GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND
Schedule of Investments
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – 99.9% | ||||||
Automobiles & Components – 2.7% | ||||||
1,390 | Aptiv PLC* | $ 108,712 | ||||
1,171 | BorgWarner, Inc. | 36,769 | ||||
19,994 | Ford Motor Co. | 223,933 | ||||
7,388 | General Motors Co. | 237,081 | ||||
13,474 | Tesla, Inc.* | 3,573,979 | ||||
| ||||||
4,180,474 | ||||||
|
| |||||
Banks – 3.7% | ||||||
35,329 | Bank of America Corp. | 1,066,936 | ||||
9,869 | Citigroup, Inc. | 411,241 | ||||
2,243 | Citizens Financial Group, Inc. | 77,069 | ||||
682 | Comerica, Inc. | 48,490 | ||||
3,506 | Fifth Third Bancorp | 112,052 | ||||
904 | First Republic Bank | 118,017 | ||||
7,207 | Huntington Bancshares, Inc. | 94,988 | ||||
14,827 | JPMorgan Chase & Co. | 1,549,422 | ||||
4,638 | KeyCorp | 74,301 | ||||
893 | M&T Bank Corp. | 157,454 | ||||
2,065 | PNC Financial Services Group, Inc. (The) | 308,552 | ||||
4,763 | Regions Financial Corp. | 95,593 | ||||
333 | Signature Bank | 50,283 | ||||
296 | SVB Financial Group* | 99,391 | ||||
6,755 | Truist Financial Corp. | 294,113 | ||||
6,858 | US Bancorp | 276,515 | ||||
19,158 | Wells Fargo & Co. | 770,535 | ||||
808 | Zions Bancorp NA | 41,095 | ||||
| ||||||
5,646,047 | ||||||
|
| |||||
Capital Goods – 5.3% | ||||||
2,797 | 3M Co. | 309,069 | ||||
647 | A O Smith Corp. | 31,431 | ||||
475 | Allegion PLC | 42,598 | ||||
1,163 | AMETEK, Inc. | 131,896 | ||||
2,825 | Boeing Co. (The)* | 342,051 | ||||
4,264 | Carrier Global Corp. | 151,628 | ||||
2,667 | Caterpillar, Inc. | 437,601 | ||||
706 | Cummins, Inc. | 143,678 | ||||
1,403 | Deere & Co. | 468,448 | ||||
736 | Dover Corp. | 85,803 | ||||
2,023 | Eaton Corp. PLC | 269,787 | ||||
3,009 | Emerson Electric Co. | 220,319 | ||||
2,901 | Fastenal Co. | 133,562 | ||||
1,798 | Fortive Corp. | 104,823 | ||||
676 | Fortune Brands Home & Security, Inc. | 36,294 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Capital Goods – (continued) | ||||||
318 | Generac Holdings, Inc.* | $ 56,649 | ||||
1,133 | General Dynamics Corp. | 240,389 | ||||
5,589 | General Electric Co. | 346,015 | ||||
3,426 | Honeywell International, Inc. | 572,039 | ||||
1,821 | Howmet Aerospace, Inc. | 56,324 | ||||
196 | Huntington Ingalls Industries, Inc. | 43,414 | ||||
386 | IDEX Corp. | 77,142 | ||||
1,437 | Illinois Tool Works, Inc. | 259,594 | ||||
2,032 | Ingersoll Rand, Inc. | 87,904 | ||||
3,461 | Johnson Controls International PLC | 170,350 | ||||
974 | L3Harris Technologies, Inc. | 202,426 | ||||
1,190 | Lockheed Martin Corp. | 459,685 | ||||
1,192 | Masco Corp. | 55,655 | ||||
267 | Nordson Corp. | 56,676 | ||||
741 | Northrop Grumman Corp. | 348,507 | ||||
2,103 | Otis Worldwide Corp. | 134,171 | ||||
1,788 | PACCAR, Inc. | 149,638 | ||||
649 | Parker-Hannifin Corp. | 157,259 | ||||
883 | Pentair PLC | 35,876 | ||||
732 | Quanta Services, Inc. | 93,249 | ||||
7,466 | Raytheon Technologies Corp. | 611,167 | ||||
597 | Rockwell Automation, Inc. | 128,421 | ||||
268 | Snap-on, Inc. | 53,962 | ||||
728 | Stanley Black & Decker, Inc. | 54,753 | ||||
1,098 | Textron, Inc. | 63,969 | ||||
1,164 | Trane Technologies PLC | 168,559 | ||||
258 | TransDigm Group, Inc. | 135,404 | ||||
360 | United Rentals, Inc.* | 97,243 | ||||
936 | Westinghouse Air Brake Technologies Corp. | 76,144 | ||||
216 | W.W. Grainger, Inc. | 105,665 | ||||
900 | Xylem, Inc. | 78,624 | ||||
| ||||||
8,085,861 | ||||||
|
| |||||
Commercial & Professional Services – 0.9% | ||||||
439 | Cintas Corp. | 170,415 | ||||
1,100 | Copart, Inc.* | 117,040 | ||||
2,013 | CoStar Group, Inc.* | 140,205 | ||||
616 | Equifax, Inc. | 105,601 | ||||
654 | Jacobs Solutions, Inc. | 70,953 | ||||
714 | Leidos Holdings, Inc. | 62,454 | ||||
1,766 | Nielsen Holdings PLC | 48,954 | ||||
1,049 | Republic Services, Inc. | 142,706 | ||||
552 | Robert Half International, Inc. | 42,228 | ||||
1,137 | Rollins, Inc. | 39,431 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Commercial & Professional Services – (continued) | ||||||
787 | Verisk Analytics, Inc. | $ 134,207 | ||||
1,897 | Waste Management, Inc. | 303,918 | ||||
| ||||||
1,378,112 | ||||||
|
| |||||
Consumer Durables & Apparel – 0.8% | ||||||
1,580 | D.R. Horton, Inc. | 106,413 | ||||
804 | Garmin Ltd. | 64,569 | ||||
665 | Hasbro, Inc. | 44,834 | ||||
1,328 | Lennar Corp., Class A | 99,002 | ||||
277 | Mohawk Industries, Inc.* | 25,260 | ||||
1,773 | Newell Brands, Inc. | 24,627 | ||||
6,390 | NIKE, Inc., Class B | 531,137 | ||||
16 | NVR, Inc.* | 63,793 | ||||
1,244 | PulteGroup, Inc. | 46,650 | ||||
249 | Ralph Lauren Corp. | 21,148 | ||||
1,259 | Tapestry, Inc. | 35,793 | ||||
1,636 | VF Corp. | 48,933 | ||||
281 | Whirlpool Corp. | 37,882 | ||||
| ||||||
1,150,041 | ||||||
|
| |||||
Consumer Services – 1.9% | ||||||
202 | Booking Holdings, Inc.* | 331,928 | ||||
1,118 | Caesars Entertainment, Inc.* | 36,067 | ||||
4,349 | Carnival Corp.* | 30,573 | ||||
141 | Chipotle Mexican Grill, Inc.* | 211,889 | ||||
635 | Darden Restaurants, Inc. | 80,213 | ||||
183 | Domino’s Pizza, Inc. | 56,767 | ||||
764 | Expedia Group, Inc.* | 71,579 | ||||
1,406 | Hilton Worldwide Holdings, Inc. | 169,592 | ||||
1,671 | Las Vegas Sands Corp.* | 62,696 | ||||
1,391 | Marriott International, Inc., Class A | 194,935 | ||||
3,717 | McDonald’s Corp. | 857,661 | ||||
1,605 | MGM Resorts International | 47,701 | ||||
2,072 | Norwegian Cruise Line Holdings Ltd.* | 23,538 | ||||
1,164 | Royal Caribbean Cruises Ltd.* | 44,116 | ||||
5,829 | Starbucks Corp. | 491,151 | ||||
517 | Wynn Resorts Ltd.* | 32,586 | ||||
1,439 | Yum! Brands, Inc. | 153,023 | ||||
| ||||||
2,896,015 | ||||||
|
| |||||
Diversified Financials – 5.0% | ||||||
3,050 | American Express Co. | 411,475 | ||||
554 | Ameriprise Financial, Inc. | 139,580 | ||||
3,749 | Bank of New York Mellon Corp. (The) | 144,411 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Diversified Financials – (continued) | ||||||
9,144 | Berkshire Hathaway, Inc., Class B* | $ 2,441,631 | ||||
767 | BlackRock, Inc. | 422,065 | ||||
1,930 | Capital One Financial Corp. | 177,888 | ||||
525 | Cboe Global Markets, Inc. | 61,619 | ||||
7,665 | Charles Schwab Corp. (The) | 550,884 | ||||
1,824 | CME Group, Inc. | 323,085 | ||||
1,389 | Discover Financial Services | 126,288 | ||||
189 | FactSet Research Systems, Inc. | 75,621 | ||||
1,440 | Franklin Resources, Inc. | 30,989 | ||||
1,725 | Goldman Sachs Group, Inc. (The)(a) | 505,511 | ||||
2,830 | Intercontinental Exchange, Inc. | 255,691 | ||||
1,729 | Invesco Ltd. | 23,687 | ||||
190 | MarketAxess Holdings, Inc. | 42,273 | ||||
792 | Moody’s Corp. | 192,543 | ||||
6,810 | Morgan Stanley | 538,058 | ||||
410 | MSCI, Inc. | 172,934 | ||||
1,728 | Nasdaq, Inc. | 97,943 | ||||
1,045 | Northern Trust Corp. | 89,410 | ||||
973 | Raymond James Financial, Inc. | 96,152 | ||||
1,733 | S&P Global, Inc. | 529,172 | ||||
1,847 | State Street Corp. | 112,316 | ||||
2,390 | Synchrony Financial | 67,374 | ||||
1,168 | T. Rowe Price Group, Inc. | 122,652 | ||||
| ||||||
7,751,252 | ||||||
|
| |||||
Energy – 4.6% | ||||||
1,724 | APA Corp. | 58,944 | ||||
4,625 | Baker Hughes Co. | 96,940 | ||||
9,119 | Chevron Corp. | 1,310,127 | ||||
6,428 | ConocoPhillips | 657,842 | ||||
4,130 | Coterra Energy, Inc. | 107,876 | ||||
3,092 | Devon Energy Corp. | 185,922 | ||||
873 | Diamondback Energy, Inc. | 105,162 | ||||
2,970 | EOG Resources, Inc. | 331,838 | ||||
1,869 | EQT Corp. | 76,162 | ||||
21,110 | Exxon Mobil Corp. | 1,843,114 | ||||
4,528 | Halliburton Co. | 111,479 | ||||
1,393 | Hess Corp. | 151,823 | ||||
10,017 | Kinder Morgan, Inc. | 166,683 | ||||
3,528 | Marathon Oil Corp. | 79,662 | ||||
2,536 | Marathon Petroleum Corp. | 251,901 | ||||
3,789 | Occidental Petroleum Corp. | 232,834 | ||||
2,302 | ONEOK, Inc. | 117,954 | ||||
2,431 | Phillips 66 | 196,230 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Energy – (continued) | ||||||
1,214 | Pioneer Natural Resources Co. | $ 262,867 | ||||
7,146 | Schlumberger NV | 256,541 | ||||
2,003 | Valero Energy Corp. | 214,021 | ||||
6,134 | Williams Cos., Inc. (The) | 175,616 | ||||
| ||||||
6,991,538 | ||||||
|
| |||||
Food & Staples Retailing – 1.6% | ||||||
2,247 | Costco Wholesale Corp. | 1,061,191 | ||||
3,261 | Kroger Co. (The) | 142,669 | ||||
2,578 | Sysco Corp. | 182,290 | ||||
3,685 | Walgreens Boots Alliance, Inc. | 115,709 | ||||
7,146 | Walmart, Inc. | 926,836 | ||||
| ||||||
2,428,695 | ||||||
|
| |||||
Food, Beverage & Tobacco – 3.7% | ||||||
9,076 | Altria Group, Inc. | 366,489 | ||||
2,848 | Archer-Daniels-Midland Co. | 229,122 | ||||
944 | Brown-Forman Corp., Class B | 62,842 | ||||
1,039 | Campbell Soup Co. | 48,958 | ||||
19,671 | Coca-Cola Co. (The) | 1,101,969 | ||||
2,395 | Conagra Brands, Inc. | 78,149 | ||||
800 | Constellation Brands, Inc., Class A | 183,744 | ||||
3,048 | General Mills, Inc. | 233,507 | ||||
737 | Hershey Co. (The) | 162,486 | ||||
1,469 | Hormel Foods Corp. | 66,751 | ||||
549 | J M Smucker Co. (The) | 75,438 | ||||
1,291 | Kellogg Co. | 89,931 | ||||
4,321 | Keurig Dr Pepper, Inc. | 154,778 | ||||
3,572 | Kraft Heinz Co. (The) | 119,126 | ||||
724 | Lamb Weston Holdings, Inc. | 56,023 | ||||
1,250 | McCormick & Co., Inc. | 89,088 | ||||
949 | Molson Coors Beverage Co., Class B | 45,543 | ||||
6,921 | Mondelez International, Inc., Class A | 379,478 | ||||
1,934 | Monster Beverage Corp.* | 168,181 | ||||
6,975 | PepsiCo, Inc. | 1,138,739 | ||||
7,827 | Philip Morris International, Inc. | 649,719 | ||||
1,501 | Tyson Foods, Inc., Class A | 98,961 | ||||
| ||||||
5,599,022 | ||||||
|
| |||||
Health Care Equipment & Services – 6.3% | ||||||
8,847 | Abbott Laboratories | 856,036 | ||||
241 | ABIOMED, Inc.* | 59,204 | ||||
375 | Align Technology, Inc.* | 77,666 | ||||
754 | AmerisourceBergen Corp. | 102,039 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Health Care Equipment & Services – (continued) | ||||||
2,593 | Baxter International, Inc. | $ 139,659 | ||||
1,446 | Becton Dickinson and Co. | 322,212 | ||||
7,248 | Boston Scientific Corp.* | 280,715 | ||||
1,383 | Cardinal Health, Inc. | 92,218 | ||||
2,878 | Centene Corp.* | 223,937 | ||||
1,552 | Cigna Corp. | 430,633 | ||||
254 | Cooper Cos., Inc. (The) | 67,031 | ||||
6,670 | CVS Health Corp. | 636,118 | ||||
264 | DaVita, Inc.* | 21,851 | ||||
1,041 | DENTSPLY SIRONA, Inc. | 29,512 | ||||
1,982 | Dexcom, Inc.* | 159,630 | ||||
3,152 | Edwards Lifesciences Corp.* | 260,450 | ||||
1,213 | Elevance Health, Inc. | 550,993 | ||||
1,095 | HCA Healthcare, Inc. | 201,250 | ||||
677 | Henry Schein, Inc.* | 44,526 | ||||
1,290 | Hologic, Inc.* | 83,231 | ||||
641 | Humana, Inc. | 311,007 | ||||
417 | IDEXX Laboratories, Inc.* | 135,859 | ||||
1,799 | Intuitive Surgical, Inc.* | 337,205 | ||||
465 | Laboratory Corp. of America Holdings | 95,237 | ||||
733 | McKesson Corp. | 249,125 | ||||
6,757 | Medtronic PLC | 545,628 | ||||
294 | Molina Healthcare, Inc.* | 96,973 | ||||
613 | Quest Diagnostics, Inc. | 75,209 | ||||
754 | ResMed, Inc. | 164,598 | ||||
500 | STERIS PLC | 83,140 | ||||
1,708 | Stryker Corp. | 345,938 | ||||
243 | Teleflex, Inc. | 48,955 | ||||
4,739 | UnitedHealth Group, Inc. | 2,393,385 | ||||
336 | Universal Health Services, Inc., Class B | 29,628 | ||||
1,053 | Zimmer Biomet Holdings, Inc. | 110,091 | ||||
| ||||||
9,660,889 | ||||||
|
| |||||
Household & Personal Products – 1.6% | ||||||
1,241 | Church & Dwight Co., Inc. | 88,657 | ||||
615 | Clorox Co. (The) | 78,960 | ||||
4,251 | Colgate-Palmolive Co. | 298,633 | ||||
1,174 | Estee Lauder Cos., Inc. (The), Class A | 253,466 | ||||
1,705 | Kimberly-Clark Corp. | 191,881 | ||||
12,102 | Procter & Gamble Co. (The) | 1,527,877 | ||||
| ||||||
2,439,474 | ||||||
|
| |||||
Insurance – 2.2% | ||||||
2,924 | Aflac, Inc. | 164,329 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Insurance – (continued) | ||||||
1,382 | Allstate Corp. (The) | $ 172,101 | ||||
3,867 | American International Group, Inc. | 183,605 | ||||
1,077 | Aon PLC, Class A | 288,496 | ||||
1,079 | Arthur J Gallagher & Co. | 184,746 | ||||
273 | Assurant, Inc. | 39,659 | ||||
1,163 | Brown & Brown, Inc. | 70,338 | ||||
2,108 | Chubb Ltd. | 383,403 | ||||
760 | Cincinnati Financial Corp. | 68,073 | ||||
202 | Everest Re Group Ltd. | 53,013 | ||||
443 | Globe Life, Inc. | 44,167 | ||||
1,610 | Hartford Financial Services Group, Inc. (The) | 99,723 | ||||
752 | Lincoln National Corp. | 33,020 | ||||
1,037 | Loews Corp. | 51,684 | ||||
2,515 | Marsh & McLennan Cos., Inc. | 375,464 | ||||
3,407 | MetLife, Inc. | 207,078 | ||||
1,205 | Principal Financial Group, Inc. | 86,941 | ||||
2,967 | Progressive Corp. (The) | 344,795 | ||||
1,894 | Prudential Financial, Inc. | 162,467 | ||||
1,193 | Travelers Cos., Inc. (The) | 182,768 | ||||
1,063 | W R Berkley Corp. | 68,649 | ||||
559 | Willis Towers Watson PLC | 112,325 | ||||
| ||||||
3,376,844 | ||||||
|
| |||||
Materials – 2.5% | ||||||
1,124 | Air Products and Chemicals, Inc. | 261,589 | ||||
590 | Albemarle Corp. | 156,020 | ||||
7,523 | Amcor PLC | 80,722 | ||||
415 | Avery Dennison Corp. | 67,520 | ||||
1,639 | Ball Corp. | 79,196 | ||||
534 | Celanese Corp. | 48,242 | ||||
1,013 | CF Industries Holdings, Inc. | 97,501 | ||||
3,647 | Corteva, Inc. | 208,426 | ||||
3,674 | Dow, Inc. | 161,399 | ||||
2,563 | DuPont de Nemours, Inc. | 129,175 | ||||
638 | Eastman Chemical Co. | 45,330 | ||||
1,257 | Ecolab, Inc. | 181,536 | ||||
657 | FMC Corp. | 69,445 | ||||
7,192 | Freeport-McMoRan, Inc. | 196,557 | ||||
1,286 | International Flavors & Fragrances, Inc. | 116,807 | ||||
1,894 | International Paper Co. | 60,040 | ||||
2,516 | Linde PLC (United Kingdom) | 678,288 | ||||
1,320 | LyondellBasell Industries NV, Class A | 99,370 | ||||
313 | Martin Marietta Materials, Inc. | 100,814 | ||||
1,756 | Mosaic Co. (The) | 84,867 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Materials – (continued) | ||||||
4,078 | Newmont Corp. | $ 171,398 | ||||
1,338 | Nucor Corp. | 143,153 | ||||
492 | Packaging Corp. of America | 55,247 | ||||
1,186 | PPG Industries, Inc. | 131,278 | ||||
786 | Sealed Air Corp. | 34,985 | ||||
1,186 | Sherwin-Williams Co. (The) | 242,834 | ||||
667 | Vulcan Materials Co. | 105,193 | ||||
1,288 | Westrock Co. | 39,786 | ||||
| ||||||
3,846,718 | ||||||
|
| |||||
Media & Entertainment – 6.9% | ||||||
3,620 | Activision Blizzard, Inc. | 269,111 | ||||
30,330 | Alphabet, Inc., Class A* | 2,901,064 | ||||
27,165 | Alphabet, Inc., Class C* | 2,611,915 | ||||
564 | Charter Communications, Inc., Class A* | 171,089 | ||||
22,237 | Comcast Corp., Class A | 652,211 | ||||
1,329 | DISH Network Corp., Class A* | 18,380 | ||||
1,343 | Electronic Arts, Inc. | 155,399 | ||||
1,501 | Fox Corp., Class A | 46,051 | ||||
729 | Fox Corp., Class B | 20,776 | ||||
