NPORT-EX 2 307297GS093025.htm
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
September
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
29.0%
a
Fannie
Mae
REMICS
,
Series
2025-11,
Class
FB
(SOFR
+
1.000%)
$
402,571
5.356
%
03/25/55
(a)
$
401,221
FHLMC
1,242
7.500
12/01/29
1,301
719
5.000
10/01/33
731
930
5.000
07/01/35
947
1,500
5.000
12/01/35
1,528
291
5.000
03/01/38
297
786
5.000
06/01/41
802
3,741
4.500
08/01/48
3,691
4,809
4.500
11/01/48
4,746
471,015
3.000
09/01/49
423,244
346,501
4.000
03/01/50
331,961
690,735
4.500
03/01/50
682,083
237,792
3.000
10/01/50
212,412
818,212
2.500
02/01/51
694,973
1,676,283
2.000
05/01/51
1,362,869
761,922
2.500
05/01/51
650,441
767,628
2.500
05/01/51
659,924
1,729,673
2.500
08/01/51
1,486,132
708,083
2.500
09/01/51
606,964
750,134
4.500
04/01/52
731,830
479,483
4.500
06/01/52
469,377
303,180
6.000
12/01/52
314,461
852,475
6.500
06/01/54
895,576
FNMA
2,031
7.000
08/01/26
2,040
1,022
8.000
10/01/29
1,051
591
8.500
04/01/30
624
1,124
8.000
05/01/30
1,144
1,602
8.000
08/01/32
1,698
2,765
4.500
08/01/39
2,771
4,972
3.000
01/01/43
4,638
10,076
3.000
01/01/43
9,388
5,638
3.000
03/01/43
5,277
15,449
3.000
03/01/43
14,304
48,423
3.000
03/01/43
44,807
6,248
3.000
04/01/43
5,806
7,913
3.000
04/01/43
7,325
11,783
3.000
04/01/43
10,901
13,932
3.000
04/01/43
12,890
59,934
3.000
04/01/43
55,453
7,719
3.000
05/01/43
7,133
30,157
3.000
05/01/43
27,891
33,900
3.000
05/01/43
31,375
184,780
4.500
04/01/45
184,486
22,596
4.500
05/01/45
22,553
112,308
4.000
02/01/48
108,052
130,537
4.000
03/01/48
125,590
2,399
4.000
07/01/48
2,305
7,810
4.000
07/01/48
7,509
214,607
4.500
07/01/48
211,784
140,312
4.000
08/01/48
134,819
109,931
5.000
11/01/48
111,392
1,696,005
2.000
10/01/50
1,381,024
388,510
3.000
10/01/50
348,014
480,431
3.000
10/01/50
429,153
492,436
3.000
10/01/50
441,108
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
FNMA
–
(continued)
$
1,695,879
2.000
%
11/01/50
$
1,379,861
65,029
2.500
03/01/51
55,986
80,568
2.500
09/01/51
69,364
318,693
2.500
10/01/51
273,503
146,820
2.500
11/01/51
126,266
186,831
2.500
11/01/51
160,281
1,179,103
6.000
11/01/52
1,220,765
771,422
5.500
04/01/53
786,581
1,421,641
6.500
09/01/53
1,476,637
1,000,000
2.000
TBA-30yr
(b)
805,999
6,000,000
2.500
TBA-30yr
(b)
5,054,904
2,000,000
3.500
TBA-30yr
(b)
1,827,748
1,000,000
4.000
TBA-30yr
(b)
942,305
1,000,000
5.000
TBA-30yr
(b)
991,710
4,000,000
5.500
TBA-30yr
(b)
4,033,680
5,000,000
6.000
TBA-30yr
(b)
5,107,422
FNMA
,
Series
2012-111,
Class
B
3,725
7.000
10/25/42
4,001
FNMA
,
Series
2012-153,
Class
B
9,921
7.000
07/25/42
10,800
Freddie
Mac
REMICS
,
Series
5502,
Class
FG
(SOFR
+
1.000%)
269,936
5.356
02/25/55
(a)
269,332
GNMA
80
7.000
11/15/25
80
31
7.000
04/15/26
31
124
7.000
04/15/26
124
274
7.000
03/15/27
274
89
7.000
11/15/27
89
599
7.000
11/15/27
608
1,347
7.000
02/15/28
1,354
35
7.000
05/15/28
36
691
7.000
06/15/28
698
373
7.000
07/15/28
378
672
7.000
07/15/28
679
31,832
6.000
08/20/34
33,379
31,412
5.000
06/15/40
32,086
130,503
4.000
08/20/43
126,542
50,035
4.000
10/20/45
48,295
753,670
4.000
07/20/48
721,985
24,247
5.000
08/20/48
24,562
81,149
4.500
09/20/48
80,301
86,528
5.000
10/20/48
87,598
232,587
5.000
11/20/48
235,463
29,662
5.000
12/20/48
29,911
190,222
4.500
01/20/49
187,877
25,686
4.500
03/20/49
25,369
529,794
3.000
08/20/49
475,675
168,695
4.500
10/20/49
166,385
345,262
3.000
03/20/50
309,396
162,644
4.500
03/20/50
160,416
687,642
3.000
11/20/51
614,873
825,374
3.000
11/20/51
734,217
782,028
4.500
09/20/52
763,408
786,890
4.500
10/20/52
768,646
3,000,000
2.000
TBA-30yr
(b)
2,481,021
2,000,000
2.500
TBA-30yr
(b)
1,720,966
2,000,000
3.500
TBA-30yr
(b)
1,824,034
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
GNMA
–
(continued)
$
1,000,000
4.500
%
TBA-30yr
(b)
$
969,692
2,000,000
5.000
TBA-30yr
(b)
1,989,182
4,000,000
5.500
TBA-30yr
(b)
4,029,680
GNMA
,
Series
2021-135,
Class
A
807,916
2.000
08/20/51
672,650
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost
$58,502,326)
57,606,921
a
Corporate
Bonds
–
19.8%
Aerospace/Defense
–
0.7%
Boeing
Co.
(The)
50,000
3.450
11/01/28
(c)
48,846
2,000
2.950
02/01/30
(c)
1,883
176,000
5.150
05/01/30
(c)
180,622
187,000
6.528
05/01/34
(c)
206,950
325,000
5.705
05/01/40
(c)
331,691
100,000
5.805
05/01/50
(c)
99,913
174,000
6.858
05/01/54
(c)
198,496
Howmet
Aerospace,
Inc.
122,000
4.850
10/15/31
(c)
125,188
Northrop
Grumman
Corp.
75,000
3.250
01/15/28
(c)
73,747
25,000
4.750
06/01/43
23,171
50,000
5.250
05/01/50
(c)
48,124
RTX
Corp.
50,000
4.125
11/16/28
(c)
49,888
25,000
4.050
05/04/47
(c)
20,383
1,408,902
Agriculture
–
0.1%
Archer-Daniels-Midland
Co.
100,000
2.900
03/01/32
(c)
91,351
Bunge
Ltd.
Finance
Corp.
139,000
4.200
09/17/29
(c)
138,591
229,942
Auto
Manufacturers
–
0.3%
Ford
Motor
Credit
Co.
LLC
215,000
5.850
05/17/27
(c)
217,715
General
Motors
Financial
Co.,
Inc.
125,000
1.500
06/10/26
(c)
122,593
125,000
2.350
01/08/31
(c)
110,744
Hyundai
Capital
America
160,000
5.400
06/24/31
(c)(d)
164,880
615,932
Banks
–
4.9%
Bank
of
America
Corp.
(SOFR
+
1.290%)
140,000
5.080
01/20/27
(a)(c)
140,263
(TSFR3M
+
1.302%)
85,000
3.419
12/20/28
(a)(c)
83,658
(SOFR
+
1.630%)
370,000
5.202
04/25/29
(a)(c)
379,223
(SOFR
+
2.150%)
175,000
2.592
04/29/31
(a)(c)
162,177
(SOFR
+
1.220%)
110,000
2.299
07/21/32
(a)(c)
97,557
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Banks
–
(continued)
(SOFR
+
1.830%)
$
390,000
4.571
%
04/27/33
(a)(c)
$
389,214
(SOFR
+
1.310%)
75,000
5.511
01/24/36
(a)(c)
78,381
(US
5
Year
CMT
T-Note
+
1.200%)
100,000
2.482
09/21/36
(a)(c)
86,859
Bank
of
America
Corp.
,
GMTN
(TSFR3M
+
1.632%)
25,000
3.593
07/21/28
(a)(c)
24,774
Bank
of
America
Corp.
,
MTN
(TSFR3M
+
1.837%)
75,000
3.824
01/20/28
(a)(c)
74,657
(SOFR
+
1.050%)
400,000
2.551
02/04/28
(a)(c)
391,757
(SOFR
+
2.040%)
305,000
4.948
07/22/28
(a)(c)
309,375
(TSFR3M
+
1.572%)
50,000
4.271
07/23/29
(a)(c)
50,152
(SOFR
+
1.530%)
50,000
1.898
07/23/31
(a)(c)
44,636
(SOFR
+
2.160%)
73,000
5.015
07/22/33
(a)(c)
74,622
Bank
of
America
Corp.
,
Series
N
(SOFR
+
1.220%)
50,000
2.651
03/11/32
(a)(c)
45,570
Bank
of
New
York
Mellon
Corp.
(The)
(SOFR
+
1.755%)
20,000
4.596
07/26/30
(a)(c)
20,323
Citigroup,
Inc.
45,000
3.400
05/01/26
44,809
150,000
4.450
09/29/27
150,603
(SOFR
+
1.422%)
75,000
2.976
11/05/30
(a)(c)
71,014
(SOFR
+
2.086%)
165,000
4.910
05/24/33
(a)(c)
166,689
(SOFR
+
1.830%)
210,000
6.020
01/24/36
(a)(c)
220,205
First
Horizon
Corp.
(SOFR
+
1.766%)
160,000
5.514
03/07/31
(a)(c)
164,675
Huntington
Bancshares,
Inc.
(SOFRINDX
+
1.870%)
830,000
5.709
02/02/35
(a)(c)
864,567
JPMorgan
Chase
&
Co.
(TSFR3M
+
1.507%)
100,000
3.960
01/29/27
(a)(c)
99,879
15,000
3.625
12/01/27
(c)
14,881
(TSFR3M
+
1.599%)
972,000
3.782
02/01/28
(a)(c)
967,674
(TSFR3M
+
1.207%)
45,000
3.509
01/23/29
(a)(c)
44,390
(TSFR3M
+
3.790%)
25,000
4.493
03/24/31
(a)(c)
25,233
(SOFR
+
2.040%)
25,000
2.522
04/22/31
(a)(c)
23,188
(SOFR
+
1.340%)
430,000
4.946
10/22/35
(a)(c)
433,641
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Banks
–
(continued)
(SOFR
+
1.680%)
$
430,000
5.572
%
04/22/36
(a)(c)
$
453,611
M&T
Bank
Corp.
(SOFR
+
2.800%)
265,000
7.413
10/30/29
(a)(c)
287,814
M&T
Bank
Corp.
,
MTN
(SOFR
+
1.610%)
450,000
5.385
01/16/36
(a)(c)
456,253
Morgan
Stanley
25,000
3.625
01/20/27
24,914
20,000
3.950
04/23/27
19,957
(SOFR
+
1.295%)
213,000
5.050
01/28/27
(a)(c)
213,457
(SOFR
+
1.000%)
200,000
2.475
01/21/28
(a)(c)
195,740
(SOFR
+
2.076%)
165,000
4.889
07/20/33
(a)(c)
167,330
(SOFR
+
1.555%)
420,000
5.320
07/19/35
(a)(c)
432,853
(SOFR
+
1.757%)
155,000
5.664
04/17/36
(a)(c)
163,551
(SOFR
+
1.360%)
150,000
2.484
09/16/36
(a)(c)
130,362
Morgan
Stanley
,
GMTN
(TSFR3M
+
1.890%)
25,000
4.431
01/23/30
(a)(c)
25,119
(SOFR
+
1.143%)
400,000
2.699
01/22/31
(a)(c)
373,739
Morgan
Stanley
,
MTN
(SOFR
+
1.590%)
305,000
5.164
04/20/29
(a)(c)
312,112
(SOFR
+
3.120%)
50,000
3.622
04/01/31
(a)(c)
48,516
(SOFR
+
1.034%)
75,000
1.794
02/13/32
(a)(c)
65,383
Truist
Financial
Corp.
,
MTN
(SOFR
+
2.050%)
50,000
6.047
06/08/27
(a)(c)
50,567
US
Bancorp
(SOFR
+
2.020%)
145,000
5.775
06/12/29
(a)(c)
150,927
Wells
Fargo
&
Co.
175,000
3.000
10/23/26
173,204
Wells
Fargo
&
Co.
,
GMTN
50,000
4.300
07/22/27
50,178
Wells
Fargo
&
Co.
,
MTN
(SOFR
+
1.980%)
215,000
4.808
07/25/28
(a)(c)
217,584
9,757,817
Beverages
–
0.4%
Coca-Cola
Consolidated,
Inc.
98,000
5.450
06/01/34
(c)
102,497
Constellation
Brands,
Inc.
50,000
4.400
11/15/25
(c)
49,961
50,000
3.600
02/15/28
(c)
49,330
25,000
3.150
08/01/29
(c)
23,990
100,000
2.250
08/01/31
(c)
88,152
Keurig
Dr
Pepper,
Inc.
