finance
–
0.2%
6,016
Regional
Management
Corp.
145,647
3,927
Upstart
Holdings,
Inc.*
(b)
105,597
258
World
Acceptance
Corp.*
37,405
288,649
Consumer
Staples
Distribution
&
Retail
–
0.1%
2,984
Natural
Grocers
by
Vitamin
Cottage,
Inc.
53,861
537
PriceSmart,
Inc.
45,108
477
Weis
Markets,
Inc.
30,719
129,688
Containers
&
Packaging
–
0.0%
982
TriMas
Corp.
26,249
Distributors
–
0.0%
968
Weyco
Group,
Inc.
30,860
Diversified
Consumer
Services
–
2.3%
1,182
Adtalem
Global
Education,
Inc.*
60,755
53,346
Coursera,
Inc.*
747,911
2,275
Duolingo,
Inc.*
501,819
16,981
European
Wax
Center,
Inc.,
Class
A*
220,413
16,791
Frontdoor,
Inc.*
547,051
17
Graham
Holdings
Co.,
Class
B
13,051
9,545
Laureate
Education,
Inc.
139,071
2,006
Perdoceo
Education
Corp.
35,225
7,339
Strategic
Education,
Inc.
764,137
3,029,433
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Diversified
REITs
–
0.4%
23,385
American
Assets
Trust,
Inc.
REIT
$
512,365
Diversified
Telecommunication
Services
–
0.1%
1,159
Bandwidth,
Inc.,
Class
A*
21,163
3,426
Liberty
Latin
America
Ltd.,
Class
A
(Puerto
Rico)*
23,879
20,609
Liberty
Latin
America
Ltd.,
Class
C
(Puerto
Rico)*
144,057
189,099
Electrical
Equipment
–
3.0%
807
Allient,
Inc.
28,794
5,062
Atkore,
Inc.
963,602
3,507
Encore
Wire
Corp.
921,569
52,518
FTC
Solar,
Inc.*
28,307
13,139
NEXTracker,
Inc.,
Class
A*
739,332
4,716
Powell
Industries,
Inc.
671,087
16,025
Thermon
Group
Holdings,
Inc.*
524,338
9,952
TPI
Composites,
Inc.*
(b)
28,960
2,903
Vicor
Corp.*
111,011
4,017,000
Electronic
Equipment,
Instruments
&
Components
–
2.2%
4,901
Badger
Meter,
Inc.
793,031
7,200
ePlus,
Inc.*
565,488
6,949
Evolv
Technologies
Holdings,
Inc.*
(b)
30,923
2,759
Fabrinet
(Thailand)*
521,506
7,419
Itron,
Inc.*
686,406
1,703
TTM
Technologies,
Inc.*
26,652
9,678
Vishay
Precision
Group,
Inc.*
341,924
2,965,930
Energy
Equipment
&
Services
–
2.1%
26,539
Archrock,
Inc.
522,022
13,974
Cactus,
Inc.,
Class
A
699,958
17,709
ChampionX
Corp.
635,576
9,250
Dril-Quip,
Inc.*
208,402
4,609
Helix
Energy
Solutions
Group,
Inc.*
49,962
4,969
Nabors
Industries
Ltd.*
427,980
11,709
Newpark
Resources,
Inc.*
84,539
18,034
Oil
States
International,
Inc.*
111,089
8,235
Patterson-UTI
Energy,
Inc.
98,326
2,837,854
Entertainment
–
0.7%
25,855
Eventbrite,
Inc.,
Class
A*
141,685
18,693
Madison
Square
Garden
Entertainment
Corp.*
732,953
874,638
Financial
Services
–
4.9%
14,003
A-Mark
Precious
Metals,
Inc.
429,752
31,664
AvidXchange
Holdings,
Inc.*
416,382
29,758
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
(Panama)
881,432
33,157
Flywire
Corp.*
822,625
15,307
I3
Verticals,
Inc.,
Class
A*
350,377
2,055
Jackson
Financial,
Inc.,
Class
A
135,918
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financial
Services
–
(continued)
121,332
Marqeta,
Inc.,
Class
A*
$
723,139
6,097
Merchants
Bancorp
263,268
6,407
Mr
Cooper
Group,
Inc.*
499,426
2,245
NewtekOne,
Inc.
(b)
24,695
6,558
NMI
Holdings,
Inc.,
Class
A*
(a)
212,086
14,885
Pagseguro
Digital
Ltd.,
Class
A
(Brazil)*
212,558
67,626
Payoneer
Global,
Inc.*
328,662
17,838
Remitly
Global,
Inc.*
369,960
3,107
Repay
Holdings
Corp.*
34,177
43,443
StoneCo
Ltd.,
Class
A
(Brazil)*
721,588
6,426,045
Food
Products
–
0.2%
1,166
Lancaster
Colony
Corp.
242,096
9,279
SunOpta,
Inc.
(Canada)*
63,747
305,843
Ground
Transportation
–
0.3%
1,742
ArcBest
Corp.
248,235
6,601
Marten
Transport
Ltd.
121,986
3,699
PAM
Transportation
Services,
Inc.*
59,961
430,182
Health
Care
Equipment
&
Supplies
–
1.4%
11,571
Artivion,
Inc.*
244,842
8,866
AtriCure,
Inc.*
269,704
3,363
CVRx,
Inc.*
61,240
24,523
Embecta
Corp.
