NPORT-EX 2 303485GS093025.htm
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
September
30,
2025
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
97.7%
Australia
–
7.5%
85,130
Abacus
Group
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
$
69,548
1,654
ANZ
Group
Holdings
Ltd.
(Banks)
36,320
9,346
Bendigo
&
Adelaide
Bank
Ltd.
(Banks)
80,761
34,874
BHP
Group
Ltd.
(Materials)
974,213
30,607
Brambles
Ltd.
(Commercial
&
Professional
Services)
502,189
7,732
Capricorn
Metals
Ltd.
(Materials)*
67,315
4,770
CAR
Group
Ltd.
(Media
&
Entertainment)
116,010
2,055
Codan
Ltd.
(Technology
Hardware
&
Equipment)
40,115
13,190
Commonwealth
Bank
of
Australia
(Banks)
1,456,619
16,339
Develop
Global
Ltd.
(Materials)*
45,780
56,712
Evolution
Mining
Ltd.
(Materials)
404,274
134,309
Glencore
PLC
(Materials)*
618,577
3,431
HUB24
Ltd.
(Financial
Services)
228,764
1,534
JB
Hi-Fi
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
117,731
3,946
Macquarie
Group
Ltd.
(Financial
Services)
572,762
37,246
Northern
Star
Resources
Ltd.
(Materials)
581,608
13,777
Orica
Ltd.
(Materials)
192,405
27,239
Perenti
Ltd.
(Materials)
50,636
2,904
Pro
Medicus
Ltd.
(Health
Care
Equipment
&
Services)
591,242
10,829
Qantas
Airways
Ltd.
(Transportation)
78,248
19,259
Regis
Resources
Ltd.
(Materials)
76,089
781
Rio
Tinto
Ltd.
(Materials)
62,998
18,229
Rio
Tinto
PLC
ADR
(Materials)
1,203,296
17,007
Sandfire
Resources
Ltd.
(Materials)*
160,419
26,319
Suncorp
Group
Ltd.
(Insurance)
352,877
3,710
Technology
One
Ltd.
(Software
&
Services)
94,451
19,532
Telstra
Group
Ltd.
(Telecommunication
Services)
62,271
4,009
Wesfarmers
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
243,881
8,692
Westpac
Banking
Corp.
(Banks)
223,948
9,305,347
Austria
–
0.1%
865
BAWAG
Group
AG
(Banks)*
(a)
114,036
Shares
Description
Value
a
Common
Stocks
–
(continued)
Belgium
–
0.7%
361
Deme
Group
NV
(Capital
Goods)
$
52,844
4,483
KBC
Ancora
(Banks)
356,304
1,646
UCB
SA
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
459,456
868,604
China
–
1.4%
100,000
Lenovo
Group
Ltd.
(Technology
Hardware
&
Equipment)
148,179
134,000
Nexteer
Automotive
Group
Ltd.
(Automobiles
&
Components)
147,042
17,386
Prosus
NV
(Consumer
Discretionary
Distribution
&
Retail)*
1,229,452
85,400
Yangzijiang
Shipbuilding
Holdings
Ltd.
(Capital
Goods)
223,429
1,748,102
Denmark
–
1.8%
13,565
Danske
Bank
A/S
(Banks)
579,423
23,352
Novo
Nordisk
A/S,
Class
B
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,300,278
245
Ringkjoebing
Landbobank
A/S
(Banks)
56,932
2,191
Scandinavian
Tobacco
Group
A/S
(Food,
Beverage
&
Tobacco)
(a)
30,240
254
Sydbank
AS
(Banks)
20,419
13,153
Vestas
Wind
Systems
A/S
(Capital
Goods)
250,213
2,237,505
Finland
–
1.9%
109,761
Nokia
OYJ
(Technology
Hardware
&
Equipment)
527,819
81,927
Nordea
Bank
Abp
(Banks)
1,348,829
17,770
Wartsila
OYJ
Abp
(Capital
Goods)
533,006
2,409,654
France
–
11.8%
8,035
Air
Liquide
SA
(Materials)
1,674,146
26,903
AXA
SA
(Insurance)
1,290,134
1,197
Cie
Generale
des
Etablissements
Michelin
SCA
(Automobiles
&
Components)
43,108
2,756
Covivio
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
185,753
11,630
Danone
SA
(Food,
Beverage
&
Tobacco)
1,013,360
1,961
Dassault
Aviation
SA
(Capital
Goods)
660,609
9,728
Dassault
Systemes
(Software
&
Services)
327,260
442
Eiffage
SA
(Capital
Goods)
56,628
48,477
Engie
SA
(Utilities)
1,042,088
2,639
EssilorLuxottica
SA
(Health
Care
Equipment
&
Services)
859,665
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
France
–
(continued)
263
Gaztransport
Et
Technigaz
SA
(Energy)
$
48,839
250
Hermes
International
SCA
(Consumer
Durables
&
Apparel)
614,760
7,029
Legrand
SA
(Capital
Goods)
1,167,947
1,858
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Consumer
Durables
&
Apparel)
1,143,379
5,511
Safran
SA
(Capital
Goods)
1,955,685
3,098
Thales
SA
(Capital
Goods)
979,323
20,654
TotalEnergies
SE
(Energy)
1,258,008
2,628
Unibail-Rodamco-Westfield
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))*
276,767
6,662
Valeo
SE
(Automobiles
&
Components)
84,014
14,681,473
Germany
–
10.2%
4,685
Allianz
SE
(Insurance)
1,971,106
4,251
Aumovio
SE
(Automobiles
&
Components)*
175,280
12,354
Continental
AG
(Automobiles
&
Components)
817,292
37,136
Deutsche
Bank
AG
(Financial
Services)
1,315,202
33,746
E.ON
SE
(Utilities)
635,622
4,672
FUCHS
SE
(Materials)
167,425
52
Hannover
Rueck
SE
(Insurance)
15,691
6,131
Henkel
AG
&
Co.
KGaA
(Household
&
Personal
Products)
455,084
28,634
Infineon
Technologies
AG
(Semiconductors
&
Semiconductor
Equipment)
1,123,317
3,922
Knorr-Bremse
AG
(Capital
Goods)
369,016
8,277
Mercedes-Benz
Group
AG
(Automobiles
&
Components)
521,700
1,534
MTU
Aero
Engines
AG
(Capital
Goods)
707,692
393
Nemetschek
SE
(Software
&
Services)
51,287
125
Rheinmetall
AG
(Capital
Goods)
292,397
4,653
SAF-Holland
SE
(Automobiles
&
Components)
81,062
3,212
SAP
SE
(Software
&
Services)
860,069
1,094
Scout24
SE
(Media
&
Entertainment)
(a)
137,250
7,127
Siemens
AG
(Capital
Goods)
1,924,135
4,179
Siemens
Energy
AG
(Capital
Goods)*
491,363
4,364
Siemens
Healthineers
AG
(Health
Care
Equipment
&
Services)
(a)
236,381
2,984
Volkswagen
AG
(Automobiles
&
Components)
330,429
12,678,800
Shares
Description
Value
a
Common
Stocks
–
(continued)
Hong
Kong
–
2.1%
52,200
AIA
Group
Ltd.
(Insurance)
$
500,283
89,200
Dah
Sing
Banking
Group
Ltd.
(Banks)
112,288
9,500
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Financial
Services)
539,320
34,700
Hongkong
Land
Holdings
Ltd.
(Real
Estate
Management
&
Development)
219,651
27,271
Prudential
PLC
(Insurance)
381,787
4,500
Sun
Hung
Kai
Properties
Ltd.
(Real
Estate
Management
&
Development)
53,827
225,000
Swire
Pacific
Ltd.,
Class
B
(Capital
Goods)
337,705
18,200
Swire
Properties
Ltd.
(Real
Estate
Management
&
Development)
51,799
339,000
WH
Group
Ltd.
(Food,
Beverage
&
Tobacco)
(a)
367,120
2,563,780
Italy
–
2.0%
19,814
Banca
Mediolanum
SpA
(Financial
Services)
397,960
9,384
Banca
Monte
dei
Paschi
di
Siena
SpA
(Banks)
83,501
5,059
FinecoBank
Banca
Fineco
SpA
(Banks)
109,799
98,038
Intesa
Sanpaolo
SpA
(Banks)
648,931
1,485
Leonardo
SpA
(Capital
Goods)
95,020
9,564
RAI
Way
SpA
(Telecommunication
Services)
(a)
67,745
15,645
Saipem
SpA
(Energy)
45,290
14,134
UniCredit
SpA
(Banks)
1,075,529
2,523,775
Ivory
Coast
(Cote
D'Ivoire)
–
0.1%
3,907
Endeavour
Mining
PLC
(Materials)
163,379
Japan
–
22.7%
7,600
Advantest
Corp.
(Semiconductors
&
Semiconductor
Equipment)
751,965
9,900
ANA
Holdings,
Inc.
(Transportation)
191,263
39,400
Asia
Pile
Holdings
Corp.
(Materials)
330,432
2,100
Avex,
Inc.
(Media
&
Entertainment)
17,983
11,500
Canon,
Inc.
(Technology
Hardware
&
Equipment)
335,606
9,100
Chudenko
Corp.
(Capital
Goods)
242,091
3,200
Chugai
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
141,870
12,100
Chugin
Financial
Group,
Inc.
(Banks)
177,636
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
10,400
Computer
Engineering
&
Consulting
Ltd.
(Software
&
Services)
$
167,593
12,900
Cosel
Co.
Ltd.
(Capital
Goods)
104,619
9,000
Daido
Metal
Co.
Ltd.
(Automobiles
&
Components)
60,170
1,400
Daifuku
Co.
Ltd.
(Capital
Goods)
44,806
80,600
Dai-ichi
Life
Holdings,
Inc.
(Insurance)
634,013
7,500
Daiichi
Sankyo
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
168,752
15,600
Daito
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
129,730
14,500
Daitron
Co.
Ltd.
(Technology
Hardware
&
Equipment)
429,956
25,700
Daiwa
House
Industry
Co.
Ltd.
(Real
Estate
Management
&
Development)
923,016
58,000
Daiwa
Securities
Group,
Inc.
(Financial
Services)
471,313
6,300
Electric
Power
Development
Co.
Ltd.
(Utilities)
118,051
117,800
ENEOS
Holdings,
Inc.
(Energy)
746,052
9,900
ES-Con
Japan
Ltd.
(Consumer
Durables
&
Apparel)
69,061
700
Eslead
Corp.
(Consumer
Durables
&
Apparel)
25,729
400
Fast
Retailing
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
121,485
3,900
FJ
Next
Holdings
Co.
Ltd.
(Consumer
Durables
&
Apparel)
42,341
3,600
Focus
Systems
Corp.
(Software
&
Services)
39,013
7,500
Fuji
Electric
Co.
Ltd.
(Capital
Goods)
502,753
6,800
Fukui
Computer
Holdings,
Inc.
(Software
&
Services)
153,417
18,900
Gecoss
Corp.
(Capital
Goods)
177,349
21,200
Heiwa
Corp.
(Consumer
Services)
301,269
24,300
Hirakawa
Hewtech
Corp.
(Capital
Goods)
340,033
4,600
Hisamitsu
Pharmaceutical
Co.,
Inc.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
128,205
9,700
Hokuriku
Electric
Power
Co.
(Utilities)
55,349
4,200
H-One
Co.
Ltd.
(Automobiles
&
Components)
41,340
1,900
Icom,
Inc.
(Technology
Hardware
&
Equipment)
38,697
3,200
Inaba
Seisakusho
Co.
Ltd.
(Commercial
&
Professional
Services)
37,005
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
2,900
Iriso
Electronics
Co.
Ltd.
(Technology
Hardware
&
Equipment)
$
57,809
4,200
Isetan
Mitsukoshi
Holdings
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
77,457
4,000
IwaiCosmo
Holdings,
Inc.
(Financial
Services)
73,537
19,600
Japan
Material
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
241,637
94,400
Japan
Post
Holdings
Co.
Ltd.
(Insurance)
936,949
35,400
Japan
Tobacco,
Inc.
(Food,
Beverage
&
Tobacco)
1,161,016
23,100
JX
Advanced
Metals
Corp.
(Materials)
306,198
2,400
Kawai
Musical
Instruments
Manufacturing
Co.
Ltd.
(Consumer
Durables
&
Apparel)
41,835
38,500
KDDI
Corp.
(Telecommunication
Services)
614,018
3,300
Konami
Group
Corp.
(Media
&
Entertainment)
476,064
39,000
Kyocera
Corp.
(Technology
Hardware
&
Equipment)
523,914
2,900
Kyokuto
Boeki
Kaisha
Ltd.
(Capital
Goods)
35,664
4,400
Matsui
Construction
Co.
Ltd.
(Capital
Goods)
41,983
6,000
Meiwa
Corp.
(Capital
Goods)
34,295
23,500
Mitsubishi
Corp.
(Capital
Goods)
560,226
13,200
Mitsubishi
Electric
Corp.
(Capital
Goods)
339,025
13,000
Mitsubishi
Heavy
Industries
Ltd.
(Capital
Goods)
340,198
19,200
Mitsubishi
UFJ
Financial
Group,
Inc.
(Banks)
309,722
3,200
Mitsui
E&S
Co.
Ltd.
(Capital
Goods)
96,543
40,700
Mitsui
Fudosan
Co.
Ltd.
(Real
Estate
Management
&
Development)
443,065
3,000
Modec,
Inc.
(Energy)
167,369
4,000
Musashino
Bank
Ltd.
(The)
(Banks)
109,285
7,000
NEC
Capital
Solutions
Ltd.
(Financial
Services)
185,112
27,500
NGK
Insulators
Ltd.
(Capital
Goods)
459,685
1,300
Nippon
Electric
Glass
Co.
Ltd.
(Technology
Hardware
&
Equipment)
42,624
28,000
Nippon
Signal
Co.
Ltd.
(Technology
Hardware
&
Equipment)
230,375
32,000
Nippon
Thompson
Co.
Ltd.
(Capital
Goods)
148,242
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
700
Nissei
ASB
Machine
Co.
Ltd.
(Capital
Goods)
$
33,948
63,100
Nomura
Holdings,
Inc.
(Financial
Services)
462,439
461,500
NTT,
Inc.
(Telecommunication
Services)
482,416
1,000
Okura
Industrial
Co.
Ltd.
(Materials)
36,895
1,000
ORIX
Corp.
(Financial
Services)
26,246
4,200
Otsuka
Holdings
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
223,989
20,200
Panasonic
Holdings
Corp.
(Consumer
Durables
&
Apparel)
219,253
3,000
PCA
Corp.
(Software
&
Services)
40,526
14,600
Procrea
Holdings,
Inc.