225,000
4.597
05/25/28
(c)
226,280
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Beverages
–
(continued)
Keurig
Dr
Pepper,
Inc.
–
(continued)
$
19,000
3.800
%
05/01/50
(c)
$
13,828
Pernod
Ricard
International
Finance
LLC
345,000
1.625
04/01/31
(c)(d)
297,348
851,386
Biotechnology
–
0.4%
Amgen,
Inc.
239,000
5.250
03/02/30
(c)
247,736
238,000
5.250
03/02/33
(c)
246,550
Royalty
Pharma
PLC
198,000
5.400
09/02/34
(c)
202,170
696,456
Building
Materials
–
0.3%
Carrier
Global
Corp.
150,000
2.493
02/15/27
(c)
146,849
75,000
2.722
02/15/30
(c)
70,288
200,000
2.700
02/15/31
(c)
183,621
166,000
5.900
03/15/34
(c)
178,088
Masco
Corp.
50,000
1.500
02/15/28
(c)
47,062
625,908
Chemicals
–
0.1%
DuPont
de
Nemours,
Inc.
50,000
4.493
11/15/25
(c)
49,976
Ecolab,
Inc.
4,000
2.750
08/18/55
(c)
2,475
Huntsman
International
LLC
25,000
4.500
05/01/29
(c)
23,940
International
Flavors
&
Fragrances,
Inc.
20,000
1.832
10/15/27
(c)(d)
19,029
74,000
2.300
11/01/30
(c)(d)
66,208
Sherwin-Williams
Co.
(The)
25,000
3.450
06/01/27
(c)
24,770
50,000
2.950
08/15/29
(c)
47,774
234,172
Commercial
Services
–
0.2%
PayPal
Holdings,
Inc.
75,000
2.650
10/01/26
(c)
74,077
Quanta
Services,
Inc.
182,000
5.250
08/09/34
(c)
186,337
S&P
Global,
Inc.
75,000
4.250
05/01/29
(c)
75,332
335,746
Computers
–
0.1%
Dell
International
LLC
/
EMC
Corp.
89,000
6.020
06/15/26
(c)
89,664
25,000
5.300
10/01/29
(c)
25,816
Hewlett
Packard
Enterprise
Co.
151,000
5.000
10/15/34
(c)
149,764
265,244
Diversified
Financial
Services
–
0.7%
Air
Lease
Corp.
,
GMTN
75,000
3.750
06/01/26
(c)
74,594
Air
Lease
Corp.
,
MTN
75,000
2.875
01/15/26
(c)
74,632
275,000
5.200
07/15/31
(c)
280,209
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Diversified
Financial
Services
–
(continued)
Aviation
Capital
Group
LLC
$
50,000
1.950
%
01/30/26
(c)(d)
$
49,540
Capital
One
Financial
Corp.
(SOFR
+
1.990%)
415,000
5.884
07/26/35
(a)(c)
435,045
(SOFR
+
2.036%)
410,000
6.183
01/30/36
(a)(c)
425,668
Intercontinental
Exchange,
Inc.
75,000
3.625
09/01/28
(c)
74,121
Mastercard,
Inc.
25,000
3.300
03/26/27
(c)
24,807
Nuveen
LLC
25,000
4.000
11/01/28
(c)(d)
24,936
1,463,552
Electric
–
0.6%
American
Electric
Power
Co.,
Inc.
50,000
2.300
03/01/30
(c)
45,736
Arizona
Public
Service
Co.
45,000
2.950
09/15/27
(c)
44,116
Berkshire
Hathaway
Energy
Co.
25,000
3.250
04/15/28
(c)
24,551
50,000
3.700
07/15/30
(c)
48,987
Dominion
Energy,
Inc.
,
Series
C
25,000
3.375
04/01/30
(c)
24,022
Entergy
Corp.
45,000
2.950
09/01/26
(c)
44,510
Exelon
Corp.
50,000
4.050
04/15/30
(c)
49,464
FirstEnergy
Corp.
100,000
2.650
03/01/30
(c)
92,836
FirstEnergy
Corp.
,
Series
B
50,000
2.250
09/01/30
(c)
44,950
Florida
Power
&
Light
Co.
68,000
4.125
02/01/42
(c)
59,270
MidAmerican
Energy
Co.
25,000
3.650
04/15/29
(c)
24,644
NextEra
Energy
Capital
Holdings,
Inc.
70,000
1.900
06/15/28
(c)
66,177
Ohio
Power
Co.
,
Series
P
25,000
2.600
04/01/30
(c)
23,236
Pacific
Gas
and
Electric
Co.
25,000
2.100
08/01/27
(c)
24,040
50,000
2.500
02/01/31
(c)
44,559
25,000
3.300
08/01/40
(c)
18,970
Progress
Energy,
Inc.
95,000
7.000
10/30/31
106,920
Southern
Co.
(The)
60,000
3.250
07/01/26
(c)
59,619
Xcel
Energy,
Inc.
250,000
3.350
12/01/26
(c)
247,550
1,094,157
Electronics
–
0.1%
Allegion  U.S.
Holding
Co.,
Inc.
110,000
5.600
05/29/34
(c)
114,841
Environmental
Control
–
0.1%
Republic
Services,
Inc.
100,000
1.750
02/15/32
(c)
85,964
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Environmental
Control
–
(continued)
Waste
Management,
Inc.
$
75,000
3.150
%
11/15/27
(c)
$
73,767
50,000
1.150
03/15/28
(c)
46,777
206,508
Food
–
1.1%
General
Mills,
Inc.
75,000
4.200
04/17/28
(c)
75,119
J
M
Smucker
Co.
(The)
179,000
5.900
11/15/28
(c)
188,018
198,000
6.200
11/15/33
(c)
214,948
Mars,
Inc.
425,000
4.800
03/01/30
(c)(d)
433,049
25,000
3.200
04/01/30
(c)(d)
24,048
375,000
5.000
03/01/32
(c)(d)
383,558
650,000
5.200
03/01/35
(c)(d)
664,196
The
Campbell's
Company
279,000
5.400
03/21/34
(c)
285,802
2,268,738
Gas
–
0.1%
East
Ohio
Gas
Co.
(The)
25,000
2.000
06/15/30
(c)(d)
22,498
NiSource,
Inc.
95,000
3.490
05/15/27
(c)
94,115
25,000
3.600
05/01/30
(c)
24,216
140,829
Hand/Machine
Tools
–
0.0%
Stanley
Black
&
Decker,
Inc.
24,000
4.250
11/15/28
(c)
24,038
Healthcare-Products
–
0.4%
Alcon
Finance
Corp.
413,000
3.000
09/23/29
(c)(d)
393,487
DH
Europe
Finance
II
Sarl
25,000
2.600
11/15/29
(c)
23,550
Solventum
Corp.
113,000
5.400
03/01/29
(c)
116,622
140,000
5.600
03/23/34
(c)
145,852
STERIS
Irish
FinCo
UnLtd
Co.
75,000
2.700
03/15/31
(c)
68,314
Stryker
Corp.
100,000
1.950
06/15/30
(c)
90,398
Thermo
Fisher
Scientific,
Inc.
25,000
1.750
10/15/28
(c)
23,395
861,618
Healthcare-Services
–
1.4%
Adventist
Health
System
30,000
2.952
03/01/29
(c)
28,311
95,000
5.757
12/01/34
(c)
97,803
Adventist
Health
System
,
Series
2025
590,000
4.742
12/01/30
(c)
590,174
Banner
Health
120,000
2.338
01/01/30
(c)
111,292
Baylor
Scott
&
White
Holdings
,
Series
2021
40,000
1.777
11/15/30
(c)
35,488
Cigna
Group
(The)
34,000
2.400
03/15/30
(c)
31,387
250,000
2.375
03/15/31
(c)
224,959
260,000
5.125
05/15/31
(c)
269,076
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Healthcare-Services
–
(continued)
Cigna
Group
(The)
–
(continued)
$
125,000
4.800
%
08/15/38
(c)
$
119,328
CommonSpirit
Health
225,000
6.461
11/01/52
(c)
245,241
HCA,
Inc.
80,000
3.500
09/01/30
(c)
76,408
345,000
5.450
04/01/31
(c)
358,658
Humana,
Inc.
55,000
5.950
03/15/34
(c)
57,808
Laboratory
Corp.
of
America
Holdings
86,000
4.800
10/01/34
(c)
85,261
Rush
Obligated
Group
,
Series
2020
60,000
3.922
11/15/29
(c)
59,145
Sutter
Health
,
Series
20A
40,000
2.294
08/15/30
(c)
36,591
UnitedHealth
Group,
Inc.
275,000
5.000
04/15/34
(c)
279,285
125,000
3.050
05/15/41
(c)
95,068
2,801,283
Insurance
–
0.3%
American
International
Group,
Inc.
25,000
3.400
06/30/30
(c)
23,939
Arch
Capital
Group
US,
Inc.
36,000
5.144
11/01/43
34,351
Arthur
J
Gallagher
&
Co.
50,000
4.850
12/15/29
(c)
51,020
Berkshire
Hathaway
Finance
Corp.
75,000
1.850
03/12/30
(c)
68,525
Chubb
Corp.
(The)
171,000
6.800
11/15/31
192,347
Principal
Financial
Group,
Inc.
50,000
3.100
11/15/26
(c)
49,445
75,000
2.125
06/15/30
(c)
67,929
Willis
North
America,
Inc.
25,000
2.950
09/15/29
(c)
23,746
511,302
Internet
–
0.6%
AppLovin
Corp.
422,000
5.500
12/01/34
(c)
435,442
Expedia
Group,
Inc.
14,000
4.625
08/01/27
(c)
14,104
35,000
3.800
02/15/28
(c)
34,691
85,000
3.250
02/15/30
(c)
81,189
14,000
2.950
03/15/31
(c)
12,969
Meta
Platforms,
Inc.
250,000
3.500
08/15/27
(c)
248,937
Netflix,
Inc.
210,000
5.875
11/15/28
221,409
Uber
Technologies,
Inc.
175,000
4.500
08/15/29
(c)(d)
174,976
1,223,717
Investment
Companies
–
0.1%
Blackstone
Private
Credit
Fund
75,000
6.000
01/29/32
(c)
77,381
Blackstone
Secured
Lending
Fund
125,000
5.875
11/15/27
(c)
128,084
205,465
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Iron/Steel
–
0.0%
Steel
Dynamics,
Inc.
$
50,000
1.650
%
10/15/27
(c)
$
47,575
Lodging
–
0.7%
Choice
Hotels
International,
Inc.
306,000
3.700
01/15/31
(c)
286,542
114,000
5.850
08/01/34
(c)
116,604
Hyatt
Hotels
Corp.
365,000
5.500
06/30/34
(c)
373,684
Las
Vegas
Sands
Corp.
120,000
5.625
06/15/28
(c)
122,689
40,000
6.000
06/14/30
(c)
41,656
Marriott
International,
Inc.
125,000
5.000
10/15/27
(c)
127,186
91,000
4.875
05/15/29
(c)
92,709
Marriott
International,
Inc.
,
Series
HH
325,000
2.850
04/15/31
(c)
299,058
1,460,128
Machinery-Diversified
–
0.5%
AGCO
Corp.
112,000
5.800
03/21/34
(c)
116,420
IDEX
Corp.
105,000
2.625
06/15/31
(c)
95,067
Ingersoll
Rand,
Inc.
90,000
5.700
08/14/33
(c)
95,590
Otis
Worldwide
Corp.
25,000
2.293
04/05/27
(c)
24,389
150,000
2.565
02/15/30
(c)
139,688
Regal
Rexnord
Corp.
453,000
6.300
02/15/30
(c)
480,251
951,405
Media
–
0.1%
Comcast
Corp.
25,000
3.300
02/01/27
(c)
24,789
75,000
3.300
04/01/27
(c)
74,257
25,000
3.750
04/01/40
(c)
20,992
Fox
Corp.
25,000
4.709
01/25/29
(c)
25,324
145,362
Oil
&
Gas
–
0.1%
Occidental
Petroleum
Corp.
69,000
7.875
09/15/31
78,497
Phillips
66
25,000
1.300
02/15/26
(c)
24,712
103,209
Packaging
&
Containers
–
0.0%
Berry
Global,
Inc.
50,000
1.570
01/15/26
(c)
49,569
Pharmaceuticals
–
0.5%
AbbVie,
Inc.
107,000
4.050
11/21/39
(c)
95,742
Becton
Dickinson
and
Co.
100,000
2.823
05/20/30
(c)
93,788
Cencora,
Inc.
75,000
3.450
12/15/27
(c)
73,928
CVS
Health
Corp.
350,000
2.125
09/15/31
(c)
303,392
162,000
4.780
03/25/38
(c)
151,893
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Pharmaceuticals
–
(continued)
Pfizer,
Inc.
$
75,000
3.450
%
03/15/29
(c)
$
73,791
Zoetis,
Inc.
45,000
3.000
09/12/27
(c)
44,216
150,000
2.000
05/15/30
(c)
136,399
973,149
Pipelines
–
0.7%
Cheniere
Energy
Partners
LP
75,000
5.950
06/30/33
(c)
79,369
Columbia
Pipelines
Operating
Co.
LLC
240,000
6.036
11/15/33
(c)(d)
256,130
Energy
Transfer
LP
25,000
5.250
04/15/29
(c)
25,720
275,000
5.750
02/15/33
(c)
288,379
Kinder
Morgan,
Inc.
