NPORT-EX 2 305944GS093023.htm
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
September
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
60.0%
a
FHLMC
$
3,039
7.500
%
12/01/29
$
3,166
928
5.000
10/01/33
910
1,322
5.000
07/01/35
1,295
1,928
5.000
12/01/35
1,901
396
5.000
03/01/38
388
882
5.000
06/01/41
870
4,537
4.500
08/01/48
4,236
5,380
4.500
11/01/48
5,023
573,592
3.000
09/01/49
483,903
417,717
4.000
03/01/50
377,413
858,871
4.500
03/01/50
800,802
290,228
3.000
10/01/50
243,305
949,882
2.500
02/01/51
757,821
1,914,137
2.000
05/01/51
1,461,362
898,507
2.500
05/01/51
718,676
903,682
2.500
05/01/51
726,328
853,178
2.500
09/01/51
683,736
3,910,136
2.000
03/01/52
2,975,447
1,933,254
2.000
04/01/52
1,471,728
774,423
4.500
04/01/52
712,565
586,496
4.500
06/01/52
540,502
397,023
6.000
12/01/52
396,970
FNMA
1
5.500
10/01/23
1
79
4.500
07/01/24
78
728
9.000
11/01/25
731
7,179
7.000
08/01/26
7,215
2,724
8.000
10/01/29
2,816
801
8.500
04/01/30
840
1,511
8.000
05/01/30
1,543
2,935
8.000
08/01/32
3,111
3,699
4.500
08/01/39
3,549
6,936
3.000
01/01/43
6,102
12,946
3.000
01/01/43
11,393
7,860
3.000
03/01/43
6,930
20,450
3.000
03/01/43
17,837
62,265
3.000
03/01/43
54,294
7,822
3.000
04/01/43
6,850
10,068
3.000
04/01/43
8,786
14,640
3.000
04/01/43
12,762
18,163
3.000
04/01/43
15,836
75,170
3.000
04/01/43
65,561
9,945
3.000
05/01/43
8,668
38,100
3.000
05/01/43
33,205
42,128
3.000
05/01/43
36,740
273,494
4.000
12/01/44
249,669
230,997
4.500
04/01/45
217,906
28,491
4.500
05/01/45
26,859
848,504
3.500
07/01/45
746,434
554,217
4.000
08/01/45
504,379
134,631
4.000
02/01/48
122,272
157,568
4.000
03/01/48
143,054
2,838
4.000
07/01/48
2,575
9,773
4.000
07/01/48
8,882
265,317
4.500
07/01/48
247,710
176,045
4.000
08/01/48
159,774
142,191
5.000
11/01/48
136,971
1,934,610
2.000
10/01/50
1,483,642
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
FNMA
–
(continued)
$
445,914
3.000
%
10/01/50
$
375,075
576,037
3.000
10/01/50
482,905
583,974
3.000
10/01/50
491,201
1,934,489
2.000
11/01/50
1,481,736
76,152
2.500
03/01/51
61,326
95,102
2.500
09/01/51
76,393
378,359
2.500
10/01/51
304,469
172,907
2.500
11/01/51
138,784
223,005
2.500
11/01/51
179,402
1,947,173
2.000
03/01/52
1,482,324
1,979,957
2.500
04/01/52
1,572,505
1,901,758
2.000
06/01/52
1,447,157
1,467,607
6.000
11/01/52
1,462,365
946,801
5.500
04/01/53
916,562
2,002,232
6.500
09/01/53
2,018,650
3,000,000
3.500
TBA-30yr
(a)
2,578,191
6,000,000
4.000
TBA-30yr
(a)
5,341,302
2,000,000
5.000
TBA-30yr
(a)
1,886,130
3,000,000
6.500
TBA-30yr
(a)
3,014,339
981,839
3.500
09/01/62
829,366
FNMA
,
Series
2012-111,
Class
B
4,854
7.000
10/25/42
5,097
FNMA
,
Series
2012-153,
Class
B
13,123
7.000
07/25/42
13,687
FTMA
421,390
4.000
01/01/46
382,838
GNMA
1,283
7.000
11/15/25
1,285
393
7.000
04/15/26
394
513
7.000
04/15/26
514
603
7.000
03/15/27
604
258
7.000
11/15/27
258
1,320
7.000
11/15/27
1,339
3,067
7.000
02/15/28
3,092
512
7.000
04/15/28
513
66
7.000
05/15/28
67
1,308
7.000
06/15/28
1,325
593
7.000
07/15/28
602
1,345
7.000
07/15/28
1,360
6,036
7.000
09/15/28
6,114
43,529
6.000
08/20/34
44,593
38,993
5.000
06/15/40
38,252
161,486
4.000
08/20/43
149,174
61,029
4.000
10/20/45
56,158
182,309
3.500
04/20/47
161,609
225,343
3.500
12/20/47
199,757
924,178
4.000
07/20/48
844,350
30,651
5.000
08/20/48
29,568
100,226
4.500
09/20/48
93,968
107,940
5.000
10/20/48
104,060
297,968
5.000
11/20/48
287,259
37,777
5.000
12/20/48
36,419
233,170
4.500
01/20/49
218,247
32,109
4.500
03/20/49
30,054
649,174
3.000
08/20/49
556,496
210,844
4.500
10/20/49
197,524
421,091
3.000
03/20/50
358,978
209,513
4.500
03/20/50
195,024
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
GNMA
–
(continued)
$
651,715
3.500
%
02/20/51
$
577,397
103,177
2.500
06/20/51
83,247
77,702
2.500
09/20/51
62,887
124,582
2.500
09/20/51
100,400
266,537
2.500
09/20/51
215,718
200,900
2.500
10/20/51
161,905
838,052
3.000
11/20/51
711,256
983,748
3.000
11/20/51
826,420
106,649
2.500
12/20/51
85,948
79,761
2.500
01/20/52
64,329
980,725
2.500
01/20/52
790,364
956,566
4.500
09/20/52
885,408
950,721
4.500
10/20/52
879,107
1,000,000
3.000
TBA-30yr
(a)
889,305
1,000,000
4.000
TBA-30yr
(a)
941,484
2,000,000
3.000
TBA-30yr
(a)
1,758,078
1,000,000
4.000
TBA-30yr
(a)
931,526
1,000,000
4.000
TBA-30yr
(a)
900,046
1,000,000
2.000
TBA-30yr
(a)
789,678
1,000,000
3.000
TBA-30yr
(a)
847,243
1,000,000
4.000
TBA-30yr
(a)
900,463
1,000,000
4.500
TBA-30yr
(a)
923,407
4,000,000
5.000
TBA-30yr
(a)
3,789,420
3,000,000
5.500
TBA-30yr
(a)
2,911,510
1,000,000
6.000
TBA-30yr
(a)
990,934
4,000,000
6.500
TBA-30yr
(a)
4,024,234
GNMA
,
Series
2021-135,
Class
A
980,582
2.000
08/20/51
774,833
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost
$77,741,106)
73,700,630
a
Corporate
Bonds
–
27.3%
Aerospace/Defense
–
0.8%
Boeing
Co.
(The)
50,000
3.450
11/01/28
(b)
44,969
25,000
5.150
05/01/30
(b)
23,887
25,000
3.250
02/01/35
(b)
19,190
325,000
5.705
05/01/40
(b)
299,712
100,000
5.805
05/01/50
(b)
90,542
L3Harris
Technologies,
Inc.
50,000
5.600
07/31/53
(b)
46,769
Lockheed
Martin
Corp.
150,000
5.250
01/15/33
(b)
148,288
Northrop
Grumman
Corp.
50,000
2.930
01/15/25
(b)
48,213
75,000
3.250
01/15/28
(b)
68,750
25,000
4.750
06/01/43
21,373
50,000
5.250
05/01/50
(b)
46,000
RTX
Corp.
50,000
3.950
08/16/25
(b)
48,354
50,000
4.125
11/16/28
(b)
46,548
25,000
4.050
05/04/47
(b)
18,619
971,214
Agriculture
–
0.4%
Archer-Daniels-Midland
Co.
25,000
3.250
03/27/30
(b)
22,132
100,000
2.900
03/01/32
(b)
83,205
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Agriculture
–
(continued)
Cargill,
Inc.
$
200,000
4.750
%
04/24/33
(b)(c)
$
188,115
Philip
Morris
International,
Inc.
50,000
5.625
11/17/29
(b)
49,395
100,000
5.750
11/17/32
(b)
97,471
440,318
Auto
Manufacturers
–
0.5%
General
Motors
Co.
25,000
4.000
04/01/25
24,185
General
Motors
Financial
Co.,
Inc.
125,000
4.300
07/13/25
(b)
120,615
125,000
1.500
06/10/26
(b)
110,492
125,000
2.350
01/08/31
(b)
94,309
358,000
2.700
06/10/31
(b)
274,002
623,603
Banks
–
5.9%
Bank
of
America
Corp.
((SOFR
+
1.290%))
140,000
5.080
01/20/27
(b)(d)
136,831
((TSFR3M
+
1.302%))
85,000
3.419
12/20/28
(b)(d)
76,229
((SOFR
+
1.630%))
370,000
5.202
04/25/29
(b)(d)
356,006
((SOFR
+
2.150%))
175,000
2.592
04/29/31
(b)(d)
140,517
((SOFR
+
1.220%))
110,000
2.299
07/21/32
(b)(d)
83,305
((SOFR
+
1.830%))
390,000
4.571
04/27/33
(b)(d)
346,276
((US
5
Year
CMT
T-Note
+
1.200%))
100,000
2.482
09/21/36
(b)(d)
73,094
Bank
of
America
Corp.
,
GMTN
((TSFR3M
+
1.632%))
25,000
3.593
07/21/28
(b)(d)
22,823
Bank
of
America
Corp.
,
MTN
45,000
3.248
10/21/27
(b)
41,066
((TSFR3M
+
1.837%))
75,000
3.824
01/20/28
(b)(d)
69,609
((SOFR
+
1.050%))
400,000
2.551
02/04/28
(b)(d)
356,303
((SOFR
+
2.040%))
305,000
4.948
07/22/28
(b)(d)
293,022
((TSFR3M
+
1.572%))
50,000
4.271
07/23/29
(b)(d)
46,058
((SOFR
+
1.530%))
50,000
1.898
07/23/31
(b)(d)
37,971
((SOFR
+
1.330%))
75,000
2.972
02/04/33
(b)(d)
59,146
((SOFR
+
2.160%))
73,000
5.015
07/22/33
(b)(d)
67,230
Bank
of
America
Corp.
,
Series
L
25,000
4.183
11/25/27
(b)
23,229
Bank
of
America
Corp.