1,937 | Interpublic Group of Cos., Inc. (The) | 49,587 | ||||
692 | Live Nation Entertainment, Inc.* | 52,620 | ||||
1,428 | Match Group, Inc.* | 68,187 | ||||
11,550 | Meta Platforms, Inc., Class A* | 1,567,104 | ||||
2,258 | Netflix, Inc.* | 531,623 | ||||
2,000 | News Corp., Class A | 30,220 | ||||
566 | News Corp., Class B | 8,728 | ||||
1,042 | Omnicom Group, Inc. | 65,740 | ||||
2,568 | Paramount Global, Class B | 48,895 | ||||
788 | Take-Two Interactive Software, Inc.* | 85,892 | ||||
3,419 | Twitter, Inc.* | 149,889 | ||||
9,211 | Walt Disney Co. (The)* | 868,874 | ||||
11,156 | Warner Bros Discovery, Inc.* | 128,294 | ||||
| ||||||
10,501,649 | ||||||
|
| |||||
Pharmaceuticals, Biotechnology & Life Sciences – 8.8% | ||||||
8,959 | AbbVie, Inc. | 1,202,387 | ||||
1,511 | Agilent Technologies, Inc. | 183,662 | ||||
2,717 | Amgen, Inc. | 612,412 | ||||
739 | Biogen, Inc.* | 197,313 | ||||
115 | Bio-Rad Laboratories, Inc., Class A* | 47,971 | ||||
194 | Bio-Techne Corp. | 55,096 | ||||
10,833 | Bristol-Myers Squibb Co. | 770,118 | ||||
930 | Catalent, Inc.* | 67,295 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences – (continued) | ||||||
268 | Charles River Laboratories International, Inc.* | $ 52,742 | ||||
3,294 | Danaher Corp. | 850,807 | ||||
3,998 | Eli Lilly & Co. | 1,292,753 | ||||
6,368 | Gilead Sciences, Inc. | 392,842 | ||||
793 | Illumina, Inc.* | 151,297 | ||||
953 | Incyte Corp.* | 63,508 | ||||
958 | IQVIA Holdings, Inc.* | 173,532 | ||||
13,297 | Johnson & Johnson | 2,172,198 | ||||
12,819 | Merck & Co., Inc. | 1,103,972 | ||||
112 | Mettler-Toledo International, Inc.* | 121,421 | ||||
1,711 | Moderna, Inc.* | 202,326 | ||||
1,257 | Organon & Co. | 29,414 | ||||
632 | PerkinElmer, Inc. | 76,049 | ||||
28,450 | Pfizer, Inc. | 1,244,972 | ||||
546 | Regeneron Pharmaceuticals, Inc.* | 376,123 | ||||
1,984 | Thermo Fisher Scientific, Inc. | 1,006,265 | ||||
1,298 | Vertex Pharmaceuticals, Inc.* | 375,823 | ||||
6,183 | Viatris, Inc. | 52,679 | ||||
309 | Waters Corp.* | 83,285 | ||||
385 | West Pharmaceutical Services, Inc. | 94,741 | ||||
2,359 | Zoetis, Inc. | 349,816 | ||||
| ||||||
13,402,819 | ||||||
|
| |||||
Real Estate – 2.8% | ||||||
752 | Alexandria Real Estate Equities, Inc. REIT | 105,423 | ||||
�� | 2,353 | American Tower Corp. REIT | 505,189 | |||
704 | AvalonBay Communities, Inc. REIT | 129,670 | ||||
705 | Boston Properties, Inc. REIT | 52,854 | ||||
543 | Camden Property Trust REIT | 64,861 | ||||
1,606 | CBRE Group, Inc., Class A* | 108,421 | ||||
2,198 | Crown Castle, Inc. REIT | 317,721 | ||||
1,438 | Digital Realty Trust, Inc. REIT | 142,621 | ||||
1,932 | Duke Realty Corp. REIT | 93,122 | ||||
462 | Equinix, Inc. REIT | 262,804 | ||||
1,756 | Equity Residential REIT | 118,038 | ||||
341 | Essex Property Trust, Inc. REIT | 82,601 | ||||
687 | Extra Space Storage, Inc. REIT | 118,652 | ||||
378 | Federal Realty Investment Trust REIT | 34,065 | ||||
2,791 | Healthpeak Properties, Inc. REIT | 63,970 | ||||
3,710 | Host Hotels & Resorts, Inc. REIT | 58,915 | ||||
2,949 | Invitation Homes, Inc. REIT | 99,588 | ||||
1,482 | Iron Mountain, Inc. REIT | 65,164 | ||||
3,188 | Kimco Realty Corp. REIT | 58,691 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Real Estate – (continued) | ||||||
578 | Mid-America Apartment Communities, Inc. REIT | $ 89,631 | ||||
3,762 | Prologis, Inc. REIT | 382,219 | ||||
773 | Public Storage REIT | 226,342 | ||||
2,992 | Realty Income Corp. REIT | 174,134 | ||||
784 | Regency Centers Corp. REIT | 42,218 | ||||
545 | SBA Communications Corp. REIT | 155,134 | ||||
1,658 | Simon Property Group, Inc. REIT | 148,806 | ||||
1,468 | UDR, Inc. REIT | 61,230 | ||||
1,994 | Ventas, Inc. REIT | 80,099 | ||||
4,859 | VICI Properties, Inc. REIT | 145,041 | ||||
862 | Vornado Realty Trust REIT | 19,964 | ||||
2,269 | Welltower, Inc. REIT | 145,942 | ||||
3,691 | Weyerhaeuser Co. REIT | 105,415 | ||||
| ||||||
4,258,545 | ||||||
|
| |||||
Retailing – 6.3% | ||||||
302 | Advance Auto Parts, Inc. | 47,215 | ||||
44,843 | Amazon.com, Inc.* | 5,067,259 | ||||
100 | AutoZone, Inc.* | 214,193 | ||||
1,167 | Bath & Body Works, Inc. | 38,044 | ||||
1,035 | Best Buy Co., Inc. | 65,557 | ||||
817 | CarMax, Inc.* | 53,938 | ||||
1,160 | Dollar General Corp. | 278,238 | ||||
1,073 | Dollar Tree, Inc.* | 146,035 | ||||
2,820 | eBay, Inc. | 103,804 | ||||
632 | Etsy, Inc.* | 63,282 | ||||
710 | Genuine Parts Co. | 106,017 | ||||
5,204 | Home Depot, Inc. (The) | 1,435,992 | ||||
1,321 | LKQ Corp. | 62,285 | ||||
3,227 | Lowe’s Cos., Inc. | 606,063 | ||||
321 | O’Reilly Automotive, Inc.* | 225,776 | ||||
199 | Pool Corp. | 63,324 | ||||
1,753 | Ross Stores, Inc. | 147,725 | ||||
2,348 | Target Corp. | 348,420 | ||||
5,961 | TJX Cos., Inc. (The) | 370,297 | ||||
575 | Tractor Supply Co. | 106,881 | ||||
269 | Ulta Beauty, Inc.* | 107,920 | ||||
| ||||||
9,658,265 | ||||||
|
| |||||
Semiconductors & Semiconductor Equipment – 4.8% | ||||||
8,162 | Advanced Micro Devices, Inc.* | 517,144 | ||||
2,620 | Analog Devices, Inc. | 365,071 | ||||
4,424 | Applied Materials, Inc. | 362,458 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Semiconductors & Semiconductor Equipment – (continued) | ||||||
2,040 | Broadcom, Inc. | $ 905,780 | ||||
692 | Enphase Energy, Inc.* | 192,009 | ||||
20,804 | Intel Corp. | 536,119 | ||||
721 | KLA Corp. | 218,196 | ||||
690 | Lam Research Corp. | 252,540 | ||||
2,797 | Microchip Technology, Inc. | 170,701 | ||||
5,560 | Micron Technology, Inc. | 278,556 | ||||
228 | Monolithic Power Systems, Inc. | 82,855 | ||||
12,660 | NVIDIA Corp. | 1,536,797 | ||||
1,327 | NXP Semiconductors NV (China) | 195,746 | ||||
2,190 | ON Semiconductor Corp.* | 136,503 | ||||
504 | Qorvo, Inc.* | 40,023 | ||||
5,700 | QUALCOMM, Inc. | 643,986 | ||||
821 | Skyworks Solutions, Inc. | 70,007 | ||||
269 | SolarEdge Technologies, Inc.* | 62,263 | ||||
773 | Teradyne, Inc. | 58,091 | ||||
4,615 | Texas Instruments, Inc. | 714,310 | ||||
| ||||||
7,339,155 | ||||||
|
| |||||
Software & Services – 12.9% | ||||||
3,201 | Accenture PLC, Class A | 823,617 | ||||
2,363 | Adobe, Inc.* | 650,298 | ||||
797 | Akamai Technologies, Inc.* | 64,015 | ||||
437 | ANSYS, Inc.* | 96,883 | ||||
1,100 | Autodesk, Inc.* | 205,480 | ||||
2,099 | Automatic Data Processing, Inc. | 474,773 | ||||
608 | Broadridge Financial Solutions, Inc. | 87,747 | ||||
1,397 | Cadence Design Systems, Inc.* | 228,312 | ||||
740 | Ceridian HCM Holding, Inc.* | 41,351 | ||||
619 | Citrix Systems, Inc. | 64,376 | ||||
2,632 | Cognizant Technology Solutions Corp., Class A | 151,182 | ||||
1,107 | DXC Technology Co.* | 27,099 | ||||
287 | EPAM Systems, Inc.* | 103,948 | ||||
3,098 | Fidelity National Information Services, Inc. | 234,116 | ||||
3,252 | Fiserv, Inc.* | 304,290 | ||||
371 | FleetCor Technologies, Inc.* | 65,359 | ||||
3,358 | Fortinet, Inc.* | 164,978 | ||||
395 | Gartner, Inc.* | 109,293 | ||||
1,422 | Global Payments, Inc. | 153,647 | ||||
4,573 | International Business Machines Corp. | 543,318 | ||||
1,424 | Intuit, Inc. | 551,544 | ||||
370 | Jack Henry & Associates, Inc. | 67,440 | ||||
4,320 | Mastercard, Inc., Class A | 1,228,349 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Software & Services – (continued) | ||||||
37,738 | Microsoft Corp. | $ 8,789,180 | ||||
3,011 | NortonLifeLock, Inc. | 60,641 | ||||
7,724 | Oracle Corp. | 471,705 | ||||
1,623 | Paychex, Inc. | 182,117 | ||||
247 | Paycom Software, Inc.* | 81,507 | ||||
5,836 | PayPal Holdings, Inc.* | 502,304 | ||||
520 | PTC, Inc.* | 54,392 | ||||
536 | Roper Technologies, Inc. | 192,767 | ||||
5,025 | Salesforce, Inc.* | 722,796 | ||||
1,019 | ServiceNow, Inc.* | 384,785 | ||||
776 | Synopsys, Inc.* | 237,076 | ||||
218 | Tyler Technologies, Inc.* | 75,755 | ||||
486 | VeriSign, Inc.* | 84,418 | ||||
8,280 | Visa, Inc., Class A | 1,470,942 | ||||
| ||||||
19,751,800 | ||||||
|
| |||||
Technology Hardware & Equipment – 8.6% | ||||||
3,022 | Amphenol Corp., Class A | 202,353 | ||||
76,444 | Apple, Inc. | 10,564,561 | ||||
1,133 | Arista Networks, Inc.* | 127,904 | ||||
679 | CDW Corp. | 105,978 | ||||
20,954 | Cisco Systems, Inc. | 838,160 | ||||
3,906 | Corning, Inc. | 113,352 | ||||
303 | F5, Inc.* | 43,853 | ||||
6,496 | Hewlett Packard Enterprise Co. | 77,822 | ||||
4,628 | HP, Inc. | 115,330 | ||||
1,635 | Juniper Networks, Inc. | 42,706 | ||||
902 | Keysight Technologies, Inc.* | 141,939 | ||||
846 | Motorola Solutions, Inc. | 189,479 | ||||
1,106 | NetApp, Inc. | 68,406 | ||||
1,009 | Seagate Technology Holdings PLC | 53,709 | ||||
1,630 | TE Connectivity Ltd. (Switzerland) | 179,887 | ||||
239 | Teledyne Technologies, Inc.* | 80,655 | ||||
1,274 | Trimble, Inc.* | 69,140 | ||||
1,631 | Western Digital Corp.* | 53,089 | ||||
268 | Zebra Technologies Corp., Class A* | 70,219 | ||||
| ||||||
13,138,542 | ||||||
|
| |||||
Telecommunication Services – 1.2% | ||||||
36,026 | AT&T, Inc. | 552,639 | ||||
4,795 | Lumen Technologies, Inc. | 34,908 | ||||
2,992 | T-Mobile US, Inc.* | 401,437 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Telecommunication Services – (continued) | ||||||
21,215 | Verizon Communications, Inc. | $ 805,533 | ||||
| ||||||
1,794,517 | ||||||
|
| |||||
Transportation – 1.7% | ||||||
699 | Alaska Air Group, Inc.* | 27,366 | ||||
3,269 | American Airlines Group, Inc.* | 39,359 | ||||
645 | C.H. Robinson Worldwide, Inc. | 62,120 | ||||
10,800 | CSX Corp. | 287,712 | ||||
3,215 | Delta Air Lines, Inc.* | 90,213 | ||||
835 | Expeditors International of Washington, Inc. | 73,739 | ||||
1,208 | FedEx Corp. | 179,352 | ||||
435 | J.B. Hunt Transport Services, Inc. | 68,043 | ||||
1,184 | Norfolk Southern Corp. | 248,226 | ||||
468 | Old Dominion Freight Line, Inc. | 116,424 | ||||
3,042 | Southwest Airlines Co.* | 93,815 | ||||
3,158 | Union Pacific Corp. | 615,241 | ||||
1,662 | United Airlines Holdings, Inc.* | 54,065 | ||||
3,701 | United Parcel Service, Inc., Class B | 597,859 | ||||
| ||||||
2,553,534 | ||||||
|
| |||||
Utilities – 3.1% | ||||||
3,430 | AES Corp. (The) | 77,518 | ||||
1,246 | Alliant Energy Corp. | 66,026 | ||||
1,293 | Ameren Corp. | 104,151 | ||||
2,625 | American Electric Power Co., Inc. | 226,931 | ||||
934 | American Water Works Co., Inc. | 121,569 | ||||
682 | Atmos Energy Corp. | 69,462 | ||||
3,208 | CenterPoint Energy, Inc. | 90,401 | ||||
1,515 | CMS Energy Corp. | 88,234 | ||||
1,823 | Consolidated Edison, Inc. | 156,341 | ||||
1,673 | Constellation Energy Corp. | 139,177 | ||||
4,116 | Dominion Energy, Inc. | 284,457 | ||||
1,001 | DTE Energy Co. | 115,165 | ||||
3,910 | Duke Energy Corp. | 363,708 | ||||
1,918 | Edison International | 108,520 | ||||
1,022 | Entergy Corp. | 102,844 | ||||
1,166 | Evergy, Inc. | 69,260 | ||||
1,769 | Eversource Energy | 137,911 | ||||
4,959 | Exelon Corp. | 185,764 | ||||
2,712 | FirstEnergy Corp. | 100,344 | ||||
9,925 | NextEra Energy, Inc. | 778,219 | ||||
2,089 | NiSource, Inc. | 52,622 | ||||
1,164 | NRG Energy, Inc. | 44,546 | ||||
8,134 | PG&E Corp.* | 101,675 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Utilities – (continued) | ||||||
601 | Pinnacle West Capital Corp. | $ 38,771 | ||||
3,789 | PPL Corp. | 96,051 | ||||
2,519 | Public Service Enterprise Group, Inc. | 141,643 | ||||
1,592 | Sempra Energy | 238,705 | ||||
5,396 | Southern Co. (The) | 366,928 | ||||
1,585 | WEC Energy Group, Inc. | 141,747 | ||||
2,743 | Xcel Energy, Inc. | 175,552 | ||||
| ||||||
4,784,242 | ||||||
|
| |||||
TOTAL INVESTMENTS – 99.9% | ||||||
(Cost $46,889,631) | $152,614,050 | |||||
|
| |||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% | 177,561 | ||||
|
| |||||
NET ASSETS – 100.0% | $152,791,611 | |||||
|
|
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 EQUITY INDEX FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At September 30, 2022, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized (Depreciation) | ||||||||
| ||||||||||||
Long position contracts: | ||||||||||||
S&P 500 E-Mini Index | 4 | 12/16/22 | $ | 823,805 | $ | (103,505 | ) | |||||
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – 95.3% | ||||||
Australia – 9.0% | ||||||
8,734 | Aristocrat Leisure Ltd. (Consumer Services) | $ 184,170 | ||||
6,525 | ASX Ltd. (Diversified Financials) | 300,302 | ||||
221,604 | Aurizon Holdings Ltd. (Transportation) | 490,111 | ||||
53,763 | Australia & New Zealand Banking Group Ltd. (Banks) | 787,026 | ||||
42,094 | BHP Group Ltd. (Materials) | 1,046,378 | ||||
17,590 | Charter Hall Group REIT (Real Estate) | 129,717 | ||||
20,241 | Commonwealth Bank of Australia (Banks) | 1,177,520 | ||||
23,889 | Glencore PLC (Materials) | 125,537 | ||||
81,956 | Incitec Pivot Ltd. (Materials) | 186,358 | ||||
6,777 | Macquarie Group Ltd. (Diversified Financials) | 661,166 | ||||
39,478 | National Australia Bank Ltd. (Banks) | 730,963 | ||||
112,823 | Santos Ltd. (Energy) | 521,191 | ||||
138,939 | Telstra Corp. Ltd. (Telecommunication Services) | 343,072 | ||||
20,869 | Treasury Wine Estates Ltd. (Food, Beverage & Tobacco) | 167,919 | ||||
35,013 | Westpac Banking Corp. (Banks) | 463,222 | ||||
| ||||||
7,314,652 | ||||||
|
| |||||
Belgium – 1.2% | ||||||
2,106 | D’ieteren Group (Retailing) | 296,736 | ||||
12,094 | KBC Group NV (Banks) | 573,909 | ||||
1,869 | UCB SA (Pharmaceuticals, Biotechnology & Life Sciences) | 129,705 | ||||
| ||||||
1,000,350 | ||||||
|
| |||||
Canada – 0.4% | ||||||
36,369 | International Petroleum Corp. (Energy)* | 291,320 | ||||
|
| |||||
China – 0.1% | ||||||
5,600 | Chow Tai Fook Jewellery Group Ltd. (Retailing) | 10,524 | ||||
57,000 | Kerry Logistics Network Ltd. (Transportation) | 91,348 | ||||
| ||||||
101,872 | ||||||
|
| |||||
Denmark – 4.2% | ||||||
226 | AP Moller – Maersk A/S, Class A (Transportation) | 399,288 | ||||
110 | AP Moller – Maersk A/S, Class B (Transportation) | 199,895 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Denmark – (continued) | ||||||
4,590 | Carlsberg AS, Class B (Food, Beverage & Tobacco) | $ 536,739 | ||||
3,327 | D/S Norden A/S (Transportation) | 140,354 | ||||
1,949 | Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)* | 627,000 | ||||
1,397 | Jyske Bank A/S (Banks)* | 72,703 | ||||
12,330 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | 1,228,288 | ||||
138 | Royal Unibrew A/S (Food, Beverage & Tobacco) | 8,942 | ||||
2,479 | Solar A/S, Class B (Capital Goods) | 162,262 | ||||
| ||||||
3,375,471 | ||||||
|
| |||||
Finland – 1.8% | ||||||
10,993 | Kesko OYJ, Class B (Food & Staples Retailing) | 205,096 | ||||
45,284 | Nokia OYJ (Technology Hardware & Equipment) | 194,407 | ||||
80,162 | Nordea Bank Abp (Banks) | 686,045 | ||||
5,201 | Sampo OYJ, Class A (Insurance) | 222,039 | ||||
12,037 | Stora Enso OYJ, Class R (Materials) | 152,912 | ||||
| ||||||
1,460,499 | ||||||
|
| |||||
France – 11.3% | ||||||