275,000
4.300
03/01/28
(c)
276,267
MPLX
LP
75,000
2.650
08/15/30
(c)
68,861
35,000
4.500
04/15/38
(c)
31,684
25,000
5.500
02/15/49
(c)
23,278
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
25,000
3.800
09/15/30
(c)
24,117
Sabine
Pass
Liquefaction
LLC
75,000
5.000
03/15/27
(c)
75,482
Targa
Resources
Corp.
55,000
4.200
02/01/33
(c)
52,275
Western
Midstream
Operating
LP
25,000
5.450
04/01/44
(c)
22,663
Williams
Cos.,
Inc.
(The)
125,000
5.650
03/15/33
(c)
131,416
1,355,641
Real
Estate
–
0.0%
CoStar
Group,
Inc.
100,000
2.800
07/15/30
(c)(d)
91,489
REITS
–
0.7%
Agree
LP
170,000
4.800
10/01/32
(c)
170,895
Alexandria
Real
Estate
Equities,
Inc.
25,000
3.375
08/15/31
(c)
23,399
American
Homes
4
Rent
LP
50,000
4.900
02/15/29
(c)
50,860
30,000
2.375
07/15/31
(c)
26,582
American
Tower
Corp.
75,000
2.100
06/15/30
(c)
67,595
Crown
Castle,
Inc.
60,000
3.650
09/01/27
(c)
59,374
CubeSmart
LP
45,000
4.000
11/15/25
(c)
44,922
20,000
2.500
02/15/32
(c)
17,652
Essex
Portfolio
LP
50,000
3.000
01/15/30
(c)
47,353
Healthcare
Realty
Holdings
LP
25,000
2.050
03/15/31
(c)
21,553
Host
Hotels
&
Resorts
LP
,
Series
J
42,000
2.900
12/15/31
(c)
37,368
Invitation
Homes
Operating
Partnership
LP
75,000
2.300
11/15/28
(c)
70,802
195,000
2.000
08/15/31
(c)
168,670
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
REITS
–
(continued)
Kilroy
Realty
LP
$
20,000
4.750
%
12/15/28
(c)
$
20,110
Mid-America
Apartments
L.P.
50,000
1.700
02/15/31
(c)
43,478
National
Retail
Properties,
Inc.
45,000
4.000
11/15/25
(c)
44,954
Prologis
L.P.
25,000
1.750
07/01/30
(c)
22,365
125,000
4.625
01/15/33
(c)
125,939
Realty
Income
Corp.
25,000
3.950
08/15/27
(c)
24,977
75,000
3.400
01/15/30
(c)
72,658
Regency
Centers
LP
100,000
2.950
09/15/29
(c)
95,494
UDR,
Inc.
,
MTN
25,000
2.100
08/01/32
(c)
21,328
100,000
1.900
03/15/33
(c)
81,750
WP
Carey,
Inc.
25,000
3.850
07/15/29
(c)
24,607
25,000
2.400
02/01/31
(c)
22,429
1,407,114
Retail
–
0.3%
7-Eleven,
Inc.
100,000
1.300
02/10/28
(c)(d)
93,509
AutoNation,
Inc.
83,000
4.500
10/01/25
(c)
83,000
25,000
1.950
08/01/28
(c)
23,448
Dollar
Tree,
Inc.
50,000
4.200
05/15/28
(c)
49,850
Home
Depot,
Inc.
(The)
25,000
3.900
12/06/28
(c)
25,022
Lowe's
Cos.,
Inc.
25,000
3.100
05/03/27
(c)
24,647
75,000
1.700
09/15/28
(c)
70,105
25,000
3.000
10/15/50
(c)
16,155
McDonald's
Corp.
,
MTN
25,000
4.200
04/01/50
(c)
20,542
Starbucks
Corp.
100,000
4.000
11/15/28
(c)
99,866
Tractor
Supply
Co.
50,000
1.750
11/01/30
(c)
43,951
550,095
Semiconductors
–
0.3%
Applied
Materials,
Inc.
25,000
1.750
06/01/30
(c)
22,477
Broadcom,
Inc.
74,000
4.150
04/15/32
(c)(d)
72,572
100,000
3.419
04/15/33
(c)(d)
92,453
162,000
3.137
11/15/35
(c)(d)
140,248
100,000
3.500
02/15/41
(c)(d)
82,287
Intel
Corp.
175,000
5.200
02/10/33
(c)
179,010
65,000
5.150
02/21/34
(c)
65,988
655,035
Software
–
1.5%
Adobe,
Inc.
50,000
2.150
02/01/27
(c)
48,934
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Software
–
(continued)
Fiserv,
Inc.
$
25,000
4.200
%
10/01/28
(c)
$
24,998
Intuit,
Inc.
25,000
1.350
07/15/27
(c)
23,918
MSCI,
Inc.
180,000
4.000
11/15/29
(c)(d)
175,977
Oracle
Corp.
150,000
4.500
05/06/28
(c)
151,095
34,000
2.950
04/01/30
(c)
32,034
175,000
4.650
05/06/30
(c)
177,338
275,000
2.875
03/25/31
(c)
252,685
256,000
5.250
02/03/32
(c)
263,844
320,000
4.800
09/26/32
(c)
320,473
250,000
6.250
11/09/32
(c)
271,674
157,000
4.900
02/06/33
(c)
158,526
370,000
5.200
09/26/35
(c)
371,897
125,000
6.900
11/09/52
(c)
139,208
Roper
Technologies,
Inc.
50,000
4.200
09/15/28
(c)
50,096
Synopsys,
Inc.
160,000
5.000
04/01/32
(c)
163,462
Take-Two
Interactive
Software,
Inc.
85,000
3.700
04/14/27
(c)
84,342
VMware,
Inc.
25,000
1.800
08/15/28
(c)
23,442
100,000
2.200
08/15/31
(c)
88,107
Workday,
Inc.
75,000
3.500
04/01/27
(c)
74,350
2,896,400
Telecommunications
–
1.1%
AT&T,
Inc.
288,000
2.300
06/01/27
(c)
279,619
150,000
4.350
03/01/29
(c)
150,626
50,000
2.750
06/01/31
(c)
45,823
10,000
2.550
12/01/33
(c)
8,518
25,000
4.900
08/15/37
(c)
24,405
60,000
4.850
03/01/39
(c)
57,522
75,000
3.500
06/01/41
(c)
59,951
25,000
4.350
06/15/45
(c)
21,077
25,000
5.150
11/15/46
(c)
23,409
T-Mobile
USA,
Inc.
75,000
1.500
02/15/26
(c)
74,184
391,000
3.750
04/15/27
(c)
388,699
25,000
4.750
02/01/28
(c)
25,043
175,000
2.050
02/15/28
(c)
166,802
83,000
3.875
04/15/30
(c)
81,362
75,000
3.500
04/15/31
(c)
71,358
500,000
5.200
01/15/33
(c)
515,749
Verizon
Communications,
Inc.
108,000
4.329
09/21/28
108,759
200,000
2.550
03/21/31
(c)
181,828
2,284,734
Transportation
–
0.2%
Burlington
Northern
Santa
Fe
LLC
25,000
4.050
06/15/48
(c)
20,523
CSX
Corp.
175,000
3.800
03/01/28
(c)
174,268
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Transportation
–
(continued)
FedEx
Corp.
$
45,000
3.400
%
02/15/28
(c)(d)
$
44,165
Union
Pacific
Corp.
125,000
2.800
02/14/32
(c)
114,460
353,416
Trucking
&
Leasing
–
0.1%
Penske
Truck
Leasing
Co.
LP
/
PTL
Finance
Corp.
120,000
5.250
07/01/29
(c)(d)
123,403
TOTAL
CORPORATE
BONDS
(Cost
$39,375,162)
39,385,277
a
Asset-
Backed
Securities
–
11.1%
Collateralized
Debt
Obligations
–
0.1%
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
,
Series
2022-
FL1,
Class
A
(
(SOFR
+
1.450%)
)
123,666
5.822
01/15/37
(a)(d)
123,666
Collateralized
Loan
Obligations
–
8.2%
AGL
CLO
40
Ltd.
,
Series
2025-40A,
Class
A1
(
(TSFR3M
+
1.240%)
)
1,000,000
5.551
07/22/38
(a)(d)
1,002,117
Ares
European
CLO
XXI
DAC
,
Series
21A,
Class
B
(
(3
mo.
Euribor
+
1.700%)
)
250,000
4.147
04/15/38
(a)(c)(d)
293,503
Carlyle
US
CLO
Ltd.
,
Series
2024-2A,
Class
B
(
(TSFR3M
+
2.050%)
)
400,000
6.368
04/25/37
(a)(d)
401,552
Carlyle
US
CLO
Ltd.
,
Series
2025-3A,
Class
A
(
(TSFR3M
+
1.380%)
)
850,000
5.636
07/25/38
(a)(d)
853,089
Cathedral
Lake
VIII
Ltd.
,
Series
2021-8A,
Class
C
(
(TSFR3M
+
2.882%)
)
200,000
7.207
01/20/35
(a)(d)
200,364
CBAMR
Ltd.
,
Series
2017-4A,
Class
A1R
(
(TSFR3M
+
1.420%)
)
800,000
5.701
03/31/38
(a)(d)
802,234
CBAMR
Ltd.
,
Series
2018-5A,
Class
A1R
(
(TSFR3M
+
1.340%)
)
975,000
5.452
10/17/38
(a)(d)
978,497
Cedar
Funding
IX
CLO
Ltd.
,
Series
2018-9A,
Class
AR
(
(TSFR3M
+
1.420%)
)
270,000
5.745
07/20/37
(a)(d)
270,858
CFIP
CLO
Ltd.
,
Series
2021-1A,
Class
A
(
(TSFR3M
+
1.482%)
)
700,000
5.807
01/20/35
(a)(d)
700,700
CFIP
CLO
Ltd.
,
Series
2021-1A,
Class
C1
(
(TSFR3M
+
2.662%)
)
300,000
6.987
01/20/35
(a)(d)
300,344
CIFC
Funding
Ltd.
,
Series
2018-1A,
Class
A1R
(
(TSFR3M
+
1.320%)
)
350,000
5.649
01/18/38
(a)(d)
351,191
Diameter
Capital
Clo
1
Ltd.
,
Series
2021-1A,
Class
A1R
(
(TSFR3M
+
1.390%)
)
425,000
5.708
10/15/37
(a)(d)
426,139
Diameter
Capital
CLO
10
Ltd.
,
Series
2025-10A,
Class
A
(
(TSFR3M
+
1.310%)
)
620,000
5.596
04/20/38
(a)(d)
621,718
Elmwood
CLO
35
Ltd.
,
Series
2024-11A,
Class
A
(
(TSFR3M
+
1.340%)
)
1,175,000
5.669
10/18/37
(a)(d)
1,179,015
Fidelity
Grand
Harbour
CLO
DAC
,
Series
2023-1A,
Class
B1R
(
(3
mo.
Euribor
+
1.750%)
)
350,000
3.786
02/15/38
(a)(c)(d)
410,647
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-
Backed
Securities
–
(continued)
Collateralized
Loan
Obligations
–
(continued)
Goldentree
Loan
Management  U.S.
CLO
6
Ltd.
,
Series
2019-6A,
Class
AR2
(
(TSFR3M
+
0.970%)
)
$
300,000
5.295
%
04/20/35
(a)(d)
$
298,682
Greenacre
Park
CLO
LLC
,
Series
2021-2A,
Class
AR
(
(TSFR3M
+
1.370%)
)
800,000
5.667
07/20/37
(a)(d)
803,604
Halseypoint
CLO
7
Ltd.
,
Series
2023-7A,
Class
A1R
(
(TSFR3M
+
1.450%)
)
600,000
5.780
07/20/38
(a)(d)
603,469
Jamestown
CLO
XV
Ltd.
,
Series
2020-15A,
Class
A1R
(
(TSFR3M
+
1.370%)
)
300,000
5.688
07/15/35
(a)(d)
300,194
JP
Morgan
Mortgage
Trust
,
Series
2023-HE3,
Class
A1
(
(SOFR
+
1.600%)
)
61,490
5.989
05/20/54
(a)(d)
61,777
Mountain
View
CLO
XV
Ltd.
,
Series
2019-2A,
Class
A1R
(
(TSFR3M
+
1.670%)
)
275,000
5.988
07/15/37
(a)(d)
276,022
OCP
CLO
Ltd.
,
Series
2019-16A,
Class
AR
(
(TSFR3M
+
1.262%)
)
205,066
5.590
04/10/33
(a)(d)
205,187
Palmer
Square
Loan
Funding
Ltd.
,
Series
2022-3A,
Class
A1BR
(
(TSFR3M
+
1.400%)
)
325,000
5.718
04/15/31
(a)(d)
325,483
Pikes
Peak
CLO
5
,
Series
2020-5A,
Class
A1R
(
(TSFR3M
+
1.400%)
)
450,000
5.725
10/20/37
(a)(d)
451,469
Polus  U.S.
CLO
II
Ltd.
,
Series
2025-2A,
Class
A1
(
(TSFR3M
+
1.520%)
)
400,000
5.804
07/20/38
(a)(d)
402,055
Regatta
VI
Funding
Ltd.
,
Series
2016-1A,
Class
A1R3
(
(TSFR3M
+
1.250%)
)
1,075,000
5.206
10/20/38
(a)(d)
1,078,695
Sound
Point
Euro
CLO
14
Funding
DAC
,
Series
14A,
Class
B
(
(3
mo.
Euribor
+
1.600%)
)
250,000
3.894
04/20/39
(a)(c)(d)
292,873
Trinitas
CLO
XXXI
Ltd.