,
Series
N
((SOFR
+
1.220%))
50,000
2.651
03/11/32
(b)(d)
39,269
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Banks
–
(continued)
Bank
of
New
York
Mellon
Corp.
(The)
((SOFR
+
1.755%))
$
20,000
4.596
%
07/26/30
(b)(d)
$
18,825
Citigroup,
Inc.
220,000
3.400
05/01/26
206,687
150,000
4.450
09/29/27
140,733
((SOFR
+
1.422%))
75,000
2.976
11/05/30
(b)(d)
62,641
((SOFR
+
1.351%))
200,000
3.057
01/25/33
(b)(d)
157,611
((SOFR
+
2.086%))
165,000
4.910
05/24/33
(b)(d)
150,104
Fifth
Third
Bancorp
30,000
2.375
01/28/25
(b)
28,474
Huntington
Bancshares,
Inc.
50,000
4.000
05/15/25
(b)
47,842
JPMorgan
Chase
&
Co.
((TSFR3M
+
1.262%))
50,000
4.023
12/05/24
(b)(d)
49,796
((SOFR
+
1.160%))
125,000
2.301
10/15/25
(b)(d)
119,818
((TSFR3M
+
1.507%))
100,000
3.960
01/29/27
(b)(d)
95,532
15,000
3.625
12/01/27
(b)
13,825
((TSFR3M
+
1.599%))
972,000
3.782
02/01/28
(b)(d)
904,657
((TSFR3M
+
1.207%))
45,000
3.509
01/23/29
(b)(d)
40,815
((TSFR3M
+
3.790%))
25,000
4.493
03/24/31
(b)(d)
22,858
((SOFR
+
2.040%))
25,000
2.522
04/22/31
(b)(d)
20,242
((SOFR
+
1.260%))
150,000
2.963
01/25/33
(b)(d)
119,631
((SOFR
+
2.080%))
165,000
4.912
07/25/33
(b)(d)
151,809
JPMorgan
Chase
&
Co.
,
Series
HH
((TSFR3M
+
3.125%))
74,000
4.600
12/31/99
(b)(d)
69,304
Morgan
Stanley
25,000
3.625
01/20/27
23,332
20,000
3.950
04/23/27
18,575
((SOFR
+
1.295%))
213,000
5.050
01/28/27
(b)(d)
208,905
((SOFR
+
1.000%))
200,000
2.475
01/21/28
(b)(d)
178,385
((SOFR
+
2.076%))
165,000
4.889
07/20/33
(b)(d)
149,977
((SOFR
+
1.360%))
150,000
2.484
09/16/36
(b)(d)
109,614
Morgan
Stanley
,
GMTN
((TSFR3M
+
1.890%))
25,000
4.431
01/23/30
(b)(d)
23,088
((SOFR
+
1.143%))
400,000
2.699
01/22/31
(b)(d)
326,410
Morgan
Stanley
,
MTN
((SOFR
+
1.152%))
75,000
2.720
07/22/25
(b)(d)
72,783
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Banks
–
(continued)
Morgan
Stanley,
MTN
–
(continued)
((SOFR
+
1.590%))
$
305,000
5.164
%
04/20/29
(b)(d)
$
293,352
((SOFR
+
3.120%))
50,000
3.622
04/01/31
(b)(d)
43,031
((SOFR
+
1.034%))
75,000
1.794
02/13/32
(b)(d)
55,515
Truist
Financial
Corp.
,
MTN
((SOFR
+
2.050%))
50,000
6.047
06/08/27
(b)(d)
49,434
US
Bancorp
((SOFR
+
2.020%))
145,000
5.775
06/12/29
(b)(d)
141,217
Wells
Fargo
&
Co.
175,000
3.000
10/23/26
160,615
Wells
Fargo
&
Co.
,
GMTN
50,000
4.300
07/22/27
47,104
Wells
Fargo
&
Co.
,
MTN
25,000
3.750
01/24/24
(b)
24,821
((SOFR
+
1.980%))
215,000
4.808
07/25/28
(b)(d)
205,118
((SOFR
+
2.100%))
408,000
4.897
07/25/33
(b)(d)
369,350
((TSFR3M
+
4.502%))
25,000
5.013
04/04/51
(b)(d)
20,976
7,210,790
Beverages
–
0.5%
Constellation
Brands,
Inc.
50,000
4.400
11/15/25
(b)
48,630
50,000
3.600
02/15/28
(b)
45,943
25,000
3.150
08/01/29
(b)
21,907
100,000
2.250
08/01/31
(b)
77,794
90,000
4.750
05/09/32
(b)
83,256
Keurig
Dr
Pepper,
Inc.
225,000
4.597
05/25/28
(b)
216,239
25,000
3.800
05/01/50
(b)
17,657
100,000
4.500
04/15/52
(b)
78,651
590,077
Biotechnology
–
0.6%
Amgen,
Inc.
70,000
3.125
05/01/25
(b)
67,194
239,000
5.250
03/02/30
(b)
233,413
100,000
4.200
03/01/33
(b)
88,679
238,000
5.250
03/02/33
(b)
227,447
Royalty
Pharma
PLC
75,000
1.200
09/02/25
(b)
68,165
684,898
Building
Materials
–
0.3%
Carrier
Global
Corp.
150,000
2.493
02/15/27
(b)
135,067
75,000
2.722
02/15/30
(b)
62,528
Johnson
Controls
International
PLC
/
Tyco
Fire
&
Security
Finance
SCA
25,000
4.900
12/01/32
(b)
23,849
Martin
Marietta
Materials,
Inc.
175,000
3.200
07/15/51
(b)
109,505
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Building
Materials
–
(continued)
Masco
Corp.
$
50,000
1.500
%
02/15/28
(b)
$
41,890
372,839
Chemicals
–
0.3%
DuPont
de
Nemours,
Inc.
50,000
4.493
11/15/25
(b)
48,807
Ecolab,
Inc.
4,000
2.750
08/18/55
(b)
2,260
Huntsman
International
LLC
25,000
4.500
05/01/29
(b)
22,587
International
Flavors
&
Fragrances,
Inc.
75,000
1.832
10/15/27
(b)(c)
62,185
150,000
2.300
11/01/30
(b)(c)
112,857
50,000
3.268
11/15/40
(b)(c)
31,316
Sherwin-Williams
Co.
(The)
25,000
3.450
06/01/27
(b)
23,268
50,000
2.950
08/15/29
(b)
43,209
346,489
Commercial
Services
–
0.4%
CoStar
Group,
Inc.
100,000
2.800
07/15/30
(b)(c)
80,256
Emory
University
,
Series
2020
140,000
2.143
09/01/30
(b)
114,146
Global
Payments,
Inc.
50,000
2.650
02/15/25
(b)
47,645
PayPal
Holdings,
Inc.
150,000
1.650
06/01/25
(b)
140,366
75,000
2.650
10/01/26
(b)
69,151
25,000
2.850
10/01/29
(b)
21,678
S&P
Global,
Inc.
75,000
4.250
05/01/29
(b)
70,712
543,954
Computers
–
0.6%
Apple,
Inc.
325,000
2.450
08/04/26
(b)
302,037
Dell
International
LLC
/
EMC
Corp.
52,000
5.850
07/15/25
(b)
51,917
125,000
6.020
06/15/26
(b)
125,383
25,000
5.300
10/01/29
(b)
24,256
Hewlett
Packard
Enterprise
Co.
150,000
4.450
10/02/23
(b)
150,000
45,000
4.900
10/15/25
(b)
44,167
697,760
Cosmetics/Personal
Care
–
0.1%
Colgate-Palmolive
Co.
$
100,000
3.250
(b)
87,175
Diversified
Financial
Services
–
0.5%
Air
Lease
Corp.
75,000
3.375
07/01/25
(b)
71,179
Air
Lease
Corp.
,
GMTN
75,000
3.750
06/01/26
(b)
70,681
Air
Lease
Corp.
,
MTN
75,000
2.300
02/01/25
(b)
71,055
75,000
2.875
01/15/26
(b)
69,749
Ally
Financial,
Inc.
25,000
1.450
10/02/23
(b)
25,000
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Diversified
Financial
Services
–
(continued)
American
Express
Co.
$
20,000
2.500
%
07/30/24
(b)
$
19,450
25,000
3.625
12/05/24
(b)
24,306
Aviation
Capital
Group
LLC
50,000
1.950
01/30/26
(b)(c)
44,877
Capital
One
Financial
Corp.
45,000
3.300
10/30/24
(b)
43,608
Discover
Financial
Services
75,000
3.750
03/04/25
(b)
71,865
Intercontinental
Exchange,
Inc.
50,000
3.000
06/15/50
(b)
30,845
Mastercard,
Inc.
25,000
3.300
03/26/27
(b)
23,480
Nuveen
LLC
25,000
4.000
11/01/28
(b)(c)
23,161
589,256
Electric
–
1.1%
American
Electric
Power
Co.,
Inc.
50,000
2.300
03/01/30
(b)
40,126
Arizona
Public
Service
Co.
45,000
2.950
09/15/27
(b)
41,077
Avangrid,
Inc.
25,000
3.200
04/15/25
(b)
23,906
Berkshire
Hathaway
Energy
Co.
25,000
3.250
04/15/28
(b)
22,614
50,000
3.700
07/15/30
(b)
44,374
Dominion
Energy,
Inc.
50,000
3.071
08/15/24
(e)
48,692
Dominion
Energy,
Inc.
,
Series
C
25,000
3.375
04/01/30
(b)
21,502
Entergy
Corp.
45,000
2.950
09/01/26
(b)
41,584
Exelon
Corp.
50,000
4.050
04/15/30
(b)
45,018
25,000
4.700
04/15/50
(b)
19,914
FirstEnergy
Corp.
100,000
2.650
03/01/30
(b)
81,167
FirstEnergy
Corp.
,
Series
B
50,000
2.250
09/01/30
(b)
38,785
Florida
Power
&
Light
Co.
68,000
4.125
02/01/42
(b)
54,988
MidAmerican
Energy
Co.
25,000
3.650
04/15/29
(b)
22,868
NextEra
Energy
Capital
Holdings,
Inc.
70,000
1.900
06/15/28
(b)
59,233
NRG
Energy,
Inc.
75,000
3.750
06/15/24
(b)(c)
73,411
Ohio
Power
Co.
,
Series
P
25,000
2.600
04/01/30
(b)
20,680
Pacific
Gas
and
Electric
Co.
25,000
2.100
08/01/27
(b)
21,347
50,000
2.500
02/01/31
(b)
37,968
25,000
3.300
08/01/40
(b)
16,049
25,000
3.500
08/01/50
(b)
14,901
Progress
Energy,
Inc.