9,389 | Airbus SE (Capital Goods) | 809,336 | ||||
5,832 | Beneteau SA (Consumer Durables & Apparel) | 59,870 | ||||
5,596 | BNP Paribas SA (Banks) | 236,371 | ||||
2,771 | Capgemini SE (Software & Services) | 443,639 | ||||
10,245 | Carrefour SA (Food & Staples Retailing) | 142,089 | ||||
309 | Christian Dior SE (Consumer Durables & Apparel) | 178,091 | ||||
3,055 | Covivio REIT (Real Estate) | 147,170 | ||||
3,329 | Dassault Aviation SA (Capital Goods) | 378,743 | ||||
18,708 | Dassault Systemes (Software & Services) | 645,895 | ||||
8,190 | Edenred (Software & Services) | 377,320 | ||||
563 | Gecina SA REIT (Real Estate) | 44,094 | ||||
627 | Hermes International (Consumer Durables & Apparel) | 737,428 | ||||
2,762 | Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences) | 255,624 | ||||
1,366 | Kering (Consumer Durables & Apparel) | 605,888 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
France – (continued) | ||||||
1,018 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel) | $ 600,187 | ||||
4,455 | Pernod Ricard SA (Food, Beverage & Tobacco) | 817,289 | ||||
10,822 | Publicis Groupe SA (Media & Entertainment) | 512,776 | ||||
917 | Safran SA (Capital Goods) | 83,438 | ||||
13,737 | Sanofi (Pharmaceuticals, Biotechnology & Life Sciences) | 1,046,025 | ||||
2,193 | SCOR SE (Insurance) | 31,705 | ||||
28,135 | Societe Generale SA (Banks) | 556,401 | ||||
3,526 | Thales SA (Capital Goods) | 388,544 | ||||
| ||||||
9,097,923 | ||||||
|
| |||||
Germany – 5.4% | ||||||
17,119 | Bayer AG (Pharmaceuticals, Biotechnology & Life Sciences) | 788,751 | ||||
79,284 | E.ON SE (Utilities) | 609,121 | ||||
1,052 | Hapag-Lloyd AG (Transportation)(a)(b) | 177,300 | ||||
23,440 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | 512,962 | ||||
26,451 | K+S AG (Materials) | 500,903 | ||||
15,238 | Mercedes-Benz Group AG (Automobiles & Components) | 770,541 | ||||
4,204 | Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences) | 680,547 | ||||
430 | MTU Aero Engines AG (Capital Goods) | 64,266 | ||||
406 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Insurance) | 97,733 | ||||
1,040 | Wacker Chemie AG (Materials) | 106,918 | ||||
| ||||||
4,309,042 | ||||||
|
| |||||
Hong Kong – 0.6% | ||||||
800 | Hong Kong Exchanges & Clearing Ltd. (Diversified Financials) | 27,346 | ||||
3,000 | Jardine Matheson Holdings Ltd. (Capital Goods) | 151,800 | ||||
59,000 | NWS Holdings Ltd. (Capital Goods) | 53,228 | ||||
24,000 | Sun Hung Kai Properties Ltd. (Real Estate) | 264,871 | ||||
| ||||||
497,245 | ||||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Israel – 0.1% | ||||||
2,972 | Bank Leumi Le-Israel BM (Banks) | $ 25,383 | ||||
3,459 | ICL Group Ltd. (Materials) | 27,722 | ||||
| ||||||
53,105 | ||||||
|
| |||||
Italy – 0.7% | ||||||
20,914 | Davide Campari-Milano NV (Food, Beverage & Tobacco) | 185,038 | ||||
24,321 | Leonardo SpA (Capital Goods) | 172,203 | ||||
4,036 | Moncler SpA (Consumer Durables & Apparel) | 164,768 | ||||
1,018 | Prysmian SpA (Capital Goods) | 29,159 | ||||
549 | Reply SpA (Software & Services) | 57,183 | ||||
| ||||||
608,351 | ||||||
|
| |||||
Japan – 23.9% | ||||||
4,900 | AGC, Inc. (Capital Goods) | 152,546 | ||||
38,600 | Air Water, Inc. (Materials) | 455,928 | ||||
1,000 | Asahi Group Holdings Ltd. (Food, Beverage & Tobacco) | 31,176 | ||||
1,400 | ASKA Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 10,772 | ||||
9,500 | Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 125,849 | ||||
5,600 | Central Japan Railway Co. (Transportation) | 657,390 | ||||
24,700 | Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 617,082 | ||||
10,300 | Coca-Cola Bottlers Japan Holdings, Inc. (Food, Beverage & Tobacco) | 99,875 | ||||
2,000 | Daiwa House Industry Co. Ltd. (Real Estate) | 40,665 | ||||
1,200 | Ebara Corp. (Capital Goods) | 39,102 | ||||
41,800 | Fujikura Ltd. (Capital Goods) | 249,312 | ||||
5,400 | Fuyo General Lease Co. Ltd. (Diversified Financials) | 294,790 | ||||
3,100 | G-Tekt Corp. (Automobiles & Components) | 27,103 | ||||
28,200 | H2O Retailing Corp. (Retailing) | 215,202 | ||||
7,000 | Hanwa Co. Ltd. (Capital Goods) | 165,789 | ||||
2,500 | Happinet Corp. (Retailing) | 31,876 | ||||
6,800 | Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 159,627 | ||||
1,400 | Hokkaido Gas Co. Ltd. (Utilities) | 15,340 | ||||
31,200 | Honda Motor Co. Ltd. (Automobiles & Components) | 677,221 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Japan – (continued) | ||||||
1,300 | IHI Corp. (Capital Goods) | $ 27,805 | ||||
20,000 | Inpex Corp. (Energy) | 186,542 | ||||
18,900 | Inui Global Logistics Co. Ltd. (Commercial & Professional Services) | 213,443 | ||||
24,800 | Isuzu Motors Ltd. (Automobiles & Components) | 274,224 | ||||
3,200 | ITOCHU Corp. (Capital Goods) | 77,241 | ||||
4,700 | J Front Retailing Co. Ltd. (Retailing) | 38,245 | ||||
21,800 | JGC Holdings Corp. (Capital Goods) | 270,470 | ||||
4,200 | K&O Energy Group, Inc. (Utilities) | 47,112 | ||||
1,000 | Kaneka Corp. (Materials) | 24,974 | ||||
6,000 | Kansai Electric Power Co., Inc. (The) (Utilities) | 50,198 | ||||
3,300 | KDDI Corp. (Telecommunication Services) | 96,480 | ||||
1,300 | Kintetsu Group Holdings Co. Ltd. (Transportation) | 43,282 | ||||
5,100 | Kissei Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 90,599 | ||||
6,500 | Konami Group Corp. (Media & Entertainment) | 300,964 | ||||
8,600 | Kyosan Electric Manufacturing Co. Ltd. (Technology Hardware & Equipment) | 24,676 | ||||
4,700 | Kyowa Kirin Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 108,063 | ||||
1,500 | Lawson, Inc. (Food & Staples Retailing) | 49,074 | ||||
28,500 | Mandom Corp. (Household & Personal Products) | 300,060 | ||||
70,100 | Marubeni Corp. (Capital Goods) | 611,657 | ||||
1,500 | Maruha Nichiro Corp. (Food, Beverage & Tobacco) | 25,522 | ||||
5,400 | Mazda Motor Corp. (Automobiles & Components) | 35,857 | ||||
25,600 | Mitsubishi Corp. (Capital Goods) | 700,166 | ||||
48,900 | Mitsubishi Estate Co. Ltd. (Real Estate) | 644,315 | ||||
6,800 | Mitsubishi Gas Chemical Co., Inc. (Materials) | 89,412 | ||||
135,500 | Mitsubishi HC Capital, Inc. (Diversified Financials) | 582,409 | ||||
1,800 | Mitsubishi Research Institute, Inc. (Software & Services) | 55,457 | ||||
2,600 | Mitsubishi Shokuhin Co. Ltd. (Food & Staples Retailing) | 58,561 | ||||
35,000 | Mitsui & Co. Ltd. (Capital Goods) | 744,792 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Japan – (continued) | ||||||
35,100 | Mitsui Fudosan Co. Ltd. (Real Estate) | $ 668,655 | ||||
1,000 | MS&AD Insurance Group Holdings, Inc. (Insurance) | 26,483 | ||||
1,400 | NEC Corp. (Software & Services) | 44,828 | ||||
6,400 | Nippon Express Holdings, Inc. (Transportation) | 325,305 | ||||
2,400 | Nippon Kayaku Co. Ltd. (Materials) | 19,216 | ||||
600 | Nippon Soda Co. Ltd. (Materials) | 18,258 | ||||
4,100 | Nippon Suisan Kaisha Ltd. (Food, Beverage & Tobacco) | 15,429 | ||||
4,100 | Nippon Telegraph & Telephone Corp. (Telecommunication Services) | 110,586 | ||||
5,600 | Nissan Motor Co. Ltd. (Automobiles & Components) | 18,047 | ||||
2,400 | Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco) | 52,983 | ||||
43,400 | Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco) | 438,357 | ||||
800 | NS Solutions Corp. (Software & Services) | 19,299 | ||||
1,200 | NS United Kaiun Kaisha Ltd. (Transportation) | 31,205 | ||||
4,700 | NTT Data Corp. (Software & Services) | 60,711 | ||||
76,800 | Obayashi Corp. (Capital Goods) | 492,900 | ||||
7,500 | Odakyu Electric Railway Co. Ltd. (Transportation) | 96,638 | ||||
700 | Ono Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 16,351 | ||||
3,900 | Oriental Land Co. Ltd. (Consumer Services) | 528,953 | ||||
40,400 | ORIX Corp. (Diversified Financials) | 565,966 | ||||
16,800 | Ricoh Co. Ltd. (Technology Hardware & Equipment) | 123,013 | ||||
6,300 | Round One Corp. (Consumer Services) | 27,308 | ||||
68,200 | Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 458,402 | ||||
7,100 | SBI Holdings, Inc. (Diversified Financials) | 127,410 | ||||
4,600 | SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment) | 249,591 | ||||
600 | Seiko Epson Corp. (Technology Hardware & Equipment) | 8,193 | ||||
2,300 | Shibaura Machine Co. Ltd. (Capital Goods) | 45,772 | ||||
6,900 | Shin-Etsu Chemical Co. Ltd. (Materials) | 682,802 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Japan – (continued) | ||||||
4,100 | Shinmaywa Industries Ltd. (Capital Goods) | $ 27,535 | ||||
5,700 | Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 275,277 | ||||
2,700 | SoftBank Group Corp. (Telecommunication Services) | 91,506 | ||||
800 | Subaru Corp. (Automobiles & Components) | 12,090 | ||||
28,700 | Sumitomo Corp. (Capital Goods) | 354,571 | ||||
29,700 | Sumitomo Mitsui Construction Co. Ltd. (Capital Goods) | 91,228 | ||||
14,200 | Sumitomo Realty & Development Co. Ltd. (Real Estate) | 322,937 | ||||
2,700 | Suzuki Motor Corp. (Automobiles & Components) | 84,051 | ||||
10,800 | Takuma Co. Ltd. (Capital Goods) | 92,613 | ||||
1,300 | Toei Co. Ltd. (Media & Entertainment) | 155,666 | ||||
10,100 | Toho Gas Co. Ltd. (Utilities) | 200,418 | ||||
3,800 | Tokai Corp. (Health Care Equipment & Services) | 47,035 | ||||
15,200 | Tokyo Century Corp. (Diversified Financials) | 486,323 | ||||
36,400 | Tokyo Gas Co. Ltd. (Utilities) | 614,471 | ||||
18,200 | Tokyu Fudosan Holdings Corp. (Real Estate) | 94,507 | ||||
10,400 | Tosoh Corp. (Materials) | 115,912 | ||||
1,900 | Totoku Electric Co. Ltd. (Capital Goods) | 27,851 | ||||
5,700 | Toyota Motor Corp. (Automobiles & Components) | 74,502 | ||||
17,300 | Toyota Tsusho Corp. (Capital Goods) | 535,864 | ||||
4,300 | Transcosmos, Inc. (Software & Services) | 111,662 | ||||
10,300 | Xebio Holdings Co. Ltd. (Retailing) | 68,608 | ||||
18,700 | Yamaha Motor Co. Ltd. (Automobiles & Components) | 350,362 | ||||
| ||||||
19,345,895 | ||||||
|
| |||||
Netherlands – 4.2% | ||||||
186 | ASM International NV (Semiconductors & Semiconductor Equipment) | 41,647 | ||||
1,414 | ASML Holding NV (Semiconductors & Semiconductor Equipment) | 585,791 | ||||
5,572 | Heineken Holding NV (Food, Beverage & Tobacco) | 381,452 | ||||
7,731 | Heineken NV (Food, Beverage & Tobacco) | 675,157 | ||||
3,483 | ING Groep NV (Banks) | 29,844 | ||||
3,577 | Koninklijke Ahold Delhaize NV (Food & Staples Retailing) | 91,111 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Netherlands – (continued) | ||||||
2,637 | OCI NV (Materials) | $ 96,545 | ||||
59,229 | Shell PLC (Energy) | 1,477,357 | ||||
| ||||||
3,378,904 | ||||||
|
| |||||
New Zealand – 0.4% | ||||||
120,820 | Meridian Energy Ltd. (Utilities) | 324,197 | ||||
|
| |||||
Norway – 1.7% | ||||||
10,282 | Aker BP ASA (Energy) | 295,140 | ||||
3,408 | DNB Bank ASA (Banks) | 54,078 | ||||
18,122 | Equinor ASA (Energy) | 597,641 | ||||
62,845 | MPC Container Ships ASA (Transportation) | 104,792 | ||||
31,023 | Odfjell Drilling Ltd. (Energy)* | 67,521 | ||||
13,807 | Stolt-Nielsen Ltd. (Transportation) | 275,798 | ||||
| ||||||
1,394,970 | ||||||
|
| |||||
Singapore – 1.6% | ||||||
6,400 | Jardine Cycle & Carriage Ltd. (Capital Goods) | 149,688 | ||||
51,900 | Oversea-Chinese Banking Corp. Ltd. (Banks) | 425,263 | ||||
14,100 | Singapore Exchange Ltd. (Diversified Financials) | 92,501 | ||||
19,206 | STMicroelectronics NV (Semiconductors & Semiconductor Equipment) | 597,016 | ||||
| ||||||
1,264,468 | ||||||
|
| |||||
South Africa – 0.8% | ||||||
22,036 | Anglo American PLC (Materials) | 661,649 | ||||
|
| |||||
Spain – 2.0% | ||||||
31,118 | Banco Bilbao Vizcaya Argentaria SA (Banks) | 139,591 | ||||
21,457 | Banco Santander SA (Banks) | 49,928 | ||||
90,396 | Iberdrola SA (Utilities) | 842,869 | ||||
14,315 | Merlin Properties Socimi SA REIT (Real Estate) | 110,457 | ||||
31,518 | Red Electrica Corp. SA (Utilities) | 483,663 | ||||
| ||||||
1,626,508 | ||||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Sweden – 5.2% | ||||||
45,108 | Atlas Copco AB, Class B (Capital Goods) | $ 373,901 | ||||
4,921 | Evolution AB (Consumer Services)(b) | 388,993 | ||||
39,908 | Investor AB, Class B (Diversified Financials) | 582,307 | ||||
39,362 | Orron Energy ab (Utilities) | 70,234 | ||||
18,953 | Sandvik AB (Capital Goods) | 258,359 | ||||
52,259 | Skandinaviska Enskilda Banken AB, Class A (Banks) | 498,068 | ||||
12,640 | SSAB AB, Class B (Materials) | 53,865 | ||||
46,591 | Swedbank AB, Class A (Banks) | 611,542 | ||||
98,150 | Telefonaktiebolaget LM Ericsson, Class B (Technology Hardware & Equipment) | 573,731 | ||||
7,193 | Trelleborg AB, Class B (Capital Goods) | 134,946 | ||||
44,571 | Volvo AB, Class B (Capital Goods) | 630,723 | ||||
| ||||||
4,176,669 | ||||||
|
| |||||
Switzerland – 5.0% | ||||||
4 | Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco) | 398,345 | ||||
28 | Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco) | 270,601 | ||||
9,120 | Cie Financiere Richemont SA (Consumer Durables & Apparel) | 860,886 | ||||
1,709 | DKSH Holding AG (Commercial & Professional Services) | 123,999 | ||||
235 | Julius Baer Group Ltd. (Diversified Financials) | 10,255 | ||||
1,584 | Lonza Group AG (Pharmaceuticals, Biotechnology & Life Sciences) | 771,236 | ||||
5,704 | Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences) | 434,856 | ||||
5,290 | Swatch Group AG (The) – Registered (Consumer Durables & Apparel) | 221,614 | ||||
56,731 | UBS Group AG (Diversified Financials) | 823,051 | ||||
1,241 | Valiant Holding AG (Banks) | 117,604 | ||||
| ||||||
4,032,447 | ||||||
|
| |||||
United Kingdom – 8.7% | ||||||
9,553 | 3i Group PLC (Diversified Financials) | 114,707 | ||||
1,119 | Associated British Foods PLC (Food, Beverage & Tobacco) | 15,635 | ||||
3,120 | AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) | 171,101 | ||||
109,003 | Aviva PLC (Insurance) | 467,497 | ||||
1,367 | BAE Systems PLC (Capital Goods) | 12,011 | ||||
30,013 | British American Tobacco PLC (Food, Beverage & Tobacco) | 1,076,193 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
United Kingdom – (continued) | ||||||
21,000 | CK Hutchison Holdings Ltd. (Capital Goods) | $ 115,631 | ||||
14,068 | Compass Group PLC (Consumer Services) | 280,128 | ||||
907 | DCC PLC (Capital Goods) | 47,103 | ||||
29,104 | Diageo PLC (Food, Beverage & Tobacco) | 1,225,091 | ||||
14,609 | DS Smith PLC (Materials) | 41,315 | ||||
34,752 | Imperial Brands PLC (Food, Beverage & Tobacco) | 714,601 | ||||
3,743 | Inchcape PLC (Retailing) | 28,342 | ||||
5,658 | InterContinental Hotels Group PLC (Consumer Services) | 272,500 | ||||
1,298 | Intertek Group PLC (Commercial & Professional Services) | 53,256 | ||||
9,089 | M&G PLC (Diversified Financials) | 16,743 | ||||
79,556 | Melrose Industries PLC (Capital Goods) | 88,957 | ||||
62,189 | NatWest Group PLC (Banks) | 154,896 | ||||