325,420
779
Glaukos
Corp.*
73,452
5,479
Inari
Medical,
Inc.*
262,882
7,467
Lantheus
Holdings,
Inc.*
464,746
238
LeMaitre
Vascular,
Inc.
15,794
9,391
Pulmonx
Corp.*
87,055
2,727
Surmodics,
Inc.*
80,010
451
Tactile
Systems
Technology,
Inc.*
7,329
151
Utah
Medical
Products,
Inc.
10,738
1,903,212
Health
Care
Providers
&
Services
–
3.3%
9,506
Accolade,
Inc.*
99,623
1,474
AdaptHealth
Corp.*
16,966
25,181
Alignment
Healthcare,
Inc.*
124,898
35,710
Brookdale
Senior
Living,
Inc.*
236,043
5,296
Community
Health
Systems,
Inc.*
18,536
424
Ensign
Group,
Inc.
(The)
52,754
17,878
Guardant
Health,
Inc.*
368,823
13,607
HealthEquity,
Inc.*
1,110,739
38,985
Hims
&
Hers
Health,
Inc.*
603,098
17,228
Joint
Corp.
(The)*
224,998
5,707
Nano-X
Imaging
Ltd.
(Israel)*
(b)
55,757
4,216
Option
Care
Health,
Inc.*
141,405
18,413
Pennant
Group,
Inc.
(The)*
361,447
4,518
Progyny,
Inc.*
172,362
17,957
Select
Medical
Holdings
Corp.
541,403
507
US
Physical
Therapy,
Inc.
57,225
31,247
Viemed
Healthcare,
Inc.*
294,659
4,480,736
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
REITs
–
0.1%
2,506
LTC
Properties,
Inc.
REIT
$
81,470
Health
Care
Technology
–
0.2%
11,111
American
Well
Corp.,
Class
A*
9,008
14,494
Health
Catalyst,
Inc.*
109,140
293
HealthStream,
Inc.
7,811
4,078
Phreesia,
Inc.*
97,586
223,545
Hotel
&
Resort
REITs
–
3.1%
47,170
Chatham
Lodging
Trust
REIT
476,889
83,311
DiamondRock
Hospitality
Co.
REIT
800,619
68,965
RLJ
Lodging
Trust
REIT
815,166
9,711
Ryman
Hospitality
Properties,
Inc.
REIT
1,122,689
77,773
Service
Properties
Trust
REIT
527,301
44,823
Summit
Hotel
Properties,
Inc.
REIT
291,798
5,704
Xenia
Hotels
&
Resorts,
Inc.
REIT
85,617
4,120,079
Hotels,
Restaurants
&
Leisure
–
2.6%
4,373
Bloomin'
Brands,
Inc.
125,418
2,130
Brinker
International,
Inc.*
105,819
5,567
Cheesecake
Factory,
Inc.
(The)
201,247
13,410
Chuy's
Holdings,
Inc.*
452,319
34,843
Denny’s
Corp.*
312,193
3,496
Dine
Brands
Global,
Inc.
162,494
22,279
Everi
Holdings,
Inc.*
223,904
22,929
International
Game
Technology
PLC
517,966
17,614
Life
Time
Group
Holdings,
Inc.*
273,369
32,508
Portillo's,
Inc.,
Class
A*
460,964
1,411
RCI
Hospitality
Holdings,
Inc.
81,838
2,544
Shake
Shack,
Inc.,
Class
A*
264,652
2,404
Sweetgreen,
Inc.,
Class
A*
60,725
14,915
Xponential
Fitness,
Inc.,
Class
A*
246,694
3,489,602
Household
Durables
–
2.7%
14,754
Cricut,
Inc.,
Class
A
(b)
70,229
4,226
Dream
Finders
Homes,
Inc.,
Class
A*
184,803
9,326
Ethan
Allen
Interiors,
Inc.
322,400
6,418
Green
Brick
Partners,
Inc.*
386,556
494
Installed
Building
Products,
Inc.
127,813
11,489
KB
Home
814,341
5,433
LGI
Homes,
Inc.*
632,238
7,294
M/I
Homes,
Inc.*
994,099
431
Meritage
Homes
Corp.
75,623
3,608,102
Household
Products
–
0.5%
5,453
Energizer
Holdings,
Inc.
160,536
1,857
WD-40
Co.
470,397
630,933
Industrial
REITs
–
0.7%
80,787
LXP
Industrial
Trust
REIT
728,699
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrial
REITs
–
(continued)
4,767
Terreno
Realty
Corp.
REIT
$
316,529
1,045,228
Insurance
–
3.0%
6,785
Ambac
Financial
Group,
Inc.*
106,050
9,412
BRP
Group,
Inc.,
Class
A*
272,383
14,540
CNO
Financial
Group,
Inc.
399,559
18,667
Crawford
&
Co.,
Class
A
176,030
8,171
Employers
Holdings,
Inc.
370,882
35,419
Genworth
Financial,
Inc.,
Class
A*
227,744
9,599
Goosehead
Insurance,
Inc.,
Class
A*
639,485
35,120
James
River
Group
Holdings
Ltd.
326,616
6,400
Mercury
General
Corp.
330,240
4,229
Oscar
Health,
Inc.,
Class
A*
62,885
6,614
Palomar
Holdings,
Inc.*
554,452
913
Selective
Insurance
Group,
Inc.
99,672
592
Skyward
Specialty
Insurance
Group,
Inc.*
22,147
17,713
Universal
Insurance
Holdings,
Inc.
