NPORT-EX 2 302083GS033125.htm
GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments
March 31, 2025 (Unaudited)
Shares
Description
Value
a
Common Stocks – 97.4%
Australia – 7.7%
18,231
ANZ Group Holdings Ltd.
(Banks)
$
333,793
10,173
Aristocrat Leisure Ltd.
(Consumer Services)
411,428
58,738
BHP Group Ltd. (Materials)
1,425,169
12,283
Commonwealth Bank of
Australia (Banks)
1,168,038
23,960
Computershare Ltd.
(Commercial & Professional
Services)
590,591
99,263
Glencore PLC (Materials)*
363,316
14,447
Goodman Group REIT (Equity
Real Estate Investment Trusts
(REITs))
259,275
2,356
Macquarie Group Ltd.
(Financial Services)
293,196
51,845
National Australia Bank Ltd.
(Banks)
1,115,118
43,323
Northern Star Resources Ltd.
(Materials)
500,172
1,639
Pro Medicus Ltd. (Health Care
Equipment & Services)
207,457
125,614
Qantas Airways Ltd.
(Transportation)
716,143
656
REA Group Ltd. (Media &
Entertainment)
91,016
359
Rio Tinto PLC ADR (Materials)
21,569
48,514
Suncorp Group Ltd. (Insurance)
587,586
13,498
Telstra Group Ltd.
(Telecommunication Services)
35,659
7,312
Westpac Banking Corp. (Banks)
145,710
8,265,236
Austria – 0.3%
3,134
BAWAG Group AG (Banks)*
(a)
323,316
3,909
Telekom Austria AG
(Telecommunication Services)
36,520
359,836
Belgium – 0.5%
5,068
Anheuser-Busch InBev SA/NV
(Food, Beverage & Tobacco)
311,588
2,027
KBC Ancora (Banks)
123,341
794
UCB SA (Pharmaceuticals,
Biotechnology & Life Sciences)
139,795
574,724
China – 0.9%
14,251
Prosus NV (Consumer
Discretionary Distribution &
Retail)*
662,090
142,900
Yangzijiang Shipbuilding
Holdings Ltd. (Capital Goods)
250,793
912,883
Denmark – 2.3%
2,008
Genmab A/S (Pharmaceuticals,
Biotechnology & Life
Sciences)*
391,200
Shares
Description
Value
a
Common Stocks – (continued)
Denmark – (continued)
25,104
Novo Nordisk A/S, Class
B (Pharmaceuticals,
Biotechnology & Life Sciences)
$
1,716,570
1,340
Pandora A/S (Consumer
Durables & Apparel)
205,370
2,191
Scandinavian Tobacco Group
A/S (Food, Beverage &
Tobacco)
(a)
31,946
254
Sydbank AS (Banks)
15,934
5,980
Vestas Wind Systems A/S
(Capital Goods)*
82,730
2,443,750
Finland – 1.9%
972
Elisa OYJ (Telecommunication
Services)
47,380
615
Konecranes OYJ (Capital
Goods)
39,359
125,817
Nokia OYJ (Technology
Hardware & Equipment)
662,653
77,412
Nordea Bank Abp (Banks)
990,134
16,134
Wartsila OYJ Abp (Capital
Goods)
287,886
2,027,412
France – 9.7%
8,035
Air Liquide SA (Materials)
1,526,210
30,726
AXA SA (Insurance)
1,312,792
3,683
Bouygues SA (Capital Goods)
145,185
1,271
Capgemini SE (Software &
Services)
190,978
7,243
Cie Generale des Etablissements
Michelin SCA (Automobiles &
Components)
254,567
3,746
Covivio SA REIT (Equity
Real Estate Investment Trusts
(REITs))
209,689
7,463
Danone SA (Food, Beverage &
Tobacco)
570,810
1,961
Dassault Aviation SA (Capital
Goods)
646,593
9,728
Dassault Systemes (Software &
Services)
370,372
442
Eiffage SA (Capital Goods)
51,462
42,645
Engie SA (Utilities)
830,973
122
Hermes International SCA
(Consumer Durables & Apparel)
320,997
9,225
Legrand SA (Capital Goods)
976,961
788
Publicis Groupe SA (Media &
Entertainment)
74,347
3,056
Quadient SA (Technology
Hardware & Equipment)
51,630
5,931
Safran SA (Capital Goods)
1,561,534
346
Sartorius Stedim Biotech
(Pharmaceuticals,
Biotechnology & Life Sciences)
68,548
1,122
SCOR SE (Insurance)
32,403
3,098
Thales SA (Capital Goods)
823,515
9,785
Valeo SE (Automobiles &
Components)
91,866
GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
a
Common Stocks – (continued)
France – (continued)
8,455
Veolia Environnement SA
(Utilities)
$
290,783
10,402,215
Georgia – 0.1%
1,088
TBC Bank Group PLC (Banks)
58,044
Germany – 12.0%
1,336
Allianz SE (Insurance)
511,300
7,281
Continental AG (Automobiles &
Components)
513,455
6,432
Deutsche Bank AG (Financial
Services)
153,321
1,458
Deutsche Boerse AG (Financial
Services)
430,197
24,673
Deutsche Post AG
(Transportation)
1,059,293
71,933
E.ON SE (Utilities)
1,085,811
13,639
Fresenius Medical Care AG
(Health Care Equipment &
Services)
678,677
23,934
Fresenius SE & Co. KGaA
(Health Care Equipment &
Services)*
1,021,830
9,023
FUCHS SE (Materials)
328,863
1,322
GEA Group AG (Capital
Goods)
80,363
2,778
Hannover Rueck SE (Insurance)
828,005
7,881
Henkel AG & Co. KGaA
(Household & Personal
Products)
567,794
8,189
Infineon Technologies
AG (Semiconductors &
Semiconductor Equipment)
272,980
5,652
Knorr-Bremse AG (Capital
Goods)
514,360
9,028
Mercedes-Benz Group AG
(Automobiles & Components)
533,300
679
MTU Aero Engines AG (Capital
Goods)
235,934
789
Muenchener
Rueckversicherungs-
Gesellschaft AG in Muenchen
(Insurance)
498,428
1,021
Nemetschek SE (Software &
Services)
119,024
183
Rheinmetall AG (Capital
Goods)
261,859
8,086
SAP SE (Software & Services)
2,166,642
3,849
Scout24 SE (Media &
Entertainment)
(a)
403,077
278
Siemens AG (Capital Goods)
64,203
5,487
Siemens Energy AG (Capital
Goods)*
325,280
2,064
Siemens Healthineers AG
(Health Care Equipment &
Services)
(a)
111,354
560
Symrise AG (Materials)
58,057
12,823,407
Shares
Description
Value
a
Common Stocks – (continued)
Hong Kong – 2.5%
102,000
AIA Group Ltd. (Insurance)
$
772,127
30,800
Dah Sing Financial Holdings
Ltd. (Banks)
115,321
11,300
Hong Kong Exchanges &
Clearing Ltd. (Financial
Services)
502,672
22,500
Sun Hung Kai Properties Ltd.
(Real Estate Management &
Development)
214,372
12,500
Swire Pacific Ltd., Class A
(Capital Goods)
110,198
225,000
Swire Pacific Ltd., Class B
(Capital Goods)
312,565
46,200
Swire Properties Ltd. (Real
Estate Management &
Development)
101,323
530,000
WH Group Ltd. (Food,
Beverage & Tobacco)
(a)
486,648
2,615,226
Italy – 3.7%
48,099
Banca Mediolanum SpA
(Financial Services)
777,608
62,553
Banco BPM SpA (Banks)
636,542
29,624
BPER Banca SpA (Banks)
232,539
6,030
Coca-Cola HBC AG (Food,
Beverage & Tobacco)*
273,098
1,223
Ferrari NV (Automobiles &
Components)
522,295
4,054
FinecoBank Banca Fineco SpA
(Banks)
80,296
139,020
Intesa Sanpaolo SpA (Banks)
716,463
1,785
Leonardo SpA (Capital Goods)
86,928
3,898
RAI Way SpA
(Telecommunication Services)
(a)
24,489
7,419
Technogym SpA (Consumer
Durables & Apparel)
(a)
95,821
9,074
UniCredit SpA (Banks)
509,343
3,955,422
Ivory Coast (Cote D'Ivoire) – 0.0%
1,050
Endeavour Mining PLC
(Materials)
24,758
Japan – 21.8%
35,400
Acom Co. Ltd. (Financial
Services)
90,602
9,700
Aisin Corp. (Automobiles &
Components)
105,952
17,800
Asia Pile Holdings Corp.
(Materials)
109,661
4,900
Asics Corp. (Consumer
Durables & Apparel)
103,917
40,800
Astellas Pharma, Inc.
(Pharmaceuticals,
Biotechnology & Life Sciences)
397,168
11,700
Bandai Namco Holdings, Inc.
(Consumer Durables & Apparel)
392,505
3,700
Bank of Saga Ltd. (The)
(Banks)
57,614
GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
a
Common Stocks – (continued)
Japan – (continued)
6,900
Belluna Co. Ltd. (Consumer
Discretionary Distribution &
Retail)
$
43,741
4,400
Chugai Pharmaceutical
Co. Ltd. (Pharmaceuticals,
Biotechnology & Life Sciences)
201,571
11,600
Computer Engineering &
Consulting Ltd. (Software &
Services)
180,808
4,800
Cresco Ltd. (Software &
Services)
38,321
57,600
Dai-ichi Life Holdings, Inc.
(Insurance)
439,806
2,100
Daiichi Sankyo Co.
Ltd. (Pharmaceuticals,
Biotechnology & Life Sciences)
50,009
99,600
Daiwa Securities Group, Inc.
(Financial Services)
670,632
6,900
DeNA Co. Ltd. (Media &
Entertainment)
162,556
1,700
Fujita Kanko, Inc. (Consumer
Services)
110,875
20,700
Fujitsu Ltd. (Software &
Services)
411,949
12,300
GREE Holdings, Inc. (Media &
Entertainment)
48,366
11,300
Gumi, Inc. (Media &
Entertainment)*
36,058
12,900
Heiwa Corp. (Consumer
Services)
202,340
400
Heiwa Real Estate Co. Ltd.
(Real Estate Management &
Development)
12,588
62,200
Hitachi Ltd. (Capital Goods)
1,460,419
2,300
Hochiki Corp. (Technology
Hardware & Equipment)
38,928
17,700
Hokuriku Electric Power Co.
(Utilities)
98,482
15,600
Hulic Co. Ltd. (Real Estate
Management & Development)
149,748
2,200
Ines Corp. (Software &
Services)
24,387
22,000
Isetan Mitsukoshi Holdings
Ltd. (Consumer Discretionary
Distribution & Retail)
319,043
18,300
Isuzu Motors Ltd. (Automobiles
& Components)
248,836
6,600
Iyogin Holdings, Inc. (Banks)
78,459
3,100
J Front Retailing Co. Ltd.
(Consumer Discretionary
Distribution & Retail)
38,494
31,300
Japan Post Holdings Co. Ltd.
(Insurance)
313,858
400
Kaken Pharmaceutical Co.
Ltd. (Pharmaceuticals,
Biotechnology & Life Sciences)
11,993
4,000
KAWADA TECHNOLOGIES,
Inc. (Capital Goods)
78,119
Shares
Description
Value
a
Common Stocks – (continued)
Japan – (continued)
21,400
Kawasaki Kisen Kaisha Ltd.
(Transportation)
$
290,877
3,200
KDDI Corp.
(Telecommunication Services)
50,546
600
Keyence Corp. (Technology
Hardware & Equipment)
235,926
43,500
Kirin Holdings Co. Ltd. (Food,
Beverage & Tobacco)
602,743
4,400
Konami Group Corp. (Media &
Entertainment)
519,562
8,100
Lintec Corp. (Materials)
150,108
3,300
Lion Corp. (Household &
Personal Products)
38,998
32,700
Mitsubishi Heavy Industries
Ltd. (Capital Goods)
561,577
3,800
Mitsubishi Steel Manufacturing
Co. Ltd. (Materials)
41,701
8,700
MIXI, Inc. (Media &
Entertainment)
192,784
12,700
Modec, Inc. (Energy)
352,556
9,900
Morito Co. Ltd. (Consumer
Durables & Apparel)
99,798
47,500
MS&AD Insurance Group
Holdings, Inc. (Insurance)
1,033,023
43,500
NEC Corp. (Software &
Services)
926,582
4,600
Nexon Co. Ltd. (Media &
Entertainment)
63,003
6,400
NGK Insulators Ltd. (Capital
Goods)
78,854
28,000
Nippon Signal Co. Ltd.
(Technology Hardware &
Equipment)
167,686
3,000
Nippon Steel Corp. (Materials)
64,203
476,200
Nippon Telegraph & Telephone
Corp. (Telecommunication
Services)
460,234
18,500
Nippon Yusen KK
(Transportation)
611,390
16,800
NOK Corp. (Automobiles &
Components)
247,243
36,700
Nomura Holdings, Inc.
(Financial Services)
226,143
6,300
Nomura Research Institute Ltd.
(Software & Services)
205,080
7,400
NPR-RIKEN Corp.