,
Series
2024-31A,
Class
A1
(
(TSFR3M
+
1.350%)
)
575,000
5.682
01/22/38
(a)(d)
576,524
Warwick
Capital
CLO
1
Ltd.
,
Series
2023-1A,
Class
AR
(
(TSFR3M
+
1.280%)
)
850,000
5.251
10/20/38
(a)(d)
850,372
Wellington
Management
CLO
5
Ltd.
,
Series
2025-5A,
Class
A
(
(TSFR3M
+
1.290%)
)
1,000,000
5.251
10/18/38
(a)(d)
1,003,390
16,321,764
Diversified
Financial
Services
–
2.8%
American
Express
Credit
Account
Master
Trust
,
Series
2025-3,
Class
A
550,000
4.510
04/15/32
561,084
Barclays
Dryrock
Issuance
Trust
,
Series
2023-1,
Class
A
600,000
4.720
02/15/29
602,002
Barclays
Dryrock
Issuance
Trust
,
Series
2023-2,
Class
A
(
(SOFR
+
0.900%)
)
300,000
5.272
08/15/28
(a)
300,094
Barclays
Dryrock
Issuance
Trust
,
Series
2025-1,
Class
A
425,000
3.970
07/15/31
423,775
Capital
One
Multi-Asset
Execution
Trust
,
Series
2022-A3,
Class
A
300,000
4.950
10/15/27
300,098
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-
Backed
Securities
–
(continued)
Diversified
Financial
Services
–
(continued)
Citibank
Credit
Card
Issuance
Trust
,
Series
2023-A1,
Class
A1
$
275,000
5.230
%
12/08/27
$
275,560
Citibank
Credit
Card
Issuance
Trust
,
Series
2025-A2,
Class
A
375,000
4.490
06/21/32
381,488
Discover
Card
Execution
Note
Trust
,
Series
2023-A1,
Class
A
300,000
4.310
03/15/28
300,350
Exeter
Automobile
Receivables
Trust
,
Series
2025-1A,
Class
A2
104,536
4.700
09/15/27
104,583
Exeter
Automobile
Receivables
Trust
,
Series
2025-1A,
Class
A3
150,000
4.670
08/15/28
150,375
Exeter
Automobile
Receivables
Trust
,
Series
2025-3A,
Class
A3
350,000
4.780
07/16/29
352,575
Ford
Credit
Auto
Owner
Trust
,
Series
2024-1,
Class
A
350,000
4.870
08/15/36
(d)
358,046
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2024-1,
Class
A2A
1,893
5.120
02/16/27
1,894
Honda
Auto
Receivables
Owner
Trust
,
Series
2023-4,
Class
A3
459,522
5.670
06/21/28
464,510
Nissan
Auto
Lease
Trust
,
Series
2024-A,
Class
A2A
116,347
5.110
10/15/26
116,438
Santander
Drive
Auto
Receivables
Trust
,
Series
2025-1,
Class
A2
101,620
4.760
08/16/27
101,684
Santander
Drive
Auto
Receivables
Trust
,
Series
2025-1,
Class
A3
375,000
4.740
01/16/29
376,628
Toyota
Auto
Receivables
Owner
Trust
,
Series
2023-B,
Class
A3
375,205
4.710
02/15/28
376,594
5,547,778
TOTAL
ASSET-
BACKED
SECURITIES
(Cost
$21,806,787)
21,993,208
a
Commercial
Mortgage-Backed
Securities
–
6.6%
a
3650R
Commercial
Mortgage
Trust
,
Series
2021-PF1,
Class
AS
150,000
2.778
11/15/54
(a)
128,679
BANK
,
Series
2019-BN21,
Class
A5
150,000
2.851
10/17/52
140,983
BANK
,
Series
2021-BN31,
Class
AS
475,000
2.211
02/15/54
(a)
409,892
BANK
,
Series
2021-BN32,
Class
A5
150,000
2.643
04/15/54
(a)
136,278
BANK
,
Series
2022-BNK43,
Class
A5
200,000
4.399
08/15/55
196,019
BANK
,
Series
2025-BNK50,
Class
A5
250,000
5.652
05/15/68
(a)
264,441
BANK5
,
Series
2024-5YR11,
Class
A3
250,000
5.893
11/15/57
262,673
BANK5
,
Series
2024-5YR11,
Class
AS
150,000
6.139
11/15/57
156,054
BANK5
,
Series
2024-5YR7,
Class
A3
475,000
5.769
06/15/57
495,304
BANK5
,
Series
2024-5YR8,
Class
A3
150,000
5.884
08/15/57
157,155
BANK5
,
Series
2024-5YR9,
Class
AS
200,000
6.182
08/15/57
(a)
208,906
BANK5
,
Series
2025-5YR15,
Class
A3
350,000
5.452
07/15/58
363,265
BANK5
,
Series
2025-5YR17,
Class
A3
450,000
5.225
11/15/58
(e)
463,621
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Commercial
Mortgage-Backed
Securities
–
(continued)
a
BBCMS
Mortgage
Trust
,
Series
2024-5C25,
Class
AS
$
210,000
6.358
%
03/15/57
(a)
$
219,144
BBCMS
Mortgage
Trust
,
Series
2025-5C34,
Class
A3
500,000
5.659
05/15/58
523,382
BBCMS
Mortgage
Trust
,
Series
2025-5C36,
Class
A3
450,000
5.517
08/15/58
469,759
Benchmark
Mortgage
Trust
,
Series
2024-V8,
Class
A3
200,000
6.189
07/15/57
(a)
211,169
BFLD
Commercial
Mortgage
Trust
,
Series
2025-5MW,
Class
A
1,000,000
4.674
10/10/42
(a)(d)
994,066
BLP
Commercial
Mortgage
Trust
,
Series
2024-IND2,
Class
A
(
(TSFR1M
+
1.342%)
)
237,207
5.492
03/15/41
(a)(d)
237,355
BMO
Mortgage
Trust
,
Series
2023-C7,
Class
A5
200,000
6.160
12/15/56
215,890
BMO
Mortgage
Trust
,
Series
2024-5C6,
Class
A3
150,000
5.316
09/15/57
154,176
BMO
Mortgage
Trust
,
Series
2024-C9,
Class
A5
350,000
5.759
07/15/57
371,895
BMO
Mortgage
Trust
,
Series
2025-5C11,
Class
A3
300,000
5.669
07/15/58
313,915
BX
Commercial
Mortgage
Trust
,
Series
2024-AIRC,
Class
A
(
(TSFR1M
+
1.691%)
)
187,239
5.841
08/15/39
(a)(d)
187,590
BX
Commercial
Mortgage
Trust
,
Series
2024-XL4,
Class
A
(
(TSFR1M
+
1.442%)
)
208,808
5.592
02/15/39
(a)(d)
208,850
BX
Trust
,
Series
2024-BIO,
Class
A
(
(TSFR1M
+
1.642%)
)
350,000
5.792
02/15/41
(a)(d)
349,453
BX
Trust
,
Series
2024-PAT,
Class
A
(
(TSFR1M
+
2.090%)
)
150,000
6.240
03/15/41
(a)(d)
150,047
Durst
Commercial
Mortgage
Trust
,
Series
2025-151,
Class
A
450,000
5.317
08/10/42
(a)(d)
457,821
EQUS
Mortgage
Trust
,
Series
2021-EQAZ,
Class
A
(
(TSFR1M
+
1.019%)
)
159,003
5.170
10/15/38
(a)(d)
158,780
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K-152,
Class
A2
200,000
3.780
11/25/32
(a)
194,178
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K-161,
Class
A2
300,000
4.900
10/25/33
(a)
309,984
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K510,
Class
A2
100,000
5.069
10/25/28
(a)
102,599
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K544,
Class
A2
650,000
4.266
07/25/30
(a)
654,140
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
KF153,
Class
AS
(
(SOFR
+
0.680%)
)
153,149
5.035
02/25/33
(a)
153,292
Houston
Galleria
Mall
Trust
,
Series
2025-HGLR,
Class
A
225,000
5.644
02/05/45
(a)(d)
231,989
Hudson
Yards
Mortgage
Trust
,
Series
2025-SPRL,
Class
A
290,000
5.649
01/13/40
(a)(d)
299,407
Hudson
Yards
Mortgage
Trust
,
Series
2025-SPRL,
Class
B
100,000
5.950
01/13/40
(a)(d)
103,469
IRV
Trust
,
Series
2025-200P,
Class
A
350,000
5.471
03/14/47
(a)(d)
356,732
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Commercial
Mortgage-Backed
Securities
–
(continued)
a
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2024-OMNI,
Class
A
$
150,000
5.990
%
10/05/39
(a)(d)
$
153,100
KIND
Commercial
Mortgage
Trust
,
Series
2024-1,
Class
A
(
(TSFR1M
+
1.890%)
)
350,000
6.040
08/15/41
(a)(d)
350,437
LEX
Mortgage
Trust
,
Series
2024-BBG,
Class
A
300,000
5.036
10/13/33
(a)(d)
301,818
MSWF
Commercial
Mortgage
Trust
,
Series
2023-2,
Class
A2
325,000
6.890
12/15/56
341,593
ROCK
Trust
,
Series
2024-CNTR,
Class
A
400,000
5.388
11/13/41
(d)
410,273
ROCK
Trust
,
Series
2024-CNTR,
Class
B
100,000
5.930
11/13/41
(d)
103,350
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2024-MGP,
Class
A12
(
(TSFR1M
+
1.691%)
)
300,000
5.841
08/15/41
(a)(d)
298,905
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2024-MGP,
Class
B12
(
(TSFR1M
+
2.290%)
)
100,000
6.440
08/15/41
(a)(d)
99,271
TOTAL
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$12,999,623)
13,071,099
a
Foreign
Bonds
–
4.0%
Agriculture
–
0.3%
BAT
Capital
Corp.
(
United
Kingdom
)
100,000
2.259
03/25/28
(c)
95,517
400,000
6.000
02/20/34
(c)
426,907
522,424
Banks
–
1.6%
Banco
Santander
SA
(
Spain
)
400,000
6.921
08/08/33
445,067
Barclays
PLC
(
United
Kingdom
)
(SOFR
+
1.590%)
340,000
5.785
02/25/36
(a)(c)
354,676
BNP
Paribas
SA
(
France
)
(SOFR
+
1.004%)
200,000
1.323
01/13/27
(a)(c)(d)
198,194
(SOFR
+
1.620%)
290,000
5.786
01/13/33
(a)(c)(d)
304,066
Canadian
Imperial
Bank
of
Commerce
(
Canada
)
(SOFR
+
1.105%)
285,000
5.245
01/13/31
(a)(c)
294,085
Credit
Suisse
AG
(
Switzerland
)
250,000
1.250
08/07/26
244,358
Macquarie
Group
Ltd.
(
Australia
)
(SOFR
+
1.069%)
50,000
1.340
01/12/27
(a)(c)(d)
49,570
NatWest
Group
PLC
(
United
Kingdom
)
(US
1
Year
CMT
T-Note
+
1.050%)
200,000
5.115
05/23/31
(a)(c)
205,096
Toronto-Dominion
Bank
(The)
(
Canada
)
175,000
4.456
06/08/32
174,908
UBS
Group
AG
(
Switzerland
)
250,000
4.550
04/17/26
250,534
(SOFR
+
5.020%)
250,000
9.016
11/15/33
(a)(c)(d)
313,261
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Bonds
–
(continued)
Banks
–
(continued)
(SOFR
+
1.760%)
$
255,000
5.580
%
05/09/36
(a)(c)(d)
$
265,325
Westpac
Banking
Corp.
(
Australia
)
(US
5
Year
CMT
T-Note
+
2.000%)
25,000
4.110
07/24/34
(a)(c)
24,473
Westpac
Banking
Corp.
,
GMTN
(
Australia
)
(USISOA05
+
2.236%)
25,000
4.322
11/23/31
(a)(c)
24,932
3,148,545
Beverages
–
0.4%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
135,000
4.700
02/01/36
(c)
133,369
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
25,000
8.200
01/15/39
32,295
40,000
5.450
01/23/39
(c)
41,296
Bacardi-Martini
BV
(
Bermuda
)
450,000
5.550
02/01/30
(c)(d)
465,042
JDE
Peet's
NV
(
Netherlands
)
150,000
1.375
01/15/27
(c)(d)
144,268
816,270
Biotechnology
–
0.0%
CSL
Finance
PLC
(
Australia
)
25,000
3.850
04/27/27
(c)(d)
24,905
Commercial
Services
–
0.3%
Ashtead
Capital,
Inc.
(
United
Kingdom
)
209,000
5.800
04/15/34
(c)(d)
219,073
DP
World
Crescent
Ltd.
(
United
Arab
Emirates
)
200,000
5.500
05/08/35
(d)
208,183
DP
World
Crescent
Ltd.
,
EMTN
(
United
Arab
Emirates
)
200,000
3.875
07/18/29
195,438
622,694
Diversified
Financial
Services
–
0.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
(
Ireland
)
250,000
2.450
10/29/26
(c)
245,669
225,000
3.000
10/29/28
(c)
216,882
320,000
5.375
12/15/31
(c)
331,082
Avolon
Holdings
Funding
Ltd.
(
Ireland
)
90,000
6.375
05/04/28
(c)(d)
93,909
60,000
5.150
01/15/30
(c)(d)
60,948
948,490
Mining
–
0.1%
Glencore
Funding
LLC
(
Australia
)
150,000
2.625
09/23/31
(c)(d)
134,631
Oil
&
Gas
–
0.2%
Saudi
Arabian
Oil
Co.