(Banks)
171,097
2,400
Rasa
Corp.
(Capital
Goods)
27,089
16,800
Renesas
Electronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)
193,287
4,200
Riken
Technos
Corp.
(Materials)
35,733
4,600
Sakai
Chemical
Industry
Co.
Ltd.
(Materials)
88,437
4,000
San
ju
San
Financial
Group,
Inc.
(Banks)
97,507
500
Sanrio
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
23,470
1,000
Sawai
Group
Holdings
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
13,587
3,100
SCREEN
Holdings
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
280,898
2,300
Shindengen
Electric
Manufacturing
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
49,397
10,100
Shinsho
Corp.
(Capital
Goods)
152,024
16,700
Shionogi
&
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
294,252
13,400
Sodick
Co.
Ltd.
(Capital
Goods)
82,346
159,300
SoftBank
Corp.
(Telecommunication
Services)
234,298
1,400
SoftBank
Group
Corp.
(Telecommunication
Services)
176,653
11,300
Sony
Financial
Group,
Inc.
(Insurance)*
12,531
11,300
Sony
Group
Corp.
(Consumer
Durables
&
Apparel)
324,838
2,300
Space
Co.
Ltd.
(Commercial
&
Professional
Services)
21,780
3,400
SRA
Holdings
(Software
&
Services)
116,064
3,900
Sumitomo
Corp.
(Capital
Goods)
112,839
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
42,200
Sumitomo
Electric
Industries
Ltd.
(Automobiles
&
Components)
$
1,200,761
27,400
Sumitomo
Mitsui
Financial
Group,
Inc.
(Banks)
770,841
1,200
Sumitomo
Mitsui
Trust
Group,
Inc.
(Banks)
34,829
21,800
Suzuki
Co.
Ltd.
(Technology
Hardware
&
Equipment)
322,162
15,400
Taiho
Kogyo
Co.
Ltd.
(Automobiles
&
Components)
76,246
3,000
Takaoka
Toko
Co.
Ltd.
(Capital
Goods)
63,753
40,800
Takeda
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,198,312
6,300
Tazmo
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
103,823
25,100
TDK
Corp.
(Technology
Hardware
&
Equipment)
363,468
20,800
Tokyu
Fudosan
Holdings
Corp.
(Real
Estate
Management
&
Development)
171,926
4,600
TOPPAN
Holdings,
Inc.
(Commercial
&
Professional
Services)
117,861
3,700
Tosoh
Corp.
(Materials)
54,736
82,100
Toyota
Motor
Corp.
(Automobiles
&
Components)
1,576,851
26,200
TPR
Co.
Ltd.
(Automobiles
&
Components)
215,325
8,300
Tsugami
Corp.
(Capital
Goods)
133,442
38,500
Tsuruha
Holdings,
Inc.
(Consumer
Staples
Distribution
&
Retail)
616,349
10,100
Tv
Tokyo
Holdings
Corp.
(Media
&
Entertainment)
336,740
2,000
V
Technology
Co.
Ltd.
(Technology
Hardware
&
Equipment)
46,520
1,900
Wellneo
Sugar
Co.
Ltd.
(Food,
Beverage
&
Tobacco)
33,198
14,900
West
Japan
Railway
Co.
(Transportation)
326,726
10,400
Yamaha
Motor
Co.
Ltd.
(Automobiles
&
Components)
77,868
2,900
Yamaichi
Electronics
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
68,861
28,258,247
Liechtenstein
–
0.0%
232
VP
Bank
AG,
Class
A
(Financial
Services)
24,100
Netherlands
–
3.8%
83
Adyen
NV
(Financial
Services)*
(a)
133,554
2,013
Aegon
Ltd.
(Insurance)
16,229
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Netherlands
–
(continued)
235
Argenx
SE
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
$
173,630
426
ASM
International
NV
(Semiconductors
&
Semiconductor
Equipment)
256,942
2,953
ASML
Holding
NV
(Semiconductors
&
Semiconductor
Equipment)
2,879,729
1,602
EXOR
NV
(Financial
Services)
156,797
20,820
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples
Distribution
&
Retail)
842,471
3,383
Universal
Music
Group
NV
(Media
&
Entertainment)
97,760
1,185
Wolters
Kluwer
NV
(Commercial
&
Professional
Services)
161,752
4,718,864
New
Zealand
–
0.2%
11,963
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
(Health
Care
Equipment
&
Services)
256,962
Nigeria
–
0.0%
15,716
Airtel
Africa
PLC
(Telecommunication
Services)
(a)
51,611
Norway
–
0.5%
2,596
DNB
Bank
ASA
(Banks)
70,756
11,239
Kongsberg
Gruppen
ASA
(Capital
Goods)
359,169
6,481
Orkla
ASA
(Food,
Beverage
&
Tobacco)
67,758
1,248
Wilh
Wilhelmsen
Holding
ASA,
Class
A
(Transportation)
63,278
560,961
Portugal
–
0.2%
335,446
Banco
Comercial
Portugues
SA,
Class
R
(Banks)
297,791
Singapore
–
1.1%
38,000
Oversea-Chinese
Banking
Corp.
Ltd.
(Banks)
484,486
27,700
Singapore
Technologies
Engineering
Ltd.
(Capital
Goods)
184,968
160,600
Singapore
Telecommunications
Ltd.
(Telecommunication
Services)
513,449
8,500
United
Overseas
Bank
Ltd.
(Banks)
228,271
1,411,174
South
Africa
–
0.2%
7,063
Anglo
American
PLC
(Materials)
266,327
Shares
Description
Value
a
Common
Stocks
–
(continued)
Spain
–
2.3%
2,279
Aena
SME
SA
(Transportation)
(a)
$
62,306
52,373
Banco
Bilbao
Vizcaya
Argentaria
SA
(Banks)
1,009,209
93,338
Banco
Santander
SA
(Banks)
979,519
2,210
Befesa
SA
(Commercial
&
Professional
Services)
(a)
74,974
5,370
CaixaBank
SA
(Banks)
56,718
8,264
Industria
de
Diseno
Textil
SA
(Consumer
Discretionary
Distribution
&
Retail)
457,362
50,284
Prosegur
Cia
de
Seguridad
SA
(Commercial
&
Professional
Services)
172,597
2,812,685
Sweden
–
3.5%
1,123
Alfa
Laval
AB
(Capital
Goods)
51,282
6,383
Assa
Abloy
AB,
Class
B
(Capital
Goods)
222,179
20,403
Atlas
Copco
AB,
Class
B
(Capital
Goods)
307,013
8,898
Boliden
AB
(Materials)*
363,202
24,365
Epiroc
AB,
Class
B
(Capital
Goods)
460,948
4,467
Evolution
AB
(Consumer
Services)
(a)
367,741
866
Investor
AB,
Class
B
(Financial
Services)
27,110
942
Saab
AB,
Class
B
(Capital
Goods)
57,879
27,004
Sandvik
AB
(Capital
Goods)
754,367
7,592
SKF
AB,
Class
B
(Capital
Goods)
188,822
21,602
Svenska
Handelsbanken
AB,
Class
A
(Banks)
281,855
17,407
Swedbank
AB,
Class
A
(Banks)
525,443
86,358
Telefonaktiebolaget
LM
Ericsson,
Class
B
(Technology
Hardware
&
Equipment)
715,563
4,323,404
Switzerland
–
4.2%
18,718
ABB
Ltd.
(Capital
Goods)
1,354,497
1,772
Cie
Financiere
Richemont
SA
(Consumer
Durables
&
Apparel)
340,164
810
Schindler
Holding
AG
(Capital
Goods)
293,098
1,602
Schindler
Holding
AG
Participation
Certificates
(Capital
Goods)
609,203
625
SGS
SA
(Commercial
&
Professional
Services)
64,950
1,092
Sonova
Holding
AG
(Health
Care
Equipment
&
Services)
299,543
47,445
UBS
Group
AG
(Financial
Services)
1,950,632
626
Zurich
Insurance
Group
AG
(Insurance)
447,454
5,359,541
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
10.3%
251
3i
Group
PLC
(Financial
Services)
$
13,836
642
Admiral
Group
PLC
(Insurance)
28,976
23,144
AstraZeneca
PLC
ADR
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,775,608
6,278
Babcock
International
Group
PLC
(Capital
Goods)
112,944
35,218
BAE
Systems
PLC
(Capital
Goods)
980,344
13,534
Beazley
PLC
(Insurance)
165,520
10,877
Halma
PLC
(Technology
Hardware
&
Equipment)
506,333
99,361
HSBC
Holdings
PLC
(Banks)
1,402,294
28,047
Imperial
Brands
PLC
(Food,
Beverage
&
Tobacco)
1,191,478
414
InterContinental
Hotels
Group
PLC
(Consumer
Services)
50,057
2,581
Keller
Group
PLC
(Capital
Goods)
52,522
56,254
Kingfisher
PLC
(Consumer
Discretionary
Distribution
&
Retail)
234,341
2,860
Lancashire
Holdings
Ltd.
(Insurance)
25,963
1,025,879
Lloyds
Banking
Group
PLC
(Banks)
1,160,870
43,973
National
Grid
PLC
(Utilities)
631,834
99,227
NatWest
Group
PLC
(Banks)
700,875
3,362
Next
PLC
(Consumer
Discretionary
Distribution
&
Retail)
560,459
21,065
On
the
Beach
Group
PLC
(Consumer
Services)
(a)
62,930
25,173
Playtech
PLC
(Consumer
Services)
124,926
15,022
RELX
PLC
(Commercial
&
Professional
Services)
717,734
61,181
Rolls-Royce
Holdings
PLC
(Capital
Goods)
983,440
1,675
Smiths
Group
PLC
(Capital
Goods)
53,106
124,551
Tesco
PLC
(Consumer
Staples
Distribution
&
Retail)
746,520
40,890
Vodafone
Group
PLC
ADR
(Telecommunication
Services)
474,324
12,757,234
United
States
–
9.1%
1,342
Alcon
AG
(Health
Care
Equipment
&
Services)
100,938
14,596
BP
PLC
ADR
(Energy)
502,978
3,147
Carnival
PLC
ADR
(Consumer
Services)*
83,207
19,105
GSK
PLC
ADR
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
824,572
11,209
Holcim
AG
(Materials)*
956,403
25,470
Nestle
SA
(Food,
Beverage
&
Tobacco)
2,339,044
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
14,305
Novartis
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
$
1,839,314
4,512
Roche
Holding
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,502,422
16,205
Sanofi
SA
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,534,515
499
Schneider
Electric
SE
(Capital
Goods)
140,454
16,039
Shell
PLC
(Energy)
575,278
1,200
Spotify
Technology
SA
(Media
&
Entertainment)*
837,600
11,236,725
TOTAL
COMMON
STOCKS
(Cost
$102,122,680)
121,630,081
Units
Description
Expiration
Month
Value
aa
Right
–
0.0%
Italy
–
0.0%
276,108
Telecom
Italia
SpA*
(Cost
$0)
09/25
5
TOTAL
INVESTMENTS
–
97.7%
(Cost
$102,122,680)
$
121,630,086
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
2.3%
2,909,188
NET
ASSETS
–
100.0%
$
124,539,274
  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
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Additional
Investment
Information 
Sector
Name
%
of
Market
Value
Financials
23.5
%
Industrials
19.7
Health
Care
11.6
Consumer
Discretionary
10.1
Information
Technology
10.0
Materials
7.3
Consumer
Staples
7.3
Communication
Services
3.8
Energy
2.7
Utilities
2.0
Real
Estate
2.0
TOTAL
INVESTMENTS
100.0%
FUTURES
CONTRACTS
—
At
September
30,
2025,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
EURO
STOXX
50
Index
15
12/19/25
$
975,812
$
16,591
FTSE
100
Index
3
12/19/25
379,564
2,806
MSCI
Singapore
Index
1
10/30/25
34,680
(84)
SPI
200
Index
1
12/18/25
146,782
(190)
TOPIX
Index
2
12/11/25
424,789
4,118
Total
Futures
Contracts
$
23,241
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-LARGE
CAP
VALUE
FUND
Schedule
of
Investments
September
30,
2025
(Unaudited)
Shares
Description
Value
Common
Stocks
–
99.0%
Aerospace
&
Defense
–
1.3%
13,741
Woodward,
Inc.
$
3,472,488
Automobile
Components
–
0.9%
28,201
Aptiv
PLC
(Jersey)*
2,431,490
Banks
–
9.7%
158,786
Bank
of
America
Corp.
8,191,770
28,766
Citigroup,
Inc.
2,919,749
36,708
JPMorgan
Chase &
Co.
11,578,804
31,879
SOUTHSTATE
BANK
Corp.
3,151,877
25,842,200
Beverages
–
1.0%
39,619
Coca-Cola
Co.
(The)
2,627,532
Biotechnology
–
0.7%
1,251
Argenx
SE
ADR
(Netherlands)*
922,688
2,094
Madrigal
Pharmaceuticals,
Inc.*
960,434
1,883,122
Broadline
Retail
–
3.3%
40,113
Amazon.com,
Inc.*
8,807,611
Capital
Markets
–
3.2%
34,889
Morgan
Stanley
5,545,955
33,271
Nasdaq,
Inc.
2,942,820
8,488,775
Chemicals
–
2.9%
14,443
Air
Products
and
Chemicals,
Inc.
3,938,895
10,662
Sherwin-Williams
Co.
(The)
3,691,824
7,630,719
Commercial
Services
&
Supplies
–
1.2%
17,484
Waste
Connections,
Inc.
3,073,687
Communications
Equipment
–
2.3%
22,327
Arista
Networks,
Inc.*
3,253,267
6,150
Motorola
Solutions,
Inc.
2,812,334
6,065,601
Construction
Materials
–
0.9%
4,004
Martin
Marietta
Materials,
Inc.
2,523,641
Consumer
Finance
–
2.7%
7,382
American
Express
Co.
2,452,005
22,658
Capital
One
Financial
Corp.
4,816,638
7,268,643
Consumer
Staples
Distribution
&
Retail
–
3.0%
76,275
Walmart,
Inc.
7,860,901
Containers
&
Packaging
–
1.3%
71,841
International
Paper
Co.
3,333,422
Electric
Utilities
–
3.7%
53,197
Exelon
Corp.
2,394,397
51,015
NextEra
Energy,
Inc.
3,851,122
93,673
PPL
Corp.
3,480,889
9,726,408
Electrical
Equipment
–
4.3%
14,116
Eaton
Corp.
PLC
5,282,913
4,213
GE
Vernova,
Inc.
2,590,574
10,461
Rockwell
Automation,
Inc.
