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)