8,859 | Next PLC (Retailing) | 470,199 | ||||
4,909 | Pearson PLC (Media & Entertainment) | 46,879 | ||||
4,512 | Reckitt Benckiser Group PLC (Household & Personal Products) | 299,062 | ||||
37,547 | SSE PLC (Utilities) | 634,019 | ||||
16,504 | UK Commercial Property REIT Ltd. REIT (Real Estate) | 11,008 | ||||
57,275 | Vodafone Group PLC ADR (Telecommunication Services) | 648,926 | ||||
| ||||||
7,005,800 | ||||||
|
| |||||
United States – 7.0% | ||||||
34,183 | Computershare Ltd. (Software & Services) | 545,222 | ||||
461 | CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 83,841 | ||||
4,169 | Ferguson PLC (Capital Goods) | 432,447 | ||||
30,041 | GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) | 884,107 | ||||
8,394 | Nestle SA (Food, Beverage & Tobacco) | 907,873 | ||||
6,324 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) | 2,058,669 | ||||
161 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) | 62,891 | ||||
59,470 | Stellantis NV (Automobiles & Components) | 702,487 | ||||
| ||||||
5,677,537 | ||||||
|
| |||||
| TOTAL COMMON STOCKS (Cost $89,528,269) | $76,998,874 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Rate | Value | |||||
Preferred Stocks – 1.8% | ||||||||
Germany – 1.8% | ||||||||
5,258 | Bayerische Motoren Werke AG (Automobiles & Components) | 8.54 | % | $ 341,445 | ||||
3,040 | Henkel AG & Co. KGaA (Household & Personal Products) | 3.02 | 180,537 | |||||
8,714 | Porsche Automobil Holding SE (Automobiles & Components) | 4.20 | 490,974 | |||||
3,963 | Volkswagen AG (Automobiles & Components) | 5.70 | 484,247 | |||||
| ||||||||
TOTAL PREFERRED STOCKS (Cost $1,908,068) | $ 1,497,203 | |||||||
| ||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $91,436,337) | $78,496,077 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||
Securities Lending Reinvestment Vehicle – 0.2%(c) | ||||
Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||
139,472 | 2.911% | $ 139,472 | ||
(Cost $139,472) | ||||
| ||||
TOTAL INVESTMENTS – 97.3% (Cost $91,575,809) | $78,635,549 | |||
| ||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 2.7% | 2,200,291 | |||
| ||||
NET ASSETS – 100.0% | $80,835,840 | |||
|
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) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) | Represents an affiliated issuer. |
|
Investment Abbreviations: | ||
ADR | — American Depositary Receipt | |
PLC | — Public Limited Company | |
REIT | — Real Estate Investment Trust | |
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Sector Name | % of Market Value | ||||
Financials | 16.4 | % | |||
Industrials | 16.1 | ||||
Health Care | 14.2 | ||||
Consumer Discretionary | 13.5 | ||||
Consumer Staples | 11.9 | ||||
Information Technology | 6.7 | ||||
Materials | 5.6 | ||||
Utilities | 4.9 | ||||
Energy | 4.4 | ||||
Real Estate | 3.2 | ||||
Communication Services | 2.9 | ||||
Securities Lending Reinvestment Vehicle | 0.2 | ||||
TOTAL INVESTMENTS | 100.0 | % |
GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At September 30, 2022, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized (Depreciation) | ||||||||
| ||||||||||||
Long position contracts: | ||||||||||||
EURO STOXX 50 Index | 19 | 12/16/22 | $ | 697,732 | $ | (59,086 | ) | |||||
FTSE 100 Index | 3 | 12/16/22 | 261,855 | (18,875 | ) | |||||||
Hang Seng Index | 1 | 10/28/22 | 114,107 | (4,487 | ) | |||||||
MSCI Singapore Index | 1 | 10/28/22 | 19,627 | (104 | ) | |||||||
SPI 200 Index | 1 | 12/15/22 | 119,620 | (8,020 | ) | |||||||
TOPIX Index | 3 | 12/08/22 | 401,778 | (15,937 | ) | |||||||
| ||||||||||||
Total Futures Contracts | $ | (106,509 | ) | |||||||||
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND
Schedule of Investments
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – 99.8% | ||||||
Automobiles & Components – 1.4% | ||||||
152,354 | General Motors Co. | $ 4,889,040 | ||||
|
| |||||
Banks – 6.5% | ||||||
281,071 | Bank of America Corp. | 8,488,344 | ||||
17,785 | First Republic Bank | 2,321,832 | ||||
94,463 | JPMorgan Chase & Co. | 9,871,383 | ||||
13,812 | M&T Bank Corp. | 2,435,332 | ||||
| ||||||
23,116,891 | ||||||
|
| |||||
Capital Goods – 6.8% | ||||||
23,469 | Caterpillar, Inc. | 3,850,794 | ||||
35,001 | Eaton Corp. PLC | 4,667,733 | ||||
77,607 | General Electric Co. | 4,804,649 | ||||
17,347 | Illinois Tool Works, Inc. | 3,133,736 | ||||
27,739 | L3Harris Technologies, Inc. | 5,764,996 | ||||
24,570 | Stanley Black & Decker, Inc. | 1,847,910 | ||||
| ||||||
24,069,818 | ||||||
|
| |||||
Commercial & Professional Services – 0.8% | ||||||
20,791 | Waste Connections, Inc. | 2,809,488 | ||||
|
| |||||
Consumer Services – 1.5% | ||||||
23,329 | McDonald’s Corp. | 5,382,933 | ||||
|
| |||||
Diversified Financials – 7.1% | ||||||
15,433 | Berkshire Hathaway, Inc., Class B* | 4,120,920 | ||||
8,643 | BlackRock, Inc. | 4,756,070 | ||||
78,742 | Charles Schwab Corp. (The) | 5,659,187 | ||||
83,960 | Morgan Stanley | 6,633,680 | ||||
70,576 | Nasdaq, Inc. | 4,000,248 | ||||
| ||||||
25,170,105 | ||||||
|
| |||||
Energy – 7.5% | ||||||
26,824 | Chesapeake Energy Corp. | 2,527,089 | ||||
81,504 | ConocoPhillips | 8,341,119 | ||||
69,604 | Devon Energy Corp. | 4,185,289 | ||||
89,795 | Exxon Mobil Corp. | 7,840,001 | ||||
35,945 | Hess Corp. | 3,917,646 | ||||
| ||||||
26,811,144 | ||||||
|
| |||||
Food & Staples Retailing – 2.2% | ||||||
60,823 | Walmart, Inc. | 7,888,743 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Food, Beverage & Tobacco – 4.0% | ||||||
50,527 | Archer-Daniels-Midland Co. | $ 4,064,897 | ||||
60,646 | Coca-Cola Co. (The) | 3,397,389 | ||||
15,272 | Constellation Brands, Inc., Class A | 3,507,673 | ||||
45,331 | General Mills, Inc. | 3,472,808 | ||||
| ||||||
14,442,767 | ||||||
|
| |||||
Health Care Equipment & Services – 9.8% | ||||||
132,339 | Boston Scientific Corp.* | 5,125,489 | ||||
46,266 | Centene Corp.* | 3,599,957 | ||||
9,095 | Cooper Cos., Inc. (The) | 2,400,171 | ||||
50,383 | CVS Health Corp. | 4,805,027 | ||||
27,011 | Edwards Lifesciences Corp.* | 2,231,919 | ||||
14,513 | Humana, Inc. | 7,041,562 | ||||
50,666 | Medtronic PLC | 4,091,280 | ||||
53,309 | Zimmer Biomet Holdings, Inc. | 5,573,456 | ||||
| ||||||
34,868,861 | ||||||
|
| |||||
Household & Personal Products – 2.0% | ||||||
51,920 | Colgate-Palmolive Co. | 3,647,380 | ||||
28,781 | Procter & Gamble Co. (The) | 3,633,601 | ||||
| ||||||
7,280,981 | ||||||
|
| |||||
Insurance – 5.0% | ||||||
24,890 | Chubb Ltd. | 4,526,993 | ||||
34,554 | Globe Life, Inc. | 3,445,034 | ||||
82,200 | MetLife, Inc. | 4,996,116 | ||||
41,725 | Progressive Corp. (The) | 4,848,862 | ||||
| ||||||
17,817,005 | ||||||
|
| |||||
Materials – 5.3% | ||||||
40,575 | Ashland, Inc. | 3,853,408 | ||||
60,909 | Ball Corp. | 2,943,123 | ||||
57,605 | Freeport-McMoRan, Inc. | 1,574,345 | ||||
20,887 | Linde PLC (United Kingdom) | 5,630,926 | ||||
14,872 | Martin Marietta Materials, Inc. | 4,790,122 | ||||
| ||||||
18,791,924 | ||||||
|
| |||||
Media & Entertainment – 4.5% | ||||||
26,041 | Alphabet, Inc., Class A* | 2,490,822 | ||||
22,727 | Electronic Arts, Inc. | 2,629,741 | ||||
61,631 | Meta Platforms, Inc., Class A* | 8,362,094 | ||||
91,513 | New York Times Co. (The), Class A | 2,630,999 | ||||
| ||||||
16,113,656 | ||||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences – 9.6% | ||||||
4,100 | Argenx SE ADR (Netherlands)* | $ 1,447,505 | ||||
49,492 | AstraZeneca PLC ADR (United Kingdom) | 2,714,141 | ||||
4,839 | Biogen, Inc.* | 1,292,013 | ||||
123,161 | Bristol-Myers Squibb Co. | 8,755,516 | ||||
77,125 | Gilead Sciences, Inc. | 4,757,841 | ||||
83,354 | Johnson & Johnson | 13,616,710 | ||||
15,772 | Neurocrine Biosciences, Inc.* | 1,675,144 | ||||
| ||||||
34,258,870 | ||||||
|
| |||||
Real Estate – 3.5% | ||||||
18,667 | Alexandria Real Estate Equities, Inc. REIT | 2,616,927 | ||||
14,412 | American Tower Corp. REIT | 3,094,256 | ||||
17,173 | AvalonBay Communities, Inc. REIT | 3,163,095 | ||||
26,461 | Boston Properties, Inc. REIT | 1,983,781 | ||||
5,567 | Public Storage REIT | 1,630,073 | ||||
| ||||||
12,488,132 | ||||||
|
| |||||
Retailing – 2.7% | ||||||
70,107 | Ross Stores, Inc. | 5,907,917 | ||||
25,373 | Target Corp. | 3,765,099 | ||||
| ||||||
9,673,016 | ||||||
|
| |||||
Semiconductors & Semiconductor Equipment – 1.7% | ||||||
8,755 | KLA Corp. | 2,649,526 | ||||
32,195 | ON Semiconductor Corp.* | 2,006,714 | ||||
13,415 | Wolfspeed, Inc.* | 1,386,574 | ||||
| ||||||
6,042,814 | ||||||
|
| |||||
Software & Services – 5.6% | ||||||
9,017 | Adobe, Inc.* | 2,481,478 | ||||
45,945 | Fidelity National Information Services, Inc. | 3,472,064 | ||||
36,578 | International Business Machines Corp. | 4,345,832 | ||||
50,482 | PayPal Holdings, Inc.* | 4,344,986 | ||||
36,372 | Salesforce, Inc.* | 5,231,748 | ||||
| ||||||
19,876,108 | ||||||
|
| |||||
Technology Hardware & Equipment – 2.0% | ||||||
125,384 | Cisco Systems, Inc. | 5,015,360 | ||||
14,043 | Keysight Technologies, Inc.* | 2,209,807 | ||||
| ||||||
7,225,167 | ||||||
|
| |||||
Telecommunication Services – 1.7% | ||||||
389,657 | AT&T, Inc. | 5,977,338 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Transportation – 2.9% | ||||||
24,351 | Norfolk Southern Corp. | $ 5,105,187 | ||||
11,276 | Old Dominion Freight Line, Inc. | 2,805,131 | ||||
71,294 | United Airlines Holdings, Inc.* | 2,319,194 | ||||
| ||||||
10,229,512 | ||||||
|
| |||||
Utilities – 5.7% | ||||||
56,791 | Ameren Corp. | 4,574,515 | ||||
21,453 | Atmos Energy Corp. | 2,184,988 | ||||
36,000 | CMS Energy Corp. | 2,096,640 | ||||
98,612 | NextEra Energy, Inc. | 7,732,167 | ||||
60,686 | Xcel Energy, Inc. | 3,883,904 | ||||
| ||||||
20,472,214 | ||||||
|
| |||||
| TOTAL COMMON STOCKS (Cost $342,068,691) | $355,696,527 | ||||
|
|
Shares | Dividend Rate | Value | ||
Investment Company – 0.3%(a) | ||||
Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||
1,092,078 | 2.911% | $ 1,092,078 | ||
(Cost $1,092,078) | ||||
| ||||
TOTAL INVESTMENTS – 100.1% (Cost $343,160,769) | $356,788,605 | |||
| ||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)% | (334,520) | |||
| ||||
NET ASSETS – 100.0% | $356,454,085 | |||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. | |
(a) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR | — American Depositary Receipt | |
PLC | — Public Limited Company | |
REIT | — Real Estate Investment Trust | |
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP GROWTH FUND
Schedule of Investments
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – 96.0% | ||||||
Automobiles & Components – 1.5% | ||||||
9,955 | Aptiv PLC* | $ 778,580 | ||||
|
| |||||
Banks – 1.2% | ||||||
4,459 | First Republic Bank | 582,122 | ||||
|
| |||||
Capital Goods – 11.5% | ||||||
5,596 | AMETEK, Inc. | 634,642 | ||||
3,155 | Chart Industries, Inc.* | 581,624 | ||||
3,971 | Cummins, Inc. | 808,138 | ||||
7,724 | Fortive Corp. | 450,309 | ||||
6,693 | ITT, Inc. | 437,321 | ||||
5,986 | Rockwell Automation, Inc. | 1,287,649 | ||||
5,718 | Trane Technologies PLC | 828,024 | ||||
5,663 | Woodward, Inc. | 454,512 | ||||
2,852 | Xylem, Inc. | 249,151 | ||||
| ||||||
5,731,370 | ||||||
|
| |||||
Commercial & Professional Services – 4.4% | ||||||
11,270 | CoStar Group, Inc.* | 784,956 | ||||
10,522 | TransUnion | 625,954 | ||||
4,680 | Verisk Analytics, Inc. | 798,080 | ||||
| ||||||
2,208,990 | ||||||
|
| |||||
Consumer Durables & Apparel – 2.2% | ||||||
3,871 | Lululemon Athletica, Inc.* | 1,082,177 | ||||
|
| |||||
Consumer Services – 2.7% | ||||||
1,542 | Domino’s Pizza, Inc. | 478,328 | ||||
9,465 | Expedia Group, Inc.* | 886,776 | ||||
| ||||||
1,365,104 | ||||||
|
| |||||
Diversified Financials – 2.8% | ||||||
6,840 | Ares Management Corp., Class A | 423,738 | ||||
1,249 | MSCI, Inc. | 526,816 | ||||
8,167 | TPG, Inc.(a) | 227,369 | ||||
3,779 | Tradeweb Markets, Inc., Class A | 213,211 | ||||
| ||||||
1,391,134 | ||||||
|
| |||||
Energy – 5.1% | ||||||
5,948 | Cheniere Energy, Inc. | 986,833 | ||||
7,107 | Devon Energy Corp. | 427,344 | ||||
2,771 | Diamondback Energy, Inc. | 333,795 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Energy – (continued) | ||||||
4,256 | Hess Corp. | $ 463,861 | ||||
5,837 | Targa Resources Corp. | 352,204 | ||||
| ||||||
2,564,037 | ||||||
|
| |||||
Food, Beverage & Tobacco – 3.0% | ||||||
9,112 | McCormick & Co., Inc. | 649,412 | ||||
55,070 | Utz Brands, Inc. | 831,557 | ||||
| ||||||
1,480,969 | ||||||
|
| |||||
Health Care Equipment & Services – 9.5% | ||||||
1,025 | Align Technology, Inc.* | 212,288 | ||||
5,532 | AmerisourceBergen Corp. | 748,646 | ||||
15,040 | Dexcom, Inc.* | 1,211,322 | ||||
1,329 | IDEXX Laboratories, Inc.* | 432,988 | ||||
5,031 | Insulet Corp.* | 1,154,111 | ||||
5,864 | Veeva Systems, Inc., Class A* | 966,856 | ||||
| ||||||
4,726,211 | ||||||
|
| |||||
Materials – 4.8% | ||||||
5,647 | Ashland, Inc. | 536,296 | ||||
13,974 | Ball Corp. | 675,224 | ||||
18,433 | Freeport-McMoRan, Inc. | 503,774 | ||||
2,062 | Martin Marietta Materials, Inc. | 664,149 | ||||
| ||||||
2,379,443 | ||||||
|
| |||||
Media & Entertainment – 4.0% | ||||||
8,785 | Live Nation Entertainment, Inc.* | 668,011 | ||||
40,726 | Snap, Inc., Class A* | 399,929 | ||||
6,937 | Trade Desk, Inc. (The), Class A* | 414,486 | ||||
46,705 | Warner Bros Discovery, Inc.* | 537,108 | ||||
| ||||||
2,019,534 | ||||||
|
| |||||
Pharmaceuticals, Biotechnology & Life Sciences – 11.6% | ||||||
2,843 | Alnylam Pharmaceuticals, Inc.* | 569,055 | ||||
1,383 | Argenx SE ADR (Netherlands)* | 488,268 | ||||
1,396 | Biogen, Inc.* | 372,732 | ||||
6,124 | Catalent, Inc.* | 443,133 | ||||
831 | Mettler-Toledo International, Inc.* | 900,904 | ||||
7,433 | Neurocrine Biosciences, Inc.* | 789,459 | ||||
5,487 | Sarepta Therapeutics, Inc.* | 606,533 | ||||
5,052 | Seagen, Inc.* | 691,265 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP GROWTH FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences – (continued) | ||||||
3,703 | West Pharmaceutical Services, Inc. | $ 911,234 | ||||
| ||||||
5,772,583 | ||||||
|
| |||||
Real Estate – 1.1% | ||||||
4,748 | Ryman Hospitality Properties, Inc. REIT | 349,405 | ||||
795 | SBA Communications Corp. REIT | 226,297 | ||||
| ||||||
575,702 | ||||||
|
| |||||
Retailing – 4.9% | ||||||
4,606 | Burlington Stores, Inc.* | 515,365 | ||||
10,262 | Etsy, Inc.* | 1,027,534 | ||||
1,337 | RH* | 328,996 | ||||
1,396 | Ulta Beauty, Inc.* | 560,061 | ||||
| ||||||
2,431,956 | ||||||
|
| |||||
Semiconductors & Semiconductor Equipment – 6.2% | ||||||
3,111 | Enphase Energy, Inc.* | 863,209 | ||||
7,121 | Entegris, Inc. | 591,185 | ||||
4,868 | MKS Instruments, Inc. | 402,292 | ||||
12,498 | ON Semiconductor Corp.* | 779,000 | ||||
4,360 | Wolfspeed, Inc.* | 450,650 | ||||
| ||||||
3,086,336 | ||||||
|
| |||||
Software & Services – 13.6% | ||||||