3,656,433
11,529,920
Shares
Description
Value
Common
Stocks
–
(continued)
Entertainment
–
1.4%
32,346
Walt
Disney
Co.
(The)
$
3,703,617
Financial
Services
–
2.7%
11,217
Berkshire
Hathaway,
Inc.,
Class
B*
5,639,234
45,655
Klarna
Group
PLC
(United
Kingdom)*
1,673,256
7,312,490
Ground
Transportation
–
2.5%
25,564
Old
Dominion
Freight
Line,
Inc.
3,598,900
13,432
Union
Pacific
Corp.
3,174,922
6,773,822
Health
Care
Equipment
&
Supplies
–
3.6%
40,520
Abbott
Laboratories
5,427,249
42,905
Boston
Scientific
Corp.*
4,188,815
9,616,064
Health
Care
Providers
&
Services
–
1.5%
11,739
UnitedHealth
Group,
Inc.
4,053,477
Hotels,
Restaurants
&
Leisure
–
1.9%
31,990
Chipotle
Mexican
Grill,
Inc.*
1,253,688
44,108
Starbucks
Corp.
3,731,537
4,985,225
Household
Products
–
2.3%
40,055
Procter &
Gamble
Co.
(The)
6,154,451
Industrial
Conglomerates
–
3.4%
30,333
3M
Co.
4,707,075
20,876
Honeywell
International,
Inc.
4,394,398
9,101,473
Industrial
REITs
–
1.7%
38,549
Prologis,
Inc.
REIT
4,414,631
Insurance
–
3.2%
22,118
Marsh
&
McLennan
Cos.,
Inc.
4,457,440
14,404
Travelers
Cos.,
Inc.
(The)
4,021,885
8,479,325
Interactive
Media
&
Services
–
5.4%
34,724
Alphabet,
Inc.,
Class
A
8,441,405
7,914
Meta
Platforms,
Inc.,
Class
A
5,811,883
14,253,288
IT
Services
–
1.5%
14,171
International
Business
Machines
Corp.
3,998,489
Life
Sciences
Tools
&
Services
–
2.5%
24,167
Agilent
Technologies,
Inc.
3,101,835
7,414
Thermo
Fisher
Scientific,
Inc.
3,595,938
6,697,773
Machinery
–
2.0%
11,327
Caterpillar,
Inc.
5,404,678
Multi-Utilities
–
1.2%
31,597
Ameren
Corp.
3,298,095
Office
REITs
–
1.0%
35,755
BXP,
Inc.
REIT
2,658,027
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-LARGE
CAP
VALUE
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Oil,
Gas
&
Consumable
Fuels
–
4.8%
41,295
Chevron
Corp.
$
6,412,701
18,356
DT
Midstream,
Inc.
2,075,329
39,351
Expand
Energy
Corp.
4,180,650
12,668,680
Pharmaceuticals
–
3.4%
48,736
Johnson &
Johnson
9,036,629
Residential
REITs
–
0.9%
13,194
AvalonBay
Communities,
Inc.
REIT
2,548,685
Semiconductors
&
Semiconductor
Equipment
–
3.1%
58,192
Intel
Corp.*
1,952,342
28,565
Marvell
Technology,
Inc.
2,401,460
21,056
NVIDIA
Corp.
3,928,628
8,282,430
Software
–
2.6%
5,725
Cadence
Design
Systems,
Inc.*
2,010,964
46,507
Dynatrace,
Inc.*
2,253,264
11,760
Salesforce,
Inc.
2,787,120
7,051,348
Specialty
Retail
–
2.6%
10,919
Home
Depot,
Inc.
(The)
4,424,270
17,004
TJX
Cos.,
Inc.
(The)
2,457,758
6,882,028
Shares
Description
Value
Common
Stocks
–
(continued)
Wireless
Telecommunication
Services
–
1.4%
16,008
T-Mobile
US,
Inc.
$
3,831,995
TOTAL
COMMON
STOCKS
(Cost
$212,231,486)
263,772,880
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.8%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
2,003,769
4.042%
2,003,769
(Cost
$2,003,769)
TOTAL
INVESTMENTS
–
99.8%
(Cost
$214,235,255)
$
265,776,649
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.2%
434,577
NET
ASSETS
–
100.0%
$
266,211,226
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-MID
CAP
GROWTH
FUND
Schedule
of
Investments
September
30,
2025
(Unaudited)
Shares
Description
Value
Common
Stocks
–
98.9%
Aerospace
&
Defense
–
7.3%
2,551
Axon
Enterprise,
Inc.*
$
1,830,700
10,335
Howmet
Aerospace,
Inc.
2,028,037
3,785
Woodward,
Inc.
956,507
4,815,244
Beverages
–
0.9%
6,710
Coca-Cola
Europacific
Partners
PLC
(United
Kingdom)
606,651
Biotechnology
–
6.0%
3,679
Alnylam
Pharmaceuticals,
Inc.*
1,677,624
4,803
Insmed,
Inc.*
691,680
1,023
Madrigal
Pharmaceuticals,
Inc.*
469,209
5,214
Neurocrine
Biosciences,
Inc.*
731,941
27,158
Roivant
Sciences
Ltd.*
410,901
3,981,355
Capital
Markets
–
5.9%
56,587
Blue
Owl
Capital,
Inc.
958,018
1,281
Coinbase
Global,
Inc.,
Class
A*
432,325
11,053
Jefferies
Financial
Group,
Inc.
723,087
2,508
MSCI,
Inc.
1,423,064
3,793
Nasdaq,
Inc.
335,491
3,871,985
Construction
&
Engineering
–
2.9%
4,630
Quanta
Services,
Inc.
1,918,765
Construction
Materials
–
1.9%
1,982
Martin
Marietta
Materials,
Inc.
1,249,215
Consumer
Staples
Distribution
&
Retail
–
1.2%
8,752
BJ's
Wholesale
Club
Holdings,
Inc.*
816,124
Electrical
Equipment
–
5.1%
3,029
Rockwell
Automation,
Inc.
1,058,726
15,279
Vertiv
Holdings
Co.,
Class
A
2,304,990
3,363,716
Electronic
Equipment,
Instruments
&
Components
–
2.3%
3,116
Jabil,
Inc.
676,702
36,152
Mirion
Technologies,
Inc.*
840,895
1,517,597
Entertainment
–
5.9%
8,164
Live
Nation
Entertainment,
Inc.*
1,333,998
14,751
ROBLOX
Corp.,
Class
A*
2,043,308
2,673
TKO
Group
Holdings,
Inc.
539,839
3,917,145
Financial
Services
–
1.7%
3,092
Corpay,
Inc.*
890,682
7,188
Klarna
Group
PLC
(United
Kingdom)*
263,440
1,154,122
Ground
Transportation
–
1.3%
5,922
Old
Dominion
Freight
Line,
Inc.
833,699
Health
Care
Equipment
&
Supplies
–
3.4%
2,559
Align
Technology,
Inc.*
320,438
9,647
Dexcom,
Inc.*
649,147
4,135
Insulet
Corp.*
1,276,598
2,246,183
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
Providers
&
Services
–
3.8%
7,986
Cencora,
Inc.
$
2,495,865
Health
Care
Technology
–
2.0%
4,355
Veeva
Systems,
Inc.,
Class
A*
1,297,398
Hotels,
Restaurants
&
Leisure
–
11.2%
1,396
Domino's
Pizza,
Inc.
602,667
3,362
DoorDash,
Inc.,
Class
A*
914,430
24,684
DraftKings,
Inc.,
Class
A*
923,182
5,457
Hilton
Worldwide
Holdings,
Inc.
1,415,764
6,416
Royal
Caribbean
Cruises
Ltd.
2,076,089
5,155
Texas
Roadhouse,
Inc.
856,503
2,467
Wingstop,
Inc.
620,895
7,409,530
Household
Durables
–
0.5%
2,398
Lennar
Corp.,
Class
A
302,244
Independent
Power
and
Renewable
Electricity
Producers
–
3.1%
10,433
Vistra
Corp.
2,044,033
Interactive
Media
&
Services
–
1.1%
3,270
Reddit,
Inc.,
Class
A*
752,067
IT
Services
–
2.8%
8,588
Cloudflare,
Inc.,
Class
A*
1,842,899
Life
Sciences
Tools
&
Services
–
2.6%
6,643
Agilent
Technologies,
Inc.
852,629
561
Mettler-Toledo
International,
Inc.*
688,689
693
West
Pharmaceutical
Services,
Inc.
181,795
1,723,113
Machinery
–
0.6%
2,110
ITT,
Inc.
377,184
Oil,
Gas
&
Consumable
Fuels
–
1.1%
6,669
Expand
Energy
Corp.
708,514
Professional
Services
–
1.2%
7,799
Booz
Allen
Hamilton
Holding
Corp.
779,510
Semiconductors
&
Semiconductor
Equipment
–
3.9%
2,032
Astera
Labs,
Inc.*
397,866
7,449
Marvell
Technology,
Inc.
626,237
1,334
Monolithic
Power
Systems,
Inc.
1,228,134
2,428
Teradyne,
Inc.
334,190
2,586,427
Software
–
10.2%
9,223
Datadog,
Inc.,
Class
A*
1,313,355
11,983
Dynatrace,
Inc.*
580,576
932
Fair
Isaac
Corp.*
1,394,766
1,754
HubSpot,
Inc.*
820,521
10,520
Netskope,
Inc.,
Class
A*
239,120
1,746
Tyler
Technologies,
Inc.*
913,438
8,964
Varonis
Systems,
Inc.*
515,161
3,167
Zscaler,
Inc.*
949,023
6,725,960
Specialty
Retail
–
4.3%
273
AutoZone,
Inc.*
1,171,236
4,579
Five
Below,
Inc.*
708,371
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-MID
CAP
GROWTH
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Specialty
Retail
–
(continued)
6,379
Ross
Stores,
Inc.
$
972,096
2,851,703
Textiles,
Apparel
&
Luxury
Goods
–
0.8%
11,934
On
Holding
AG,
Class
A
(Switzerland)*
505,405
Trading
Companies
&
Distributors
–
3.9%
32,256
Fastenal
Co.
1,581,834
1,036
United
Rentals,
Inc.
989,028
2,570,862
TOTAL
COMMON
STOCKS
(Cost
$51,179,913)
65,264,515
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.9%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
575,501
4.042%
575,501
(Cost
$575,501)
TOTAL
INVESTMENTS
–
99.8%
(Cost
$51,755,414)
$
65,840,016
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.2%
132,680
NET
ASSETS
–
100.0%
$
65,972,696
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-MID
CAP
VALUE
FUND
Schedule
of
Investments
September
30,
2025
(Unaudited)
Shares
Description
Value
Common
Stocks
–
99.2%
Aerospace
&
Defense
–
2.6%
26,834
L3Harris
Technologies,
Inc.
$
8,195,372
13,817
Woodward,
Inc.
3,491,694
11,687,066
Automobile
Components
–
1.2%
64,352
Aptiv
PLC
(Jersey)*
5,548,429
Banks
–
4.8%
115,290
Citizens
Financial
Group,
Inc.
6,128,817
129,069
Fifth
Third
Bancorp
5,750,024
110,574
First
Horizon
Corp.
2,500,078
38,721
SOUTHSTATE
BANK
Corp.
3,828,345
25,891
Wintrust
Financial
Corp.
3,429,004
21,636,268
Beverages
–
2.3%
113,547
Coca-Cola
Europacific
Partners
PLC
(United
Kingdom)
10,265,784
Broadline
Retail
–
0.4%
19,509
eBay,
Inc.
1,774,344
Building
Products
–
1.3%
50,461
Builders
FirstSource,
Inc.*
6,118,396
Capital
Markets
–
3.1%
61,067
Jefferies
Financial
Group,
Inc.
3,995,003
46,044
Nasdaq,
Inc.
4,072,592
36,019
Raymond
James
Financial,
Inc.
6,216,879
14,284,474
Chemicals
–
2.4%
141,602
Chemours
Co.
(The)
2,242,976
44,909
RPM
International,
Inc.
5,293,873
44,377
Westlake
Corp.
3,419,691
10,956,540
Construction
Materials
–
2.5%
17,688
Martin
Marietta
Materials,
Inc.
11,148,393
Consumer
Staples
Distribution
&
Retail
–
3.0%
80,618
BJ's
Wholesale
Club
Holdings,
Inc.*
7,517,629
58,508
Performance
Food
Group
Co.*
6,087,172
13,604,801
Containers
&
Packaging
–
1.8%
180,313
International
Paper
Co.
8,366,523
Electric
Utilities
–
4.0%
47,518
Entergy
Corp.
4,428,202
53,806
Exelon
Corp.
2,421,808
12,446
NRG
Energy,
Inc.
2,015,630
202,774
PG&E
Corp.
3,057,832
163,879
PPL
Corp.
6,089,744
18,013,216
Electrical
Equipment
–
5.3%
57,902
AMETEK,
Inc.
10,885,576
31,055
Rockwell
Automation,
Inc.
10,854,654
14,211
Vertiv
Holdings
Co.,
Class
A
2,143,872
23,884,102
Electronic
Equipment,
Instruments
&
Components
–
2.1%
12,672
Jabil,
Inc.
2,751,978
Shares
Description
Value
Common
Stocks
–
(continued)
Electronic
Equipment,
Instruments
&
Components
–
(continued)
290,672
Mirion
Technologies,
Inc.*
$
6,761,031
9,513,009
Entertainment
–
2.0%
20,580
Live
Nation
Entertainment,
Inc.*
3,362,772
29,019
TKO
Group
Holdings,
Inc.
5,860,677
9,223,449
Financial
Services
–
3.2%
98,769
Corebridge
Financial,
Inc.
3,165,547
102,337
Fidelity
National
Information
Services,
Inc.
6,748,102
45,298
Global
Payments,
Inc.
3,763,358
19,356
Klarna
Group
PLC
(United
Kingdom)*
709,397
14,386,404
Ground
Transportation
–
0.7%
10,208
Saia,
Inc.*
3,055,867
Health
Care
Providers
&
Services
–
3.1%
22,277
Cencora,
Inc.
6,962,231
11,909
Humana,
Inc.
3,098,365
20,349
Quest
Diagnostics,
Inc.
3,878,112
13,938,708
Health
Care
REITs
–
0.6%
37,645
Ventas,
Inc.
REIT
2,634,774
Hotels,
Restaurants
&
Leisure
–
1.2%
31,364
Boyd
Gaming
Corp.
2,711,418
7,931
Royal
Caribbean
Cruises
Ltd.
2,566,313
5,277,731
Household
Durables
–
2.1%
54,926
D.R.
Horton,
Inc.
9,308,309
Industrial
REITs
–
0.4%
158,112
Americold
Realty
Trust,
Inc.