359,928
3,948,073
Interactive
Media
&
Services
–
0.6%
10,343
Cars.com,
Inc.*
177,693
44,612
fuboTV,
Inc.*
70,487
8,516
Grindr,
Inc.
(Singapore)*
(b)
86,267
3,187
QuinStreet,
Inc.*
56,282
58,429
Vimeo,
Inc.*
238,975
1,443
Yelp,
Inc.*
56,854
10,446
ZipRecruiter,
Inc.,
Class
A*
120,025
806,583
IT
Services
–
0.5%
4,590
BigCommerce
Holdings,
Inc.,
Series
1*
31,625
9,993
DigitalOcean
Holdings,
Inc.*
381,533
9,371
Fastly,
Inc.,
Class
A*
121,542
2,165
Information
Services
Group,
Inc.
8,747
35,060
Rackspace
Technology,
Inc.*
55,395
24,061
Thoughtworks
Holding,
Inc.*
60,874
659,716
Leisure
Products
–
1.1%
8,688
Acushnet
Holdings
Corp.
572,973
19,827
Funko,
Inc.,
Class
A*
123,720
5,607
Malibu
Boats,
Inc.,
Class
A*
242,671
10,250
MasterCraft
Boat
Holdings,
Inc.*
243,130
18,681
Topgolf
Callaway
Brands
Corp.*
302,072
1,484,566
Life
Sciences
Tools
&
Services
–
0.0%
9,285
Adaptive
Biotechnologies
Corp.*
29,805
1,078
Quanterix
Corp.*
25,398
55,203
Machinery
–
2.7%
2,000
Atmus
Filtration
Technologies,
Inc.*
64,500
2,290
Chart
Industries,
Inc.*
377,209
5,565
Douglas
Dynamics,
Inc.
134,228
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Machinery
–
(continued)
341
ESCO
Technologies,
Inc.
$
36,504
10,978
Federal
Signal
Corp.
931,703
3,642
Franklin
Electric
Co.,
Inc.
389,002
3,138
Gorman-Rupp
Co.
(The)
124,108
1,775
Greenbrier
Cos.,
Inc.
(The)
92,477
1,830
Helios
Technologies,
Inc.
81,783
20,015
Hillman
Solutions
Corp.*
212,959
1,403
John
Bean
Technologies
Corp.
147,161
122
Kadant,
Inc.
40,028
8,463
Mueller
Water
Products,
Inc.,
Class
A
136,170
530
Omega
Flex,
Inc.
37,593
1,343
Proto
Labs,
Inc.*
48,012
674
Standex
International
Corp.
122,816
1,048
Terex
Corp.
67,491
16,149
Wabash
National
Corp.
483,501
3,527,245
Marine
Transportation
–
0.3%
25,288
Costamare,
Inc.
(Monaco)
287,019
31,265
Safe
Bulkers,
Inc.
(Greece)
155,074
442,093
Media
–
0.8%
2,026
Cardlytics,
Inc.*
29,357
12,090
EW
Scripps
Co.
(The),
Class
A*
47,514
22,677
iHeartMedia,
Inc.,
Class
A*
47,395
26,357
Magnite,
Inc.*
283,338
9,182
TechTarget,
Inc.*
303,740
12,512
Thryv
Holdings,
Inc.*
278,142
989,486
Metals
&
Mining
–
1.6%
19,029
ATI,
Inc.*
973,714
12,472
Carpenter
Technology
Corp.
890,750
628
Kaiser
Aluminum
Corp.
56,118
611
Materion
Corp.
80,499
193
Olympic
Steel,
Inc.
13,680
1,519
Ryerson
Holding
Corp.
50,887
2,065,648
Mortgage
Real
Estate
Investment
Trusts
(REITs)
–
0.8%
1,452
Angel
Oak
Mortgage
REIT,
Inc.
REIT
15,594
55,296
Arbor
Realty
Trust,
Inc.
REIT
732,672
9,247
BrightSpire
Capital,
Inc.
REIT
63,712
6,983
Ladder
Capital
Corp.
REIT
77,721
13,764
PennyMac
Mortgage
Investment
Trust
REIT
202,056
1,785
TPG
RE
Finance
Trust,
Inc.
REIT
13,780
1,105,535
Multi-Utilities
–
1.1%
19,043
Avista
Corp.
666,886
15,534
Black
Hills
Corp.
848,156
1,515,042
Oil,
Gas
&
Consumable
Fuels
–
4.9%
9,246
Civitas
Resources,
Inc.
701,864
68,149
DHT
Holdings,
Inc.
783,714
18,195
Dorian
LPG
Ltd.
699,780
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Oil,
Gas
&
Consumable
Fuels
–
(continued)
17,040
Equitrans
Midstream
Corp.
$
212,830
6,025
Excelerate
Energy,
Inc.,
Class
A
96,521
9,153
Golar
LNG
Ltd.
(Cameroon)
220,221
9,480
International
Seaways,
Inc.
504,336
31,397
Kosmos
Energy
Ltd.
(Ghana)*
187,126
1,613
Matador
Resources
Co.
(a)
107,700
2,545
Murphy
Oil
Corp.
116,306
170,458
Nordic
American
Tankers
Ltd.
668,195
4,302
PBF
Energy,
Inc.,
Class
A
247,666
5,213
Peabody
Energy
Corp.