95,000
7.000
10/30/31
100,025
Southern
California
Edison
Co.
,
Series
A
50,000
4.200
03/01/29
(b)
46,488
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Electric
–
(continued)
Southern
Co.
(The)
$
60,000
3.250
%
07/01/26
(b)
$
56,249
Virginia
Electric
and
Power
Co.
75,000
2.450
12/15/50
(b)
40,014
Vistra
Operations
Co.
LLC
125,000
3.550
07/15/24
(b)(c)
121,979
Xcel
Energy,
Inc.
250,000
3.350
12/01/26
(b)
232,925
1,387,884
Entertainment
–
0.4%
Warnermedia
Holdings,
Inc.
250,000
4.054
03/15/29
(b)
223,004
375,000
4.279
03/15/32
(b)
318,256
541,260
Environmental
Control
–
0.4%
Republic
Services,
Inc.
75,000
2.500
08/15/24
(b)
72,826
100,000
1.750
02/15/32
(b)
74,489
Veralto
Corp.
150,000
5.450
09/18/33
(b)(c)
145,244
Waste
Connections,
Inc.
51,000
4.200
01/15/33
(b)
45,438
Waste
Management,
Inc.
75,000
3.150
11/15/27
(b)
68,956
50,000
1.150
03/15/28
(b)
41,865
50,000
4.150
04/15/32
(b)
45,510
494,328
Food
–
0.2%
General
Mills,
Inc.
75,000
4.200
04/17/28
(b)
70,663
Kraft
Heinz
Foods
Co.
95,000
3.750
04/01/30
(b)
84,813
Mars,
Inc.
25,000
2.700
04/01/25
(b)(c)
23,931
25,000
3.200
04/01/30
(b)(c)
21,943
Sysco
Corp.
25,000
6.600
04/01/50
(b)
25,788
227,138
Gas
–
0.1%
East
Ohio
Gas
Co.
(The)
25,000
1.300
06/15/25
(b)(c)
23,149
25,000
2.000
06/15/30
(b)(c)
19,471
NiSource,
Inc.
95,000
3.490
05/15/27
(b)
87,926
25,000
3.600
05/01/30
(b)
21,782
152,328
Hand/Machine
Tools
–
0.0%
Stanley
Black
&
Decker,
Inc.
24,000
4.250
(b)
22,351
Healthcare-Products
–
0.3%
DH
Europe
Finance
II
Sarl
75,000
2.200
11/15/24
(b)
72,103
25,000
2.600
11/15/29
(b)
21,443
75,000
3.250
11/15/39
(b)
56,069
GE
Healthcare
Technologies,
Inc.
100,000
6.377
11/22/52
(b)
101,384
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
(b)
$
60,718
Stryker
Corp.
100,000
1.950
06/15/30
(b)
80,067
Thermo
Fisher
Scientific,
Inc.
25,000
1.750
10/15/28
(b)
21,130
412,914
Healthcare-Services
–
1.5%
Adventist
Health
System
30,000
2.952
03/01/29
(b)
25,938
Banner
Health
120,000
2.338
01/01/30
(b)
99,244
Baylor
Scott
&
White
Holdings
,
Series
2021
40,000
1.777
11/15/30
(b)
31,060
Centene
Corp.
150,000
4.250
12/15/27
(b)
138,183
110,000
2.625
08/01/31
(b)
84,222
CommonSpirit
Health
225,000
6.461
11/01/52
(b)
234,043
HCA,
Inc.
80,000
3.500
09/01/30
(b)
67,775
Humana,
Inc.
18,000
5.500
03/15/53
(b)
16,367
Rush
Obligated
Group
,
Series
2020
60,000
3.922
11/15/29
(b)
54,976
Stanford
Health
Care
,
Series
2020
40,000
3.310
08/15/30
(b)
34,991
Sutter
Health
,
Series
20A
40,000
2.294
08/15/30
(b)
32,270
UnitedHealth
Group,
Inc.
275,000
5.300
02/15/30
(b)
273,079
525,000
5.350
02/15/33
(b)
519,524
100,000
5.875
02/15/53
(b)
100,401
168,000
5.050
04/15/53
(b)
150,372
1,862,445
Home
Builders
–
0.1%
Lennar
Corp.
70,000
4.750
(b)
67,377
Insurance
–
0.2%
American
International
Group,
Inc.
25,000
3.400
06/30/30
(b)
21,416
Arch
Capital
Group
US,
Inc.
36,000
5.144
11/01/43
30,799
Berkshire
Hathaway
Finance
Corp.
75,000
1.850
03/12/30
(b)
61,394
Marsh
&
McLennan
Cos.,
Inc.
50,000
4.375
03/15/29
(b)
47,377
Principal
Financial
Group,
Inc.
50,000
3.100
11/15/26
(b)
46,249
75,000
2.125
06/15/30
(b)
59,599
Willis
North
America,
Inc.
25,000
2.950
09/15/29
(b)
21,308
288,142
Internet
–
0.7%
Amazon.com,
Inc.
335,000
5.200
12/03/25
(b)
334,819
45,000
4.800
12/05/34
(b)
43,281
15,000
3.875
08/22/37
(b)
12,776
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Internet
–
(continued)
Amazon.com,
Inc.
–
(continued)
$
50,000
3.100
%
05/12/51
(b)
$
32,961
Expedia
Group,
Inc.
14,000
4.625
08/01/27
(b)
13,351
35,000
3.800
02/15/28
(b)
31,955
14,000
2.950
03/15/31
(b)
11,252
Meta
Platforms,
Inc.
250,000
3.500
08/15/27
(b)
235,724
88,000
3.850
08/15/32
(b)
78,089
Netflix,
Inc.
90,000
4.875
06/15/30
(b)(c)
85,089
879,297
Iron/Steel
–
0.1%
Steel
Dynamics,
Inc.
20,000
2.400
06/15/25
(b)
18,782
50,000
1.650
10/15/27
(b)
42,523
61,305
Lodging
–
0.2%
Hyatt
Hotels
Corp.
75,000
1.800
10/01/24
(b)
71,941
Marriott
International,
Inc.
125,000
5.000
10/15/27
(b)
121,647
Marriott
International,
Inc.
,
Series
HH
125,000
2.850
04/15/31
(b)
100,513
294,101
Machinery-Diversified
–
0.2%
Ingersoll
Rand,
Inc.
90,000
5.700
08/14/33
(b)
86,864
Otis
Worldwide
Corp.
25,000
2.293
04/05/27
(b)
22,472
150,000
2.565
02/15/30
(b)
124,346
233,682
Media
–
0.8%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
320,000
4.908
07/23/25
(b)
312,717
Comcast
Corp.
45,000
3.375
08/15/25
(b)
43,270
50,000
3.950
10/15/25
(b)
48,509
25,000
3.300
02/01/27
(b)
23,348
75,000
3.300
04/01/27
(b)
69,852
225,000
3.150
02/15/28
(b)
205,493
125,000
4.150
10/15/28
(b)
118,395
25,000
3.750
04/01/40
(b)
19,354
25,000
4.700
10/15/48
(b)
21,114
Fox
Corp.
25,000
4.030
01/25/24
(b)
24,818
25,000
4.709
01/25/29
(b)
23,652
Walt
Disney
Co.
(The)
25,000
3.700
09/15/24
(b)
24,522
935,044
Mining
–
0.0%
Newmont
Corp.
75,000
2.250
(b)
59,777
Miscellaneous
Manufacturing
–
0.2%
Eaton
Corp.
175,000
4.150
03/15/33
(b)
158,130
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Miscellaneous
Manufacturing
–
(continued)
General
Electric
Co.
$
50,000
6.750
%
03/15/32
$
54,196
212,326
Oil
&
Gas
–
0.1%
Occidental
Petroleum
Corp.
69,000
7.875
09/15/31
74,589
Phillips
66
25,000
1.300
02/15/26
(b)
22,594
97,183
Packaging
&
Containers
–
0.0%
Berry
Global,
Inc.
50,000
1.570
(b)
45,187
Pharmaceuticals
–
1.5%
AbbVie,
Inc.
49,000
4.300
05/14/36
(b)
42,976
125,000
4.050
11/21/39
(b)
102,052
148,000
4.250
11/21/49
(b)
117,219
Becton
Dickinson
and
Co.
12,000
3.363
06/06/24
(b)
11,787
100,000
2.823
05/20/30
(b)
84,089
Bristol-Myers
Squibb
Co.
75,000
2.950
03/15/32
(b)
62,623
25,000
4.250
10/26/49
(b)
19,819
Cencora,
Inc.
75,000
3.450
12/15/27
(b)
69,521
Cigna
Group
(The)
50,000
2.400
03/15/30
(b)
40,939
250,000
2.375
03/15/31
(b)
199,373
125,000
4.800
08/15/38
(b)
109,955
75,000
4.900
12/15/48
(b)
63,213
CVS
Health
Corp.
25,000
2.625
08/15/24
(b)
24,300
350,000
2.125
09/15/31
(b)
267,596
175,000
4.780
03/25/38
(b)
150,573
Pfizer
Investment
Enterprises
Pte
Ltd.
275,000
4.750
05/19/33
(b)
260,591
Pfizer,
Inc.
75,000
3.450
03/15/29
(b)
68,970
Zoetis,
Inc.
45,000
3.000
09/12/27
(b)
41,283
150,000
2.000
05/15/30
(b)
120,038
1,856,917
Pipelines
–
1.3%
Cheniere
Energy
Partners
LP
75,000
5.950
06/30/33
(b)(c)
72,341
Columbia
Pipelines
Operating
Co.
LLC
240,000
6.036
11/15/33
(b)(c)
234,467
Energy
Transfer
LP
15,000
4.250
04/01/24
(b)
14,850
50,000
2.900
05/15/25
(b)
47,488
25,000
5.250
04/15/29
(b)
23,968
275,000
5.750
02/15/33
(b)
264,583
5,000
6.000
06/15/48
(b)
4,437
Kinder
Morgan,
Inc.
275,000
4.300
03/01/28
(b)
258,571
MPLX
LP
75,000
2.650
08/15/30
(b)
60,520
35,000
4.500
04/15/38
(b)
28,295
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Pipelines
–
(continued)
MPLX
LP
–
(continued)
$
25,000
5.500
%
02/15/49
(b)
$
21,166
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
35,000
3.850
10/15/23
(b)
34,954
25,000
3.800
09/15/30
(b)
21,446
Sabine
Pass
Liquefaction
LLC
75,000
5.625
03/01/25
(b)
74,510
75,000
5.000
03/15/27
(b)
72,746
Targa
Resources
Corp.