REIT
1,935,291
Insurance
–
5.4%
34,343
American
Financial
Group,
Inc.
5,004,462
28,371
Arch
Capital
Group
Ltd.
2,574,101
47,075
Brown
&
Brown,
Inc.
4,415,164
26,817
Globe
Life,
Inc.
3,834,027
50,089
Prudential
Financial,
Inc.
5,196,233
42,967
Unum
Group
3,341,973
24,365,960
Life
Sciences
Tools
&
Services
–
2.3%
51,696
Agilent
Technologies,
Inc.
6,635,182
3,071
Mettler-Toledo
International,
Inc.*
3,769,990
10,405,172
Machinery
–
3.3%
14,335
IDEX
Corp.
2,333,164
56,682
Ingersoll
Rand,
Inc.
4,683,067
18,005
ITT,
Inc.
3,218,574
66,482
Stanley
Black
&
Decker,
Inc.
4,941,607
15,176,412
Metals
&
Mining
–
1.3%
41,561
Steel
Dynamics,
Inc.
5,794,850
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-MID
CAP
VALUE
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Multi-Utilities
–
4.3%
77,528
CMS
Energy
Corp.
$
5,679,701
173,688
NiSource,
Inc.
7,520,690
73,236
Public
Service
Enterprise
Group,
Inc.
6,112,277
19,312,668
Oil,
Gas
&
Consumable
Fuels
–
8.9%
169,921
BKV
Corp.
(Thailand)*
3,930,273
20,335
Cheniere
Energy,
Inc.
4,778,318
26,986
Diamondback
Energy,
Inc.
3,861,697
39,677
DT
Midstream,
Inc.
4,485,882
76,498
Expand
Energy
Corp.
8,127,147
46,210
Kinetik
Holdings,
Inc.
1,975,015
20,928
Marathon
Petroleum
Corp.
4,033,663
239,163
Permian
Resources
Corp.
3,061,286
46,438
Phillips
66
6,316,497
40,569,778
Passenger
Airlines
–
1.8%
86,730
United
Airlines
Holdings,
Inc.*
8,369,445
Pharmaceuticals
–
0.5%
61,834
Royalty
Pharma
PLC,
Class
A
2,181,504
Real
Estate
Management
&
Development
–
0.6%
17,208
CBRE
Group,
Inc.,
Class
A*
2,711,292
Residential
REITs
–
2.8%
131,001
American
Homes
4
Rent,
Class
A
REIT
4,355,783
28,820
AvalonBay
Communities,
Inc.
REIT
5,567,159
24,014
Camden
Property
Trust
REIT
2,564,215
12,487,157
Semiconductors
&
Semiconductor
Equipment
–
2.8%
66,540
Marvell
Technology,
Inc.
5,594,018
64,517
Microchip
Technology,
Inc.
4,143,282
21,854
Teradyne,
Inc.
3,007,984
12,745,284
Software
–
1.1%
65,921
Dynatrace,
Inc.*
3,193,872
71,422
Netskope,
Inc.,
Class
A*
1,623,422
4,817,294
Specialized
REITs
–
3.3%
31,501
Digital
Realty
Trust,
Inc.
REIT
5,445,893
30,015
Extra
Space
Storage,
Inc.
REIT
4,230,314
165,460
VICI
Properties,
Inc.
REIT
5,395,651
15,071,858
Specialty
Retail
–
2.7%
744
AutoZone,
Inc.*
3,191,938
60,530
Ross
Stores,
Inc.
9,224,167
12,416,105
Technology
Hardware,
Storage
&
Peripherals
–
3.3%
260,739
Hewlett
Packard
Enterprise
Co.
6,403,750
72,500
Western
Digital
Corp.
8,704,350
15,108,100
Textiles,
Apparel
&
Luxury
Goods
–
1.2%
48,140
Tapestry,
Inc.
5,450,411
Shares
Description
Value
Common
Stocks
–
(continued)
Trading
Companies
&
Distributors
–
3.5%
145,889
Fastenal
Co.
$
7,154,397
9,005
United
Rentals,
Inc.
8,596,713
15,751,110
TOTAL
COMMON
STOCKS
(Cost
$366,309,224)
449,296,278
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.7%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
3,120,758
4.042%
3,120,758
(Cost
$3,120,758)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$369,429,982)
$
452,417,036
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
658,322
NET
ASSETS
–
100.0%
$
453,075,358
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
September
30,
2025
(Unaudited)
Shares
Description
Value
Common
Stocks
–
98.0%
Aerospace
&
Defense
–
1.3%
23,215
Archer
Aviation,
Inc.,
Class
A*
$
222,400
10,340
Mercury
Systems,
Inc.*
800,316
5,943
Moog,
Inc.,
Class
A
1,234,183
2,256,899
Automobile
Components
–
1.3%
24,442
Adient
PLC*
588,563
16,752
American
Axle &
Manufacturing
Holdings,
Inc.*
100,680
1,120
Gentherm,
Inc.*
38,147
2,650
LCI
Industries
246,848
5,326
Motorcar
Parts
of
America,
Inc.*
88,092
15,289
Phinia,
Inc.
878,812
85,010
Solid
Power,
Inc.*
294,985
2,236,127
Banks
–
8.7%
2,281
Amerant
Bancorp,
Inc.
43,955
10,867
Ameris
Bancorp
796,660
28,069
Associated
Banc-Corp.
721,654
3,077
BancFirst
Corp.
389,087
3,699
Bank
of
Hawaii
Corp.
242,802
2,395
Blue
Foundry
Bancorp*
21,771
450
Business
First
Bancshares,
Inc.
10,624
74,435
Capitol
Federal
Financial,
Inc.
472,662
3,166
Central
Pacific
Financial
Corp.
96,056
1,157
Chemung
Financial
Corp.
60,766
5,216
Community
Trust
Bancorp,
Inc.
291,835
19,118
Dime
Community
Bancshares,
Inc.
570,290
5,989
FB
Financial
Corp.
333,827
500
Fidelity
D&D
Bancorp,
Inc.
21,915
584
First
Bancorp,
Inc.
(The)
15,336
17,188
First
Financial
Bancorp
433,997
15,126
First
Financial
Bankshares,
Inc.
508,990
2,862
First
Internet
Bancorp
64,195
10,678
First
Merchants
Corp.
402,561
935
Flushing
Financial
Corp.
12,912
3,391
Fulton
Financial
Corp.
63,174
407
Glacier
Bancorp,
Inc.
19,809
12,922
Hancock
Whitney
Corp.
809,046
13,961
Hanmi
Financial
Corp.
344,697
1,621
Home
Bancorp,
Inc.
88,061
3,269
HomeTrust
Bancshares,
Inc.
133,833
9,722
International
Bancshares
Corp.
668,387
7,569
Live
Oak
Bancshares,
Inc.
266,580
2,818
Northeast
Community
Bancorp,
Inc.
57,966
8,676
Northrim
BanCorp,
Inc.
187,922
5,385
Origin
Bancorp,
Inc.
185,890
1,011
Park
National
Corp.
164,318
15,407
Provident
Financial
Services,
Inc.
297,047
6,597
Red
River
Bancshares,
Inc.
427,618
796
Republic
Bancorp,
Inc.,
Class
A
57,511
1,218
Seacoast
Banking
Corp.
of
Florida
37,064
8,902
ServisFirst
Bancshares,
Inc.
716,878
1,303
Sierra
Bancorp
37,670
773
SmartFinancial,
Inc.
27,619
595
Sound
Financial
Bancorp,
Inc.
27,406
5,807
Southern
First
Bancshares,
Inc.*
256,205
Shares
Description
Value
Common
Stocks
–
(continued)
Banks
–
(continued)
11,306
Southside
Bancshares,
Inc.
$
319,394
8,874
Texas
Capital
Bancshares,
Inc.*
750,119
4,862
TriCo
Bancshares
215,921
14,002
TrustCo
Bank
Corp.
508,273
8,518
Trustmark
Corp.
337,313
4,749
UMB
Financial
Corp.
562,044
21,919
United
Community
Banks,
Inc.
687,161
881
Univest
Financial
Corp.
26,448
15,372
Washington
Trust
Bancorp,
Inc.
444,251
19,195
WesBanco,
Inc.
612,896
3,496
Westamerica
BanCorp
174,765
15,025,181
Biotechnology
–
6.2%
25,333
ACADIA
Pharmaceuticals,
Inc.*
540,606
1,878
Akero
Therapeutics,
Inc.*
89,167
84,319
Amicus
Therapeutics,
Inc.*
664,434
106,286
Annexon,
Inc.*
324,172
772
Arcellx,
Inc.*
63,381
5,667
Arcturus
Therapeutics
Holdings,
Inc.*
104,443
4,670
Arcus
Biosciences,
Inc.*
63,512
4,767
Arcutis
Biotherapeutics,
Inc.*
89,858
19,038
Ardelyx,
Inc.*
104,899
6,954
Astria
Therapeutics,
Inc.*
50,625
3,196
Aurinia
Pharmaceuticals,
Inc.
(Canada)*
35,316
6,546
Avidity
Biosciences,
Inc.*
285,209
22,217
BioCryst
Pharmaceuticals,
Inc.*
168,627
10,733
Celldex
Therapeutics,
Inc.*
277,663
13,217
Cogent
Biosciences,
Inc.*
189,796
3,666
CRISPR
Therapeutics
AG
(Switzerland)*
237,594
14,464
Cullinan
Therapeutics,
Inc.*
85,772
1,420
Cytokinetics,
Inc.*
78,043
54,922
Denali
Therapeutics,
Inc.*
797,467
9,376
Design
Therapeutics,
Inc.*
70,601
24,705
Dyne
Therapeutics,
Inc.*
312,518
2,320
Enanta
Pharmaceuticals,
Inc.*
27,770
3,593
Entrada
Therapeutics,
Inc.*
20,839
113,427
Erasca,
Inc.*
247,271
15,795
Heron
Therapeutics,
Inc.*
19,902
15,379
ImmunityBio,
Inc.*
(a)
37,832
15,692
Immunovant,
Inc.*
252,955
2,192
Janux
Therapeutics,
Inc.*
53,573
27,277
Keros
Therapeutics,
Inc.*
431,522
3,280
Kodiak
Sciences,
Inc.*
53,694
1,065
Krystal
Biotech,
Inc.*
188,004
8,621
Kymera
Therapeutics,
Inc.*
487,949
32,982
Larimar
Therapeutics,
Inc.*
106,532
7,527
Lexeo
Therapeutics,
Inc.*
49,979
1,418
Madrigal
Pharmaceuticals,
Inc.*
650,380
2,956
MeiraGTx
Holdings
PLC*
24,328
24,812
Myriad
Genetics,
Inc.*
179,391
7,434
Nurix
Therapeutics,
Inc.*
68,690
3,527
Nuvalent,
Inc.,
Class
A*
305,015
10,495
Olema
Pharmaceuticals,
Inc.*
102,746
5,889
Praxis
Precision
Medicines,
Inc.*
312,117
3,007
Recursion
Pharmaceuticals,
Inc.,
Class
A*
(a)
14,674
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Biotechnology
–
(continued)
26,324
Relay
Therapeutics,
Inc.*
$
137,411
2,070
Rhythm
Pharmaceuticals,
Inc.*
209,049
14,393
Rigel
Pharmaceuticals,
Inc.*
407,754
8,528
Solid
Biosciences,
Inc.*
52,618
3,960
Spyre
Therapeutics,
Inc.*
66,370
15,628
TG
Therapeutics,
Inc.*
564,562
1,521
Travere
Therapeutics,
Inc.*
36,352
12,703
Twist
Bioscience
Corp.*
357,462
21,322
Veracyte,
Inc.*
731,984
10,832,428
Broadline
Retail
–
0.0%
1,477
Kohl's
Corp.
22,701
Building
Products
–
0.7%
12,606
Griffon
Corp.
959,947
2,495
Tecnoglass,
Inc.
166,940
1,126,887
Capital
Markets
–
1.7%
38,210
BGC
Group,
Inc.,
Class
A
361,467
27,707
DigitalBridge
Group,
Inc.
324,172
1,948
Perella
Weinberg
Partners
41,531
2,419
Piper
Sandler
Cos.
839,369
15,362
Victory
Capital
Holdings,
Inc.,
Class
A
994,843
27,887
WisdomTree,
Inc.
387,629
2,949,011
Chemicals
–
1.3%
25,178
Aspen
Aerogels,
Inc.*
175,239
8,899
Avient
Corp.
293,222
965
Hawkins,
Inc.
176,325
11,040
Innospec,
Inc.
851,846
5,476
Minerals
Technologies,
Inc.
340,169
2,863
Orion
SA
(Germany)
21,702
13,046
PureCycle
Technologies,
Inc.*
171,555
2,533
Stepan
Co.
120,824
2,150,882
Commercial
Services
&
Supplies
–
1.6%
1,249
BrightView
Holdings,
Inc.*
16,736
13,805
Deluxe
Corp.
267,265
28,843
Healthcare
Services
Group,
Inc.*
485,428
20,236
HNI
Corp.
948,056
3,379
Interface,
Inc.
97,788
387
Liquidity
Services,
Inc.*
10,615
28,471
Montrose
Environmental
Group,
Inc.*
781,814
627
OPENLANE,
Inc.*
18,045
7,428
Perma-Fix
Environmental
Services,
Inc.*
75,023
2,885
Pitney
Bowes,
Inc.
32,918
2,733,688
Communications
Equipment
–
0.6%
7,455
Applied
Optoelectronics,
Inc.*
193,308
37,230
CommScope
Holding
Co.,
Inc.*
576,320
4,186
Harmonic,
Inc.*
42,614
5,105
NETGEAR,
Inc.*
165,351
977,593
Shares
Description
Value
Common
Stocks
–
(continued)
Construction
&
Engineering
–
2.8%
719
Arcosa,
Inc.
$
67,377
2,236
Argan,
Inc.
603,832
8,513
Centuri
Holdings,
Inc.*
180,220
2,201
Dycom
Industries,
Inc.*
642,164
326
IES
Holdings,
Inc.*
129,634
383
Limbach
Holdings,
Inc.*
37,197
15,465
Matrix
Service
Co.*
202,282
3,066
MYR
Group,
Inc.*
637,820
10,045
Primoris
Services
Corp.
1,379,480
15,005
Tutor
Perini
Corp.*
984,178
4,864,184
Construction
Materials
–
0.7%
2,057
Knife
River
Corp.*
158,122
8,082
United
States
Lime
&
Minerals,
Inc.
1,063,187
1,221,309
Consumer
Finance
–
1.6%
1,345
Dave,
Inc.*
268,126
14,602
Encore
Capital
Group,
Inc.*
609,488
2,098
Enova
International,
Inc.*
241,459
744
LendingTree,
Inc.*
48,159
8,348
Medallion
Financial
Corp.