126,467
12,078
Scorpio
Tankers,
Inc.
(Monaco)
864,181
45,051
Teekay
Corp.
(Bermuda)*
327,971
11,394
Teekay
Tankers
Ltd.,
Class
A
(Canada)
665,524
6,530,402
Passenger
Airlines
–
0.2%
3,339
SkyWest,
Inc.*
230,658
Personal
Care
Products
–
0.8%
4,555
elf
Beauty,
Inc.*
892,917
21,102
Herbalife
Ltd.*
212,075
1,104,992
Pharmaceuticals
–
1.0%
8,584
Amylyx
Pharmaceuticals,
Inc.*
24,379
4,651
Axsome
Therapeutics,
Inc.*
371,150
5,769
Intra-Cellular
Therapies,
Inc.*
399,215
3,147
Longboard
Pharmaceuticals,
Inc.*
67,975
7,993
Nuvation
Bio,
Inc.*
29,094
2,960
Phathom
Pharmaceuticals,
Inc.*
(b)
31,435
18,290
Phibro
Animal
Health
Corp.,
Class
A
236,490
1,459
Prestige
Consumer
Healthcare,
Inc.*
105,865
1,265,603
Professional
Services
–
3.4%
8,572
Asure
Software,
Inc.*
66,690
9,483
CBIZ,
Inc.*
744,415
87,984
Conduent,
Inc.*
297,386
12,990
CSG
Systems
International,
Inc.
669,504
28,894
ExlService
Holdings,
Inc.*
918,829
223
Exponent,
Inc.
18,440
4,776
Franklin
Covey
Co.*
187,506
12,392
Parsons
Corp.*
1,027,917
536
TriNet
Group,
Inc.
71,014
50,291
Upwork,
Inc.*
616,568
4,618,269
Real
Estate
Management
&
Development
–
1.2%
54,839
Compass,
Inc.,
Class
A*
197,420
22,285
DigitalBridge
Group,
Inc.
429,432
36,303
Douglas
Elliman,
Inc.*
57,359
18,441
Forestar
Group,
Inc.*
741,144
30,374
Redfin
Corp.*
201,987
1,627,342
Residential
REITs
–
0.7%
3,202
Centerspace
REIT
182,962
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Residential
REITs
–
(continued)
19,560
NexPoint
Residential
Trust,
Inc.
REIT
$
629,636
9,429
UMH
Properties,
Inc.
REIT
153,127
965,725
Retail
REITs
–
0.3%
941
Alexander's,
Inc.
REIT
204,329
5,516
Macerich
Co.
(The)
REIT
95,041
2,910
Tanger,
Inc.
REIT
85,932
385,302
Semiconductors
&
Semiconductor
Equipment
–
1.9%
2,644
ACM
Research,
Inc.,
Class
A*
77,046
11,973
Amkor
Technology,
Inc.
386,010
5,923
Axcelis
Technologies,
Inc.*
660,533
5,871
FormFactor,
Inc.*
267,894
1,182
inTEST
Corp.*
15,661
1,316
Onto
Innovation,
Inc.*
238,301
5,873
PDF
Solutions,
Inc.*
197,744
6,913
Photronics,
Inc.*
195,776
6,104
Rambus,
Inc.*
377,288
1,390
SiTime
Corp.*
129,590
2,545,843
Software
–
6.8%
4,468
ACI
Worldwide,
Inc.*
148,382
1,257
Agilysys,
Inc.*
105,915
6,579
Alarm.com
Holdings,
Inc.*
476,780
1,619
Appfolio,
Inc.,
Class
A*
399,472
4,763
Braze,
Inc.,
Class
A*
211,001
15,721
C3.ai,
Inc.,
Class
A*
(b)
425,568
16,248
Cleanspark,
Inc.*
344,620
26,363
Clear
Secure,
Inc.,
Class
A
560,741
1,376
Consensus
Cloud
Solutions,
Inc.*
21,823
130
Daily
Journal
Corp.*
47,009
14,049
Freshworks,
Inc.,
Class
A*
255,832
1,502
Intapp,
Inc.*
51,519
4,758
LiveRamp
Holdings,
Inc.*
164,151
13,878
Marathon
Digital
Holdings,
Inc.*
313,365
697
MicroStrategy,
Inc.,
Class
A*
(b)
1,188,078
10,390
Q2
Holdings,
Inc.*
546,098
354
Qualys,
Inc.*
59,072
2,301
Rapid7,
Inc.*
112,841
4,505
Red
Violet,
Inc.*
88,073
15,007
Riot
Platforms,
Inc.*
183,686
4,865
Sapiens
International
Corp.
NV
(Israel)
156,458
17,885
SolarWinds
Corp.*
225,709
5,371
SPS
Commerce,
Inc.*
993,098
17,848
Tenable
Holdings,
Inc.*
882,227
28,615
Terawulf,
Inc.*
(b)
75,257
20,553
Varonis
Systems,
Inc.*
969,485
3,620
Yext,
Inc.*
21,829
9,028,089
Specialized
REITs
–
0.4%
7,438
Four
Corners
Property
Trust,
Inc.
REIT
182,008
19,174
Outfront
Media,
Inc.
REIT
321,931
16,141
Uniti
Group,
Inc.
REIT
95,232
599,171
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Specialty
Retail
–
3.0%
2,193
Abercrombie
&
Fitch
Co.,
Class
A*
$
274,849
1,192
Academy
Sports
&
Outdoors,
Inc.
