NPORT-EX 2 307297GS033126.htm
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
March
31,
2026
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
30.7%
a
Fannie
Mae
REMICS
,
Series
2025-11,
Class
FB
(SOFR
+
1.000%)
$
372,132
4.662
%
03/25/55
(a)
$
374,221
FHLMC
1,013
7.500
12/01/29
1,047
652
5.000
10/01/33
664
844
5.000
07/01/35
860
1,348
5.000
12/01/35
1,370
278
5.000
03/01/38
283
760
5.000
06/01/41
773
3,581
4.500
08/01/48
3,497
4,547
4.500
11/01/48
4,440
451,878
3.000
09/01/49
405,899
332,317
4.000
03/01/50
316,860
659,059
4.500
03/01/50
645,043
226,892
3.000
10/01/50
202,813
789,124
2.500
02/01/51
669,343
1,621,654
2.000
05/01/51
1,317,131
730,673
2.500
05/01/51
623,076
736,258
2.500
05/01/51
632,094
1,653,324
2.500
08/01/51
1,419,517
682,408
2.500
09/01/51
583,304
743,637
4.500
04/01/52
721,316
455,740
4.500
06/01/52
443,751
286,275
6.000
12/01/52
296,979
953,563
6.000
01/01/54
974,737
758,348
6.500
06/01/54
798,095
FNMA
649
7.000
08/01/26
649
809
8.000
10/01/29
824
532
8.500
04/01/30
558
1,017
8.000
05/01/30
1,030
1,512
8.000
08/01/32
1,589
4,000,000
4.500
TBA-15yr
(b)
3,968,438
4,626
3.000
01/01/43
4,302
9,301
3.000
01/01/43
8,639
5,042
3.000
03/01/43
4,707
14,469
3.000
03/01/43
13,362
45,808
3.000
03/01/43
42,272
5,887
3.000
04/01/43
5,456
7,248
3.000
04/01/43
6,687
13,047
3.000
04/01/43
12,035
56,510
3.000
04/01/43
52,144
7,369
3.000
05/01/43
6,790
28,706
3.000
05/01/43
26,487
31,888
3.000
05/01/43
29,423
173,356
4.500
04/01/45
172,161
20,422
4.500
05/01/45
20,218
105,092
4.000
02/01/48
100,598
120,603
4.000
03/01/48
115,446
2,323
4.000
07/01/48
2,222
7,540
4.000
07/01/48
7,225
201,225
4.500
07/01/48
196,631
130,410
4.000
08/01/48
124,752
103,117
5.000
11/01/48
103,910
1,641,733
2.000
10/01/50
1,336,518
371,080
3.000
10/01/50
332,626
461,883
3.000
10/01/50
412,866
475,029
3.000
10/01/50
425,803
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
FNMA
–
(continued)
$
1,640,414
2.000
%
11/01/50
$
1,335,444
60,714
2.500
03/01/51
52,181
77,281
2.500
09/01/51
66,347
304,639
2.500
10/01/51
261,287
140,524
2.500
11/01/51
120,512
179,299
2.500
11/01/51
153,728
1,104,686
6.000
11/01/52
1,146,338
729,678
5.500
04/01/53
742,164
1,206,161
6.500
09/01/53
1,255,150
974,254
6.000
08/01/55
999,221
2,962,351
5.500
11/01/55
2,994,168
5,000,000
2.000
TBA-30yr
(b)
4,024,110
6,000,000
2.500
TBA-30yr
(b)
5,046,396
2,000,000
3.000
TBA-30yr
(b)
1,758,330
2,000,000
3.500
TBA-30yr
(b)
1,832,746
1,000,000
4.000
TBA-30yr
(b)
943,204
1,000,000
5.500
TBA-30yr
(b)
1,004,470
4,000,000
6.000
TBA-30yr
(b)
4,075,938
FNMA
,
Series
2012-111,
Class
B
3,336
7.000
10/25/42
3,553
FNMA
,
Series
2012-153,
Class
B
9,295
7.000
07/25/42
9,984
Freddie
Mac
REMICS
,
Series
5502,
Class
FG
(SOFR
+
1.000%)
190,077
4.662
02/25/55
(a)
189,870
GNMA
18
7.000
04/15/26
18
184
7.000
03/15/27
184
43
7.000
11/15/27
43
426
7.000
11/15/27
430
984
7.000
02/15/28
987
27
7.000
05/15/28
27
569
7.000
06/15/28
573
118
7.000
07/15/28
118
553
7.000
07/15/28
556
29,323
6.000
08/20/34
30,726
30,486
5.000
06/15/40
31,059
124,566
4.000
08/20/43
120,003
47,688
4.000
10/20/45
45,706
716,592
4.000
07/20/48
683,234
23,104
5.000
08/20/48
23,334
77,288
4.500
09/20/48
76,043
80,302
5.000
10/20/48
81,050
220,021
5.000
11/20/48
222,070
28,388
5.000
12/20/48
28,593
181,332
4.500
01/20/49
178,353
24,399
4.500
03/20/49
23,998
505,579
3.000
08/20/49
453,995
157,838
4.500
10/20/49
155,070
329,280
3.000
03/20/50
294,668
153,792
4.500
03/20/50
151,096
656,981
3.000
11/20/51
586,890
788,607
3.000
11/20/51
701,279
743,507
4.500
09/20/52
722,001
748,944
4.500
10/20/52
728,451
1,000,000
4.500
TBA-30yr
(b)
989,106
985,801
5.000
02/20/56
983,584
1,000,000
4.500
TBA-30yr
(b)
965,709
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
GNMA
–
(continued)
$
3,000,000
2.000
%
TBA-30yr
(b)
$
2,473,971
2,000,000
2.500
TBA-30yr
(b)
1,719,290
1,000,000
3.500
TBA-30yr
(b)
916,653
3,000,000
5.500
TBA-30yr
(b)
3,017,790
1,000,000
6.000
TBA-30yr
(b)
1,016,484
1,000,000
3.500
TBA-30yr
(b)
912,188
2,000,000
5.000
TBA-30yr
(b)
1,974,977
GNMA
,
Series
2021-135,
Class
A
773,554
2.000
08/20/51
637,086
Government
National
Mortgage
Association
1,000,000
3.000
TBA-30yr
(b)
892,443
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost
$68,927,419)
67,828,458
a
Corporate
Bonds
–
25.7%
Aerospace/Defense
–
0.6%
Boeing
Co.
(The)
50,000
3.450
11/01/28
(c)
48,862
2,000
2.950
02/01/30
(c)
1,881
176,000
5.150
05/01/30
(c)
178,689
187,000
6.528
05/01/34
(c)
203,699
325,000
5.705
05/01/40
(c)
325,555
100,000
5.805
05/01/50
(c)
96,530
174,000
6.858
05/01/54
(c)
191,437
Howmet
Aerospace,
Inc.
122,000
4.850
10/15/31
(c)
123,363
Northrop
Grumman
Corp.
75,000
3.250
01/15/28
(c)
73,697
25,000
4.750
06/01/43
22,593
50,000
5.250
05/01/50
(c)
46,344
RTX
Corp.
50,000
4.125
11/16/28
(c)
49,803
25,000
4.050
05/04/47
(c)
19,791
1,382,244
Agriculture
–
0.1%
Archer-Daniels-Midland
Co.
100,000
2.900
03/01/32
(c)
91,169
Bunge
Ltd.
Finance
Corp.
139,000
4.200
09/17/29
(c)
137,631
228,800
Auto
Manufacturers
–
1.2%
Ford
Motor
Credit
Co.
LLC
215,000
5.850
05/17/27
(c)
216,578
1,475,000
5.420
04/09/31
(c)
1,447,848
General
Motors
Financial
Co.,
Inc.
125,000
1.500
06/10/26
(c)
124,223
125,000
2.350
01/08/31
(c)
111,368
550,000
5.950
04/04/34
(c)
564,473
Hyundai
Capital
America
160,000
5.400
06/24/31
(c)(d)
162,942
2,627,432
Banks
–
6.0%
Bank
of
America
Corp.
(TSFR3M
+
1.302%)
85,000
3.419
12/20/28
(a)(c)
83,507
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Banks
–
(continued)
(SOFR
+
1.630%)
$
370,000
5.202
%
04/25/29
(a)(c)
$
375,250
(SOFR
+
2.150%)
175,000
2.592
04/29/31
(a)(c)
161,665
(SOFR
+
1.220%)
110,000
2.299
07/21/32
(a)(c)
97,056
(SOFR
+
1.830%)
390,000
4.571
04/27/33
(a)(c)
382,821
(SOFR
+
1.310%)
75,000
5.511
01/24/36
(a)(c)
76,450
(US
5
Year
CMT
T-Note
+
1.200%)
100,000
2.482
09/21/36
(a)(c)
86,387
(SOFR
+
1.130%)
1,280,000
5.045
02/06/37
(a)(c)
1,262,852
Bank
of
America
Corp.
,
GMTN
(TSFR3M
+
1.632%)
25,000
3.593
07/21/28
(a)(c)
24,736
Bank
of
America
Corp.
,
MTN
(TSFR3M
+
1.837%)
75,000
3.824
01/20/28
(a)(c)
74,621
(SOFR
+
1.050%)
400,000
2.551
02/04/28
(a)(c)
393,868
(SOFR
+
2.040%)
305,000
4.948
07/22/28
(a)(c)
306,915
(TSFR3M
+
1.572%)
50,000
4.271
07/23/29
(a)(c)
49,793
(SOFR
+
1.530%)
50,000
1.898
07/23/31
(a)(c)
44,558
(SOFR
+
2.160%)
73,000
5.015
07/22/33
(a)(c)
73,459
Bank
of
America
Corp.
,
Series
N
(SOFR
+
1.220%)
50,000
2.651
03/11/32
(a)(c)
45,337
Bank
of
New
York
Mellon
Corp.
(The)
(SOFR
+
1.755%)
20,000
4.596
07/26/30
(a)(c)
20,100
Citigroup,
Inc.
