NPORT-EX 2 303814GS033126.htm
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
March
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
97.5%
Australia
–
8.2%
30,921
ANZ
Group
Holdings
Ltd.
(Banks)
$
777,517
2,790
Aristocrat
Leisure
Ltd.
(Consumer
Services)
88,681
39,801
BHP
Group
Ltd.
(Materials)
1,440,101
16,348
Brambles
Ltd.
(Commercial
&
Professional
Services)
256,570
7,732
Capricorn
Metals
Ltd.
(Materials)
61,144
6,162
Codan
Ltd.
(Technology
Hardware
&
Equipment)
135,625
7,966
Commonwealth
Bank
of
Australia
(Banks)
932,873
70,501
Evolution
Mining
Ltd.
(Materials)
634,841
2,536
Macquarie
Group
Ltd.
(Financial
Services)
360,256
7,228
National
Australia
Bank
Ltd.
(Banks)
209,075
23,767
Northern
Star
Resources
Ltd.
(Materials)
345,496
3,381
Orica
Ltd.
(Materials)
47,519
27,239
Perenti
Ltd.
(Materials)
37,303
22,055
QBE
Insurance
Group
Ltd.
(Insurance)
325,461
28,178
Regis
Resources
Ltd.
(Materials)
133,558
18,229
Rio
Tinto
PLC
ADR
(Materials)
1,700,583
5,878
Sandfire
Resources
Ltd.
(Materials)*
67,451
35,049
Suncorp
Group
Ltd.
(Insurance)
393,344
18,627
Vault
Minerals
Ltd.
(Materials)
55,580
24,892
Wesfarmers
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
1,270,886
37,844
Westpac
Banking
Corp.
(Banks)
1,045,829
10,319,693
Austria
–
0.4%
865
BAWAG
Group
AG
(Banks)*
(a)
131,504
1,658
OMV
AG
(Energy)
121,299
2,101
Strabag
SE
(Capital
Goods)
207,973
8,080
Telekom
Austria
AG
(Telecommunication
Services)
85,081
545,857
Belgium
–
0.8%
723
Aedifica
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
58,539
4,483
KBC
Ancora
(Banks)
367,146
1,740
UCB
SA
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
524,257
949,942
China
–
0.3%
60,000
MMG
Ltd.
(Materials)*
56,847
220,000
Nexteer
Automotive
Group
Ltd.
(Automobiles
&
Components)
143,797
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,918
Prosus
NV
(Consumer
Discretionary
Distribution
&
Retail)*
$
135,091
335,735
Denmark
–
1.1%
254
AL
Sydbank
(Banks)
20,414
12,069
Danske
Bank
A/S
(Banks)
594,792
554
DSV
A/S
(Transportation)
133,796
13,413
Novo
Nordisk
A/S,
Class
B
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
490,842
245
Ringkjoebing
Landbobank
A/S
(Banks)
58,906
1,254
Vestas
Wind
Systems
A/S
(Capital
Goods)
37,834
1,336,584
Finland
–
1.2%
63,783
Nordea
Bank
Abp
(Banks)
1,098,291
43,284
Sampo
OYJ,
Class
A
(Insurance)
460,374
1,558,665
France
–
11.2%
8,620
Air
Liquide
SA
(Materials)
1,781,742
612
Airbus
SE
(Capital
Goods)
115,713
26,903
AXA
SA
(Insurance)
1,236,236
2,363
BNP
Paribas
SA
(Banks)
225,108
1,882
Capgemini
SE
(Software
&
Services)
222,073
6,129
Cie
de
Saint-Gobain
SA
(Capital
Goods)
507,447
16,674
Danone
SA
(Food,
Beverage
&
Tobacco)
1,332,373
660
Dassault
Aviation
SA
(Capital
Goods)
245,654
7,351
Engie
SA
(Utilities)
236,904
5,263
EssilorLuxottica
SA
(Health
Care
Equipment
&
Services)
1,226,412
6,148
Etablissements
Maurel
et
Prom
SA
(Energy)
75,835
560
Hermes
International
SCA
(Consumer
Durables
&
Apparel)
1,060,838
7,322
Klepierre
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
274,884
2,415
Legrand
SA
(Capital
Goods)
375,182
735
Nexans
SA
(Capital
Goods)
99,989
5,017
Safran
SA
(Capital
Goods)
1,641,711
3,698
Thales
SA
(Capital
Goods)
1,084,421
16,268
TotalEnergies
SE
(Energy)
1,492,983
6,662
Valeo
SE
(Automobiles
&
Components)
81,582
4,428
Vinci
SA
(Capital
Goods)
664,640
1,149
Viridien
(Energy)*
181,156
14,162,883
Georgia
–
0.1%
2,030
TBC
Bank
Group
PLC
(Banks)
110,830
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
8.7%
1,671
adidas
AG
(Consumer
Durables
&
Apparel)
$
270,463
2,852
AIXTRON
SE
(Semiconductors
&
Semiconductor
Equipment)
111,286
2,261
Allianz
SE
(Insurance)
954,863
2,196
Aumovio
SE
(Automobiles
&
Components)*
85,998
15,006
BASF
SE
(Materials)
924,226
40,746
Deutsche
Bank
AG
(Financial
Services)
1,212,605
241
Deutsche
Boerse
AG
(Financial
Services)
70,600
10,341
Deutsche
Post
AG
(Transportation)
545,043
16,752
Deutsche
Telekom
AG
(Telecommunication
Services)
625,240
9,811
E.ON
SE
(Utilities)
214,875
8,007
Fresenius
SE
&
Co.
KGaA
(Health
Care
Equipment
&
Services)
415,530
4,672
FUCHS
SE
(Materials)
161,769
1,797
GEA
Group
AG
(Capital
Goods)
128,877
895
Hannover
Rueck
SE
(Insurance)
281,389
238
Hapag-Lloyd
AG
(Transportation)
(a)
33,709
4,455
Henkel
AG
&
Co.
KGaA
(Household
&
Personal
Products)
320,005
3,274
Knorr-Bremse
AG
(Capital
Goods)
374,061
2,745
Merck
KGaA
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
348,763
1,310
MTU
Aero
Engines
AG
(Capital
Goods)
477,913
992
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Insurance)
626,489
3,944
Nemetschek
SE
(Software
&
Services)
295,248
181
Rheinmetall
AG
(Capital
Goods)
305,309
5,761
RWE
AG
(Utilities)
387,594
2,944
SAP
SE
(Software
&
Services)
501,901
3,006
Scout24
SE
(Media
&
Entertainment)
(a)
231,938
17,097
SGL
Carbon
SE
(Capital
Goods)*
66,258
5,298
Siemens
Energy
AG
(Capital
Goods)
913,639
6,495
thyssenkrupp
AG
(Materials)
57,231
10,942,822
Hong
Kong
–
2.1%
94,600
Bank
of
East
Asia
Ltd.
(The)
(Banks)
157,683
212,000
Dah
Sing
Banking
Group
Ltd.
(Banks)
330,858
Shares
Description
Value
a
Common
Stocks
–
(continued)
Hong
Kong
–
(continued)
26,000
Dah
Sing
Financial
Holdings
Ltd.
(Banks)
$
134,938
11,200
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Financial
Services)
565,018
50,700
Hongkong
Land
Holdings
Ltd.
(Real
Estate
Management
&
Development)
395,104
15,000
Johnson
Electric
Holdings
Ltd.
(Automobiles
&
Components)
45,514
165,000
Swire
Pacific
Ltd.,
Class
B
(Capital
Goods)
269,347
18,200
Swire
Properties
Ltd.
(Real
Estate
Management
&
Development)
53,312
566,000
WH
Group
Ltd.
(Food,
Beverage
&
Tobacco)
(a)
740,596
2,692,370
Israel
–
0.1%
151
Elbit
Systems
Ltd.
(Capital
Goods)
127,310
Italy
–
2.9%
58,836
Enel
SpA
(Utilities)
643,244
1,081
Ferrari
NV
(Automobiles
&
Components)
366,788
15,282
FinecoBank
Banca
Fineco
SpA
(Banks)
340,005
5,360
Industrie
De
Nora
SpA
(Capital
Goods)
34,982
12,922
Intesa
Sanpaolo
SpA
(Banks)
78,151
2,194
Leonardo
SpA
(Capital
Goods)
149,235
6,954
Prysmian
SpA
(Capital
Goods)
821,206
29,083
Saipem
SpA
(Energy)
133,065
13,662
UniCredit
SpA
(Banks)
980,165
7,524
Unipol
Assicurazioni
SpA
(Insurance)
174,784
3,721,625
Ivory
Coast
–
0.3%
6,626
Endeavour
Mining
PLC
(Materials)
399,215
Japan
–
23.4%
17,900
Acom
Co.
Ltd.
(Financial
Services)
52,918
5,800
Advantest
Corp.
(Semiconductors
&
Semiconductor
Equipment)
800,439
8,500
AGC,
Inc.
(Capital
Goods)
301,134
3,400
Asahi
Intecc
Co.
Ltd.
(Health
Care
Equipment
&
Services)
72,604
28,400
Asia
Pile
Holdings
Corp.
(Materials)
252,526
81,400
Astellas
Pharma,
Inc.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,326,968
1,300
Awa
Bank
Ltd.
(The)
(Banks)
48,047
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
1,800
Brother
Industries
Ltd.
(Technology
Hardware
&
Equipment)
$
33,323
1,700
Central
Japan
Railway
Co.
(Transportation)
44,202
16,600
Chiba
Bank
Ltd.
(The)
(Banks)
214,880
3,900
Chofu
Seisakusho
Co.
Ltd.
(Consumer
Durables
&
Apparel)
49,366
3,900
Chubu
Shiryo
Co.
Ltd.
(Food,
Beverage
&
Tobacco)
43,677
3,400
Chudenko
Corp.
(Capital
Goods)
99,777
29,800
Chugin
Financial
Group,
Inc.
(Banks)
537,308
13,600
Cosmo
Energy
Holdings
Co.
Ltd.
(Energy)
384,740
4,300
Dai
Nippon
Printing
Co.
Ltd.
(Commercial
&
Professional
Services)
78,346
17,300
Daiichi
Sankyo
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
309,508
5,300
Daito
Trust
Construction
Co.
Ltd.
(Real
Estate
Management
&
Development)
124,201
60,500
Daiwa
Securities
Group,
Inc.
(Financial
Services)
573,261
2,300
Denyo
Co.
Ltd.
(Capital
Goods)
50,428
500
Disco
Corp.
(Semiconductors
&
Semiconductor
Equipment)
203,792
1,100
Eisai
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
34,437
94,000
ENEOS
Holdings,
Inc.
(Energy)
846,953
11,100
FANUC
Corp.
(Capital
Goods)
386,912
3,900
First
Bank
of
Toyama
Ltd.
(The)
(Banks)
59,278
4,500
Fuji
Electric
Co.
Ltd.
(Capital
Goods)
315,234
48,600
FUJIFILM
Holdings
Corp.
(Technology
Hardware
&
Equipment)
926,105
6,600
Fujikura
Ltd.
(Capital
Goods)
181,513
34,900
Fujitsu
Ltd.
(Software
&
Services)
713,728
7,200
Fukuoka
Financial
Group,
Inc.
(Banks)
275,728
8,400
Futaba
Industrial
Co.
Ltd.
(Automobiles
&
Components)
52,169
4,400
Gunma
Bank
Ltd.
(The)
(Banks)
58,639
3,400
Hachijuni
Bank
Ltd.
(The)
(Banks)
42,748
3,700
Haseko
Corp.
(Consumer
Durables
&
Apparel)
68,354
31,080
Hirakawa
Hewtech
Corp.
(Capital
Goods)
757,817
4,700
Hitachi
Construction
Machinery
Co.
Ltd.
(Capital
Goods)
161,385
7,200
Hitachi
Ltd.
(Capital
Goods)
211,216
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
23,500
Hokkaido
Gas
Co.
Ltd.
(Utilities)
$
131,329
5,500
Hokuto
Corp.
(Food,
Beverage
&
Tobacco)
66,178
2,800
Hoya
Corp.
(Health
Care
Equipment
&
Services)
485,409
9,000
Inaba
Seisakusho
Co.
Ltd.
(Commercial
&
Professional
Services)
97,725
41,900
Isuzu
Motors
Ltd.
(Automobiles
&
Components)
603,392
8,500
Japan
Exchange
Group,
Inc.
(Financial
Services)
99,263
34,900
Japan
Tobacco,
Inc.
(Food,
Beverage
&
Tobacco)
1,338,899
4,100
Kajima
Corp.
(Capital
Goods)
156,410
3,400
Kao
Corp.
(Household
&
Personal
Products)
132,354
5,100
Kawasaki
Kisen
Kaisha
Ltd.
(Transportation)
86,142
1,500
Kioxia
Holdings
Corp.
(Semiconductors
&
Semiconductor
Equipment)*
195,900
3,200
Kita-Nippon
Bank
Ltd.
(The)
(Banks)
93,332
5,200
Komatsu
Matere
Co.
Ltd.
(Consumer
Durables
&
Apparel)
25,695
7,300
Kubota
Corp.
(Capital
Goods)
116,984
2,900
Kyokuto
Boeki
Kaisha
Ltd.
(Capital
Goods)
34,677
9,500
Kyushu
Electric
Power
Co.,
Inc.
(Utilities)
110,120
200
Lasertec
Corp.
(Semiconductors
&
Semiconductor
Equipment)
44,515
5,600
Marudai
Food
Co.
Ltd.
(Food,
Beverage
&
Tobacco)
80,957
12,100
Matsui
Construction
Co.
Ltd.