80,508
6,659
American
Eagle
Outfitters,
Inc.
171,736
424
Beyond,
Inc.*
15,226
141
Boot
Barn
Holdings,
Inc.*
13,416
14,777
Buckle,
Inc.
(The)
595,070
31,660
CarParts.com,
Inc.*
51,289
5,968
Carvana
Co.*
524,647
8,789
Cato
Corp.
(The),
Class
A
50,712
3,709
Leslie's,
Inc.*
24,108
1,072
Shoe
Carnival,
Inc.
39,278
16,497
Sleep
Number
Corp.*
264,447
17,084
Urban
Outfitters,
Inc.*
741,787
41,398
Warby
Parker,
Inc.,
Class
A*
563,427
1,000
Winmark
Corp.
361,700
8,621
Zumiez,
Inc.*
130,953
3,903,153
Technology
Hardware,
Storage
&
Peripherals
–
1.9%
1,171
IonQ,
Inc.*
(b)
11,698
2,482
Super
Micro
Computer,
Inc.*
2,506,895
2,518,593
Textiles,
Apparel
&
Luxury
Goods
–
0.7%
13,928
Figs,
Inc.,
Class
A*
69,362
6,639
Oxford
Industries,
Inc.
746,224
815,586
Tobacco
–
0.0%
4,783
Vector
Group
Ltd.
52,422
Trading
Companies
&
Distributors
–
1.4%
981
Beacon
Roofing
Supply,
Inc.*
96,158
28,601
DNOW,
Inc.*
434,735
288
DXP
Enterprises,
Inc.*
15,474
6,089
FTAI
Aviation
Ltd.
409,790
329
H&E
Equipment
Services,
Inc.
21,115
742
McGrath
RentCorp
91,541
28,174
MRC
Global,
Inc.*
354,147
7,010
Rush
Enterprises,
Inc.,
Class
A
375,175
1,798,135
Water
Utilities
–
0.0%
492
Consolidated
Water
Co.
Ltd.
(Cayman
Islands)
14,421
Wireless
Telecommunication
Services
–
0.1%
1,657
Spok
Holdings,
Inc.
26,429
3,458
Telephone
and
Data
Systems,
Inc.
55,397
81,826
TOTAL
COMMON
STOCKS
(Cost
$109,501,395)
130,870,570
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
ADDITIONAL
INVESTMENT
INFORMATION
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.3%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
442,291
5.211%
$
442,291
(Cost
$442,291)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$109,943,686)
131,312,861
a
Securities
Lending
Reinvestment
Vehicle
–
1.6%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
–
Institutional
Shares
2,144,590
5.211%
2,144,590
(Cost
$2,144,590)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$112,088,276)
$
133,457,451
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
104,487
NET
ASSETS
–
100.0%
$
133,561,938
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
portion
of
security
is
pledged
as
collateral
for
futures
contracts.
Total
market
value
of
securities
pledged
as
collateral
on
futures
contracts
amounts
to
$216,527,
which
represents
approximately
0.2%
of
net
assets
as
of
March
31,
2024.
(b)
All
or
a
portion
of
security
is
on
loan.
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
FUTURES
CONTRACTS
—
At
March
31,
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
06/21/24
$
2,038,605
$
35,128
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
STRATEGIC
GROWTH
FUND
Schedule
of
Investments
March
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.9%
Automobiles
–
1.0%
21,682
Tesla,
Inc.*
$
3,811,479
Biotechnology
–
1.7%
5,744
Alnylam
Pharmaceuticals,
Inc.*
858,441
4,777
Argenx
SE
ADR
(Netherlands)*
1,880,800
10,810
Biogen,
Inc.*
2,330,960
21,660
Exact
Sciences
Corp.*
1,495,840
6,566,041
Broadline
Retail
–
6.8%
146,040
Amazon.com,
Inc.*
26,342,695
Capital
Markets
–
2.0%
58,253
Charles
Schwab
Corp.
(The)
4,214,022
6,223
MSCI,
Inc.
3,487,680
7,701,702
Chemicals
–
2.3%
8,610
Linde
PLC
3,997,795
14,423
Sherwin-Williams
Co.
(The)
5,009,541
9,007,336
Commercial
Services
&
Supplies
–
1.0%
22,999
Waste
Connections,
Inc.
3,956,058
Construction
Materials
–
0.7%
4,245
Martin
Marietta
Materials,
Inc.
2,606,175
Electrical
Equipment
–
0.7%
9,662
Rockwell
Automation,
Inc.
2,814,830
Financial
Services
–
4.6%
28,001
Mastercard,
Inc.,
Class
A
13,484,441
15,730
Visa,
Inc.,
Class
A
4,389,928
17,874,369
Food
Products
–
0.6%
28,377
McCormick
&
Co.,
Inc.
2,179,637
Ground
Transportation
–
0.9%
16,020
Old
Dominion
Freight
Line,
Inc.
3,513,346
Health
Care
Equipment
&
Supplies
–
3.3%
7,598
Align
Technology,
Inc.*
2,491,536
54,283
Boston
Scientific
Corp.*
3,717,843
14,497
Insulet
Corp.*
2,484,786
10,243
Intuitive
Surgical,
Inc.*
4,087,879
12,782,044
Hotels,
Restaurants
&
Leisure
–
2.3%
32,664
Cava
Group,
Inc.*
2,288,113
15,327
DoorDash,
Inc.,
Class
A*
2,110,834
34,327
DraftKings,
Inc.,
Class
A*
1,558,789
9,808
McDonald's
Corp.