(
Saudi
Arabia
)
220,000
3.500
04/16/29
214,656
200,000
5.750
07/17/54
(c)(d)
198,179
412,835
Pipelines
–
0.1%
Enbridge,
Inc.
(
Canada
)
125,000
2.500
08/01/33
(c)
106,373
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Bonds
–
(continued)
Pipelines
–
(continued)
Galaxy
Pipeline
Assets
Bidco
Ltd.
(
United
Arab
Emirates
)
$
173,276
2.940
%
09/30/40
$
146,981
253,354
Semiconductors
–
0.1%
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
(
Netherlands
)
25,000
3.400
05/01/30
(c)
23,969
125,000
2.500
05/11/31
(c)
112,240
125,000
2.650
02/15/32
(c)
111,141
247,350
Software
–
0.0%
Constellation
Software,
Inc.
(
Canada
)
97,000
5.461
02/16/34
(c)(d)
99,114
Telecommunications
–
0.4%
British
Telecommunications
PLC
(
United
Kingdom
)
230,000
9.625
12/15/30
283,163
Rogers
Communications,
Inc.
(
Canada
)
505,000
3.200
03/15/27
(c)
497,785
780,948
Transportation
–
0.0%
Canadian
Pacific
Railway
Co.
(
Canada
)
25,000
2.050
03/05/30
(c)
22,806
TOTAL
FOREIGN
BONDS
(Cost
$7,916,641)
8,034,366
a
Collateralized
Mortgage
Obligations
–
3.0%
a
Alternative
Loan
Trust
,
Series
2005-38,
Class
A1
(
(Federal
Reserve
US
12
mo.
Cumulative
Avg
1
yr.
CMT
+
1.500%)
)
31,053
5.653
09/25/35
(a)
28,018
COLT
Mortgage
Loan
Trust
,
Series
2024-INV1,
Class
A1
230,691
5.903
12/25/68
(d)
232,564
Connecticut
Avenue
Securities
Trust
,
Series
2021-R01,
Class
1M2
(
(SOFR
+
1.550%)
)
25,114
5.906
10/25/41
(a)(d)
25,209
Connecticut
Avenue
Securities
Trust
,
Series
2021-R03,
Class
1M2
(
(SOFR
+
1.650%)
)
42,000
6.006
12/25/41
(a)(d)
42,198
Connecticut
Avenue
Securities
Trust
,
Series
2022-R05,
Class
2M1
(
(SOFR
+
1.900%)
)
8,642
6.256
04/25/42
(a)(d)
8,673
Connecticut
Avenue
Securities
Trust
,
Series
2022-R05,
Class
2M2
(
(SOFR
+
3.000%)
)
36,000
7.356
04/25/42
(a)(d)
36,949
Connecticut
Avenue
Securities
Trust
,
Series
2024-R01,
Class
1M2
(
(SOFR
+
1.800%)
)
100,000
6.156
01/25/44
(a)(d)
100,826
CSMC
,
Series
2021-NQM7,
Class
A1
315,340
1.756
10/25/66
(a)(d)
279,139
Csmc
Trust
,
Series
2021-NQM6,
Class
A1
582,594
1.174
07/25/66
(a)(d)
500,234
FHLMC
,
Series
2021-DNA5,
Class
M2
(
(SOFR
+
1.650%)
)
8,449
6.006
01/25/34
(a)(d)
8,495
Freddie
Mac
Stacr
Remic
Trust
,
Series
2025-DNA3,
Class
A1
(
(SOFR
+
0.950%)
)
650,000
5.320
09/25/45
(a)(d)
650,093
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Collateralized
Mortgage
Obligations
–
(continued)
a
Freddie
Mac
STACR
REMIC
Trust
,
Series
2024-DNA2,
Class
M1
(
(SOFR
+
1.200%)
)
$
311,697
5.556
%
05/25/44
(a)(d)
$
312,652
Freddie
Mac
STACR
REMIC
Trust
,
Series
2025-DNA2,
Class
A1
(
(SOFR
+
1.100%)
)
297,500
5.456
05/25/45
(a)(d)
298,122
J.P.
Morgan
Mortgage
Trust
,
Series
2024-1,
Class
A4
134,294
6.000
06/25/54
(a)(d)
135,544
JP
Morgan
Mortgage
Trust
,
Series
2021-6,
Class
A3
79,572
2.500
10/25/51
(a)(d)
65,958
JP
Morgan
Mortgage
Trust
Series
,
Series
2024-VIS2,
Class
A1
655,258
5.853
11/25/64
(d)
663,518
JP
Morgan
Mortgage
Trust
Series
,
Series
2025-DSC1,
Class
A1
432,652
5.577
09/25/65
(a)(d)
438,481
OBX
Trust
,
Series
2025-NQM11,
Class
A1A
485,573
5.418
05/25/65
(d)
490,115
PRKCM
Trust
,
Series
2021-AFC2,
Class
A1
448,081
2.071
11/25/56
(a)(d)
399,922
Verus
Securitization
Trust
,
Series
2021-7,
Class
A1
304,815
1.829
10/25/66
(d)
278,389
Verus
Securitization
Trust
,
Series
2022-1,
Class
A3
207,590
3.288
01/25/67
(a)(d)
190,532
Verus
Securitization
Trust
,
Series
2023-INV3,
Class
A2
252,488
7.330
11/25/68
(a)(d)
257,239
Verus
Securitization
Trust
,
Series
2025-1,
Class
A1A
609,832
5.620
01/25/70
(d)
614,811
Wells
Fargo
Mortgage
Backed
Securities
Trust
,
Series
2019-3,
Class
A1
4,914
3.500
07/25/49
(a)(d)
4,450
TOTAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(Cost
$6,035,033)
6,062,131
a
U.S.
Government
Agency
Securities
–
1.2%
a
Federal
Farm
Credit
Banks
Funding
Corp.
460,000
2.900
04/12/32
429,738
230,000
3.300
05/19/32
219,540
130,000
3.500
09/01/32
125,173
600,000
2.850
03/28/34
538,264
340,000
3.080
03/30/37
294,387
Federal
Home
Loan
Banks
250,000
3.375
09/10/32
239,034
430,000
4.750
12/10/32
447,974
TOTAL
U.S.
GOVERNMENT
AGENCY
SECURITIES
(Cost
$2,451,042)
2,294,110
a
Foreign
Government
Securities
–
1.1%
Sovereign
–
1.1%
Chile
Government
International
Bond
200,000
5.650
01/13/37
(c)
210,283
Eagle
Funding
Luxco
Sarl
570,000
5.500
08/17/30
(c)
578,647
Indonesia
Government
International
Bond
200,000
4.850
01/11/33
(c)
201,745
Mexico
Government
International
Bond
400,000
3.250
04/16/30
(c)
377,600
110,000
1.450
10/25/33
(c)
105,455
200,000
4.280
08/14/41
(c)
162,677
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Government
Securities
–
(continued)
Sovereign
–
(continued)
Panama
Government
International
Bond
$
200,000
6.875
%
01/31/36
(c)
$
213,258
Peruvian
Government
International
Bond
70,000
5.500
03/30/36
(c)
71,402
50,000
3.230
07/28/21
(c)
28,045
Republic
of
Poland
Government
International
Bond
,
Series
10Y
120,000
5.125
09/18/34
(c)
122,462
Romanian
Government
International
Bond
40,000
3.000
02/27/27
(d)
39,003
10,000
2.124
07/16/31
(d)
10,009
30,000
2.625
12/02/40
(d)
22,398
10,000
4.625
04/03/49
(d)
9,077
Romanian
Government
International
Bond
,
EMTN
50,000
2.875
03/11/29
56,831
TOTAL
FOREIGN
GOVERNMENT
SECURITIES
(Cost
$2,281,529)
2,208,892
a
Municipal
Bonds
–
0.4%
California
–
0.1%
State
of
California
105,000
7.625
03/01/40
(c)
127,344
Florida
–
0.0%
State
Board
of
Administration
Finance
Corp.
,
Series
A
70,000
2.154
07/01/30
(c)
64,039
Illinois
–
0.1%
Illinois
State
Taxable
Pension
Funding
GO
Bonds
Series
2003
21,814
5.100
06/01/33
22,191
State
of
Illinois
GO
Bonds
71,429
7.350
07/01/35
(c)
77,875
100,066
Louisiana
–
0.1%
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Series
2022-ELL,
Class
A3
140,000
4.275
02/01/36
138,093
Maryland
–
0.1%
Maryland
Economic
Development
Corp.
160,000
4.968
11/30/32
(c)
165,114
65,000
5.018
11/30/33
(c)
67,061
232,175
Ohio
–
0.0%
American
Municipal
Power,
Inc.
,
Series
E
95,000
6.270
02/15/50
(c)
99,145
TOTAL
MUNICIPAL
BONDS
(Cost
$733,503)
760,862
aa
Corporate
Obligations
–
0.2%
Banks
–
0.2%
JPMorgan
Chase
&
Co.
(SOFR
+
1.635%)
$
410,000
5.576
(a)(c)
07/23/36
(a)(c)
425,367
(Cost
$410,000)
a
U.S.
Treasury
Obligations
–
34.6%
a
U.S.
Treasury
Bonds
2,370,000
4.750
(f)
02/15/41
2,431,101
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
U.S.
Treasury
Obligations
–
(continued)
a
U.S.
Treasury
Bonds
–
(continued)
$
1,640,000
3.125
%
(f)
11/15/41
$
1,365,556
1,550,000
2.750
(f)
08/15/42
1,206,094
2,310,000
2.750
(f)
11/15/42
1,788,084
450,000
4.000
(f)
11/15/42
416,039
560,000
3.875
(f)
05/15/43
507,237
100,000
4.375
(f)
08/15/43
96,516
2,200,000
4.625
(f)
05/15/44
2,183,844
480,000
3.125
(f)
05/15/48
370,050
480,000
3.000
(f)
08/15/48
360,825
510,000
2.375
(f)
11/15/49
333,652
610,000
2.000
(f)
02/15/50
364,761
480,000
2.375
(f)
05/15/51
308,775
170,000
2.000
(f)
08/15/51
99,583
1,288,400
4.000
(f)
11/15/52
1,140,033
1,130,000
4.750
(f)
11/15/53
1,131,942
550,000
4.750
(f)
05/15/55
551,719
U.S.
Treasury
Inflation
Indexed
Bonds
830,000
1.500
(f)
02/15/53
720,814
U.S.
Treasury
Notes
2,020,000
0.750
(f)
05/31/26
1,979,363
3,670,000
0.875
(f)
06/30/26
3,591,726
1,720,000
0.625
(f)
07/31/26
1,676,059
620,000
4.375
(f)
08/15/26
623,173
640,000
0.750
(f)
08/31/26
622,875
9,310,000
3.750
(f)
04/30/27
9,323,820
640,000
2.625
(f)
05/31/27
629,400
4,330,000
0.500
(f)
06/30/27
4,101,660
970,000
2.875
(f)
05/15/28
951,888
2,830,000
1.250
(f)
05/31/28
2,660,421
3,050,000
1.250
(f)
06/30/28
2,861,758
250,000
3.125
(f)
11/15/28
246,191
7,390,000
4.625
(f)
04/30/29
7,626,134
6,070,000
1.500
(f)
02/15/30
5,535,081
364,900
3.625
(f)
03/31/30
363,418
760,000
3.750
(f)
05/31/30
760,534
1,120,000
3.750
(f)
06/30/30
1,120,525
1,690,000
3.625
(f)
09/30/30
1,681,418
1,720,000
3.875
(f)
09/30/32
1,714,356
U.S.
Treasury
Strip
Coupon
2,079,100
–
(f)
11/15/29
(g)
1,780,221
430,000
–
(f)
08/15/30
(g)
356,726
430,000
–
(f)
11/15/30
(g)
352,919
720,000
–
(f)
08/15/31
(g)
571,924
1,130,000
–
(f)
11/15/31
(g)
887,456
929,900
–
(f)
05/15/32
(g)
714,038
430,000
–
(f)
08/15/33
(g)
311,098
550,000
–
(f)
08/15/35
(g)
359,292
TOTAL
U.S.
TREASURY
OBLIGATIONS
(Cost
$70,460,983)
68,780,099
aa
a
Short-Term
Investment
–
0.5%
Certificate
of
Deposit
–
0.5%
National
Bank
of
Kuwait
$
971,000
4.480
%
971,427
(Cost
$971,016)
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
2.1%
(h)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
4,176,108
4.042%
$
4,176,108
(Cost
$4,176,108)
TOTAL
INVESTMENTS
–
113.6%
(Cost
$228,119,753)
$
225,769,867
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(13.6)%
(26,946,685)
NET
ASSETS
–
100.0%
$
198,823,182
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
(a)
Variable
or
floating
rate
security.
Except
for
floating
rate
notes
(for
which
final
maturity
is
disclosed),
maturity
date
disclosed
is
the
next
interest
reset
date.
Interest
rate
disclosed
is
that
which
is
in
effect
on
September
30,
2025.
(b)
TBA
(To
Be
Announced)
Securities
are
purchased
on
a
forward
commitment
basis
with
an
approximate
principal
amount
and
no
defined
maturity
date.
The
actual
principal
and
maturity
date
will
be
determined
upon
settlement
when
the
specific
mortgage
pools
are
assigned.
Total
market
value
of
TBA
securities
(excluding
forward
sales
contracts,
if
any)
amounts
to
$31,778,343
which
represents
approximately
16.0%
of
the
Fund’s
net
assets
as
of
September
30,
2025.