(Automobiles & Components)
123,987
1,200
NS Solutions Corp. (Software &
Services)
30,817
55,000
Obayashi Corp. (Capital Goods)
733,719
7,600
Obic Co. Ltd. (Software &
Services)
219,131
3,500
Oita Bank Ltd. (The) (Banks)
81,910
11,300
Olympus Corp. (Health Care
Equipment & Services)
147,925
4,800
Oracle Corp. Japan (Software &
Services)
505,120
43,100
ORIX Corp. (Financial
Services)
899,881
GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
a
Common Stocks – (continued)
Japan – (continued)
700
Otsuka Holdings Co.
Ltd. (Pharmaceuticals,
Biotechnology & Life Sciences)
$
36,477
2,200
PHC Holdings Corp. (Health
Care Equipment & Services)
15,069
66,600
Rakuten Group, Inc. (Consumer
Discretionary Distribution &
Retail)*
382,082
1,200
Recruit Holdings Co. Ltd.
(Commercial & Professional
Services)
62,173
1,300
Saizeriya Co. Ltd. (Consumer
Services)
37,318
24,300
SBI Holdings, Inc. (Financial
Services)
656,171
2,200
Scroll Corp. (Consumer
Discretionary Distribution &
Retail)
14,874
8,900
Secom Co. Ltd. (Commercial &
Professional Services)
303,126
10,700
Seikagaku Corp.
(Pharmaceuticals,
Biotechnology & Life Sciences)
52,889
25,600
Sekisui House Ltd. (Consumer
Durables & Apparel)
572,983
1,800
Shikoku Electric Power Co.,
Inc. (Utilities)
13,921
6,600
Shizuoka Financial Group, Inc.
(Banks)
72,155
11,100
SoftBank Group Corp.
(Telecommunication Services)
567,764
10,500
Subaru Corp. (Automobiles &
Components)
188,046
42,200
Sumitomo Electric Industries
Ltd. (Automobiles &
Components)
704,315
10,300
Sumitomo Mitsui Financial
Group, Inc. (Banks)
264,860
23,400
Sumitomo Mitsui Trust Group,
Inc. (Banks)
589,008
4,300
Sumitomo Riko Co. Ltd.
(Automobiles & Components)
50,305
3,700
Sumitomo Rubber Industries
Ltd. (Automobiles &
Components)
46,783
500
Suntory Beverage & Food Ltd.
(Food, Beverage & Tobacco)
16,496
8,600
Suzuki Co. Ltd. (Technology
Hardware & Equipment)
97,458
16,100
Suzuki Motor Corp.
(Automobiles & Components)
197,629
1,300
Taiheiyo Cement Corp.
(Materials)
34,038
5,900
Toa Corp. (Capital Goods)
51,442
2,300
Tokio Marine Holdings, Inc.
(Insurance)
89,477
7,200
Tokyo Tekko Co. Ltd.
(Materials)
277,336
6,700
Tokyu Corp. (Transportation)
75,429
Shares
Description
Value
a
Common Stocks – (continued)
Japan – (continued)
23,900
Tosho Co. Ltd. (Consumer
Services)
$
96,275
1,400
Toyo Kanetsu KK (Energy)
34,398
5,200
Toyo Seikan Group Holdings
Ltd. (Materials)
85,125
2,500
Toyo Tire Corp. (Automobiles
& Components)
45,912
20,400
Toyota Motor Corp.
(Automobiles & Components)
360,617
800
Uchida Yoko Co. Ltd. (Software
& Services)
41,172
18,900
Unicharm Corp. (Household &
Personal Products)
150,534
13,700
Yamaichi Electronics Co.
Ltd. (Semiconductors &
Semiconductor Equipment)
192,018
4,300
Yokogawa Electric Corp.
(Technology Hardware &
Equipment)
83,919
23,250,506
Luxembourg – 0.2%
3,609
Eurofins Scientific
SE (Pharmaceuticals,
Biotechnology & Life Sciences)
192,514
Netherlands – 3.7%
5,080
Aegon Ltd. (Insurance)
33,364
136
ASM International NV
(Semiconductors &
Semiconductor Equipment)
61,974
1,968
ASML Holding NV
(Semiconductors &
Semiconductor Equipment)
1,302,371
686
Euronext NV (Financial
Services)
(a)
99,561
494
EXOR NV (Financial Services)
44,862
12,147
Heineken Holding NV (Food,
Beverage & Tobacco)
879,124
4,319
Heineken NV (Food, Beverage
& Tobacco)
352,173
14,806
ING Groep NV (Banks)
290,069
5,883
Wolters Kluwer NV
(Commercial & Professional
Services)
915,961
3,979,459
New Zealand – 0.1%
4,522
Fisher & Paykel Healthcare
Corp. Ltd. (Health Care
Equipment & Services)
86,300
478
Xero Ltd. (Software &
Services)*
46,721
133,021
Norway – 0.9%
23,299
DNB Bank ASA (Banks)
613,059
1,263
Kongsberg Gruppen ASA
(Capital Goods)
185,175
2,706
Mowi ASA (Food, Beverage &
Tobacco)
50,162
GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
a
Common Stocks – (continued)
Norway – (continued)
11,574
Norsk Hydro ASA (Materials)
$
66,909
4,379
Telenor ASA
(Telecommunication Services)
62,572
977,877
Portugal – 0.1%
3,751
Galp Energia SGPS SA
(Energy)
65,718
Singapore – 0.8%
53,600
Singapore Exchange Ltd.
(Financial Services)
530,642
41,100
Singapore Telecommunications
Ltd. (Telecommunication
Services)
104,244
8,500
United Overseas Bank Ltd.
(Banks)
239,840
874,726
Spain – 0.4%
10,108
Banco Bilbao Vizcaya
Argentaria SA (Banks)
137,950
5,220
Industria de Diseno Textil
SA (Consumer Discretionary
Distribution & Retail)
259,913
397,863
Sweden – 3.9%
6,875
Alfa Laval AB (Capital Goods)
294,766
3,555
Boliden AB (Materials)
116,649
11,992
Essity AB, Class B (Household
& Personal Products)
(b)
340,707
5,164
Evolution AB (Consumer
Services)
(a)
384,765
45,546
Hexagon AB, Class B
(Technology Hardware &
Equipment)
486,876
25,965
Investor AB, Class B (Financial
Services)
774,383
4,953
Medicover AB, Class B (Health
Care Equipment & Services)
93,930
3,778
Sectra AB, Class B (Health Care
Equipment & Services)*
90,176
15,416
SSAB AB, Class A (Materials)
95,647
9,703
SSAB AB, Class B (Materials)
59,122
38,700
Svenska Handelsbanken AB,
Class A (Banks)
(b)
437,369
13,927
Swedbank AB, Class A (Banks)
317,180
90,035
Telefonaktiebolaget LM
Ericsson, Class B (Technology
Hardware & Equipment)
(b)
700,541
4,192,111
Switzerland – 3.7%
16,253
ABB Ltd. (Capital Goods)
838,622
128
Baloise Holding AG (Insurance)
26,864
3,335
Cie Financiere Richemont SA
(Consumer Durables & Apparel)
582,177
198
Geberit AG (Capital Goods)
124,044
1,698
Kuehne + Nagel International
AG (Transportation)
392,120
Shares
Description
Value
a
Common Stocks – (continued)
Switzerland – (continued)
413
Schindler Holding AG (Capital
Goods)
$
125,161
1,273
Schindler Holding AG
Participation Certificates
(Capital Goods)
398,973
1,582
Sika AG (Materials)
385,350
163
TX Group AG (Media &
Entertainment)
32,980
33,765
UBS Group AG (Financial
Services)
1,037,078
3,943,369
Tanzania – 0.0%
24,237
Helios Towers PLC
(Telecommunication Services)*
33,375
United Kingdom – 10.8%
7,259
3i Group PLC (Financial
Services)
341,323
1,404
Admiral Group PLC (Insurance)
51,836
11,144
Associated British Foods PLC
(Food, Beverage & Tobacco)
276,275
23,144
AstraZeneca PLC
ADR (Pharmaceuticals,
Biotechnology & Life Sciences)
1,701,084
31,706
Aviva PLC (Insurance)
228,508
35,218
BAE Systems PLC (Capital
Goods)
711,140
18,310
Beazley PLC (Insurance)
220,521
130,289
BT Group PLC
(Telecommunication Services)
279,465
8,737
Entain PLC (Consumer
Services)
66,012
10,877
Halma PLC (Technology
Hardware & Equipment)
364,941
99,361
HSBC Holdings PLC (Banks)
1,126,405
28,047
Imperial Brands PLC (Food,
Beverage & Tobacco)
1,037,792
2,001
InterContinental Hotels Group
PLC (Consumer Services)
215,448
5,648
Investec PLC (Financial
Services)
34,962
2,581
Keller Group PLC (Capital
Goods)
46,069
18,313
Lancashire Holdings Ltd.
(Insurance)
136,731
198,661
Lloyds Banking Group PLC
(Banks)
186,328
43,121
M&G PLC (Financial Services)
111,078
38,696
Marks & Spencer Group PLC
(Consumer Staples Distribution
& Retail)
178,654
42,706
National Grid PLC (Utilities)
557,067
105,708
NatWest Group PLC (Banks)
624,142
1,439
Next PLC (Consumer
Discretionary Distribution &
Retail)
207,324
25,325
RELX PLC (Commercial &
Professional Services)
1,272,093
GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
a
Common Stocks – (continued)
United Kingdom – (continued)
36,479
Rolls-Royce Holdings PLC
(Capital Goods)*
$
354,553
4,113
Sage Group PLC (The)
(Software & Services)
64,576
3,634
Smiths Group PLC (Capital
Goods)
91,188
9,122
SSE PLC (Utilities)
187,899
2,635
Standard Chartered PLC
(Banks)
39,102
95,422
Tesco PLC (Consumer Staples
Distribution & Retail)
410,533
40,890
Vodafone Group PLC ADR
(Telecommunication Services)
383,139
11,506,188
United States – 9.4%
23,187
BP PLC ADR (Energy)
783,489
32,345
GSK PLC ADR
(Pharmaceuticals,
Biotechnology & Life Sciences)
1,253,045
7,821
Holcim AG (Materials)*
841,643
24,420
Nestle SA (Food, Beverage &
Tobacco)
2,467,803
15,855
Novartis AG (Pharmaceuticals,
Biotechnology & Life Sciences)
1,761,012
2,032
Roche Holding AG
(Pharmaceuticals,
Biotechnology & Life Sciences)
668,787
5,251
Schneider Electric SE (Capital
Goods)
1,212,170
28,746
Shell PLC (Energy)
1,051,949
10,039,898
TOTAL COMMON STOCKS
(Cost $93,328,389)
104,049,538
Shares
Description
Rate
Value
a
Preferred Stocks – 0.6%
Germany – 0.6%
5,193
Henkel AG
& Co. KGaA
(Household
& Personal
Products)
2.52
%
413,192
813
Sartorius AG
(Pharmaceuticals,
Biotechnology &
Life Sciences)
0.35
189,527
TOTAL PREFERRED STOCKS
(Cost $582,802)
602,719
Shares
Dividend Rate
Value
aa
a
Investment Company – 0.0%
(c)
Goldman Sachs Financial Square Government
Fund - Institutional Shares
76
4.259%
$
76
(Cost $76)
TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE
(Cost $93,911,267)
104,652,333
a
Securities Lending Reinvestment Vehicle – 1.4%
(c)
a
a
a
a
Goldman Sachs Financial Square Government
Fund – Institutional Shares
1,533,200
4.259%
1,533,200
(Cost $1,533,200)
TOTAL INVESTMENTS – 99.4%
(Cost $95,444,467)
$
106,185,533
OTHER ASSETS IN EXCESS OF LIABILITIES
– 0.6%
693,460
NET ASSETS – 100.0%
$
106,878,993
  a
The percentage shown for each investment category reflects the
value of investments in that category as a percentage of net assets.
*
Non-income producing security.
(a)
Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)
All or a portion of security is on loan.
(c)
Represents an affiliated issuer.
Investment Abbreviations:
ADR
—
American Depositary Receipt
PLC
—
Public Limited Company
REIT
—
Real Estate Investment Trust
Sector Name
% of
Market
Value
Financials
25.0
%
Industrials
19.2
Health Care
10.6
Information Technology
9.7
Consumer Discretionary
9.5
Consumer Staples
8.9
Materials
6.2
Communication Services
3.5
Utilities
2.9
Energy
2.2
Real Estate
0.9
Investment Company
0.0
Securities Lending Reinvestment Vehicle
1.4
TOTAL INVESTMENTS
100.0%
GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Additional Investment Information 
FUTURES CONTRACTS
— At March 31, 2025, the
Portfolio
had the following futures contracts:
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long position contracts:
EURO STOXX 50 Index
10
06/20/25
$
561,087
$
(25,722)
FTSE 100 Index
2
06/20/25
221,974
(3,248)
MSCI Singapore Index
1
04/29/25
29,009
(164)
SPI 200 Index
1
06/19/25
123,049
(1,476)
TOPIX Index
2
06/12/25
354,957
(8,503)
Total Futures Contracts
$
(39,113)
GOLDMAN SACHS VARIABLE INSURANCE TRUST-LARGE CAP VALUE FUND
Schedule of Investments
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – 99.8%
Aerospace & Defense – 3.6%
27,966
Boeing Co. (The)*
$
4,769,601
23,188
General Electric Co.