2,765,366
8,723,102
Household
Products
–
0.5%
11,622
Procter &
Gamble
Co.
(The)
1,885,669
Interactive
Media
&
Services
–
9.9%
134,106
Alphabet,
Inc.,
Class
A*
20,240,619
67,748
Alphabet,
Inc.,
Class
C*
10,315,310
11,682
Meta
Platforms,
Inc.,
Class
A
5,672,546
165,306
Snap,
Inc.,
Class
A*
1,897,713
38,126,188
Shares
Description
Value
aa
Common
Stocks
–
(continued)
IT
Services
–
2.3%
18,478
Accenture
PLC,
Class
A
$
6,404,660
16,021
Snowflake,
Inc.,
Class
A*
2,588,994
8,993,654
Life
Sciences
Tools
&
Services
–
0.6%
5,438
West
Pharmaceutical
Services,
Inc.
2,151,871
Machinery
–
0.5%
14,911
Xylem,
Inc.
1,927,098
Oil,
Gas
&
Consumable
Fuels
–
1.1%
26,001
Cheniere
Energy,
Inc.
4,193,441
Personal
Care
Products
–
0.8%
19,699
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
3,036,601
Pharmaceuticals
–
4.7%
64,018
AstraZeneca
PLC
ADR
(United
Kingdom)
4,337,220
17,688
Eli
Lilly
&
Co.
13,760,556
18,097,776
Professional
Services
–
0.8%
11,517
Equifax,
Inc.
3,081,028
Real
Estate
Management
&
Development
–
0.7%
29,437
CoStar
Group,
Inc.*
2,843,614
Semiconductors
&
Semiconductor
Equipment
–
13.9%
44,378
Advanced
Micro
Devices,
Inc.*
8,009,785
11,758
Enphase
Energy,
Inc.*
1,422,483
3,650
KLA
Corp.
2,549,780
94,394
Marvell
Technology,
Inc.
6,690,647
32,488
NVIDIA
Corp.
29,354,857
31,560
Texas
Instruments,
Inc.
5,498,068
53,525,620
Software
–
20.8%
9,885
Adobe,
Inc.*
4,987,971
31,496
AppLovin
Corp.,
Class
A*
2,180,153
1,657
Fair
Isaac
Corp.*
2,070,604
10,469
Intuit,
Inc.
6,804,850
114,754
Microsoft
Corp.
48,279,303
44,092
Oracle
Corp.
5,538,396
24,983
Salesforce,
Inc.
7,524,380
11,086
Workday,
Inc.,
Class
A*
3,023,706
80,409,363
Specialized
REITs
–
1.4%
14,726
American
Tower
Corp.
REIT
2,909,711
2,804
Equinix,
Inc.
REIT
2,314,225
5,223,936
Specialty
Retail
–
2.5%
22,588
Lowe’s
Cos.,
Inc.
5,753,841
27,827
Ross
Stores,
Inc.
4,083,891
9,837,732
Technology
Hardware,
Storage
&
Peripherals
–
9.8%
221,508
Apple,
Inc.
37,984,192
Textiles,
Apparel
&
Luxury
Goods
–
1.7%
10,260
Lululemon
Athletica,
Inc.*
4,008,069
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
STRATEGIC
GROWTH
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Textiles,
Apparel
&
Luxury
Goods
–
(continued)
28,312
NIKE,
Inc.,
Class
B
$
2,660,762
6,668,831
TOTAL
COMMON
STOCKS
(Cost
$169,644,427)
385,865,428
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.2%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
947,872
5.211%
947,872
(Cost
$947,872)
TOTAL
INVESTMENTS
–
100.1%
(Cost
$170,592,299)
$
386,813,300
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.1)%
(207,721)
NET
ASSETS
–
100.0%
$
386,605,579
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
U.S.
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
March
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.3%
Aerospace
&
Defense
–
2.0%
7,066
Lockheed
Martin
Corp.
$
3,214,111
8,127
Northrop
Grumman
Corp.
3,890,070
7,104,181
Air
Freight
&
Logistics
–
1.2%
28,731
United
Parcel
Service,
Inc.,
Class
B
4,270,289
Automobile
Components
–
0.4%
1,958
Aptiv
PLC*
155,955
9,768
Lear
Corp.
1,415,188
1,571,143
Automobiles
–
1.8%
273,188
Ford
Motor
Co.
3,627,937
15,869
Tesla,
Inc.*
2,789,611
6,417,548
Banks
–
3.5%
150,276
Bank
of
America
Corp.
5,698,466
74,180
Citigroup,
Inc.
4,691,143
656
First
Citizens
BancShares,
Inc.,
Class
A
1,072,560
3,992
JPMorgan
Chase &
Co.
799,598
12,261,767
Beverages
–
1.1%
67,468
Monster
Beverage
Corp.*
3,999,503
Biotechnology
–
0.5%
3,519
Moderna,
Inc.*
374,985
3,224
Vertex
Pharmaceuticals,
Inc.*
1,347,664
1,722,649
Broadline
Retail
–
4.5%
86,803
Amazon.com,
Inc.*
15,657,525
Capital
Markets
–
1.9%
3,253
Ameriprise
Financial,
Inc.
1,426,245
19,266
CME
Group,
Inc.