45,000
3.400
05/01/26
44,955
150,000
4.450
09/29/27
149,972
(SOFR
+
1.422%)
75,000
2.976
11/05/30
(a)(c)
70,804
(SOFR
+
2.086%)
165,000
4.910
05/24/33
(a)(c)
164,266
(SOFR
+
2.338%)
400,000
6.270
11/17/33
(a)(c)
427,462
(SOFR
+
1.830%)
210,000
6.020
01/24/36
(a)(c)
214,603
First
Horizon
Corp.
(SOFR
+
1.766%)
160,000
5.514
03/07/31
(a)(c)
162,059
Huntington
Bancshares,
Inc.
(SOFRINDX
+
1.870%)
1,230,000
5.709
02/02/35
(a)(c)
1,255,299
JPMorgan
Chase
&
Co.
15,000
3.625
12/01/27
(c)
14,823
(TSFR3M
+
1.599%)
972,000
3.782
02/01/28
(a)(c)
966,850
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Banks
–
(continued)
(TSFR3M
+
1.207%)
$
45,000
3.509
%
01/23/29
(a)(c)
$
44,273
(TSFR3M
+
3.790%)
25,000
4.493
03/24/31
(a)(c)
24,873
(SOFR
+
2.040%)
25,000
2.522
04/22/31
(a)(c)
23,098
(SOFR
+
0.840%)
105,000
4.347
01/22/32
(a)(c)
103,509
(SOFR
+
1.340%)
430,000
4.946
10/22/35
(a)(c)
424,593
(SOFR
+
1.680%)
430,000
5.572
04/22/36
(a)(c)
442,342
(SOFR
+
1.635%)
410,000
5.576
07/23/36
(a)(c)
415,475
(SOFR
+
1.070%)
150,000
4.898
01/22/37
(a)(c)
146,743
(SOFR
+
1.300%)
245,000
5.193
02/05/37
(a)(c)
240,552
M&T
Bank
Corp.
(SOFR
+
2.800%)
265,000
7.413
10/30/29
(a)(c)
283,026
M&T
Bank
Corp.
,
MTN
(SOFR
+
1.610%)
450,000
5.385
01/16/36
(a)(c)
446,198
Morgan
Stanley
25,000
3.625
01/20/27
24,893
20,000
3.950
04/23/27
19,878
(SOFR
+
1.000%)
200,000
2.475
01/21/28
(a)(c)
196,836
(SOFR
+
2.076%)
165,000
4.889
07/20/33
(a)(c)
164,084
(SOFR
+
1.555%)
420,000
5.320
07/19/35
(a)(c)
420,980
(SOFR
+
1.757%)
155,000
5.664
04/17/36
(a)(c)
158,667
(SOFR
+
1.360%)
150,000
2.484
09/16/36
(a)(c)
129,038
Morgan
Stanley
,
GMTN
(TSFR3M
+
1.890%)
25,000
4.431
01/23/30
(a)(c)
24,869
(SOFR
+
1.143%)
400,000
2.699
01/22/31
(a)(c)
371,533
Morgan
Stanley
,
MTN
(SOFR
+
1.590%)
305,000
5.164
04/20/29
(a)(c)
308,507
(SOFR
+
3.120%)
50,000
3.622
04/01/31
(a)(c)
47,937
(SOFR
+
1.034%)
75,000
1.794
02/13/32
(a)(c)
64,976
Truist
Financial
Corp.
,
MTN
(SOFR
+
2.050%)
50,000
6.047
06/08/27
(a)(c)
50,128
(SOFR
+
1.922%)
425,000
5.711
01/24/35
(a)(c)
438,088
U.S.
Bancorp
(SOFR
+
1.296%)
545,000
5.083
05/15/31
(a)(c)
552,578
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Banks
–
(continued)
US
Bancorp
(SOFR
+
2.020%)
$
145,000
5.775
%
06/12/29
(a)(c)
$
149,086
Wells
Fargo
&
Co.
175,000
3.000
10/23/26
173,762
Wells
Fargo
&
Co.
,
GMTN
50,000
4.300
07/22/27
49,919
Wells
Fargo
&
Co.
,
MTN
(SOFR
+
1.980%)
215,000
4.808
07/25/28
(a)(c)
215,900
13,186,809
Beverages
–
0.4%
Coca-Cola
Consolidated,
Inc.
98,000
5.450
06/01/34
(c)
100,541
Constellation
Brands,
Inc.
50,000
3.600
02/15/28
(c)
49,244
25,000
3.150
08/01/29
(c)
23,918
100,000
2.250
08/01/31
(c)
88,199
Keurig
Dr
Pepper,
Inc.
225,000
4.597
05/25/28
(c)
224,980
19,000
3.800
05/01/50
(c)
13,238
Pernod
Ricard
International
Finance
LLC
345,000
1.625
04/01/31
(c)(d)
298,400
798,520
Biotechnology
–
0.3%
Amgen,
Inc.
239,000
5.250
03/02/30
(c)
245,504
184,000
5.250
03/02/33
(c)
188,786
Royalty
Pharma
PLC
198,000
5.400
09/02/34
(c)
199,637
633,927
Building
Materials
–
0.3%
Carrier
Global
Corp.
150,000
2.493
02/15/27
(c)
147,580
75,000
2.722
02/15/30
(c)
70,086
200,000
2.700
02/15/31
(c)
183,501
166,000
5.900
03/15/34
(c)
175,208
Masco
Corp.
50,000
1.500
02/15/28
(c)
47,334
623,709
Chemicals
–
0.1%
International
Flavors
&
Fragrances,
Inc.
20,000
1.832
10/15/27
(c)(d)
19,185
74,000
2.300
11/01/30
(c)(d)
65,848
Sherwin-Williams
Co.
(The)
25,000
3.450
06/01/27
(c)
24,743
50,000
2.950
08/15/29
(c)
47,663
157,439
Commercial
Services
–
0.5%
Cornell
University
,
Series
2025
480,000
4.733
06/15/35
(c)
475,327
Global
Payments,
Inc.
305,000
5.550
11/15/35
(c)
293,278
PayPal
Holdings,
Inc.
75,000
2.650
10/01/26
(c)
74,412
Quanta
Services,
Inc.
182,000
5.250
08/09/34
(c)
183,139
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Commercial
Services
–
(continued)
S&P
Global,
Inc.
$
75,000
4.250
%
05/01/29
(c)
$
74,800
1,100,956
Computers
–
0.1%
Dell
International
LLC
/
EMC
Corp.
25,000
5.300
10/01/29
(c)
25,512
Hewlett
Packard
Enterprise
Co.
151,000
5.000
10/15/34
(c)
146,070
171,582
Diversified
Financial
Services
–
1.3%
Air
Lease
Corp.
,
GMTN
75,000
3.750
06/01/26
(c)
74,824
Air
Lease
Corp.
,
MTN
275,000
5.200
07/15/31
(c)
275,455
American
Express
Co.
(SOFR
+
1.420%)
425,000
5.284
07/26/35
(a)(c)
428,731
Capital
One
Financial
Corp.
(SOFR
+
1.990%)
415,000
5.884
07/26/35
(a)(c)
425,249
(SOFR
+
2.036%)
835,000
6.183
01/30/36
(a)(c)
848,512
Intercontinental
Exchange,
Inc.
75,000
3.625
09/01/28
(c)
73,883
Mastercard,
Inc.
25,000
3.300
03/26/27
(c)
24,814
Nuveen
LLC
25,000
4.000
11/01/28
(c)(d)
24,798
Synchrony
Financial
(SOFR
+
1.530%)
310,000
4.947
02/25/32
(a)(c)
300,980
Takeoff
Merger
Sub,
Inc.
400,000
4.850
03/24/31
(c)(d)
395,214
2,872,460
Electric
–
0.5%
American
Electric
Power
Co.,
Inc.
50,000
2.300
03/01/30
(c)
45,799
Arizona
Public
Service
Co.
45,000
2.950
09/15/27
(c)
44,011
Berkshire
Hathaway
Energy
Co.
25,000
3.250
04/15/28
(c)
24,521
50,000
3.700
07/15/30
(c)
48,555
Dominion
Energy,
Inc.
,
Series
C
25,000
3.375
04/01/30
(c)
23,893
Entergy
Corp.
45,000
2.950
09/01/26
(c)
44,711
Exelon
Corp.
50,000
4.050
04/15/30
(c)
48,999
FirstEnergy
Corp.
100,000
2.650
03/01/30
(c)
92,694
FirstEnergy
Corp.
,
Series
B
50,000
2.250
09/01/30
(c)
45,041
Florida
Power
&
Light
Co.
68,000
4.125
02/01/42
(c)
57,660
MidAmerican
Energy
Co.
25,000
3.650
04/15/29
(c)
24,556
NextEra
Energy
Capital
Holdings,
Inc.
70,000
1.900
06/15/28
(c)
66,404
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Electric
–
(continued)
Ohio
Power
Co.
,
Series
P
$
25,000
2.600
%
04/01/30
(c)
$
23,173
Pacific
Gas
and
Electric
Co.
25,000
2.100
08/01/27
(c)
24,224
50,000
2.500
02/01/31
(c)
44,848
25,000
3.300
08/01/40
(c)
18,704
Progress
Energy,
Inc.
95,000
7.000
10/30/31
104,477
Southern
Co.
(The)
60,000
3.250
07/01/26
(c)
59,860
Xcel
Energy,
Inc.
250,000
3.350
12/01/26
(c)
248,347
1,090,477
Electronics
–
0.0%
Allegion  U.S.
Holding
Co.,
Inc.
110,000
5.600
05/29/34
(c)
112,266
Environmental
Control
–
0.1%
Republic
Services,
Inc.
100,000
1.750
02/15/32
(c)
85,608
Waste
Management,
Inc.
75,000
3.150
11/15/27
(c)
73,889
50,000
1.150
03/15/28
(c)
47,200
206,697
Food
–
1.0%
General
Mills,
Inc.
75,000
4.200
04/17/28
(c)
74,575
J
M
Smucker
Co.
(The)
179,000
5.900
11/15/28
(c)
185,140
113,000
6.200
11/15/33
(c)
119,665
Mars,
Inc.
425,000
4.800
03/01/30
(c)(d)
429,435
25,000
3.200
04/01/30
(c)(d)
23,861
375,000
5.000
03/01/32
(c)(d)
379,407
650,000
5.200
03/01/35
(c)(d)
655,911
The
Campbell's
Company
279,000
5.400
03/21/34
(c)
270,467
95,000
4.750
03/23/35
(c)
87,443
2,225,904
Gas
–
0.1%
East
Ohio
Gas
Co.