(Capital
Goods)
123,568
3,200
MINEBEA
MITSUMI,
Inc.
(Capital
Goods)
53,136
2,200
Mitsubishi
Corp.
(Capital
Goods)
75,473
5,600
Mitsubishi
Electric
Corp.
(Capital
Goods)
183,160
5,700
Mitsubishi
Estate
Co.
Ltd.
(Real
Estate
Management
&
Development)
158,212
25,900
Mitsubishi
Heavy
Industries
Ltd.
(Capital
Goods)
711,645
46,800
Mitsui
Fudosan
Co.
Ltd.
(Real
Estate
Management
&
Development)
498,909
1,100
Mitsui
Kinzoku
Co.
Ltd.
(Materials)
208,653
30,600
Murata
Manufacturing
Co.
Ltd.
(Technology
Hardware
&
Equipment)
686,579
15,100
NEC
Corp.
(Software
&
Services)
375,735
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
27,500
NGK
Corp.
(Capital
Goods)
$
708,748
1,400
Nippon
Shinyaku
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
46,055
1,700
Nippon
Yusen
KK
(Transportation)
62,449
1,200
Nissan
Chemical
Corp.
(Materials)
46,663
7,400
Noritsu
Koki
Co.
Ltd.
(Consumer
Durables
&
Apparel)
96,101
16,200
NSK
Ltd.
(Capital
Goods)
114,801
12,300
Obayashi
Corp.
(Capital
Goods)
297,912
32,100
ORIX
Corp.
(Financial
Services)
952,451
4,500
Press
Kogyo
Co.
Ltd.
(Automobiles
&
Components)
23,574
24,100
Renesas
Electronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)
344,563
4,500
Ricoh
Co.
Ltd.
(Technology
Hardware
&
Equipment)
38,041
2,600
Riken
Technos
Corp.
(Materials)
27,916
3,800
San-In
Godo
Bank
Ltd.
(The)
(Banks)
42,757
22,000
Seikitokyu
Kogyo
Co.
Ltd.
(Capital
Goods)
209,870
3,000
Shimizu
Corp.
(Capital
Goods)
53,823
5,600
Shindengen
Electric
Manufacturing
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
109,541
5,900
Shinsho
Corp.
(Capital
Goods)
86,856
25,900
SoftBank
Group
Corp.
(Telecommunication
Services)
630,659
27,000
Sompo
Holdings,
Inc.
(Insurance)
1,051,063
26,900
Sony
Group
Corp.
(Consumer
Durables
&
Apparel)
560,670
2,300
Space
Co.
Ltd.
(Commercial
&
Professional
Services)
22,138
8,500
Sumitomo
Chemical
Co.
Ltd.
(Materials)
27,502
11,300
Sumitomo
Corp.
(Capital
Goods)
422,835
14,500
Sumitomo
Electric
Industries
Ltd.
(Automobiles
&
Components)
823,891
7,700
Sumitomo
Mitsui
Financial
Group,
Inc.
(Banks)
253,178
5,500
Sumitomo
Pharma
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
75,033
13,000
Sumitomo
Realty
&
Development
Co.
Ltd.
(Real
Estate
Management
&
Development)
368,886
27,200
Suzuki
Co.
Ltd.
(Technology
Hardware
&
Equipment)
469,501
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
2,600
Taisei
Corp.
(Capital
Goods)
$
269,365
33,800
Takeda
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,244,783
900
Tanseisha
Co.
Ltd.
(Commercial
&
Professional
Services)
8,490
68,600
TDK
Corp.
(Technology
Hardware
&
Equipment)
891,133
8,400
Tokyo
Century
Corp.
(Financial
Services)
108,733
7,700
Tokyo
Gas
Co.
Ltd.
(Utilities)
362,640
3,300
Tokyu
Fudosan
Holdings
Corp.
(Real
Estate
Management
&
Development)
28,166
6,800
Tosho
Co.
Ltd.
(Consumer
Services)
36,196
13,100
Tv
Tokyo
Holdings
Corp.
(Media
&
Entertainment)
345,335
4,000
Yamae
Group
Holdings
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
73,433
20,400
Yamaha
Corp.
(Consumer
Durables
&
Apparel)
144,423
38,700
Yokohama
Financial
Group,
Inc.
(Banks)
345,444
29,493,630
Netherlands
–
5.4%
780
ASM
International
NV
(Semiconductors
&
Semiconductor
Equipment)
591,204
2,305
ASML
Holding
NV
(Semiconductors
&
Semiconductor
Equipment)
3,065,091
5,545
Eurocommercial
Properties
NV
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
167,936
4,577
EXOR
NV
(Financial
Services)
350,359
34,062
ForFarmers
NV
(Food,
Beverage
&
Tobacco)
246,853
40,539
ING
Groep
NV
(Banks)
1,052,259
24,898
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples
Distribution
&
Retail)
1,159,481
1,610
SBM
Offshore
NV
(Energy)
64,203
835
Wolters
Kluwer
NV
(Commercial
&
Professional
Services)
62,365
6,759,751
New
Zealand
–
0.2%
9,588
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
(Health
Care
Equipment
&
Services)
207,901
40,301
TOWER
Ltd.
(Insurance)
42,960
250,861
Norway
–
1.1%
35,002
Deep
Value
Driller
AS
(Energy)
77,394
11,239
Kongsberg
Gruppen
ASA
(Capital
Goods)
479,081
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Norway
–
(continued)
1,751
Orkla
ASA
(Food,
Beverage
&
Tobacco)
$
22,036
45,425
Sea1
offshore,
Inc.
(Energy)*
164,671
5,911
SpareBank
1
SMN
(Banks)
126,151
66,330
Var
Energi
ASA
(Energy)
341,485
1,248
Wilh
Wilhelmsen
Holding
ASA,
Class
A
(Transportation)
93,443
7,683
Zaptec
ASA
(Capital
Goods)*
22,754
1,327,015
Portugal
–
0.3%
250,810
Banco
Comercial
Portugues
SA,
Class
R
(Banks)
244,281
7,162
Jeronimo
Martins
SGPS
SA
(Consumer
Staples
Distribution
&
Retail)
171,253
415,534
Singapore
–
0.6%
2,100
Oversea-Chinese
Banking
Corp.
Ltd.
(Banks)
35,968
32,800
Singapore
Technologies
Engineering
Ltd.
(Capital
Goods)
278,382
108,600
Singapore
Telecommunications
Ltd.
(Telecommunication
Services)
417,270
731,620
South
Africa
–
0.2%
7,063
Anglo
American
PLC
(Materials)
303,254
Spain
–
2.4%
1,241
ACS
Actividades
de
Construccion
y
Servicios
SA
(Capital
Goods)
151,347
28,579
Banco
Bilbao
Vizcaya
Argentaria
SA
(Banks)
617,295
20,071
CaixaBank
SA
(Banks)
240,604
9,555
Cellnex
Telecom
SA
(Telecommunication
Services)*
(a)
307,239
10,797
Industria
de
Diseno
Textil
SA
(Consumer
Discretionary
Distribution
&
Retail)
628,481
21,944
Merlin
Properties
Socimi
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
357,519
13,175
Naturgy
Energy
Group
SA
(Utilities)
394,414
7,316
Repsol
SA
(Energy)
205,934
49,094
Unicaja
Banco
SA
(Banks)
(a)
145,699
3,048,532
Sweden
–
3.3%
11,651
Atlas
Copco
AB,
Class
B
(Capital
Goods)
182,131
4,515
Boliden
AB
(Materials)*
236,685
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
23,230
Byggmax
Group
AB
(Consumer
Discretionary
Distribution
&
Retail)
$
134,027
17,598
Epiroc
AB,
Class
A
(Capital
Goods)
433,207
22,472
Epiroc
AB,
Class
B
(Capital
Goods)
481,385
17,445
Investor
AB,
Class
A
(Financial
Services)
654,553
19,317
Investor
AB,
Class
B
(Financial
Services)
731,626
8,086
Rusta
AB
(Consumer
Discretionary
Distribution
&
Retail)
80,233
37,479
Svenska
Handelsbanken
AB,
Class
A
(Banks)
(b)
494,113
7,217
Swedbank
AB,
Class
A
(Banks)
245,981
3,515
Tele2
AB,
Class
B
(Telecommunication
Services)
72,752
18,744
Telefonaktiebolaget
LM
Ericsson,
Class
B
(Technology
Hardware
&
Equipment)
213,686
5,236
Trelleborg
AB,
Class
B
(Capital
Goods)
195,824
4,156,203
Switzerland
–
5.0%
22,826
ABB
Ltd.
(Capital
Goods)
1,855,936
4,747
Cie
Financiere
Richemont
SA
(Consumer
Durables
&
Apparel)
838,159
734
Kuehne
+
Nagel
International
AG
(Transportation)
168,090
2,314
Landis+Gyr
Group
AG
(Technology
Hardware
&
Equipment)*
148,473
159
LEM
Holding
SA
(Technology
Hardware
&
Equipment)*
58,606
1,695
Lonza
Group
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,087,374
5,307
SGS
SA
(Commercial
&
Professional
Services)
559,299
2,119
Sonova
Holding
AG
(Health
Care
Equipment
&
Services)
483,161
13,144
UBS
Group
AG
(Financial
Services)
512,529
776
Zurich
Insurance
Group
AG
(Insurance)
548,491
6,260,118
United
Kingdom
–
9.9%
11,572
AstraZeneca
PLC
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
2,282,230
35,463
BAE
Systems
PLC
(Capital
Goods)
1,039,722
13,534
Beazley
PLC
(Insurance)
228,676
19,608
Compass
Group
PLC
(Consumer
Services)
547,082
56,691
HSBC
Holdings
PLC
(Banks)
931,013
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
15,056
Imperial
Brands
PLC
(Food,
Beverage
&
Tobacco)
$
610,488
6,538
Intertek
Group
PLC
(Commercial
&
Professional
Services)
318,132
2,581
Keller
Group
PLC
(Capital
Goods)
65,660
2,860
Lancashire
Holdings
Ltd.
(Insurance)
22,220
1,206,367
Lloyds
Banking
Group
PLC
(Banks)
1,495,214
3,912
London
Stock
Exchange
Group
PLC
(Financial
Services)
461,959
44,609
National
Grid
PLC
(Utilities)
753,004
99,227
NatWest
Group
PLC
(Banks)
735,069
51,634
PZ
Cussons
PLC
(Household
&
Personal
Products)
55,236
12,105
Reckitt
Benckiser
Group
PLC
(Household
&
Personal
Products)
813,945
10,101
RELX
PLC
(Commercial
&
Professional
Services)
330,933
36,026
Rolls-Royce
Holdings
PLC
(Capital
Goods)
547,322
4,765
Sage
Group
PLC
(The)
(Software
&
Services)
53,394
1,675
Smiths
Group
PLC
(Capital
Goods)
51,115
15,009
Tesco
PLC
(Consumer
Staples
Distribution
&
Retail)
94,332
6,918
Unilever
PLC
(Household
&
Personal
Products)
390,588
40,890
Vodafone
Group
PLC
ADR
(Telecommunication
Services)
614,168
12,441,502
United
States
–
8.3%
10,292
Alcon
AG
(Health
Care
Equipment
&
Services)
777,975
27,261
BP
PLC
ADR
(Energy)
1,281,267
3,564
Carnival
PLC
ADR
(Consumer
Services)
91,844
19,105
GSK
PLC
ADR
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,054,405
452
Holcim
AG
(Materials)*
37,363
3,156
InterContinental
Hotels
Group
PLC
(Consumer
Services)
416,197
26,332
Nestle
SA
(Food,
Beverage
&
Tobacco)
2,582,934
3,439
Novartis
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
527,867
34,438
PureTech
Health
PLC
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
49,229
2,032
Roche
Holding
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
810,952
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
17,924
Sanofi
SA
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
$
1,730,919
5,260
Shell
PLC
(Energy)
245,964
1,306
Spotify
Technology
SA
(Media
&
Entertainment)*
633,292
13,931
Tenaris
SA
(Energy)
407,236
10,647,444
TOTAL
COMMON
STOCKS
(Cost
$106,839,549)
123,038,995
Shares
Description
Rate
Value
a
Preferred
Stocks
–
0.4%
Germany
–
0.4%
3,638
Henkel
AG
&
Co.
KGaA
(Household
&
Personal
Products)
2.86
%
281,033
740
Sartorius
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
0.34
185,160
TOTAL
PREFERRED
STOCKS
(Cost
$521,679)
466,193
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$107,361,228)
123,505,188
Shares
Dividend
Rate
a
Securities
Lending
Reinvestment
Vehicle
–
0.4%
(c)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
–
Institutional
Shares
543,070
3.553%
543,070
(Cost
$543,070)
TOTAL
INVESTMENTS
–
98.3%
(Cost
$107,904,298)
$
124,048,258
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.7%
2,110,792
NET
ASSETS
–
100.0%
$
126,159,050
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
All
or
a
portion
of
security
is
on
loan.
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Additional
Investment
Information 
Sector
Name
%
of
Market
Value
Financials
23.4
%
Industrials
18.9
Health
Care
12.8
Information
Technology
9.0
Consumer
Staples
8.4
Materials
7.3
Consumer
Discretionary
7.2
Energy
4.8
Communication
Services
3.2
Utilities
2.6
Real
Estate
2.0
Securities
Lending
Reinvestment
Vehicle
0.4
TOTAL
INVESTMENTS
100.0%
FUTURES
CONTRACTS
—
At
March
31,
2026,
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
14
06/19/26
$
889,196
$
(16,150)
FTSE
100
Index
2
06/19/26
269,988
2,038
Hang
Seng
Index
1
04/29/26
157,852
(871)
MSCI
Singapore
Index
1
04/29/26
33,958
200
SPI
200
Index
1
06/18/26
146,839
(2,671)
TOPIX
Index
2
06/11/26
441,574
(3,138)
Total
Futures
Contracts
$
(20,592)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-LARGE
CAP
VALUE
FUND
Schedule
of
Investments
March
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
99.5%
Aerospace
&
Defense
–
2.3%
10,642
L3Harris
Technologies,
Inc.