55,000
4.200
02/01/33
(b)
46,771
Western
Midstream
Operating
LP
75,000
3.100
02/01/25
(b)
71,854
25,000
5.450
04/01/44
(b)
20,169
20,000
5.300
03/01/48
(b)
15,637
Williams
Cos.,
Inc.
(The)
25,000
3.900
01/15/25
(b)
24,325
35,000
4.000
09/15/25
(b)
33,713
125,000
5.650
03/15/33
(b)
120,853
1,567,664
REITS
–
1.4%
Agree
LP
170,000
4.800
10/01/32
(b)
150,722
Alexandria
Real
Estate
Equities,
Inc.
25,000
3.375
08/15/31
(b)
20,822
American
Homes
4
Rent
LP
50,000
4.900
02/15/29
(b)
47,131
30,000
2.375
07/15/31
(b)
22,862
American
Tower
Corp.
75,000
3.375
05/15/24
(b)
73,779
100,000
2.400
03/15/25
(b)
94,788
75,000
2.100
06/15/30
(b)
58,388
Crown
Castle,
Inc.
60,000
3.650
09/01/27
(b)
55,111
CubeSmart
LP
45,000
4.000
11/15/25
(b)
43,054
60,000
2.500
02/15/32
(b)
45,643
Essex
Portfolio
LP
50,000
3.000
01/15/30
(b)
41,499
Healthcare
Realty
Holdings
LP
25,000
2.050
03/15/31
(b)
18,061
Host
Hotels
&
Resorts
LP
,
Series
J
42,000
2.900
12/15/31
(b)
32,234
Invitation
Homes
Operating
Partnership
LP
75,000
2.300
11/15/28
(b)
62,776
195,000
2.000
08/15/31
(b)
144,222
Kilroy
Realty
LP
20,000
4.750
12/15/28
(b)
18,060
Mid-America
Apartments
L.P.
50,000
1.700
02/15/31
(b)
38,108
National
Retail
Properties,
Inc.
35,000
3.900
06/15/24
(b)
34,409
45,000
4.000
11/15/25
(b)
43,091
Prologis
L.P.
25,000
1.750
07/01/30
(b)
19,421
125,000
4.625
01/15/33
(b)
115,457
Realty
Income
Corp.
25,000
3.950
08/15/27
(b)
23,391
Regency
Centers
LP
100,000
2.950
09/15/29
(b)
84,991
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
REITS
–
(continued)
Retail
Opportunity
Investments
Partnership
LP
$
200,000
6.750
%
10/15/28
(b)
$
197,221
Spirit
Realty
LP
75,000
3.400
01/15/30
(b)
62,641
UDR,
Inc.
,
MTN
25,000
2.100
08/01/32
(b)
17,992
100,000
1.900
03/15/33
(b)
70,163
Ventas
Realty
LP
45,000
3.500
02/01/25
(b)
43,295
WP
Carey,
Inc.
20,000
4.600
04/01/24
(b)
19,824
30,000
4.000
02/01/25
(b)
29,171
25,000
3.850
07/15/29
(b)
22,038
25,000
2.400
02/01/31
(b)
19,361
1,769,726
Retail
–
1.3%
7-Eleven,
Inc.
100,000
1.300
02/10/28
(b)(c)
83,576
AutoNation,
Inc.
83,000
4.500
10/01/25
(b)
80,063
25,000
1.950
08/01/28
(b)
20,343
Dollar
Tree,
Inc.
50,000
4.000
05/15/25
(b)
48,389
50,000
4.200
05/15/28
(b)
46,507
Home
Depot,
Inc.
(The)
25,000
3.900
12/06/28
(b)
23,565
150,000
3.250
04/15/32
(b)
128,618
25,000
4.250
04/01/46
(b)
19,996
Lowe's
Cos.,
Inc.
25,000
3.100
05/03/27
(b)
23,023
75,000
1.700
09/15/28
(b)
62,589
300,000
3.750
04/01/32
(b)
259,716
375,000
5.000
04/15/33
(b)
352,882
25,000
3.000
10/15/50
(b)
14,707
50,000
4.250
04/01/52
(b)
36,898
McDonald's
Corp.
,
MTN
79,000
4.600
09/09/32
(b)
74,063
25,000
4.200
04/01/50
(b)
19,381
Starbucks
Corp.
75,000
3.800
08/15/25
(b)
72,583
100,000
4.000
11/15/28
(b)
93,950
68,000
3.000
02/14/32
(b)
56,155
Tractor
Supply
Co.
50,000
1.750
11/01/30
(b)
37,992
Walgreens
Boots
Alliance,
Inc.
41,000
4.100
04/15/50
(b)
25,468
1,580,464
Semiconductors
–
0.5%
Applied
Materials,
Inc.
25,000
1.750
06/01/30
(b)
20,001
Broadcom,
Inc.
74,000
4.150
04/15/32
(b)(c)
64,052
100,000
3.419
04/15/33
(b)(c)
79,697
50,000
3.469
04/15/34
(b)(c)
39,213
162,000
3.137
11/15/35
(b)(c)
118,064
100,000
3.500
02/15/41
(b)(c)
69,251
Intel
Corp.
175,000
5.200
02/10/33
(b)
169,382
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Semiconductors
–
(continued)
Intel
Corp.
–
(continued)
$
75,000
3.050
%
08/12/51
(b)
$
45,287
Micron
Technology,
Inc.
50,000
2.703
04/15/32
(b)
38,160
643,107
Software
–
1.5%
Adobe,
Inc.
50,000
2.150
02/01/27
(b)
45,383
75,000
2.300
02/01/30
(b)
63,066
Fiserv,
Inc.
100,000
2.750
07/01/24
(b)
97,584
25,000
4.200
10/01/28
(b)
23,427
Intuit,
Inc.
25,000
1.350
07/15/27
(b)
21,603
Oracle
Corp.
150,000
4.500
05/06/28
(b)
142,978
34,000
2.950
04/01/30
(b)
28,555
175,000
4.650
05/06/30
(b)
163,584
275,000
2.875
03/25/31
(b)
224,641
250,000
6.250
11/09/32
(b)
252,942
157,000
4.900
02/06/33
(b)
144,597
225,000
6.900
11/09/52
(b)
231,690
50,000
3.850
04/01/60
(b)
31,871
Roper
Technologies,
Inc.
50,000
4.200
09/15/28
(b)
47,026
ServiceNow,
Inc.
125,000
1.400
09/01/30
(b)
95,623
Take-Two
Interactive
Software,
Inc.
85,000
3.700
04/14/27
(b)
79,580
VMware,
Inc.
25,000
1.800
08/15/28
(b)
20,734
100,000
2.200
08/15/31
(b)
75,277
Workday,
Inc.
75,000
3.500
04/01/27
(b)
69,955
25,000
3.800
04/01/32
(b)
21,424
1,881,540
Telecommunications
–
1.9%
AT&T,
Inc.
288,000
2.300
06/01/27
(b)
255,038
150,000
4.350
03/01/29
(b)
139,455
50,000
2.750
06/01/31
(b)
40,053
478,000
2.550
12/01/33
(b)
350,861
25,000
4.900
08/15/37
(b)
21,653
60,000
4.850
03/01/39
(b)
50,658
75,000
3.500
06/01/41
(b)
52,107
25,000
4.350
06/15/45
(b)
18,584
25,000
5.150
11/15/46
(b)
20,823
25,000
4.500
03/09/48
(b)
18,941
25,000
3.650
06/01/51
(b)
16,109
T-Mobile
USA,
Inc.
49,000
3.500
04/15/25
(b)
47,270
75,000
1.500
02/15/26
(b)
67,971
153,000
3.750
04/15/27
(b)
142,874
25,000
4.750
02/01/28
(b)
23,969
175,000
2.050
02/15/28
(b)
150,613
83,000
3.875
04/15/30
(b)
73,469
75,000
2.875
02/15/31
(b)
60,847
75,000
3.500
04/15/31
(b)
63,347
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Telecommunications
–
(continued)
T-Mobile
USA,
Inc.
–
(continued)
$
500,000
5.200
%
01/15/33
(b)
$
472,271
25,000
3.000
02/15/41
(b)
16,559
Verizon
Communications,
Inc.
108,000
4.329
09/21/28
101,416
200,000
2.550
03/21/31
(b)
159,115
2,364,003
Transportation
–
0.4%
Burlington
Northern
Santa
Fe
LLC
25,000
4.050
06/15/48
(b)
19,302
CSX
Corp.
175,000
3.800
03/01/28
(b)
164,364
100,000
4.100
11/15/32
(b)
89,836
FedEx
Corp.
45,000
3.400
02/15/28
(b)
41,353
75,000
5.250
05/15/50
(b)
65,788
Union
Pacific
Corp.
125,000
2.800
02/14/32
(b)
102,794
483,437
TOTAL
CORPORATE
BONDS
(Cost
$37,333,435)
33,579,300
a
Asset-
Backed
Securities
–
7.4%
Collateralized
Debt
Obligations
–
0.2%
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
,
Series
2022-
FL1,
Class
A
(SOFR
+
1.450%)
250,000
6.763
(b)(c)(d)
247,187
Collateralized
Loan
Obligations
–
4.3%
AMMC
CLO
XI
Ltd.
,
Series
2012-11A,
Class
A1R2
(TSFR3M
+
1.272%)
466,843
6.641
04/30/31
(b)
(c)(d)
464,416
Cathedral
Lake
VIII
Ltd.
,
Series
2021-8A,
Class
C
(TSFR3M
+
2.882%)
200,000
8.215
01/20/35
(b)
(c)(d)
193,676
CBAM
Ltd.
,
Series
2018-5A,
Class
A
(TSFR3M
+
1.282%)
521,602
6.590
04/17/31
(b)
(c)(d)
518,899
Cedar
Funding
IX
CLO
Ltd.
,
Series
2018-9A,
Class
A1
(TSFR3M
+
1.242%)
250,000
6.568
04/20/31
(b)
(c)(d)
249,380
CFIP
CLO
Ltd.
,
Series
2021-1A,
Class
A
(TSFR3M
+
1.482%)
700,000
6.808
01/20/35
(b)
(c)(d)
688,839
CFIP
CLO
Ltd.
,
Series
2021-1A,
Class
C1
(TSFR3M
+
2.662%)
300,000
7.988
01/20/35
(b)
(c)(d)
288,432
Crown
City
CLO
I
,
Series
2020-1A,
Class
A1AR
(TSFR3M
+
1.452%)
250,000
6.778
07/20/34
(b)
(c)(d)
247,622
Diameter
Capital
CLO
1
Ltd.
,
Series
2021-1A,
Class
A1A
(TSFR3M
+
1.502%)
425,000
6.810
07/15/36
(b)
(c)(d)
420,034
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-
Backed
Securities
–
(continued)
Collateralized
Loan
Obligations
–
(continued)
HalseyPoint
CLO
Ltd.