(The)
25,000
2.000
06/15/30
(c)(d)
22,442
NiSource,
Inc.
95,000
3.490
05/15/27
(c)
93,986
25,000
3.600
05/01/30
(c)
24,106
140,534
Hand/Machine
Tools
–
0.0%
Stanley
Black
&
Decker,
Inc.
24,000
4.250
11/15/28
(c)
23,952
Healthcare-Products
–
0.4%
Alcon
Finance
Corp.
413,000
3.000
09/23/29
(c)(d)
392,345
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)
115,682
140,000
5.600
03/23/34
(c)
143,111
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Healthcare-Products
–
(continued)
STERIS
Irish
FinCo
UnLtd
Co.
$
75,000
2.700
%
03/15/31
(c)
$
68,065
Stryker
Corp.
100,000
1.950
06/15/30
(c)
90,343
Thermo
Fisher
Scientific,
Inc.
25,000
1.750
10/15/28
(c)
23,535
856,631
Healthcare-Services
–
2.1%
Adventist
Health
System
30,000
2.952
03/01/29
(c)
28,541
95,000
5.757
12/01/34
(c)
97,738
Adventist
Health
System
,
Series
2025
590,000
4.742
12/01/30
(c)
585,136
Ascension
Health
,
Series
2025
280,000
4.923
11/15/35
(c)
276,697
Banner
Health
120,000
2.338
01/01/30
(c)
111,252
Baylor
Scott
&
White
Holdings
,
Series
2021
40,000
1.777
11/15/30
(c)
35,521
Cigna
Group
(The)
34,000
2.400
03/15/30
(c)
31,412
250,000
2.375
03/15/31
(c)
224,716
260,000
5.125
05/15/31
(c)
265,488
125,000
4.800
08/15/38
(c)
117,447
CommonSpirit
Health
205,000
4.352
09/01/30
(c)
202,113
225,000
6.461
11/01/52
(c)
238,472
CommonSpirit
Health
,
Series
2025
310,000
4.975
09/01/35
(c)
302,670
Elevance
Health,
Inc.
500,000
4.600
09/15/32
(c)
492,078
HCA,
Inc.
425,000
4.500
02/15/27
(c)
425,070
80,000
3.500
09/01/30
(c)
75,965
345,000
5.450
04/01/31
(c)
353,744
Humana,
Inc.
55,000
5.950
03/15/34
(c)
56,034
Laboratory
Corp.
of
America
Holdings
86,000
4.800
10/01/34
(c)
83,764
PeaceHealth
Obligated
Group
185,000
4.335
11/15/28
(c)
184,180
Rush
System
for
Health
Obligated
Group
,
Series
2020
60,000
3.922
11/15/29
(c)
59,045
Sutter
Health
,
Series
20A
40,000
2.294
08/15/30
(c)
36,443
UnitedHealth
Group,
Inc.
275,000
5.000
04/15/34
(c)
275,046
125,000
3.050
05/15/41
(c)
92,631
4,651,203
Insurance
–
0.2%
American
International
Group,
Inc.
25,000
3.400
06/30/30
(c)
23,848
Arch
Capital
Group
US,
Inc.
36,000
5.144
11/01/43
33,204
Arthur
J
Gallagher
&
Co.
50,000
4.850
12/15/29
(c)
50,541
Berkshire
Hathaway
Finance
Corp.
75,000
1.850
03/12/30
(c)
68,748
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Insurance
–
(continued)
Chubb
INA
Holdings
LLC
$
171,000
6.800
%
11/15/31
$
188,628
Principal
Financial
Group,
Inc.
50,000
3.100
11/15/26
(c)
49,641
75,000
2.125
06/15/30
(c)
67,767
Willis
North
America,
Inc.
25,000
2.950
09/15/29
(c)
23,673
506,050
Internet
–
1.7%
Airbnb,
Inc.
305,000
5.250
03/16/36
(c)
304,738
Alphabet,
Inc.
950,000
4.100
11/15/30
(c)
943,217
AppLovin
Corp.
551,000
5.500
12/01/34
(c)
546,456
Expedia
Group,
Inc.
14,000
4.625
08/01/27
(c)
14,012
35,000
3.800
02/15/28
(c)
34,537
85,000
3.250
02/15/30
(c)
80,390
14,000
2.950
03/15/31
(c)
12,832
Meta
Platforms,
Inc.
250,000
3.500
08/15/27
(c)
248,351
400,000
4.200
11/15/30
(c)
395,874
800,000
4.875
11/15/35
(c)
784,647
Netflix,
Inc.
210,000
5.875
11/15/28
218,529
Uber
Technologies,
Inc.
175,000
4.500
08/15/29
(c)(d)
173,413
3,756,996
Investment
Companies
–
0.1%
Blackstone
Private
Credit
Fund
75,000
6.000
01/29/32
(c)
72,735
Blackstone
Secured
Lending
Fund
125,000
5.875
11/15/27
(c)
125,472
198,207
Iron/Steel
–
0.0%
Steel
Dynamics,
Inc.
50,000
1.650
10/15/27
(c)
47,997
Leisure
Time
–
0.4%
Royal
Caribbean
Cruises
Ltd.
850,000
5.250
02/27/38
(c)
808,187
Lodging
–
0.7%
Choice
Hotels
International,
Inc.
306,000
3.700
01/15/31
(c)
287,019
114,000
5.850
08/01/34
(c)
114,769
Hyatt
Hotels
Corp.
365,000
5.500
06/30/34
(c)
368,671
Las
Vegas
Sands
Corp.
120,000
5.625
06/15/28
(c)
121,543
40,000
6.000
06/14/30
(c)
41,146
Marriott
International,
Inc.
125,000
5.000
10/15/27
(c)
126,141
91,000
4.875
05/15/29
(c)
91,981
195,000
4.500
05/01/33
(c)
188,225
Marriott
International,
Inc.
,
Series
HH
325,000
2.850
04/15/31
(c)
297,646
1,637,141
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Machinery-Construction
&
Mining
–
0.2%
Vertiv
Holdings
Co.
$
465,000
4.850
%
03/15/36
(c)
$
452,104
Machinery-Diversified
–
0.4%
AGCO
Corp.
112,000
5.800
03/21/34
(c)
114,501
IDEX
Corp.
105,000
2.625
06/15/31
(c)
94,636
Ingersoll
Rand,
Inc.
90,000
5.700
08/14/33
(c)
93,475
Otis
Worldwide
Corp.
25,000
2.293
04/05/27
(c)
24,508
150,000
2.565
02/15/30
(c)
139,237
Regal
Rexnord
Corp.
453,000
6.300
02/15/30
(c)
474,711
941,068
Media
–
0.1%
Comcast
Corp.
25,000
3.300
02/01/27
(c)
24,812
75,000
3.300
04/01/27
(c)
74,242
25,000
3.750
04/01/40
(c)
20,249
Fox
Corp.
25,000
4.709
01/25/29
(c)
25,077
144,380
Oil
&
Gas
–
0.0%
Occidental
Petroleum
Corp.
69,000
7.875
09/15/31
78,400
Pharmaceuticals
–
0.6%
AbbVie,
Inc.
107,000
4.050
11/21/39
(c)
93,904
Becton
Dickinson
and
Co.
100,000
2.823
05/20/30
(c)
93,290
Cencora,
Inc.
75,000
3.450
12/15/27
(c)
73,882
425,000
2.700
03/15/31
(c)
387,558
CVS
Health
Corp.
350,000
2.125
09/15/31
(c)
303,487
162,000
4.780
03/25/38
(c)
149,226
Pfizer,
Inc.
75,000
3.450
03/15/29
(c)
73,696
Zoetis,
Inc.
45,000
3.000
09/12/27
(c)
44,230
150,000
2.000
05/15/30
(c)
136,321
1,355,594
Pipelines
–
0.6%
Cheniere
Energy
Partners
LP
75,000
5.950
06/30/33
(c)
78,665
Columbia
Pipelines
Operating
Co.
LLC
240,000
6.036
11/15/33
(c)(d)
253,001
Energy
Transfer
LP
25,000
5.250
04/15/29
(c)
25,472
275,000
5.750
02/15/33
(c)
285,992
Kinder
Morgan,
Inc.
275,000
4.300
03/01/28
(c)
274,758
MPLX
LP
75,000
2.650
08/15/30
(c)
69,102
35,000
4.500
04/15/38
(c)
31,493
25,000
5.500
02/15/49
(c)
22,635
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Pipelines
–
(continued)
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
$
25,000
3.800
%
09/15/30
(c)
$
24,080
Sabine
Pass
Liquefaction
LLC
75,000
5.000
03/15/27
(c)
75,147
Targa
Resources
Corp.
55,000
4.200
02/01/33
(c)
52,135
Williams
Cos.,
Inc.
(The)
125,000
5.650
03/15/33
(c)
129,308
1,321,788
Real
Estate
–
0.0%
CoStar
Group,
Inc.
100,000
2.800
07/15/30
(c)(d)
90,453
REITS
–
0.9%
Agree
LP
170,000
4.800
10/01/32
(c)
168,118
Alexandria
Real
Estate
Equities,
Inc.
25,000
3.375
08/15/31
(c)
23,054
American
Homes
4
Rent
LP
50,000
4.900
02/15/29
(c)
50,292
30,000
2.375
07/15/31
(c)
26,414
American
Tower
Corp.
75,000
2.100
06/15/30
(c)
67,534
Cousins
Properties
LP
675,000
5.875
10/01/34
(c)
684,607
Crown
Castle,
Inc.
60,000
3.650
09/01/27
(c)
59,286
CubeSmart
LP
20,000
2.500
02/15/32
(c)
17,548
Essex
Portfolio
LP
50,000
3.000
01/15/30
(c)
47,092
Healthcare
Realty
Holdings
LP
25,000
2.050
03/15/31
(c)
21,714
Host
Hotels
&
Resorts
LP
,
Series
J
42,000
2.900
12/15/31
(c)
37,351
Invitation
Homes
Operating
Partnership
LP
75,000
2.300
11/15/28
(c)
70,571
195,000
2.000
08/15/31
(c)
167,146
Kilroy
Realty
LP
20,000
4.750
12/15/28
(c)
19,849
Mid-America
Apartments
L.P.