7,583 | AppLovin Corp., Class A*(a) | 147,793 | ||||
1,924 | Atlassian Corp. PLC, Class A* | 405,175 | ||||
4,170 | Bill.com Holdings, Inc.* | 551,983 | ||||
11,008 | Cadence Design Systems, Inc.* | 1,799,037 | ||||
4,002 | Datadog, Inc., Class A* | 355,298 | ||||
16,732 | Dynatrace, Inc.* | 582,441 | ||||
2,492 | HubSpot, Inc.* | 673,139 | ||||
3,774 | Palo Alto Networks, Inc.* | 618,143 | ||||
2,170 | Paycom Software, Inc.* | 716,078 | ||||
6,817 | Qualtrics International, Inc., Class A* | 69,397 | ||||
5,288 | Zscaler, Inc.* | 869,189 | ||||
| ||||||
6,787,673 | ||||||
|
| |||||
Technology Hardware & Equipment – 4.0% | ||||||
12,588 | Amphenol Corp., Class A | 842,893 | ||||
7,312 | Keysight Technologies, Inc.* | 1,150,616 | ||||
| ||||||
1,993,509 | ||||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Transportation – 1.9% | ||||||
2,628 | Old Dominion Freight Line, Inc. | $ 653,768 | ||||
1,608 | Saia, Inc.* | 305,520 | ||||
| ||||||
959,288 | ||||||
|
| |||||
| TOTAL COMMON STOCKS (Cost $46,213,000) | $47,916,718 | ||||
|
|
Shares | Dividend Rate | Value | ||||
Investment Company – 4.2%(b) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||||
2,072,519 | 2.911% | $ 2,072,519 | ||||
(Cost $2,072,519) | ||||||
| ||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $48,285,519) |
| $49,989,237 | ||||
| ||||||
Securities Lending Reinvestment Vehicle – 0.7%(b) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||||
373,133 | 2.911% | $ 373,133 | ||||
(Cost $373,133) | ||||||
| ||||||
TOTAL INVESTMENTS – 100.9% (Cost $48,658,652) |
| $50,362,370 | ||||
| ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)% |
| (439,770) | ||||
| ||||||
NET ASSETS – 100.0% |
| $49,922,600 | ||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. | |
(a) | All or a portion of security is on loan. | |
(b) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR | — American Depositary Receipt | |
PLC | — Public Limited Company | |
REIT | — Real Estate Investment Trust | |
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND
Schedule of Investments
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – 99.6% | ||||||
Automobiles & Components – 0.4% | ||||||
18,243 | Aptiv PLC* | $ 1,426,785 | ||||
|
| |||||
Banks – 5.6% | ||||||
51,579 | Citizens Financial Group, Inc. | 1,772,254 | ||||
92,041 | East West Bancorp, Inc. | 6,179,633 | ||||
27,712 | First Republic Bank | 3,617,801 | ||||
31,102 | M&T Bank Corp. | 5,483,905 | ||||
39,279 | Pinnacle Financial Partners, Inc. | 3,185,527 | ||||
| ||||||
20,239,120 | ||||||
|
| |||||
Capital Goods – 13.2% | ||||||
30,295 | Allegion PLC | 2,716,856 | ||||
43,054 | AMETEK, Inc. | 4,882,754 | ||||
14,249 | Chart Industries, Inc.* | 2,626,803 | ||||
33,147 | Cummins, Inc. | 6,745,746 | ||||
39,968 | Fastenal Co. | 1,840,127 | ||||
78,065 | Fortive Corp. | 4,551,190 | ||||
76,196 | ITT, Inc. | 4,978,647 | ||||
15,180 | L3Harris Technologies, Inc. | 3,154,859 | ||||
13,493 | Rockwell Automation, Inc. | 2,902,479 | ||||
47,772 | Stanley Black & Decker, Inc. | 3,592,932 | ||||
22,198 | Trane Technologies PLC | 3,214,492 | ||||
4,478 | TransDigm Group, Inc. | 2,350,144 | ||||
55,482 | Woodward, Inc. | 4,452,985 | ||||
| ||||||
48,010,014 | ||||||
|
| |||||
Consumer Durables & Apparel – 2.4% | ||||||
50,151 | Capri Holdings Ltd.* | 1,927,805 | ||||
7,200 | Deckers Outdoor Corp.* | 2,250,792 | ||||
60,548 | Lennar Corp., Class A | 4,513,853 | ||||
| ||||||
8,692,450 | ||||||
|
| |||||
Consumer Services – 2.0% | ||||||
7,465 | Domino’s Pizza, Inc. | 2,315,643 | ||||
27,457 | Expedia Group, Inc.* | 2,572,446 | ||||
22,410 | Yum! Brands, Inc. | 2,383,080 | ||||
| ||||||
7,271,169 | ||||||
|
| |||||
Diversified Financials – 4.2% | ||||||
34,168 | Apollo Global Management, Inc. | 1,588,812 | ||||
64,260 | Carlyle Group, Inc. (The) | 1,660,478 | ||||
5,079 | MSCI, Inc. | 2,142,271 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Diversified Financials – (continued) | ||||||
84,197 | Nasdaq, Inc. | $ 4,772,286 | ||||
50,057 | Raymond James Financial, Inc. | 4,946,633 | ||||
| ||||||
15,110,480 | ||||||
|
| |||||
Energy – 4.6% | ||||||
20,401 | Cheniere Energy, Inc. | 3,384,730 | ||||
36,909 | Chesapeake Energy Corp. | 3,477,197 | ||||
36,224 | Devon Energy Corp. | 2,178,149 | ||||
18,640 | Diamondback Energy, Inc. | 2,245,374 | ||||
153,989 | Marathon Oil Corp. | 3,477,072 | ||||
40,344 | Ovintiv, Inc. | 1,855,824 | ||||
| ||||||
16,618,346 | ||||||
|
| |||||
Food & Staples Retailing – 1.4% | ||||||
61,892 | Grocery Outlet Holding Corp.* | 2,060,385 | ||||
68,578 | Performance Food Group Co.* | 2,945,425 | ||||
| ||||||
5,005,810 | ||||||
|
| |||||
Food, Beverage & Tobacco – 2.9% | ||||||
67,618 | Coca-Cola Europacific Partners PLC (United Kingdom) | 2,881,879 | ||||
74,080 | McCormick & Co., Inc. | 5,279,682 | ||||
155,344 | Utz Brands, Inc. | 2,345,694 | ||||
| ||||||
10,507,255 | ||||||
|
| |||||
Health Care Equipment & Services – 6.0% | ||||||
27,925 | AmerisourceBergen Corp. | 3,779,090 | ||||
23,981 | Centene Corp.* | 1,865,962 | ||||
19,146 | Cooper Cos., Inc. (The) | 5,052,629 | ||||
16,578 | Quest Diagnostics, Inc. | 2,033,955 | ||||
14,096 | Veeva Systems, Inc., Class A* | 2,324,149 | ||||
65,084 | Zimmer Biomet Holdings, Inc. | 6,804,532 | ||||
| ||||||
21,860,317 | ||||||
|
| |||||
Insurance – 7.5% | ||||||
35,468 | Allstate Corp. (The) | 4,416,830 | ||||
16,868 | American Financial Group, Inc. | 2,073,583 | ||||
77,228 | Arch Capital Group Ltd.* | 3,516,963 | ||||
23,207 | Arthur J Gallagher & Co. | 3,973,503 | ||||
50,364 | Globe Life, Inc. | 5,021,291 | ||||
1,238 | Markel Corp.* | 1,342,264 | ||||
65,958 | Principal Financial Group, Inc. | 4,758,870 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Insurance – (continued) | ||||||
57,958 | Unum Group | $ 2,248,770 | ||||
| ||||||
27,352,074 | ||||||
|
| |||||
Materials – 9.1% | ||||||
52,870 | Ashland, Inc. | 5,021,064 | ||||
75,885 | ATI, Inc.* | 2,019,300 | ||||
133,041 | Ball Corp. | 6,428,541 | ||||
63,933 | Corteva, Inc. | 3,653,771 | ||||
23,649 | Martin Marietta Materials, Inc. | 7,617,107 | ||||
25,938 | PPG Industries, Inc. | 2,871,077 | ||||
77,876 | Steel Dynamics, Inc. | 5,525,302 | ||||
| ||||||
33,136,162 | ||||||
|
| |||||
Media & Entertainment – 3.0% | ||||||
33,502 | Electronic Arts, Inc. | 3,876,516 | ||||
33,814 | Live Nation Entertainment, Inc.* | 2,571,217 | ||||
214,711 | Snap, Inc., Class A* | 2,108,462 | ||||
199,548 | Warner Bros Discovery, Inc.* | 2,294,802 | ||||
| ||||||
10,850,997 | ||||||
|
| |||||
Pharmaceuticals, Biotechnology & Life Sciences – 1.6% | ||||||
4,548 | Argenx SE ADR (Netherlands)* | 1,605,671 | ||||
10,247 | Biogen, Inc.* | 2,735,949 | ||||
19,849 | Catalent, Inc.* | 1,436,274 | ||||
| ||||||
5,777,894 | ||||||
|
| |||||
Real Estate – 10.2% | ||||||
52,809 | Alexandria Real Estate Equities, Inc. REIT | 7,403,294 | ||||
89,394 | Americold Realty Trust, Inc. REIT | 2,199,092 | ||||
32,314 | AvalonBay Communities, Inc. REIT | 5,951,916 | ||||
79,360 | CubeSmart REIT | 3,179,162 | ||||
32,261 | Duke Realty Corp. REIT | 1,554,980 | ||||
44,194 | Equity LifeStyle Properties, Inc. REIT | 2,777,151 | ||||
13,348 | Essex Property Trust, Inc. REIT | 3,233,286 | ||||
79,453 | Invitation Homes, Inc. REIT | 2,683,128 | ||||
45,197 | Regency Centers Corp. REIT | 2,433,858 | ||||
70,754 | Ventas, Inc. REIT | 2,842,188 | ||||
88,546 | VICI Properties, Inc. REIT | 2,643,098 | ||||
| ||||||
36,901,153 | ||||||
|
| |||||
Retailing – 3.5% | ||||||
45,589 | Burlington Stores, Inc.* | 5,100,953 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Retailing – (continued) | ||||||
25,509 | Etsy, Inc.* | $ 2,554,216 | ||||
64,986 | National Vision Holdings, Inc.* | 2,121,793 | ||||
11,587 | RH* | 2,851,213 | ||||
| ||||||
12,628,175 | ||||||
|
| |||||
Semiconductors & Semiconductor Equipment – 2.4% | ||||||
36,290 | MKS Instruments, Inc. | 2,999,006 | ||||
94,146 | ON Semiconductor Corp.* | 5,868,120 | ||||
| ||||||
8,867,126 | ||||||
|
| |||||
Software & Services – 2.5% | ||||||
21,893 | Bill.com Holdings, Inc.* | 2,897,976 | ||||
78,949 | Dynatrace, Inc.* | 2,748,215 | ||||
30,526 | Global Payments, Inc. | 3,298,334 | ||||
| ||||||
8,944,525 | ||||||
|
| |||||
Technology Hardware & Equipment – 5.7% | ||||||
72,995 | Juniper Networks, Inc. | 1,906,629 | ||||
24,119 | Keysight Technologies, Inc.* | 3,795,366 | ||||
32,143 | Motorola Solutions, Inc. | 7,199,068 | ||||
404,682 | Viavi Solutions, Inc.* | 5,281,100 | ||||
143,123 | Vontier Corp. | 2,391,585 | ||||
| ||||||
20,573,748 | ||||||
|
| |||||
Transportation – 2.2% | ||||||
48,556 | Knight-Swift Transportation Holdings, Inc. | 2,375,845 | ||||
9,037 | Old Dominion Freight Line, Inc. | 2,248,135 | ||||
8,457 | Saia, Inc.* | 1,606,830 | ||||
49,336 | United Airlines Holdings, Inc.* | 1,604,900 | ||||
| ||||||
7,835,710 | ||||||
|
| |||||
Utilities – 9.2% | ||||||
209,033 | AES Corp. (The) | 4,724,146 | ||||
86,003 | Ameren Corp. | 6,927,542 | ||||
18,045 | American Water Works Co., Inc. | 2,348,737 | ||||
69,403 | CMS Energy Corp. | 4,042,031 | ||||
41,120 | NextEra Energy Partners LP | 2,973,387 | ||||
48,632 | Public Service Enterprise Group, Inc. | 2,734,577 | ||||
40,220 | WEC Energy Group, Inc. | 3,596,875 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Utilities – (continued) | ||||||
92,205 | Xcel Energy, Inc. | $ 5,901,120 | ||||
| ||||||
33,248,415 | ||||||
|
| |||||
| TOTAL COMMON STOCKS (Cost $344,254,530) | $360,857,725 | ||||
|
|
Shares | Dividend Rate | Value | ||
Investment Company – 0.2%(a) | ||||
Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||
857,473 | 2.911% | $ 857,473 | ||
(Cost $857,473) | ||||
| ||||
TOTAL INVESTMENTS – 99.8% (Cost $345,112,003) | $361,715,198 | |||
| ||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% | 616,750 | |||
| ||||
NET ASSETS – 100.0% | $362,331,948 | |||
|
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 | |
LP | — Limited Partnership | |
PLC | — Public Limited Company | |
REIT | — Real Estate Investment Trust | |
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – 98.0% | ||||||
Automobiles & Components – 0.3% | ||||||
736 | Adient PLC* | $ 20,424 | ||||
1,004 | Fisker, Inc.* | 7,580 | ||||
4,167 | Goodyear Tire & Rubber Co. (The)* | 42,045 | ||||
1,542 | Holley, Inc.* | 6,245 | ||||
2,193 | LCI Industries | 222,502 | ||||
4,537 | Luminar Technologies, Inc.*(a) | 33,052 | ||||
| ||||||
331,848 | ||||||
|
| |||||
Banks – 12.1% | ||||||
3,587 | 1st Source Corp. | 166,078 | ||||
2,753 | Amalgamated Financial Corp. | 62,080 | ||||
11,531 | Ameris Bancorp | 515,551 | ||||
23,986 | Associated Banc-Corp. | 481,639 | ||||
9,676 | BayCom Corp. | 170,104 | ||||
544 | Berkshire Hills Bancorp, Inc. | 14,851 | ||||
7,036 | Business First Bancshares, Inc. | 151,485 | ||||
21,772 | Cadence Bank | 553,227 | ||||
6,726 | Capital Bancorp, Inc. | 155,371 | ||||
4,022 | Capital City Bank Group, Inc. | 125,124 | ||||
67,765 | Capitol Federal Financial, Inc. | 562,450 | ||||
24,607 | Central Pacific Financial Corp. | 509,119 | ||||
22,769 | Columbia Banking System, Inc. | 657,796 | ||||
5,490 | Community Bank System, Inc. | 329,839 | ||||
13,921 | CrossFirst Bankshares, Inc.* | 181,669 | ||||
6,489 | First Bancorp, Inc. (The) | 178,772 | ||||
13,071 | First Financial Bankshares, Inc. | 546,760 | ||||
2,216 | FVCBankcorp, Inc.* | 42,481 | ||||
1,031 | Great Southern Bancorp, Inc. | 58,839 | ||||
8,614 | Guaranty Bancshares, Inc. | 297,958 | ||||
15,173 | Hancock Whitney Corp. | 695,075 | ||||
19,820 | Hanmi Financial Corp. | 469,338 | ||||
3,588 | Home Bancorp, Inc. | 139,896 | ||||
2,425 | HomeTrust Bancshares, Inc. | 53,593 | ||||
37,011 | Hope Bancorp, Inc. | 467,819 | ||||
5,271 | Independent Bank Corp. | 100,676 | ||||
16,976 | International Bancshares Corp. | 721,480 | ||||
24,649 | Luther Burbank Corp. | 286,421 | ||||
14,370 | Macatawa Bank Corp. | 133,066 | ||||
13,190 | Merchants Bancorp | 304,293 | ||||
9,230 | Metrocity Bankshares, Inc. | 181,277 | ||||
7,258 | Northeast Bank | 266,151 | ||||
1,077 | OFG Bancorp (Puerto Rico) | 27,065 | ||||
4,060 | Origin Bancorp, Inc. | 156,188 | ||||
16,086 | PCB Bancorp | 290,674 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Banks – (continued) | ||||||
1,697 | Peoples Financial Services Corp. | $ 79,488 | ||||
1,793 | Provident Bancorp, Inc. | 25,658 | ||||
1,565 | Sierra Bancorp | 30,909 | ||||
1,641 | Silvergate Capital Corp., Class A* | 123,649 | ||||
2,940 | South Plains Financial, Inc. | 81,026 | ||||
3,783 | Southern First Bancshares, Inc.* | 157,600 | ||||
4,830 | SouthState Corp. | 382,150 | ||||
2,986 | Towne Bank | 80,114 | ||||
17,517 | TrustCo Bank Corp. | 550,384 | ||||
22,150 | Trustmark Corp. | 678,455 | ||||
1,410 | United Community Banks, Inc. | 46,671 | ||||
1,299 | USCB Financial Holdings, Inc.* | 17,030 | ||||
2,676 | Veritex Holdings, Inc. | 71,155 | ||||
| ||||||
12,378,494 | ||||||
|
| |||||
Capital Goods – 8.5% | ||||||
1,167 | AAR Corp.* | 41,802 | ||||
194 | Applied Industrial Technologies, Inc. | 19,939 | ||||
3,179 | Arcosa, Inc. | 181,775 | ||||
117 | Argan, Inc. | 3,764 | ||||
7,773 | Array Technologies, Inc.* | 128,876 | ||||
4,650 | Atkore, Inc.* | 361,817 | ||||
10,128 | Bloom Energy Corp., Class A* | 202,459 | ||||
2,290 | Chart Industries, Inc.* | 422,162 | ||||
10,673 | Columbus McKinnon Corp. | 279,206 | ||||
1,139 | Construction Partners, Inc., Class A* | 29,876 | ||||
1,914 | Douglas Dynamics, Inc. | 53,630 | ||||
3,293 | Dycom Industries, Inc.* | 314,580 | ||||
6,297 | Encore Wire Corp. | 727,555 | ||||
10,131 | Fluor Corp.* | 252,161 | ||||
23,257 | FTC Solar, Inc.* | 68,841 | ||||
7,251 | FuelCell Energy, Inc.* | 24,726 | ||||
19,557 | H&E Equipment Services, Inc. | 554,245 | ||||
9,418 | Hudson Technologies, Inc.* | 69,222 | ||||
5,196 | Janus International Group, Inc.* | 46,348 | ||||
24,827 | Kennametal, Inc. | 510,940 | ||||
4,221 | Kratos Defense & Security Solutions, Inc.* | 42,885 | ||||
7,420 | Lightning eMotors, Inc.* | 11,501 | ||||
439 | Maxar Technologies, Inc. | 8,218 | ||||
18,851 | Microvast Holdings, Inc.*(a) | 34,120 | ||||
8,859 | Miller Industries, Inc. | 188,608 | ||||
21,944 | MRC Global, Inc.* | 157,777 | ||||
13,790 | Mueller Industries, Inc. | 819,678 | ||||
4,529 | MYR Group, Inc.* | 383,742 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Capital Goods – (continued) | ||||||
4,190 | National Presto Industries, Inc. | $ 272,560 | ||||
2,854 | Northwest Pipe Co.* | 80,198 | ||||
12,103 | NOW, Inc.* | 121,635 | ||||
607 | Parsons Corp.* | 23,794 | ||||
1,212 | Powell Industries, Inc. | 25,549 | ||||
22,510 | Primoris Services Corp. | 365,788 | ||||
781 | Rush Enterprises, Inc., Class A | 34,255 | ||||
9,935 | Shoals Technologies Group, Inc., Class A* | 214,099 | ||||
11,439 | Stem, Inc.* | 152,596 | ||||
5,117 | Sterling Infrastructure, Inc.* | 109,862 | ||||