4,641,078
9,410,679
Banks – 8.7%
162,100
Bank of America Corp.
6,764,433
37,996
JPMorgan Chase & Co.
9,320,419
96,788
Wells Fargo & Co.
6,948,410
23,033,262
Beverages – 0.8%
27,514
Coca-Cola Co. (The)
1,970,553
Biotechnology – 3.3%
27,665
AbbVie, Inc.
5,796,371
2,013
Argenx SE ADR (Netherlands)*
1,191,424
17,347
BioNTech SE ADR (Germany)*
1,579,618
8,567,413
Broadline Retail – 0.4%
6,020
Amazon.com, Inc.*
1,145,365
Capital Markets – 5.4%
4,570
Blackrock, Inc.
4,325,414
11,235
Blackstone, Inc.
1,570,428
36,669
Morgan Stanley
4,278,172
53,860
Nasdaq, Inc.
4,085,820
14,259,834
Chemicals – 2.6%
11,815
Air Products and Chemicals, Inc.
3,484,480
9,786
Sherwin-Williams Co. (The)
3,417,173
6,901,653
Construction Materials – 0.8%
4,211
Martin Marietta Materials, Inc.
2,013,405
Consumer Finance – 1.6%
15,810
American Express Co.
4,253,681
Consumer Staples Distribution & Retail – 2.9%
88,509
Walmart, Inc.
7,770,205
Diversified Telecommunication Services – 1.1%
97,945
AT&T, Inc.
2,769,885
Electric Utilities – 4.4%
80,313
Exelon Corp.
3,700,823
62,453
NextEra Energy, Inc.
4,427,293
98,455
PPL Corp.
3,555,210
11,683,326
Electrical Equipment – 4.0%
13,779
Eaton Corp. PLC
3,745,546
15,340
GE Vernova, Inc.
4,682,995
7,877
Rockwell Automation, Inc.
2,035,259
10,463,800
Entertainment – 1.1%
29,522
Walt Disney Co. (The)
2,913,821
Financial Services – 4.2%
13,259
Berkshire Hathaway, Inc., Class
B*
7,061,478
Shares
Description
Value
aa
Common Stocks – (continued)
Financial Services – (continued)
11,536
Visa, Inc., Class A
$
4,042,907
11,104,385
Ground Transportation – 1.3%
21,195
Old Dominion Freight Line, Inc.
3,506,713
Health Care Equipment & Supplies – 4.8%
42,030
Abbott Laboratories
5,575,280
44,413
Boston Scientific Corp.*
4,480,383
30,834
Cooper Cos., Inc. (The)*
2,600,848
12,656,511
Health Care Providers & Services – 2.9%
14,662
UnitedHealth Group, Inc.
7,679,223
Hotels, Restaurants & Leisure – 2.9%
16,703
McDonald's Corp.
5,217,516
24,050
Starbucks Corp.
2,359,065
7,576,581
Household Products – 1.8%
27,038
Procter & Gamble Co. (The)
4,607,816
Industrial Conglomerates – 3.7%
29,059
3M Co.
4,267,605
26,655
Honeywell International, Inc.
5,644,196
9,911,801
Industrial REITs – 1.3%
30,593
Prologis, Inc. REIT
3,419,992
Insurance – 3.6%
12,049
Allstate Corp. (The)
2,494,986
12,665
Marsh & McLennan Cos., Inc.
3,090,640
15,139
Travelers Cos., Inc. (The)
4,003,660
9,589,286
IT Services – 0.9%
7,960
Accenture PLC, Class A (Ireland)
2,483,838
Life Sciences Tools & Services – 3.2%
21,039
Danaher Corp.
4,312,995
8,330
Thermo Fisher Scientific, Inc.
4,145,008
8,458,003
Machinery – 2.8%
11,907
Caterpillar, Inc.
3,926,929
13,511
Illinois Tool Works, Inc.
3,350,863
7,277,792
Metals & Mining – 1.1%
23,250
Steel Dynamics, Inc.
2,908,110
Multi-Utilities – 1.6%
41,896
Ameren Corp.
4,206,358
Office REITs – 0.6%
23,197
BXP, Inc. REIT
1,558,606
Oil, Gas & Consumable Fuels – 6.3%
11,827
Cheniere Energy, Inc.
2,736,768
84,733
Exxon Mobil Corp.
10,077,296
31,142
Phillips 66
3,845,414
16,659,478
GOLDMAN SACHS VARIABLE INSURANCE TRUST-LARGE CAP VALUE FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
**End swaps header**
Shares
Description
Value
aa
Common Stocks – (continued)
Personal Care Products – 1.5%
164,991
Kenvue, Inc.
$
3,956,484
Pharmaceuticals – 4.1%
18,711
AstraZeneca PLC ADR (United
Kingdom)
1,375,259
37,276
Johnson & Johnson
6,181,852
35,423
Merck & Co., Inc.
3,179,568
10,736,679
Residential REITs – 1.1%
13,866
AvalonBay Communities, Inc.
REIT
2,975,921
Semiconductors & Semiconductor Equipment – 3.5%
44,219
Marvell Technology, Inc.
2,722,564
26,274
Microchip Technology, Inc.
1,271,924
23,878
Micron Technology, Inc.
2,074,760
18,206
Texas Instruments, Inc.
3,271,618
9,340,866
Software – 2.4%
59,403
Dynatrace, Inc.*
2,800,851
13,189
Salesforce, Inc.
3,539,400
6,340,251
Specialized REITs – 0.7%
8,752
American Tower Corp. REIT
1,904,435
Specialty Retail – 1.6%
18,468
Lowe’s Cos., Inc.
4,307,292
Shares
Description
Value
aa
Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – 1.2%
13,980
Apple, Inc.
$
3,105,377
TOTAL COMMON STOCKS
(Cost $209,136,671)
263,428,680
Shares
Dividend Rate
Value
aa
Investment Company – 0.0%
(a)
Goldman Sachs Financial Square Government
Fund - Institutional Shares
29,268
4.259%
29,268
(Cost $29,268)
TOTAL INVESTMENTS – 99.8%
(Cost $209,165,939)
$
263,457,948
OTHER ASSETS IN EXCESS OF LIABILITIES
– 0.2%
521,990
NET ASSETS – 100.0%
$
263,979,938
  a
The percentage shown for each investment category reflects the
value of investments in that category as a percentage of net assets.
*
Non-income producing security.
(a)
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, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – 98.5%
Aerospace & Defense – 3.5%
2,763
Axon Enterprise, Inc.*
$
1,453,200
2,370
Woodward, Inc.
432,501
1,885,701
Beverages – 1.4%
8,752
Coca-Cola Europacific Partners
PLC (United Kingdom)
761,687
Biotechnology – 5.4%
3,742
Alnylam Pharmaceuticals, Inc.*
1,010,415
5,566
BioMarin Pharmaceutical, Inc.*
393,460
2,747
BioNTech SE ADR (Germany)*
250,142
6,573
Exact Sciences Corp.*
284,545
5,285
Neurocrine Biosciences, Inc.*
584,521
38,131
Roivant Sciences Ltd.*
384,742
2,907,825
Capital Markets – 6.2%
41,811
Blue Owl Capital, Inc.
837,893
3,349
Coinbase Global, Inc., Class A*
576,798
2,620
MSCI, Inc.
1,481,610
6,236
Nasdaq, Inc.
473,063
3,369,364
Construction Materials – 1.8%
2,014
Martin Marietta Materials, Inc.
962,954
Consumer Staples Distribution & Retail – 2.7%
12,751
BJ's Wholesale Club Holdings,
Inc.*
1,454,889
Electrical Equipment – 5.2%
3,297
AMETEK, Inc.
567,545
2,950
GE Vernova, Inc.
900,576
2,287
Rockwell Automation, Inc.
590,915
10,358
Vertiv Holdings Co., Class A
747,848
2,806,884
Entertainment – 1.9%
7,945
Live Nation Entertainment, Inc.*
1,037,458
Financial Services – 5.1%
3,131
Corpay, Inc.*
1,091,842
20,124
Equitable Holdings, Inc.
1,048,259
8,359
Fidelity National Information
Services, Inc.
624,250
2,764,351
Food Products – 0.9%
9,181
Lamb Weston Holdings, Inc.
489,347
Ground Transportation – 2.3%
7,442
Old Dominion Freight Line, Inc.
1,231,279
Health Care Equipment & Supplies – 4.4%
2,830
Align Technology, Inc.*
449,574
8,518
Cooper Cos., Inc. (The)*
718,493
4,631
Insulet Corp.*
1,216,147
2,384,214
Health Care Providers & Services – 3.5%
6,776
Cencora, Inc.
1,884,338
Health Care Technology – 1.9%
4,430
Veeva Systems, Inc., Class A*
1,026,121
Shares
Description
Value
aa
Common Stocks – (continued)
Hotels, Restaurants & Leisure – 8.7%
4,738
Cava Group, Inc.*
$
409,411
1,403
Domino's Pizza, Inc.
644,608
2,215
DoorDash, Inc., Class A*
404,835
15,460
DraftKings, Inc., Class A*
513,427
3,861
Hilton Worldwide Holdings, Inc.
878,570
3,223
Royal Caribbean Cruises Ltd.
662,133
4,705
Texas Roadhouse, Inc.
783,994
2,039
Wingstop, Inc.
459,958
4,756,936
Household Durables – 1.0%
4,871
Lennar Corp., Class A
559,093
Independent Power and Renewable Electricity Producers – 1.7%
8,111
Vistra Corp.
952,556
IT Services – 3.0%
7,452
Cloudflare, Inc., Class A*
839,766
1,894
Gartner, Inc.*
794,988
1,634,754
Life Sciences Tools & Services – 2.3%
328
Mettler-Toledo International,
Inc.*
387,339
3,847
West Pharmaceutical Services,
Inc.
861,266
1,248,605
Machinery – 0.5%
2,136
ITT, Inc.
275,886
Media – 1.2%
11,600
Trade Desk, Inc. (The), Class A*
634,752
Oil, Gas & Consumable Fuels – 5.4%
5,261
Cheniere Energy, Inc.
1,217,396
9,690
DT Midstream, Inc.
934,891
4,726
Expand Energy Corp.
526,098
20,160
Permian Resources Corp.
279,216
2,957,601
Personal Care Products – 0.6%
5,078
elf Beauty, Inc.*
318,848
Professional Services – 0.7%
1,672
Equifax, Inc.
407,232
Semiconductors & Semiconductor Equipment – 2.8%
5,888
Entegris, Inc.
515,082
11,438
Marvell Technology, Inc.
704,238
6,004
Microchip Technology, Inc.
290,653
1,509,973
Software – 21.3%
6,475
AppLovin Corp., Class A*
1,715,681
10,166
Datadog, Inc., Class A*
1,008,569
12,324
Dynatrace, Inc.*
581,077
743
Fair Isaac Corp.*
1,370,211
1,095
HubSpot, Inc.*
625,562
4,417
Manhattan Associates, Inc.*
764,318
1,569
Monday.com Ltd.*
381,518
30,543
Palantir Technologies, Inc., Class
A*
2,577,829
5,681
Samsara, Inc., Class A*
217,753
1,741
Tyler Technologies, Inc.*
1,012,200
GOLDMAN SACHS VARIABLE INSURANCE TRUST-MID CAP GROWTH FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
**End swaps header**
Shares
Description
Value
aa
Common Stocks – (continued)
Software – (continued)
9,094
Varonis Systems, Inc.*
$
367,852
4,610
Zscaler, Inc.*
914,716
11,537,286
Trading Companies & Distributors – 3.1%
16,331
Fastenal Co.
1,266,469
658
United Rentals, Inc.
412,369
1,678,838
TOTAL COMMON STOCKS
(Cost $44,926,947)
53,438,772
Shares
Dividend Rate
Value
aa
Investment Company – 1.5%
(a)
Goldman Sachs Financial Square Government
Fund - Institutional Shares
804,382
4.259%
804,382
(Cost $804,382)
TOTAL INVESTMENTS – 100.0%
(Cost $45,731,329)
$
54,243,154
OTHER ASSETS IN EXCESS OF LIABILITIES
– 0.0%
13,015
NET ASSETS – 100.0%
$
54,256,169
  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, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – 99.2%
Aerospace & Defense – 1.9%
23,993
L3Harris Technologies, Inc.
$
5,021,975
12,864
Woodward, Inc.
2,347,551
7,369,526
Banks – 4.8%
63,149
Citizens Financial Group, Inc.
2,587,215
37,296
East West Bancorp, Inc.
3,347,689
70,586
First Horizon Corp.
1,370,780
248,717
Huntington Bancshares, Inc.
3,733,242
26,767
M&T Bank Corp.
4,784,601
28,832
Pinnacle Financial Partners, Inc.