,
Series
2020-3A,
Class
A1A
(TSFR3M
+
1.712%)
$
250,000
7.081
%
11/30/32
(b)
(c)(d)
$
249,343
Hayfin
US
XII
Ltd.
,
Series
2018-8A,
Class
A
(TSFR3M
+
1.382%)
249,128
6.708
04/20/31
(b)
(c)(d)
248,552
Jamestown
CLO
XV
Ltd.
,
Series
2020-15A,
Class
A
(TSFR3M
+
1.602%)
300,000
6.910
04/15/33
(b)
(c)(d)
297,676
Marble
Point
CLO
XVII
Ltd.
,
Series
2020-1A,
Class
A
(TSFR3M
+
1.562%)
500,000
6.888
04/20/33
(b)
(c)(d)
496,661
Pikes
Peak
CLO
12
Ltd.
,
Series
2023-12A,
Class
A
(TSFR3M
+
2.100%)
350,000
7.037
04/20/36
(b)
(c)(d)
350,767
Southwick
Park
CLO
LLC
,
Series
2019-4A,
Class
A1R
(TSFR3M
+
1.322%)
250,000
6.648
07/20/32
(b)
(c)(d)
248,961
Venture
CLO
Ltd.
,
Series
2020-39A,
Class
A1
(TSFR3M
+
1.542%)
275,000
6.850
04/15/33
(b)
(c)(d)
272,399
5,235,657
Diversified
Financial
Services
–
2.9%
Barclays
Dryrock
Issuance
Trust
,
Series
2023-1,
Class
A
600,000
4.720
02/15/29
589,429
Benefit
Street
Partners
CLO
Xxx
Ltd.
,
Series
2023-30A,
Class
A
(TSFR3M
+
2.100%)
350,000
7.451
04/25/36
(b)
(c)(d)
351,704
Capital
One
Multi-Asset
Execution
Trust
,
Series
2022-A3,
Class
A
300,000
4.950
10/15/27
296,736
Discover
Card
Execution
Note
Trust
,
Series
2023-A1,
Class
A
300,000
4.310
03/15/28
291,747
HalseyPoint
CLO
Ltd.
,
Series
2023-7A,
Class
A
(TSFR3M
+
2.250%)
600,000
7.509
07/20/36
(b)
(c)(d)
605,215
Hyundai
Auto
Lease
Securitization
Trust
,
Series
2021-B,
Class
A4
284,532
0.380
08/15/25
(b)(c)
283,119
Hyundai
Auto
Lease
Securitization
Trust
,
Series
2022-A,
Class
A4
300,000
1.320
12/15/25
(b)(c)
291,888
Hyundai
Auto
Receivables
Trust
,
Series
2023-A,
Class
A2A
300,000
5.190
12/15/25
(b)
299,490
Nissan
Auto
Receivables
Owner
Trust
,
Series
2023-A,
Class
A2A
300,000
5.340
02/17/26
(b)
299,528
World
Omni
Auto
Receivables
Trust
,
Series
2023-B,
Class
A2A
300,000
5.250
11/16/26
(b)
299,346
3,608,202
TOTAL
ASSET-
BACKED
SECURITIES
(Cost
$9,148,922)
9,091,046
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Bonds
–
4.9%
Agriculture
–
0.1%
BAT
Capital
Corp.
(
United
Kingdom
)
$
25,000
3.222
%
08/15/24
(b)
$
24,404
100,000
2.259
03/25/28
(b)
84,542
25,000
4.540
08/15/47
(b)
17,199
126,145
Banks
–
2.3%
Banco
Santander
SA
(
Spain
)
200,000
2.746
05/28/25
188,408
400,000
6.921
08/08/33
382,667
Barclays
PLC
(
United
Kingdom
)
((SOFR
+
2.714%))
200,000
2.852
05/07/26
(b)(d)
188,740
BNP
Paribas
SA
(
France
)
200,000
3.375
01/09/25
(c)
193,110
((SOFR
+
1.004%))
200,000
1.323
01/13/27
(b)
(c)(d)
179,088
BPCE
SA
(
France
)
((SOFR
+
1.730%))
250,000
3.116
10/19/32
(b)
(c)(d)
186,403
Credit
Suisse
AG
(
Switzerland
)
250,000
1.250
08/07/26
218,459
HSBC
Holdings
PLC
(
United
Kingdom
)
((SOFR
+
1.538%))
200,000
1.645
04/18/26
(b)(d)
185,811
ING
Groep
NV
(
Netherlands
)
((US
1
Year
CMT
T-Note
+
1.100%))
200,000
1.400
07/01/26
(b)
(c)(d)
183,699
Macquarie
Group
Ltd.
(
Australia
)
((SOFR
+
1.069%))
50,000
1.340
01/12/27
(b)
(c)(d)
44,686
Toronto-Dominion
Bank
(The)
(
Canada
)
175,000
4.456
06/08/32
157,090
UBS
Group
AG
(
Switzerland
)
250,000
4.550
04/17/26
240,173
((US
1
Year
CMT
T-Note
+
1.100%))
200,000
2.746
02/11/33
(b)
(c)(d)
150,810
((SOFR
+
5.020%))
250,000
9.016
11/15/33
(b)
(c)(d)
288,940
Westpac
Banking
Corp.
(
Australia
)
((US
5
Year
CMT
T-Note
+
2.000%))
25,000
4.110
07/24/34
(b)(d)
21,591
Westpac
Banking
Corp.
,
GMTN
(
Australia
)
((USISOA05
+
2.236%))
25,000
4.322
11/23/31
(b)(d)
23,164
2,832,839
Beverages
–
0.7%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
335,000
4.700
02/01/36
(b)
306,963
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Bonds
–
(continued)
Beverages
–
(continued)
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
(Belgium)
–
(continued)
$
115,000
4.900
%
02/01/46
(b)
$
100,146
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
175,000
4.750
01/23/29
(b)
169,681
25,000
8.200
01/15/39
30,513
25,000
4.950
01/15/42
22,626
100,000
4.600
04/15/48
(b)
84,604
25,000
4.500
06/01/50
(b)
20,817
JDE
Peet's
NV
(
Netherlands
)
150,000
1.375
01/15/27
(b)(c)
129,351
864,701
Biotechnology
–
0.0%
CSL
Finance
PLC
(
Australia
)
25,000
3.850
(b)(c)
23,665
Coal
–
0.0%
Teck
Resources
Ltd.
(
Canada
)
18,000
3.900
(b)
15,632
Commercial
Services
–
0.1%
DP
World
Crescent
Ltd.
,
EMTN
(
United
Arab
Emirates
)
200,000
3.875
181,275
Diversified
Financial
Services
–
0.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
(
Ireland
)
250,000
2.450
10/29/26
(b)
224,114
225,000
3.000
10/29/28
(b)
192,635
Avolon
Holdings
Funding
Ltd.
(
Ireland
)
25,000
3.950
07/01/24
(b)(c)
24,480
100,000
2.875
02/15/25
(b)(c)
94,353
25,000
4.250
04/15/26
(b)(c)
23,519
559,101
Machinery-Construction
&
Mining
–
0.1%
Weir
Group
PLC
(The)
(
United
Kingdom
)
200,000
2.200
(b)(c)
179,779
Mining
–
0.2%
Glencore
Funding
LLC
(
Australia
)
75,000
4.125
03/12/24
(b)(c)
74,333
25,000
4.625
04/29/24
(c)
24,749
75,000
1.625
04/27/26
(b)(c)
67,534
150,000
2.625
09/23/31
(b)(c)
115,651
Newcrest
Finance
Pty
Ltd.
(
Australia
)
25,000
3.250
05/13/30
(b)(c)
21,201
303,468
Oil
&
Gas
–
0.2%
Saudi
Arabian
Oil
Co.
(
Saudi
Arabia
)
220,000
3.500
197,846
Pharmaceuticals
–
0.2%
Bayer
US
Finance
II
LLC
(
Germany
)
200,000
3.875
(b)(c)
199,149
Pipelines
–
0.3%
Enbridge,
Inc.
(
Canada
)
111,000
5.700
03/08/33
(b)
106,338
125,000
2.500
08/01/33
(b)
92,782
Galaxy
Pipeline
Assets
Bidco
Ltd.
(
United
Arab
Emirates
)
189,970
2.940
09/30/40
146,039
345,159
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Bonds
–
(continued)
Semiconductors
–
0.2%
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
(
China
)
$
25,000
3.400
%
05/01/30
(b)
$
21,366
125,000
2.500
05/11/31
(b)
97,535
125,000
2.650
02/15/32
(b)
96,717
215,618
Transportation
–
0.0%
Canadian
Pacific
Railway
Co.
(
Canada
)
25,000
2.050
(b)
20,214
TOTAL
FOREIGN
BONDS
(Cost
$6,756,426)
6,064,591
a
Commercial
Mortgage-Backed
Securities
–
2.9%
a
3650R
Commercial
Mortgage
Trust
,
Series
2021-PF1,
Class
AS
150,000
2.778
11/15/54
(d)
109,871
BANK
,
Series
2019-BN21,
Class
A5
150,000
2.851
10/17/52
(b)
125,780
BANK
,
Series
2021-BN32,
Class
A5
150,000
2.643
04/15/54
(b)
120,487
BANK
,
Series
2022-BNK43,
Class
A5
200,000
4.399
08/15/55
(b)
178,785
BANK
,
Series
2023-BNK46,
Class
A4
200,000
5.745
08/15/56
(b)
197,757
BANK5
,
Series
2023-5YR2,
Class
A3
250,000
6.656
06/15/28
(b)
255,036
BANK5
,
Series
2023-5YR3,
Class
A3
200,000
6.724
09/15/56
(b)(d)
204,838
BBCMS
Mortgage
Trust
,
Series
2022-C17,
Class
A5
450,000
4.441
09/15/55
(b)
404,661
BBCMS
Mortgage
Trust
,
Series
2023-C21,
Class
AS
175,000
6.506
09/15/56
(b)(d)
172,803
Benchmark
Mortgage
Trust
,
Series
2023-B39,
Class
A5
150,000
5.754
07/15/56
(b)
148,431
BX
Commercial
Mortgage
Trust
,
Series
2023-VLT2,
Class
A
(TSFR1M
+
2.281%)
250,000
7.613
06/15/40
(c)(d)
249,582
BX
Trust
,
Series
2021-ARIA,
Class
C
(TSFR1M
+
1.760%)
150,000
7.092
10/15/36
(c)(d)
144,637
BX
Trust
,
Series
2022-PSB,
Class
A
(TSFR1M
+
2.451%)
89,262
7.783
08/15/39
(c)(d)
89,206
Cantor
Commercial
Real
Estate
Lending
,
Series
2019-CF3,
Class
A4
100,000
3.006
01/15/53
(b)
84,129
Citigroup
Commercial
Mortgage
Trust
,
Series
2023-PRM3,
Class
A
200,000
6.572
07/10/28
(c)(d)
199,235
DOLP
Trust
,
Series
2021-NYC,
Class
A
200,000
2.956
05/10/41
(c)
152,049
EQUS
Mortgage
Trust
,
Series
2021-EQAZ,
Class
A
(TSFR1M
+
0.869%)
199,996
6.202
10/15/38
(b)
(c)(d)
195,246
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K-152,
Class
A2
200,000
3.780
11/25/32
(b)(d)
177,940
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
KF153,
Class
AS
(SOFR
+
0.680%)
200,000
5.991
02/25/33
(b)(d)
199,439
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Commercial
Mortgage-Backed
Securities
–
(continued)
a
GS
Mortgage
Securities
Trust
,
Series
2017-GS7,
Class
A4
$
200,000
3.430
%
08/10/50
(b)
$
179,184
TOTAL
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$3,912,977)
3,589,096
a
U.S.