$
3,673,086
11,259
RTX
Corp.
2,171,861
5,844,947
Banks
–
8.1%
123,146
Bank
of
America
Corp.
6,003,367
42,304
Citigroup,
Inc.
4,797,697
33,712
JPMorgan
Chase &
Co.
9,916,722
20,717,786
Beverages
–
1.4%
48,301
Coca-Cola
Co.
(The)
3,673,291
Biotechnology
–
1.0%
1,683
Argenx
SE
ADR
(Netherlands)*
1,229,011
2,422
Madrigal
Pharmaceuticals,
Inc.*
1,267,844
2,496,855
Broadline
Retail
–
2.4%
29,357
Amazon.com,
Inc.*
6,114,182
Building
Products
–
0.4%
12,623
Builders
FirstSource,
Inc.*
1,039,252
Capital
Markets
–
3.1%
20,635
Intercontinental
Exchange,
Inc.
3,245,473
20,093
KKR
&
Co.,
Inc.
1,858,602
16,847
Morgan
Stanley
2,772,511
7,876,586
Chemicals
–
2.5%
22,314
Celanese
Corp.
1,467,592
8,369
Sherwin-Williams
Co.
(The)
2,682,683
30,108
Solstice
Advanced
Materials,
Inc.
2,293,025
6,443,300
Commercial
Services
&
Supplies
–
1.7%
27,371
Waste
Connections,
Inc.
4,446,145
Communications
Equipment
–
1.0%
21,235
Arista
Networks,
Inc.*
2,607,233
Construction
Materials
–
1.1%
4,824
Martin
Marietta
Materials,
Inc.
2,839,792
Consumer
Finance
–
1.5%
20,646
Capital
One
Financial
Corp.
3,766,450
Consumer
Staples
Distribution
&
Retail
–
3.9%
2,385
Casey's
General
Stores,
Inc.
1,735,946
65,506
Walmart,
Inc.
8,141,086
9,877,032
Containers
&
Packaging
–
1.4%
103,587
International
Paper
Co.
3,698,056
Electric
Utilities
–
3.2%
46,452
NextEra
Energy,
Inc.
4,314,462
104,753
PPL
Corp.
4,001,564
8,316,026
Electrical
Equipment
–
3.3%
12,963
Eaton
Corp.
PLC
4,636,476
10,718
Rockwell
Automation,
Inc.
3,846,476
8,482,952
Shares
Description
Value
Common
Stocks
–
(continued)
Electronic
Equipment,
Instruments
&
Components
–
2.4%
12,445
Coherent
Corp.*
$
2,964,524
11,964
Jabil,
Inc.
3,177,997
6,142,521
Financial
Services
–
2.0%
10,949
Berkshire
Hathaway,
Inc.,
Class
B*
5,246,761
Ground
Transportation
–
2.5%
72,388
CSX
Corp.
2,971,528
17,596
Old
Dominion
Freight
Line,
Inc.
3,438,258
6,409,786
Health
Care
Equipment
&
Supplies
–
2.7%
43,313
Abbott
Laboratories
4,446,946
39,376
Boston
Scientific
Corp.*
2,470,844
6,917,790
Health
Care
Providers
&
Services
–
0.5%
5,511
Cardinal
Health,
Inc.
1,164,530
Hotels,
Restaurants
&
Leisure
–
1.5%
41,710
Starbucks
Corp.
3,736,799
Household
Products
–
2.7%
47,093
Procter &
Gamble
Co.
(The)
6,802,113
Industrial
Conglomerates
–
3.0%
24,983
3M
Co.
3,628,281
18,045
Honeywell
International,
Inc.
4,078,712
7,706,993
Industrial
REITs
–
1.8%
34,478
Prologis,
Inc.
REIT
4,557,302
Insurance
–
3.2%
29,020
Marsh
&
McLennan
Cos.,
Inc.
5,033,519
11,217
Travelers
Cos.,
Inc.
(The)
3,271,775
8,305,294
Interactive
Media
&
Services
–
6.0%
44,802
Alphabet,
Inc.,
Class
A
12,883,263
4,225
Meta
Platforms,
Inc.,
Class
A
2,417,249
15,300,512
Life
Sciences
Tools
&
Services
–
2.7%
22,196
Agilent
Technologies,
Inc.
2,529,900
8,779
Thermo
Fisher
Scientific,
Inc.
4,315,142
6,845,042
Machinery
–
2.3%
8,469
Caterpillar,
Inc.
5,999,948
Multi-Utilities
–
1.5%
33,900
Ameren
Corp.
3,726,288
Oil,
Gas
&
Consumable
Fuels
–
7.4%
37,923
Chevron
Corp.
7,846,269
30,389
ConocoPhillips
4,011,348
16,860
DT
Midstream,
Inc.
2,270,536
43,524
Expand
Energy
Corp.
4,778,065
18,906,218
Passenger
Airlines
–
0.5%
12,734
United
Airlines
Holdings,
Inc.*
1,172,419
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-LARGE
CAP
VALUE
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Pharmaceuticals
–
5.8%
38,782
Johnson &
Johnson
$
9,479,872
44,882
Merck &
Co.,
Inc.
5,398,856
14,878,728
Residential
REITs
–
1.2%
19,081
AvalonBay
Communities,
Inc.
REIT
3,116,881
Semiconductors
&
Semiconductor
Equipment
–
6.5%
20,528
Advanced
Micro
Devices,
Inc.*
4,176,011
12,736
Applied
Materials,
Inc.
4,353,037
16,002
Micron
Technology,
Inc.
5,406,116
8,920
Teradyne,
Inc.
2,644,423
16,579,587
Specialty
Retail
–
2.9%
11,810
Home
Depot,
Inc.
(The)
3,884,191
21,945
TJX
Cos.,
Inc.
(The)
3,504,616
7,388,807
Wireless
Telecommunication
Services
–
2.1%
25,341
T-Mobile
US,
Inc.
5,322,370
TOTAL
COMMON
STOCKS
(Cost
$205,463,844)
254,466,574
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.4%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
988,893
3.553%
$
988,893
(Cost
$988,893)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$206,452,737)
$
255,455,467
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
141,988
NET
ASSETS
–
100.0%
$
255,597,455
  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
March
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
98.9%
Aerospace
&
Defense
–
10.7%
2,288
Axon
Enterprise,
Inc.*
$
971,691
1,425
FTAI
Aviation
Ltd.
349,125
10,262
Howmet
Aerospace,
Inc.
2,364,980
2,668
L3Harris
Technologies,
Inc.
920,860
11,526
Rocket
Lab
Corp.*
740,200
2,465
Woodward,
Inc.
882,273
6,229,129
Banks
–
0.7%
28,678
Flagstar
Bank
NA
377,689
Beverages
–
1.0%
6,613
Coca-Cola
Europacific
Partners
PLC
(United
Kingdom)
599,601
Biotechnology
–
5.7%
1,137
Alnylam
Pharmaceuticals,
Inc.*
376,199
497
Argenx
SE
ADR
(Netherlands)*
362,934
5,393
Insmed,
Inc.*
881,863
7,572
Ionis
Pharmaceuticals,
Inc.*
568,582
757
Madrigal
Pharmaceuticals,
Inc.*
396,267
27,411
Roivant
Sciences
Ltd.*
759,285
3,345,130
Broadline
Retail
–
0.9%
5,695
eBay,
Inc.
518,359
Building
Products
–
0.7%
4,656
Builders
FirstSource,
Inc.*
383,328
Capital
Markets
–
2.9%
5,076
Intercontinental
Exchange,
Inc.
798,353
2,927
LPL
Financial
Holdings,
Inc.
880,530
1,678,883
Chemicals
–
2.6%
7,961
Celanese
Corp.
523,595
13,349
Solstice
Advanced
Materials,
Inc.
1,016,660
1,540,255
Construction
&
Engineering
–
4.0%
4,241
Quanta
Services,
Inc.
2,328,394
Construction
Materials
–
1.3%
1,324
Martin
Marietta
Materials,
Inc.
779,412
Consumer
Staples
Distribution
&
Retail
–
0.7%
548
Casey's
General
Stores,
Inc.
398,867
Electrical
Equipment
–
5.2%
2,079
Rockwell
Automation,
Inc.
746,112
9,195
Vertiv
Holdings
Co.,
Class
A
2,304,083
3,050,195
Electronic
Equipment,
Instruments
&
Components
–
2.9%
2,064
Coherent
Corp.*
491,666
4,580
Jabil,
Inc.
1,216,585
1,708,251
Entertainment
–
4.1%
9,668
Live
Nation
Entertainment,
Inc.*
1,474,467
15,963
ROBLOX
Corp.,
Class
A*
902,867
2,377,334
Financial
Services
–
2.4%
3,418
Corpay,
Inc.*
994,604
Shares
Description
Value
Common
Stocks
–
(continued)
Financial
Services
–
(continued)
29,039
Rocket
Cos.,
Inc.,
Class
A*
$
413,806
1,408,410
Ground
Transportation
–
0.8%
2,322
Old
Dominion
Freight
Line,
Inc.
453,719
Health
Care
Equipment
&
Supplies
–
3.5%
17,860
Dexcom,
Inc.*
1,121,608
5,382
Edwards
Lifesciences
Corp.*
430,990
2,358
Insulet
Corp.*
494,803
2,047,401
Health
Care
Providers
&
Services
–
5.4%
7,392
Cencora,
Inc.
2,322,123
8,732
Guardant
Health,
Inc.*
806,575
3,128,698
Hotels,
Restaurants
&
Leisure
–
11.3%
11,092
Cava
Group,
Inc.*
897,343
3,598
DoorDash,
Inc.,
Class
A*
540,240
24,382
DraftKings,
Inc.,
Class
A*
527,139
12,285
Dutch
Bros,
Inc.,
Class
A*
622,358
7,405
Hilton
Worldwide
Holdings,
Inc.
2,251,712
6,482
Royal
Caribbean
Cruises
Ltd.
1,783,717
6,622,509
Household
Durables
–
0.6%
3,848
Lennar
Corp.,
Class
A
334,160
Independent
Power
and
Renewable
Electricity
Producers
–
2.9%
11,238
Vistra
Corp.
1,689,408
Interactive
Media
&
Services
–
1.5%
6,291
Reddit,
Inc.,
Class
A*
847,083
IT
Services
–
3.4%
8,161
Cloudflare,
Inc.,
Class
A*
1,683,941
1,195
MongoDB,
Inc.*
292,500
1,976,441
Life
Sciences
Tools
&
Services
–
3.2%
7,631
Agilent
Technologies,
Inc.
869,781
557
Mettler-Toledo
International,
Inc.*
702,489
2,349
Repligen
Corp.*
276,759
1,849,029
Oil,
Gas
&
Consumable
Fuels
–
4.1%
5,072
Diamondback
Energy,
Inc.
1,003,191
8,259
Expand
Energy
Corp.
906,673
30,733
Venture
Global,
Inc.,
Class
A
484,352
2,394,216
Personal
Care
Products
–
0.8%
7,416
elf
Beauty,
Inc.*
449,484
Pharmaceuticals
–
0.6%
7,068
Royalty
Pharma
PLC,
Class
A
339,052
Semiconductors
&
Semiconductor
Equipment
–
5.7%
9,503
Marvell
Technology,
Inc.
941,272
1,215
Monolithic
Power
Systems,
Inc.
1,328,420
3,442
Teradyne,
Inc.
1,020,416
3,290,108
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-MID
CAP
GROWTH
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Software
–
3.0%
9,795
Datadog,
Inc.,
Class
A*
$
1,156,300
4,247
Zscaler,
Inc.*
595,811
1,752,111
Specialty
Retail
–
4.0%
2,695
Carvana
Co.*
847,254
6,915
Ross
Stores,
Inc.
1,497,996
2,345,250
Textiles,
Apparel
&
Luxury
Goods
–
1.1%
19,434
On
Holding
AG,
Class
A
(Switzerland)*
661,145
Trading
Companies
&
Distributors
–
1.2%
972
United
Rentals,
Inc.
708,160
TOTAL
COMMON
STOCKS
(Cost
$49,818,148)
57,611,211
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.6%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
348,409
3.553%
348,409
(Cost
$348,409)
TOTAL
INVESTMENTS
–
99.5%
(Cost
$50,166,557)
$
57,959,620
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.5%
280,760
NET
ASSETS
–
100.0%
$
58,240,380
  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-MID
CAP
VALUE
FUND
Schedule
of
Investments
March
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
99.4%
Aerospace
&
Defense
–
3.9%
31,834
L3Harris
Technologies,
Inc.
$
10,987,505
17,783
Woodward,
Inc.
6,364,891
17,352,396
Automobile
Components
–
1.2%
75,670
Aptiv
PLC*
5,254,525
Banks
–
5.2%
233,566
Fifth
Third
Bancorp
10,851,476
166,233
Flagstar
Bank
NA
2,189,289
234,005
Huntington
Bancshares,
Inc.
3,662,178
45,249
Wintrust
Financial
Corp.
6,286,896
22,989,839
Beverages
–
2.3%
112,541
Coca-Cola
Europacific
Partners
PLC
(United
Kingdom)
10,204,092
Broadline
Retail
–
1.8%
89,625
eBay,
Inc.