4,009 | Textainer Group Holdings Ltd. (China) | 107,682 | ||||
2,337 | Thermon Group Holdings, Inc.* | 36,013 | ||||
20,395 | Titan International, Inc.* | 247,595 | ||||
8,285 | Titan Machinery, Inc.* | 234,134 | ||||
3,388 | TPI Composites, Inc.* | 38,217 | ||||
8,771 | Tutor Perini Corp.* | 48,416 | ||||
3,190 | UFP Industries, Inc. | 230,190 | ||||
267 | V2X, Inc.* | 9,452 | ||||
23,139 | Wabash National Corp. | 360,043 | ||||
| ||||||
8,652,531 | ||||||
|
| |||||
Commercial & Professional Services – 1.4% | ||||||
3,072 | Aris Water Solution, Inc., Class A | 39,199 | ||||
6,987 | BrightView Holdings, Inc.* | 55,477 | ||||
14,498 | Ennis, Inc. | 291,845 | ||||
1,844 | Exponent, Inc. | 161,664 | ||||
1,538 | Forrester Research, Inc.* | 55,383 | ||||
1,283 | Franklin Covey Co.* | 58,235 | ||||
17,725 | Heritage-Crystal Clean, Inc.* | 524,128 | ||||
232 | Matthews International Corp., Class A | 5,199 | ||||
988 | Montrose Environmental Group, Inc.* | 33,246 | ||||
4,505 | Red Violet, Inc.*(a) | 78,027 | ||||
512 | UniFirst Corp. | 86,134 | ||||
6,960 | Upwork, Inc.* | 94,795 | ||||
| ||||||
1,483,332 | ||||||
|
| |||||
Consumer Durables & Apparel – 2.0% | ||||||
16,285 | Allbirds, Inc., Class A* | 49,506 | ||||
378 | Cavco Industries, Inc.* | 77,777 | ||||
18,897 | Dream Finders Homes, Inc., Class A*(a) | 200,308 | ||||
4,250 | GoPro, Inc., Class A* | 20,953 | ||||
4,972 | Installed Building Products, Inc. | 402,682 | ||||
250 | iRobot Corp.* | 14,083 | ||||
343 | KB Home | 8,891 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Consumer Durables & Apparel – (continued) | ||||||
5,514 | Landsea Homes Corp.* | $ 26,302 | ||||
1,902 | Legacy Housing Corp.* | 32,619 | ||||
1,772 | LGI Homes, Inc.* | 144,188 | ||||
6,715 | M/I Homes, Inc.* | 243,284 | ||||
8,571 | Malibu Boats, Inc., Class A* | 411,322 | ||||
10,133 | MasterCraft Boat Holdings, Inc.* | 191,007 | ||||
1,190 | Movado Group, Inc. | 33,534 | ||||
3,851 | Skyline Champion Corp.* | 203,602 | ||||
721 | Smith & Wesson Brands, Inc. | 7,477 | ||||
1,687 | Solo Brands, Inc., Class A* | 6,411 | ||||
| ||||||
2,073,946 | ||||||
|
| |||||
Consumer Services – 3.7% | ||||||
1,202 | Biglari Holdings, Inc., Class B* | 138,951 | ||||
28,962 | Bloomin’ Brands, Inc. | 530,873 | ||||
12,058 | Chuy’s Holdings, Inc.* | 279,504 | ||||
12,213 | Dave & Buster’s Entertainment, Inc.* | 378,969 | ||||
13,882 | Denny’s Corp.* | 130,630 | ||||
711 | Dine Brands Global, Inc. | 45,191 | ||||
2,876 | Duolingo, Inc.* | 273,882 | ||||
2,891 | First Watch Restaurant Group, Inc.* | 41,862 | ||||
52 | Graham Holdings Co., Class B | 27,975 | ||||
13,814 | Hilton Grand Vacations, Inc.* | 454,342 | ||||
14,232 | International Game Technology PLC | 224,866 | ||||
2,695 | Kura Sushi USA, Inc., Class A* | 198,298 | ||||
16,875 | Red Rock Resorts, Inc., Class A | 578,138 | ||||
7,102 | Ruth’s Hospitality Group, Inc. | 119,740 | ||||
669 | Shake Shack, Inc., Class A* | 30,092 | ||||
1,959 | Texas Roadhouse, Inc. | 170,942 | ||||
957 | Wingstop, Inc. | 120,027 | ||||
2,044 | Xponential Fitness, Inc., Class A* | 37,323 | ||||
| ||||||
3,781,605 | ||||||
|
| |||||
Diversified Financials – 3.4% | ||||||
4,973 | A-Mark Precious Metals, Inc. | 141,183 | ||||
21,442 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 280,033 | ||||
5,969 | BrightSpire Capital, Inc. REIT | 37,664 | ||||
59,310 | Chimera Investment Corp. REIT | 309,598 | ||||
8,711 | FirstCash Holdings, Inc. | 638,952 | ||||
12,230 | Focus Financial Partners, Inc., Class A* | 385,367 | ||||
1,621 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 48,517 | ||||
1,237 | Houlihan Lokey, Inc. | 93,245 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Diversified Financials – (continued) | ||||||
1,845 | LendingClub Corp.* | $ 20,387 | ||||
251 | Nelnet, Inc., Class A | 19,877 | ||||
13,302 | Nexpoint Real Estate Finance, Inc. REIT | 199,264 | ||||
13,163 | Oppenheimer Holdings, Inc., Class A | 407,790 | ||||
1,679 | PJT Partners, Inc., Class A | 112,191 | ||||
5,338 | Regional Management Corp. | 149,677 | ||||
24,359 | TPG RE Finance Trust, Inc. REIT | 170,513 | ||||
18,997 | Victory Capital Holdings, Inc., Class A | 442,820 | ||||
| ||||||
3,457,078 | ||||||
|
| |||||
Energy – 5.8% | ||||||
4,384 | Brigham Minerals, Inc., Class A | 108,153 | ||||
1,528 | Cactus, Inc., Class A | 58,721 | ||||
5,081 | Callon Petroleum Co.* | 177,886 | ||||
1,222 | Civitas Resources, Inc. | 70,131 | ||||
10,942 | Comstock Resources, Inc.* | 189,187 | ||||
1,050 | CONSOL Energy, Inc. | 67,536 | ||||
7,898 | CVR Energy, Inc. | 228,884 | ||||
17,380 | DHT Holdings, Inc. | 131,393 | ||||
13,586 | Golar LNG Ltd. (Cameroon)* | 338,563 | ||||
2,216 | Helix Energy Solutions Group, Inc.* | 8,554 | ||||
27,723 | Kosmos Energy Ltd. (Ghana)* | 143,328 | ||||
2,419 | Laredo Petroleum, Inc.* | 152,034 | ||||
17,831 | Liberty Energy, Inc.* | 226,097 | ||||
34,589 | Magnolia Oil & Gas Corp., Class A | 685,208 | ||||
5,124 | Matador Resources Co. | 250,666 | ||||
5,257 | Murphy Oil Corp. | 184,889 | ||||
27,101 | NexTier Oilfield Solutions, Inc.* | 200,547 | ||||
3,790 | Noble Corp. PLC* | 112,108 | ||||
24,081 | Oil States International, Inc.* | 93,675 | ||||
6,062 | PBF Energy, Inc., Class A* | 213,140 | ||||
1,502 | REX American Resources Corp.* | 41,936 | ||||
37,294 | RPC, Inc. | 258,447 | ||||
7,923 | SandRidge Energy, Inc.* | 129,224 | ||||
16,447 | Scorpio Tankers, Inc. (Monaco) | 691,432 | ||||
17,942 | SM Energy Co. | 674,799 | ||||
13,192 | Teekay Corp. (Bermuda)* | 47,359 | ||||
5,691 | Teekay Tankers Ltd., Class A (Bermuda)* | 156,730 | ||||
29,343 | Tellurian, Inc.* | 70,130 | ||||
9,382 | TETRA Technologies, Inc.* | 33,681 | ||||
7,004 | US Silica Holdings, Inc.* | 76,694 | ||||
22,910 | W&T Offshore, Inc.* | 134,253 | ||||
| ||||||
5,955,385 | ||||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Food & Staples Retailing – 0.6% | ||||||
13,626 | Chefs’ Warehouse, Inc. (The)* | $ 394,745 | ||||
2,112 | Ingles Markets, Inc., Class A | 167,292 | ||||
4,556 | Natural Grocers by Vitamin Cottage, Inc. | 49,159 | ||||
| ||||||
611,196 | ||||||
|
| |||||
Food, Beverage & Tobacco – 2.5% | ||||||
2,980 | Alico, Inc. | 84,155 | ||||
635 | B&G Foods, Inc. | 10,471 | ||||
12,667 | Cal-Maine Foods, Inc. | 704,158 | ||||
865 | Coca-Cola Consolidated, Inc. | 356,146 | ||||
21,802 | Duckhorn Portfolio, Inc. (The)* | 314,603 | ||||
5,920 | John B Sanfilippo & Son, Inc. | 448,322 | ||||
39,976 | Primo Water Corp. | 501,699 | ||||
7,406 | SunOpta, Inc. (Canada)* | 67,395 | ||||
2,369 | Tootsie Roll Industries, Inc. | 78,840 | ||||
| ||||||
2,565,789 | ||||||
|
| |||||
Health Care Equipment & Services – 7.9% | ||||||
569 | Addus HomeCare Corp.* | 54,192 | ||||
22,956 | AirSculpt Technologies, Inc. | 147,607 | ||||
13,076 | Alignment Healthcare, Inc.* | 154,820 | ||||
5,542 | AMN Healthcare Services, Inc.* | 587,230 | ||||
2,649 | AngioDynamics, Inc.* | 54,199 | ||||
2,049 | Artivion, Inc.* | 28,358 | ||||
4,006 | AtriCure, Inc.* | 156,635 | ||||
11,137 | Avanos Medical, Inc.* | 242,564 | ||||
3,276 | Aveanna Healthcare Holdings, Inc.* | 4,914 | ||||
10,274 | Axonics, Inc.* | 723,701 | ||||
73,227 | Brookdale Senior Living, Inc.* | 312,679 | ||||
22,364 | Cano Health, Inc.* | 193,896 | ||||
2,758 | Cardiovascular Systems, Inc.* | 38,226 | ||||
963 | Castle Biosciences, Inc.* | 25,115 | ||||
32,033 | Cerus Corp.* | 115,319 | ||||
10,342 | Community Health Systems, Inc.* | 22,235 | ||||
956 | CONMED Corp. | 76,642 | ||||
300 | CorVel Corp.* | 41,529 | ||||
1,218 | Cross Country Healthcare, Inc.* | 34,555 | ||||
3,056 | Embecta Corp. | 87,982 | ||||
1,113 | Ensign Group, Inc. (The) | 88,483 | ||||
28,280 | Figs, Inc., Class A* | 233,310 | ||||
2,099 | Glaukos Corp.* | 111,751 | ||||
2,828 | Inari Medical, Inc.* | 205,426 | ||||
4,313 | Inspire Medical Systems, Inc.* | 764,997 | ||||
11,998 | Invitae Corp.*(a) | 29,515 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Health Care Equipment & Services – (continued) | ||||||
3,942 | iRadimed Corp. | $ 118,496 | ||||
900 | iRhythm Technologies, Inc.* | 112,752 | ||||
1,760 | Joint Corp. (The)* | 27,650 | ||||
2,619 | LeMaitre Vascular, Inc. | 132,731 | ||||
3,587 | LivaNova PLC* | 182,112 | ||||
3,800 | OPKO Health, Inc.* | 7,182 | ||||
1,296 | Outset Medical, Inc.* | 20,645 | ||||
972 | Pennant Group, Inc. (The)* | 10,119 | ||||
1,117 | Progyny, Inc.* | 41,396 | ||||
9,088 | Pulmonx Corp.* | 151,406 | ||||
6,136 | RadNet, Inc.* | 124,868 | ||||
18,205 | Schrodinger, Inc.* | 454,761 | ||||
3,364 | Shockwave Medical, Inc.* | 935,427 | ||||
4,844 | Silk Road Medical, Inc.* | 217,980 | ||||
9,787 | Surgery Partners, Inc.* | 229,016 | ||||
5,532 | Surmodics, Inc.* | 168,173 | ||||
2,165 | Tactile Systems Technology, Inc.* | 16,865 | ||||
3,841 | TransMedics Group, Inc.* | 160,323 | ||||
3,384 | Utah Medical Products, Inc. | 288,689 | ||||
28,805 | ViewRay, Inc.* | 104,850 | ||||
| ||||||
8,041,321 | ||||||
|
| |||||
Household & Personal Products – 0.4% | ||||||
12,955 | BellRing Brands, Inc.* | 267,003 | ||||
3,525 | Herbalife Nutrition Ltd.* | 70,112 | ||||
2,186 | Veru, Inc.*(a) | 25,183 | ||||
| ||||||
362,298 | ||||||
|
| |||||
Insurance – 4.7% | ||||||
19,214 | American Equity Investment Life Holding Co. | 716,490 | ||||
11,577 | AMERISAFE, Inc. | 540,993 | ||||
15,163 | Argo Group International Holdings Ltd. | 292,039 | ||||
4,852 | BRP Group, Inc., Class A* | 127,850 | ||||
35,479 | CNO Financial Group, Inc. | 637,558 | ||||
29,733 | Crawford & Co., Class A | 170,668 | ||||
16,663 | Employers Holdings, Inc. | 574,707 | ||||
53,160 | Genworth Financial, Inc., Class A* | 186,060 | ||||
12,549 | Goosehead Insurance, Inc., Class A* | 447,246 | ||||
887 | Investors Title Co. | 125,067 | ||||
170 | National Western Life Group, Inc., Class A | 29,036 | ||||
3,436 | Palomar Holdings, Inc.* | 287,662 | ||||
9,156 | ProAssurance Corp. | 178,634 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Insurance – (continued) | ||||||
12,625 | Stewart Information Services Corp. | $ 550,955 | ||||
| ||||||
4,864,965 | ||||||
|
| |||||
Materials – 4.5% | ||||||
4,379 | 5E Advanced Materials, Inc.*(a) | 44,491 | ||||
3,194 | Alpha Metallurgical Resources, Inc. | 437,067 | ||||
11,857 | Aspen Aerogels, Inc.* | 109,322 | ||||
4,929 | Century Aluminum Co.* | 26,025 | ||||
13,638 | Diversey Holdings Ltd.* | 66,281 | ||||
14,532 | FutureFuel Corp. | 87,773 | ||||
4,951 | Innospec, Inc. | 424,152 | ||||
5,848 | Intrepid Potash, Inc.* | 231,405 | ||||
23,957 | LSB Industries, Inc.* | 341,387 | ||||
11,425 | Minerals Technologies, Inc. | 564,509 | ||||
2,504 | Pactiv Evergreen, Inc. | 21,860 | ||||
6,286 | Piedmont Lithium, Inc.*(a) | 336,238 | ||||
4,727 | Ryerson Holding Corp. | 121,673 | ||||
18,922 | Summit Materials, Inc., Class A* | 453,371 | ||||
24,128 | SunCoke Energy, Inc. | 140,184 | ||||
6,912 | Sylvamo Corp. | 234,317 | ||||
22,903 | Tronox Holdings PLC, Class A | 280,562 | ||||
857 | United States Lime & Minerals, Inc. | 87,585 | ||||
21,648 | Warrior Met Coal, Inc. | 615,669 | ||||
| ||||||
4,623,871 | ||||||
|
| |||||
Media & Entertainment – 2.3% | ||||||
10,609 | Bumble, Inc., Class A* | 227,987 | ||||
16,290 | Cargurus, Inc.* | 230,829 | ||||
29,161 | Clear Channel Outdoor Holdings, Inc.* | 39,951 | ||||
130 | Daily Journal Corp.* | 33,331 | ||||
4,809 | DHI Group, Inc.* | 25,872 | ||||
23,090 | EW Scripps Co. (The), Class A* | 260,224 | ||||
5,032 | IMAX Corp.* | 71,052 | ||||
10,923 | Scholastic Corp. | 335,991 | ||||
11,850 | Sinclair Broadcast Group, Inc., Class A | 214,367 | ||||
5,851 | TechTarget, Inc.* | 346,379 | ||||
29,429 | Vimeo, Inc.* | 117,716 | ||||
25,397 | ZipRecruiter, Inc., Class A* | 419,051 | ||||
| ||||||
2,322,750 | ||||||
|
| |||||
Pharmaceuticals, Biotechnology & Life Sciences – 11.1% | ||||||
7,933 | 2seventy bio, Inc.* | 115,425 | ||||
4,851 | AbCellera Biologics, Inc. (Canada)* | 47,976 | ||||
12,451 | ACADIA Pharmaceuticals, Inc.* | 203,698 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences – (continued) | ||||||
4,438 | Aclaris Therapeutics, Inc.* | $ 69,854 | ||||
23,125 | Adaptive Biotechnologies Corp.* | 164,650 | ||||
16,111 | Alector, Inc.* | 152,410 | ||||
27,103 | Alkermes PLC* | 605,210 | ||||
3,920 | ALX Oncology Holdings, Inc.* | 37,514 | ||||
28,056 | Amicus Therapeutics, Inc.* | 292,905 | ||||
3,332 | Apellis Pharmaceuticals, Inc.* | 227,576 | ||||
6,752 | Arcus Biosciences, Inc.* | 176,632 | ||||
1,263 | Arcutis Biotherapeutics, Inc.* | 24,136 | ||||
9,002 | Arrowhead Pharmaceuticals, Inc.* | 297,516 | ||||
8,196 | Arvinas, Inc.* | 364,640 | ||||
3,383 | Atara Biotherapeutics, Inc.* | 12,788 | ||||
5,177 | Athira Pharma, Inc.* | 15,376 | ||||
22,169 | Aurinia Pharmaceuticals, Inc. (Canada)* | 166,711 | ||||
1,108 | Avidity Biosciences, Inc.* | 18,094 | ||||
4,935 | Axsome Therapeutics, Inc.* | 220,200 | ||||
950 | Beam Therapeutics, Inc.* | 45,258 | ||||
11,609 | BioCryst Pharmaceuticals, Inc.* | 146,273 | ||||
8,569 | Bridgebio Pharma, Inc.* | 85,176 | ||||
374 | Cassava Sciences, Inc.* | 15,641 | ||||
8,206 | Catalyst Pharmaceuticals, Inc.* | 105,283 | ||||
31,593 | Codexis, Inc.* | 191,454 | ||||
1,390 | Cogent Biosciences, Inc.* | 20,739 | ||||
2,185 | Collegium Pharmaceutical, Inc.* | 35,004 | ||||
5,270 | CTI BioPharma Corp.* | 30,671 | ||||
3,044 | Cullinan Oncology, Inc.* | 39,024 | ||||
8,019 | Day One Biopharmaceuticals, Inc.*(a) | 160,621 | ||||
5,023 | Deciphera Pharmaceuticals, Inc.* | 92,925 | ||||
9,935 | Denali Therapeutics, Inc.* | 304,905 | ||||
3,741 | Design Therapeutics, Inc.* | 62,550 | ||||
4,218 | Dynavax Technologies Corp.* | 44,036 | ||||
7,031 | Editas Medicine, Inc.* | 86,059 | ||||
4,168 | Erasca, Inc.*(a) | 32,510 | ||||
11,143 | Esperion Therapeutics, Inc.* | 74,658 | ||||
8,004 | Fate Therapeutics, Inc.* | 179,370 | ||||
19,121 | Generation Bio Co.* | 101,533 | ||||
19,933 | Gossamer Bio, Inc.* | 238,797 | ||||
5,188 | Harmony Biosciences Holdings, Inc.* | 229,777 | ||||
11,330 | Heron Therapeutics, Inc.* | 47,813 | ||||
5,467 | IGM Biosciences, Inc.* | 124,320 | ||||
5,197 | Inhibrx, Inc.* | 93,286 | ||||
1,980 | Inotiv, Inc.* | 33,363 | ||||
14,236 | Insmed, Inc.* | 306,643 | ||||
3,254 | Instil Bio, Inc.* | 15,749 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences – (continued) | ||||||
2,914 | Intra-Cellular Therapies, Inc.* | $ 135,588 | ||||
10,747 | Iovance Biotherapeutics, Inc.* | 102,956 | ||||
3,224 | iTeos Therapeutics, Inc.* | 61,417 | ||||
7,645 | IVERIC bio, Inc.* | 137,151 | ||||
13,242 | KalVista Pharmaceuticals, Inc.* | 192,141 | ||||
1,202 | Karuna Therapeutics, Inc.* | 270,366 | ||||
3,593 | Keros Therapeutics, Inc.* | 135,169 | ||||
9,109 | Kezar Life Sciences, Inc.* | 78,428 | ||||
1,828 | Kiniksa Pharmaceuticals Ltd., Class A* | 23,472 | ||||