84,315
29,631
OppFi,
Inc.
335,719
5,690
PROG
Holdings,
Inc.
184,128
11,592
Regional
Management
Corp.
451,624
6,787
Upstart
Holdings,
Inc.*
344,780
629
World
Acceptance
Corp.*
106,389
2,674,187
Consumer
Staples
Distribution
&
Retail
–
0.5%
11,894
Chefs'
Warehouse,
Inc.
(The)*
693,777
12,455
Grocery
Outlet
Holding
Corp.*
199,903
893,680
Distributors
–
0.0%
1,051
GigaCloud
Technology,
Inc.,
Class
A
(Hong
Kong)*
29,848
1,065
Weyco
Group,
Inc.
32,046
61,894
Diversified
Consumer
Services
–
2.5%
65,976
Coursera,
Inc.*
772,579
81,245
European
Wax
Center,
Inc.,
Class
A*
324,168
6,173
Frontdoor,
Inc.*
415,381
724
Graham
Holdings
Co.,
Class
B
852,373
32,618
Laureate
Education,
Inc.*
1,028,772
1,852
Perdoceo
Education
Corp.
69,746
3,262
Stride,
Inc.*
485,842
7,423
Udemy,
Inc.*
52,035
12,053
Universal
Technical
Institute,
Inc.*
392,325
4,393,221
Diversified
REITs
–
1.0%
10,120
Alexander
&
Baldwin,
Inc.
REIT
184,083
2,577
Alpine
Income
Property
Trust,
Inc.
REIT
36,516
14,614
American
Assets
Trust,
Inc.
REIT
296,956
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Diversified
REITs
–
(continued)
27,137
Armada
Hoffler
Properties,
Inc.
REIT
$
190,230
58,634
Broadstone
Net
Lease,
Inc.
REIT
1,047,790
1,755,575
Diversified
Telecommunication
Services
–
0.4%
4,722
ATN
International,
Inc.
70,688
20,409
Bandwidth,
Inc.,
Class
A*
340,218
3,146
Globalstar,
Inc.*
114,483
334
IDT
Corp.,
Class
B
17,472
13,225
Shenandoah
Telecommunications
Co.
177,479
720,340
Electric
Utilities
–
0.4%
2,428
Genie
Energy
Ltd.,
Class
B
36,298
5,871
Oklo,
Inc.*
655,380
691,678
Electrical
Equipment
–
2.5%
13,559
American
Superconductor
Corp.*
805,269
6,596
Array
Technologies,
Inc.*
53,757
10,565
Bloom
Energy
Corp.,
Class
A*
893,482
1,691
Enovix
Corp.*
16,859
6,971
Eos
Energy
Enterprises,
Inc.*
(a)
79,400
11,839
NEXTracker,
Inc.,
Class
A*
875,968
5,786
NuScale
Power
Corp.*
(a)
208,296
32,242
Plug
Power,
Inc.*
(a)
75,124
1,301
Powell
Industries,
Inc.
396,558
21,145
Sunrun,
Inc.*
365,597
7,709
Thermon
Group
Holdings,
Inc.*
205,984
7,178
Vicor
Corp.*
356,890
4,333,184
Electronic
Equipment,
Instruments
&
Components
–
3.3%
1,139
Advanced
Energy
Industries,
Inc.
193,789
1,128
CTS
Corp.
45,052
3,025
Fabrinet
(Thailand)*
1,102,976
45,146
Knowles
Corp.*
1,052,353
216
OSI
Systems,
Inc.*
53,836
1,516
Ouster,
Inc.*
41,008
4,381
Richardson
Electronics
Ltd.
42,890
10,791
Sanmina
Corp.*
1,242,152
19,687
TTM
Technologies,
Inc.*
1,133,971
53,466
Vishay
Intertechnology,
Inc.
818,030
5,726,057
Energy
Equipment
&
Services
–
1.8%
167,995
Borr
Drilling
Ltd.
(Mexico)*
451,907
25,174
Expro
Group
Holdings
NV*
299,067
30,280
Helix
Energy
Solutions
Group,
Inc.*
198,637
3,011
Natural
Gas
Services
Group,
Inc.
84,278
12,512
Noble
Corp.
PLC
353,839
38,170
Oceaneering
International,
Inc.*
945,853
3,186
Oil
States
International,
Inc.*
19,307
23,265
Seadrill
Ltd.
(Norway)*
702,836
8,810
TETRA
Technologies,
Inc.*
50,657
21,970
Transocean
Ltd.*
68,546
3,174,927
Shares
Description
Value
Common
Stocks
–
(continued)
Entertainment
–
0.6%
38,037
AMC
Entertainment
Holdings,
Inc.,
Class
A*
$
110,307
6,730
Cinemark
Holdings,
Inc.
188,575
12,894
Madison
Square
Garden
Entertainment
Corp.*
583,325
45,404
Playtika
Holding
Corp.
176,622
1,917
Starz
Entertainment
Corp.*
28,237
1,087,066
Financial
Services
–
2.1%
2,904
Alerus
Financial
Corp.
64,295
23,931
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
(Panama)
1,100,108
2,948
Jackson
Financial,
Inc.,
Class
A
298,426
50,236
Marqeta,
Inc.,
Class
A*
265,246
19,171
NCR
Atleos
Corp.*
753,612
15,032
Payoneer
Global,
Inc.*
90,944
11,875
Remitly
Global,
Inc.*
193,562
770
Sezzle,
Inc.*
61,238
1,885
SWK
Holdings
Corp.
27,427
2,784
Velocity
Financial,
Inc.*
50,502
5,603
Walker &
Dunlop,
Inc.
468,523
3,373,883
Food
Products
–
0.6%
37,970
BRC,
Inc.,
Class
A*
59,233
10,191
Cal-Maine
Foods,
Inc.
958,973
1,018,206
Gas
Utilities
–
0.5%
3,188
New
Jersey
Resources
Corp.
153,502
9,663
ONE
Gas,
Inc.
782,123
935,625
Ground
Transportation
–
0.1%
52,262
FTAI
Infrastructure,
Inc.
227,862
Health
Care
Equipment
&
Supplies
–
2.9%
20,197
Accuray,
Inc.*
33,729
20,153
AtriCure,
Inc.*
710,393
106,048
Cerus
Corp.*
168,616
6,074
Delcath
Systems,
Inc.*
65,295
12,841
Embecta
Corp.
181,187
5,758
Glaukos
Corp.*
469,565
5,514
Haemonetics
Corp.*
268,752
30,019
Inogen,
Inc.*
245,255
7,817
Integer
Holdings
Corp.*
807,731
8,246
iRadimed
Corp.
586,785
2,053
iRhythm
Technologies,
Inc.*
353,095
832
LeMaitre
Vascular,
Inc.
72,808
7,810
PROCEPT
BioRobotics
Corp.*
278,739
839
Pro-Dex,
Inc.*
28,400
10,864
Pulmonx
Corp.*
17,600
6,548
QuidelOrtho
Corp.*
192,839
5,976
SI-BONE,
Inc.*
87,967
4,214
TransMedics
Group,
Inc.*
472,811
7,004
Varex
Imaging
Corp.*
86,850
5,128,417
Health
Care
Providers
&
Services
–
2.7%
313
Addus
HomeCare
Corp.*
36,931
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
Providers
&
Services
–
(continued)
24,083
agilon
health,
Inc.*
$
24,806
20,121
Ardent
Health,
Inc.*
266,603
9,129
Aveanna
Healthcare
Holdings,
Inc.*
80,974
1,963
CorVel
Corp.*
151,975
26,417
Enhabit,
Inc.*
211,600
2,566
GeneDx
Holdings
Corp.*
276,461
7,859
Guardant
Health,
Inc.*
491,030
8,503
HealthEquity,
Inc.*
805,829
12,776
Hims
&
Hers
Health,
Inc.*
724,655
6,133
Joint
Corp.
(The)*
58,509
30,958
LifeStance
Health
Group,
Inc.*
170,269
24,096
Nano-X
Imaging
Ltd.
(Israel)*
(a)
89,155
164
Nutex
Health,
Inc.*
16,944
13,669
Pennant
Group,
Inc.
(The)*
344,732
15,555
Privia
Health
Group,
Inc.*
387,320
64,231
Viemed
Healthcare,
Inc.*
436,129
4,573,922
Health
Care
REITs
–
0.1%
742
Community
Healthcare
Trust,
Inc.
REIT
11,353
5,603
Global
Medical
REIT,
Inc.
REIT
188,877
200,230
Health
Care
Technology
–
0.6%
13,268
OptimizeRx
Corp.*
271,994
10,546
Phreesia,
Inc.*
248,042
11,353
Waystar
Holding
Corp.*
430,506
950,542
Hotel
&
Resort
REITs
–
1.6%
81,463
Apple
Hospitality
REIT,
Inc.
REIT
978,371
8,367
Braemar
Hotels
&
Resorts,
Inc.
REIT
22,842
49,182
Chatham
Lodging
Trust
REIT
330,011
90,152
RLJ
Lodging
Trust
REIT
649,094
30,106
Service
Properties
Trust
REIT
81,587
1,987
Summit
Hotel
Properties,
Inc.
REIT
10,909
50,076
Xenia
Hotels
&
Resorts,
Inc.
REIT
687,043
2,759,857
Hotels,
Restaurants
&
Leisure
–
1.6%
61,893
Brightstar
Lottery
PLC
(a)
1,067,654
1,895
Brinker
International,
Inc.*
240,058
1,111
Hilton
Grand
Vacations,
Inc.*
46,451
8,636
Lindblad
Expeditions
Holdings,
Inc.*
110,541
3,276
RCI
Hospitality
Holdings,
Inc.
99,951
17,582
Red
Rock
Resorts,
Inc.,
Class
A
1,073,557
1,681
Shake
Shack,
Inc.,
Class
A*
157,358
1,154
Super
Group
SGHC
Ltd.
(Guernsey)
15,233
2,810,803
Household
Durables
–
1.1%
3,191
Century
Communities,
Inc.
202,214
14,550
Ethan
Allen
Interiors,
Inc.
428,643
2,077
Green
Brick
Partners,
Inc.*
153,407
Shares
Description
Value
Common
Stocks
–
(continued)
Household
Durables
–
(continued)
4,746
LGI
Homes,
Inc.*
$
245,416
11,440
Meritage
Homes
Corp.
828,599
1,858,279
Household
Products
–
0.6%
38,110
Energizer
Holdings,
Inc.
948,558
Independent
Power
and
Renewable
Electricity
Producers
–
0.6%
11,132
Ormat
Technologies,
Inc.
1,071,455
Industrial
REITs
–
0.6%
112,294
LXP
Industrial
Trust
REIT
1,006,154
Insurance
–
1.9%
10,067
Ambac
Financial
Group,
Inc.*
83,959
15,317
AMERISAFE,
Inc.
671,497
1,805
Bowhead
Specialty
Holdings,
Inc.*
48,807
1,300
HCI
Group,
Inc.
249,509
4,911
Lemonade,
Inc.*
262,886
19,869
Oscar
Health,
Inc.,
Class
A*
376,120
4,282
Selective
Insurance
Group,
Inc.
347,142
13,099
Stewart
Information
Services
Corp.
960,419
12,931
Universal
Insurance
Holdings,
Inc.
340,085
3,340,424
Interactive
Media
&
Services
–
0.3%
11,319
Grindr,
Inc.
(Singapore)*
170,011
26,204
QuinStreet,
Inc.*
405,376
575,387
IT
Services
–
0.5%
10,283
Applied
Digital
Corp.*
235,892
6,755
BigBear.ai
Holdings,
Inc.*
(a)
44,043
10,669
DigitalOcean
Holdings,
Inc.*
364,453
38,705
Fastly,
Inc.,
Class
A*
330,928
4,557
TSS,
Inc.*
(a)
82,527
1,057,843
Leisure
Products
–
1.0%
5,394
JAKKS
Pacific,
Inc.
101,030
21,081
MasterCraft
Boat
Holdings,
Inc.*
452,398
105,595
Peloton
Interactive,
Inc.,
Class
A*
950,355
17,755
Smith
&
Wesson
Brands,
Inc.
174,532
1,678,315
Life
Sciences
Tools
&
Services
–
1.1%
41,436
10X
Genomics,
Inc.,
Class
A*
484,387
58,386
Adaptive
Biotechnologies
Corp.*
873,454
77,723
Cytek
Biosciences,
Inc.*
269,699
1,854
Mesa
Laboratories,
Inc.
124,237
3,515
Niagen
Bioscience,
Inc.*
32,795
1,784,572
Machinery
–
2.9%
297
Astec
Industries,
Inc.
14,295
11,807
Atmus
Filtration
Technologies,
Inc.
532,377
2,290
Chart
Industries,
Inc.*
458,343
1,760
Eastern
Co.
(The)
41,290
2,596
ESCO
Technologies,
Inc.
548,042
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Machinery
–
(continued)
6,953
Federal
Signal
Corp.
$
827,337
6,430
Gencor
Industries,
Inc.*
94,071
1,192
Gorman-Rupp
Co.
(The)
55,321
8,058
Helios
Technologies,
Inc.
420,063
4,597
Hillenbrand,
Inc.
124,303
8,861
Kennametal,
Inc.
185,461
11,750
Microvast
Holdings,
Inc.*
(a)
45,237
11,571
Miller
Industries,
Inc.
467,700
2,618
Omega
Flex,
Inc.
81,642
833
Park-Ohio
Holdings
Corp.
17,693
3,347
Proto
Labs,
Inc.*
167,450
14,428
REV
Group,
Inc.
817,635
888
SPX
Technologies,
Inc.*
165,861
1,213
Worthington
Enterprises,
Inc.
67,310
5,131,431
Marine
Transportation
–
0.5%
26,828
Costamare,
Inc.
(Monaco)
319,522
1,088
Matson,
Inc.
107,266
7,634
Pangaea
Logistics
Solutions
Ltd.
38,781
106,017
Safe
Bulkers,
Inc.
(Monaco)
470,715
936,284
Media
–
0.7%
9,668
AMC
Networks,
Inc.,
Class
A*
79,665
3,742
Cable
One,
Inc.
662,521
50,042
Entravision
Communications
Corp.,
Class
A
116,598
27,024
Gannett
Co.,
Inc.*
111,609
28,272
Gray
Media,
Inc.
163,412
1,133,805
Metals
&
Mining
–
1.9%
43,958
Coeur
Mining,
Inc.*
824,652
12,906
Critical
Metals
Corp.
(Austria)*
(a)
80,275
132,282
Hecla
Mining
Co.