8,157,668
Building
Products
–
2.0%
109,498
Builders
FirstSource,
Inc.*
9,014,970
Capital
Markets
–
5.2%
46,926
Bank
of
New
York
Mellon
Corp.
(The)
5,566,831
55,802
Intercontinental
Exchange,
Inc.
8,776,538
226,599
Invesco
Ltd.
5,504,090
10,866
LPL
Financial
Holdings,
Inc.
3,268,819
23,116,278
Chemicals
–
3.2%
68,944
Celanese
Corp.
4,534,447
58,689
Solstice
Advanced
Materials,
Inc.
4,469,754
43,984
Westlake
Corp.
5,138,211
14,142,412
Communications
Equipment
–
0.8%
7,741
Motorola
Solutions,
Inc.
3,359,362
Construction
Materials
–
2.0%
15,208
Martin
Marietta
Materials,
Inc.
8,952,645
Consumer
Finance
–
1.2%
80,901
Synchrony
Financial
5,502,886
Consumer
Staples
Distribution
&
Retail
–
2.9%
45,313
Kroger
Co.
(The)
3,278,849
109,377
Performance
Food
Group
Co.*
9,369,234
12,648,083
Containers
&
Packaging
–
1.4%
178,715
International
Paper
Co.
6,380,126
Electric
Utilities
–
2.4%
20,064
NRG
Energy,
Inc.
2,932,153
447,352
PG&E
Corp.
7,859,975
10,792,128
Electrical
Equipment
–
2.2%
27,598
Rockwell
Automation,
Inc.
9,904,370
Electronic
Equipment,
Instruments
&
Components
–
4.4%
20,824
Coherent
Corp.*
4,960,485
176,383
Ingram
Micro
Holding
Corp.
4,111,488
12,560
Jabil,
Inc.
3,336,313
Shares
Description
Value
Common
Stocks
–
(continued)
Electronic
Equipment,
Instruments
&
Components
–
(continued)
374,733
Mirion
Technologies,
Inc.*
$
6,966,286
19,374,572
Entertainment
–
1.2%
33,947
Live
Nation
Entertainment,
Inc.*
5,177,257
Financial
Services
–
3.1%
91,526
Equitable
Holdings,
Inc.
3,396,530
89,463
Global
Payments,
Inc.
6,020,860
270,865
Rocket
Cos.,
Inc.,
Class
A*
3,859,826
13,277,216
Gas
Utilities
–
1.0%
24,224
Atmos
Energy
Corp.
4,474,657
Ground
Transportation
–
2.5%
42,062
Old
Dominion
Freight
Line,
Inc.
8,218,915
7,624
Saia,
Inc.*
2,678,159
10,897,074
Health
Care
Equipment
&
Supplies
–
1.1%
23,497
Dexcom,
Inc.*
1,475,612
42,195
Edwards
Lifesciences
Corp.*
3,378,975
4,854,587
Health
Care
Providers
&
Services
–
3.7%
22,080
Cencora,
Inc.
6,936,211
11,804
Humana,
Inc.
2,046,696
37,044
Quest
Diagnostics,
Inc.
7,259,883
16,242,790
Hotels,
Restaurants
&
Leisure
–
0.9%
50,081
Wyndham
Hotels
&
Resorts,
Inc.
4,068,080
Insurance
–
2.6%
36,209
American
Financial
Group,
Inc.
4,624,251
28,120
Arch
Capital
Group
Ltd.*
2,699,239
59,720
Unum
Group
4,361,352
11,684,842
Life
Sciences
Tools
&
Services
–
2.3%
60,845
Agilent
Technologies,
Inc.
6,935,113
2,670
Mettler-Toledo
International,
Inc.*
3,367,404
10,302,517
Machinery
–
2.5%
56,180
Ingersoll
Rand,
Inc.
4,501,142
33,447
ITT,
Inc.
6,372,657
10,873,799
Media
–
0.9%
54,902
Omnicom
Group,
Inc.
4,134,670
Metals
&
Mining
–
1.1%
27,939
Steel
Dynamics,
Inc.
5,029,020
Multi-Utilities
–
5.7%
50,418
Ameren
Corp.
5,541,947
134,109
CMS
Energy
Corp.
10,404,176
80,318
Consolidated
Edison,
Inc.
9,090,391
25,036,514
Oil,
Gas
&
Consumable
Fuels
–
8.5%
168,415
BKV
Corp.
(Thailand)*
4,803,196
32,434
EOG
Resources,
Inc.
4,688,983
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-MID
CAP
VALUE
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Oil,
Gas
&
Consumable
Fuels
–
(continued)
56,353
Expand
Energy
Corp.
$
6,186,432
38,138
HF
Sinclair
Corp.
2,379,430
22,260
Kinetik
Holdings,
Inc.
1,077,607
240,034
Permian
Resources
Corp.,
Class
A
5,117,525
36,306
Phillips
66
6,614,227
16,384
Targa
Resources
Corp.
4,107,960
154,314
Venture
Global,
Inc.,
Class
A
2,431,989
37,407,349
Passenger
Airlines
–
1.5%
72,364
United
Airlines
Holdings,
Inc.*
6,662,553
Pharmaceuticals
–
2.2%
198,981
Royalty
Pharma
PLC,
Class
A
9,545,119
Residential
REITs
–
1.1%
41,732
Mid-America
Apartment
Communities,
Inc.
REIT
5,096,312
Semiconductors
&
Semiconductor
Equipment
–
3.5%
83,031
Marvell
Technology,
Inc.
8,224,220
37,117
ON
Semiconductor
Corp.*
2,298,285
16,965
Teradyne,
Inc.
5,029,444
15,551,949
Specialized
REITs
–
3.7%
56,047
Digital
Realty
Trust,
Inc.
REIT
10,100,230
222,620
VICI
Properties,
Inc.
REIT
6,081,978
16,182,208
Specialty
Retail
–
1.5%
31,530
Ross
Stores,
Inc.
6,830,344
Technology
Hardware,
Storage
&
Peripherals
–
3.2%
243,074
Hewlett
Packard
Enterprise
Co.
5,787,592
3,899
Sandisk
Corp.*
2,477,191
21,046
Western
Digital
Corp.
5,692,732
13,957,515
Trading
Companies
&
Distributors
–
3.5%
17,780
United
Rentals,
Inc.
12,953,797
2,428
W.W.
Grainger,
Inc.
2,648,486
15,602,283
TOTAL
COMMON
STOCKS
(Cost
$386,164,763)
440,035,007
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.1%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
221,862
3.553%
221,862
(Cost
$221,862)
TOTAL
INVESTMENTS
–
99.5%
(Cost
$386,386,625)
$
440,256,869
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.5%
2,343,440
NET
ASSETS
–
100.0%
$
442,600,309
  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
March
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
98.2%
Aerospace
&
Defense
–
2.1%
1,585
AeroVironment,
Inc.*
$
290,134
8,178
Astronics
Corp.*
545,718
1,844
Intuitive
Machines,
Inc.*
(a)
34,225
5,262
Kratos
Defense &
Security
Solutions,
Inc.*
371,023
8,401
Mercury
Systems,
Inc.*
612,517
5,528
Moog,
Inc.,
Class
A
1,617,714
1,143
Red
Cat
Holdings,
Inc.*
(a)
14,962
41,054
Redwire
Corp.*
(a)
348,959
3,513
Voyager
Technologies,
Inc.,
Class
A*
82,169
3,917,421
Automobile
Components
–
1.4%
30,003
Adient
PLC*
606,361
11,512
Cooper-Standard
Holdings,
Inc.*
320,840
3,124
Dana,
Inc.
105,123
44,822
Dauch
Corp.*
265,794
31,251
Goodyear
Tire
&
Rubber
Co.
(The)*
207,194
5,106
LCI
Industries
627,936
86,088
Solid
Power,
Inc.*
258,264
2,391,512
Banks
–
8.8%
10,807
Ameris
Bancorp
842,838
14,643
Associated
Banc-Corp.
378,668
610
Atlantic
Union
Bankshares
Corp.
21,801
3,077
BancFirst
Corp.
333,854
58,079
Capitol
Federal
Financial,
Inc.
414,103
1,964
Central
Pacific
Financial
Corp.
62,769
1,157
Chemung
Financial
Corp.
62,270
1,204
ChoiceOne
Financial
Services,
Inc.
33,856
7,002
Community
Trust
Bancorp,
Inc.
425,161
4,779
Dime
Community
Bancshares,
Inc.
161,626
2,277
FB
Financial
Corp.
118,267
500
Fidelity
D&D
Bancorp,
Inc.
21,640
584
First
Bancorp,
Inc.
(The)
16,370
6,049
First
Financial
Bancorp
168,646
27,694
First
Financial
Bankshares,
Inc.
815,588
9,135
First
Merchants
Corp.
353,799
15,255
German
American
Bancorp,
Inc.
637,506
21,239
Glacier
Bancorp,
Inc.
948,746
6,141
Hancock
Whitney
Corp.
390,506
12,500
Hanmi
Financial
Corp.
329,500
589
Hingham
Institution
For
Savings
(The)
168,360
2,565
Home
Bancorp,
Inc.
155,388
6,150
Home
BancShares,
Inc.
165,620
11,304
Hope
Bancorp,
Inc.
126,266
18,279
Independent
Bank
Corp.
608,691
11,685
International
Bancshares
Corp.
786,284
1,131
Lakeland
Financial
Corp.
64,897
8,342
Metrocity
Bankshares,
Inc.
239,165
1,919
Nicolet
Bankshares,
Inc.
285,202
8,676
Northrim
BanCorp,
Inc.
198,507
5,385
Origin
Bancorp,
Inc.
223,262
529
Park
National
Corp.
86,465
534
Red
River
Bancshares,
Inc.
48,295
Shares
Description
Value
Common
Stocks
–
(continued)
Banks
–
(continued)
6,498
Renasant
Corp.
$
234,773
6,136
S&T
Bancorp,
Inc.
256,669
10,901
ServisFirst
Bancshares,
Inc.
793,920
773
SmartFinancial,
Inc.
30,209
3,653
Southern
First
Bancshares,
Inc.*
199,089
10,559
Stock
Yards
Bancorp,
Inc.
699,956
8,456
Texas
Capital
Bancshares,
Inc.*
802,305
497
TrustCo
Bank
Corp.
21,759
8,518
Trustmark
Corp.
358,949
167
UMB
Financial
Corp.
18,836
22,958
United
Bankshares,
Inc.
950,920
25,611
United
Community
Banks,
Inc.
806,490
15,372
Washington
Trust
Bancorp,
Inc.
514,347
22,708
WesBanco,
Inc.
783,199
3,496
Westamerica
BanCorp
182,316
16,347,653
Biotechnology
–
7.9%
1,301
ACADIA
Pharmaceuticals,
Inc.*
28,960
14,812
Alector,
Inc.*
31,846
6,341
AnaptysBio,
Inc.*
351,672
61,592
Annexon,
Inc.*
341,220
2,967
Arcturus
Therapeutics
Holdings,
Inc.*
22,905
715
Arcutis
Biotherapeutics,
Inc.*
16,845
20,719
Ardelyx,
Inc.*
124,107
21,808
ArriVent
Biopharma,
Inc.*
503,111
19,301
Aurinia
Pharmaceuticals,
Inc.
(Canada)*
286,041
1,655
Beam
Therapeutics,
Inc.*
39,439
5,570
BioCryst
Pharmaceuticals,
Inc.*
53,026
33,990
Biohaven
Ltd.*
287,555
5,642
Bridgebio
Pharma,
Inc.*
418,975
2,982
Celcuity,
Inc.*
340,365
15,491
Celldex
Therapeutics,
Inc.*
491,374
8,369
CG
oncology,
Inc.*
566,414
9,135
Cogent
Biosciences,
Inc.*
351,606
21,782
Coherus
Oncology,
Inc.*
36,812
9,998
Corvus
Pharmaceuticals,
Inc.*
146,271
3,666
CRISPR
Therapeutics
AG
(Switzerland)*
(a)
174,392
56,489
Denali
Therapeutics,
Inc.*
1,084,589
22,308
Design
Therapeutics,
Inc.*
237,357
10,480
Dyne
Therapeutics,
Inc.*
190,002
19,017
Eledon
Pharmaceuticals,
Inc.*
58,572
4,606
Emergent
BioSolutions,
Inc.*
38,230
5,732
Enanta
Pharmaceuticals,
Inc.*
72,395
3,593
Entrada
Therapeutics,
Inc.*
45,344
58,498
Erasca,
Inc.*
946,498
3,140
Evommune,
Inc.*
72,189
15,795
Heron
Therapeutics,
Inc.*
12,638
13,560
Ideaya
Biosciences,
Inc.*
451,819
15,379
ImmunityBio,
Inc.*
(a)
117,957
1,827
Immunome,
Inc.*
39,956
22,753
Immunovant,
Inc.*
565,184
7,530
Kodiak
Sciences,
Inc.*
287,044
36,314
Larimar
Therapeutics,
Inc.*
163,413
38,912
Lexeo
Therapeutics,
Inc.*
223,355
423
Madrigal
Pharmaceuticals,
Inc.*
221,428
1,995
Mirum
Pharmaceuticals,
Inc.*
184,298
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Biotechnology
–
(continued)
42,396
Myriad
Genetics,
Inc.*
$
190,782
8,237
Nkarta,
Inc.*
17,380
9,977
Nurix
Therapeutics,
Inc.*
154,643
2,438
Nuvalent,
Inc.,
Class
A*
249,773
2,542
Olema
Pharmaceuticals,
Inc.*
37,901
15,330
ORIC
Pharmaceuticals,
Inc.*
194,231
1,592
Praxis
Precision
Medicines,
Inc.*
512,926
23,252
Prime
Medicine,
Inc.*
80,917
833
Protagonist
Therapeutics,
Inc.*
87,798
3,970
PTC
Therapeutics,
Inc.*
270,476
28,220
Puma
Biotechnology,
Inc.*
180,326
34,949
Relay
Therapeutics,
Inc.*
347,743
5,662
Replimune
Group,
Inc.*
43,314
4,306
Rigel
Pharmaceuticals,
Inc.*
116,434
25,261
Rocket
Pharmaceuticals,
Inc.*
90,434
73,043
Sana
Biotechnology,
Inc.*
210,364
2,484
Spyre
Therapeutics,
Inc.*
125,293
6,355
Syndax
Pharmaceuticals,
Inc.*
148,453
13,341
TG
Therapeutics,
Inc.*
443,188
4,441
Travere
Therapeutics,
Inc.*
131,942
5,546
Vaxcyte,
Inc.*
322,278
11,796
Vera
Therapeutics,
Inc.*
474,553
10,398
Veracyte,
Inc.*
334,920
15,828
Viridian
Therapeutics,
Inc.*
309,596
14,700,869
Building
Products
–
0.0%
547
Griffon
Corp.