50,000
1.700
02/15/31
(c)
43,526
Prologis
L.P.
25,000
1.750
07/01/30
(c)
22,314
125,000
4.625
01/15/33
(c)
123,547
Realty
Income
Corp.
25,000
3.950
08/15/27
(c)
24,870
75,000
3.400
01/15/30
(c)
71,941
Regency
Centers
LP
100,000
2.950
09/15/29
(c)
95,234
UDR,
Inc.
,
MTN
25,000
2.100
08/01/32
(c)
21,151
100,000
1.900
03/15/33
(c)
81,892
WP
Carey,
Inc.
25,000
3.850
07/15/29
(c)
24,408
25,000
2.400
02/01/31
(c)
22,365
1,991,824
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Retail
–
0.3%
7-Eleven,
Inc.
$
100,000
1.300
%
02/10/28
(c)(d)
$
94,344
AutoNation,
Inc.
25,000
1.950
08/01/28
(c)
23,544
Dollar
Tree,
Inc.
50,000
4.200
05/15/28
(c)
49,670
Home
Depot,
Inc.
(The)
25,000
3.900
12/06/28
(c)
24,888
Lowe's
Cos.,
Inc.
25,000
3.100
05/03/27
(c)
24,706
75,000
1.700
09/15/28
(c)
70,485
25,000
3.000
10/15/50
(c)
15,419
McDonald's
Corp.
,
MTN
25,000
4.200
04/01/50
(c)
19,715
O'Reilly
Automotive,
Inc.
145,000
5.100
03/12/36
(c)
143,153
Starbucks
Corp.
100,000
4.000
11/15/28
(c)
99,200
Tractor
Supply
Co.
50,000
1.750
11/01/30
(c)
44,102
609,226
Semiconductors
–
0.6%
Applied
Materials,
Inc.
25,000
1.750
06/01/30
(c)
22,495
Broadcom,
Inc.
74,000
4.150
04/15/32
(c)(d)
71,610
100,000
3.419
04/15/33
(c)
91,469
162,000
3.137
11/15/35
(c)(d)
137,642
700,000
4.900
02/15/38
(c)
675,214
100,000
3.500
02/15/41
(c)
79,913
Intel
Corp.
175,000
5.200
02/10/33
(c)
176,350
65,000
5.150
02/21/34
(c)
64,815
1,319,508
Software
–
2.6%
Adobe,
Inc.
50,000
2.150
02/01/27
(c)
49,268
Electronic
Arts,
Inc.
179,000
2.950
02/15/51
(c)
144,520
Fidelity
National
Information
Services,
Inc.
400,000
4.800
03/10/31
(c)
396,724
Fiserv,
Inc.
25,000
4.200
10/01/28
(c)
24,721
Intuit,
Inc.
25,000
1.350
07/15/27
(c)
24,115
MSCI,
Inc.
180,000
4.000
11/15/29
(c)(d)
174,699
Oracle
Corp.
150,000
4.500
05/06/28
(c)
149,458
34,000
2.950
04/01/30
(c)
31,017
175,000
4.650
05/06/30
(c)
171,010
275,000
2.875
03/25/31
(c)
244,377
256,000
5.250
02/03/32
(c)
251,684
320,000
4.800
09/26/32
(c)
304,481
250,000
6.250
11/09/32
(c)
256,521
157,000
4.900
02/06/33
(c)
148,729
310,000
5.350
05/04/33
(c)
301,620
370,000
5.200
09/26/35
(c)
346,776
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Software
–
(continued)
Oracle
Corp.
–
(continued)
$
280,000
5.700
%
02/04/36
(c)
$
269,196
125,000
6.900
11/09/52
(c)
118,119
100,000
6.000
08/03/55
(c)
83,844
135,000
6.700
02/04/56
(c)
125,045
Roper
Technologies,
Inc.
50,000
4.200
09/15/28
(c)
49,636
Salesforce,
Inc.
900,000
4.900
09/15/31
(c)
898,779
813,000
5.550
03/15/36
(c)
810,540
Synopsys,
Inc.
160,000
5.000
04/01/32
(c)
161,371
Take-Two
Interactive
Software,
Inc.
85,000
3.700
04/14/27
(c)
84,180
VMware,
Inc.
25,000
1.800
08/15/28
(c)
23,537
100,000
2.200
08/15/31
(c)
87,854
Workday,
Inc.
75,000
3.500
04/01/27
(c)
74,332
5,806,153
Telecommunications
–
1.0%
AT&T,
Inc.
288,000
2.300
06/01/27
(c)
281,610
150,000
4.350
03/01/29
(c)
150,104
50,000
2.750
06/01/31
(c)
45,700
10,000
2.550
12/01/33
(c)
8,460
25,000
4.900
08/15/37
(c)
23,990
60,000
4.850
03/01/39
(c)
55,841
75,000
3.500
06/01/41
(c)
58,144
25,000
4.350
06/15/45
(c)
20,151
25,000
5.150
11/15/46
(c)
22,294
T-Mobile
USA,
Inc.
391,000
3.750
04/15/27
(c)
388,635
175,000
2.050
02/15/28
(c)
167,853
83,000
3.875
04/15/30
(c)
80,803
75,000
3.500
04/15/31
(c)
70,998
500,000
5.200
01/15/33
(c)
508,574
Verizon
Communications,
Inc.
108,000
4.329
09/21/28
108,028
200,000
2.550
03/21/31
(c)
181,576
2,172,761
Transportation
–
0.2%
Burlington
Northern
Santa
Fe
LLC
25,000
4.050
06/15/48
(c)
19,673
CSX
Corp.
175,000
3.800
03/01/28
(c)
173,528
FedEx
Corp.
45,000
3.400
02/15/28
(c)
44,193
Union
Pacific
Corp.
125,000
2.800
02/14/32
(c)
113,626
351,020
Trucking
&
Leasing
–
0.0%
Penske
Truck
Leasing
Co.
LP
/
PTL
Finance
Corp.
120,000
5.250
07/01/29
(c)(d)
121,676
TOTAL
CORPORATE
BONDS
(Cost
$57,573,228)
56,802,075
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-
Backed
Securities
–
11.1%
Collateralized
Debt
Obligations
–
0.0%
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
,
Series
2022-
FL1,
Class
A
(SOFR
+
1.450%)
$
80,571
5.122
%
01/15/37
(a)(d)
$
80,571
Collateralized
Loan
Obligations
–
9.5%
AB
BSL
CLO
7
Ltd.
,
Series
2025-7A,
Class
A1
(TSFR3M
+
1.230%)
1,100,000
4.900
01/15/39
(a)(d)
1,098,885
Ares
European
CLO
XXI
DAC
,
Series
21A,
Class
B
(3
mo.
Euribor
+
1.700%)
250,000
3.716
04/15/38
(a)(d)
286,544
Arini
U.S.
CLO
III
Ltd.
,
Series
3A,
Class
A
(TSFR3M
+
1.270%)
750,000
5.190
01/15/39
(a)(d)
748,381
Bain
Capital
Credit
CLO
,
Series
2019-1A,
Class
BR3
(TSFR3M
+
1.400%)
725,000
5.064
04/19/34
(a)(d)
724,714
Belmont
Park
CLO
Ltd.
,
Series
2024-1A,
Class
A1R
(TSFR3M
+
1.280%)
560,000
–
04/15/37
(a)(d)(e)(f)
560,000
Benefit
Street
Partners
CLO
XX
Ltd.
,
Series
2020-20A,
Class
ARR
(TSFR3M
+
1.290%)
330,000
4.962
07/15/37
(a)(d)
329,993
CARLYLE  U.S.
CLO
Ltd.
,
Series
2021-1A,
Class
A1AR
(TSFR3M
+
1.370%)
275,000
5.042
01/15/40
(a)(d)
275,157
Carlyle
US
CLO
Ltd.
,
Series
2025-3A,
Class
A
(TSFR3M
+
1.380%)
850,000
5.048
07/25/38
(a)(d)
851,080
CBAM
Ltd.
,
Series
2018-5A,
Class
A1R
(TSFR3M
+
1.340%)
975,000
5.452
10/17/38
(a)(d)
975,223
CBAMR
Ltd.
,
Series
2017-4A,
Class
A1R
(TSFR3M
+
1.420%)
800,000
5.092
03/31/38
(a)(d)
800,939
Cedar
Funding
IX
CLO
Ltd.
,
Series
2018-9A,
Class
AR
(TSFR3M
+
1.420%)
270,000
5.088
07/20/37
(a)(d)
270,112
CFIP
CLO
Ltd.
,
Series
2021-1A,
Class
A
(TSFR3M
+
1.482%)
700,000
5.149
01/20/35
(a)(d)
699,075
CFIP
CLO
Ltd.
,
Series
2021-1A,
Class
C1
(TSFR3M
+
2.662%)
300,000
6.329
01/20/35
(a)(d)
299,296
CIFC
Funding
Ltd.
,
Series
2025-2A,
Class
A
(TSFR3M
+
1.130%)
575,000
4.802
04/15/38
(a)(d)
573,278
Diameter
Capital
Clo
1
Ltd.
,
Series
2021-1A,
Class
A1R
(TSFR3M
+
1.390%)
425,000
5.062
10/15/37
(a)(d)
425,267
Diameter
Capital
CLO
10
Ltd.
,
Series
2025-10A,
Class
A
(TSFR3M
+
1.310%)
620,000
4.978
04/20/38
(a)(d)
620,922
Elmwood
CLO
35
Ltd.
,
Series
2024-11A,
Class
A
(TSFR3M
+
1.340%)
1,175,000
5.008
10/18/37
(a)(d)
1,175,803
Fidelity
Grand
Harbour
CLO
DAC
,
Series
2023-1A,
Class
B1R
(3
mo.
Euribor
+
1.750%)
350,000
3.734
02/15/38
(a)(d)
401,687
GoldenTreee
Loan
Management
U.S.
CLO
29
Ltd.
,
Series
2026-
29A,
Class
A
(TSFR3M
+
1.230%)
525,000
0.000
04/20/39
(a)(d)
525,131
Halseypoint
CLO
7
Ltd.