1,600,612
14,696
Ivanhoe
Electric,
Inc.*
184,435
6,472
Novagold
Resources,
Inc.
(Canada)*
56,954
5,356
Olympic
Steel,
Inc.
163,090
8,834
Worthington
Steel,
Inc.
268,465
3,178,483
Mortgage
Real
Estate
Investment
Trusts
(REITs)
–
0.6%
26,320
BrightSpire
Capital,
Inc.
REIT
142,917
3,807
Invesco
Mortgage
Capital,
Inc.
REIT
28,781
1,659
Ladder
Capital
Corp.
REIT
18,100
20,360
Nexpoint
Real
Estate
Finance,
Inc.
REIT
288,705
18,412
Orchid
Island
Capital,
Inc.
REIT
129,068
54,338
TPG
RE
Finance
Trust,
Inc.
REIT
465,133
1,072,704
Multi-Utilities
–
0.7%
18,112
Black
Hills
Corp.
1,115,518
Office
REITs
–
0.1%
19,212
Empire
State
Realty
Trust,
Inc.,
Class
A
REIT
147,164
Shares
Description
Value
Common
Stocks
–
(continued)
Oil,
Gas
&
Consumable
Fuels
–
3.0%
475
Centrus
Energy
Corp.,
Class
A*
$
147,283
31,638
Clean
Energy
Fuels
Corp.*
81,626
12,715
Crescent
Energy
Co.,
Class
A
113,418
42,476
DHT
Holdings,
Inc.
507,588
19,888
Diversified
Energy
Co.
PLC
278,631
7,885
Energy
Fuels,
Inc.*
121,035
17,170
Golar
LNG
Ltd.
(Cameroon)
693,840
36,330
Magnolia
Oil
&
Gas
Corp.,
Class
A
867,197
154,744
Nordic
American
Tankers
Ltd.
485,896
2,155
PBF
Energy,
Inc.,
Class
A
65,016
7,796
Peabody
Energy
Corp.
206,750
2,078
REX
American
Resources
Corp.*
63,629
4,779
Sable
Offshore
Corp.*
83,441
3,840
Scorpio
Tankers,
Inc.
(Monaco)
215,232
57,974
SFL
Corp.
Ltd.
(Norway)
436,544
938
SM
Energy
Co.
23,422
53,256
Uranium
Energy
Corp.*
710,435
5,100,983
Passenger
Airlines
–
1.3%
5,463
Allegiant
Travel
Co.*
331,987
142,583
JetBlue
Airways
Corp.*
701,508
10,631
Joby
Aviation,
Inc.*
171,584
10,902
SkyWest,
Inc.*
1,096,959
989
Sun
Country
Airlines
Holdings,
Inc.*
11,680
2,313,718
Personal
Care
Products
–
0.2%
36,597
Herbalife
Ltd.*
308,879
Pharmaceuticals
–
2.2%
67,875
Aclaris
Therapeutics,
Inc.*
128,963
5,765
Alumis,
Inc.*
23,002
60,207
Amneal
Pharmaceuticals,
Inc.*
602,672
4,485
ANI
Pharmaceuticals,
Inc.*
410,826
10,022
Atea
Pharmaceuticals,
Inc.*
29,064
1,931
Axsome
Therapeutics,
Inc.*
234,520
9,081
Collegium
Pharmaceutical,
Inc.*
317,744
4,015
Edgewise
Therapeutics,
Inc.*
65,123
5,921
EyePoint
Pharmaceuticals,
Inc.*
84,315
2,431
Harmony
Biosciences
Holdings,
Inc.*
66,999
583
Ligand
Pharmaceuticals,
Inc.*
103,273
5,173
Prestige
Consumer
Healthcare,
Inc.*
322,795
1,286
Septerna,
Inc.*
(a)
24,190
19,306
SIGA
Technologies,
Inc.
176,650
21,908
Supernus
Pharmaceuticals,
Inc.*
1,046,983
14,128
Third
Harmonic
Bio,
Inc.*
(b)
—
3,637,119
Professional
Services
–
2.1%
182,662
Alight,
Inc.,
Class
A
595,478
679
ICF
International,
Inc.
63,011
6,191
Innodata,
Inc.*
(a)
477,141
26,885
Planet
Labs
PBC*
348,967
38,449
Upwork,
Inc.*
713,998
44,698
Verra
Mobility
Corp.*
1,104,040
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Professional
Services
–
(continued)
3,464
Willdan
Group,
Inc.*
$
334,934
3,637,569
Real
Estate
Management
&
Development
–
0.9%
43,934
Compass,
Inc.,
Class
A*
352,790
27,524
Douglas
Elliman,
Inc.*
78,719
8,500
Forestar
Group,
Inc.*
226,015
15,528
FRP
Holdings,
Inc.*
378,262
37,820
Kennedy-Wilson
Holdings,
Inc.
314,662
5,389
St
Joe
Co.
(The)
266,648
1,617,096
Residential
REITs
–
0.5%
20,060
NexPoint
Residential
Trust,
Inc.
REIT
646,333
10,565
Veris
Residential,
Inc.
REIT
160,588
806,921
Retail
REITs
–
1.8%
16,662
CBL
&
Associates
Properties,
Inc.
REIT
509,524
5,097
FrontView
REIT,
Inc.
REIT
69,880
25,012
Kite
Realty
Group
Trust
REIT
557,768
5,516
Macerich
Co.
(The)
REIT
100,391
22,649
Phillips
Edison
&
Co.,
Inc.
REIT
777,540
4,097
Tanger,
Inc.
REIT
138,643
42,234
Urban
Edge
Properties
REIT
864,530
19,966
Whitestone
REIT
245,182
3,263,458
Semiconductors
&
Semiconductor
Equipment
–
3.9%
6,886
ACM
Research,
Inc.,
Class
A*
269,449
2,409
Alpha
&
Omega
Semiconductor
Ltd.*
67,356
7,980
Ambarella,
Inc.*
658,510
9,527
Credo
Technology
Group
Holding
Ltd.*
1,387,227
12,716
Diodes,
Inc.*
676,618
532
Impinj,
Inc.*
96,159
46,155
MaxLinear,
Inc.*
742,172
16,780
Rigetti
Computing,
Inc.*
499,876
11,153
Semtech
Corp.*
796,882
7,946
Silicon
Laboratories,
Inc.*
1,041,959
1,714
SiTime
Corp.*
516,445
1,457
Ultra
Clean
Holdings,
Inc.*
39,703
6,792,356
Software
–
4.9%
811
AvePoint,
Inc.*
12,173
6,500
BlackLine,
Inc.*
345,150
9,238
C3.ai,
Inc.,
Class
A*
(a)
160,187
4,187
Cerence,
Inc.*
52,170
23,653
Cleanspark,
Inc.*
342,968
7,605
Commvault
Systems,
Inc.*
1,435,672
7,357
Consensus
Cloud
Solutions,
Inc.*
216,075
16,887
D-Wave
Quantum,
Inc.
(Canada)*
417,278
7,425
Hut
8
Corp.
(Canada)*
258,464
3,307
Intapp,
Inc.*
135,256
1,694
InterDigital,
Inc.
584,820
26,806
MARA
Holdings,
Inc.*
489,478
1,586
Ooma,
Inc.*
19,016
Shares
Description
Value
Common
Stocks
–
(continued)
Software
–
(continued)
3,110
Pagaya
Technologies
Ltd.,
Class
A*
$
92,336
18,893
Porch
Group,
Inc.*
317,025
2,329
Q2
Holdings,
Inc.*
168,596
4,768
Red
Violet,
Inc.
249,128
16,453
Riot
Platforms,
Inc.*
313,101
17,358
SoundHound
AI,
Inc.,
Class
A*
(a)
279,117
1,537
SoundThinking,
Inc.*
18,536
23,872
Terawulf,
Inc.*
272,618
17,766
Varonis
Systems,
Inc.*
1,021,012
13,823
Vertex,
Inc.,
Class
A*
342,672
47,761
Zeta
Global
Holdings
Corp.,
Class
A*
949,011
8,491,859
Specialty
Retail
–
3.8%
1,465
Abercrombie
&
Fitch
Co.,
Class
A*
125,331
64,795
American
Eagle
Outfitters,
Inc.
1,108,642
4,587
Boot
Barn
Holdings,
Inc.*
760,158
4,656
Buckle,
Inc.
(The)
273,121
3,619
Camping
World
Holdings,
Inc.,
Class
A
57,144
4,695
Citi
Trends,
Inc.*
145,686
18,825
Haverty
Furniture
Cos.,
Inc.
412,832
25,431
Revolve
Group,
Inc.*
541,680
11,756
Shoe
Carnival,
Inc.
244,407
12,399
Sonic
Automotive,
Inc.,
Class
A
943,440
27,099
Stitch
Fix,
Inc.,
Class
A*
117,881
21,098
Victoria's
Secret
&
Co.*
572,600
23,389
Warby
Parker,
Inc.,
Class
A*
645,069
250
Winmark
Corp.
124,442
18,751
Zumiez,
Inc.*
367,707
6,440,140
Technology
Hardware,
Storage
&
Peripherals
–
0.9%
10,901
Corsair
Gaming,
Inc.*
97,237
20,626
IonQ,
Inc.*
1,268,499
4,129
Quantum
Computing,
Inc.*
(a)
76,015
3,896
Turtle
Beach
Corp.*
61,946
28,168
Xerox
Holdings
Corp.
105,912
1,609,609
Textiles,
Apparel
&
Luxury
Goods
–
1.6%
6,896
G-III
Apparel
Group
Ltd.*
183,503
16,690
Kontoor
Brands,
Inc.
1,331,361
25,069
Movado
Group,
Inc.
475,559
5,588
Oxford
Industries,
Inc.
226,537
15,571
Steven
Madden
Ltd.
521,317
2,738,277
Trading
Companies
&
Distributors
–
0.9%
57,496
DNOW,
Inc.*
876,814
3,003
DXP
Enterprises,
Inc.*
357,567
3,261
Rush
Enterprises,
Inc.,
Class
A
174,366
2,997
Xometry,
Inc.,
Class
A*
163,247
1,571,994
Water
Utilities
–
0.4%
5,429
American
States
Water
Co.
398,054
710
Consolidated
Water
Co.
Ltd.
25,049
1,234
Global
Water
Resources,
Inc.
12,710
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
ADDITIONAL
INVESTMENT
INFORMATION
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Water
Utilities
–
(continued)
5,672
Middlesex
Water
Co.
$
306,969
742,782
Wireless
Telecommunication
Services
–
0.2%
7,219
Spok
Holdings,
Inc.
124,528
3,809
Telephone
and
Data
Systems,
Inc.
149,465
273,993
TOTAL
COMMON
STOCKS
(Cost
$144,642,939)
169,271,175
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.6%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,087,265
4.042%
1,087,265
(Cost
$1,087,265)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$145,730,204)
170,358,440
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
1.5%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
–
Institutional
Shares
2,667,584
4.042%
$
2,667,584
(Cost
$2,667,584)
TOTAL
INVESTMENTS
–
100.1%
(Cost
$148,397,788)
$
173,026,024
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.1)%
(185,267)
NET
ASSETS
–
100.0%
$
172,840,757
  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)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
FUTURES
CONTRACTS
—
At
September
30,
2025,
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
26
12/19/25
$
3,192,150
$
29,683
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-STRATEGIC
GROWTH
FUND
Schedule
of
Investments
September
30,
2025
(Unaudited)
Shares
Description
Value
Common
Stocks
–
99.5%
Aerospace
&
Defense
–
1.5%
23,575
General
Electric
Co.
$
7,091,831
Automobiles
–
2.3%
23,886
Tesla,
Inc.*
10,622,582
Banks
–
1.8%
72,374
Bank
of
America
Corp.
3,733,775
14,773
JPMorgan
Chase &
Co.
4,659,847
8,393,622
Biotechnology
–
3.1%
36,812
AbbVie,
Inc.
8,523,451
7,990
Alnylam
Pharmaceuticals,
Inc.*
3,643,440
3,404
Argenx
SE
ADR
(Netherlands)*
2,510,654
14,677,545
Broadline
Retail
–
5.1%
109,193
Amazon.com,
Inc.*
23,975,507
Capital
Markets
–
0.4%
3,836
S&P
Global,
Inc.
1,867,019
Chemicals
–
0.9%
12,404
Sherwin-Williams
Co.
(The)
4,295,009
Commercial
Services
&
Supplies
–
0.4%
10,317
Waste
Connections,
Inc.
1,813,729
Construction
Materials
–
0.7%
5,061
Martin
Marietta
Materials,
Inc.
3,189,847
Consumer
Finance
–
1.1%
23,241
Capital
One
Financial
Corp.
4,940,572
Consumer
Staples
Distribution
&
Retail
–
2.1%
10,866
Costco
Wholesale
Corp.
10,057,896
Electrical
Equipment
–
3.9%
13,052
AMETEK,
Inc.
2,453,776
12,926
Eaton
Corp.
PLC
4,837,556
9,730
GE
Vernova,
Inc.
5,982,977
13,736
Rockwell
Automation,
Inc.
4,801,144
18,075,453
Entertainment
–
4.0%
9,690
Netflix,
Inc.*
11,617,535
6,444
Spotify
Technology
SA*
4,497,912
13,766
TKO
Group
Holdings,
Inc.
2,780,181
18,895,628
Financial
Services
–
2.6%
19,065
Klarna
Group
PLC
(United
Kingdom)*
698,732
21,020
Mastercard,
Inc.,
Class
A
11,956,386
12,655,118
Ground
Transportation
–
0.4%
13,149
Old
Dominion
Freight
Line,
Inc.
1,851,116
Health
Care
Equipment
&
Supplies
–
1.5%
31,454
Boston
Scientific
Corp.*
3,070,854
8,806
Intuitive
Surgical,
Inc.*
3,938,307
7,009,161
Hotels,
Restaurants
&
Leisure
–
1.1%
19,799
DoorDash,
Inc.,
Class
A*
5,385,130
Shares
Description
Value
Common
Stocks
–
(continued)
Household
Durables
–
0.3%
8,328
D.R.
Horton,
Inc.
$
1,411,346
Interactive
Media
&
Services
–
8.4%
30,609
Alphabet,
Inc.,
Class
A
7,441,048
42,132
Alphabet,
Inc.,
Class
C
10,261,249
29,166
Meta
Platforms,
Inc.,
Class
A
21,418,927
39,121,224
IT
Services
–
2.0%
14,465
Cloudflare,
Inc.,
Class
A*
3,104,045
27,084
Snowflake,
Inc.*
6,108,796
9,212,841
Oil,
Gas
&
Consumable
Fuels
–
1.1%
22,043
Cheniere
Energy,
Inc.