Government
Agency
Securities
–
2.4%
a
Federal
Farm
Credit
Banks
Funding
Corp.
460,000
2.900
04/12/32
392,292
230,000
3.300
05/19/32
200,985
130,000
3.500
09/01/32
114,947
600,000
2.850
03/28/34
489,311
340,000
3.080
03/30/37
268,111
Federal
Home
Loan
Banks
100,000
3.375
12/08/23
99,617
250,000
3.375
09/10/32
218,387
430,000
4.750
12/10/32
422,258
Federal
National
Mortgage
Association
400,000
1.875
09/24/26
367,251
400,000
6.250
05/15/29
429,723
TOTAL
U.S.
GOVERNMENT
AGENCY
SECURITIES
(Cost
$3,421,883)
3,002,882
a
Foreign
Government
Securities
–
1.3%
Sovereign
–
1.3%
Indonesia
Government
International
Bond
200,000
4.850
01/11/33
(b)
190,294
200,000
3.050
03/12/51
129,264
Israel
Government
AID
Bond
200,000
5.500
12/04/23
(f)
199,960
100,000
5.500
04/26/24
(f)
99,837
Mexico
Government
International
Bond
400,000
3.250
04/16/30
(b)
339,900
110,000
1.450
10/25/33
(b)
81,882
200,000
4.280
08/14/41
(b)
147,995
Panama
Government
International
Bond
200,000
6.875
01/31/36
(b)
200,527
Peruvian
Government
International
Bond
50,000
3.230
07/28/21
(b)
25,890
Romanian
Government
International
Bond
40,000
3.000
02/27/27
(c)
36,329
10,000
2.124
07/16/31
(c)
7,818
30,000
2.625
12/02/40
(c)
18,572
10,000
4.625
04/03/49
(c)
7,814
Romanian
Government
International
Bond
,
EMTN
50,000
2.875
03/11/29
46,197
TOTAL
FOREIGN
GOVERNMENT
SECURITIES
(Cost
$1,826,838)
1,532,279
a
Municipal
Bonds
–
1.0%
Arizona
–
0.0%
City
of
Tucson
AZ
,
Series
A
25,000
1.932
19,294
California
–
0.5%
California
Health
Facilities
Financing
Authority
125,000
3.478
06/01/29
114,583
100,000
3.790
06/01/32
88,893
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
California
Statewide
Communities
Development
Authority
$
50,000
1.877
%
02/01/31
$
38,963
Municipal
Improvement
Corp.
of
Los
Angeles
,
Series
A
35,000
1.648
11/01/28
29,270
80,000
2.074
11/01/30
63,767
Port
of
Oakland
,
Series
R
80,000
2.199
05/01/31
64,224
San
Francisco
Municipal
Transportation
Agency
,
Series
A
30,000
1.302
03/01/28
25,461
San
Jose
Financing
Authority
25,000
1.812
06/01/29
20,625
25,000
1.862
06/01/30
19,939
State
of
California
105,000
7.625
03/01/40
123,082
588,807
Florida
–
0.0%
State
Board
of
Administration
Finance
Corp.
,
Series
A
70,000
2.154
56,063
Illinois
–
0.2%
Chicago
O'Hare
International
Airport
,
Series
D
85,000
2.346
01/01/30
71,653
State
of
Illinois
GO
Bonds
25,000
5.100
06/01/33
23,732
85,714
7.350
07/01/35
89,280
184,665
Louisiana
–
0.1%
City
of
New
Orleans
LA
Water
System
Revenue
25,000
1.008
12/01/26
21,839
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Auth
,
Series
2022-ELL,
Class
A3
140,000
4.275
02/01/36
127,258
149,097
New
York
–
0.1%
City
of
New
York
NY
,
Series
2
40,000
1.940
03/01/29
33,641
Metropolitan
Transportation
Authority
,
Series
A2
25,000
5.989
11/15/30
25,574
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
,
Series
B2
10,000
3.590
08/01/27
9,432
68,647
Ohio
–
0.1%
American
Municipal
Power,
Inc.
,
Series
E
95,000
6.270
97,495
TOTAL
MUNICIPAL
BONDS
(Cost
$1,291,660)
1,164,068
a
Collateralized
Mortgage
Obligations
–
0.4%
a
Alternative
Loan
Trust
,
Series
2005-38,
Class
A1
38,527
6.126
09/25/35
(b)(d)
33,444
Chase
Home
Lending
Mortgage
Trust
,
Series
2023-RPL2,
Class
A1
150,000
3.250
03/25/63
(b)
(c)(d)
128,189
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Collateralized
Mortgage
Obligations
–
(continued)
a
Connecticut
Avenue
Securities
Trust
,
Series
2021-R01,
Class
1M2
$
44,000
6.865
%
10/25/41
(b)
(c)(d)
$
43,888
Connecticut
Avenue
Securities
Trust
,
Series
2021-R03,
Class
1M2
42,000
6.965
12/25/41
(b)
(c)(d)
41,168
Connecticut
Avenue
Securities
Trust
,
Series
2022-R05,
Class
2M1
33,474
7.215
04/25/42
(b)
(c)(d)
33,555
Connecticut
Avenue
Securities
Trust
,
Series
2022-R05,
Class
2M2
36,000
8.315
04/25/42
(b)
(c)(d)
36,527
Federal
Home
Loan
Mortgage
Corporation
,
Series
2020-DNA5,
Class
M2
10,415
8.115
10/25/50
(b)
(c)(d)
10,559
Federal
Home
Loan
Mortgage
Corporation
,
Series
2021-DNA5,
Class
M2
20,121
6.965
01/25/34
(b)
(c)(d)
20,101
Federal
Home
Loan
Mortgage
Corporation
,
Series
2022-DNA1,
Class
M1A
75,265
6.315
01/25/42
(b)
(c)(d)
74,571
Federal
Home
Loan
Mortgage
Corporation
,
Series
2022-DNA3,
Class
M1A
29,253
7.315
04/25/42
(b)
(c)(d)
29,466
JP
Morgan
Mortgage
Trust
,
Series
2021-6,
Class
A3
89,969
2.500
10/25/51
(b)
(c)(d)
68,289
Wells
Fargo
Mortgage
Backed
Securities
Trust
,
Series
2019-3,
Class
A1
6,106
3.500
07/25/49
(b)
(c)(d)
5,250
TOTAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(Cost
$554,904)
525,007
a
U.S.
Treasury
Obligations
–
16.7%
a
U.S.
Treasury
Bonds
1,640,000
3.125
(g)
11/15/41
1,289,194
1,550,000
2.750
(g)
08/15/42
1,135,133
2,310,000
2.750
(g)
11/15/42
1,685,578
230,000
3.000
(g)
02/15/49
168,188
230,000
2.875
(g)
05/15/49
164,127
420,000
2.250
(g)
08/15/49
261,450
2,930,000
2.375
(g)
11/15/49
1,875,658
610,000
2.000
(g)
02/15/50
356,087
480,000
2.375
(g)
05/15/51
304,575
170,000
2.000
(g)
08/15/51
98,148
160,000
2.250
(g)
02/15/52
98,250
1,630,000
4.000
(g)
11/15/52
1,445,352
U.S.
Treasury
Notes
620,000
2.500
(g)
05/31/24
607,915
620,000
3.000
(g)
06/30/24
608,690
1,250,000
3.000
(g)
07/31/24
1,224,463
620,000
4.250
(g)
09/30/24
612,759
620,000
4.250
(g)
12/31/24
611,523
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
U.S.
Treasury
Obligations
–
(continued)
a
U.S.
Treasury
Notes
–
(continued)
$
636,000
0.375
%
(g)
12/31/25
$
574,884
4,050,000
0.750
(g)
03/31/26
3,661,770
1,720,000
0.625
(g)
07/31/26
1,530,934
140,000
1.250
(g)
03/31/28
120,837
970,000
2.875
(g)
05/15/28
898,841
1,180,000
1.250
(g)
06/30/28
1,010,467
250,000
3.125
(g)
11/15/28
232,754
TOTAL
U.S.
TREASURY
OBLIGATIONS
(Cost
$25,121,844)
20,577,577
TOTAL
INVESTMENTS
–
124.3%
(Cost
$167,109,995)
$
152,826,476
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(24.3)%
(29,916,312)
NET
ASSETS
–
100.0%
$
122,910,164
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
(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.
Total
market
value
of
TBA
securities
(excluding
forward
sales
contracts,
if
any)
amounts
to
$33,417,290
which
represents
approximately
27.2%
of
the
Fund’s
net
assets
as
of
September
30,
2023.
(b)
Securities
with
“Call”
features.
Maturity
dates
disclosed
are
the
final
maturity
date.
(c)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(d)
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,
2023.
(e)
Step
coupon.
(f)
Guaranteed
by
the
United
States
Government.
Total
market
value
of
$299,797,
which
represents
0.3%
of
net
assets
as
of
September
30,
2023.
(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.
Investment
Abbreviations:
BBSW
—
Bank
Bill
Swap
Rate
CLO
—
Collateralized
Loan
Obligation
CMT
—
Constant
Maturity
Treasury
Index
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
GO
—
General
Obligation
LP
—
Limited
Partnership
Mo.