3,057,345
18,880,872
Beverages – 2.6%
94,418
Coca-Cola Europacific Partners
PLC (United Kingdom)
8,217,199
29,946
Molson Coors Beverage Co.,
Class B
1,822,813
10,040,012
Capital Markets – 2.6%
57,465
Nasdaq, Inc.
4,359,295
42,619
Raymond James Financial, Inc.
5,920,205
10,279,500
Chemicals – 3.8%
40,990
Ashland, Inc.
2,430,297
20,798
Celanese Corp.
1,180,702
92,870
Chemours Co. (The)
1,256,531
17,084
LyondellBasell Industries NV,
Class A
1,202,714
36,925
RPM International, Inc.
4,271,484
44,483
Westlake Corp.
4,449,635
14,791,363
Commercial Services & Supplies – 0.9%
18,382
Waste Connections, Inc.
3,587,983
Communications Equipment – 1.0%
108,129
Juniper Networks, Inc.
3,913,189
Construction Materials – 1.6%
13,450
Martin Marietta Materials, Inc.
6,430,848
Consumer Staples Distribution & Retail – 3.1%
75,058
BJ's Wholesale Club Holdings,
Inc.*
8,564,118
43,894
Performance Food Group Co.*
3,451,385
12,015,503
Containers & Packaging – 0.8%
25,722
Ball Corp.
1,339,345
30,501
International Paper Co.
1,627,228
2,966,573
Electric Utilities – 4.5%
44,241
Entergy Corp.
3,782,163
50,097
Exelon Corp.
2,308,470
11,589
NRG Energy, Inc.
1,106,286
271,009
PG&E Corp.
4,655,935
152,576
PPL Corp.
5,509,519
17,362,373
Shares
Description
Value
aa
Common Stocks – (continued)
Electrical Equipment – 6.3%
53,910
AMETEK, Inc.
$
9,280,067
25,872
GE Vernova, Inc.
7,898,204
28,912
Rockwell Automation, Inc.
7,470,283
24,648,554
Financial Services – 3.3%
66,668
Corebridge Financial, Inc.
2,104,709
122,686
Fidelity National Information
Services, Inc.
9,162,190
18,789
Global Payments, Inc.
1,839,819
13,106,718
Food Products – 0.4%
32,305
Lamb Weston Holdings, Inc.
1,721,856
Gas Utilities – 0.4%
44,074
UGI Corp.
1,457,527
Ground Transportation – 0.4%
4,885
Saia, Inc.*
1,706,966
Health Care Equipment & Supplies – 1.7%
78,916
Cooper Cos., Inc. (The)*
6,656,565
Health Care Providers & Services – 2.3%
21,183
Cencora, Inc.
5,890,780
11,085
Humana, Inc.
2,933,091
8,823,871
Health Care REITs – 1.4%
33,006
Alexandria Real Estate Equities,
Inc. REIT
3,053,385
35,050
Ventas, Inc. REIT
2,410,038
5,463,423
Hotels, Restaurants & Leisure – 1.3%
67,874
Red Rock Resorts, Inc., Class A
2,943,696
10,564
Royal Caribbean Cruises Ltd.
2,170,268
5,113,964
Household Durables – 1.8%
61,162
Lennar Corp., Class A
7,020,174
Independent Power and Renewable Electricity Producers – 0.9%
47,579
Ormat Technologies, Inc.
3,367,166
Insurance – 7.6%
33,829
Allstate Corp. (The)
7,004,971
22,603
American Financial Group, Inc.
2,968,678
35,535
Arch Capital Group Ltd.
3,417,756
10,215
Arthur J Gallagher & Co.
3,526,627
24,970
Globe Life, Inc.
3,289,048
39,088
Prudential Financial, Inc.
4,365,348
62,878
Unum Group
5,122,042
29,694,470
Life Sciences Tools & Services – 2.6%
14,954
Agilent Technologies, Inc.
1,749,319
3,927
Mettler-Toledo International,
Inc.*
4,637,433
16,695
West Pharmaceutical Services,
Inc.
3,737,677
10,124,429
GOLDMAN SACHS VARIABLE INSURANCE TRUST-MID CAP VALUE FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
**End swaps header**
Shares
Description
Value
aa
Common Stocks – (continued)
Machinery – 2.9%
13,347
IDEX Corp.
$
2,415,407
52,773
Ingersoll Rand, Inc.
4,223,423
16,765
ITT, Inc.
2,165,367
19,771
Xylem, Inc.
2,361,844
11,166,041
Media – 0.9%
42,594
Omnicom Group, Inc.
3,531,469
Metals & Mining – 1.6%
49,980
Steel Dynamics, Inc.
6,251,498
Multi-Utilities – 4.9%
81,706
CMS Energy Corp.
6,136,937
187,263
NiSource, Inc.
7,507,374
68,186
Public Service Enterprise Group,
Inc.
5,611,708
19,256,019
Oil, Gas & Consumable Fuels – 8.6%
86,129
BKV Corp. (Thailand)*
1,808,709
26,971
Cheniere Energy, Inc.
6,241,089
59,406
Devon Energy Corp.
2,221,785
31,889
Diamondback Energy, Inc.
5,098,413
50,688
Expand Energy Corp.
5,642,588
34,560
Ovintiv, Inc.
1,479,168
394,731
Permian Resources Corp.
5,467,024
44,295
Phillips 66
5,469,547
33,428,323
Passenger Airlines – 1.2%
67,353
United Airlines Holdings, Inc.*
4,650,725
Personal Care Products – 1.1%
173,647
Kenvue, Inc.
4,164,055
Pharmaceuticals – 0.5%
52,089
Organon & Co.
775,605
31,812
Royalty Pharma PLC, Class A
990,308
1,765,913
Residential REITs – 3.7%
76,896
American Homes 4 Rent, Class
A REIT
2,907,438
26,106
AvalonBay Communities, Inc.
REIT
5,602,870
24,880
Camden Property Trust REIT
3,042,824
46,484
Equity LifeStyle Properties, Inc.
REIT
3,100,483
14,653,615
Semiconductors & Semiconductor Equipment – 3.2%
119,606
Marvell Technology, Inc.
7,364,142
105,901
Microchip Technology, Inc.
5,126,667
12,490,809
Software – 2.9%
116,974
Dynatrace, Inc.*
5,515,324
3,464
MicroStrategy, Inc., Class A*
998,567
19,375
Monday.com Ltd.*
4,711,225
11,225,116
Specialized REITs – 3.6%
24,199
Digital Realty Trust, Inc. REIT
3,467,474
Shares
Description
Value
aa
Common Stocks – (continued)
Specialized REITs – (continued)
30,210
Extra Space Storage, Inc. REIT
$
4,485,883
178,166
VICI Properties, Inc. REIT
5,811,775
13,765,132
Specialty Retail – 2.5%
4,370
Burlington Stores, Inc.*
1,041,502
19,618
Floor & Decor Holdings, Inc.,
Class A*
1,578,661
207,420
Foot Locker, Inc.*
2,924,622
6,352
Ulta Beauty, Inc.*
2,328,262
67,145
Wayfair, Inc., Class A*
2,150,654
10,023,701
Technology Hardware, Storage & Peripherals – 0.9%
179,067
Hewlett Packard Enterprise Co.
2,763,004
4,585
Sandisk Corp.*
218,292
13,013
Western Digital Corp.*
526,115
3,507,411
Trading Companies & Distributors – 2.7%
68,766
Fastenal Co.
5,332,803
8,383
United Rentals, Inc.
5,253,626
10,586,429
TOTAL COMMON STOCKS
(Cost $330,159,575)
387,009,681
Shares
Dividend Rate
Value
aa
Investment Company – 0.0%
(a)
Goldman Sachs Financial Square Government
Fund - Institutional Shares
2,842
4.259%
2,842
(Cost $2,842)
TOTAL INVESTMENTS – 99.2%
(Cost $330,162,417)
$
387,012,523
OTHER ASSETS IN EXCESS OF LIABILITIES
– 0.8%
2,984,965
NET ASSETS – 100.0%
$
389,997,488
  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, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – 97.7%
Aerospace & Defense – 0.8%
12,450
Archer Aviation, Inc., Class A*
$
88,519
13,010
Kratos Defense & Security
Solutions, Inc.*
386,267
785
Mercury Systems, Inc.*
33,826
4,242
Park Aerospace Corp.
57,055
30,362
Rocket Lab USA, Inc.*
(a)
542,873
1,108,540
Automobile Components – 0.8%
1,037
Adient PLC*
13,336
29,368
American Axle & Manufacturing
Holdings, Inc.*
119,528
4,017
Cooper-Standard Holdings, Inc.*
61,541
5,936
Fox Factory Holding Corp.*
138,546
62,868
Goodyear Tire & Rubber Co.
(The)*
580,900
86
LCI Industries
7,519
23,788
Stoneridge, Inc.*
109,187
1,030,557
Banks – 10.6%
715
1st Source Corp.
42,764
726
Amalgamated Financial Corp.
20,873
11,104
Ameris Bancorp
639,257
3,077
BancFirst Corp.
338,070
1,838
Bancorp, Inc. (The)*
97,120
3,167
Bank of Hawaii Corp.
218,428
10,690
BankUnited, Inc.
368,164
861
Business First Bancshares, Inc.
20,965
24,307
Cadence Bank
737,961
1,043
Capital City Bank Group, Inc.
37,506
81,871
Capitol Federal Financial, Inc.
458,477
5,699
Central Pacific Financial Corp.
154,101
1,151
Chemung Financial Corp.
54,753
3,484
Community Trust Bancorp, Inc.
175,454
27,930
CVB Financial Corp.
515,588
8,453
Eastern Bankshares, Inc.
138,629
5,922
Equity Bancshares, Inc., Class A
233,327
925
Esquire Financial Holdings, Inc.
69,727
5,989
FB Financial Corp.
277,650
500
Fidelity D&D Bancorp, Inc.
20,805
584
First Bancorp, Inc. (The)
14,437
8,878
First BanCorp. (Puerto Rico)
170,191
17,467
First Commonwealth Financial
Corp.
271,437
19,186
First Financial Bankshares, Inc.
689,161
2,862
First Internet Bancorp
76,644
10,678
First Merchants Corp.
431,818
991
First Mid Bancshares, Inc.
34,586
935
Flushing Financial Corp.
11,875
4,582
Fulton Financial Corp.
82,888
12,651
Hancock Whitney Corp.
663,545
20,030
Hanmi Financial Corp.
453,880
11,085
Hilltop Holdings, Inc.
337,538
1,621
Home Bancorp, Inc.
72,621
3,269
HomeTrust Bancshares, Inc.
112,061
8,635
Hope Bancorp, Inc.
90,409
1,175
Independent Bank Corp.
36,178
10,020
International Bancshares Corp.
631,861
1,321
Investar Holding Corp.
23,263
Shares
Description
Value
aa
Common Stocks – (continued)
Banks – (continued)
566
Metrocity Bankshares, Inc.
$
15,605
235
Nicolet Bankshares, Inc.
25,606
628
Northeast Bank
57,487
5,723
Northeast Community Bancorp,
Inc.
134,147
2,169
Northrim BanCorp, Inc.
158,814
7,862
OFG Bancorp (Puerto Rico)
314,637
22,897
Old Second Bancorp, Inc.
381,006
5,385
Origin Bancorp, Inc.
186,698
1,011
Park National Corp.
153,065
530
Plumas Bancorp
22,933
1,223
Provident Financial Services, Inc.
20,999
7,525
Red River Bancshares, Inc.
388,666
959
Renasant Corp.
32,539
417
Republic Bancorp, Inc., Class A
26,613
1,919
Sierra Bancorp
53,502
2,103
SmartFinancial, Inc.
65,361
5,807
Southern First Bancshares, Inc.*
191,167
457
Southern States Bancshares, Inc.
16,338
8,890
Southside Bancshares, Inc.
257,454
1,265
SouthState Corp.
117,417
2,609
Stock Yards Bancorp, Inc.
180,178
7,810
Texas Capital Bancshares, Inc.*
583,407
13,400
TrustCo Bank Corp.
408,432
7,864
Trustmark Corp.
271,229
5,990
UMB Financial Corp.
605,589
21,702
United Community Banks, Inc.
610,477
3,620
USCB Financial Holdings, Inc.
67,187
16,245
WesBanco, Inc.
502,945
3,496
Westamerica BanCorp
177,003
14,850,513
Beverages – 0.2%
2,982
National Beverage Corp.
123,872
4,417
Primo Brands Corp., Class A
156,760
280,632
Biotechnology – 8.0%
45,794
ACADIA Pharmaceuticals, Inc.*
760,638
24,658
ADMA Biologics, Inc.*
489,215
2,164
Agios Pharmaceuticals, Inc.*
63,405
99,290
Amicus Therapeutics, Inc.*
810,206
3,986
Arcturus Therapeutics Holdings,
Inc.*
42,212
6,745
Arcus Biosciences, Inc.*
52,948
50,311
Aurinia Pharmaceuticals, Inc.