5,179,664
Pharmaceuticals
–
3.0%
28,665
AstraZeneca
PLC
ADR
(United
Kingdom)
2,199,179
15,323
Eli
Lilly
&
Co.
11,691,449
13,890,628
Semiconductors
&
Semiconductor
Equipment
–
21.6%
64,444
Broadcom,
Inc.
21,260,720
5,621
KLA
Corp.
6,062,811
58,447
Marvell
Technology,
Inc.
4,913,639
16,792
Micron
Technology,
Inc.
2,809,638
353,973
NVIDIA
Corp.
66,044,282
101,091,090
Software
–
19.0%
12,375
AppLovin
Corp.,
Class
A*
8,891,932
30,820
Datadog,
Inc.,
Class
A*
4,388,768
49,331
Dynatrace,
Inc.*
2,390,087
5,018
HubSpot,
Inc.*
2,347,420
110,742
Microsoft
Corp.
57,358,819
18,380
Oracle
Corp.
5,169,191
18,209
Salesforce,
Inc.
4,315,533
39,183
Samsara,
Inc.,
Class
A*
1,459,567
8,757
Zscaler,
Inc.*
2,624,123
88,945,440
Specialty
Retail
–
1.2%
9,094
Home
Depot,
Inc.
(The)
3,684,798
13,750
Ross
Stores,
Inc.
2,095,362
5,780,160
Technology
Hardware,
Storage
&
Peripherals
–
9.5%
175,060
Apple,
Inc.
44,575,528
Textiles,
Apparel
&
Luxury
Goods
–
0.5%
50,845
On
Holding
AG,
Class
A
(Switzerland)*
2,153,286
TOTAL
COMMON
STOCKS
(Cost
$188,708,057)
466,157,972
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-STRATEGIC
GROWTH
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.4%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,792,639
4.042%
$
1,792,639
(Cost
$1,792,639)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$190,500,696)
$
467,950,611
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
270,550
NET
ASSETS
–
100.0%
$
468,221,161
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
U.S.
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
September
30,
2025
(Unaudited)
Shares
Description
Value
Common
Stocks
–
99.3%
Aerospace
&
Defense
–
1.8%
922
Carpenter
Technology
Corp.
$
226,388
5,717
General
Dynamics
Corp.
1,949,497
16,091
General
Electric
Co.
4,840,495
272
HEICO
Corp.
87,807
7,104,187
Automobile
Components
–
0.0%
7,121
Gentex
Corp.
201,524
Automobiles
–
2.3%
95,248
Ford
Motor
Co.
1,139,166
17,893
Tesla,
Inc.*
7,957,375
9,096,541
Banks
–
4.7%
127,057
Bank
of
America
Corp.
6,554,871
74,678
Huntington
Bancshares,
Inc.
1,289,689
23,180
JPMorgan
Chase &
Co.
7,311,667
17,898
PNC
Financial
Services
Group,
Inc.
(The)
3,596,245
18,752,472
Beverages
–
1.5%
68,697
Coca-Cola
Co.
(The)
4,555,985
67,693
Primo
Brands
Corp.,
Class
A
1,496,015
6,052,000
Biotechnology
–
2.8%
26,103
AbbVie,
Inc.
6,043,889
27,566
BioMarin
Pharmaceutical,
Inc.*
1,492,974
6,030
Regeneron
Pharmaceuticals,
Inc.
3,390,488
10,927,351
Broadline
Retail
–
3.6%
63,293
Amazon.com,
Inc.*
13,897,244
2,005
Ollie's
Bargain
Outlet
Holdings,
Inc.*
257,442
14,154,686
Building
Products
–
0.0%
1,645
Carrier
Global
Corp.
98,207
Capital
Markets
–
1.9%
16,576
CME
Group,
Inc.
4,478,670
892
Coinbase
Global,
Inc.,
Class
A*
301,041
1,188
Evercore,
Inc.,
Class
A
400,736
20,610
Franklin
Resources,
Inc.
476,709
9,320
Morgan
Stanley
1,481,507
5,405
Tradeweb
Markets,
Inc.,
Class
A
599,847
7,738,510
Chemicals
–
2.1%
12,763
Axalta
Coating
Systems
Ltd.*
365,277
33,091
DuPont
de
Nemours,
Inc.
2,577,789
11,607
Linde
PLC
5,513,325
8,456,391
Commercial
Services
&
Supplies
–
0.5%
5,476
Clean
Harbors,
Inc.*
1,271,637
17,108
Tetra
Tech,
Inc.
571,065
1,842,702
Communications
Equipment
–
0.2%
5,833
Arista
Networks,
Inc.*
849,926
Shares
Description
Value
Common
Stocks
–
(continued)
Construction
&
Engineering
–
0.1%
2,515
AECOM
$
328,132
Construction
Materials
–
0.3%
3,344
Vulcan
Materials
Co.
1,028,681
Consumer
Finance
–
1.0%
8,390
Capital
One
Financial
Corp.
1,783,546
31,754
Synchrony
Financial
2,256,122
4,039,668
Consumer
Staples
Distribution
&
Retail
–
0.1%
3,100
Sysco
Corp.
255,254
Diversified
Consumer
Services
–
1.6%
150,809
ADT,
Inc.
1,313,546
30,422
Bright
Horizons
Family
Solutions,
Inc.*
3,302,917
7,540
Grand
Canyon
Education,
Inc.*
1,655,181
6,271,644
Diversified
Telecommunication
Services
–
0.1%
21,812
Iridium
Communications,
Inc.
380,838
Electrical
Equipment
–
1.0%
20,332
AMETEK,
Inc.
3,822,416
Electronic
Equipment,
Instruments
&
Components
–
1.4%
43,387
Amphenol
Corp.,
Class
A
5,369,141
Entertainment
–
1.9%
6,291
Netflix,
Inc.*
7,542,406
Financial
Services
–
3.6%
740
Affirm
Holdings,
Inc.*
54,079
5,018
Berkshire
Hathaway,
Inc.,
Class
B*
2,522,749
5,869
Mastercard,
Inc.,
Class
A
3,338,346
23,730
Visa,
Inc.,
Class
A
8,100,948
1,200
WEX,
Inc.*
189,036
14,205,158
Food
Products
–
0.6%
43,883
Tyson
Foods,
Inc.,
Class
A
2,382,847
Ground
Transportation
–
0.7%
28,867
Uber
Technologies,
Inc.*
2,828,100
Health
Care
Equipment
&
Supplies
–
0.8%
5,391
Abbott
Laboratories
722,071
10,413
Boston
Scientific
Corp.*
1,016,621
3,249
Intuitive
Surgical,
Inc.*
1,453,050
3,191,742
Health
Care
Providers
&
Services
–
1.2%
1,516
Chemed
Corp.
678,774
2,458
Molina
Healthcare,
Inc.*
470,363
17,844
Universal
Health
Services,
Inc.,
Class
B
3,648,027
4,797,164
Health
Care
REITs
–
1.2%
12,063
Alexandria
Real
Estate
Equities,
Inc.
REIT
1,005,330
19,495
Welltower,
Inc.
REIT
3,472,839
4,478,169
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
U.S.
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Hotel
&
Resort
REITs
–
0.1%
38,476
Park
Hotels
&
Resorts,
Inc.
REIT
$
426,314
Hotels,
Restaurants
&
Leisure
–
1.3%
66,410
Norwegian
Cruise
Line
Holdings
Ltd.*
1,635,678
10,742
Royal
Caribbean
Cruises
Ltd.
3,475,897
5,111,575
Household
Durables
–
0.1%
2,561
PulteGroup,
Inc.
338,385
Household
Products
–
0.9%
23,558
Procter &
Gamble
Co.
(The)
3,619,687
Independent
Power
and
Renewable
Electricity
Producers
–
0.1%
16,324
AES
Corp.
(The)
214,824
Industrial
REITs
–
0.8%
28,225
Prologis,
Inc.
REIT
3,232,327
Insurance
–
2.3%
4,278
Erie
Indemnity
Co.,
Class
A
1,361,089
14,578
Loews
Corp.
1,463,485
22,182
Marsh
&
McLennan
Cos.,
Inc.
4,470,338
10,439
Principal
Financial
Group,
Inc.
865,498
9,435
Prudential
Financial,
Inc.
978,787
9,139,197
Interactive
Media
&
Services
–
6.8%
11,194
Alphabet,
Inc.,
Class
A
2,721,262
64,266
Alphabet,
Inc.,
Class
C
15,651,984
11,741
Meta
Platforms,
Inc.,
Class
A
8,622,355
26,995,601
Machinery
–
1.0%
35,788
Mueller
Industries,
Inc.
3,618,524
1,624
Oshkosh
Corp.
210,633
3,829,157
Marine
Transportation
–
0.7%
32,031
Kirby
Corp.*
2,672,987
Media
–
0.7%
9,906
Fox
Corp.,
Class
A
624,672
2,506
New
York
Times
Co.
(The),
Class
A
143,845
5,973
Nexstar
Media
Group,
Inc.
1,181,101
8,570
Omnicom
Group,
Inc.
698,712
2,648,330
Metals
&
Mining
–
1.4%
33,433
Freeport-McMoRan,
Inc.
1,311,242
37,172
Southern
Copper
Corp.
(Mexico)
4,511,194
5,822,436
Oil,
Gas
&
Consumable
Fuels
–
1.8%
20,222
Antero
Resources
Corp.*
678,650
36,344
Chevron
Corp.
5,643,860
7,305
ConocoPhillips
690,980
7,013,490
Passenger
Airlines
–
1.8%
26,771
Alaska
Air
Group,
Inc.*
1,332,660
34,702
Delta
Air
Lines,
Inc.
1,969,338
Shares
Description
Value
Common
Stocks
–
(continued)
Passenger
Airlines
–
(continued)
124,427
Southwest
Airlines
Co.
$
3,970,466
7,272,464
Personal
Care
Products
–
0.1%
2,332
elf
Beauty,
Inc.*
308,943
Pharmaceuticals
–
3.7%
17,554
Bristol-Myers
Squibb
Co.
791,685
8,781
Eli
Lilly
&
Co.
6,699,903
15,475
Johnson &
Johnson
2,869,375
28,828
Zoetis,
Inc.
4,218,113
14,579,076
Professional
Services
–
1.3%
4,342
CACI
International,
Inc.,
Class
A*
2,165,703
2,078
FTI
Consulting,
Inc.*
335,908
26,999
Parsons
Corp.*
2,238,757
5,888
SS&C
Technologies
Holdings,
Inc.
522,619
5,262,987
Semiconductors
&
Semiconductor
Equipment
–
13.8%
44,881
Broadcom,
Inc.
14,806,691
5,080
Micron
Technology,
Inc.
849,986
181,851
NVIDIA
Corp.
33,929,759
28,601
Texas
Instruments,
Inc.
5,254,862
54,841,298
Software
–
11.7%
20,825
Dolby
Laboratories,
Inc.,
Class
A
1,507,105
3,281
Intuit,
Inc.
2,240,628
60,352
Microsoft
Corp.
31,259,318
25,512
Oracle
Corp.
7,174,995
9,031
Palo
Alto
Networks,
Inc.*
1,838,892
10,516
RingCentral,
Inc.,
Class
A*
298,024
2,464
ServiceNow,
Inc.*
2,267,570
46,586,532
Specialized
REITs
–
2.8%
5,686
Equinix,
Inc.
REIT
4,453,503
4,613
Extra
Space
Storage,
Inc.
REIT
650,156
3,382
Lamar
Advertising
Co.,
Class
A
REIT
414,024
14,339
Public
Storage
REIT
4,141,820
2,123
SBA
Communications
Corp.
REIT
410,482
45,845
Weyerhaeuser
Co.
REIT
1,136,498
11,206,483
Specialty
Retail
–
0.5%
61
AutoZone,
Inc.*
261,705
15,328
Gap,
Inc.
(The)
327,866
4,491
Lithia
Motors,
Inc.
1,419,156
2,008,727
Technology
Hardware,
Storage
&
Peripherals
–
6.9%
107,287
Apple,
Inc.
27,318,489
Textiles,
Apparel
&
Luxury
Goods
–
0.2%
13,326
Birkenstock
Holding
PLC
(Germany)*
603,002
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
U.S.
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Textiles,
Apparel
&
Luxury
Goods
–
(continued)
1,124
Ralph
Lauren
Corp.
$
352,441
955,443
Trading
Companies
&
Distributors
–
0.5%
3,158
Ferguson
Enterprises,
Inc.
709,224
7,075
FTAI
Aviation
Ltd.
1,180,534
1,889,758
Water
Utilities
–
0.2%
16,241
Essential
Utilities,
Inc.
648,016
Wireless
Telecommunication
Services
–
0.8%
14,131
T-Mobile
US,
Inc.
3,382,679
TOTAL
INVESTMENTS
–
99.3%
(Cost
$269,379,178)
$
393,521,062
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.7%
2,951,928
NET
ASSETS
–
100.0%
$
396,472,990
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
FUTURES
CONTRACTS
—
At
September
30,
2025,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
S&P
500
E-Mini
Index
8
12/19/25
$
2,695,500
$
37,170
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
September
30,
2025
(Unaudited)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investment
Valuation
—
The
Funds’
valuation
policy
is
to
value
investments
at
fair
value.
Investments
and
Fair
Value
Measurements
—
U.S.
GAAP
defines
the
fair
value
of
a
financial
instrument
as
the
amount
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
(i.e.,
the
exit
price);
the
Funds’
policy
is
to
use
the
market
approach.
GAAP
establishes
a
fair
value
hierarchy
that
prioritizes
the
inputs
to
valuation
techniques
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
The
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
shall
be
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
levels
used
for
classifying
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
investments.
The
three
levels
of
the
fair
value
hierarchy
are
described
below:
Level
1
—
Unadjusted
quoted
prices
in
active
markets
that
are
accessible
at
the
measurement
date
for
identical,
unrestricted
assets
or
liabilities;
Level
2
—
Quoted
prices
in
markets
that
are
not
active
or
financial
instruments
for
which
significant
inputs
are
observable
(including,
but
not
limited
to,
quoted
prices
for
similar
investments,
interest
rates,
foreign
exchange
rates,
volatility
and
credit
spreads),
either
directly
or
indirectly;
Level
3
—
Prices
or
valuations
that
require
significant
unobservable
inputs
(including
GSAM’s
assumptions
in
determining
fair
value
measurement).
The
Board
of
Trustees
(“Trustees”)
has
approved
valuation
procedures
that
govern
the
valuation
of
the
portfolio
investments
held
by
the
Funds,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Funds’
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
the
Adviser
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
Investment
Company
Act
of
1940
(the
“Valuation
Designee”).