—
Month
MTN
—
Medium
Term
Note
NIBOR
—
Norwegian
Interbank
Offered
Rate
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SONIO
—
Sterling
Overnight
Index
Average
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
ADDITIONAL
INVESTMENT
INFORMATION
Investment
Abbreviations:
(continued)
STIBOR
—
Stockholm
Interbank
Offered
Rate
TSFR
—
Term
Secured
Overnight
Financing
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
September
30,
2023,
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
388,536
GBP
304,123
10/30/2023
$
17,409
USD
239,157
SEK
2,579,932
11/8/2023
2,651
USD
240,097
CAD
325,543
11/20/2023
252
USD
105,495
AUD
163,644
11/21/2023
96
USD
118,121
JPY
17,133,662
11/22/2023
2,483
USD
1,105,097
EUR
1,031,723
12/6/2023
11,092
USD
249,244
EUR
231,895
12/20/2023
3,126
USD
227,190
GBP
182,291
12/20/2023
4,647
TOTAL
$
41,756
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
WITH
UNREALIZED
LOSS
Counterparty
Currency
Purchased
Currency
Sold
Settlement
Date
Unrealized
Loss
Morgan
Stanley
Co.,
Inc.
GBP
274,786
USD
351,056
10/30/2023
(15,730)
SEK
2,573,751
USD
238,584
11/8/2023
(2,645)
CAD
339,106
USD
250,101
11/20/2023
(262)
EUR
843,335
USD
903,311
12/6/2023
(9,066)
CHF
490,737
USD
555,688
12/20/2023
(14,654)
JPY
63,126,491
USD
435,668
12/20/2023
(7,510)
USD
174,066
AUD
271,503
12/20/2023
(991)
USD
251,272
CAD
342,696
12/20/2023
(1,365)
USD
171,224
NOK
1,829,205
12/20/2023
(171)
USD
174,017
NZD
295,491
12/20/2023
(3,091)
USD
184,218
SEK
2,044,004
12/20/2023
(3,644)
TOTAL
$
(59,129)
FORWARD
SALES
CONTRACTS
—
At
September
30,
2023,
the
Fund
had
the
following
forward
sales
contracts:
Description
Interest
Rate
Maturity
Date
 (a)
Settlement
Date
Principal
Amount
Value
Federal
National
Mortgage
Association
2.500
%
TBA-30yr
10/15/53
$
(1,000,000)
$
(793,316)
Federal
National
Mortgage
Association
4.500
TBA-30yr
10/15/53
(1,000,000)
(917,761)
Federal
National
Mortgage
Association
5.500
TBA-30yr
10/15/53
(3,000,000)
(2,898,387)
Federal
National
Mortgage
Association
6.000
TBA-30yr
10/15/53
(2,000,000)
(1,974,140)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Description
Interest
Rate
Maturity
Date
 (a)
Settlement
Date
Principal
Amount
Value
Federal
National
Mortgage
Association
2.000
%
TBA-30yr
11/15/53
$
(8,000,000)
$
(6,088,616)
Federal
National
Mortgage
Association
3.000
TBA-30yr
11/15/53
(4,000,000)
(3,311,320)
Federal
National
Mortgage
Association
4.500
TBA-30yr
11/15/53
(2,000,000)
(1,836,466)
Federal
National
Mortgage
Association
5.000
TBA-30yr
11/15/53
(5,000,000)
(4,716,645)
Government
National
Mortgage
Association
4.000
TBA-30yr
11/15/53
(1,000,000)
(901,016)
Government
National
Mortgage
Association
3.000
TBA-30yr
07/15/53
(1,000,000)
(889,305)
Government
National
Mortgage
Association
4.000
TBA-30yr
07/15/53
(1,000,000)
(941,484)
Government
National
Mortgage
Association
3.000
TBA-30yr
08/15/53
(2,000,000)
(1,758,078)
Government
National
Mortgage
Association
4.000
TBA-30yr
08/15/53
(1,000,000)
(931,526)
Government
National
Mortgage
Association
4.000
TBA-30yr
09/15/53
(1,000,000)
(900,046)
Government
National
Mortgage
Association
3.000
TBA-30yr
10/15/53
(1,000,000)
(847,243)
Government
National
Mortgage
Association
4.000
TBA-30yr
10/15/53
(1,000,000)
(900,463)
Government
National
Mortgage
Association
5.500
TBA-30yr
10/15/53
(2,000,000)
(1,941,007)
Government
National
Mortgage
Association
3.000
TBA-30yr
11/15/53
(1,000,000)
(847,758)
Total
(Proceed
Receivable
$33,777,969)
$
(33,394,577)
(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,
2023,
the
Fund
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
ICE
3MTH
SONIA
Future
5
12/17/24
$
1,447,726
$
1,985
U.S.
Treasury
10
Year
Note
22
12/19/23
2,376,688
3,610
U.S.
Treasury
2
Year
Note
60
12/29/23
12,162,187
(16,484)
U.S.
Treasury
5
Year
Note
68
12/29/23
7,162,312
(11,433)
U.S.
Treasury
Long
Bond
11
12/19/23
1,252,625
(10,646)
U.S.
Treasury
Ultra
Bond
17
12/19/23
2,022,469
(64,960)
Total
(97,928)
Short
position
contracts:
EURO-BOBL
Future
(9)
12/07/23
(1,100,439)
4,787
EURO-BUND
Future
(1)
12/07/23
(135,741)
(107)
U.S.
Treasury
10
Year
Ultra
Note
(30)
12/19/23
(3,346,406)
76,820
Total
81,500
Total
Futures
Contracts
$
(16,428)
SWAP
CONTRACTS
—
At
September
30,
2023,
the
Fund
had
the
following
swap
contracts:
OVER
THE
COUNTER
CREDIT
DEFAULT
SWAP
CONTRACTS
Reference
Obligation/Index
(a)
Financing
Rate
Received
(Paid)
by
the
Fund
Credit
Spread
at
September
30,
2023
(b)
Counterparty
Termination
Date
Notional
Amount
(000's)
Value
Upfront
Premium
(Received)
Paid
Unrealized
Appreciation/
(Depreciation)
Nordstrom,
Inc.
1.000%
0.030
%
Bank
of
America
NA
06/20/2024
225
$
67
$
(157)
$
224
ICE
CD
JWN
1.000%
0.339
Bank
of
America
NA
12/20/2024
100
(339)
(1,928)
1,588
Markit
CDX
North
America
Investment
Grade
Index
1.000%
1.001
Bank
of
America
NA
06/20/2025
4,500
45,067
7,693
37,374
Markit
CDX
North
America
Investment
Grade
Index
1.000%
1.251
Bank
of
America
NA
12/20/2025
575
7,193
–
7,193
General
Electric
Co.
1.000%
1.506
Bank
of
America
NA
06/20/2026
175
2,636
–
2,636
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
OVER
THE
COUNTER
CREDIT
DEFAULT
SWAP
CONTRACTS
Reference
Obligation/Index
(a)
Financing
Rate
Received
(Paid)
by
the
Fund
Credit
Spread
at
(b)
September
30,
2023
Counterparty
Termination
Date
Notional
Amount
(000’s)
Value
Upfront
Premium
(Received)
Paid
Unrealized
Appreciation/
(Depreciation)
Markit
CDX
North
America
Investment
Grade
Index
1.000%
1.324
%
Bank
of
America
NA
06/20/2026
4,775
$
63,241
$
21,498
$
41,743
ICE
CDX
Investment
Grade
Index
1.000%
1.319
Bank
of
America
NA
12/20/2026
2,900
38,248
45,927
(7,679)
ICE
CDX
Investment
Grade
Index
1.000%
1.310
–
06/20/2028
1,008
13,204
15,430
(2,225)
ICE
MEX
1.000%
1.225
–
12/20/2028
210
(2,573)
(2,312)
(261)
Republic
of
Chile
1.000%
1.232
–
12/20/2028
90
1,109
1,508
(399)
TOTAL
$
167,853
$
87,659
$
80,194
(a)
Payments
made
quarterly.
(b)
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.
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)
0.000
%
4/19/2025
USD
250
$
3,525
$
(233)
$
3,758
3
Month
BBSW
(c)
4.000
12/20/2025
AUD
5,395
21,296
–
21,296
3.750
%
(d)
Canadian
Overnight
Repo
Rate
Average
12/20/2025
CAD
2,550
(40,009)
–
(40,009)
1
Day
ESTRON
(b)
0.000
12/20/2025
EUR
3,660
(5,015)
(11,572)
6,557
0.000
(b)
1
Day
SONIO
12/20/2025
GBP
1,770
7,063
4,361
2,702
4.000
(c)
3
Month
STIBOR
12/20/2025
SEK
40,585
5,462
4,603
859
0.000
(b)
12
Month
BOJDTR
8/2/2026
JPY
242,000
917
7,526
(6,609)
0.000
(b)
1
Day
ESTRON
4/22/2028
EUR
2,510
(16,125)
10,318
(26,443)
12
Month
BOJDTR
(c)
2.852
4/22/2028
EUR
2,510
16,434
(8,893)
25,327
12
Month
BOJDTR
(b)
0.000
8/3/2028
JPY
506,390
24,514
–
24,514
3.000
(b)
1
Day
ESTRON
10/19/2028
EUR
1,020
(6,160)
3,166
(9,326)
0.000
(b)
1
Day
SONIO
12/20/2028
GBP
620
6,648
7,865
(1,217)
12
Month
BOJDTR
(b)
0.000
12/20/2028
JPY
612,000
24,802
–
24,802
0.000
(b)
1
Day
SOFR
7/31/2030
USD
1,930
(31,030)
2,002
(33,032)
1
Day
SOFR
(b)
0.000
7/28/2032
USD
1,400
74,449
–
74,449
0.000
(b)
12
Month
BOJDTR
8/2/2033
JPY
103,860
(4,415)
2,518
(6,933)
12
Month
BOJDTR
(b)
0.000
8/3/2033
JPY
104,000
4,432
(2,062)
6,494
4.500
(d)
6
Month
BBSW
12/20/2033
AUD
260
(3,651)
758
(4,409)
Canadian
Overnight
Repo
Rate
Average
(d)
0.000
12/20/2033
CAD
100
5,194
–
5,194
0.000
(b)
1
Day
SOFR
12/20/2033
CHF
330
(1,889)
–
(1,889)
3.250
(d)
1
Day
ESTRON
12/20/2033
EUR
180
(1,995)
128
(2,123)
0.000
(b)
1
Day
SONIO
12/20/2033
GBP
10
(76)
–
(76)
12
Month
BOJDTR
(b)
0.000
12/20/2033
JPY
263,000
2,718
(9,796)
12,514
6
Month
NIBOR
(d)
4.000
12/20/2033
NOK
1,430
2,147
–
2,147
4.750
(d)
New
Zealand
Bank
Bill
3
Month
Forward
Rate
Agreement
12/20/2033
NZD
440
(8,506)
–
(8,506)
3
Month
STIBOR
(c)
3.250
12/20/2033
SEK
3,550
4,804
–
4,804
0.000
(b)
1
Day
SOFR
12/20/2033
USD
1,310
(77,235)
–
(77,235)
3.000
(d)
1
Day
ESTRON
5/15/2035
EUR
1,520
(28,512)
–
(28,512)
0.000
(b)
1
Day
SOFR
7/28/2037
USD
3,440
(144,431)
–
(144,431)
2.152
(d)
1
Day
ESTRON
8/9/2037
EUR
1,830
(92,450)
–
(92,450)
0.000
(b)
1
Day
SOFR
5/10/2038
USD
3,030
(80,031)
–
(80,031)
0.000
(b)
12
Month
BOJDTR
8/3/2038
JPY
113,000
(11,353)
–
(11,353)
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2023
(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)
1
Day
ESTRON
(d)
1.452
%
8/10/2042
EUR
4,700
$
239,882
$
–
$
239,882
1
Day
SOFR
(b)
0.000
7/28/2047
USD
3,410
102,215
–
102,215
1.051
%
(d)
1
Day
ESTRON
8/11/2047
EUR
2,760
(107,028)
–
(107,028)
1
Day
SOFR
(b)
0.000
5/11/2053
USD
2,870
75,254
(976)
76,230
1
Day
ESTRON
(d)
2.000
5/17/2053
EUR
870
40,377
–
40,377
1
Day
ESTRON
(d)
2.500
12/20/2053
EUR
150
17,318
–
17,318
TOTAL
$
19,540
$
9,713
$
9,827
(a)
Represents
forward
starting
interest
rate
swaps
whose
effective
dates
of
commencement
of
accruals
and
cash
flows
occur
subsequent
to
September
30,
2023.