(Canada)*
404,501
13,385
BioCryst Pharmaceuticals, Inc.*
100,388
1,109
Biohaven Ltd.*
26,660
6,337
Blueprint Medicines Corp.*
560,888
3,624
Bridgebio Pharma, Inc.*
125,282
15,561
CareDx, Inc.*
276,208
41,403
Catalyst Pharmaceuticals, Inc.*
1,004,023
9,334
Celldex Therapeutics, Inc.*
169,412
10,450
Coherus Biosciences, Inc.*
8,433
9,907
Cytokinetics, Inc.*
398,162
11,134
Denali Therapeutics, Inc.*
151,367
9,376
Design Therapeutics, Inc.*
36,191
3,853
Dyne Therapeutics, Inc.*
40,302
61,927
Erasca, Inc.*
84,840
GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – (continued)
Biotechnology – (continued)
29,296
Heron Therapeutics, Inc.*
$
64,451
2,737
Insmed, Inc.*
208,806
11,561
Iovance Biotherapeutics, Inc.*
38,498
4,008
Keros Therapeutics, Inc.*
40,842
2,868
Krystal Biotech, Inc.*
517,100
5,722
Larimar Therapeutics, Inc.*
12,302
1,068
Madrigal Pharmaceuticals, Inc.*
353,754
26,920
MannKind Corp.*
135,408
7,791
MeiraGTx Holdings PLC*
52,823
11,080
Myriad Genetics, Inc.*
98,280
1,399
Nuvalent, Inc., Class A*
99,217
28,608
Olema Pharmaceuticals, Inc.*
107,566
13,497
Organogenesis Holdings, Inc.*
58,307
4,809
ORIC Pharmaceuticals, Inc.*
26,834
2,654
Protagonist Therapeutics, Inc.*
128,348
17,618
PTC Therapeutics, Inc.*
897,813
29,445
RAPT Therapeutics, Inc.*
(a)
35,923
3,151
Recursion Pharmaceuticals, Inc.,
Class A*
16,669
54,812
Relay Therapeutics, Inc.*
143,608
12,007
Replimune Group, Inc.*
117,068
798
Rhythm Pharmaceuticals, Inc.*
42,270
1,664
Rocket Pharmaceuticals, Inc.*
11,099
12,286
Solid Biosciences, Inc.*
45,458
1,531
SpringWorks Therapeutics, Inc.*
67,563
145,854
Sutro Biopharma, Inc.*
94,893
21,102
Tenaya Therapeutics, Inc.*
(a)
12,030
16,607
TG Therapeutics, Inc.*
654,814
9,759
Twist Bioscience Corp.*
383,138
12,514
Vanda Pharmaceuticals, Inc.*
57,439
1,021
Vera Therapeutics, Inc.*
24,524
18,734
Veracyte, Inc.*
555,463
5,798
Vericel Corp.*
258,707
38,439
Verve Therapeutics, Inc.*
175,666
11,141,962
Building Products – 0.9%
12,606
Griffon Corp.
901,329
6,399
Janus International Group, Inc.*
46,073
4,948
Tecnoglass, Inc.
354,029
1,301,431
Capital Markets – 1.4%
97,067
BGC Group, Inc., Class A
890,104
63,674
DigitalBridge Group, Inc.
561,605
3,199
Moelis & Co., Class A
186,694
15,846
Open Lending Corp.*
43,735
4,537
Silvercrest Asset Management
Group, Inc., Class A
74,225
27,887
WisdomTree, Inc.
248,752
2,005,115
Chemicals – 0.9%
14,935
American Vanguard Corp.
65,714
31,479
Aspen Aerogels, Inc.*
201,151
1,878
Hawkins, Inc.
198,918
605
Ingevity Corp.*
23,952
690
Innospec, Inc.
65,377
3,419
Kronos Worldwide, Inc.
25,574
2,589
Minerals Technologies, Inc.
164,583
1,598
Quaker Chemical Corp.
197,529
Shares
Description
Value
aa
Common Stocks – (continued)
Chemicals – (continued)
2,533
Stepan Co.
$
139,416
14,439
Tronox Holdings PLC
101,651
1,183,865
Commercial Services & Supplies – 1.1%
10,821
ACCO Brands Corp.
45,340
1,249
BrightView Holdings, Inc.*
16,037
13,805
Deluxe Corp.
218,257
1,477
Driven Brands Holdings, Inc.*
25,316
76,065
Healthcare Services Group, Inc.*
766,735
1,333
Liquidity Services, Inc.*
41,336
16,831
Montrose Environmental Group,
Inc.*
240,010
11,659
OPENLANE, Inc.*
224,786
1,888
Pitney Bowes, Inc.
17,086
2,815
Quad/Graphics, Inc.
15,342
1,610,245
Communications Equipment – 0.9%
53,682
CommScope Holding Co., Inc.*
285,051
4,186
Harmonic, Inc.*
40,144
5,105
NETGEAR, Inc.*
124,868
39,783
NetScout Systems, Inc.*
835,841
1,285,904
Construction & Engineering – 2.1%
115
Arcosa, Inc.
8,869
314
Dycom Industries, Inc.*
47,835
13,350
Fluor Corp.*
478,197
5,004
Great Lakes Dredge & Dock
Corp.*
43,535
3,193
IES Holdings, Inc.*
527,196
7,282
Limbach Holdings, Inc.*
542,290
8,020
Matrix Service Co.*
99,689
6,566
Orion Group Holdings, Inc.*
34,340
7,305
Primoris Services Corp.
419,380
5,161
Sterling Infrastructure, Inc.*
584,277
8,350
Tutor Perini Corp.*
193,553
2,979,161
Construction Materials – 0.7%
3,301
Knife River Corp.*
297,783
8,082
United States Lime & Minerals,
Inc.
714,287
1,012,070
Consumer Finance – 1.9%
7,552
Encore Capital Group, Inc.*
258,883
6,129
Enova International, Inc.*
591,816
5,764
FirstCash Holdings, Inc.
693,524
857
LendingTree, Inc.*
43,081
4,201
Navient Corp.
53,059
12,335
Regional Management Corp.
371,407
12,428
Upstart Holdings, Inc.*
572,061
729
World Acceptance Corp.*
92,255
2,676,086
Consumer Staples Distribution & Retail – 0.9%
8,546
Sprouts Farmers Market, Inc.*
1,304,461
Containers & Packaging – 0.1%
11,574
O-I Glass, Inc.*
132,754
GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – (continued)
Distributors – 0.1%
4,609
A-Mark Precious Metals, Inc.
$
116,930
Diversified Consumer Services – 0.9%
10,237
Adtalem Global Education, Inc.*
1,030,252
3,715
European Wax Center, Inc., Class
A*
14,674
12
Graham Holdings Co., Class B
11,530
20,105
Mister Car Wash, Inc.*
158,628
12,989
Udemy, Inc.*
100,795
1,315,879
Diversified REITs – 0.9%
2,437
American Assets Trust, Inc.
REIT
49,081
44,882
Armada Hoffler Properties, Inc.
REIT
337,064
99,420
Empire State Realty Trust, Inc.,
Class A REIT
777,464
18,261
NexPoint Diversified Real Estate
Trust REIT
69,940
1,233,549
Diversified Telecommunication Services – 0.4%
5,065
AST SpaceMobile, Inc.*
(a)
115,178
4,722
ATN International, Inc.
95,904
15,929
Bandwidth, Inc., Class A*
208,670
2,496
Cogent Communications
Holdings, Inc.
153,030
572,782
Electric Utilities – 0.1%
11,224
Genie Energy Ltd., Class B
168,921
Electrical Equipment – 1.6%
13,814
American Superconductor
Corp.*
250,586
1,229
Atkore, Inc.
73,728
26,597
Blink Charging Co.*
(a)
24,408
13,174
Bloom Energy Corp., Class A*
259,001
33,550
ChargePoint Holdings, Inc.*
(a)
20,298
3,994
Enovix Corp.*
(a)
29,316
14,783
NEXTracker, Inc., Class A*
622,956
4,756
NuScale Power Corp.*
(a)
67,345
19,316
Plug Power, Inc.*
(a)
26,077
2,797
Powell Industries, Inc.
476,413
54,395
Shoals Technologies Group, Inc.,
Class A*
180,591
8,443
Thermon Group Holdings, Inc.*
235,137
445
Vicor Corp.*
20,817
2,286,673
Electronic Equipment, Instruments & Components – 2.1%
43,287
Arlo Technologies, Inc.*
427,243
2,658
Badger Meter, Inc.
505,685
3,412
Fabrinet (Thailand)*
673,904
3,465
Itron, Inc.*
362,993
7,565
Napco Security Technologies,
Inc.
174,146
4,194
Ouster, Inc.*
37,662
4,381
Richardson Electronics Ltd.
48,892
7,672
TTM Technologies, Inc.*
157,353
30,520
Vishay Intertechnology, Inc.
485,268
Shares
Description
Value
aa
Common Stocks – (continued)
Electronic Equipment, Instruments & Components – (continued)
2,560
Vishay Precision Group, Inc.*
$
61,670
2,934,816
Energy Equipment & Services – 1.3%
5,662
Archrock, Inc.
148,571
12,680
Borr Drilling Ltd. (Mexico)*
27,769
1,204
Bristow Group, Inc.*
38,022
5,992
Cactus, Inc., Class A
274,613
33,559
Expro Group Holdings NV*
333,577
2,189
Natural Gas Services Group,
Inc.*
48,092
7,469
Noble Corp. PLC
177,015
17,064
Oceaneering International, Inc.*
372,166
18,146
Oil States International, Inc.*
93,452
4,185
Tidewater, Inc.*
176,900
21,970
Transocean Ltd.*
69,645
1,759,822
Entertainment – 0.2%
30,846
AMC Entertainment Holdings,
Inc., Class A*
88,528
2,621
Lions Gate Entertainment Corp.,
Class B*
20,758
2,761
Madison Square Garden
Entertainment Corp.*
90,395
199,681
Financial Services – 3.2%
1,658
Alerus Financial Corp.
30,607
7,510
AvidXchange Holdings, Inc.*
63,685
24,706
Banco Latinoamericano de
Comercio Exterior SA, Class E
(Panama)
904,239
34,745
Burford Capital Ltd.
458,981
11,763
Enact Holdings, Inc.
408,764
10,128
Jackson Financial, Inc., Class A
848,524
4,158
Merchants Bancorp
153,846
2,115
Mr Cooper Group, Inc.*
252,954
6,558
NMI Holdings, Inc., Class A*
236,416
24,506
Pagseguro Digital Ltd., Class A
(Brazil)*
186,981
16,173
Paysign, Inc.*
34,287
23,514
Remitly Global, Inc.*
489,091
732
Sezzle, Inc.*
25,540
11,697
Velocity Financial, Inc.*
218,851
4,312,766
Food Products – 0.8%
21,373
BRC, Inc., Class A*
44,670
5,360
Cal-Maine Foods, Inc.
487,224
2,918
J & J Snack Foods Corp.
384,359
306
John B Sanfilippo & Son, Inc.
21,683
1,240
Lancaster Colony Corp.
217,000
1,154,936
Gas Utilities – 0.5%
8,533
ONE Gas, Inc.
645,009
Ground Transportation – 0.4%
3,699
PAMT Corp.*
44,906
GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – (continued)
Ground Transportation – (continued)
15,412
Werner Enterprises, Inc.
$
451,571
496,477
Health Care Equipment & Supplies – 2.0%
27,698
AtriCure, Inc.*
893,537
3,194
Avanos Medical, Inc.*
45,770
12,159
Embecta Corp.
155,027
9,050
Inmode Ltd.*
160,547
12,160
Inogen, Inc.*
86,701
11,266
Integra LifeSciences Holdings
Corp.*
247,739
8,246
iRadimed Corp.
432,750
2,053
iRhythm Technologies, Inc.*
214,908
832
LeMaitre Vascular, Inc.
69,805
3,768
PROCEPT BioRobotics Corp.*
219,524
3,085
Pulmonx Corp.*
20,762
2,451
RxSight, Inc.*
61,888
7,483
Tandem Diabetes Care, Inc.*
143,374
1,504
Treace Medical Concepts, Inc.*
12,619
6,312
Zimvie, Inc.*
68,170
2,833,121
Health Care Providers & Services – 2.9%
51,701
agilon health, Inc.*
223,865
47,660
Ardent Health Partners, Inc.*
655,325
12,921
Aveanna Healthcare Holdings,
Inc.*
70,032
3,422
Brookdale Senior Living, Inc.*
21,422
1,963
CorVel Corp.*
219,797
20,074
Enhabit, Inc.*
176,450
3,216
HealthEquity, Inc.*
284,198
15,714
Hims & Hers Health, Inc.*
464,349
17,228
Joint Corp. (The)*
215,178
101,580
LifeStance Health Group, Inc.*
676,523
1,706
National Research Corp.
21,837
3,490
Owens & Minor, Inc.*
31,515
5,175
PACS Group, Inc.*
58,167
9,466
Pennant Group, Inc. (The)*
238,070
20,012
Privia Health Group, Inc.*
449,269
6,969
Talkspace, Inc.*
17,841
26,866
Viemed Healthcare, Inc.*
195,584
4,019,422
Health Care REITs – 1.1%
31,814
CareTrust REIT, Inc. REIT
909,244
12,035
Diversified Healthcare Trust
REIT
28,884
19,019
Sabra Health Care REIT, Inc.