(c)
Securities
with
“Call”
features.
Maturity
dates
disclosed
are
the
final
maturity
date.
(d)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(e)
When-issued
security.
(f)
Interest
rates
represent
either
the
stated
coupon
rate,
annualized
yield
on
date
of
purchase
for
discounted
securities,
or,
for
floating
rate
securities,
the
current
reset
rate,
which
is
based
upon
current
interest
rate
indices.
(g)
Zero
coupon
bond
until
next
reset
date.
(h)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
BBSW
—
Bank
Bill
Swap
Rate
CLO
—
Collateralized
Loan
Obligation
CMT
—
Constant
Maturity
Treasury
Index
CORRA
—
Canadian
Overnight
Repo
Rate
Average
ESTRON
—
Euro
Short-Term
Rate
FHLMC
—
Federal
Home
Loan
Mortgage
Corp.
FNMA
—
Federal
National
Mortgage
Association
GMTN
—
Global
Medium
Term
Note
GNMA
—
Insured
by
Government
National
Mortgage
Association
LP
—
Limited
Partnership
Mo.
—
Month
MTN
—
Medium
Term
Note
NIBOR
—
Norwegian
Interbank
Offered
Rate
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
Secured
Overnight
Financing
Rate
Index
SONIO
—
Sterling
Overnight
Index
Average
STIBOR
—
Stockholm
Interbank
Offered
Rate
TSFR
—
Term
Secured
Overnight
Financing
Rate
USISOA
—
USD
SOFR
ICE
Swap
Rate
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
ADDITIONAL
INVESTMENT
INFORMATION
Currency
Abbreviations:
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
EUR
Euro
GBP
British
Pound
JPY
Japanese
Yen
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
SEK
Swedish
Krona
USD
United
States
Dollar
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
—
At
September
30,
2025,
the
Fund
had
the
following
forward
foreign
currency
exchange
contracts:
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
WITH
UNREALIZED
GAIN
Counterparty
Currency
Purchased
Currency
Sold
Settlement
Date
Unrealized
Gain
Morgan
Stanley
Co.,
Inc.
USD
230,064
CHF
181,367
10/22/2025
$
1,642
USD
282,520
GBP
209,555
11/14/2025
642
USD
1,451,421
EUR
1,231,157
12/8/2025
272
USD
195,141
CAD
268,903
12/9/2025
1,294
USD
251,766
SEK
2,319,851
12/15/2025
4,186
TOTAL
$
8,036
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
WITH
UNREALIZED
LOSS
Counterparty
Currency
Purchased
Currency
Sold
Settlement
Date
Unrealized
Loss
Morgan
Stanley
Co.,
Inc.
CHF
182,442
USD
231,428
10/22/2025
(1,652)
USD
139,212
AUD
214,414
11/10/2025
(2,745)
GBP
215,646
USD
290,732
11/14/2025
(660)
EUR
209,651
USD
247,159
12/8/2025
(46)
CAD
206,924
USD
150,164
12/9/2025
(996)
SEK
2,296,405
USD
249,221
12/15/2025
(4,144)
TOTAL
$
(10,243)
FORWARD
SALES
CONTRACTS
—
At
September
30,
2025,
the
Fund
had
the
following
forward
sales
contracts:
Description
Interest
Rate
Maturity
Date
 (a)
Settlement
Date
Principal
Amount
Value
Federal
National
Mortgage
Association
4.500
%
TBA-30yr
10/15/55
$
(3,000,000)
$
(2,909,958)
Federal
National
Mortgage
Association
6.500
TBA-30yr
10/15/55
(1,000,000)
(1,033,399)
Government
National
Mortgage
Association
3.000
TBA-30yr
10/15/55
(1,000,000)
(892,892)
Total
(Proceed
Receivable
$4,859,121)
$
(4,836,249)
(a)
TBA
(To
Be
Announced)
Securities
are
purchased
on
a
forward
commitment
basis
with
an
approximate
principal
amount
and
no
defined
maturity
date.
The
actual
principal
and
maturity
date
will
be
determined
upon
settlement
when
the
specific
mortgage
pools
are
assigned.
FUTURES
CONTRACTS
—
At
September
30,
2025,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
EURO-SCHATZ
Future
1
12/08/25
$
125,588
$
(189)
ICE
3
Month
SONIA
Index
Future
13
03/16/27
4,213,573
(5,678)
ICE
3
Month
SONIO
Index
Future
20
03/17/26
6,463,255
(8,178)
U.S.
Treasury
10
Year
Note
106
12/19/25
11,925,000
(2,514)
U.S.
Treasury
5
Year
Note
69
12/31/25
7,533,398
(1,628)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
FUTURES
CONTRACTS
(continued)
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
(continued)
U.S.
Treasury
Long
Bond
36
12/19/25
$
4,198,500
$
55,449
U.S.
Treasury
Ultra
Bond
74
12/19/25
8,893,875
209,614
Total
$
246,876
Short
position
contracts:
Euro
Bund
Future
(14)
12/08/25
(2,111,953)
(12,321)
EURO-BOBL
Future
(8)
12/08/25
(1,106,519)
362
U.S.
Treasury
10
Year
Ultra
Note
(59)
12/19/25
(6,789,609)
(66,788)
Total
$
(78,747)
Total
Futures
Contracts
$
168,129
SWAP
CONTRACTS
—
At
September
30,
2025,
the
Fund
had
the
following
swap
contracts:
CENTRALLY
CLEARED
CREDIT
DEFAULT
SWAP
CONTRACTS
Reference
Obligation/Index
Financing
Rate
Received
(Paid)
by
the
Fund
Credit
Spread
at
September
30,
2025
(a)
Termination
Date
Notional
Amount
(000's)
Value
Upfront
Premium
(Received)
Paid
Unrealized
Appreciation/
(Depreciation)
ICE
CDX
Investment
Grade
Index
(b)
1.000%
2.1162
%
12/20/2028
1,425
$
30,155
$
16,318
$
13,837
ICE
CDX
Investment
Grade
Index
(b)
1.000%
2.2176
06/20/2029
7,708
170,934
120,295
50,639
ICE
CDX
Investment
Grade
Index
(b)
1.000%
2.2801
12/20/2029
2,000
45,602
39,195
6,407
ICE
CDX
Investment
Grade
Index
(b)
1.000%
2.2759
06/20/2030
1,800
40,966
32,680
8,286
Chile
Government
International
Bond
(b)
1.000%
2.3285
12/20/2030
90
2,096
2,138
(42)
ICE
CDX
Investment
Grade
Index
(b)
1.000%
2.2768
12/20/2030
2,900
66,026
66,596
(570)
Indonesia
Government
International
Bond
(b)
1.000%
0.8415
12/20/2030
200
1,683
1,492
191
Philippine
Government
International
Bond
(b)
1.000%
1.8635
12/20/2030
200
3,727
3,792
(65)
TOTAL
$
361,189
$
282,506
$
78,683
(a)
Credit
spread
on
the
referenced
obligation,
together
with
the
period
of
expiration,
are
indicators
of
payment/performance
risk.
The
likelihood
of
a
credit
event
occurring
which
would
require
a
fund
or
its
counterparty
to
make
a
payment
or
otherwise
be
required
to
perform
under
the
swap
contract
is
generally
greater
as
the
credit
spread
and
term
of
the
swap
contract
increase.
(b)
Payments
made
quarterly.
CENTRALLY
CLEARED
INTEREST
RATE
SWAP
CONTRACTS
Payments
Made
by
the
Fund
(a)
Payments
Received
by
the
Fund
Termination
Date
Notional
Amounts
(000's)
Value
Upfront
Premium
(Received)
Paid
Unrealized
Appreciation/
(Depreciation)
1
Day
SOFR
(b)
3.062
%
8/31/2027
USD
3,600
$
2,930
$
(122)
$
3,052
1
Day
SOFR
(b)
3.294
9/15/2027
USD
6,640
3,586
(16,958)
20,544
3
Month
BBSW
(c)
3.750
12/17/2027
AUD
13,830
(48,887)
(82,054)
33,167
4.000
%
(c)
3
Month
BBSW
12/17/2027
AUD
310
2,076
2,892
(816)
2.500
(d)
CORRA
12/17/2027
CAD
950
2,220
1,953
267
2.250
(d)
CORRA
12/17/2027
CAD
2,540
(2,873)
–
(2,873)
1
Day
SOFR
(b)
-0.250
12/17/2027
CHF
1,930
9,492
–
9,492
1
Day
ESTRON
(b)
2.000
12/17/2027
EUR
550
2,249
–
2,249
1.750
(b)
1
Day
ESTRON
12/17/2027
EUR
750
(3,265)
–
(3,265)
4.000
(b)
1
Day
SONIO
12/17/2027
GBP
7,220
48,840
58,176
(9,336)
12
Month
BOJDTR
(b)
1.000
12/17/2027
JPY
179,000
649
(1,433)
2,082
3.750
(b)
6
Month
NIBOR
12/17/2027
NOK
69,380
(47,394)
–
(47,394)
2.000
(b)
3
Month
STIBOR
12/17/2027
SEK
46,910
(9,078)
–
(9,078)
1
Day
SOFR
(b)
3.500
12/17/2027
USD
6,400
(25,017)
(29,919)
4,902
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
CENTRALLY
CLEARED
INTEREST
RATE
SWAP
CONTRACTS
Payments
Made
by
the
Fund
(a)
Payments
Received
by
the
Fund
Termination
Date
Notional
Amounts
(000’s)
Value
Upfront
Premium
(Received)
Paid
Unrealized
Appreciation/
(Depreciation)
3.750
%
(b)
1
Day
SOFR
12/17/2027
USD
470
$
4,084
$
5,635
$
(1,551)
3.368
(b)
1
Day
SOFR
6/23/2028
USD
17,720
29,048
12,858
16,190
1
Day
ESTRON
(b)
2.500
%
9/10/2028
EUR
21,784
(25,105)
(46,475)
21,370
2.000
(b)
1
Day
ESTRON
9/10/2028
EUR
21,784
(41,052)
–
(41,052)
1
Day
SONIO
(b)
3.750
12/17/2028
GBP
30
4
(53)
57
2.400
(b)
1
Day
ESTRON
8/11/2029
EUR
3,800
(5,024)
–
(5,024)
1
Day
SOFR
(b)
3.253
2/28/2030
USD
3,380
10,150
–
10,150
1
Day
SOFR
(b)
3.600
6/23/2030
USD
18,690
(59,967)
(17,873)
(42,094)
1
Day
SOFR
(b)
3.528
7/15/2030
USD
1,280
(6,160)
(6,633)
473
2.200
(b)
1
Day
ESTRON
10/10/2030
EUR
930
1,524
1,525
(1)
3.373
(b)
1
Day
SOFR
11/6/2030
USD
3,100
(95)
10,737
(10,832)
2.500
(d)
CORRA
12/17/2030
CAD
710
(950)
–
(950)
2.250
(b)
1
Day
ESTRON
12/17/2030
EUR
3,330
(29,995)
–
(29,995)
3.750
(b)
1
Day
SONIO
12/17/2030
GBP
1,080
(5,917)
–
(5,917)
12
Month
BOJDTR
(b)
1.000
12/17/2030
JPY
611,000
45,807
–
45,807
3.500
(d)
3
Month
NZD
BKBM
12/17/2030
NZD
1,720
16,096
7,166
8,930
3.379
(b)
1
Day
SOFR
8/31/2031
USD
5,130
(548)
9,440
(9,988)
12
Month
BOJDTR
(b)
1.295
8/2/2034
JPY
213,361
24,267
(2,598)
26,865
2.500
(b)
1
Day
ESTRON
8/15/2034
EUR
1,620
8,577
724
7,853
4.098
(b)
1
Day
SOFR
6/24/2035
USD
4,550
27,715
3,939
23,776
6
Month
BBSW
(d)
4.250
12/17/2035
AUD
130
441
(555)
996
2.750
(d)
CORRA
12/17/2035
CAD
310
(2,817)
–
(2,817)
1
Day
SOFR
(b)
0.500
12/17/2035
CHF
120
(350)
(486)
136
1
Day
ESTRON
(b)
2.500
12/17/2035
EUR
800
16,934
–
16,934
4.000
(b)
1
Day
SONIO
12/17/2035
GBP
260
(4,758)
–
(4,758)
12
Month
BOJDTR
(b)
1.250
12/17/2035
JPY
391,000
69,391
–
69,391
4.000
(b)
6
Month
NIBOR
12/17/2035
NOK
530
(364)
279
(643)
4.000
(d)
3
Month
NZD
BKBM
12/17/2035
NZD
500
6,551
2,869
3,682
2.750
(b)
3
Month
STIBOR
12/17/2035
SEK
6,350
(111)
1,872
(1,983)
1
Day
SOFR
(b)
3.750
12/17/2035
USD
900
(7,090)
(6,716)
(374)
1
Day
SOFR
(b)
3.805
8/31/2036
USD
2,830
(22,961)
(17,666)
(5,295)
4.574
(b)
1
Day
SOFR
7/16/2040
USD
7,320
27,820
–
27,820
3.300
(b)
1
Day
ESTRON
7/30/2040
EUR
3,390
(4,001)
543
(4,544)
2.160
(b)
12
Month
BOJDTR
8/2/2044
JPY
249,485
(62,949)
–
(62,949)
1
Day
ESTRON
(b)
3.000
7/30/2045
EUR
8,100
48,778
–
48,778
2.500
(b)
1
Day
ESTRON
12/17/2045
EUR
150
(11,716)
–
(11,716)
1
Day
SOFR
(b)
3.848
7/17/2055
USD
5,680
(5,815)
–
(5,815)
2.600
(b)
1
Day
ESTRON
7/29/2055
EUR
5,430
(25,729)
–
(25,729)
1
Day
ESTRON
(b)
2.800
8/13/2055
EUR
1,340
20,625
–
20,625
2.900
(b)
1
Day
ESTRON
8/15/2055
EUR
1,240
4,180
4,854
(674)
1
Day
SOFR
(b)
3.977
11/6/2055
USD
830
(7,385)
(6,517)
(868)
1
Day
ESTRON
(b)
2.250
12/17/2055
EUR
590
91,987
–
91,987
2.000
(b)
12
Month
BOJDTR
12/17/2055
JPY
100,000
(70,702)
–
(70,702)
2.530
(b)
1
Day
ESTRON
3/19/2056
EUR
1,500
(98,820)
–
(98,820)
1
Day
ESTRON
(b)
2.610
3/19/2056
EUR
1,500
108,734
–
108,734
1
Day
ESTRON
(b)
2.600
8/16/2075
EUR
920
(5,373)
(3,012)
(2,361)
1
Day
ESTRON
(b)
2.750
12/17/2075
EUR
100
1,996
–
1,996
TOTAL
$
(5,517)
$
(113,608)
$
108,091
(a)
Represents
forward
starting
interest
rate
swaps
whose
effective
dates
of
commencement
of
accruals
and
cash
flows
occur
subsequent
to
September
30,
2025.