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds’
investments.
To
assess
the
continuing
appropriateness
of
pricing
sources
and
methodologies,
GSAM
regularly
performs
price
verification
procedures
and
issues
challenges
as
necessary
to
third
party
pricing
vendors
or
brokers,
and
any
differences
are
reviewed
in
accordance
with
the
Valuation
Procedures.
A.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities
—
Equity
securities
traded
on
a
U.S.
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Securities
traded
on
certain
foreign
securities
exchanges
are
valued
daily
at
fair
value
determined
by
an
independent
fair
value
service
(if
available)
under
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
The
independent
fair
value
service
takes
into
account
multiple
factors
including,
but
not
limited
to,
movements
in
the
securities
markets,
certain
depositary
receipts,
futures
contracts
and
foreign
currency
exchange
rates
that
have
occurred
subsequent
to
the
close
of
the
foreign
securities
exchange.
These
investments
are
generally
classified
as
Level
2
of
the
fair
value
hierarchy.
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Money
Market
Funds
—
Investments
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Underlying
Money
Market
Fund”)
are
valued
at
the
NAV
per
share
of
the
Institutional
Share
class
on
the
day
of
valuation.
These
investments
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
For
information
regarding
the
Underlying
Money
Market
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Money
Market
Fund’s
shareholder
report.
Derivative
Contracts
—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Fund
enters
into
derivative
transactions
to
hedge
against
changes
in
interest
rates,
securities
prices,
and/or
currency
exchange
rates,
to
increase
total
return,
or
to
gain
access
to
certain
markets
or
attain
exposure
to
other
underliers.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
a
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statements
of
Assets
and
Liabilities
as
either
due
to
broker/receivable
for
collateral
on
certain
derivative
contracts.
Non-cash
collateral
pledged
by
a
Fund,
if
any,
is
noted
in
the
Schedules
of
Investments.
Exchange-traded
derivatives,
including
futures
and
options
contracts,
are
generally
valued
at
the
last
sale
or
settlement
price
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
options
without
settlement
prices
are
generally
valued
at
the
midpoint
of
the
bid
and
ask
prices
on
the
exchange
where
they
are
principally
traded
(or,
in
the
absence
of
two-way
trading,
at
the
last
bid
price
for
long
positions
and
the
last
ask
price
for
short
positions).
Exchange-traded
derivatives
typically
fall
within
Level
1
of
the
fair
value
hierarchy.
Over-the-counter
(“OTC”)
and
centrally
cleared
derivatives
are
valued
using
market
transactions
and
other
market
evidence,
including
market-based
inputs
to
models,
calibration
to
market-clearing
transactions,
broker
or
dealer
quotations,
or
other
alternative
pricing
sources.
Where
models
are
used,
the
selection
of
a
particular
model
to
value
OTC
and
centrally
cleared
derivatives
depends
upon
the
contractual
terms
of,
and
specific
risks
inherent
in,
the
instrument,
as
well
as
the
availability
of
pricing
information
in
the
market.
Valuation
models
require
a
variety
of
inputs,
including
contractual
terms,
market
prices,
yield
curves,
credit
curves,
measures
of
volatility,
voluntary
and
involuntary
prepayment
rates,
loss
severity
rates
and
correlations
of
such
inputs.
For
OTC
and
centrally
cleared
derivatives
that
trade
in
liquid
markets,
model
inputs
can
generally
be
verified
and
model
selection
does
not
involve
significant
management
judgment.
OTC
and
centrally
cleared
derivatives
are
classified
within
Level
2
of
the
fair
value
hierarchy
when
significant
inputs
are
corroborated
by
market
evidence.
i.
Futures
Contracts
—
Futures
contracts
are
contracts
to
buy
or
sell
a
standardized
quantity
of
a
specified
commodity
or
security.
Upon
entering
into
a
futures
contract,
a
Fund
deposits
cash
or
securities
in
an
account
on
behalf
of
the
broker
in
an
amount
sufficient
to
meet
the
initial
margin
requirement.
Subsequent
payments
are
made
or
received
by
a
Fund
equal
to
the
daily
change
in
the
contract
value
and
are
recorded
as
variation
margin
receivable
or
payable
with
a
corresponding
offset
to
unrealized
gains
or
losses.
B.
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
the
Valuation
Procedures.
GSAM,
consistent
with
its
procedures
and
applicable
regulatory
guidance,
may
make
an
adjustment
to
the
most
recent
valuation
prices
of
either
domestic
or
foreign
securities
in
light
of
significant
events
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
at
the
time
of
determining
a
Fund’s
NAV.
To
the
extent
investments
are
valued
using
single
source
broker
quotations
obtained
directly
from
the
broker
or
passed
through
from
third
party
pricing
vendors,
such
investments
are
classified
as
Level
3
investments.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
C.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
and
derivatives
classified
in
the
fair
value
hierarchy
as
of
September
30,
2025:
(a)
International
Equity
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
—
$
481,317
$
—
Asia
1,186,236
32,795,067
—
Europe
2,639,379
63,729,053
—
North
America
2,248,357
8,988,368
—
Oceania
1,460,258
8,102,051
—
Total
$
7,534,230
$
114,095,856
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
23,515
$
—
$
—
€
1.00
€
1.00
€
1.00
Liabilities
Futures
Contracts
(b)
$
(274)
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Large
Cap
Value
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
5,027,434
$
—
$
—
North
America
258,745,446
—
—
Investment
Company
2,003,769
—
Total
$
265,776,649
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Mid
Cap
Growth
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
1,375,496
$
—
$
—
North
America
63,889,019
—
—
Investment
Company
575,501
—
Total
$
65,840,016
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Mid
Cap
Value
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
3,930,273
$
—
$
—
Europe
16,523,610
—
—
North
America
428,842,395
—
—
Investment
Company
3,120,758
—
Total
$
452,417,036
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
D.
Securities
Lending
—
The
Small
Cap
Equity
Insights
Fund
may
lend
its
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.
Small
Cap
Equity
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
693,840
$
—
$
—
Asia
1,391,990
—
—
Europe
2,499,653
—
—
North
America
164,685,692
—
—
Investment
Company
1,087,265
—
Securities
Lending
Reinvestment
Vehicle
2,667,584
—
—
Total
$
173,026,024
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
29,683
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Strategic
Growth
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
7,561,851
$
—
$
—
North
America
458,596,121
—
—
Investment
Company
1,792,639
—
Total
$
467,950,611
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
U.S.
Equity
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
603,002
$
—
$
—
North
America
392,918,060
—
—
Total
$
393,521,062
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
37,170
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Amounts
are
disclosed
by
continent
to
highlight
the
impact
of
time
zone
differences
between
local
market
close
and
the
calculation
of
NAV.
Security
valuations
are
based
on
the
principal
exchange
or
system
on
which
they
are
traded,
which
may
differ
from
country
of
domicile
noted
in
table.
The
Fund
utilizes
fair
value
model
prices
provided
by
an
independent
third-party
fair
value
service
for
certain
international
equity
securities
resulting
in
a
level
2
classification.
(b)
Amount
shown
represents
unrealized
gain
(loss)
at
period
end.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds,
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded,
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Funds
may
experience
delay
in
the
recovery
of
their
securities
or
incur
a
loss
should
the
borrower
of
the
securities
breach
its
agreement
with
the
Funds
or
become
insolvent
at
a
time
when
the
collateral
is
insufficient
to
cover
the
cost
of
repurchasing
securities
on
loan.
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
Large
Cap
Value,
Mid
Cap
Growth,
Mid
Cap
Value,
Small
Cap
Equity
Insights
and
Strategic
Growth
Funds
invest
the
cash
collateral
received
in
connection
with
securities
lending
transactions
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Government
Money
Market
Fund”),
an
affiliated
series
of
the
Goldman
Sachs
Trust.
The
Government
Money
Market
Fund
is
registered
under
the
Act
as
an
open
end
investment
company,
is
subject
to
Rule
2a-7
under
the
Act,
and
is
managed
by
GSAM,
for
which
GSAM
may
receive
a
management
fee
of
up
to
0.16%
on
an
annualized
basis
of
the
average
daily
net
assets
of
the
Government
Money
Market
Fund.
In
the
event
of
a
default
by
a
borrower
with
respect
to
any
loan,
GSAL
will,
and
BNYM
may,
exercise
any
and
all
remedies
provided
under
the
applicable
borrower
agreement
to
make
the
Funds
whole.
These
remedies
include
purchasing
replacement
securities
by
applying
the
collateral
held
from
the
defaulting
broker
against
the
purchase
cost
of
the
replacement
securities.
If
GSAL
or
BNYM
are
unable
to
purchase
replacement
securities,
GSAL
and/or
BNYM
will
indemnify
the
Funds
by
paying
the
Funds
an
amount
equal
to
the
market
value
of
the
securities
loaned
minus
the
value
of
cash
collateral
received
from
the
borrower
for
the
loan,
subject
to
an
exclusion
for
any
shortfalls
resulting
from
a
loss
of
value
in
such
cash
collateral
due
to
reinvestment
risk.
The
Funds’
master
netting
agreements
with
certain
borrowers
provide
the
right,
in
the
event
of
a
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
However,
in
the
event
of
a
default
by
a
borrower,
a
resolution
authority
could
determine
that
such
rights
are
not
enforceable
due
to
the
restrictions
or
prohibitions
against
the
right
of
set-off
that
may
be
imposed
in
accordance
with
a
particular
jurisdiction’s
bankruptcy
or
insolvency
laws.
The
Funds’
loaned
securities
were
all
subject
to
enforceable
Securities
Lending
Agreements
and
the
value
of
the
collateral
was
at
least
equal
to
the
value
of
the
cash
received.
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Foreign
and
Emerging
Countries
Risk
—
Investing
in
foreign
markets
may
involve
special
risks
and
considerations
not
typically
associated
with
investing
in
the
U.S.
Foreign
securities
may
be
subject
to
risk
of
loss
because
of
more
or
less
foreign
government
regulation;
less
public
information;
less
stringent
investor
protections;
less
stringent
accounting,
corporate
governance,
financial
reporting
and
disclosure
standards;
and
less
economic,
political
and
social
stability
in
the
countries
in
which
a
Fund
invests.
The
imposition
of
sanctions,
exchange
controls
(including
repatriation
restrictions),
confiscation
of
assets
and
property,
trade
restrictions
(including
tariffs)
and
other
government
restrictions
by
the
U.S.
or
other
governments,
or
from
problems
in
registration,
settlement
or
custody,
may
also
result
in
losses.
The
type
and
severity
of
sanctions
and
other
similar
measures,
including
counter
sanctions
and
other
retaliatory
actions,
that
may
be
imposed
could
vary
broadly
in
scope,
and
their
impact
is
impossible
to
predict.
For
example,
the
imposition
of
sanctions
and
other
similar
measures
could,
among
other
things,
cause
a
decline
in
the
value
and/or
liquidity
of
securities
issued
by
the
sanctioned
country
or
companies
located
in
or
economically
tied
to
the
sanctioned
country
and
increase
market
volatility
and
disruption
in
the
sanctioned
country
and
throughout
the
world.
Sanctions
and
other
similar
measures
could
limit
or
prevent
a
Fund
from
buying
and
selling
securities
(in
the
sanctioned
country
and
other
markets),
significantly
delay
or
prevent
the
settlement
of
securities
transactions,
and
significantly
impact
a
Fund’s
liquidity
and
performance.
Foreign
risk
also
involves
the
risk
of
negative
foreign
currency
exchange
rate
fluctuations,
which
may
cause
the
value
of
securities
denominated
in
such
foreign
currency
(or
other
instruments
through
which
a
Fund
has
exposure
to
foreign
currencies)
to
decline
in
value.
Currency
exchange
rates
may
fluctuate
significantly
over
short
periods
of
time.
To
the
extent
that
a
Fund
also
invests
in
securities
of
issuers
located
in,
or
economically
tied
to,
emerging
markets,
these
risks
may
be
more
pronounced.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Investment
Style
Risk—
Different
investment
styles
(e.g.,
growth,
value
or
quantitative)
tend
to
shift
in
and
out
of
favor
depending
upon
market
and
economic
conditions
and
investor
sentiment.
The
Fund
may
outperform
or
underperform
other
funds
that
invest
in
similar
asset
classes
but
employ
different
investment
styles.
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,
geopolitical
disputes,
acts
of
terrorism,
social
or
political
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
tariffs
and
other
restrictions
on
trade,
sanctions
or
the
spread
of
infectious
illness
or
other
public
health
threats,
or
the
threat
or
potential
of
one
or
more
such
events
and
developments,
could
also
significantly
impact
a
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.
Stock
Risk
—
Stock
prices
have
historically
risen
and
fallen
in
periodic
cycles.
U.S.
and
foreign
stock
markets
have
experienced
periods
of
substantial
price
volatility
in
the
past
and
may
do
so
again
in
the
future.
Tax
Diversification
Risk
—
The
Fund
intends
to
meet
the
diversification
requirements
that
are
applicable
to
insurance
company
separate
accounts
under
Subchapter
L
of
the
Code
(the
“Diversification
Requirements”).
In
order
for
the
Fund
to
qualify
for
“look
through”
treatment
under
the
Diversification
Requirements,
Fund
shares
must
be
sold
only
to
persons
permitted
to
hold
shares,
directly
or
indirectly
(each,
a
“Permitted
Investor”),
under
Section
817
of
the
Code
and
Treasury
Regulation
1.817-5(f),
as
supplemented
by
published
rulings
and
procedures
issued
thereunder
by
the
Internal
Revenue
Service
(“IRS”).
To
the
extent
an
investor
in
Fund
shares
no
longer
qualifies
as
a
Permitted
Investor,
and
such
investor
fails
to
restore
its
status
as
a
Permitted
Investor
or
obtain
a
waiver
or
closing
agreement
with
respect
to
such
failure
from
the
IRS,
the
Fund
may
no
longer
qualify
for
“look
through”
treatment.
Therefore,
in
testing
compliance
with
the
Diversification
Requirements,
an
investor
in
the
Fund,
such
as,
for
example,
an
insurance
company
separate
account,
no
longer
would
be
able
to
look
through
the
Fund
to
its
underlying
investments.
Instead,
the
Fund
would
be
considered
a
single
investment
for
purposes
of
the
Diversification
Requirements.
A
failure
to
satisfy
the
Diversification
Requirements
(whether
resulting
from
investors
in
Fund
shares
or
otherwise)
could
have
significant
adverse
tax
consequences
for
variable
contract
owners
whose
contract
values
are
determined
by
investment
in
the
Fund.
See
“Taxation”
in
the
Statement
of
Additional
Information
for
more
information.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)