,
Series
2023-7A,
Class
A1R
(TSFR3M
+
1.450%)
600,000
5.118
07/20/38
(a)(d)
600,530
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-
Backed
Securities
–
(continued)
Collateralized
Loan
Obligations
–
(continued)
JP
Morgan
Mortgage
Trust
,
Series
2023-HE3,
Class
A1
(SOFR
+
1.600%)
$
51,846
5.273
%
05/20/54
(a)(d)
$
51,928
Magnetite
XLVII
Ltd.
,
Series
2024-47A,
Class
A
(TSFR3M
+
1.330%)
550,000
4.998
01/25/38
(a)(d)
550,653
Octagon
61
Ltd.
,
Series
2023-2A,
Class
A1R
(TSFR3M
+
1.400%)
1,400,000
5.068
04/20/38
(a)(d)
1,400,928
OHA
Credit
Funding
7
Ltd.
,
Series
2020-7A,
Class
A1R2
(TSFR3M
+
1.280%)
650,000
4.948
07/19/38
(a)(d)
650,035
Pikes
Peak
CLO
5
,
Series
2020-5A,
Class
A1R
(TSFR3M
+
1.400%)
450,000
5.068
10/20/37
(a)(d)
450,239
Polus  U.S.
CLO
II
Ltd.
,
Series
2025-2A,
Class
A1
(TSFR3M
+
1.520%)
400,000
5.188
07/20/38
(a)(d)
400,833
Sound
Point
Euro
CLO
14
Funding
DAC
,
Series
14A,
Class
B
(3
mo.
Euribor
+
1.600%)
250,000
3.626
04/20/39
(a)(d)
285,174
Texas
Debt
Capital
CLO
Ltd.
,
Series
2025-1A,
Class
A1
(TSFR3M
+
1.140%)
1,050,000
4.808
04/24/38
(a)(d)
1,046,214
Trinitas
CLO
XXXI
Ltd.
,
Series
2024-31A,
Class
A1
(TSFR3M
+
1.350%)
575,000
5.019
01/22/38
(a)(d)
573,114
Warwick
Capital
CLO
1
Ltd.
,
Series
2023-1A,
Class
AR
(TSFR3M
+
1.280%)
850,000
4.948
10/20/38
(a)(d)
848,313
Wellington
Management
CLO
5
Ltd.
,
Series
2025-5A,
Class
A
(TSFR3M
+
1.290%)
1,000,000
5.251
10/18/38
(a)(d)
1,001,577
WISE
CLO
Ltd.
,
Series
2023-2A,
Class
A1R
(TSFR3M
+
1.100%)
870,000
4.772
04/15/39
(a)(d)
871,267
Wonder
Lake
Park
CLO
Ltd.
,
Series
2025-1A,
Class
A
(TSFR3M
+
1.290%)
525,000
4.958
07/24/38
(a)(d)
525,225
20,897,517
Diversified
Financial
Services
–
1.6%
American
Express
Credit
Account
Master
Trust
,
Series
2025-3,
Class
A
550,000
4.510
04/15/32
555,699
Barclays
Dryrock
Issuance
Trust
,
Series
2023-1,
Class
A
600,000
4.720
02/15/29
600,198
Barclays
Dryrock
Issuance
Trust
,
Series
2025-1,
Class
A
425,000
3.970
07/15/31
424,470
Citibank
Credit
Card
Issuance
Trust
,
Series
2025-A2,
Class
A
375,000
4.490
06/21/32
378,948
Exeter
Automobile
Receivables
Trust
,
Series
2025-1A,
Class
A3
102,018
4.670
08/15/28
102,092
Exeter
Automobile
Receivables
Trust
,
Series
2025-3A,
Class
A3
350,000
4.780
07/16/29
351,229
Ford
Credit
Auto
Owner
Trust
,
Series
2024-1,
Class
A
350,000
4.870
08/15/36
(d)
355,657
Honda
Auto
Receivables
Owner
Trust
,
Series
2023-4,
Class
A3
290,725
5.670
06/21/28
293,172
Santander
Drive
Auto
Receivables
Trust
,
Series
2025-1,
Class
A3
304,985
4.740
01/16/29
305,438
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-
Backed
Securities
–
(continued)
Diversified
Financial
Services
–
(continued)
Toyota
Auto
Receivables
Owner
Trust
,
Series
2023-B,
Class
A3
$
219,693
4.710
%
02/15/28
$
220,215
3,587,118
TOTAL
ASSET-
BACKED
SECURITIES
(Cost
$24,478,497)
24,565,206
a
Commercial
Mortgage-Backed
Securities
–
5.7%
a
BANK
,
Series
2019-BN21,
Class
A5
150,000
2.851
10/17/52
141,463
BANK
,
Series
2021-BN31,
Class
AS
475,000
2.211
02/15/54
(a)
409,794
BANK
,
Series
2021-BN32,
Class
A5
150,000
2.643
04/15/54
(a)
136,381
BANK
,
Series
2022-BNK43,
Class
A5
200,000
4.399
08/15/55
194,222
BANK5
,
Series
2024-5YR11,
Class
AS
150,000
6.139
11/15/57
155,043
BANK5
,
Series
2024-5YR7,
Class
A3
475,000
5.769
06/15/57
488,998
BANK5
,
Series
2024-5YR8,
Class
A3
150,000
5.884
08/15/57
154,881
BANK5
,
Series
2024-5YR9,
Class
AS
200,000
6.182
08/15/57
(a)
206,822
BANK5
,
Series
2025-5YR17,
Class
A3
450,000
5.225
11/15/58
457,370
BBCMS
Mortgage
Trust
,
Series
2024-5C25,
Class
AS
210,000
6.358
03/15/57
(a)
218,809
Benchmark
Mortgage
Trust
,
Series
2024-V8,
Class
A3
200,000
6.189
07/15/57
(a)
208,887
BFLD
Commercial
Mortgage
Trust
,
Series
2025-5MW,
Class
A
1,000,000
4.674
10/10/42
(a)(d)
987,610
BFLD
Commercial
Mortgage
Trust
,
Series
2025-660F,
Class
A
(TSFR1M
+
1.500%)
650,000
5.173
11/15/42
(a)(d)
646,586
BLP
Commercial
Mortgage
Trust
,
Series
2024-IND2,
Class
A
(TSFR1M
+
1.342%)
214,164
5.015
03/15/41
(a)(d)
214,030
BMO
Mortgage
Trust
,
Series
2023-C7,
Class
A5
200,000
6.160
12/15/56
211,939
BMO
Mortgage
Trust
,
Series
2024-C9,
Class
A5
350,000
5.759
07/15/57
363,739
BX
Commercial
Mortgage
Trust
,
Series
2024-AIRC,
Class
A
(TSFR1M
+
1.691%)
173,450
5.364
08/15/41
(a)(d)
173,613
BX
Commercial
Mortgage
Trust
,
Series
2024-XL4,
Class
A
(TSFR1M
+
1.442%)
179,816
5.115
02/15/39
(a)(d)
179,862
BX
Commercial
Mortgage
Trust
,
Series
2026-CSMO,
Class
A
(TSFR1M
+
1.400%)
500,000
5.073
02/15/43
(a)(d)
499,844
BX
Trust
,
Series
2024-BIO,
Class
A
(TSFR1M
+
1.642%)
350,000
5.315
02/15/41
(a)(d)
348,907
Durst
Commercial
Mortgage
Trust
,
Series
2025-151,
Class
A
450,000
4.802
08/10/42
(a)(d)
453,736
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K-152,
Class
A2
200,000
3.780
11/25/32
(a)
193,225
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Commercial
Mortgage-Backed
Securities
–
(continued)
a
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K-161,
Class
A2
$
300,000
4.900
%
10/25/33
(a)
$
307,873
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K510,
Class
A2
100,000
5.069
10/25/28
(a)
101,941
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K544,
Class
A2
650,000
4.266
07/25/30
(a)
649,524
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
KF153,
Class
AS
(SOFR
+
0.680%)
150,678
4.349
02/25/33
(a)
150,818
Houston
Galleria
Mall
Trust
,
Series
2025-HGLR,
Class
A
225,000
5.462
02/05/45
(a)(d)
228,940
Hudson
Yards
Mortgage
Trust
,
Series
2025-SPRL,
Class
A
290,000
5.467
01/13/40
(a)(d)
296,974
Hudson
Yards
Mortgage
Trust
,
Series
2025-SPRL,
Class
B
100,000
5.758
01/13/40
(a)(d)
102,263
IRV
Trust
,
Series
2025-200P,
Class
A
350,000
5.295
03/14/47
(a)(d)
350,228
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2024-OMNI,
Class
A
150,000
5.797
10/05/39
(a)(d)
151,301
KIND
Commercial
Mortgage
Trust
,
Series
2024-1,
Class
A
(TSFR1M
+
1.890%)
350,000
5.563
08/15/41
(a)(d)
349,781
LBTY
Commercial
Mortgage
Trust
,
Series
2026-225L,
Class
A
425,000
4.593
02/10/43
(a)(d)
417,540
LBTY
Commercial
Mortgage
Trust
,
Series
2026-225L,
Class
B
300,000
4.885
02/10/43
(a)(d)
294,083
LEX
Mortgage
Trust
,
Series
2024-BBG,
Class
A
300,000
4.874
10/13/33
(a)(d)
298,042
MSWF
Commercial
Mortgage
Trust
,
Series
2023-2,
Class
A2
259,074
6.890
12/15/56
269,189
NYC
Commercial
Mortgage
Trust
,
Series
2025-11X,
Class
A
(TSFR1M
+
1.743%)
400,000
5.416
10/15/40
(a)(d)
400,249
NYC
Trust
,
Series
2025-77C,
Class
A
650,000
4.790
01/10/36
(a)(d)
642,884
ROCK
Trust
,
Series
2024-CNTR,
Class
A
400,000
5.388
11/13/41
(d)
406,206
ROCK
Trust
,
Series
2024-CNTR,
Class
B
100,000
5.930
11/13/41
(d)
102,177
TOTAL
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$12,609,137)
12,565,774
a
Collateralized
Mortgage
Obligations
–
4.6%
a
Alternative
Loan
Trust
,
Series
2005-38,
Class
A1
(Federal
Reserve
US
12
mo.