REIT
332,262
6,212
Universal Health Realty Income
Trust REIT
254,443
1,524,833
Health Care Technology – 0.5%
14,774
Evolent Health, Inc., Class A*
139,910
16,692
Health Catalyst, Inc.*
75,615
14,136
Phreesia, Inc.*
361,316
4,583
Waystar Holding Corp.*
171,221
748,062
Shares
Description
Value
aa
Common Stocks – (continued)
Hotel & Resort REITs – 1.4%
48,726
Apple Hospitality REIT, Inc.
REIT
$
629,053
49,182
Chatham Lodging Trust REIT
350,668
90,152
RLJ Lodging Trust REIT
711,299
61,983
Service Properties Trust REIT
161,776
1,987
Summit Hotel Properties, Inc.
REIT
10,750
1,875
Xenia Hotels & Resorts, Inc.
REIT
22,050
1,885,596
Hotels, Restaurants & Leisure – 2.8%
16,367
BJ's Restaurants, Inc.*
560,734
2,135
Brinker International, Inc.*
318,222
15,230
Dine Brands Global, Inc.
354,402
9,010
Hilton Grand Vacations, Inc.*
337,064
49,445
International Game Technology
PLC
803,976
14,082
Life Time Group Holdings, Inc.*
425,276
497
Nathan's Famous, Inc.
47,898
12,615
Portillo's, Inc., Class A*
(a)
149,992
3,276
RCI Hospitality Holdings, Inc.
140,672
15,266
Red Rock Resorts, Inc., Class A
662,087
1,373
Shake Shack, Inc., Class A*
121,057
3,407
Target Hospitality Corp.*
22,418
3,943,798
Household Durables – 1.8%
7,493
Beazer Homes USA, Inc.*
152,782
337
Century Communities, Inc.
22,613
59,055
GoPro, Inc., Class A*
39,148
10,297
Green Brick Partners, Inc.*
600,418
10,341
LGI Homes, Inc.*
687,366
7,674
M/I Homes, Inc.*
876,217
2,042
Meritage Homes Corp.
144,737
2,523,281
Household Products – 0.0%
633
Central Garden & Pet Co., Class
A*
20,718
Independent Power and Renewable Electricity Producers – 0.1%
2,173
Ormat Technologies, Inc.
153,783
Industrial REITs – 0.7%
112,294
LXP Industrial Trust REIT
971,343
Insurance – 2.4%
25,742
Ambac Financial Group, Inc.*
225,243
13,015
AMERISAFE, Inc.
683,938
52,510
Fidelis Insurance Holdings Ltd.
(United Kingdom)
850,662
411
Goosehead Insurance, Inc.,
Class A
48,523
2,156
Horace Mann Educators Corp.
92,126
7,754
Lemonade, Inc.*
(a)
243,708
6,021
Mercury General Corp.
336,574
4,282
Selective Insurance Group, Inc.
391,974
17,713
Universal Insurance Holdings,
Inc.
419,798
3,292,546
GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – (continued)
Interactive Media & Services – 0.8%
87,369
Bumble, Inc., Class A*
$
379,181
10,441
MediaAlpha, Inc., Class A*
96,475
2,198
QuinStreet, Inc.*
39,212
104,933
Vimeo, Inc.*
551,948
1,066,816
IT Services – 0.8%
12,159
Backblaze, Inc., Class A*
58,728
16,967
BigCommerce Holdings, Inc.,
Series 1*
97,730
16,432
DigitalOcean Holdings, Inc.*
548,664
59,269
Fastly, Inc., Class A*
375,173
11,015
Information Services Group, Inc.
43,069
1,123,364
Leisure Products – 0.9%
45,656
Peloton Interactive, Inc., Class
A*
288,546
40,196
Smith & Wesson Brands, Inc.
374,627
94,593
Topgolf Callaway Brands Corp.*
623,368
1,286,541
Life Sciences Tools & Services – 0.5%
52,026
Adaptive Biotechnologies Corp.*
386,553
4,279
BioLife Solutions, Inc.*
97,733
55,928
Cytek Biosciences, Inc.*
224,271
34,865
Pacific Biosciences of California,
Inc.*
(a)
41,141
749,698
Machinery – 3.0%
3,300
Atmus Filtration Technologies,
Inc.
121,209
2,290
Chart Industries, Inc.*
330,584
694
ESCO Technologies, Inc.
110,429
11,156
Federal Signal Corp.
820,524
6,430
Gencor Industries, Inc.*
78,189
1,192
Gorman-Rupp Co. (The)
41,839
21,906
Hillman Solutions Corp.*
192,554
16,132
Kennametal, Inc.
343,612
6,668
Manitowoc Co., Inc. (The)*
57,278
9,746
Miller Industries, Inc.
412,938
15,517
Mueller Industries, Inc.
1,181,464
505
Mueller Water Products, Inc.,
Class A
12,837
2,618
Omega Flex, Inc.
91,054
833
Park-Ohio Holdings Corp.
17,993
1,663
SPX Technologies, Inc.*
214,161
4,959
Twin Disc, Inc.
37,540
594
Watts Water Technologies, Inc.,
Class A
121,129
4,185,334
Marine Transportation – 0.7%
15,210
Costamare, Inc. (Monaco)
149,666
63,064
Golden Ocean Group Ltd.
(Norway)
(a)
503,251
82,268
Safe Bulkers, Inc. (Monaco)
303,569
956,486
Shares
Description
Value
aa
Common Stocks – (continued)
Media – 0.7%
50,042
Entravision Communications
Corp., Class A
$
105,088
33,724
EW Scripps Co. (The), Class A*
99,823
33,726
Gannett Co., Inc.*
97,468
105,148
Gray Media, Inc.
454,239
5,331
Thryv Holdings, Inc.*
68,290
16,783
Townsquare Media, Inc., Class A
136,614
961,522
Metals & Mining – 1.2%
4,826
Carpenter Technology Corp.
874,375
24,149
Coeur Mining, Inc.*
142,962
5,017
Constellium SE*
50,621
1,182
Materion Corp.
96,451
5,356
Olympic Steel, Inc.
168,821
4,527
Ryerson Holding Corp.
103,940
10,633
Worthington Steel, Inc.
269,334
1,706,504
Mortgage Real Estate Investment Trusts (REITs) – 1.0%
11,963
Angel Oak Mortgage REIT, Inc.
REIT
114,007
4,643
Arbor Realty Trust, Inc. REIT
54,555
11,270
ARMOUR Residential REIT,
Inc. REIT
192,717
39,485
BrightSpire Capital, Inc. REIT
219,537
14,981
MFA Financial, Inc. REIT
153,705
30,193
Orchid Island Capital, Inc. REIT
227,051
54,338
TPG RE Finance Trust, Inc.
REIT
442,855
1,404,427
Multi-Utilities – 0.7%
15,534
Black Hills Corp.
942,137
Office REITs – 0.1%
14,610
Easterly Government Properties,
Inc. REIT
154,866
Oil, Gas & Consumable Fuels – 3.2%
5,340
Comstock Resources, Inc.*
108,616
18,361
Delek US Holdings, Inc.
276,700
65,896
Diversified Energy Co. PLC
890,914
14,228
Golar LNG Ltd. (Cameroon)
540,522
7,718
Kosmos Energy Ltd. (Ghana)*
17,597
26,207
Murphy Oil Corp.
744,279
17,119
Nordic American Tankers Ltd.
42,113
24,606
Northern Oil & Gas, Inc.
743,839
2,525
PBF Energy, Inc., Class A
48,202
42,157
Ring Energy, Inc.*
48,481
1,993
Sable Offshore Corp.*
50,562
14,624
Scorpio Tankers, Inc. (Monaco)
549,570
19,868
SFL Corp. Ltd. (Norway)
162,918
1,415
SM Energy Co.
42,379
29,487
VAALCO Energy, Inc.
110,871
609
Vital Energy, Inc.*
12,923
4,390,486
Passenger Airlines – 0.8%
29,653
Frontier Group Holdings, Inc.*
(a)
128,694
17,105
Joby Aviation, Inc.*
(a)
102,972
GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – (continued)
Passenger Airlines – (continued)
9,926
SkyWest, Inc.*
$
867,235
1,098,901
Personal Care Products – 0.4%
46,796
Herbalife Ltd.*
403,849
15,650
Nu Skin Enterprises, Inc., Class
A
113,619
517,468
Pharmaceuticals – 2.0%
9,923
Amneal Pharmaceuticals, Inc.*
83,155
14,626
Amphastar Pharmaceuticals,
Inc.*
424,008
3,579
Axsome Therapeutics, Inc.*
417,419
4,637
Collegium Pharmaceutical, Inc.*
138,414
9,265
Evolus, Inc.*
111,458
300
Ligand Pharmaceuticals, Inc.*
31,542
4,104
Phathom Pharmaceuticals, Inc.*
25,732
7,365
Phibro Animal Health Corp.,
Class A
157,316
8,194
Prestige Consumer Healthcare,
Inc.*
704,438
19,606
Supernus Pharmaceuticals, Inc.*
642,097
21,908
Xeris Biopharma Holdings, Inc.*
120,275
2,855,854
Professional Services – 2.4%
118,584
Alight, Inc., Class A
703,203
49,716
Conduent, Inc.*
134,233
455
CSG Systems International, Inc.
27,514
24,685
ExlService Holdings, Inc.*
1,165,379
12,326
Franklin Covey Co.*
340,444
679
ICF International, Inc.
57,695
4,943
Innodata, Inc.*
177,454
9,153
Legalzoom.com, Inc.*
78,807
4,697
NV5 Global, Inc.*
90,511
34,657
Planet Labs PBC*
117,141
5,959
TriNet Group, Inc.
472,191
8,352
TTEC Holdings, Inc.
27,478
3,392,050
Real Estate Management & Development – 0.8%
37,766
Compass, Inc., Class A*
329,697
13,782
FRP Holdings, Inc.*
393,752
37,820
Kennedy-Wilson Holdings, Inc.
328,278
2,044
RE/MAX Holdings, Inc., Class
A*
17,108
1,068,835
Residential REITs – 1.2%
18,853
Elme Communities REIT
328,042
20,060
NexPoint Residential Trust, Inc.
REIT
792,972
31,842
Veris Residential, Inc. REIT
538,767
1,659,781
Retail REITs – 0.8%
8,142
Kite Realty Group Trust REIT
182,136
5,516
Macerich Co. (The) REIT
94,710
17,293
Phillips Edison & Co., Inc. REIT
631,021
Shares
Description
Value
aa
Common Stocks – (continued)
Retail REITs – (continued)
4,097
Tanger, Inc. REIT
$
138,438
1,046,305
Semiconductors & Semiconductor Equipment – 1.2%
8,128
ACM Research, Inc., Class A*
189,707
1,426
Alpha & Omega Semiconductor
Ltd.*
35,450
4,196
Ambarella, Inc.*
211,185
8,686
Credo Technology Group
Holding Ltd.*
348,830
2,096
Ichor Holdings Ltd.*
47,390
2,124
Impinj, Inc.*
192,647
2,426
MaxLinear, Inc.*
26,346
4,179
Power Integrations, Inc.
211,039
1,477
Rigetti Computing, Inc.*
(a)
11,698
7,904
Semtech Corp.*
271,898
487
SiTime Corp.*
74,448
2,592
Ultra Clean Holdings, Inc.*
55,495
1,676,133
Software – 6.9%
14,045
ACI Worldwide, Inc.*
768,402
15,340
Alarm.com Holdings, Inc.*
853,671
14,033
Alkami Technology, Inc.*
368,366
5,591
AudioEye, Inc.*
62,060
6,311
BlackLine, Inc.*
305,579
13,421
Box, Inc., Class A*
414,172
9,894
C3.ai, Inc., Class A*
(a)
208,269
5,243
Cleanspark, Inc.*
35,233
13,825
Clear Secure, Inc., Class A
358,206
34,192
Clearwater Analytics Holdings,
Inc., Class A*
916,346
7,917
Commvault Systems, Inc.*
1,248,986
16,327
Consensus Cloud Solutions, Inc.*
376,827
48,076
Freshworks, Inc., Class A*
678,352
14,539
MARA Holdings, Inc.*
(a)
167,198
58,943
Olo, Inc., Class A*
356,016
1,586
Ooma, Inc.*
20,760
3,001
PagerDuty, Inc.*
54,828
1,004
PROS Holdings, Inc.*
19,106
455
Q2 Holdings, Inc.*
36,405
4,768
Red Violet, Inc.
179,229
7,291
Riot Platforms, Inc.*
51,912
28,411
Sapiens International Corp. NV
(Israel)
769,654
9,708
SoundHound AI, Inc., Class A*
(a)
78,829
1,537
SoundThinking, Inc.*
26,052
12,297
Varonis Systems, Inc.*
497,414
36,873
Verint Systems, Inc.*
658,183
2,506
Workiva, Inc.*
190,230
9,700,285
Specialized REITs – 0.3%
3,314
Gladstone Land Corp. REIT
34,863
93,498
Uniti Group, Inc. REIT
471,230
506,093
Specialty Retail – 2.5%
4,681
America's Car-Mart, Inc.*
212,471
4,902
Arko Corp.