(b)
Payments
made
annually.
(c)
Payments
made
quarterly.
(d)
Payments
made
semi-annually.
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
OVER-THE-COUNTER
-
INTEREST
RATE
SWAPTIONS
—
At
September
30,
2025
,
the
Portfolio
had
the
following
purchased
and
written
option
contracts:
Description
Counterparty
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Market
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
Purchased
Option
Contracts:
Puts
3M
IRS
Bank
of
America
EUR
2.25
03/09/2027
1,570,000
$
1,570,000
$
6,532
$
10,997
$
(4,465)
3M
IRS
Bank
of
America
2.00
09/07/2026
900,000
900,000
1,604
2,778
(1,174)
3M
IRS
Bank
of
America
2.25
04/30/2026
430,000
430,000
1,763
2,919
(1,156)
3M
IRS
JPMorgan
Chase
2.45
03/25/2026
310,000
310,000
1,755
4,950
(3,195)
Total
purchased
option
contracts
3,210,000
$
3,210,000
$
11,654
$
21,644
$
(9,990)
Description
Counterparty
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Market
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
Written
Option
Contracts:
Puts
3M
IRS
Bank
of
America
EUR
2.35
03/09/2027
(150,000)
$
(150,000)
$
(3,985)
$
(11,162)
$
7,177
3M
IRS
Bank
of
America
2.55
09/07/2026
(90,000)
(90,000)
(2,482)
(2,825)
343
3M
IRS
Bank
of
America
2.59
04/30/2026
(100,000)
(100,000)
(1,999)
(2,951)
952
3M
IRS
JPMorgan
Chase
2.50
03/25/2026
(130,000)
(130,000)
(1,680)
(4,996)
3,316
Total
written
option
contracts
(470,000)
$
(470,000)
$
(10,146)
$
(21,934)
$
11,788
Investment
Abbreviations:
BBSW
—
Bank
Bill
Swap
Rate
CLO
—
Collateralized
Loan
Obligation
CMT
—
Constant
Maturity
Treasury
Index
CORRA
—
Canadian
Overnight
Repo
Rate
Average
ESTRON
—
Euro
Short-Term
Rate
FHLMC
—
Federal
Home
Loan
Mortgage
Corp.
FNMA
—
Federal
National
Mortgage
Association
GMTN
—
Global
Medium
Term
Note
GNMA
—
Insured
by
Government
National
Mortgage
Association
LP
—
Limited
Partnership
Mo.
—
Month
MTN
—
Medium
Term
Note
NIBOR
—
Norwegian
Interbank
Offered
Rate
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
Secured
Overnight
Financing
Rate
Index
SONIO
—
Sterling
Overnight
Index
Average
STIBOR
—
Stockholm
Interbank
Offered
Rate
TSFR
—
Term
Secured
Overnight
Financing
Rate
USISOA
—
USD
SOFR
ICE
Swap
Rate
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
Goldman
Sachs
Trend
Driven
Allocation
Fund
17
Schedule
of
Investments
September
30,
2025
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
ADDITIONAL
INVESTMENT
INFORMATION
Shares
Dividend
Rate
Value
aa
Investment
Companies
(Institutional
Shares)
–
68.3%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
27,972,137
4.042
%
$
27,972,137
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund
34,867,968
3.965
34,867,968
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
34,873,561
4.017
34,873,561
Goldman
Sachs
Financial
Square
Treasury
Solutions
Fund
34,395,086
3.948
34,395,086
Goldman
Sachs
VIT
Government
Money
Market
Fund
38,038,792
4.038
38,038,792
Total
Investment
Companies
(Cost
$170,147,544)
170,147,544
Description
a
Exchange-Traded
Funds
–
25.1%
48,465
iShares
Core
S&P
500
ETF
32,437,624
48,800
Vanguard
S&P
500
ETF
29,884,144
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$30,710,130)
62,321,768
TOTAL
INVESTMENTS
–
93.4%
(Cost
$200,857,674)
$
232,469,312
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
6.6%
16,517,964
NET
ASSETS
–
100.0%
$
248,987,276
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
(a)
Represents
an
affiliated
issuer.
FUTURES
CONTRACTS
—
At
September
30,
2025,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
EURO
STOXX
50
Index
247
12/19/25
$
16,068,374
$
475,986
FTSE
100
Index
53
12/19/25
6,705,640
108,931
S&P
500
E-Mini
Index
233
12/19/25
78,506,438
700,743
TOPIX
Index
50
12/11/25
10,619,738
133,483
U.S.
Treasury
10
Year
Note
679
12/19/25
76,387,500
164,136
Total
Futures
Contracts
$
1,583,279
Goldman
Sachs
Variable
Insurance
Trust
Core
Fixed
Income
Fund
Schedule
of
Investments
September
30,
2025
(Unaudited)
(Unaudited)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investment
Valuation
—
The
Fund’s
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
Fund’s
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
Fund,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Fund’s
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
the
Adviser
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
Investment
Company
Act
of
1940
(the
“Valuation
Designee”).
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Fund’s
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:
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.
Debt
Securities
—
Debt
securities
for
which
market
quotations
are
readily
available
are
valued
daily
on
the
basis
of
quotations
supplied
by
dealers
or
an
independent
pricing
service.
The
pricing
services
may
use
valuation
models
or
matrix
pricing,
which
consider:
(I)
yield
or
price
with
respect
to
bonds
that
are
considered
comparable
in
characteristics
such
as
rating,
interest
rate
and
maturity
date
or
(ii)
quotations
from
securities
dealers
to
determine
current
value.
With
the
exception
of
treasury
securities
of
G7
countries,
which
are
generally
classified
as
Level
1,
these
investments
are
generally
classified
as
Level
2
of
the
fair
value
hierarchy.
i.
Mortagage-Backed
and
Asset-Backed
Securities
—
Mortgage-backed
securities
represent
direct
or
indirect
participations
in,
or
are
collateralized
by
and
payable
from,
mortgage
loans
secured
by
residential
and/or
commercial
real
estate
property.
Asset-backed
securities
include
securities
whose
principal
and
interest
payments
are
collateralized
by
pools
of
other
assets
or
receivables.
The
value
of
certain
mortgage-backed
and
asset-backed
securities
(including
adjustable
rate
mortgage
loans)
may
be
particularly
sensitive
to
changes
in
prevailing
interest
rates.
The
value
of
these
securities
may
also
fluctuate
in
response
to
the
market’s
perception
of
the
creditworthiness
of
the
issuers.
Goldman
Sachs
Variable
Insurance
Trust
Core
Fixed
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
(Unaudited)
Asset-backed
securities
may
present
credit
risks
that
are
not
presented
by
mortgage-backed
securities
because
they
generally
do
not
have
the
benefit
of
a
security
interest
in
collateral
that
is
comparable
to
mortgage
assets.
Some
asset-backed
securities
may
only
have
a
subordinated
claim
on
collateral.
Stripped
mortgage-backed
securities
are
usually
structured
with
two
different
classes:
one
that
receives
substantially
all
interest
payments
(interest-only,
or
“IO”
and/or
high
coupon
rate
with
relatively
low
principal
amount,
or
“IOette”),
and
the
other
that
receives
substantially
all
principal
payments
(principal-only,
or
“PO”)
from
a
pool
of
mortgage
loans.
Little
to
no
principal
will
be
received
at
the
maturity
of
an
IO;
as
a
result,
periodic
adjustments
are
recorded
to
reduce
the
cost
of
the
security
until
maturity.
These
adjustments
are
included
in
interest
income.
ii.
Treasury
Inflation
Protected
Securities
—
TIPS
are
treasury
securities
in
which
the
principal
amount
is
adjusted
daily
to
keep
pace
with
inflation,
as
measured
by
the
U.S.
Consumer
Pricing
Index
for
Urban
Consumers.
The
repayment
of
the
original
bond
principal
upon
maturity
is
guaranteed
by
the
full
faith
and
credit
of
the
U.S.
Government.
iii.
When-Issued
Securities
and
Forward
Commitments
—
When-issued
securities,
including
TBA
(“To
Be
Announced”)
securities,
are
securities
that
are
authorized
but
not
yet
issued
in
the
market
and
purchased
in
order
to
secure
what
is
considered
to
be
an
advantageous
price
or
yield
to
the
Fund.
A
forward
commitment
involves
entering
into
a
contract
to
purchase
or
sell
securities,
typically
on
an
extended
settlement
basis,
for
a
fixed
price
at
a
future
date.
The
purchase
of
securities
on
a
when-issued
or
forward
commitment
basis
involves
a
risk
of
loss
if
the
value
of
the
security
to
be
purchased
declines
before
the
settlement
date.
Conversely,
the
sale
of
securities
on
a
forward
commitment
basis
involves
the
risk
that
the
value
of
the
securities
sold
may
increase
before
the
settlement
date.
Although
the
Fund
will
generally
purchase
securities
on
a
when-issued
or
forward
commitment
basis
with
the
intention
of
acquiring
the
securities
for
its
portfolio,
the
Fund
may
dispose
of
when-issued
securities
or
forward
commitments
prior
to
settlement,
which
may
result
in
a
realized
gain
or
loss.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statement
of
Assets
and
Liabilities
as
receivables/payables
for
collateral
on
other
investments.
Non-cash
collateral
pledged
by
the
Fund,
if
any,
is
noted
in
the
Schedule
of
Investments.
Derivative
Contracts
—
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
The
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
the
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statement
of
Assets
and
Liabilities
as
either
due
to
broker/receivable
for
collateral
on
certain
derivative
contracts.
Non-cash
collateral
pledged
by
the
Fund,
if
any,
is
noted
in
the
Schedule
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.
Forward
Contracts
—
A
forward
contract
is
a
contract
between
two
parties
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
A
forward
contract
settlement
can
occur
on
a
cash
or
delivery
basis.
Forward
contracts
are
marked-to-market
daily
using
independent
vendor
prices,
and
the
change
in
value,
if
any,
is
recorded
as
an
unrealized
gain
or
loss.
Cash
and
certain
investments
may
be
used
to
collateralize
forward
contracts.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Core
Fixed
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
(Unaudited)
A
forward
foreign
currency
exchange
contract
is
a
forward
contract
in
which
the
Fund
agrees
to
receive
or
deliver
a
fixed
quantity
of
one
currency
for
another,
at
a
pre-determined
price
at
a
future
date.
All
forward
foreign
currency
exchange
contracts
are
marked
to
market
daily
by
using
the
outright
forward
rates
or
interpolating
based
upon
maturity
dates,
where
available.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
ii.
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,
the
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
the
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.
iii.
Options
—
When
the
Fund
writes
call
or
put
options,
an
amount
equal
to
the
premium
received
is
recorded
as
a
liability
and
is
subsequently
marked-to-market
to
reflect
the
current
value
of
the
option
written.
Swaptions
are
options
on
swap
contracts.
Upon
the
purchase
of
a
call
option
or
a
put
option
by
the
Fund,
the
premium
paid
is
recorded
as
an
investment
and
subsequently
marked-to-market
to
reflect
the
current
value
of
the
option.
Certain
options
may
be
purchased
with
premiums
to
be
determined
on
a
future
date.
The
premiums
for
these
options
are
based
upon
implied
volatility
parameters
at
specified
terms.
iv.
Swap
Contracts
—
Bilateral
swap
contracts
are
agreements
in
which
the
Fund
and
a
counterparty
agree
to
exchange
periodic
payments
on
a
specified
notional
amount
or
make
a
net
payment
upon
termination.
Bilateral
swap
transactions
are
privately
negotiated
in
the
OTC
market
and
payments
are
settled
through
direct
payments
between
the
Fund
and
the
counterparty.
By
contrast,
certain
swap
transactions
are
subject
to
mandatory
central
clearing.
These
swaps
are
executed
through
a
derivatives
clearing
member
(“DCM”),
acting
in
an
agency
capacity,
and
submitted
to
a
central
counterparty
(“CCP”)
(“centrally
cleared
swaps”),
in
which
case
all
payments
are
settled
with
the
CCP
through
the
DCM.