Cumulative
Avg
1
yr.
CMT
+
1.500%)
26,938
5.359
09/25/35
(a)
24,472
Angel
Oak
Mortgage
Trust
,
Series
2021-8,
Class
A1
378,839
1.820
11/25/66
(a)(d)
339,483
BRAVO
Residential
Funding
Trust
,
Series
2025-NQM4,
Class
A1
0
5.613
02/25/65
(d)
—
COLT
Mortgage
Loan
Trust
,
Series
2024-INV1,
Class
A1
203,548
5.903
12/25/68
(d)
204,103
COLT
Mortgage
Loan
Trust
,
Series
2025-8,
Class
A1
639,928
5.480
08/25/70
(d)
641,825
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Collateralized
Mortgage
Obligations
–
(continued)
a
Connecticut
Avenue
Securities
Trust
,
Series
2021-R01,
Class
1M2
(SOFR
+
1.550%)
$
18,967
5.212
%
10/25/41
(a)(d)
$
19,017
Connecticut
Avenue
Securities
Trust
,
Series
2021-R03,
Class
1M2
(SOFR
+
1.650%)
41,581
5.312
12/25/41
(a)(d)
41,619
Connecticut
Avenue
Securities
Trust
,
Series
2022-R05,
Class
2M1
(SOFR
+
1.900%)
2,601
5.562
04/25/42
(a)(d)
2,603
Connecticut
Avenue
Securities
Trust
,
Series
2022-R05,
Class
2M2
(SOFR
+
3.000%)
36,000
6.662
04/25/42
(a)(d)
36,449
Connecticut
Avenue
Securities
Trust
,
Series
2024-R01,
Class
1M2
(SOFR
+
1.800%)
100,000
5.462
01/25/44
(a)(d)
100,432
Connecticut
Avenue
Securities
Trust
,
Series
2026-R01,
Class
2A1
(SOFR
+
0.850%)
599,557
4.512
01/25/46
(a)(d)
597,667
CSMC
,
Series
2021-NQM7,
Class
A1
674,006
1.756
10/25/66
(a)(d)
597,610
Csmc
Trust
,
Series
2021-NQM6,
Class
A1
269,003
1.174
07/25/66
(a)(d)
231,927
EFMT
,
Series
2026-NQM4,
Class
A1A
500,000
5.466
04/25/71
(d)
500,092
FHLMC
,
Series
2021-DNA5,
Class
M2
(SOFR
+
1.650%)
5,756
5.312
01/25/34
(a)(d)
5,771
Freddie
Mac
Stacr
Remic
Trust
,
Series
2025-DNA3,
Class
A1
(SOFR
+
0.950%)
503,750
4.612
09/25/45
(a)(d)
502,184
Freddie
Mac
STACR
REMIC
Trust
,
Series
2024-DNA2,
Class
M1
(SOFR
+
1.200%)
220,555
4.862
05/25/44
(a)(d)
220,447
Freddie
Mac
STACR
REMIC
Trust
,
Series
2025-DNA2,
Class
A1
(SOFR
+
1.100%)
218,750
4.762
05/25/45
(a)(d)
218,749
J.P.
Morgan
Mortgage
Trust
,
Series
2024-1,
Class
A4
68,022
6.000
06/25/54
(a)(d)
68,168
JP
Morgan
Mortgage
Trust
,
Series
2021-6,
Class
A3
77,034
2.500
10/25/51
(a)(d)
63,866
JP
Morgan
Mortgage
Trust
Series
,
Series
2024-VIS2,
Class
A1
595,664
5.853
11/25/64
(d)
599,185
JP
Morgan
Mortgage
Trust
Series
,
Series
2025-DSC1,
Class
A1
403,019
5.577
09/25/65
(a)(d)
404,809
JP
Morgan
Mortgage
Trust
Series
,
Series
2025-NQM4,
Class
A1A
533,308
4.954
03/25/66
(d)
530,250
JP
Morgan
Mortgage
Trust
Series
,
Series
2025-NQM5,
Class
A1A
549,986
4.879
05/25/66
(d)
547,612
JP
Morgan
Mortgage
Trust
Series
,
Series
2026-VIS1,
Class
A1A
422,019
4.787
06/25/66
(d)
417,950
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
Series
2026-
DSC1,
Class
A1
521,125
4.767
01/25/71
(a)(d)
515,202
OBX
Trust
,
Series
2025-NQM11,
Class
A1A
410,730
5.418
05/25/65
(d)
411,737
OBX
Trust
,
Series
2025-NQM21,
Class
A1A
521,845
4.989
10/25/65
(d)
519,676
PRKCM
Trust
,
Series
2021-AFC2,
Class
A1
431,189
2.071
11/25/56
(a)(d)
381,885
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Collateralized
Mortgage
Obligations
–
(continued)
a
Verus
Securitization
Trust
,
Series
2021-7,
Class
A1
$
502,809
2.829
%
10/25/66
(d)
$
463,304
Verus
Securitization
Trust
,
Series
2022-1,
Class
A3
195,392
3.288
01/25/67
(a)(d)
178,486
Verus
Securitization
Trust
,
Series
2023-INV3,
Class
A2
214,505
7.330
11/25/68
(a)(d)
216,234
Verus
Securitization
Trust
,
Series
2025-1,
Class
A1A
524,689
5.620
01/25/70
(d)
527,362
Wells
Fargo
Mortgage
Backed
Securities
Trust
,
Series
2019-3,
Class
A1
4,790
3.500
07/25/49
(a)(d)
4,332
TOTAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(Cost
$10,162,406)
10,134,508
a
Foreign
Bonds
–
3.2%
Agriculture
–
0.3%
BAT
Capital
Corp.
(
United
Kingdom
)
100,000
2.259
03/25/28
(c)
96,027
400,000
6.000
02/20/34
(c)
422,508
225,000
5.625
08/15/35
(c)
231,499
750,034
Banks
–
1.2%
Banco
Santander
SA
(
Spain
)
400,000
6.921
08/08/33
431,580
Barclays
PLC
(
United
Kingdom
)
(SOFR
+
1.590%)
340,000
5.785
02/25/36
(a)(c)
344,281
BNP
Paribas
SA
(
France
)
(SOFR
+
1.620%)
290,000
5.786
01/13/33
(a)(c)(d)
299,429
Canadian
Imperial
Bank
of
Commerce
(
Canada
)
(SOFR
+
1.105%)
285,000
5.245
01/13/31
(a)(c)
291,086
Credit
Suisse
AG
(
Switzerland
)
250,000
1.250
08/07/26
247,364
NatWest
Group
PLC
(
United
Kingdom
)
(US
1
Year
CMT
T-Note
+
1.050%)
200,000
5.115
05/23/31
(a)(c)
202,005
Toronto-Dominion
Bank
(The)
(
Canada
)
175,000
4.456
06/08/32
172,338
UBS
Group
AG
(
Switzerland
)
250,000
4.550
04/17/26
250,027
(SOFR
+
1.760%)
255,000
5.580
05/09/36
(a)(c)(d)
258,433
Westpac
Banking
Corp.
(
Australia
)
(US
5
Year
CMT
T-Note
+
2.000%)
25,000
4.110
07/24/34
(a)(c)
24,373
Westpac
Banking
Corp.
,
GMTN
(
Australia
)
(USISOA05
+
2.236%)
25,000
4.322
11/23/31
(a)(c)
24,934
2,545,850
Beverages
–
0.4%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
135,000
4.700
02/01/36
(c)
131,453
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Bonds
–
(continued)
Beverages
–
(continued)
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
$
25,000
8.200
%
01/15/39
$
31,444
40,000
5.450
01/23/39
(c)
40,646
Bacardi-Martini
BV
(
Bermuda
)
450,000
5.550
02/01/30
(c)(d)
459,251
JDE
Peet's
NV
(
Netherlands
)
150,000
1.375
01/15/27
(c)(d)
146,151
808,945
Biotechnology
–
0.0%
CSL
Finance
PLC
(
Australia
)
25,000
3.850
04/27/27
(c)(d)
24,863
Commercial
Services
–
0.2%
Ashtead
Capital,
Inc.
(
United
Kingdom
)
209,000
5.800
04/15/34
(c)(d)
213,229
DP
World
Crescent
Ltd.
,
EMTN
(
United
Arab
Emirates
)
200,000
3.875
07/18/29
189,621
402,850
Diversified
Financial
Services
–
0.4%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
(
Ireland
)
250,000
2.450
10/29/26
(c)
247,104
225,000
3.000
10/29/28
(c)
216,666
320,000
5.375
12/15/31
(c)
325,054
Avolon
Holdings
Funding
Ltd.
(
Ireland
)
90,000
6.375
05/04/28
(c)(d)
92,693
60,000
5.150
01/15/30
(c)(d)
60,301
941,818
Mining
–
0.1%
Glencore
Funding
LLC
(
Australia
)
150,000
2.625
09/23/31
(c)(d)
133,604
Oil
&
Gas
–
0.1%
Saudi
Arabian
Oil
Co.
(
Saudi
Arabia
)
220,000
3.500
04/16/29
211,245
Pipelines
–
0.1%
Enbridge,
Inc.
(
Canada
)
125,000
2.500
08/01/33
(c)
106,260
Galaxy
Pipeline
Assets
Bidco
Ltd.
(
United
Arab
Emirates
)
173,276
2.940
09/30/40
140,371
246,631
Semiconductors
–
0.1%
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
(
Netherlands
)
25,000
3.400
05/01/30
(c)
23,829
125,000
2.500
05/11/31
(c)
112,250
125,000
2.650
02/15/32
(c)
110,321
246,400
Software
–
0.0%
Constellation
Software,
Inc.
(
Canada
)
97,000
5.461
02/16/34
(c)(d)
95,045
Telecommunications
–
0.3%
British
Telecommunications
PLC
(
United
Kingdom
)
230,000
9.625
12/15/30
274,726
Rogers
Communications,
Inc.
(
Canada
)
505,000
3.200
03/15/27
(c)
498,819
773,545
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Bonds
–
(continued)
Transportation
–
0.0%
Canadian
Pacific
Railway
Co.