4,147,777
3,700
Morgan
Stanley
348,392
43,075
Robinhood
Markets,
Inc.,
Class
A*
867,100
6,789,514
Chemicals
–
2.9%
3,572
Ecolab,
Inc.
824,775
3,436
Linde
PLC
1,595,403
29,635
RPM
International,
Inc.
3,525,083
12,118
Sherwin-Williams
Co.
(The)
4,208,945
10,154,206
Commercial
Services
&
Supplies
–
1.0%
5,020
Cintas
Corp.
3,448,891
Communications
Equipment
–
2.3%
97,214
Cisco
Systems,
Inc.
4,851,951
8,885
Motorola
Solutions,
Inc.
3,153,997
8,005,948
Construction
Materials
–
1.0%
629
Martin
Marietta
Materials,
Inc.
386,168
11,084
Vulcan
Materials
Co.
3,025,046
3,411,214
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Finance
–
0.0%
3,138
Synchrony
Financial
$
135,311
Consumer
Staples
Distribution
&
Retail
–
1.8%
8,461
Costco
Wholesale
Corp.
6,198,782
Distributors
–
0.3%
2,684
Pool
Corp.
1,082,994
Electric
Utilities
–
0.6%
3,603
Entergy
Corp.
380,765
29,926
Xcel
Energy,
Inc.
1,608,523
1,989,288
Electrical
Equipment
–
1.7%
22,752
AMETEK,
Inc.
4,161,341
21,680
nVent
Electric
PLC
1,634,672
5,796,013
Energy
Equipment
&
Services
–
0.1%
9,601
TechnipFMC
PLC
(United
Kingdom)
241,081
Entertainment
–
1.6%
9,079
Netflix,
Inc.*
5,513,949
Financial
Services
–
6.3%
6,326
Affirm
Holdings,
Inc.*
235,707
23,485
Berkshire
Hathaway,
Inc.,
Class
B*
9,875,912
27,721
Fiserv,
Inc.*
4,430,370
25,853
Visa,
Inc.,
Class
A
7,215,055
21,757,044
Food
Products
–
0.6%
29,262
General
Mills,
Inc.
2,047,462
Gas
Utilities
–
0.9%
25,303
Atmos
Energy
Corp.
3,007,768
Health
Care
Equipment
&
Supplies
–
0.0%
868
Edwards
Lifesciences
Corp.*
82,946
Health
Care
Providers
&
Services
–
4.8%
36,904
Centene
Corp.*
2,896,226
5,207
Elevance
Health,
Inc.
2,700,038
18,375
Encompass
Health
Corp.
1,517,407
2,842
Humana,
Inc.
985,378
19,835
Quest
Diagnostics,
Inc.
2,640,237
12,134
UnitedHealth
Group,
Inc.
6,002,690
313
Universal
Health
Services,
Inc.,
Class
B
57,110
16,799,086
Health
Care
Technology
–
0.1%
1,057
Veeva
Systems,
Inc.,
Class
A*
244,896
Hotel
&
Resort
REITs
–
1.8%
182,792
Host
Hotels
&
Resorts,
Inc.
REIT
3,780,139
152,707
Park
Hotels
&
Resorts,
Inc.
REIT
2,670,845
6,450,984
Hotels,
Restaurants
&
Leisure
–
1.9%
2,417
Airbnb,
Inc.,
Class
A*
398,708
1,144
Chipotle
Mexican
Grill,
Inc.*
3,325,345
8,830
Darden
Restaurants,
Inc.
1,475,934
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
U.S.
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Hotels,
Restaurants
&
Leisure
–
(continued)
2,919
Wingstop,
Inc.
$
1,069,522
2,325
Wynn
Resorts
Ltd.
237,685
6,507,194
Household
Durables
–
0.9%
19,423
D.R.
Horton,
Inc.
3,196,055
Household
Products
–
0.1%
3,695
Kimberly-Clark
Corp.
477,948
Industrial
REITs
–
0.2%
14,925
First
Industrial
Realty
Trust,
Inc.
REIT
784,159
Insurance
–
3.0%
621
Kinsale
Capital
Group,
Inc.
325,864
20,457
MetLife,
Inc.
1,516,068
23,065
Progressive
Corp.
(The)
4,770,303
17,380
Travelers
Cos.,
Inc.
(The)
3,999,833
10,612,068
Interactive
Media
&
Services
–
6.4%
24,559
Alphabet,
Inc.,
Class
A*
3,706,690
70,087
Alphabet,
Inc.,
Class
C*
10,671,446
16,349
Meta
Platforms,
Inc.,
Class
A
7,938,747
3,350
Pinterest,
Inc.,
Class
A*
116,145
22,433,028
IT
Services
–
0.4%
2,794
Gartner,
Inc.*
1,331,816
801
International
Business
Machines
Corp.
152,959
1,484,775
Life
Sciences
Tools
&
Services
–
2.1%
16,475
IQVIA
Holdings,
Inc.*
4,166,363
3,918
Medpace
Holdings,
Inc.*
1,583,460
1,267
Mettler-Toledo
International,
Inc.*
1,686,744
7,436,567
Machinery
–
1.7%
1,844
Illinois
Tool
Works,
Inc.
494,801
4,061
Otis
Worldwide
Corp.
403,135
7,441
Parker-Hannifin
Corp.
4,135,633
7,561
Westinghouse
Air
Brake
Technologies
Corp.