Swaps
are
marked-to-market
daily
using
pricing
vendor
quotations,
counterparty
or
clearinghouse
prices
or
model
prices,
and
the
change
in
value,
if
any,
is
recorded
as
an
unrealized
gain
or
loss.
Upon
entering
into
a
swap
contract,
the
Fund
is
required
to
satisfy
an
initial
margin
requirement
by
delivering
cash
or
securities
to
the
counterparty
(or
in
some
cases,
segregated
in
a
triparty
account
on
behalf
of
the
counterparty),
which
can
be
adjusted
by
any
mark-to-market
gains
or
losses
pursuant
to
bilateral
or
centrally
cleared
arrangements.
For
centrally
cleared
swaps
the
daily
change
in
valuation,
if
any,
is
recorded
as
a
receivable
or
payable
for
variation
margin.
An
interest
rate
swap
is
an
agreement
that
obligates
two
parties
to
exchange
a
series
of
cash
flows
at
specified
intervals,
based
upon
or
calculated
by
reference
to
changes
in
interest
rates
on
a
specified
notional
principal
amount.
The
payment
flows
are
usually
netted
against
each
other,
with
the
difference
being
paid
by
one
party
to
the
other.
A
credit
default
swap
is
an
agreement
that
involves
one
party
(the
buyer
of
protection)
making
a
stream
of
payments
to
another
party
(the
seller
of
protection)
in
exchange
for
the
right
to
receive
protection
on
a
reference
security
or
obligation,
including
a
group
of
assets
or
exposure
to
the
performance
of
an
index.
The
Fund’s
investment
in
credit
default
swaps
may
involve
greater
risks
than
if
the
Fund
had
invested
in
the
referenced
obligation
directly.
Credit
events
are
contract
specific
but
may
include
bankruptcy,
failure
to
pay,
restructuring
and
obligation
acceleration.
If
the
Fund
buys
protection
through
a
credit
default
swap
and
no
credit
event
occurs,
its
payments
are
limited
to
the
periodic
payments
previously
made
to
the
counterparty.
Upon
the
occurrence
of
a
specified
credit
event,
the
Fund,
as
a
buyer
of
credit
protection,
is
entitled
to
receive
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
to
the
seller
the
defaulted
reference
obligation
in
a
physically
settled
trade.
The
Fund
may
also
receive
a
net
settlement
amount
in
the
form
of
cash
or
securities
equal
to
the
notional
amount
of
the
swap
reduced
by
the
recovery
value
of
the
reference
obligation
in
a
cash
settled
trade.
As
a
seller
of
protection,
the
Fund
generally
receives
a
payment
stream
throughout
the
term
of
the
swap,
provided
that
there
is
no
credit
event.
In
addition,
if
the
Fund
sells
protection
through
a
credit
default
swap,
the
Fund
could
suffer
a
loss
because
the
value
of
the
referenced
obligation
and
the
premium
payments
received
may
be
less
than
the
notional
amount
of
the
swap
paid
to
the
buyer
of
protection.
Upon
the
occurrence
of
a
specified
credit
event,
the
Fund,
as
a
seller
of
credit
protection,
may
be
required
to
take
possession
of
the
defaulted
reference
obligation
and
pay
the
buyer
an
amount
equal
to
the
notional
amount
of
the
swap
in
a
physically
settled
trade.
The
Fund
may
also
pay
a
net
settlement
amount
in
the
form
of
cash
or
securities
equal
to
the
notional
amount
of
the
swap
reduced
by
the
recovery
value
of
the
reference
obligation
in
a
cash
settled
trade.
Recovery
values
are
at
times
established
through
the
credit
event
auction
process
in
which
market
participants
are
ensured
that
a
transparent
price
has
been
set
for
the
defaulted
security
or
obligation.
In
addition,
the
Fund
is
entitled
to
a
return
of
any
assets,
which
have
been
pledged
as
collateral
to
the
counterparty
upon
settlement.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Core
Fixed
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
(Unaudited)
The
maximum
potential
amount
of
future
payments
(undiscounted)
that
the
Fund
as
seller
of
protection
could
be
required
to
make
under
a
credit
default
swap
would
be
an
amount
equal
to
the
notional
amount
of
the
agreement.
These
potential
amounts
would
be
partially
offset
by
any
recovery
values
of
the
respective
referenced
obligations
or
net
amounts
received
from
a
settlement
of
a
credit
default
swap
for
the
same
reference
security
or
obligation
where
the
Fund
bought
credit
protection.
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
the
Fund’s
investments
may
be
determined
under
the
Valuation
Procedures.
GSAM,
consistent
with
its
procedures
and
applicable
regulatory
guidance,
may
make
an
adjustment
to
the
most
recent
valuation
prices
of
either
domestic
or
foreign
securities
in
light
of
significant
events
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
at
the
time
of
determining
the
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,
2025:
Core
Fixed
Income
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Asset-
Backed
Securities
$
—
$
21,993,208
$
—
Collateralized
Mortgage
Obligations
—
6,062,131
—
Commercial
Mortgage-Backed
Securities
—
13,071,099
—
Corporate
Bond
—
39,385,277
—
Corporate
Obligations
—
425,367
—
Foreign
Bond
—
8,034,366
—
Foreign
Government
Securities
—
2,208,892
—
Mortgage-Backed
Securities
—
57,606,921
—
Municipal
Bond
—
760,862
—
U.S.
Government
Agency
Securities
—
2,294,110
—
U.S.
Treasury
Obligations
65,384,325
3,395,774
—
Short-Term
Investment
—
971,427
—
Investment
Company
4,176,108
—
—
Total
$
69,560,433
$
156,209,434
$
—
Liabilities
Fixed
Income
Forward
Sales
Contracts
$
—
$
(4,836,249)
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Credit
Default
Swap
Contracts
(a)
$
—
$
79,360
$
—
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
8,036
—
Futures
Contracts
(a)
265,425
—
—
Interest
Rate
Swap
Contracts
(a)
—
628,305
—
Purchased
Options
Contracts
1,604
10,050
—
Total
$
267,029
$
725,751
$
—
€
1.00
€
1.00
€
1.00
Liabilities
Credit
Default
Swap
Contracts
(a)
$
—
$
(677)
$
—
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
(10,243)
—
Futures
Contracts
(a)
(97,296)
—
—
Interest
Rate
Swap
Contracts
(a)
—
(520,214)
—
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Core
Fixed
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Credit/Default
Risk
—
An
issuer
or
guarantor
of
a
security
held
by
the
Fund,
or
a
bank
or
other
financial
institution
that
has
entered
into
a
repurchase
agreement
with
the
Fund,
may
default
on
its
obligation
to
pay
interest
and
repay
principal
or
default
on
any
other
obligation.
Additionally,
the
credit
quality
of
securities
may
deteriorate
rapidly,
which
may
impair
the
Fund’s
liquidity
and
cause
significant
deterioration
in
NAV.
Derivatives
Risk
—
The
Fund’s
use
of
derivatives
and
other
similar
instruments
(collectively
referred
to
in
this
paragraph
as
“derivatives”)
may
result
in
loss,
including
due
to
adverse
market
movements.
Derivatives,
which
may
pose
risks
in
addition
to
and
greater
than
those
associated
with
investing
directly
in
securities,
currencies
or
other
assets
and
instruments,
may
increase
market
exposure
and
be
illiquid
or
less
liquid,
volatile,
difficult
to
price
and
leveraged
so
that
small
changes
in
the
value
of
the
underlying
assets
or
instruments
may
produce
disproportionate
losses
to
the
Fund.
Certain
derivatives
are
also
subject
to
counterparty
risk,
which
is
the
risk
that
the
other
party
in
the
transaction
will
not,
or
lacks
the
capacity
or
authority
to,
fulfill
its
contractual
obligations,
liquidity
risk,
which
includes
the
risk
that
the
Fund
will
not
be
able
to
exit
the
derivative
when
it
is
advantageous
to
do
so,
and
risks
arising
from
margin
requirements,
which
include
the
risk
that
the
Fund
will
be
required
to
pay
additional
margin
or
set
aside
additional
collateral
to
maintain
open
derivative
positions.
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.
Interest
Rate
Risk
—
When
interest
rates
increase,
fixed
income
securities
or
instruments
held
by
the
Fund
will
generally
decline
in
value.
Long-term
fixed
income
securities
or
instruments
will
normally
have
more
price
volatility
because
of
this
risk
than
short-term
fixed
income
securities
or
instruments.
A
wide
variety
of
market
factors
can
cause
interest
rates
to
rise,
including
central
bank
monetary
policy,
rising
inflation
and
changes
in
general
economic
conditions.
Changing
interest
rates
may
have
unpredictable
effects
on
the
markets,
may
result
in
heightened
market
volatility
and
may
detract
from
Fund’s
performance.
In
addition,
changes
in
monetary
policy
may
exacerbate
the
risks
associated
with
changing
interest
rates.
Funds
with
longer
average
portfolio
durations
will
generally
be
more
sensitive
to
changes
in
interest
rates
than
funds
with
a
shorter
average
portfolio
duration.
Fluctuations
in
interest
rates
may
also
affect
the
liquidity
of
fixed
income
securities
and
instruments
held
by
the
Fund.
A
sudden
or
unpredictable
increase
in
interest
rates
may
cause
volatility
in
the
market
and
may
decrease
the
liquidity
of
the
Fund’s
investments,
which
would
make
it
harder
for
the
Fund
to
sell
its
investments
at
an
advantageous
time.
Written
Options
Contracts
$
(2,482)
$
(7,664)
$
—
Total
$
(99,778)
$
(538,798)
$
—
€
1.00
€
1.00
€
1.00
Trend
Driven
Allocation
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Exchange-Traded
Funds
$
62,321,768
$
—
$
—
Investment
Companies
170,147,544
—
—
Total
$
232,469,312
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(a)
$
1,583,279
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Amount
shown
represents
unrealized
gain
(loss)
at
period
end.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Core
Fixed
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2025
(Unaudited)
(Unaudited)
Investments
in
Other
Investment
Companies
Risk
—
As
a
shareholder
of
another
investment
company,
the
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
—
The
Fund
may
experience
adverse
effects
when
certain
large
shareholders,
such
as
other
funds,
institutional
investors
(including
those
trading
by
use
of
non-discretionary
mathematical
formulas),
financial
intermediaries
(who
may
make
investment
decisions
on
behalf
of
underlying
clients
and/or
include
the
Fund
in
their
investment
model),
individuals,
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
the
Fund
to
sell
portfolio
securities
at
times
when
it
would
not
otherwise
do
so,
which
may
negatively
impact
the
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
the
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
the
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.
Tax
Diversification
Risk
—
The
Fund
intends
to
meet
the
diversification
requirements
that
are
applicable
to
insurance
company
separate
accounts
under
Subchapter
L
of
the
Code
(the
“Diversification
Requirements”).
In
order
for
the
Fund
to
qualify
for
“look
through”
treatment
under
the
Diversification
Requirements,
Fund
shares
must
be
sold
only
to
persons
permitted
to
hold
shares,
directly
or
indirectly
(each,
a
“Permitted
Investor”),
under
Section
817
of
the
Code
and
Treasury
Regulation
1.817-5(f),
as
supplemented
by
published
rulings
and
procedures
issued
thereunder
by
the
Internal
Revenue
Service
(“IRS”).
To
the
extent
an
investor
in
Fund
shares
no
longer
qualifies
as
a
Permitted
Investor,
and
such
investor
fails
to
restore
its
status
as
a
Permitted
Investor
or
obtain
a
waiver
or
closing
agreement
with
respect
to
such
failure
from
the
IRS,
the
Fund
may
no
longer
qualify
for
“look
through”
treatment.
Therefore,
in
testing
compliance
with
the
Diversification
Requirements,
an
investor
in
the
Fund,
such
as,
for
example,
an
insurance
company
separate
account,
no
longer
would
be
able
to
look
through
the
Fund
to
its
underlying
investments.
Instead,
the
Fund
would
be
considered
a
single
investment
for
purposes
of
the
Diversification
Requirements.
A
failure
to
satisfy
the
Diversification
Requirements
(whether
resulting
from
investors
in
Fund
shares
or
otherwise)
could
have
significant
adverse
tax
consequences
for
variable
contract
owners
whose
contract
values
are
determined
by
investment
in
the
Fund.
See
“Taxation”
in
the
Statement
of
Additional
Information
for
more
information.
U.S.
Government
Securities
Risk
—
The
U.S.
government
may
not
provide
financial
support
to
U.S.
government
agencies,
instrumentalities
or
sponsored
enterprises
if
it
is
not
obligated
to
do
so
by
law.
U.S.
Government
Securities
issued
by
the
Federal
National
Mortgage
Association
(“Fannie
Mae”),
Federal
Home
Loan
Mortgage
Corporation
(“Freddie
Mac”)
and
the
Federal
Home
Loan
Banks,
are
neither
issued
nor
guaranteed
by
the
U.S.
Treasury
and,
therefore,
are
not
backed
by
the
full
faith
and
credit
of
the
United
States.
The
maximum
potential
liability
of
the
issuers
of
some
U.S.
Government
Securities
held
by
the
Fund
may
greatly
exceed
their
current
resources,
including
any
legal
right
to
support
from
the
U.S.
Treasury.
It
is
possible
that
issuers
of
U.S.
Government
Securities
will
not
have
the
funds
to
meet
their
payment
obligations
in
the
future.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)