(
Canada
)
$
25,000
2.050
%
03/05/30
(c)
$
22,871
TOTAL
FOREIGN
BONDS
(Cost
$7,251,938)
7,203,701
a
Foreign
Government
Securities
–
1.3%
Sovereign
–
1.3%
Chile
Government
International
Bond
200,000
5.650
01/13/37
(c)
207,546
Eagle
Funding
Luxco
Sarl
570,000
5.500
08/17/30
(c)(d)
572,160
Indonesia
Government
International
Bond
200,000
4.850
01/11/33
(c)
196,223
190,000
4.100
03/04/34
(c)
210,966
Mexico
Government
International
Bond
400,000
3.250
04/16/30
(c)
374,120
110,000
1.450
10/25/33
(c)
100,634
470,000
4.280
08/14/41
(c)
367,491
Panama
Government
International
Bond
200,000
6.875
01/31/36
(c)
212,533
Peruvian
Government
International
Bond
70,000
5.500
03/30/36
(c)
69,844
50,000
3.230
07/28/21
(c)
26,706
Republic
of
Poland
Government
International
Bond
,
Series
10Y
120,000
5.125
09/18/34
(c)
120,507
Romanian
Government
International
Bond
40,000
3.000
02/27/27
(d)
39,178
10,000
2.124
07/16/31
(d)
9,920
270,000
6.125
10/07/37
302,757
30,000
2.625
12/02/40
(d)
21,655
10,000
4.625
04/03/49
(d)
8,669
Romanian
Government
International
Bond
,
EMTN
50,000
2.875
03/11/29
55,430
TOTAL
FOREIGN
GOVERNMENT
SECURITIES
(Cost
$3,046,594)
2,896,339
a
U.S.
Government
Agency
Securities
–
1.0%
a
Federal
Farm
Credit
Banks
Funding
Corp.
460,000
2.900
04/12/32
429,555
230,000
3.300
05/19/32
219,212
130,000
3.500
09/01/32
125,328
600,000
2.850
03/28/34
539,050
340,000
3.080
03/30/37
295,024
Federal
Home
Loan
Banks
250,000
3.375
09/10/32
238,719
430,000
4.750
12/10/32
443,265
TOTAL
U.S.
GOVERNMENT
AGENCY
SECURITIES
(Cost
$2,450,420)
2,290,153
a
Municipal
Bonds
–
0.3%
California
–
0.1%
State
of
California
105,000
7.625
03/01/40
124,955
Florida
–
0.0%
State
Board
of
Administration
Finance
Corp.
,
Series
A
70,000
2.154
07/01/30
64,427
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
0.0%
Illinois
State
Taxable
Pension
Funding
GO
Bonds
Series
2003
$
21,814
5.100
%
06/01/33
$
22,219
State
of
Illinois
GO
Bonds
71,429
7.350
07/01/35
76,797
99,016
Louisiana
–
0.1%
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Series
A3
-
ELL,
Class
A3
140,000
4.275
02/01/36
137,538
Maryland
–
0.1%
Maryland
Economic
Development
Corp.
160,000
4.968
11/30/32
163,697
65,000
5.018
11/30/33
66,477
230,174
Ohio
–
0.0%
American
Municipal
Power,
Inc.
,
Series
E
95,000
6.270
02/15/50
97,307
TOTAL
MUNICIPAL
BONDS
(Cost
$733,246)
753,417
a
U.S.
Treasury
Obligations
–
30.8%
a
U.S.
Treasury
Bonds
2,370,000
4.750
(g)
02/15/41
2,381,850
1,640,000
3.125
(g)
11/15/41
1,341,725
1,550,000
2.750
(g)
08/15/42
1,184,539
2,310,000
2.750
(g)
11/15/42
1,756,322
450,000
4.000
(g)
11/15/42
407,250
560,000
3.875
(g)
05/15/43
496,475
100,000
4.375
(g)
08/15/43
94,391
2,200,000
4.625
(g)
05/15/44
2,133,656
480,000
3.125
(g)
05/15/48
361,125
480,000
3.000
(g)
08/15/48
352,200
510,000
2.375
(g)
11/15/49
324,966
610,000
2.000
(g)
02/15/50
355,039
480,000
2.375
(g)
05/15/51
300,225
170,000
2.000
(g)
08/15/51
96,767
1,288,400
4.000
(g)
11/15/52
1,107,017
1,130,000
4.750
(g)
11/15/53
1,098,748
550,000
4.750
(g)
05/15/55
535,477
U.S.
Treasury
Inflation
Indexed
Bonds
1,150,000
1.500
(g)
02/15/53
963,124
U.S.
Treasury
Notes
2,020,000
0.750
(g)
05/31/26
2,009,742
3,670,000
0.875
(g)
06/30/26
3,643,909
1,720,000
0.625
(g)
07/31/26
1,702,330
640,000
0.750
(g)
08/31/26
632,075
9,310,000
3.750
(g)
04/30/27
9,306,363
640,000
2.625
(g)
05/31/27
631,350
4,330,000
0.500
(g)
06/30/27
4,156,800
970,000
2.875
(g)
05/15/28
951,585
2,830,000
1.250
(g)
05/31/28
2,680,320
3,050,000
1.250
(g)
06/30/28
2,882,727
250,000
3.125
(g)
11/15/28
245,664
7,390,000
4.625
(g)
04/30/29
7,557,430
6,070,000
1.500
(g)
02/15/30
5,554,524
364,900
3.625
(g)
03/31/30
361,165
760,000
3.750
(g)
05/31/30
755,428
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
U.S.
Treasury
Obligations
–
(continued)
a
U.S.
Treasury
Notes
–
(continued)
$
1,120,000
3.750
%
(g)
06/30/30
$
1,112,738
1,150,000
3.875
(g)
03/31/31
1,146,316
1,430,000
4.250
(g)
03/31/33
1,439,831
U.S.
Treasury
Strip
Coupon
2,079,100
–
(g)
11/15/29
(f)
1,805,793
430,000
–
(g)
08/15/30
(f)
361,880
430,000
–
(g)
11/15/30
(f)
358,089
720,000
–
(g)
08/15/31
(f)
580,387
1,130,000
–
(g)
11/15/31
(f)
900,041
929,900
–
(g)
05/15/32
(f)
724,421
430,000
–
(g)
08/15/33
(f)
315,588
550,000
–
(g)
08/15/35
(f)
365,062
United
States
Treasury
Floating
Rate
Note
620,000
4.375
(g)
08/15/26
621,308
TOTAL
U.S.
TREASURY
OBLIGATIONS
(Cost
$70,316,115)
68,093,762
Shares
Description
a
Exchange-Traded
Funds
–
0.2%
6,481
Goldman
Sachs
Corporate
Bond
ETF
(h)
(Cost
$328,342)
325,670
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.0%
(h)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
7,266
3.553%
7,266
(Cost
$7,266)
TOTAL
INVESTMENTS
–
114.6%
(Cost
$257,884,608)
$
253,466,329
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(14.6)%
(32,231,116)
NET
ASSETS
–
100.0%
$
221,235,213
  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
March
31,
2026.
(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
$37,532,243
which
represents
approximately
17.0%
of
the
Fund’s
net
assets
as
of
March
31,
2026.
(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)
Zero
coupon
bond
until
next
reset
date.
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
ADDITIONAL
INVESTMENT
INFORMATION
(g)
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.
(h)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
BBSW
—
Bank
Bill
Swap
Rate
BKBM
—
Bank
Bill
Benchmark
Rate
BOJDTR
—
Bank
of
Japan
Target
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
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
March
31,
2026,
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
222,564
CHF
175,836
4/9/2026
$
2,477
USD
228,864
GBP
167,075
4/28/2026
7,731
USD
1,972,374
EUR
1,670,487
5/22/2026
36,914
USD
275,204
SEK
2,530,311
6/3/2026
7,062
TOTAL
$
54,184
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
230,925
4/9/2026
(2,570)
NZD
306,834
USD
177,573
4/14/2026
(1,177)
GBP
175,902
USD
240,952
4/28/2026
(8,137)
EUR
272,904
USD
323,141
5/22/2026
(6,949)
SEK
2,506,167
USD
272,578
6/3/2026
(6,995)
TOTAL
$
(25,828)
FORWARD
SALES
CONTRACTS
—
At
March
31,
2026,
the
Fund
had
the
following
forward
sales
contracts:
Description
Interest
Rate
Maturity
Date
 (a)
Settlement
Date
Principal
Amount
Value
Federal
National
Mortgage
Association
5.000
%
TBA-30yr
04/15/56
$
(2,000,000)
$
(1,971,760)
Federal
National
Mortgage
Association
6.500
TBA-30yr
04/15/56
(1,000,000)
(1,034,219)
Federal
National
Mortgage
Association
4.500
TBA-30yr
05/15/56
(1,000,000)
(963,371)
Government
National
Mortgage
Association
3.000
TBA-30yr
04/15/56
(1,000,000)
(892,186)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
Description
Interest
Rate
Maturity
Date
 (a)
Settlement
Date
Principal
Amount
Value
Government
National
Mortgage
Association
5.000
%
TBA-30yr
04/15/56
$
(1,000,000)
$
(989,718)
Total
(Proceed
Receivable
$5,870,938)
$
(5,851,254)
(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
March
31,
2026,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
EURO-SCHATZ
Future
39
06/08/26
$
4,770,624
$
(22,349)
ICE
3
Month
SONIA
Index
Future
37
03/16/27
11,721,127
(93,546)
U.S.
Treasury
2
Year
Note
40
06/30/26
8,299,063
(31,516)
U.S.
Treasury
5
Year
Note
150
06/30/26
16,225,781
(112,244)
U.S.
Treasury
Long
Bond
46
06/18/26
5,225,313
(70,460)
U.S.
Treasury
Ultra
Bond
97
06/18/26
11,279,281
(344,756)
Total
$
(674,871)
Short
position
contracts:
U.S.
Treasury
10
Year
Note
(12)
06/18/26
(1,331,813)
(423)
U.S.