1,101,487
6,135,056
Media
–
0.5%
19,812
Trade
Desk,
Inc.
(The),
Class
A*
1,731,965
Metals
&
Mining
–
0.5%
10,876
Steel
Dynamics,
Inc.
1,612,149
Oil,
Gas
&
Consumable
Fuels
–
1.8%
54,649
Antero
Midstream
Corp.
768,365
21,101
Antero
Resources
Corp.*
611,929
5,204
Cheniere
Energy,
Inc.
839,301
2,674
ConocoPhillips
340,347
77,071
Devon
Energy
Corp.
3,867,423
6,427,365
Pharmaceuticals
–
1.9%
1,592
Eli
Lilly
&
Co.
1,238,512
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Pharmaceuticals
–
(continued)
12,283
Johnson &
Johnson
$
1,943,048
106,681
Pfizer,
Inc.
2,960,398
3,854
Zoetis,
Inc.
652,135
6,794,093
Professional
Services
–
0.8%
12,961
FTI
Consulting,
Inc.*
2,725,569
Real
Estate
Management
&
Development
–
0.5%
18,059
CoStar
Group,
Inc.*
1,744,499
Semiconductors
&
Semiconductor
Equipment
–
8.6%
20,454
Applied
Materials,
Inc.
4,218,228
772
Broadcom,
Inc.
1,023,217
23,902
Intel
Corp.
1,055,751
2,520
KLA
Corp.
1,760,396
10,123
Micron
Technology,
Inc.
1,193,401
17,798
NVIDIA
Corp.
16,081,561
27,986
Texas
Instruments,
Inc.
4,875,441
30,207,995
Software
–
12.9%
10,856
Crowdstrike
Holdings,
Inc.,
Class
A*
3,480,325
851
HubSpot,
Inc.*
533,203
7,710
Intuit,
Inc.
5,011,500
59,277
Microsoft
Corp.
24,939,020
22,997
Oracle
Corp.
2,888,653
78,633
Palantir
Technologies,
Inc.,
Class
A*
1,809,345
12,223
Salesforce,
Inc.
3,681,323
3,698
ServiceNow,
Inc.*
2,819,355
45,162,724
Specialized
REITs
–
0.1%
1,202
SBA
Communications
Corp.
REIT
260,473
Specialty
Retail
–
2.3%
2,746
Five
Below,
Inc.*
498,070
8,512
Home
Depot,
Inc.
(The)
3,265,203
1,521
Lowe’s
Cos.,
Inc.
387,444
26,510
Ross
Stores,
Inc.
3,890,608
8,041,325
Technology
Hardware,
Storage
&
Peripherals
–
7.5%
136,928
Apple,
Inc.
23,480,413
23,625
Dell
Technologies,
Inc.,
Class
C
2,695,849
26,176,262
Textiles,
Apparel
&
Luxury
Goods
–
0.5%
1,906
Deckers
Outdoor
Corp.*
1,794,042
TOTAL
INVESTMENTS
–
99.3%
(Cost
$243,732,240)
$
347,907,293
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.7%
2,285,743
NET
ASSETS
–
100.0%
$
350,193,036
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
U.S.
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
**End
swaps
header**
*
Non-income
producing
security.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
March
31,
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)
March
31,
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)
March
31,
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
March
31,
2024:
International
Equity
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
1,491,667
$
29,643,421
$
—
Europe
3,736,392
55,831,177
—
North
America
1,107,136
7,935,335
—
Oceania
27,056
7,841,196
—
Total
$
6,362,251
$
101,251,129
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Large
Cap
Value
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
3,352,270
$
—
$
—
North
America
292,320,302
—
—
Investment
Company
1,204,270
—
—
Securities
Lending
Reinvestment
Vehicle
2,211,456
—
—
Total
$
299,088,298
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Mid
Cap
Growth
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
463,796
$
—
$
—
North
America
63,450,143
—
—
Investment
Company
186,198
—
—
Securities
Lending
Reinvestment
Vehicle
717,218
—
—
Total
$
64,817,355
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Mid
Cap
Value
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
3,845,921
$
—
$
—
North
America
463,279,095
—
—
Investment
Company
4,543,222
—
—
Securities
Lending
Reinvestment
Vehicle
3,478,144
—
—
Total
$
475,146,382
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
(continued)
March
31,
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,
Small
Cap
Equity
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
407,347
$
—
$
—
Asia
819,988
—
—
Europe
1,478,789
—
—
North
America
127,230,300
—
—
South
America
934,146
—
—
Investment
Company
442,291
—
—
Securities
Lending
Reinvestment
Vehicle
2,144,590
—
—
Total
$
133,457,451
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
35,128
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Strategic
Growth
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
6,218,020
$
—
$
—
North
America
379,647,408
—
—
Investment
Company
947,872
—
—
Total
$
386,813,300
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
U.S.
Equity
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
241,081
$
—
$
—
North
America
347,666,212
—
—
Total
$
347,907,293
$
—
$
—
€
1.00
€
1.00
€
1.00
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)
March
31,
2024
(Unaudited)
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Funds
may
experience
delay
in
the
recovery
of
their
securities
or
incur
a
loss
should
the
borrower
of
the
securities
breach
its
agreement
with
the
Funds
or
become
insolvent
at
a
time
when
the
collateral
is
insufficient
to
cover
the
cost
of
repurchasing
securities
on
loan.
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)
March
31,
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)