10,687 | Kodiak Sciences, Inc.* | 82,717 | ||||
16,930 | Kura Oncology, Inc.* | 231,264 | ||||
439 | Madrigal Pharmaceuticals, Inc.* | 28,531 | ||||
8,187 | MannKind Corp.* | 25,298 | ||||
5,555 | Medpace Holdings, Inc.* | 873,079 | ||||
8,952 | MeiraGTx Holdings PLC* | 75,286 | ||||
1,278 | Mirum Pharmaceuticals, Inc.* | 26,851 | ||||
1,467 | Morphic Holding, Inc.* | 41,516 | ||||
5,923 | NGM Biopharmaceuticals, Inc.* | 77,473 | ||||
893 | Nkarta, Inc.* | 11,752 | ||||
13,993 | Nurix Therapeutics, Inc.* | 182,329 | ||||
23,919 | Organogenesis Holdings, Inc.* | 77,498 | ||||
3,968 | Phathom Pharmaceuticals, Inc.*(a) | 43,965 | ||||
19,853 | Phibro Animal Health Corp., Class A | 263,846 | ||||
6,120 | PMV Pharmaceuticals, Inc.* | 72,828 | ||||
30,480 | Praxis Precision Medicines, Inc.* | 69,190 | ||||
2,321 | Protagonist Therapeutics, Inc.* | 19,566 | ||||
1,184 | Prothena Corp. PLC (Ireland)* | 71,786 | ||||
6,092 | PTC Therapeutics, Inc.* | 305,818 | ||||
2,871 | Rallybio Corp.* | 41,543 | ||||
1,876 | RAPT Therapeutics, Inc.* | 45,137 | ||||
4,491 | REVOLUTION Medicines, Inc.* | 88,563 | ||||
748 | Sage Therapeutics, Inc.* | 29,292 | ||||
15,200 | Sana Biotechnology, Inc.* | 91,200 | ||||
1,323 | SpringWorks Therapeutics, Inc.* | 37,745 | ||||
37,795 | Sutro Biopharma, Inc.* | 209,762 | ||||
6,333 | Travere Therapeutics, Inc.* | 156,045 | ||||
14,206 | Tricida, Inc.*(a) | 148,879 | ||||
41,140 | Vanda Pharmaceuticals, Inc.* | 406,463 | ||||
1,960 | Ventyx Biosciences, Inc.* | 68,424 | ||||
6,161 | Vir Biotechnology, Inc.* | 118,784 | ||||
| ||||||
11,315,867 | ||||||
|
| |||||
Real Estate – 6.0% | ||||||
29,107 | Alexander & Baldwin, Inc. REIT | 482,594 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Real Estate – (continued) | ||||||
6,647 | Apple Hospitality REIT, Inc. REIT | $ 93,457 | ||||
13,966 | Braemar Hotels & Resorts, Inc. REIT | 60,054 | ||||
46,233 | Chatham Lodging Trust REIT* | 456,320 | ||||
5,733 | Community Healthcare Trust, Inc. REIT | 187,756 | ||||
67,844 | DiamondRock Hospitality Co. REIT | 509,508 | ||||
1,364 | Essential Properties Realty Trust, Inc. REIT | 26,530 | ||||
50,724 | Global Medical REIT, Inc. REIT | 432,168 | ||||
15,492 | Macerich Co. (The) REIT | 123,006 | ||||
14,721 | Newmark Group, Inc., Class A | 118,651 | ||||
12,451 | NexPoint Residential Trust, Inc. REIT | 575,361 | ||||
39,459 | Outfront Media, Inc. REIT | 599,382 | ||||
54,196 | RLJ Lodging Trust REIT | 548,464 | ||||
6,405 | RPT Realty REIT | 48,422 | ||||
3,080 | Service Properties Trust REIT | 15,985 | ||||
14,904 | St Joe Co. (The) | 477,375 | ||||
26,571 | STAG Industrial, Inc. REIT | 755,414 | ||||
8,122 | Tanger Factory Outlet Centers, Inc. REIT | 111,109 | ||||
7,503 | Terreno Realty Corp. REIT | 397,584 | ||||
11,099 | Uniti Group, Inc. REIT | 77,138 | ||||
| ||||||
6,096,278 | ||||||
|
| |||||
Retailing – 4.0% | ||||||
6,189 | Aaron’s Co., Inc. (The) | 60,157 | ||||
25,650 | aka Brands Holding Corp.*(a) | 37,192 | ||||
6,850 | Arko Corp. | 64,322 | ||||
3,289 | Asbury Automotive Group, Inc.* | 496,968 | ||||
1,741 | Boot Barn Holdings, Inc.* | 101,779 | ||||
4,641 | Buckle, Inc. (The) | 146,934 | ||||
8,861 | Build-A-Bear Workshop, Inc. | 118,117 | ||||
18,349 | CarParts.com, Inc.* | 94,864 | ||||
157 | Dillard’s, Inc., Class A | 42,823 | ||||
26,403 | EVgo, Inc.*(a) | 208,848 | ||||
4,635 | Group 1 Automotive, Inc. | 662,202 | ||||
4,377 | MarineMax, Inc.* | 130,391 | ||||
3,497 | Murphy USA, Inc. | 961,360 | ||||
3,224 | PetMed Express, Inc. | 62,932 | ||||
13,713 | Poshmark, Inc., Class A* | 214,883 | ||||
50,157 | RealReal, Inc. (The)* | 75,236 | ||||
8,300 | Sonic Automotive, Inc., Class A | 359,390 | ||||
20,396 | Volta, Inc.*(a) | 24,679 | ||||
11,347 | Warby Parker, Inc., Class A*(a) | 151,369 | ||||
143 | Winmark Corp. | 30,937 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Retailing – (continued) | ||||||
906 | Xometry, Inc., Class A*(a) | $ 51,452 | ||||
| ||||||
4,096,835 | ||||||
|
| |||||
Semiconductors & Semiconductor Equipment – 2.4% | ||||||
763 | Ambarella, Inc.* | 42,865 | ||||
9,215 | Axcelis Technologies, Inc.* | 558,060 | ||||
901 | AXT, Inc.* | 6,037 | ||||
748 | Cohu, Inc.* | 19,283 | ||||
8,097 | Diodes, Inc.* | 525,576 | ||||
5,613 | FormFactor, Inc.* | 140,606 | ||||
2,260 | Kulicke & Soffa Industries, Inc. (Singapore) | 87,078 | ||||
13,534 | MaxLinear, Inc.* | 441,479 | ||||
6,337 | Power Integrations, Inc. | 407,596 | ||||
15,396 | Rockley Photonics Holdings Ltd.*(a) | 10,933 | ||||
4,570 | Semtech Corp.* | 134,404 | ||||
2,855 | Ultra Clean Holdings, Inc.* | 73,516 | ||||
3,007 | Veeco Instruments, Inc.* | 55,088 | ||||
| ||||||
2,502,521 | ||||||
|
| |||||
Software & Services – 8.2% | ||||||
11,851 | A10 Networks, Inc. | 157,263 | ||||
19,750 | ACI Worldwide, Inc.* | 412,775 | ||||
9,813 | Alarm.com Holdings, Inc.* | 636,471 | ||||
1,775 | Altair Engineering, Inc., Class A* | 78,490 | ||||
16,555 | American Software, Inc., Class A | 253,623 | ||||
11,992 | Amplitude, Inc., Class A* | 185,516 | ||||
10,464 | Asana, Inc., Class A* | 232,615 | ||||
4,780 | Cass Information Systems, Inc. | 165,818 | ||||
27,115 | Cleanspark, Inc.*(a) | 86,226 | ||||
27,417 | Clear Secure, Inc., Class A* | 626,753 | ||||
11,653 | CommVault Systems, Inc.* | 618,075 | ||||
3,107 | Conduent, Inc.* | 10,377 | ||||
602 | Consensus Cloud Solutions, Inc.* | 28,475 | ||||
7,033 | Cyxtera Technologies, Inc.* | 28,695 | ||||
725 | Domo, Inc., Class B* | 13,043 | ||||
3,385 | Duck Creek Technologies, Inc.* | 40,112 | ||||
22,262 | E2open Parent Holdings, Inc.* | 135,130 | ||||
2,241 | Ebix, Inc. | 42,512 | ||||
12,549 | EngageSmart, Inc.* | 259,639 | ||||
15,313 | EVERTEC, Inc. (Puerto Rico) | 480,062 | ||||
4,555 | ExlService Holdings, Inc.* | 671,225 | ||||
7,653 | Flywire Corp.* | 175,713 | ||||
3,581 | Hackett Group, Inc. (The) | 63,455 | ||||
10,427 | I3 Verticals, Inc., Class A* | 208,853 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Software & Services – (continued) | ||||||
8,544 | Instructure Holdings, Inc.* | $ 190,360 | ||||
1,083 | LiveRamp Holdings, Inc.* | 19,667 | ||||
12,379 | Maximus, Inc. | 716,373 | ||||
188 | MicroStrategy, Inc., Class A*(a) | 39,905 | ||||
3,599 | Model N, Inc.* | 123,194 | ||||
3,785 | Perficient, Inc.* | 246,101 | ||||
1,592 | Q2 Holdings, Inc.* | 51,262 | ||||
9,347 | Rapid7, Inc.* | 400,986 | ||||
1,739 | Sabre Corp.* | 8,956 | ||||
4,294 | Sapiens International Corp. NV (Israel) | 82,359 | ||||
1,262 | SecureWorks Corp., Class A* | 10,159 | ||||
1,121 | Sprout Social, Inc., Class A* | 68,022 | ||||
3,642 | SPS Commerce, Inc.* | 452,446 | ||||
1,171 | Tucows, Inc., Class A* | 43,807 | ||||
14,524 | Unisys Corp.* | 109,656 | ||||
1,153 | Varonis Systems, Inc.* | 30,577 | ||||
18,949 | Zuora, Inc., Class A* | 139,844 | ||||
| ||||||
8,344,590 | ||||||
|
| |||||
Technology Hardware & Equipment – 2.8% | ||||||
3,552 | Belden, Inc. | 213,191 | ||||
3,688 | Clearfield, Inc.* | 385,912 | ||||
7,150 | CompoSecure, Inc.* | 35,822 | ||||
9,531 | ePlus, Inc.* | 395,918 | ||||
4,138 | Fabrinet (Thailand)* | 394,972 | ||||
4,959 | Identiv, Inc.* | 62,186 | ||||
8,879 | NetScout Systems, Inc.* | 278,090 | ||||
3,513 | PC Connection, Inc. | 158,401 | ||||
222 | ScanSource, Inc.* | 5,863 | ||||
3,160 | Super Micro Computer, Inc.* | 174,021 | ||||
1,045 | TTM Technologies, Inc.* | 13,773 | ||||
35,071 | Vishay Intertechnology, Inc. | 623,913 | ||||
5,234 | Vishay Precision Group, Inc.* | 154,874 | ||||
| ||||||
2,896,936 | ||||||
|
| |||||
Telecommunication Services – 0.3% | ||||||
40,720 | Globalstar, Inc.* | 64,745 | ||||
6,076 | Iridium Communications, Inc.* | 269,592 | ||||
| ||||||
334,337 | ||||||
|
| |||||
Transportation – 2.2% | ||||||
1,390 | ArcBest Corp. | 101,095 | ||||
34,238 | Costamare, Inc. (Monaco) | 306,430 | ||||
3,876 | Eagle Bulk Shipping, Inc. | 167,366 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Transportation – (continued) | ||||||
3,695 | Genco Shipping & Trading Ltd. | $ 46,298 | ||||
21,670 | Heartland Express, Inc. | 310,098 | ||||
1,233 | Joby Aviation, Inc.* | 5,339 | ||||
29,664 | Marten Transport Ltd. | 568,362 | ||||
1,741 | Matson, Inc. | 107,106 | ||||
5,232 | PAM Transportation Services, Inc.* | 161,983 | ||||
93,121 | Safe Bulkers, Inc. (Greece) (a) | 230,009 | ||||
616 | Saia, Inc.* | 117,040 | ||||
8,371 | Sun Country Airlines Holdings, Inc.* | 113,929 | ||||
| ||||||
2,235,055 | ||||||
|
| |||||
Utilities – 0.9% | ||||||
692 | American States Water Co. | 53,941 | ||||
9,691 | ONE Gas, Inc. | 682,149 | ||||
9,944 | Sunnova Energy International, Inc.* | 219,564 | ||||
| ||||||
955,654 | ||||||
|
| |||||
| TOTAL COMMON STOCKS (Cost $110,807,252) | $100,284,482 | ||||
|
|
Shares | Dividend Rate | Value | ||
Investment Company – 0.6%(b) | ||||
Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||
594,688 | 2.911% | $ 594,688 | ||
(Cost $594,688) | ||||
| ||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $111,401,940) | $100,879,170 | |||
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Dividend Rate | Value | ||
Securities Lending Reinvestment Vehicle – 1.7%(b) | ||||
Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||
1,761,233 | 2.911% | $ 1,761,233 | ||
(Cost $1,761,233) | ||||
| ||||
TOTAL INVESTMENTS – 100.3% (Cost $113,163,173) | $102,640,403 | |||
| ||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)% | (306,813) | |||
| ||||
NET ASSETS – 100.0% | $102,333,590 | |||
|
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)
September 30, 2022 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At September 30, 2022, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||
| ||||||||||||
Long position contracts: | ||||||||||||
Russell 2000 E-Mini Index | 20 | 12/16/22 | $ | 1,890,109 | $ | (220,309 | ) | |||||
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND
Schedule of Investments
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – 98.8% | ||||||
Automobiles & Components – 4.0% | ||||||
14,661 | Aptiv PLC* | $ 1,146,637 | ||||
30,945 | Tesla, Inc.* | 8,208,161 | ||||
| ||||||
9,354,798 | ||||||
|
| |||||
Capital Goods – 1.7% | ||||||
11,520 | Boeing Co. (The)* | 1,394,842 | ||||
7,616 | Deere & Co. | 2,542,906 | ||||
| ||||||
3,937,748 | ||||||
|
| |||||
Commercial & Professional Services – 1.2% | ||||||
16,743 | Verisk Analytics, Inc. | 2,855,184 | ||||
|
| |||||
Consumer Durables & Apparel – 2.0% | ||||||
6,220 | Lululemon Athletica, Inc.* | 1,738,863 | ||||
34,571 | NIKE, Inc., Class B | 2,873,542 | ||||
| ||||||
4,612,405 | ||||||
|
| |||||
Consumer Services – 2.3% | ||||||
1,534 | Chipotle Mexican Grill, Inc.* | 2,305,234 | ||||
12,983 | McDonald’s Corp. | 2,995,697 | ||||
| ||||||
5,300,931 | ||||||
|
| |||||
Diversified Financials – 1.7% | ||||||
43,669 | Charles Schwab Corp. (The) | 3,138,491 | ||||
8,046 | Intercontinental Exchange, Inc. | 726,956 | ||||
| ||||||
3,865,447 | ||||||
|
| |||||
Food, Beverage & Tobacco – 3.9% | ||||||
57,376 | Coca-Cola Co. (The) | 3,214,204 | ||||
34,170 | McCormick & Co., Inc. | 2,435,296 | ||||
26,680 | Mondelez International, Inc., Class A | 1,462,864 | ||||
22,425 | Monster Beverage Corp.* | 1,950,078 | ||||
| ||||||
9,062,442 | ||||||
|
| |||||
Health Care Equipment & Services – 7.6% | ||||||
71,262 | Boston Scientific Corp.* | 2,759,977 | ||||
6,545 | Humana, Inc. | 3,175,569 | ||||
7,166 | Insulet Corp.* | 1,643,880 | ||||
13,642 | Intuitive Surgical, Inc.* | 2,557,057 | ||||
12,002 | UnitedHealth Group, Inc. | 6,061,490 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Health Care Equipment & Services – (continued) | ||||||
8,946 | Veeva Systems, Inc., Class A* | $ 1,475,016 | ||||
| ||||||
17,672,989 | ||||||
|
| |||||
Household & Personal Products – 2.4% | ||||||
7,715 | Estee Lauder Cos., Inc. (The), Class A | 1,665,668 | ||||
30,748 | Procter & Gamble Co. (The) | 3,881,935 | ||||
| ||||||
5,547,603 | ||||||
|
| |||||
Materials – 3.1% | ||||||
7,842 | Ecolab, Inc. | 1,132,542 | ||||
6,258 | Linde PLC (United Kingdom) | 1,687,094 | ||||
3,898 | Martin Marietta Materials, Inc. | 1,255,507 | ||||
15,119 | Sherwin-Williams Co. (The) | 3,095,615 | ||||
| ||||||
7,170,758 | ||||||
|
| |||||
Media & Entertainment – 6.5% | ||||||
71,362 | Alphabet, Inc., Class A* | 6,825,775 | ||||
66,102 | Alphabet, Inc., Class C* | 6,355,708 | ||||
17,878 | Live Nation Entertainment, Inc.* | 1,359,443 | ||||
59,253 | Snap, Inc., Class A* | 581,864 | ||||
| ||||||
15,122,790 | ||||||
|
| |||||
Pharmaceuticals, Biotechnology & Life Sciences – 7.2% | ||||||
5,018 | Alnylam Pharmaceuticals, Inc.* | 1,004,403 | ||||
5,947 | Argenx SE ADR (Netherlands)* | 2,099,588 | ||||
8,832 | BioMarin Pharmaceutical, Inc.* | 748,689 | ||||
10,140 | Danaher Corp. | 2,619,061 | ||||
18,286 | Eli Lilly & Co. | 5,912,778 | ||||
7,971 | Sarepta Therapeutics, Inc.* | 881,114 | ||||
13,311 | Seagen, Inc.* | 1,821,344 | ||||
7,007 | West Pharmaceutical Services, Inc. | 1,724,283 | ||||
| ||||||
16,811,260 | ||||||
|
| |||||
Real Estate – 1.7% | ||||||
10,852 | American Tower Corp. REIT | 2,329,924 | ||||
3,038 | Equinix, Inc. REIT | 1,728,136 | ||||
| ||||||
4,058,060 | ||||||
|
| |||||
Retailing – 8.7% | ||||||
132,823 | Amazon.com, Inc.* | 15,008,999 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Retailing – (continued) | ||||||
12,427 | Etsy, Inc.* | $ 1,244,315 | ||||
5,438 | RH* | 1,338,129 | ||||
32,325 | Ross Stores, Inc. | 2,724,028 | ||||
| ||||||
20,315,471 | ||||||
|
| |||||
Semiconductors & Semiconductor Equipment – 5.1% | ||||||
10,168 | KLA Corp. | 3,077,142 | ||||
66,477 | Marvell Technology, Inc. | 2,852,528 | ||||
48,276 | NVIDIA Corp. | 5,860,224 | ||||
| ||||||
11,789,894 | ||||||
|
| |||||
Software & Services – 22.9% | ||||||
14,480 | Accenture PLC, Class A | 3,725,704 | ||||
8,627 | Adobe, Inc.* | 2,374,150 | ||||
7,582 | Atlassian Corp. PLC, Class A* | 1,596,693 | ||||
10,875 | Bill.com Holdings, Inc.* | 1,439,524 | ||||
3,887 | HubSpot, Inc.* | 1,049,956 | ||||
21,205 | Mastercard, Inc., Class A | 6,029,430 | ||||
105,772 | Microsoft Corp. | 24,634,299 | ||||
26,979 | PayPal Holdings, Inc.* | 2,322,083 | ||||
13,368 | Salesforce, Inc.* | 1,922,853 | ||||
7,220 | ServiceNow, Inc.* | 2,726,344 | ||||
10,594 | Snowflake, Inc., Class A* | 1,800,556 | ||||
15,190 | Visa, Inc., Class A | 2,698,504 | ||||
5,654 | Zscaler, Inc.* | 929,348 | ||||
| ||||||
53,249,444 | ||||||
|
| |||||
Technology Hardware & Equipment – 14.1% | ||||||
33,068 | Amphenol Corp., Class A | 2,214,233 | ||||
220,522 | Apple, Inc. | 30,476,141 | ||||
| ||||||
32,690,374 | ||||||
|
| |||||
Transportation – 2.7% | ||||||
8,831 | Old Dominion Freight Line, Inc. | 2,196,888 | ||||
9,030 | Union Pacific Corp. | 1,759,224 | ||||
14,166 | United Parcel Service, Inc., Class B | 2,288,376 | ||||
| ||||||
6,244,488 | ||||||
|
| |||||