Treasury
10
Year
Ultra
Note
(23)
06/18/26
(2,608,703)
36,110
Total
$
35,687
Total
Futures
Contracts
$
(639,184)
SWAP
CONTRACTS
—
At
March
31,
2026,
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
March
31,
2026
(a)
Termination
Date
Notional
Amount
(000's)
Value
Upfront
Premium
(Received)
Paid
Unrealized
Appreciation/
(Depreciation)
ICE
CDX
Investment
Grade
Index
(b)
1.000%
(1.7982)
%
12/20/2029
2,000
$
35,965
$
34,566
$
1,399
ICE
CDX
Investment
Grade
Index
(b)
1.000%
(1.7953)
06/20/2030
1,800
32,315
29,227
3,088
ICE
CDX
Investment
Grade
Index
(b)
1.000%
(1.7694)
12/20/2030
18,981
335,854
390,634
(54,780)
Chile
Government
International
Bond
(b)
1.000%
1.7409
06/20/2031
100
1,741
2,047
(306)
Indonesia
Government
International
Bond
(b)
1.000%
0.0923
06/20/2031
200
(185)
(459)
274
Philippine
Government
International
Bond
(b)
1.000%
0.4173
06/20/2031
200
835
675
160
TOTAL
$
406,525
$
456,690
$
(50,165)
(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
1,790
$
10,378
$
(356)
$
10,734
12
Month
BOJDTR
(b)
1.250
12/15/2027
JPY
1,595,890
24,460
–
24,460
1
Day
SOFR
(b)
3.175
3/15/2028
USD
6,720
46,448
–
46,448
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(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
Month
BBSW
(c)
4.500
%
6/17/2028
AUD
1,900
$
4,537
$
–
$
4,537
CORRA
(d)
2.500
6/17/2028
CAD
560
2,323
–
2,323
CORRA
(d)
2.750
6/17/2028
CAD
1,090
737
0
737
1
Day
ESTRON
(b)
2.250
6/17/2028
EUR
1,410
20,102
(759)
20,861
1
Day
ESTRON
(b)
2.000
6/17/2028
EUR
90
1,240
–
1,240
1
Day
ESTRON
(b)
2.500
6/17/2028
EUR
630
5,486
(105)
5,591
3.750
%
(b)
1
Day
SONIO
6/17/2028
GBP
4,470
(53,028)
–
(53,028)
1
Day
SONIO
(b)
4.000
6/17/2028
GBP
480
2,722
(2,185)
4,907
1
Day
SOFR
(b)
3.000
6/17/2028
USD
5,030
56,899
–
56,899
1
Day
SOFR
(b)
3.250
6/17/2028
USD
1,110
7,241
–
7,241
1
Day
ESTRON
(b)
2.500
9/10/2028
EUR
27,194
110,190
(50,646)
160,836
2.000
(b)
1
Day
ESTRON
9/10/2028
EUR
27,194
(177,314)
–
(177,314)
1
Day
SONIO
(b)
3.750
6/17/2029
GBP
30
465
(386)
851
1
Day
SOFR
(b)
3.298
8/31/2030
USD
5,260
59,514
–
59,514
4.750
(d)
6
Month
BBSW
6/17/2031
AUD
4,060
(17,169)
3,791
(20,960)
2.500
(b)
1
Day
ESTRON
6/17/2031
EUR
3,760
(82,645)
10,398
(93,043)
4.000
(b)
1
Day
SONIO
6/17/2031
GBP
1,670
(17,442)
20,017
(37,459)
12
Month
BOJDTR
(b)
1.250
6/17/2031
JPY
2,218,000
371,229
–
371,229
3.750
(d)
3
Month
NZD
BKBM
6/17/2031
NZD
4,980
(38,011)
6,872
(44,883)
3.379
(b)
1
Day
SOFR
8/31/2031
USD
2,560
(29,059)
2,077
(31,136)
12
Month
BOJDTR
(b)
2.000
1/11/2033
JPY
179,127
6,435
(4,703)
11,138
1
Day
SOFR
(b)
3.407
1/31/2033
USD
4,400
77,018
–
77,018
5.000
(d)
6
Month
BBSW
6/17/2036
AUD
1,180
(3,501)
9,955
(13,456)
3.250
(d)
CORRA
6/17/2036
CAD
410
188
6,243
(6,055)
0.500
(b)
1
Day
SOFR
6/17/2036
CHF
530
(4,781)
–
(4,781)
1
Day
ESTRON
(b)
2.750
6/17/2036
EUR
2,760
92,672
(1,138)
93,810
1
Day
SONIO
(b)
4.250
6/17/2036
GBP
510
9,137
(1,082)
10,219
1.500
(b)
12
Month
BOJDTR
6/17/2036
JPY
106,000
(42,227)
–
(42,227)
4.250
(b)
6
Month
NIBOR
6/17/2036
NOK
2,060
(3,020)
–
(3,020)
4.000
(d)
3
Month
NZD
BKBM
6/17/2036
NZD
1,020
(18,025)
–
(18,025)
3
Month
STIBOR
(b)
2.750
6/17/2036
SEK
7,360
22,739
–
22,739
1
Day
SOFR
(b)
3.750
6/17/2036
USD
590
6,342
(9,745)
16,087
1
Day
SOFR
(b)
3.805
8/31/2036
USD
1,410
10,240
(17,223)
27,463
2.160
(b)
12
Month
BOJDTR
8/2/2044
JPY
289,552
(95,740)
–
(95,740)
1
Day
ESTRON
(b)
3.000
6/17/2056
EUR
300
7,081
–
7,081
2.500
(b)
12
Month
BOJDTR
6/17/2056
JPY
43,000
(29,473)
–
(29,473)
TOTAL
$
344,388
$
(28,975)
$
373,363
(a)
Represents
forward
starting
interest
rate
swaps
whose
effective
dates
of
commencement
of
accruals
and
cash
flows
occur
subsequent
to
March
31,
2026.
(b)
Payments
made
annually.
(c)
Payments
made
quarterly.
(d)
Payments
made
semi-annually.
OVER-THE-COUNTER
-
INTEREST
RATE
SWAPTIONS
—
At
March
31,
2026
,
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
EUR2.25
04/30/2026
430,000
$
430,000
$
29
$
2,871
$
(2,842)
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2026
(Unaudited)
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
EUR2.59
04/30/2026
(100,000)
$
(100,000)
$
(50)
$
(2,903)
$
2,853
Abbreviations:
3M
IRS
—
3
Months
Interest
Rate
Swaptions
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
GOLDMAN
SACHS
TREND
DRIVEN
ALLOCATION
FUND
Schedule
of
Investments
March
31,
2026
(Unaudited)
ADDITIONAL
INVESTMENT
INFORMATION
Shares
Dividend
Rate
Value
aa
Investment
Companies
(Institutional
Shares)
–
70.4%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
277,247
3.553
%
$
277,247
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund
21,642,736
3.536
21,642,736
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
21,531,638
3.554
21,531,638
Goldman
Sachs
Financial
Square
Treasury
Solutions
Fund
21,053,164
3.536
21,053,164
Goldman
Sachs
VIT
Government
Money
Market
Fund
38,636,676
3.550
38,636,676
Total
Investment
Companies
(Cost
$103,141,461)
103,141,461
Description
a
Exchange-Traded
Funds
–
25.4%
29,465
iShares
Core
S&P
500
ETF
19,246,833
29,800
Vanguard
S&P
500
ETF
17,806,990
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$18,004,246)
37,053,823
TOTAL
INVESTMENTS
–
95.8%
(Cost
$121,145,707)
$
140,195,284
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
4.2%
6,208,787
NET
ASSETS
–
100.0%
$
146,404,071
  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
March
31,
2026,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
EURO
STOXX
50
Index
106
06/19/26
$
6,732,485
$
(215,327)
FTSE
100
Index
21
06/19/26
2,834,874
(60,641)
S&P
500
E-Mini
Index
61
06/18/26
20,040,788
(524,880)
TOPIX
Index
20
06/11/26
4,415,740
(152,522)
U.S.
Treasury
10
Year
Note
401
06/18/26
44,504,734
(802,725)
Total
Futures
Contracts
$
(1,756,095)
Goldman
Sachs
Variable
Insurance
Trust
Core
Fixed
Income
Fund
Schedule
of
Investments
March
31,
2026
(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)
March
31,
2026
(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)
March
31,
2026
(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)
March
31,
2026
(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
March
31,
2026:
Core
Fixed
Income
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Asset-
Backed
Securities
$
—
$
24,565,206
$
—
Collateralized
Mortgage
Obligations
—
10,134,508
—
Commercial
Mortgage-Backed
Securities
—
12,565,774
—
Corporate
Bond
—
56,802,075
—
Exchange-Traded
Funds
325,670
—
—
Foreign
Bond
—
7,203,701
—
Foreign
Government
Securities
—
2,896,339
—
Mortgage-Backed
Securities
—
67,828,458
—
Municipal
Bond
—
753,417
—
U.S.
Government
Agency
Securities
—
2,290,153
—
U.S.
Treasury
Obligations
68,093,762
—
—
Investment
Company
7,266
—
—
Total
$
68,426,698
$
185,039,631
$
—
Liabilities
Fixed
Income
Forward
Sales
Contracts
$
—
$
(5,851,254)
$
—
Mortgage-Backed
Securities
—
(2,847,258)
—
Total
$
—
$
(8,698,512)
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Credit
Default
Swap
Contracts
(a)
$
—
$
4,921
$
—
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
54,184
—
Futures
Contracts
(a)
36,110
—
—
Interest
Rate
Swap
Contracts
(a)
—
1,043,965
—
Purchased
Options
Contracts
—
29
—
Total
$
36,110
$
1,103,099
$
—
€
1.00
€
1.00
€
1.00
Liabilities
Credit
Default
Swap
Contracts
(a)
$
—
$
(55,086)
$
—
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
(25,828)
—
Futures
Contracts
(a)
(675,294)
—
—
Interest
Rate
Swap
Contracts
(a)
—
(670,602)
—
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Core
Fixed
Income
Fund
Schedule
of
Investments
(continued)
March
31,
2026
(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
$
—
$
(50)
$
—
Total
$
(675,294)
$
(751,566)
$
—
€
1.00
€
1.00
€
1.00
Trend
Driven
Allocation
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Exchange-Traded
Funds
$
37,053,823
$
—
$
—
Investment
Companies
103,141,461
—
—
Total
$
140,195,284
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Liabilities
Futures
Contracts
(a)
$
(1,756,095)
$
—
$
—
€
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)
March
31,
2026
(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)