39,756
Capital
Markets
–
1.0%
2,140
BGC
Group,
Inc.,
Class
A
20,929
8,751
Donnelley
Financial
Solutions,
Inc.*
412,522
74,145
GCM
Grosvenor,
Inc.,
Class
A
726,621
402
Moelis
&
Co.,
Class
A
22,914
1,670
Patria
Investments
Ltd.,
Class
A
(Cayman
Islands)
21,042
8,256
Piper
Sandler
Cos.
631,997
1,059
Victory
Capital
Holdings,
Inc.,
Class
A
69,344
5,969
Webull
Corp.
(Cayman
Islands)*
28,651
1,934,020
Chemicals
–
1.1%
15,415
Innospec,
Inc.
1,125,603
11,105
Minerals
Technologies,
Inc.
787,567
1,616
Stepan
Co.
80,768
1,993,938
Commercial
Services
&
Supplies
–
1.9%
6,144
ABM
Industries,
Inc.
236,667
83,783
BrightView
Holdings,
Inc.*
987,802
9,744
Deluxe
Corp.
268,350
17,069
Ennis,
Inc.
365,618
33,849
Healthcare
Services
Group,
Inc.*
627,899
1,968
Interface,
Inc.
49,042
36,343
Montrose
Environmental
Group,
Inc.*
795,548
6,145
Perma-Fix
Environmental
Services,
Inc.*
65,690
1,843
Pitney
Bowes,
Inc.
20,365
Shares
Description
Value
Common
Stocks
–
(continued)
Commercial
Services
&
Supplies
–
(continued)
6,758
Vestis
Corp.*
$
53,118
3,470,099
Communications
Equipment
–
0.7%
5,608
Applied
Optoelectronics,
Inc.*
474,381
15,559
Viavi
Solutions,
Inc.*
517,804
16,737
Vistance
Networks,
Inc.*
304,613
1,296,798
Construction
&
Engineering
–
3.4%
1,316
Argan,
Inc.
716,759
11,017
Centuri
Holdings,
Inc.*
321,807
11,312
Construction
Partners,
Inc.,
Class
A*
1,256,989
1,926
Dycom
Industries,
Inc.*
652,567
9,704
Fluor
Corp.*
452,692
2,642
Granite
Construction,
Inc.
316,723
9,590
Matrix
Service
Co.*
110,093
2,893
MYR
Group,
Inc.*
816,752
6,521
Primoris
Services
Corp.
932,764
8,743
Tutor
Perini
Corp.
674,872
6,252,018
Construction
Materials
–
0.5%
6,768
United
States
Lime
&
Minerals,
Inc.
883,969
Consumer
Finance
–
1.9%
15,417
Encore
Capital
Group,
Inc.*
1,081,040
6,315
FirstCash
Holdings,
Inc.
1,187,220
14,135
Medallion
Financial
Corp.
120,996
25,443
Oportun
Financial
Corp.*
117,292
18,916
OppFi,
Inc.
145,842
17,717
PROG
Holdings,
Inc.
508,301
10,853
Regional
Management
Corp.
350,009
2,077
Upstart
Holdings,
Inc.*
53,275
249
World
Acceptance
Corp.*
33,625
3,597,600
Consumer
Staples
Distribution
&
Retail
–
0.2%
6,881
United
Natural
Foods,
Inc.*
310,058
Containers
&
Packaging
–
0.6%
99,247
O-I
Glass,
Inc.*
1,043,086
Distributors
–
0.0%
1,065
Weyco
Group,
Inc.
34,133
Diversified
Consumer
Services
–
2.7%
8,313
American
Public
Education,
Inc.*
472,843
4,399
Covista,
Inc.*
506,985
506
Graham
Holdings
Co.,
Class
B
534,974
38,064
Laureate
Education,
Inc.*
1,326,150
946
Lincoln
Educational
Services
Corp.*
38,483
6,415
OneSpaWorld
Holdings
Ltd.
(Bahamas)
147,224
34,547
Perdoceo
Education
Corp.
1,285,494
6,473
Strategic
Education,
Inc.
537,000
5,881
Universal
Technical
Institute,
Inc.*
212,304
5,061,457
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Diversified
REITs
–
0.0%
4,639
Gladstone
Commercial
Corp.
REIT
$
53,024
Diversified
Telecommunication
Services
–
0.6%
765
Bandwidth,
Inc.,
Class
A*
13,632
58,457
Liberty
Latin
America
Ltd.,
Class
A
(Puerto
Rico)*
505,069
35,549
Liberty
Latin
America
Ltd.,
Class
C
(Puerto
Rico)*
313,542
38,279
Lumen
Technologies,
Inc.*
266,039
1,098,282
Electric
Utilities
–
0.2%
4,755
Otter
Tail
Corp.
417,346
Electrical
Equipment
–
2.8%
13,900
American
Superconductor
Corp.*
470,515
2,532
Array
Technologies,
Inc.*
18,306
14,913
Bloom
Energy
Corp.,
Class
A*
2,020,562
3,150
Enovix
Corp.*
16,317
18,235
Fluence
Energy,
Inc.*
250,914
1,512
Nextpower,
Inc.,
Class
A*
182,272
16,273
NuScale
Power
Corp.*
176,399
26,561
Plug
Power,
Inc.*
60,028
630
Powell
Industries,
Inc.
340,880
1,961
Preformed
Line
Products
Co.
530,941
25,571
Sunrun,
Inc.*
346,743
3,211
T1
Energy
Inc
(Norway)*
14,096
4,592
Vicor
Corp.*
739,312
5,167,285
Electronic
Equipment,
Instruments
&
Components
–
4.3%
3,458
Advanced
Energy
Industries,
Inc.
1,115,931
203
Belden,
Inc.
23,311
3,479
Fabrinet
(Thailand)*
1,814,368
45,146
Knowles
Corp.*
1,159,349
7,699
nLight,
Inc.*
438,997
2,931
Novanta,
Inc.*
346,180
803
PC
Connection,
Inc.
46,943
4,381
Richardson
Electronics
Ltd.
47,972
5,445
Sanmina
Corp.*
705,890
12,556
TTM
Technologies,
Inc.*
1,223,206
63,951
Vishay
Intertechnology,
Inc.
1,151,118
8,073,265
Energy
Equipment
&
Services
–
2.5%
19,249
Archrock,
Inc.
669,865
48,080
Borr
Drilling
Ltd.
(Mexico)*
277,422
32,198
Core
Laboratories,
Inc.
540,604
25,174
Expro
Group
Holdings
NV*
438,279
8,562
Forum
Energy
Technologies,
Inc.*
502,247
39,647
Helix
Energy
Solutions
Group,
Inc.*
392,109
7,349
Mammoth
Energy
Services,
Inc.*
18,005
744
Nabors
Industries
Ltd.*
64,029
5,343
Oil
States
International,
Inc.*
62,192
126,407
Patterson-UTI
Energy,
Inc.
1,368,988
5,179
Ranger
Energy
Services,
Inc.,
Class
A
88,768
2,079
Select
Water
Solutions,
Inc.
31,809
Shares
Description
Value
Common
Stocks
–
(continued)
Energy
Equipment
&
Services
–
(continued)
2,138
TETRA
Technologies,
Inc.*
$
18,216
45,994
Transocean
Ltd.*
304,940
4,777,473
Entertainment
–
1.0%
27,414
Cinemark
Holdings,
Inc.
781,847
9,623
CuriosityStream,
Inc.
28,484
12,957
IMAX
Corp.*
492,496
4,146
Madison
Square
Garden
Entertainment
Corp.*
244,241
18,773
Marcus
Corp.
(The)
322,332
45,404
Playtika
Holding
Corp.
126,223
1,917
Starz
Entertainment
Corp.*
22,046
2,017,669
Financial
Services
–
1.4%
18,066
Acacia
Research
Corp.*
86,897
23,931
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
(Panama)
1,222,395
402
Essent
Group
Ltd.
23,493
13,689
NCR
Atleos
Corp.*
596,567
3,536
NMI
Holdings,
Inc.*
132,635
10,098
Pagseguro
Digital
Ltd.,
Class
A
(Brazil)
101,182
13,845
Paysign,
Inc.*
81,686
15,337
Remitly
Global,
Inc.*
240,331
1,524
Sezzle,
Inc.*
96,454
2,581,640
Food
Products
–
0.0%
37,970
BRC,
Inc.,
Class
A*
29,472
Gas
Utilities
–
0.6%
6,982
Brookfield
Infrastructure
Corp.,
Class
A
(Canada)
275,929
9,663
ONE
Gas,
Inc.
832,274
1,108,203
Ground
Transportation
–
0.3%
21,392
Heartland
Express,
Inc.
222,477
1,474
Marten
Transport
Ltd.
19,353
23,689
RXO,
Inc.*
346,333
588,163
Health
Care
Equipment
&
Supplies
–
4.1%
47,722
Accuray,
Inc.*
18,521
11,298
Alphatec
Holdings,
Inc.*
122,922
32,481
AtriCure,
Inc.*
926,683
94,229
Cerus
Corp.*
171,497
5,481
CVRx,
Inc.*
51,850
3,824
Delcath
Systems,
Inc.*
35,487
12,841
Embecta
Corp.
113,514
39,012
Enovis
Corp.*
887,523
10,033
Glaukos
Corp.*
1,080,153
9,171
Haemonetics
Corp.*
516,878
30,019
Inogen,
Inc.*
185,517
18,286
Integra
LifeSciences
Holdings
Corp.*
172,254
6,420
iRadimed
Corp.
617,989
1,390
iRhythm
Holdings,
Inc.*
164,048
5,021
LeMaitre
Vascular,
Inc.
548,143
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
Equipment
&
Supplies
–
(continued)
12,139
OrthoPediatrics
Corp.*
$
192,646
31,208
QuidelOrtho
Corp.*
512,747
7,447
RxSight,
Inc.*
45,874
16,690
SI-BONE,
Inc.*
210,795
7,110
TransMedics
Group,
Inc.*
706,805
1,727
UFP
Technologies,
Inc.*
334,347
7,616,193
Health
Care
Providers
&
Services
–
3.4%
9,732
Accendra
Health,
Inc.*
22,189
22,705
AdaptHealth
Corp.*
270,190
313
Addus
HomeCare
Corp.*
29,312
4,695
Aveanna
Healthcare
Holdings,
Inc.*
30,236
61,904
Brookdale
Senior
Living,
Inc.*
846,847
4,689
Castle
Biosciences,
Inc.*
115,115
69,742
Community
Health
Systems,
Inc.*
205,042
8,712
Concentra
Group
Holdings
Parent,
Inc.
186,872
14,109
Guardant
Health,
Inc.*
1,303,248
11,074
HealthEquity,
Inc.*
925,454
43,858
LifeStance
Health
Group,
Inc.*
279,375
12,829
Nano-X
Imaging
Ltd.
(Israel)*
(a)
29,122
14,690
NeoGenomics,
Inc.*
109,000
210
Nutex
Health,
Inc.*
(a)
19,958
171,120
OPKO
Health,
Inc.*
195,077
13,669
Pennant
Group,
Inc.
(The)*
416,631
21,182
Privia
Health
Group,
Inc.*
435,714
3,312
US
Physical
Therapy,
Inc.
248,268
65,547
Viemed
Healthcare,
Inc.*
603,688
6,271,338
Health
Care
REITs
–
1.2%
22,344
American
Healthcare
REIT,
Inc.
REIT
1,053,743
60,758
Sabra
Health
Care
REIT,
Inc.
REIT
1,168,376
2,222,119
Health
Care
Technology
–
0.1%
23,784
Evolent
Health,
Inc.,
Class
A*
54,228
10,546
Phreesia,
Inc.*
88,375
9,091
Schrodinger,
Inc.*
103,274
245,877
Hotel
&
Resort
REITs
–
1.1%
81,463
Apple
Hospitality
REIT,
Inc.
REIT
937,639
49,182
Chatham
Lodging
Trust
REIT
387,062
50,076
Xenia
Hotels
&
Resorts,
Inc.
REIT
742,627
2,067,328
Hotels,
Restaurants
&
Leisure
–
1.0%
80,048
Bloomin'
Brands,
Inc.
432,259
50,243
Brightstar
Lottery
PLC
640,096
1,333
Cheesecake
Factory,
Inc.
(The)
72,982
2,111
El
Pollo
Loco
Holdings,
Inc.*
29,258
37,082
Krispy
Kreme,
Inc.