19,363
3,007
Asbury Automotive Group, Inc.*
664,066
GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – (continued)
Specialty Retail – (continued)
1,501
Boot Barn Holdings, Inc.*
$
161,252
19,432
EVgo, Inc.*
51,689
18,825
Haverty Furniture Cos., Inc.
371,229
15,695
Monro, Inc.
227,107
860
OneWater Marine, Inc., Class A*
13,915
16,720
RealReal, Inc. (The)*
90,121
6,523
Revolve Group, Inc.*
140,179
12,002
Sonic Automotive, Inc., Class A
683,634
30,532
Warby Parker, Inc., Class A*
556,598
18,751
Zumiez, Inc.*
279,202
3,470,826
Technology Hardware, Storage & Peripherals – 0.3%
9,215
Corsair Gaming, Inc.*
81,645
592
CPI Card Group, Inc.*
17,269
6,847
IonQ, Inc.*
(a)
151,113
12,172
Turtle Beach Corp.*
173,694
423,721
Textiles, Apparel & Luxury Goods – 0.2%
20,383
Movado Group, Inc.
340,804
Tobacco – 0.6%
695
Turning Point Brands, Inc.
41,311
14,733
Universal Corp.
825,784
867,095
Trading Companies & Distributors – 2.7%
32,148
Custom Truck One Source, Inc.*
135,664
36,838
DNOW, Inc.*
629,193
2,360
DXP Enterprises, Inc.*
194,134
11,483
FTAI Aviation Ltd.
1,274,957
7,089
Herc Holdings, Inc.
951,840
5,592
Rush Enterprises, Inc., Class A
298,669
7,290
Xometry, Inc., Class A*
181,667
3,666,124
Water Utilities – 0.8%
7,746
American States Water Co.
609,455
2,244
California Water Service Group
108,744
3,267
Consolidated Water Co. Ltd.
80,009
1,234
Global Water Resources, Inc.
12,723
3,257
Middlesex Water Co.
208,774
5,781
Pure Cycle Corp.*
60,527
1,080,232
Wireless Telecommunication Services – 0.7%
25,153
Spok Holdings, Inc.
413,515
14,981
Telephone and Data Systems,
Inc.
580,364
993,879
TOTAL COMMON STOCKS
(Cost $138,502,267)
136,310,607
Shares
Dividend Rate
Value
aa
Investment Company – 0.6%
(b)
Goldman Sachs Financial Square Government
Fund - Institutional Shares
860,140
4.259%
$
860,140
(Cost $860,140)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
(Cost $139,362,407)
137,170,747
Shares
x
Value
x
a
Securities Lending Reinvestment Vehicle – 1.6%
(b)
Goldman Sachs Financial Square Government
Fund – Institutional Shares
2,236,815
4.259%
2,236,815
(Cost $2,236,815)
TOTAL INVESTMENTS – 99.9%
(Cost $141,599,222)
$
139,407,562
OTHER ASSETS IN EXCESS OF LIABILITIES
– 0.1%
180,761
NET ASSETS – 100.0%
$
139,588,323
  a
The percentage shown for each investment category reflects the
value of investments in that category as a percentage of net assets.
*
Non-income producing security.
(a)
All or a portion of security is on loan.
(b)
Represents an affiliated issuer.
Investment Abbreviations:
PLC
—
Public Limited Company
REIT
—
Real Estate Investment Trust
GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
**End swaps header**
FUTURES CONTRACTS
— At March 31, 2025, the
Portfolio
had the following futures contracts:
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long position contracts:
Russell 2000 E-Mini Index
23
06/20/25
$
2,331,165
$
(73,827)
GOLDMAN SACHS VARIABLE INSURANCE TRUST-STRATEGIC GROWTH FUND
Schedule of Investments
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – 100.0%
Automobiles – 1.3%
17,762
Tesla, Inc.*
$
4,603,200
Biotechnology – 2.9%
18,045
AbbVie, Inc.
3,780,788
9,027
Alnylam Pharmaceuticals, Inc.*
2,437,471
3,893
Argenx SE ADR (Netherlands)*
2,304,131
14,207
Neurocrine Biosciences, Inc.*
1,571,294
10,093,684
Broadline Retail – 7.4%
133,743
Amazon.com, Inc.*
25,445,943
Capital Markets – 0.5%
3,647
S&P Global, Inc.
1,853,041
Chemicals – 1.6%
4,760
Air Products and Chemicals, Inc.
1,403,819
11,795
Sherwin-Williams Co. (The)
4,118,696
5,522,515
Commercial Services & Supplies – 0.6%
9,808
Waste Connections, Inc.
1,914,424
Construction Materials – 0.7%
4,817
Martin Marietta Materials, Inc.
2,303,152
Consumer Staples Distribution & Retail – 2.2%
7,915
Costco Wholesale Corp.
7,485,849
Electrical Equipment – 3.8%
12,408
AMETEK, Inc.
2,135,913
10,324
Eaton Corp. PLC
2,806,373
14,877
GE Vernova, Inc.
4,541,650
13,060
Rockwell Automation, Inc.
3,374,443
12,858,379
Entertainment – 3.6%
9,219
Netflix, Inc.*
8,596,994
7,004
Spotify Technology SA*
3,852,410
12,449,404
Financial Services – 4.2%
26,424
Mastercard, Inc., Class A
14,483,523
Ground Transportation – 0.8%
17,279
Old Dominion Freight Line, Inc.
2,858,811
Health Care Equipment & Supplies – 3.1%
15,869
Abbott Laboratories
2,105,023
44,387
Boston Scientific Corp.*
4,477,761
8,372
Intuitive Surgical, Inc.*
4,146,400
10,729,184
Hotels, Restaurants & Leisure – 2.0%
16,805
Cava Group, Inc.*
1,452,120
14,626
DoorDash, Inc., Class A*
2,673,194
8,065
McDonald's Corp.
2,519,264
6,644,578
Household Durables – 0.5%
14,454
Lennar Corp., Class A
1,659,030
Interactive Media & Services – 9.9%
63,917
Alphabet, Inc., Class A
9,884,125
40,041
Alphabet, Inc., Class C
6,255,605
Shares
Description
Value
aa
Common Stocks – (continued)
Interactive Media & Services – (continued)
30,537
Meta Platforms, Inc., Class A
$
17,600,306
33,740,036
IT Services – 1.5%
35,418
Snowflake, Inc., Class A*
5,176,695
Oil, Gas & Consumable Fuels – 1.8%
25,981
Cheniere Energy, Inc.
6,012,003
Pharmaceuticals – 3.8%
27,261
AstraZeneca PLC ADR (United
Kingdom)
2,003,684
13,465
Eli Lilly & Co.
11,120,878
13,124,562
Semiconductors & Semiconductor Equipment – 15.2%
64,408
Broadcom, Inc.
10,783,831
6,200
KLA Corp.
4,214,760
74,715
Marvell Technology, Inc.
4,600,203
22,120
Micron Technology, Inc.
1,922,007
281,032
NVIDIA Corp.
30,458,248
51,979,049
Software – 17.9%
19,085
AppLovin Corp., Class A*
5,056,952
12,442
Atlassian Corp., Class A*
2,640,317
7,725
Crowdstrike Holdings, Inc.,
Class A*
2,723,680
29,386
Datadog, Inc., Class A*
2,915,385
46,913
Dynatrace, Inc.*
2,211,948
2,651
HubSpot, Inc.*
1,514,490
101,409
Microsoft Corp.
38,067,925
17,318
Salesforce, Inc.
4,647,458
37,263
Samsara, Inc., Class A*
1,428,291
61,206,446
Specialized REITs – 0.1%
7,228
Millrose Properties, Inc. REIT*
191,614
Specialty Retail – 1.2%
10,263
Lowe’s Cos., Inc.
2,393,640
13,071
Ross Stores, Inc.
1,670,343
4,063,983
Technology Hardware, Storage & Peripherals – 13.4%
206,896
Apple, Inc.
45,957,808
TOTAL COMMON STOCKS
(Cost $145,447,145)
342,356,913
GOLDMAN SACHS VARIABLE INSURANCE TRUST-STRATEGIC GROWTH FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
**End swaps header**
Shares
Dividend Rate
Value
aa
Investment Company – 0.0%
(a)
Goldman Sachs Financial Square Government
Fund - Institutional Shares
5,795
4.259%
$
5,795
(Cost $5,795)
TOTAL INVESTMENTS – 100.0%
(Cost $145,452,940)
$
342,362,708
OTHER ASSETS IN EXCESS OF LIABILITIES
– 0.0%
131,544
NET ASSETS – 100.0%
$
342,494,252
  a
The percentage shown for each investment category reflects the
value of investments in that category as a percentage of net assets.
*
Non-income producing security.
(a)
Represents an affiliated issuer.
Investment Abbreviations:
ADR
—
American Depositary Receipt
PLC
—
Public Limited Company
REIT
—
Real Estate Investment Trust
GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND
Schedule of Investments
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – 98.8%
Aerospace & Defense – 2.0%
15,799
General Dynamics Corp.
$
4,306,491
2,710
General Electric Co.
542,406
12,050
Howmet Aerospace, Inc.
1,563,247
3,847
Textron, Inc.
277,946
6,690,090
Air Freight & Logistics – 1.2%
37,728
United Parcel Service, Inc.,
Class B
4,149,703
Automobiles – 1.8%
24,488
Tesla, Inc.*
6,346,310
Banks – 3.1%
58,962
Citigroup, Inc.
4,185,712
2,330
Commerce Bancshares, Inc.
144,996
2,232
Cullen/Frost Bankers, Inc.
279,446
32,987
Huntington Bancshares, Inc.
495,135
6,462
JPMorgan Chase & Co.
1,585,129
22,911
PNC Financial Services Group,
Inc. (The)
4,027,067
1,743
Wells Fargo & Co.
125,130
10,842,615
Beverages – 2.3%
33,845
Coca-Cola Co. (The)
2,423,979
303
Coca-Cola Consolidated, Inc.
409,050
37,637
Monster Beverage Corp.*
2,202,517
18,841
PepsiCo, Inc.
2,825,020
7,860,566
Biotechnology – 2.0%
1,299
Amgen, Inc.
404,703
10,568
BioMarin Pharmaceutical, Inc.*
747,052
8,837
Gilead Sciences, Inc.
990,186
5,105
Natera, Inc.*
721,898
6,359
Regeneron Pharmaceuticals, Inc.
4,033,069
6,896,908
Broadline Retail – 4.7%
84,530
Amazon.com, Inc.*
16,082,678
Capital Markets – 3.5%
5,797
Ameriprise Financial, Inc.
2,806,386
17,149
CME Group, Inc.
4,549,458
39,729
Morgan Stanley
4,635,182
638
Stifel Financial Corp.
60,138
12,051,164
Chemicals – 2.3%
16,014
Ecolab, Inc.
4,059,869
8,572
Linde PLC
3,991,466
8,051,335
Commercial Services & Supplies – 1.6%
19,991
Cintas Corp.
4,108,750
5,648
Republic Services, Inc.
1,367,720
5,476,470
Communications Equipment – 1.1%
2,574
Arista Networks, Inc.*
199,433
61,029
Cisco Systems, Inc.
3,766,100
3,965,533
Shares
Description
Value
aa
Common Stocks – (continued)
Construction & Engineering – 0.2%
411
Comfort Systems USA, Inc.
$
132,478
4,947
MasTec, Inc.*
577,364
709,842
Construction Materials – 0.4%
6,461
Vulcan Materials Co.
1,507,351
Consumer Finance – 1.2%
23,569
Capital One Financial Corp.
4,225,922
Consumer Staples Distribution & Retail – 1.0%
1,352
Costco Wholesale Corp.
1,278,695
19,839
Sysco Corp.
1,488,719
11,379
US Foods Holding Corp.*
744,869
3,512,283
Diversified Consumer Services – 0.1%
1,846
Bright Horizons Family
Solutions, Inc.*
234,516
Diversified Telecommunication Services – 1.5%
114,057
Verizon Communications, Inc.
5,173,626
Electric Utilities – 1.4%
2,155
Constellation Energy Corp.
434,513
97,020
PG&E Corp.
1,666,804
19,708
PPL Corp.
711,656
26,764
Xcel Energy, Inc.
1,894,623
4,707,596
Electrical Equipment – 0.3%
5,167
AMETEK, Inc.
889,447
Electronic Equipment, Instruments & Components – 0.8%
46,814
Corning, Inc.
2,143,145
1,115
Teledyne Technologies, Inc.*
554,947
2,698,092
Energy Equipment & Services – 0.4%
40,559
Halliburton Co.
1,028,982
7,319
TechnipFMC PLC (United
Kingdom)
231,939
1,260,921
Entertainment – 1.9%
1,412
Netflix, Inc.*
1,316,732
729
ROBLOX Corp., Class A*
42,493
4,291
Roku, Inc.*
302,258
48,265
Walt Disney Co. (The)
4,763,756
6,425,239
Financial Services – 4.0%
1,745
Affirm Holdings, Inc.*
78,857
8,522
Berkshire Hathaway, Inc., Class
B*
4,538,647
5,426
Corebridge Financial, Inc.