| TOTAL COMMON STOCKS (Cost $130,918,185) | $229,662,086 | ||||
|
|
Shares | Dividend Rate | Value | ||
Investment Company – 1.2%(a) | ||||
Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||
2,737,516 | 2.911% | $ 2,737,516 | ||
(Cost $2,737,516) | ||||
| ||||
TOTAL INVESTMENTS – 100.0% (Cost $133,655,701) | $232,399,602 | |||
| ||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0% | 65,850 | |||
| ||||
NET ASSETS – 100.0% | $232,465,452 | |||
|
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
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – 99.1% | ||||||
Automobiles & Components – 3.9% | ||||||
55,649 | Ford Motor Co. | $ 623,269 | ||||
97,145 | General Motors Co. | 3,117,383 | ||||
26,756 | Tesla, Inc.* | 7,097,029 | ||||
| ||||||
10,837,681 | ||||||
|
| |||||
Banks – 2.0% | ||||||
16,365 | BOK Financial Corp. | 1,454,194 | ||||
58,443 | Citigroup, Inc. | 2,435,320 | ||||
2,379 | East West Bancorp, Inc. | 159,726 | ||||
524 | JPMorgan Chase & Co. | 54,758 | ||||
149,141 | New York Community Bancorp, Inc. | 1,272,172 | ||||
| ||||||
5,376,170 | ||||||
|
| |||||
Capital Goods – 1.8% | ||||||
20,961 | AMETEK, Inc. | 2,377,187 | ||||
2,917 | Lockheed Martin Corp. | 1,126,808 | ||||
1,258 | PACCAR, Inc. | 105,282 | ||||
3,544 | Parker-Hannifin Corp. | 858,747 | ||||
13,288 | Pentair PLC | 539,891 | ||||
| ||||||
5,007,915 | ||||||
|
| |||||
Commercial & Professional Services – 1.6% | ||||||
3,321 | Cintas Corp. | 1,289,179 | ||||
22,740 | Republic Services, Inc. | 3,093,550 | ||||
| ||||||
4,382,729 | ||||||
|
| |||||
Consumer Durables & Apparel – 0.0%(a) | ||||||
807 | Whirlpool Corp. | 108,792 | ||||
|
| |||||
Consumer Services – 1.3% | ||||||
637 | Booking Holdings, Inc.* | 1,046,725 | ||||
15,935 | Marriott International, Inc., Class A | 2,233,131 | ||||
4,462 | Wyndham Hotels & Resorts, Inc. | 273,743 | ||||
| ||||||
3,553,599 | ||||||
|
| |||||
Diversified Financials – 8.4% | ||||||
3,201 | Ameriprise Financial, Inc. | 806,492 | ||||
75,339 | Bank of New York Mellon Corp. (The) | 2,902,058 | ||||
26,868 | Berkshire Hathaway, Inc., Class B* | 7,174,293 | ||||
33,933 | Capital One Financial Corp. | 3,127,605 | ||||
19,212 | CME Group, Inc. | 3,403,021 | ||||
15,276 | Equitable Holdings, Inc. | 402,523 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Diversified Financials – (continued) | ||||||
3,779 | Intercontinental Exchange, Inc. | $ 341,433 | ||||
4,448 | MarketAxess Holdings, Inc. | 989,635 | ||||
7,564 | Northern Trust Corp. | 647,176 | ||||
16,585 | Stifel Financial Corp. | 860,927 | ||||
86,440 | Synchrony Financial | 2,436,744 | ||||
| ||||||
23,091,907 | ||||||
|
| |||||
Energy – 3.6% | ||||||
25,345 | Antero Resources Corp.* | 773,783 | ||||
15,584 | Devon Energy Corp. | 937,066 | ||||
1,305 | EOG Resources, Inc. | 145,808 | ||||
6,078 | Exxon Mobil Corp. | 530,670 | ||||
32,773 | Halliburton Co. | 806,871 | ||||
186,040 | Kinder Morgan, Inc. | 3,095,706 | ||||
3,071 | Marathon Petroleum Corp. | 305,042 | ||||
7,917 | Pioneer Natural Resources Co. | 1,714,268 | ||||
4,281 | Schlumberger NV | 153,688 | ||||
14,350 | Valero Energy Corp. | 1,533,297 | ||||
| ||||||
9,996,199 | ||||||
|
| |||||
Food & Staples Retailing – 0.6% | ||||||
3,670 | Casey’s General Stores, Inc. | 743,248 | ||||
1,825 | Costco Wholesale Corp. | 861,893 | ||||
| ||||||
1,605,141 | ||||||
|
| |||||
Food, Beverage & Tobacco – 2.6% | ||||||
10,961 | Keurig Dr Pepper, Inc. | 392,623 | ||||
56,400 | Kraft Heinz Co. (The) | 1,880,940 | ||||
62,650 | Mondelez International, Inc., Class A | 3,435,099 | ||||
6,530 | PepsiCo, Inc. | 1,066,088 | ||||
5,770 | Philip Morris International, Inc. | 478,968 | ||||
| ||||||
7,253,718 | ||||||
|
| |||||
Health Care Equipment & Services – 9.9% | ||||||
84,739 | Boston Scientific Corp.* | 3,281,942 | ||||
40,616 | Centene Corp.* | 3,160,331 | ||||
13,134 | Cigna Corp. | 3,644,291 | ||||
8,518 | Elevance Health, Inc. | 3,869,216 | ||||
7,103 | Humana, Inc. | 3,446,305 | ||||
4,349 | Intuitive Surgical, Inc.* | 815,177 | ||||
45,724 | Medtronic PLC | 3,692,213 | ||||
9,398 | Molina Healthcare, Inc.* | 3,099,836 | ||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Health Care Equipment & Services – (continued) | ||||||
4,048 | UnitedHealth Group, Inc. | $ 2,044,402 | ||||
3,358 | Universal Health Services, Inc., Class B | 296,108 | ||||
| ||||||
27,349,821 | ||||||
|
| |||||
Household & Personal Products – 1.5% | ||||||
24,714 | Kimberly-Clark Corp. | 2,781,314 | ||||
10,081 | Procter & Gamble Co. (The) | 1,272,726 | ||||
| ||||||
4,054,040 | ||||||
|
| |||||
Insurance – 2.8% | ||||||
15,529 | American Financial Group, Inc. | 1,908,980 | ||||
19,519 | Chubb Ltd. | 3,550,116 | ||||
19,594 | Lincoln National Corp. | 860,372 | ||||
9,706 | Marsh & McLennan Cos., Inc. | 1,449,009 | ||||
| ||||||
7,768,477 | ||||||
|
| |||||
Materials – 3.9% | ||||||
7,879 | CF Industries Holdings, Inc. | 758,354 | ||||
2,737 | Corteva, Inc. | 156,420 | ||||
33,881 | Freeport-McMoRan, Inc. | 925,968 | ||||
803 | International Flavors & Fragrances, Inc. | 72,936 | ||||
15,182 | Linde PLC (United Kingdom) | 4,092,915 | ||||
2,151 | Martin Marietta Materials, Inc. | 692,816 | ||||
60,780 | Mosaic Co. (The) | 2,937,497 | ||||
5,816 | Sherwin-Williams Co. (The) | 1,190,826 | ||||
| ||||||
10,827,732 | ||||||
|
| |||||
Media & Entertainment – 5.3% | ||||||
76,139 | Alphabet, Inc., Class C* | 7,320,765 | ||||
8,337 | Charter Communications, Inc., Class A* | 2,529,029 | ||||
23,111 | Meta Platforms, Inc., Class A* | 3,135,700 | ||||
63,841 | News Corp., Class A | 964,638 | ||||
44,575 | Warner Bros Discovery, Inc.* | 512,612 | ||||
| ||||||
14,462,744 | ||||||
|
| |||||
Pharmaceuticals, Biotechnology & Life Sciences – 8.2% | ||||||
11,103 | AbbVie, Inc. | 1,490,134 | ||||
5,619 | Agilent Technologies, Inc. | 682,989 | ||||
27,362 | Avantor, Inc.* | 536,295 | ||||
2,037 | Biogen, Inc.* | 543,879 | ||||
56,764 | Gilead Sciences, Inc. | 3,501,771 | ||||
7,879 | Horizon Therapeutics PLC* | 487,631 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences – (continued) | ||||||
11,152 | Incyte Corp.* | $ 743,169 | ||||
6,233 | Johnson & Johnson | 1,018,223 | ||||
24,015 | Merck & Co., Inc. | 2,068,172 | ||||
726 | Mettler-Toledo International, Inc.* | 787,071 | ||||
1,058 | Moderna, Inc.* | 125,109 | ||||
53,172 | Pfizer, Inc. | 2,326,807 | ||||
15,255 | Royalty Pharma PLC, Class A | 612,946 | ||||
7,641 | Thermo Fisher Scientific, Inc. | 3,875,439 | ||||
12,596 | Vertex Pharmaceuticals, Inc.* | 3,647,046 | ||||
| ||||||
22,446,681 | ||||||
|
| |||||
Real Estate – 5.9% | ||||||
23,188 | Camden Property Trust REIT | 2,769,806 | ||||
20,861 | CubeSmart REIT | 835,692 | ||||
59,832 | Host Hotels & Resorts, Inc. REIT | 950,132 | ||||
13,163 | Life Storage, Inc. REIT | 1,457,934 | ||||
18,973 | Mid-America Apartment Communities, Inc. REIT | 2,942,143 | ||||
33,940 | National Storage Affiliates Trust REIT | 1,411,225 | ||||
9,284 | Public Storage REIT | 2,718,448 | ||||
10,644 | SBA Communications Corp. REIT | 3,029,815 | ||||
| ||||||
16,115,195 | ||||||
|
| |||||
Retailing – 6.5% | ||||||
80,952 | Amazon.com, Inc.* | 9,147,576 | ||||
13,346 | AutoNation, Inc.* | 1,359,557 | ||||
1,590 | AutoZone, Inc.* | 3,405,669 | ||||
1,889 | Home Depot, Inc. (The) | 521,251 | ||||
60,251 | LKQ Corp. | 2,840,834 | ||||
359 | MercadoLibre, Inc. (Brazil)* | 297,173 | ||||
1,783 | Penske Automotive Group, Inc. | 175,501 | ||||
| ||||||
17,747,561 | ||||||
|
| |||||
Semiconductors & Semiconductor Equipment – 4.2% | ||||||
25,332 | Applied Materials, Inc. | 2,075,451 | ||||
9,626 | Broadcom, Inc. | 4,274,040 | ||||
3,415 | Enphase Energy, Inc.* | 947,560 | ||||
5,450 | First Solar, Inc.* | 720,872 | ||||
2,135 | Lam Research Corp. | 781,410 | ||||
750 | Monolithic Power Systems, Inc. | 272,550 | ||||
7,011 | NVIDIA Corp. | 851,065 | ||||
9,905 | Texas Instruments, Inc. | 1,533,096 | ||||
| ||||||
11,456,044 | ||||||
|
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Software & Services – 12.8% | ||||||
6,076 | Adobe, Inc.* | $ 1,672,115 | ||||
11,833 | Fortinet, Inc.* | 581,355 | ||||
231 | Gartner, Inc.* | 63,916 | ||||
9,723 | Intuit, Inc. | 3,765,912 | ||||
4,657 | Mastercard, Inc., Class A | 1,324,172 | ||||
76,470 | Microsoft Corp. | 17,809,863 | ||||
16,884 | Palo Alto Networks, Inc.* | 2,765,430 | ||||
6,665 | Paycom Software, Inc.* | 2,199,383 | ||||
3,929 | ServiceNow, Inc.* | 1,483,630 | ||||
5,126 | Snowflake, Inc., Class A* | 871,215 | ||||
8,351 | Toast, Inc., Class A* | 139,629 | ||||
14,549 | VeriSign, Inc.* | 2,527,161 | ||||
| ||||||
35,203,781 | ||||||
|
| |||||
Technology Hardware & Equipment – 8.5% | ||||||
118,209 | Apple, Inc. | 16,336,484 | ||||
673 | Arista Networks, Inc.* | 75,975 | ||||
107,487 | Cisco Systems, Inc. | 4,299,480 | ||||
135,481 | Hewlett Packard Enterprise Co. | 1,623,062 | ||||
2,957 | Teledyne Technologies, Inc.* | 997,899 | ||||
| ||||||
23,332,900 | ||||||
|
| |||||
Transportation – 3.2% | ||||||
120,659 | CSX Corp. | 3,214,356 | ||||
37,661 | Knight-Swift Transportation Holdings, Inc. | 1,842,753 | ||||
19,146 | Union Pacific Corp. | 3,730,023 | ||||
| ||||||
8,787,132 | ||||||
|
| |||||
Utilities – 0.6% | ||||||
8,805 | Brookfield Renewable Corp., Class A | 287,747 | ||||
23,616 | CMS Energy Corp. | 1,375,396 | ||||
| ||||||
1,663,143 | ||||||
|
| |||||
| TOTAL INVESTMENTS – 99.1% (Cost $255,634,400) | $272,429,102 | ||||
|
| |||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9% | 2,485,330 | ||||
|
| |||||
NET ASSETS – 100.0% | $274,914,432 | |||||
|
|
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) | Less than 0.05% |
|
Investment Abbreviations: | ||
PLC | — Public Limited Company | |
REIT | — Real Estate Investment Trust | |
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At September 30, 2022, the Fund 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 | 3 | 12/16/22 | $ | 612,786 | $ | (72,561 | ) | |||||
|
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Schedule of Investments (continued)
September 30, 2022 (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. The Trustees have delegated to GSAM 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 approved by the Trustees 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 Fair Valuation Procedures approved by the Trustees 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.
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 receivables/payables for collateral on certain derivatives 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.
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
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 Valuation Procedures approved by the Trustees. 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.
C. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of September 30, 2022:
EQUITY INDEX FUND |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 195,746 | $ | — | $ | — | ||||||
Europe | 858,175 | — | — | |||||||||
North America | 151,495,753 | 64,376 | — | |||||||||
Total | $ | 152,549,674 | $ | 64,376 | $ | — | ||||||
Derivative Type | ||||||||||||
Liabilities(b) | ||||||||||||
Futures Contracts | $ | (103,505 | ) | $ | — | $ | — | |||||
INTERNATIONAL EQUITY INSIGHTS FUND |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Africa | $ | — | $ | 661,649 | $ | — | ||||||
Asia | 151,800 | 21,110,785 | — | |||||||||
Europe | 1,095,825 | 41,868,312 | — | |||||||||
North America | 884,107 | 5,084,750 | — | |||||||||
Oceania | — | 7,638,849 | — | |||||||||
Securities Lending Reinvestment Vehicle | 139,472 | — | — | |||||||||
Total | $ | 2,271,204 | $ | 76,364,345 | $ | — | ||||||
Derivative Type | ||||||||||||
Liabilities(b) | ||||||||||||
Futures Contracts | $ | (106,509 | ) | $ | — | $ | — | |||||
LARGE CAP VALUE FUND |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Europe | $ | 9,792,572 | $ | — | $ | — | ||||||
North America | 345,903,955 | — | — | |||||||||
Investment Company | 1,092,078 | — | — | |||||||||
Total | $ | 356,788,605 | $ | — | $ | — | ||||||
MID CAP GROWTH FUND |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Europe | $ | 488,268 | $ | — | $ | — | ||||||
North America | 47,428,450 | — | — | |||||||||
Investment Company | 2,072,519 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 373,133 | — | — | |||||||||
Total | $ | 50,362,370 | $ | — | $ | — |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
MID CAP VALUE FUND |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Europe | $ | 4,487,550 | $ | — | $ | — | ||||||
North America | 356,370,175 | — | — | |||||||||
Investment Company | 857,473 | — | — | |||||||||
Total | $ | 361,715,198 | $ | — | $ | — | ||||||
SMALL CAP EQUITY INSIGHTS FUND |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Africa | $ | 481,891 | $ | — | $ | — | ||||||
Asia | 672,091 | — | — | |||||||||
Europe | 1,299,657 | — | — | |||||||||
North America | 97,830,843 | — | — | |||||||||
Investment Company | 594,688 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 1,761,233 | — | — | |||||||||
Total | $ | 102,640,403 | $ | — | $ | — | ||||||
Derivative Type | ||||||||||||
Liabilities(b) | ||||||||||||
Futures Contracts | $ | (220,309 | ) | $ | — | $ | — | |||||
STRATEGIC GROWTH FUND |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Europe | $ | 3,786,682 | $ | — | $ | — | ||||||
North America | 225,875,404 | — | — | |||||||||
Investment Company | 2,737,516 | — | — | |||||||||
Total | $ | 232,399,602 | $ | — | $ | — | ||||||
U.S. EQUITY INSIGHTS FUND |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Europe | $ | 4,092,915 | $ | — | $ | — | ||||||
North America | 268,039,014 | — | — | |||||||||
South America | 297,173 | — | — | |||||||||
Total | $ | 272,429,102 | $ | — | $ | — | ||||||
Derivative Type | ||||||||||||
Liabilities(b) | ||||||||||||
Futures Contracts | $ | (72,561 | ) | $ | — | $ | — |
(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. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
For further information regarding security characteristics, see the Schedules of Investments.
D. Securities Lending — The Large Cap Value, Mid Cap Growth, Mid Cap Value and Strategic Growth Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Equity Index, 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 Equity Index, 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:
Derivatives Risk — A Fund’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.
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 the 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.
Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with a Fund`s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a 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, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
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.