125,708
12,057
Portillo's,
Inc.,
Class
A*
63,781
12,840
Sabre
Corp.*
18,618
Shares
Description
Value
Common
Stocks
–
(continued)
Hotels,
Restaurants
&
Leisure
–
(continued)
3,555
Shake
Shack,
Inc.,
Class
A*
$
314,511
11,396
Super
Group
SGHC
Ltd.
(Guernsey)
123,077
1,820,290
Household
Durables
–
1.8%
663
Cavco
Industries,
Inc.*
321,084
12,210
Century
Communities,
Inc.
700,610
1,839
Champion
Homes,
Inc.*
136,766
1,068
Flexsteel
Industries,
Inc.
47,996
2,510
Green
Brick
Partners,
Inc.*
161,770
1,628
Installed
Building
Products,
Inc.
431,664
20,554
LGI
Homes,
Inc.*
812,500
12,604
Meritage
Homes
Corp.
779,431
3,391,821
Household
Products
–
0.4%
45,610
Energizer
Holdings,
Inc.
748,916
Independent
Power
and
Renewable
Electricity
Producers
–
0.2%
8,047
Hallador
Energy
Co.*
131,005
1,069
Ormat
Technologies,
Inc.
119,643
250,648
Industrial
REITs
–
0.2%
13,835
One
Liberty
Properties,
Inc.
REIT
296,899
Insurance
–
2.1%
27,221
AMERISAFE,
Inc.
907,276
2,288
HCI
Group,
Inc.
353,748
5,605
Heritage
Insurance
Holdings,
Inc.*
147,131
1,472
Investors
Title
Co.
319,925
3,022
Lemonade,
Inc.*
189,419
1,019
Root,
Inc.,
Class
A*
45,009
11,137
Safety
Insurance
Group,
Inc.
808,992
1,329
Selective
Insurance
Group,
Inc.
100,193
8,549
Stewart
Information
Services
Corp.
526,447
5,327
Tiptree,
Inc.
90,133
14,258
Universal
Insurance
Holdings,
Inc.
487,053
3,975,326
Interactive
Media
&
Services
–
0.3%
9,538
EverQuote,
Inc.,
Class
A*
147,076
31,355
QuinStreet,
Inc.*
376,574
523,650
IT
Services
–
0.9%
20,847
Applied
Digital
Corp.*
494,908
11,568
ASGN,
Inc.*
447,797
280
DigitalOcean
Holdings,
Inc.*
24,018
18,226
Fastly,
Inc.,
Class
A*
529,648
1,269
Whitefiber,
Inc.*
(a)
15,114
1,511,485
Leisure
Products
–
0.4%
121
Acushnet
Holdings
Corp.
11,311
4,291
JAKKS
Pacific,
Inc.
85,477
22,170
MasterCraft
Boat
Holdings,
Inc.*
454,707
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Leisure
Products
–
(continued)
37,150
Peloton
Interactive,
Inc.,
Class
A*
$
159,373
710,868
Life
Sciences
Tools
&
Services
–
0.7%
58,386
Adaptive
Biotechnologies
Corp.*
810,398
64,023
Cytek
Biosciences,
Inc.*
279,780
26,420
Maravai
LifeSciences
Holdings,
Inc.,
Class
A*
74,769
1,481
Mesa
Laboratories,
Inc.
130,950
1,295,897
Machinery
–
3.0%
21,372
Aebi
Schmidt
Holding
AG
(Switzerland)
207,522
10,973
Atmus
Filtration
Technologies,
Inc.
622,937
4,350
Blue
Bird
Corp.*
247,036
2,290
Chart
Industries,
Inc.*
473,458
1,760
Eastern
Co.
(The)
35,622
2,807
ESCO
Technologies,
Inc.
789,806
4,085
Federal
Signal
Corp.
441,752
6,430
Gencor
Industries,
Inc.*
96,450
1,192
Gorman-Rupp
Co.
(The)
74,059
3,655
Kadant,
Inc.
1,068,539
8,861
Kennametal,
Inc.
320,148
17,483
Manitowoc
Co.,
Inc.
(The)*
203,677
57,061
Microvast
Holdings,
Inc.*
85,592
10,577
Miller
Industries,
Inc.
481,782
2,618
Omega
Flex,
Inc.
81,263
833
Park-Ohio
Holdings
Corp.
20,025
11,193
Trinity
Industries,
Inc.
360,191
5,609,859
Marine
Transportation
–
0.8%
33,972
Costamare,
Inc.
(Monaco)
574,127
10,914
Himalaya
Shipping
Ltd.
(Bermuda)*
(a)
145,156
18,585
Pangaea
Logistics
Solutions
Ltd.
131,582
106,017
Safe
Bulkers,
Inc.
(Monaco)
671,087
1,521,952
Media
–
0.6%
6,548
Cable
One,
Inc.*
597,243
1,758
EchoStar
Corp.,
Class
A*
205,809
60,629
Entravision
Communications
Corp.,
Class
A
180,068
30,330
Gray
Media,
Inc.
131,632
1,985
John
Wiley
&
Sons,
Inc.,
Class
A
75,629
1,190,381
Metals
&
Mining
–
2.7%
1,625
Caledonia
Mining
Corp.
PLC
(South
Africa)
36,709
1,295
Century
Aluminum
Co.*
76,004
76,612
Coeur
Mining,
Inc.*
1,438,007
23,601
Ferroglobe
PLC
97,236
80,356
Hecla
Mining
Co.
1,497,032
61,633
Ivanhoe
Electric,
Inc.*
728,502
25,461
SSR
Mining,
Inc.
(Canada)*
748,553
2,431
U.S.
Goldmining,
Inc.
(Canada)*
(a)
28,273
Shares
Description
Value
Common
Stocks
–
(continued)
Metals
&
Mining
–
(continued)
3,530
Warrior
Met
Coal,
Inc.
$
328,819
4,979,135
Mortgage
Real
Estate
Investment
Trusts
(REITs)
–
0.6%
15,287
Ladder
Capital
Corp.
REIT
149,354
9,256
Nexpoint
Real
Estate
Finance,
Inc.
REIT
124,678
38,845
Orchid
Island
Capital,
Inc.
REIT
273,080
35,136
Ready
Capital
Corp.
REIT
56,920
16,257
TPG
Mortgage
Investment
Trust,
Inc.
REIT
118,839
47,887
TPG
RE
Finance
Trust,
Inc.
REIT
373,998
1,096,869
Office
REITs
–
0.4%
91,406
Brandywine
Realty
Trust
REIT
247,710
57,408
Douglas
Emmett,
Inc.
REIT
540,783
788,493
Oil,
Gas
&
Consumable
Fuels
–
4.6%
12,106
Clean
Energy
Fuels
Corp.*
30,023
37,138
Comstock
Resources,
Inc.*
782,869
4,391
Core
Natural
Resources,
Inc.
459,869
5,021
Delek
US
Holdings,
Inc.
226,297
33,977
Encore
Energy
Corp.
(Canada)*
61,159
10,132
Energy
Fuels,
Inc.*
184,909
27,536
Golar
LNG
Ltd.
(Cameroon)
1,489,973
17,738
Green
Plains,
Inc.*
291,790
47,852
Magnolia
Oil
&
Gas
Corp.,
Class
A
1,510,688
14,259
NextDecade
Corp.*
109,224
58,696
Nordic
American
Tankers
Ltd.
343,959
15,911
Northern
Oil
&
Gas,
Inc.
465,079
3,410
PBF
Energy,
Inc.,
Class
A
162,384
1,955
Peabody
Energy
Corp.
64,417
973
REX
American
Resources
Corp.*
44,340
7,529
SandRidge
Energy,
Inc.
122,798
2,103
Scorpio
Tankers,
Inc.
(Monaco)
157,010
20,560
SFL
Corp.
Ltd.
(Norway)
221,842
43,097
SM
Energy
Co.
1,343,764
1,754
Teekay
Tankers
Ltd.,
Class
A
(Canada)
128,603
24,142
Uranium
Energy
Corp.*
325,917
8,526,914
Passenger
Airlines
–
0.9%
5,463
Allegiant
Travel
Co.*
442,721
34,970
JetBlue
Airways
Corp.*
154,567
11,077
SkyWest,
Inc.*
1,017,201
1,614,489
Personal
Care
Products
–
0.3%
41,078
Herbalife
Ltd.*
604,668
3,999
Niagen
Bioscience,
Inc.*
17,635
622,303
Pharmaceuticals
–
1.7%
45,207
Aclaris
Therapeutics,
Inc.*
169,526
3,115
Alumis,
Inc.*
68,623
60,207
Amneal
Pharmaceuticals,
Inc.*
748,373
11,103
Arvinas,
Inc.*
117,692
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Pharmaceuticals
–
(continued)
10,022
Atea
Pharmaceuticals,
Inc.*
$
53,918
9,398
Edgewise
Therapeutics,
Inc.*
296,037
8,748
Harmony
Biosciences
Holdings,
Inc.*
245,032
3,762
Innoviva,
Inc.*
87,655
778
Ligand
Pharmaceuticals,
Inc.*
155,328
1,379
Liquidia
Corp.*
52,044
4,630
Omeros
Corp.*
48,893
3,221
Rapport
Therapeutics,
Inc.*
100,785
13,153
Septerna,
Inc.*
316,067
19,306
SIGA
Technologies,
Inc.
103,287
4,499
Supernus
Pharmaceuticals,
Inc.*
232,553
4,488
Tarsus
Pharmaceuticals,
Inc.*
314,833
723
Theravance
Biopharma,
Inc.*
11,734
14,128
Third
Harmonic
Bio,
Inc.*
(b)
—
3,122,380
Professional
Services
–
0.7%
247,711
Alight,
Inc.,
Class
A
144,341
2,002
BlackSky
Technology,
Inc.*
50,370
6,261
Exponent,
Inc.
408,530
679
ICF
International,
Inc.
44,332
7,418
Planet
Labs
PBC*
207,333
1,781
Public
Policy
Holding
Co.,
Inc.*
23,296
45,621
Verra
Mobility
Corp.*
651,924
1,530,126
Real
Estate
Management
&
Development
–
0.1%
8,500
Forestar
Group,
Inc.*
207,740
Residential
REITs
–
0.9%
31,477
NexPoint
Residential
Trust,
Inc.
REIT
786,925
68,692
UMH
Properties,
Inc.
REIT
991,226
1,778,151
Retail
REITs
–
1.0%
5,049
Acadia
Realty
Trust
REIT
96,537
5,516
Macerich
Co.
(The)
REIT
104,253
33,310
Phillips
Edison
&
Co.,
Inc.
REIT
1,246,460
4,097
Tanger,
Inc.
REIT
139,216
1,586,466
Semiconductors
&
Semiconductor
Equipment
–
3.1%
5,069
ACM
Research,
Inc.,
Class
A*
199,465
1,041
Alpha
&
Omega
Semiconductor
Ltd.*
23,069
17,130
Cohu,
Inc.*
524,521
9,139
Credo
Technology
Group
Holding
Ltd.*
857,878
18,954
Diodes,
Inc.*
1,293,800
4,275
FormFactor,
Inc.*
414,632
2,989
Ichor
Holdings
Ltd.*
139,317
31,834
MaxLinear,
Inc.*
553,593
8,392
Semtech
Corp.*
645,261
2,293
Silicon
Laboratories,
Inc.*
477,288
1,512
SiTime
Corp.*
522,169
1,313
Ultra
Clean
Holdings,
Inc.*
81,642
5,732,635
Software
–
5.1%
13,950
A10
Networks,
Inc.
322,524
Shares
Description
Value
Common
Stocks
–
(continued)
Software
–
(continued)
19,036
Adeia,
Inc.
$
457,435
4,222
Agilysys,
Inc.*
300,353
26,164
Alkami
Technology,
Inc.*
409,990
34,817
Arteris,
Inc.*
572,391
32,613
AvePoint,
Inc.*
310,150
26,320
Cerence,
Inc.*
166,079
4,690
Cipher
Digital,
Inc.*
60,360
14,416
Cleanspark,
Inc.*
122,680
10,012
Clear
Secure,
Inc.,
Class
A
484,681
7,357
Consensus
Cloud
Solutions,
Inc.*
174,655
12,025
Core
Scientific,
Inc.*
179,894
46,372
Digital
Turbine,
Inc.*
133,551
94,213
Domo,
Inc.,
Class
B*
288,292
24,013
D-Wave
Quantum,
Inc.
(Canada)*
346,508
4,230
Hut
8
Corp.
(Canada)*
198,429
2,963
InterDigital,
Inc.
894,826
15,653
MARA
Holdings,
Inc.*
(a)
127,728
5,555
Mitek
Systems,
Inc.*
74,992
7,360
Ooma,
Inc.*
107,088
23,811
Porch
Group,
Inc.*
170,725
17,209
Progress
Software
Corp.*
441,411
2,329
Q2
Holdings,
Inc.*
110,162
4,114
Red
Violet,
Inc.*
142,345
16,227
Riot
Platforms,
Inc.*
200,566
12,357
SoundHound
AI,
Inc.,
Class
A*
(a)
84,893
24,698
Telos
Corp.*
103,485
1,557
Tenable
Holdings,
Inc.*
26,337
25,167
Terawulf,
Inc.*
363,160
18,564
Varonis
Systems,
Inc.*
398,569
69,063
Vertex,
Inc.,
Class
A*
821,159
3,480
Xperi,
Inc.*
19,488
45,063
Zeta
Global
Holdings
Corp.,
Class
A*
717,403
9,332,309
Specialized
REITs
–
0.5%
32,643
Smartstop
Self
Storage
REIT,
Inc.
REIT
988,430
Specialty
Retail
–
2.4%
10,913
Advance
Auto
Parts,
Inc.