171,299
5,857
Euronet Worldwide, Inc.*
625,820
20,933
Fiserv, Inc.*
4,622,634
5,535
Mastercard, Inc., Class A
3,033,844
1,623
Visa, Inc., Class A
568,796
13,639,897
Health Care Equipment & Supplies – 3.0%
20,568
Abbott Laboratories
2,728,345
20,341
Boston Scientific Corp.*
2,052,000
GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
9,719
Intuitive Surgical, Inc.*
$
4,813,529
8,072
Medtronic PLC
725,350
10,319,224
Health Care Providers & Services – 3.1%
593
Cigna Group (The)
195,097
62,612
CVS Health Corp.
4,241,963
6,957
Encompass Health Corp.
704,605
3,489
HCA Healthcare, Inc.
1,205,624
3,956
UnitedHealth Group, Inc.
2,071,955
12,913
Universal Health Services, Inc.,
Class B
2,426,353
10,845,597
Health Care REITs – 1.2%
9,069
Healthpeak Properties, Inc. REIT
183,375
35,516
Ventas, Inc. REIT
2,442,080
8,775
Welltower, Inc. REIT
1,344,418
3,969,873
Hotel & Resort REITs – 0.1%
21,260
Park Hotels & Resorts, Inc. REIT
227,057
Hotels, Restaurants & Leisure – 2.1%
20,369
Airbnb, Inc., Class A*
2,433,281
952
Booking Holdings, Inc.
4,385,778
1,966
DoorDash, Inc., Class A*
359,326
7,178,385
Household Durables – 0.1%
1,124
Garmin Ltd.
244,054
Household Products – 2.0%
3,646
Colgate-Palmolive Co.
341,630
38,795
Procter & Gamble Co. (The)
6,611,444
6,953,074
Industrial REITs – 0.4%
13,105
Prologis, Inc. REIT
1,465,008
Insurance – 1.6%
4,967
Marsh & McLennan Cos., Inc.
1,212,097
1,442
Principal Financial Group, Inc.
121,661
15,993
Travelers Cos., Inc. (The)
4,229,509
5,563,267
Interactive Media & Services – 6.8%
14,836
Alphabet, Inc., Class A
2,294,239
66,876
Alphabet, Inc., Class C
10,448,038
18,623
Meta Platforms, Inc., Class A
10,733,552
23,475,829
IT Services – 0.5%
1,824
Gartner, Inc.*
765,606
6,414
GoDaddy, Inc., Class A*
1,155,418
1,921,024
Life Sciences Tools & Services – 1.1%
20,874
IQVIA Holdings, Inc.*
3,680,086
Machinery – 1.7%
6,408
Parker-Hannifin Corp.
3,895,103
Shares
Description
Value
aa
Common Stocks – (continued)
Machinery – (continued)
10,460
Westinghouse Air Brake
Technologies Corp.
$
1,896,921
5,792,024
Mortgage Real Estate Investment Trusts (REITs) – 0.2%
37,691
Annaly Capital Management,
Inc. REIT
765,504
Multi-Utilities – 0.2%
2,258
CMS Energy Corp.
169,598
454
Public Service Enterprise Group,
Inc.
37,364
4,772
Sempra
340,530
547,492
Oil, Gas & Consumable Fuels – 2.4%
35,491
Antero Resources Corp.*
1,435,256
16,451
ConocoPhillips
1,727,684
99,093
Kinder Morgan, Inc.
2,827,123
8,193
Marathon Petroleum Corp.
1,193,638
1,129
Phillips 66
139,409
14,432
Williams Cos., Inc. (The)
862,457
8,185,567
Passenger Airlines – 1.0%
19,505
Alaska Air Group, Inc.*
960,036
45,111
Delta Air Lines, Inc.
1,966,839
6,516
United Airlines Holdings, Inc.*
449,930
3,376,805
Pharmaceuticals – 2.4%
38,449
Elanco Animal Health, Inc.*
403,715
1,476
Eli Lilly & Co.
1,219,043
16,878
Merck & Co., Inc.
1,514,969
34,825
Pfizer, Inc.
882,465
25,970
Zoetis, Inc.
4,275,961
8,296,153
Professional Services – 1.4%
4,330
Broadridge Financial Solutions,
Inc.
1,049,852
15,905
Equifax, Inc.
3,873,822
4,923,674
Semiconductors & Semiconductor Equipment – 9.8%
46,575
Broadcom, Inc.
7,798,052
161,371
NVIDIA Corp.
17,489,389
23,684
QUALCOMM, Inc.
3,638,099
25,952
Texas Instruments, Inc.
4,663,575
33,589,115
Software – 9.1%
5,746
Adobe, Inc.*
2,203,763
8,874
Datadog, Inc., Class A*
880,390
914
Fair Isaac Corp.*
1,685,562
1,427
Fortinet, Inc.*
137,363
56,485
Microsoft Corp.
21,203,904
14,264
Salesforce, Inc.
3,827,887
1,572
ServiceNow, Inc.*
1,251,532
31,190,401
Specialized REITs – 0.7%
5,080
Digital Realty Trust, Inc. REIT
727,913
GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Additional Investment Information 
**End swaps header**
Shares
Description
Value
aa
Common Stocks – (continued)
Specialized REITs – (continued)
6,036
Public Storage REIT
$
1,806,515
2,534,428
Specialty Retail – 1.0%
799
Carvana Co.*
167,055
434
Lithia Motors, Inc.
127,396
689
O'Reilly Automotive, Inc.*
987,048
2,504
Penske Automotive Group, Inc.
360,526
1,906
RH*
446,785
7,666
Williams-Sonoma, Inc.
1,211,995
3,300,805
Technology Hardware, Storage & Peripherals – 7.4%
114,969
Apple, Inc.
25,538,064
Textiles, Apparel & Luxury Goods – 0.5%
15,770
Birkenstock Holding PLC
(Germany)*
723,054
2,246
Lululemon Athletica, Inc.*
635,753
7,188
Skechers USA, Inc., Class A*
408,135
1,766,942
Shares
Description
Value
aa
Common Stocks – (continued)
Trading Companies & Distributors – 0.2%
1,055
Watsco, Inc.
$
536,256
TOTAL INVESTMENTS – 98.8%
(Cost $262,942,018)
$
339,583,812
OTHER ASSETS IN EXCESS OF LIABILITIES
– 1.2%
4,120,899
NET ASSETS – 100.0%
$
343,704,711
  a
The percentage shown for each investment category reflects the
value of investments in that category as a percentage of net assets.
*
Non-income producing security.
Investment Abbreviations:
PLC
—
Public Limited Company
REIT
—
Real Estate Investment Trust
FUTURES CONTRACTS
— At March 31, 2025, the
Portfolio
had the following futures contracts:
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long position contracts:
S&P 500 E-Mini Index
9
06/20/25
$
2,543,963
$
(35,236)
Goldman Sachs Variable Insurance Trust Funds
Schedule of Investments
March 31, 2025 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS
Investment Valuation
—
The Funds’ valuation policy is to value investments at fair value.
Investments and Fair Value Measurements
—
U.S. GAAP defines the fair value of a financial instrument as the amount that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes
the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices
in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3
measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined
based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying
investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value
hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets
or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable
(including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit
spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair
value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held
by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments
that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform
fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day
responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To
assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures
and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the
Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments
—
The valuation techniques and significant inputs used in determining the fair values
for investments classified as Level 1 and Level 2 are as follows:
Equity Securities
—
Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain
foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the
principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM
to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing
ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is
available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To
the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally
classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if
no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.
Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service
(if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service
takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts,
futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange.
These investments are generally classified as Level 2 of the fair value hierarchy.
Goldman Sachs Variable Insurance Trust Funds
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Money Market Funds
—
Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”)
are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as
Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment
holdings, please see the Underlying Money Market Fund’s shareholder report.
Derivative Contracts
—
A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a
combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices,
and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For
financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any,
is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative
contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the
exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint
of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price
for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value
hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence,
including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative
pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends
upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the
market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures
of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally
cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant
management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant
inputs are corroborated by market evidence.
i. Futures Contracts
—
Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security.
Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient
to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract
value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
B. Level 3 Fair Value Investments
—
To the extent that significant inputs to valuation models and other alternative pricing sources are
unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value,
the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and
applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in
light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To
the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third
party pricing vendors, such investments are classified as Level 3 investments.
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Goldman Sachs Variable Insurance Trust Funds
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
C. Fair Value Hierarchy
—
The following is a summary of the Funds’ investments and derivatives classified in the fair value
hierarchy as of March 31, 2025:
(a)
International Equity Insights Fund
Investment Type
Level 1
Level 2
Level 3
Assets
Common Stock and/or Other Equity Investments
(a)
Africa
$
33,375
$
24,758
$
—
Asia
207,240
27,504,145
—
Europe
2,445,165
55,999,419
—
North America
2,036,534
8,003,364
—
Oceania
21,569
8,376,688
—
Investment Company
76
—
—
Securities Lending Reinvestment Vehicle
1,533,200
—
—
Total
$
6,277,159
$
99,908,374
$
—
€
1.00
€
1.00
€
1.00
Derivative Type
Liabilities
Futures Contracts
(b)
$
(39,113)
$
—
$
—
€
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
$
6,630,139
$
—
$
—
North America
256,798,541
—
—
Investment Company
29,268
—
—
Total
$
263,457,948
$
—
$
—
€
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
$
1,011,829
$
—
$
—
North America
52,426,943
—
—
Investment Company
804,382
—
—
Total
$
54,243,154
$
—
$
—
€
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
$
1,808,709
$
—
$
—
Europe
8,217,199
—
—
North America
376,983,773
—
—
Investment Company
2,842
—
—
Total
$
387,012,523
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Goldman Sachs Variable Insurance Trust Funds
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
For further information regarding security characteristics, see the Schedules of Investments.
Small Cap Equity Insights Fund
Investment Type
Level 1
Level 2
Level 3
Assets
Common Stock and/or Other Equity Investments
(a)
Africa
$
558,119
$
—
$
—
Asia
1,443,558
—
—
Europe
2,519,636
—
—
North America
131,602,313
—
—
South America
186,981
—
—
Investment Company
860,140
—
—
Securities Lending Reinvestment Vehicle
2,236,815
—
—
Total
$
139,407,562
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative Type
Liabilities
Futures Contracts
(b)
$
(73,827)
$
—
$
—
€
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
$
4,307,815
$
—
$
—
North America
338,049,098
—
—
Investment Company
5,795
—
—
Total
$
342,362,708
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
U.S. Equity Insights Fund
Investment Type
Level 1
Level 2
Level 3
Assets
Common Stock and/or Other Equity Investments
(a)
Europe
$
954,993
$
—
$
—
North America
338,628,819
—
—
Investment Company
—
—
—
Total
$
339,583,812
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative Type
Liabilities
Futures Contracts
(b)
$
(35,236)
$
—
$
—
€
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, 2025 (Unaudited)
D. Securities Lending
—
The Large Cap Value, Mid Cap Growth, Mid Cap Value and Strategic Growth Funds may lend their
securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. Pursuant to
exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the
International Equity Insights, Small Cap Equity Insights and U. S. Equity Insights Funds may lend their securities through a securities
lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified
borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash
collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close
of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded,
and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds
may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with
the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend
income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ
from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining
contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the
borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The International Equity Insights, Large Cap Value, Mid Cap Growth, Mid Cap Value, Small Cap Equity Insights, Strategic Growth
and U.S. Equity Insights Funds invest the cash collateral received in connection with securities lending transactions in the Goldman
Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The
Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act,
and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily
net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, GSAL will, and BNYM may, exercise any and all remedies provided
under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by
applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL or BNYM are
unable to purchase replacement securities, GSAL and/or BNYM will indemnify the Funds by paying the Funds an amount equal to the
market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion
for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements
with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party
to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a
default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions
against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’
loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the
value of the cash received.
The Funds’ risks include, but are not limited to, the following:
Foreign and Emerging Countries Risk
—
Investing in foreign markets may involve special risks and considerations not typically
associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government
regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial
reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The
imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions
(including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement
or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and
other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the
imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities
issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility
and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Goldman Sachs Variable Insurance Trust Funds
Schedule of Investments
(continued)
March 31, 2025 (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.
Large Shareholder Transactions Risk
—
A Fund may experience adverse effects when certain large shareholders, such as other funds,
participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such
large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when
it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the
realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In
addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase
in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the
Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
Market Risk
—
The value of the securities in which the Fund invests may go up or down in response to the prospects of individual
companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly
interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism,
social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other
restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more
such events and developments, could also significantly impact a Fund and its investments.
Mid-Cap and Small-Cap Risk
—
Investments in mid-capitalization and small-capitalization companies involve greater risks than
those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements
and may lack sufficient market liquidity, and these issuers often face greater business risks.
Non-Diversification Risk
—
The Strategic Growth Fund is non-diversified, meaning that it is permitted to invest a larger percentage
of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to
adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these
developments.
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)