(a)
575,661
42,896
American
Eagle
Outfitters,
Inc.
716,363
4,624
Boot
Barn
Holdings,
Inc.*
676,769
52,643
Camping
World
Holdings,
Inc.,
Class
A
359,552
4,695
Citi
Trends,
Inc.*
203,387
39,017
Designer
Brands,
Inc.,
Class
A
(a)
222,007
29,093
Petco
Health
&
Wellness
Co.,
Inc.*
80,879
4,285
Sally
Beauty
Holdings,
Inc.*
59,347
28,370
Shoe
Carnival,
Inc.
442,288
11,971
ThredUp,
Inc.,
Class
A*
39,265
34,456
Upbound
Group,
Inc.
621,931
250
Winmark
Corp.
106,887
19,849
Zumiez,
Inc.*
439,854
4,544,190
Technology
Hardware,
Storage
&
Peripherals
–
0.5%
19,275
Corsair
Gaming,
Inc.*
106,976
14,526
Eastman
Kodak
Co.*
131,461
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
ADDITIONAL
INVESTMENT
INFORMATION
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Technology
Hardware,
Storage
&
Peripherals
–
(continued)
22,464
IonQ,
Inc.*
$
647,637
886,074
Textiles,
Apparel
&
Luxury
Goods
–
1.5%
29,359
Figs,
Inc.,
Class
A*
433,632
7,688
G-III
Apparel
Group
Ltd.
212,958
4,261
Kontoor
Brands,
Inc.
299,506
22,861
Movado
Group,
Inc.
558,266
4,522
Oxford
Industries,
Inc.
174,142
32,106
Steven
Madden
Ltd.
1,089,035
2,767,539
Trading
Companies
&
Distributors
–
0.6%
2,562
Boise
Cascade
Co.
194,328
36,180
DNOW,
Inc.*
430,904
506
DXP
Enterprises,
Inc.*
70,703
19,066
NPK
International,
Inc.*
276,266
972,201
Water
Utilities
–
0.2%
4,407
American
States
Water
Co.
333,257
Wireless
Telecommunication
Services
–
0.2%
8,170
Telephone
and
Data
Systems,
Inc.
343,957
TOTAL
COMMON
STOCKS
(Cost
$161,122,127)
182,210,714
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.1%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
157,382
3.553%
157,382
(Cost
$157,382)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$161,279,509)
182,368,096
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
0.9%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
–
Institutional
Shares
1,740,951
3.553%
$
1,740,951
(Cost
$1,740,951)
TOTAL
INVESTMENTS
–
99.2%
(Cost
$163,020,460)
$
184,109,047
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.8%
1,518,661
NET
ASSETS
–
100.0%
$
185,627,708
  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
March
31,
2026,
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
21
06/18/26
$
2,637,810
$
(23,945)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-STRATEGIC
GROWTH
FUND
Schedule
of
Investments
March
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
100.5%
Aerospace
&
Defense
–
1.6%
22,494
General
Electric
Co.
$
6,383,122
Automobiles
–
2.1%
22,790
Tesla,
Inc.*
8,472,183
Banks
–
2.2%
69,050
Bank
of
America
Corp.
3,366,187
18,287
JPMorgan
Chase &
Co.
5,379,304
8,745,491
Biotechnology
–
1.5%
3,246
Argenx
SE
ADR
(Netherlands)*
2,370,392
22,552
Insmed,
Inc.*
3,687,703
6,058,095
Broadline
Retail
–
5.4%
104,178
Amazon.com,
Inc.*
21,697,152
Chemicals
–
0.8%
10,098
Sherwin-Williams
Co.
(The)
3,236,914
Commercial
Services
&
Supplies
–
0.4%
9,846
Waste
Connections,
Inc.
1,599,384
Communications
Equipment
–
0.6%
6,071
Motorola
Solutions,
Inc.
2,634,632
Construction
Materials
–
0.8%
5,803
Martin
Marietta
Materials,
Inc.
3,416,110
Consumer
Finance
–
0.8%
18,289
Capital
One
Financial
Corp.
3,336,462
Consumer
Staples
Distribution
&
Retail
–
1.9%
7,779
Costco
Wholesale
Corp.
7,751,229
Electrical
Equipment
–
3.4%
12,333
Eaton
Corp.
PLC
4,411,144
5,397
GE
Vernova,
Inc.
4,711,042
13,107
Rockwell
Automation,
Inc.
4,703,840
13,826,026
Electronic
Equipment,
Instruments
&
Components
–
0.9%
15,409
Coherent
Corp.*
3,670,578
Entertainment
–
1.6%
9,146
Spotify
Technology
SA*
4,434,987
9,677
TKO
Group
Holdings,
Inc.
1,951,367
6,386,354
Financial
Services
–
2.5%
20,052
Mastercard,
Inc.,
Class
A
10,019,182
Ground
Transportation
–
1.4%
28,131
Old
Dominion
Freight
Line,
Inc.
5,496,797
Health
Care
Equipment
&
Supplies
–
1.7%
30,012
Boston
Scientific
Corp.*
1,883,253
11,227
Intuitive
Surgical,
Inc.*
5,175,535
7,058,788
Health
Care
Providers
&
Services
–
0.7%
30,704
Guardant
Health,
Inc.*
2,836,129
Hotels,
Restaurants
&
Leisure
–
1.8%
23,100
DoorDash,
Inc.,
Class
A*
3,468,465
71,287
Dutch
Bros,
Inc.,
Class
A*
3,611,399
7,079,864
Shares
Description
Value
Common
Stocks
–
(continued)
Household
Durables
–
0.3%
7,949
D.R.
Horton,
Inc.
$
1,090,762
Interactive
Media
&
Services
–
11.7%
60,219
Alphabet,
Inc.,
Class
A
17,316,576
40,198
Alphabet,
Inc.,
Class
C
11,531,198
32,065
Meta
Platforms,
Inc.,
Class
A
18,345,348
47,193,122
IT
Services
–
1.1%
12,178
Cloudflare,
Inc.,
Class
A*
2,512,808
14,447
Snowflake,
Inc.*
2,178,897
4,691,705
Oil,
Gas
&
Consumable
Fuels
–
1.9%
30,123
Targa
Resources
Corp.
7,552,740
Pharmaceuticals
–
4.7%
14,072
Eli
Lilly
&
Co.
12,943,004
24,573
Johnson &
Johnson
6,006,624
18,949,628
Semiconductors
&
Semiconductor
Equipment
–
25.6%
31,281
Advanced
Micro
Devices,
Inc.*
6,363,494
11,826
Applied
Materials,
Inc.
4,042,009
46,726
Broadcom,
Inc.
14,462,164
3,264
KLA
Corp.
4,805,946
59,111
Marvell
Technology,
Inc.
5,854,945
10,320
Micron
Technology,
Inc.
3,486,509
348,316
NVIDIA
Corp.
60,746,310
19,552
Texas
Instruments,
Inc.
3,795,825
103,557,202
Software
–
12.7%
10,114
AppLovin
Corp.,
Class
A*
4,025,372
18,933
Datadog,
Inc.,
Class
A*
2,235,041
5,652
Intuit,
Inc.
2,443,812
91,342
Microsoft
Corp.
33,812,068
39,895
Palantir
Technologies,
Inc.,
Class
A*
5,835,840
63,369
Samsara,
Inc.,
Class
A*
2,008,164
8,358
Zscaler,
Inc.*
1,172,544
51,532,841
Specialty
Retail
–
1.7%
12,266
Home
Depot,
Inc.
(The)
4,034,165
13,121
Ross
Stores,
Inc.
2,842,402
6,876,567
Technology
Hardware,
Storage
&
Peripherals
–
7.3%
116,375
Apple,
Inc.
29,534,811
Textiles,
Apparel
&
Luxury
Goods
–
0.6%
72,460
On
Holding
AG,
Class
A
(Switzerland)*
2,465,089
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST-STRATEGIC
GROWTH
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Trading
Companies
&
Distributors
–
0.8%
4,354
United
Rentals,
Inc.
$
3,172,150
TOTAL
INVESTMENTS
–
100.5%
(Cost
$199,473,716)
$
406,321,109
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.5)%
(1,924,100)
NET
ASSETS
–
100.0%
$
404,397,009
  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:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
U.S.
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
March
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
99.1%
Aerospace
&
Defense
–
3.5%
5,763
General
Dynamics
Corp.
$
1,977,977
11,352
General
Electric
Co.
3,221,357
1,094
Howmet
Aerospace,
Inc.
252,123
27,678
RTX
Corp.
5,339,086
14,939
Textron,
Inc.
1,308,059
12,098,602
Automobile
Components
–
1.3%
55,754
BorgWarner,
Inc.
3,025,212
58,636
Gentex
Corp.
1,281,197
4,306,409
Automobiles
–
2.3%
20,833
Tesla,
Inc.*
7,744,668
Banks
–
4.1%
113,582
Bank
of
America
Corp.
5,537,122
28,661
JPMorgan
Chase &
Co.
8,430,920
13,968,042
Beverages
–
1.5%
68,617
Coca-Cola
Co.
(The)
5,218,323
Biotechnology
–
1.8%
9,224
Gilead
Sciences,
Inc.
1,285,549
8,553
Moderna,
Inc.*
434,492
1,210
Regeneron
Pharmaceuticals,
Inc.
934,894
8,053
Vertex
Pharmaceuticals,
Inc.*
3,595,987
6,250,922
Broadline
Retail
–
4.5%
66,674
Amazon.com,
Inc.*
13,886,194
14,744
Ollie's
Bargain
Outlet
Holdings,
Inc.*
1,357,038
15,243,232
Building
Products
–
0.1%
4,387
Carrier
Global
Corp.
247,032
Capital
Markets
–
1.6%
2,088
Ameriprise
Financial,
Inc.
927,907
1,120
Blackrock,
Inc.
1,077,115
1,774
CME
Group,
Inc.
523,951
345
Coinbase
Global,
Inc.,
Class
A*
60,241
1,284
Evercore,
Inc.,
Class
A
383,287
89,449
Invesco
Ltd.
2,172,716
2,431
MarketAxess
Holdings,
Inc.
401,066
5,546,283
Chemicals
–
0.3%
6,731
Axalta
Coating
Systems
Ltd.*
186,449
1,479
Linde
PLC
733,229
919,678
Commercial
Services
&
Supplies
–
1.9%
11,824
Clean
Harbors,
Inc.*
3,390,296
19,178
Waste
Connections,
Inc.
3,115,274
6,505,570
Communications
Equipment
–
1.1%
2,640
Arista
Networks,
Inc.*
324,139
7,849
Motorola
Solutions,
Inc.
3,406,231
3,730,370
Shares
Description
Value
Common
Stocks
–
(continued)
Construction
&
Engineering
–
0.4%
1,230
Everus
Construction
Group,
Inc.*
$
145,214
1,891
Quanta
Services,
Inc.
1,038,197
1,183,411
Construction
Materials
–
0.7%
8,764
Vulcan
Materials
Co.
2,386,437
Consumer
Finance
–
1.5%
62,499
OneMain
Holdings,
Inc.
3,343,072
37,867
SoFi
Technologies,
Inc.*
601,328
18,757
Synchrony
Financial
1,275,851
5,220,251
Consumer
Staples
Distribution
&
Retail
–
1.6%
5,191
Casey's
General
Stores,
Inc.
3,778,321
22,730
Sysco
Corp.
1,621,331
5,399,652
Diversified
Consumer
Services
–
0.0%
1,300
Bright
Horizons
Family
Solutions,
Inc.*
106,769
Electrical
Equipment
–
0.5%
13,964
Emerson
Electric
Co.
1,829,563
Electronic
Equipment,
Instruments
&
Components
–
0.7%
16,765
Corning,
Inc.
2,279,537
Energy
Equipment
&
Services
–
0.8%
19,639
Baker
Hughes
Co.
1,198,961
18,039
NOV,
Inc.
339,313
18,453
TechnipFMC
PLC
(United
Kingdom)
1,275,656
2,813,930
Financial
Services
–
2.4%
4,114
Berkshire
Hathaway,
Inc.,
Class
B*
1,971,429
12,521
Mastercard,
Inc.,
Class
A
6,256,243
8,227,672
Food
Products
–
0.8%
43,010
Tyson
Foods,
Inc.,
Class
A
2,755,651
Ground
Transportation
–
0.4%
5,979
XPO,
Inc.*
1,163,215
Health
Care
Equipment
&
Supplies
–
1.6%
58,540
Boston
Scientific
Corp.*
3,673,385
4,955
Stryker
Corp.
1,628,164
5,301,549
Health
Care
Providers
&
Services
–
3.5%
55,926
CVS
Health
Corp.
4,016,605
9,631
Encompass
Health
Corp.
931,607
3,294
HCA
Healthcare,
Inc.
1,558,852
11,142
UnitedHealth
Group,
Inc.
3,014,914
13,635
Universal
Health
Services,
Inc.,
Class
B
2,440,256
11,962,234
Health
Care
REITs
–
0.5%
8,826
Welltower,
Inc.
REIT
1,744,989
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
U.S.
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Hotels,
Restaurants
&
Leisure
–
2.4%
91,749
Aramark
$
3,719,504
97,586
Chipotle
Mexican
Grill,
Inc.*
3,123,728
1,612
Planet
Fitness,
Inc.,
Class
A*
119,901
4,347
Royal
Caribbean
Cruises
Ltd.
1,196,207
2,200
Viking
Holdings
Ltd.*
161,656
8,320,996
Household
Durables
–
0.3%
7,814
D.R.
Horton,
Inc.
1,072,237
Household
Products
–
0.7%
24,617
Kimberly-Clark
Corp.
2,374,802
Independent
Power
and
Renewable
Electricity
Producers
–
0.1%
31,302
AES
Corp.
(The)
441,045
Industrial
Conglomerates
–
1.1%
24,561
3M
Co.
3,566,994
Insurance
–
1.1%
29,906
Loews
Corp.
3,192,166
6,701
MetLife,
Inc.
473,895
3,666,061
Interactive
Media
&
Services
–
8.1%
11,194
Alphabet,
Inc.,
Class
A
3,218,947
42,228
Alphabet,
Inc.,
Class
C
12,113,524
19,197
Meta
Platforms,
Inc.,
Class
A
10,983,179
10,254
Reddit,
Inc.,
Class
A*
1,380,701
27,696,351
IT
Services
–
0.2%
2,821
International
Business
Machines
Corp.
683,782
Life
Sciences
Tools
&
Services
–
0.5%
1,417
Mettler-Toledo
International,
Inc.*
1,787,120
Machinery
–
2.0%
15,279
Illinois
Tool
Works,
Inc.
3,976,971
25,657
Mueller
Industries,
Inc.
2,842,796
6,819,767
Marine
Transportation
–
1.1%
27,339
Kirby
Corp.*
3,632,806
Media
–
0.3%
19,559
Fox
Corp.,
Class
A
1,142,246
Oil,
Gas
&
Consumable
Fuels
–
3.0%
23,987
Antero
Resources
Corp.*
1,018,008
28,764
APA
Corp.
1,220,744
1,103
Chevron
Corp.
228,211
6,232
ConocoPhillips
822,624
4,499
Exxon
Mobil
Corp.
763,300
116,292
Kinder
Morgan,
Inc.
3,899,271
2,385
Marathon
Petroleum
Corp.
582,369
8,456
Phillips
66
1,540,514
583
Targa
Resources
Corp.
146,176
10,221,217
Passenger
Airlines
–
0.5%
3,813
Delta
Air
Lines,
Inc.
253,488
15,552
United
Airlines
Holdings,
Inc.*
1,431,873
1,685,361
Shares
Description
Value
Common
Stocks
–
(continued)
Pharmaceuticals
–
2.3%
5,400
Eli
Lilly
&
Co.
$
4,966,758
11,734
Johnson &
Johnson
2,868,259
7,835,017
Professional
Services
–
0.0%
2,242
Parsons
Corp.*
121,449
Residential
REITs
–
2.0%
20,621
American
Homes
4
Rent,
Class
A
REIT
575,738
9,027
AvalonBay
Communities,
Inc.
REIT
1,474,560
36,246
Camden
Property
Trust
REIT
3,539,784
49,368
Invitation
Homes,
Inc.
REIT
1,226,795
6,816,877
Semiconductors
&
Semiconductor
Equipment
–
13.2%
8,353
Allegro
MicroSystems,
Inc.
(Japan)*
263,370
39,258
Broadcom,
Inc.
12,150,744
17,034
Microchip
Technology,
Inc.
1,100,567
2,763
Micron
Technology,
Inc.
933,452
138,097
NVIDIA
Corp.
24,084,117
8,226
ON
Semiconductor
Corp.*
509,354
22,768
Texas
Instruments,
Inc.
4,420,179
15,006
Universal
Display
Corp.
1,375,450
44,837,233
Software
–
10.3%
2,744
Cadence
Design
Systems,
Inc.*
762,475
30,560
Fortinet,
Inc.*
2,497,363
55,003
Microsoft
Corp.
20,360,461
24,373
Oracle
Corp.
3,585,512
20,615
Palantir
Technologies,
Inc.,
Class
A*
3,015,562
9,781
Synopsys,
Inc.*
3,877,971
13,080
Zoom
Communications,
Inc.*
1,051,501
35,150,845
Specialty
Retail
–
2.0%
766
AutoNation,
Inc.*
149,569
6,200
Burlington
Stores,
Inc.*
2,017,356
295
Carvana
Co.*
92,742
29,231
TJX
Cos.,
Inc.
(The)
4,668,191
6,927,858
Technology
Hardware,
Storage
&
Peripherals
–
8.0%
104,284
Apple,
Inc.
26,466,236
1,044
Sandisk
Corp.*
663,295
27,129,531
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
U.S.
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Wireless
Telecommunication
Services
–
0.5%
8,758
T-Mobile
US,
Inc.
$
1,839,443
TOTAL
INVESTMENTS
–
99.1%
(Cost
$246,824,098)
$
337,923,029
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.9%
3,175,965
NET
ASSETS
–
100.0%
$
341,098,994
  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
March
31,
2026,
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
6
06/18/26
$
1,971,225
$
51,973
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
March
31,
2026
(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
—
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
(“Valuation
Procedures”),
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
GSAM
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
Act
(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
United
States
(“U.S.”)
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Securities
traded
on
certain
foreign
securities
exchanges
are
valued
daily
at
fair
value
determined
by
an
independent
fair
value
service
(if
available)
under
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
The
independent
fair
value
service
takes
into
account
multiple
factors
including,
but
not
limited
to,
movements
in
the
securities
markets,
certain
depositary
receipts,
futures
contracts
and
foreign
currency
exchange
rates
that
have
occurred
subsequent
to
the
close
of
the
foreign
securities
exchange.
These
investments
are
generally
classified
as
Level
2
of
the
fair
value
hierarchy.
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
(continued)
March
31,
2026
(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
financial
statements
at
SEC.gov.
Derivative
Contracts
—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Fund
enters
into
derivative
transactions
to
hedge
against
changes
in
interest
rates,
securities
prices,
and/or
currency
exchange
rates,
to
increase
total
return,
or
to
gain
access
to
certain
markets
or
attain
exposure
to
other
underliers.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
a
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statements
of
Assets
and
Liabilities
as
either
due
to
broker/receivable
for
collateral
on
certain
derivative
contracts.
Non-cash
collateral
pledged
by
a
Fund,
if
any,
is
noted
in
the
Schedules
of
Investments.
Exchange-traded
derivatives,
including
futures
and
options
contracts,
are
generally
valued
at
the
last
sale
or
settlement
price
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
options
without
settlement
prices
are
generally
valued
at
the
midpoint
of
the
bid
and
ask
prices
on
the
exchange
where
they
are
principally
traded
(or,
in
the
absence
of
two-way
trading,
at
the
last
bid
price
for
long
positions
and
the
last
ask
price
for
short
positions).
Exchange-traded
derivatives
typically
fall
within
Level
1
of
the
fair
value
hierarchy.
Over-the-counter
(“OTC”)
and
centrally
cleared
derivatives
are
valued
using
market
transactions
and
other
market
evidence,
including
market-based
inputs
to
models,
calibration
to
market-clearing
transactions,
broker
or
dealer
quotations,
or
other
alternative
pricing
sources.
Where
models
are
used,
the
selection
of
a
particular
model
to
value
OTC
and
centrally
cleared
derivatives
depends
upon
the
contractual
terms
of,
and
specific
risks
inherent
in,
the
instrument,
as
well
as
the
availability
of
pricing
information
in
the
market.
Valuation
models
require
a
variety
of
inputs,
including
contractual
terms,
market
prices,
yield
curves,
credit
curves,
measures
of
volatility,
voluntary
and
involuntary
prepayment
rates,
loss
severity
rates
and
correlations
of
such
inputs.
For
OTC
and
centrally
cleared
derivatives
that
trade
in
liquid
markets,
model
inputs
can
generally
be
verified
and
model
selection
does
not
involve
significant
management
judgment.
OTC
and
centrally
cleared
derivatives
are
classified
within
Level
2
of
the
fair
value
hierarchy
when
significant
inputs
are
corroborated
by
market
evidence.
i.
Futures
Contracts
—
Futures
contracts
are
contracts
to
buy
or
sell
a
standardized
quantity
of
a
specified
commodity
or
security.
Upon
entering
into
a
futures
contract,
a
Fund
deposits
cash
or
securities
in
an
account
on
behalf
of
the
broker
in
an
amount
sufficient
to
meet
the
initial
margin
requirement.
Subsequent
payments
are
made
or
received
by
a
Fund
equal
to
the
daily
change
in
the
contract
value
and
are
recorded
as
variation
margin
receivable
or
payable
with
a
corresponding
offset
to
unrealized
gains
or
losses.
B.
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
the
Valuation
Procedures.
GSAM,
consistent
with
its
procedures
and
applicable
regulatory
guidance,
may
make
an
adjustment
to
the
most
recent
valuation
prices
of
either
domestic
or
foreign
securities
in
light
of
significant
events
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
at
the
time
of
determining
a
Fund’s
NAV.
To
the
extent
investments
are
valued
using
single
source
broker
quotations
obtained
directly
from
the
broker
or
passed
through
from
third
party
pricing
vendors,
such
investments
are
classified
as
Level
3
investments.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
C.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
and
derivatives
classified
in
the
fair
value
hierarchy
as
of
March
31,
2026:
(a)
International
Equity
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
—
$
702,469
$
—
Asia
1,814,975
31,676,520
—
Europe
5,442,631
62,650,595
—
North
America
3,110,037
7,537,407
—
Oceania
1,743,543
8,827,011
—
Securities
Lending
Reinvestment
Vehicle
543,070
—
—
Total
$
12,654,256
$
111,394,002
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
2,238
$
—
$
—
€
1.00
€
1.00
€
1.00
Liabilities
Futures
Contracts
(b)
$
(22,830)
$
—
$
—
€
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
$
1,229,011
$
—
$
—
North
America
253,237,563
—
—
Investment
Company
988,893
—
—
Total
$
255,455,467
$
—
$
—
€
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
$
1,623,680
$
—
$
—
North
America
55,987,531
—
—
Investment
Company
348,409
—
—
Total
$
57,959,620
$
—
$
—
€
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
$
4,803,196
$
—
$
—
Europe
10,204,092
—
—
North
America
425,027,719
—
—
Investment
Company
221,862
—
—
Total
$
440,256,869
$
—
$
—
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
€
1.00
€
1.00
€
1.00
(a)
Small
Cap
Equity
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
1,526,682
$
—
$
—
Asia
1,843,490
—
—
Europe
2,143,153
—
—
North
America
176,596,207
—
—
South
America
101,182
—
—
Investment
Company
157,382
—
—
Securities
Lending
Reinvestment
Vehicle
1,740,951
—
—
Total
$
184,109,047
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Liabilities
Futures
Contracts
(b)
$
(23,945)
$
—
$
—
€
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
$
4,835,481
$
—
$
—
North
America
401,485,628
—
—
Total
$
406,321,109
$
—
$
—
€
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)
Asia
$
263,370
$
—
$
—
Europe
1,275,656
—
—
North
America
336,384,003
—
—
Total
$
337,923,029
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
51,973
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Amounts
are
disclosed
by
continent
to
highlight
the
impact
of
time
zone
differences
between
local
market
close
and
the
calculation
of
NAV.
Security
valuations
are
based
on
the
principal
exchange
or
system
on
which
they
are
traded,
which
may
differ
from
country
of
domicile
noted
in
table.
The
Fund
utilizes
fair
value
model
prices
provided
by
an
independent
third-party
fair
value
service
for
certain
international
equity
securities
resulting
in
a
level
2
classification.
(b)
Amount
shown
represents
unrealized
gain
(loss)
at
period
end.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
D.
Securities
Lending
—
The
Small
Cap
Equity
Insights
Fund
may
lend
its
securities
through
a
securities
lending
agent,
the
Bank
of
New
York
(“BNY”),
to
certain
qualified
borrowers.
Pursuant
to
exemptive
relief
granted
by
the
Securities
and
Exchange
Commission
(“SEC”)
and
the
terms
and
conditions
contained
therein,
the
International
Equity
Insights,
Small
Cap
Equity
Insights
and
U.
S.
Equity
Insights
Funds
may
lend
their
securities
through
a
securities
lending
agent,
Goldman
Sachs
Agency
Lending
(“GSAL”),
a
wholly-
owned
subsidiary
of
Goldman
Sachs,
to
certain
qualified
borrowers
including
Goldman
Sachs
and
affiliates.
In
accordance
with
the
Funds’
securities
lending
procedures,
the
Funds
receive
cash
collateral
at
least
equal
to
the
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds,
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded,
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Funds
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
BNY
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
BNY
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
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
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.
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.
Growth
investing
is
an
example
of
an
investment
style.
Growth
companies
are
often
expected
by
investors
to
increase
their
earnings
at
a
certain
rate.
When
these
expectations
are
not
met,
investors
can
punish
the
stocks
inordinately
even
if
earnings
showed
an
absolute
increase.
Value
investing
is
an
example
of
an
investment
style.
Value
stocks
are
those
believed
to
be
undervalued
in
comparison
to
their
peers,
due
to
market,
company-specific
or
other
factors.
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,
governments
or
countries
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
the
Fund
and
its
investments.
Mid-Cap
and
Small-Cap
Risk
—
Investments
in
mid-capitalization
and
small-capitalization
companies
involve
greater
risks
than
those
associated
with
larger,
more
established
companies.
These
securities
may
be
subject
to
more
abrupt
or
erratic
price
movements
and
may
lack
sufficient
market
liquidity,
and
these
issuers
often
face
greater
business
risks.
Non-Diversification
Risk
—
The
Strategic
Growth
Fund
is
non-diversified,
meaning
that
it
is
permitted
to
invest
a
larger
percentage
of
its
assets
in
one
or
more
issuers
or
in
fewer
issuers
than
diversified
mutual
funds.
Thus,
the
Fund
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
held
in
its
portfolio,
and
may
be
more
susceptible
to
greater
losses
because
of
these
developments.
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Funds
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
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)