(b)
Payments
made
annually.
(c)
Payments
made
quarterly.
(d)
Payments
made
semi-annually.
OVER-THE-COUNTER
-
INTEREST
RATE
SWAPTIONS
—
At
September
30,
2023
,
the
Fund
had
the
following
written
option
contracts:
Description
Counterparty
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
Purchased
Option
Contracts:
Puts
3M
IRS
Morgan
Stanley
Co.,
Inc
$
5.65
12/01/2023
1,810,000
$
1,810,000
$
571
$
362
$
209
3M
IRS
Morgan
Stanley
Co.,
Inc
5.15
12/01/2023
1,810,000
1,810,000
4,820
3,168
1,652
3M
IRS
Morgan
Stanley
Co.,
Inc
5.70
11/06/2023
1,820,000
1,820,000
158
612
(454)
3M
IRS
Morgan
Stanley
Co.,
Inc
5.20
11/06/2023
1,820,000
1,820,000
4,139
3,511
628
3M
IRS
Morgan
Stanley
Co.,
Inc
5.65
11/03/2023
1,830,000
1,830,000
240
605
(365)
3M
IRS
Morgan
Stanley
Co.,
Inc
5.15
11/03/2023
1,830,000
1,830,000
4,879
3,676
1,203
Total
$
10,920,000
$
14,807
$
11,934
$
2,873
Description
Counterparty
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
Written
Option
Contracts:
Puts
6M
IRS
Morgan
Stanley
Co.,
Inc
JPY
0.40
01/05/2024
(46,000,000)
$
(46,000,000)
$
(375)
$
(1,308)
$
933
3M
IRS
Morgan
Stanley
Co.,
Inc
$
5.40
12/01/2023
(3,620,000)
(3,620,000)
(4,118)
(2,556)
(1,561)
3M
IRS
Morgan
Stanley
Co.,
Inc
5.45
11/06/2023
(3,650,000)
(3,650,000)
(2,538)
(3,094)
556
3M
IRS
Morgan
Stanley
Co.,
Inc
5.40
11/03/2023
(3,650,000)
(3,650,000)
(3,357)
(3,193)
(165)
Total
$
(56,920,000)
$
(10,388)
$
(10,151)
$
(237)
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Abbreviations:
3M
IRS
—
3
Months
Interest
Rate
Swaptions
6M
IRS
—
6
Months
Interest
Rate
Swaptions
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
Goldman
Sachs
Variable
Insurance
Trust
Core
Fixed
Income
Fund
Schedule
of
Investments
September
30,
2023
(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.
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.
Goldman
Sachs
Variable
Insurance
Trust
Core
Fixed
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
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.
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Core
Fixed
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
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.
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Core
Fixed
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
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,
2023
:
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
CORE
FIXED
INCOME
FUND
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Asset-
Backed
Securities
$
—‌
$
9,091,046‌
$
—‌
Collateralized
Mortgage
Obligations
—‌
525,007‌
—‌
Commercial
Mortgage-Backed
Securities
—‌
3,589,096‌
—‌
Corporate
Bond
—‌
33,579,300‌
—‌
Foreign
Bond
—‌
6,064,591‌
—‌
Foreign
Government
Securities
—‌
1,532,279‌
—‌
Mortgage-Backed
Securities
—‌
73,700,630‌
—‌
Municipal
Bond
—‌
1,164,068‌
—‌
U.S.
Government
Agency
Securities
—‌
3,002,882‌
—‌
U.S.
Treasury
Obligations
20,577,577‌
—‌
—‌
Total
$
20,577,577‌
$
132,248,899‌
$
—‌
Liabilities
Fixed
Income
Forward
Sales
Contracts
$
—‌
$
(
33,394,577‌
)
$
—‌
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Credit
Default
Swap
Contracts
(a)
$
—‌
$
90,758‌
$
—‌
Forward
Foreign
Currency
Exchange
Contracts
(a)
—‌
41,756‌
—‌
Futures
Contracts
(a)
87,202‌
—‌
—‌
Interest
Rate
Swap
Contracts
(a)
—‌
691,439‌
—‌
Purchased
Options
Contracts
—‌
14,807‌
—‌
Total
$
87,202‌
$
838,760‌
$
—‌
€
1.00
€
1.00
€
1.00
Liabilities
Credit
Default
Swap
Contracts
(a)
$
—‌
$
(
10,564‌
)
$
—‌
Forward
Foreign
Currency
Exchange
Contracts
(a)
—‌
(
59,129‌
)
—‌
Futures
Contracts
(a)
(
103,630‌
)
—‌
—‌
Interest
Rate
Swap
Contracts
(a)
—‌
(
681,612‌
)
—‌
Written
Options
Contracts
—‌
(
10,388‌
)
—‌
Total
$
(
103,630‌
)
$
(
761,693‌
)
$
—‌
€
1.00
€
1.00
€
1.00
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,
2023
(Unaudited)
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
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.
Floating
and
Variable
Rate
Obligations
Risk
—
Floating
rate
and
variable
rate
obligations
are
debt
instruments
issued
by
companies
or
other
entities
with
interest
rates
that
reset
periodically
(typically,
daily,
monthly,
quarterly,
or
semiannually)
in
response
to
changes
in
the
market
rate
of
interest
on
which
the
interest
rate
is
based.
Such
market
rates
are
generally
the
Secured
Overnight
Financing
Rate
(“SOFR”),
a
term
SOFR
rate
published
by
CME
Group
Benchmark
Administration
Limited
(CBA)
calculated
using
certain
derivatives
markets
(“Term
SOFR”),
London
Interbank
Offered
Rate
(“LIBOR”),
the
Prime
Rate
of
a
designated
U.S.
bank,
the
Federal
Funds
Rate,
or
another
base
lending
rate
used
by
commercial
lenders.
For
floating
and
variable
rate
obligations,
there
may
be
a
lag
between
an
actual
change
in
the
underlying
interest
rate
benchmark
and
the
reset
time
for
an
interest
payment
of
such
an
obligation,
which
could
harm
or
benefit
the
Fund,
depending
on
the
interest
rate
environment
or
other
circumstances.
In
a
rising
interest
rate
environment,
for
example,
a
floating
or
variable
rate
obligation
that
does
not
reset
immediately
would
prevent
the
Fund
from
taking
full
advantage
of
rising
interest
rates
in
a
timely
manner.
However,
in
a
declining
interest
rate
environment,
the
Fund
may
benefit
from
a
lag
due
to
an
obligation’s
interest
rate
payment
not
being
immediately
impacted
by
a
decline
in
interest
rates.
Some
floating
or
variable
rate
obligations
or
investments
of
the
Fund
may
reference
(or
may
have
previously
referenced)
the
London
Interbank
Offered
Rate
(“LIBOR”).
As
a
result
of
benchmark
reforms,
publication
of
most
LIBOR
settings
has
ceased.
Some
LIBOR
settings
continue
to
be
published
but
only
on
a
temporary,
synthetic
and
non-representative
basis
and
are
expected
to
cease
being
published
in
September
2024.
Regulated
entities
have
generally
ceased
entering
into
new
LIBOR
contracts
in
connection
with
regulatory
guidance
or
prohibitions.
Public
and
private
sector
actors
have
worked
to
establish
alternative
reference
rates,
like
SOFR
or
Term
SOFR,
to
be
used
in
place
of
LIBOR.
There
is
no
assurance
that
any
such
alternative
reference
rate
will
be
similar
to
or
produce
the
same
value
or
economic
equivalence
as
LIBOR
or
that
it
will
have
the
same
volume
or
liquidity
as
did
LIBOR
which
may
affect
the
value,
volatility,
liquidity
or
return
on
certain
of
the
Fund’s
floating
and
variable
rate
obligations
and
investments
and
result
in
costs
incurred
in
connection
with
changing
reference
rates
used
for
positions,
closing
out
positions
and
entering
into
new
trades.
Certain
of
the
Fund’s
obligations
or
investments
may
have
transitioned
from
LIBOR
or
may
transition
from
LIBOR
in
the
future.
The
transition
from
LIBOR
to
alternative
reference
rates
may
result
in
operational
issues
for
the
Fund
or
its
obligations
or
investments.
Any
pricing
adjustments
to
the
Fund’s
obligations
or
investments
resulting
from
use
of
an
alternative
reference
rate
may
also
adversely
affect
the
Fund’s
performance
and/or
NAV.
No
assurances
can
be
given
as
to
the
impact
of
the
LIBOR
transition
(and
the
timing
of
any
such
impact)
on
the
Fund
and
its
obligations
and
investments.
Interest
Rate
Risk
—
When
interest
rates
increase,
fixed
income
securities
or
instruments
held
by
a
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
the
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Core
Fixed
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(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,
participating
insurance
companies
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.
Liquidity
Risk
—
The
Fund
may
make
investments
that
are
illiquid
or
that
may
become
less
liquid
in
response
to
market
developments
or
adverse
investor
perceptions.
Illiquid
investments
may
be
more
difficult
to
value.
Liquidity
risk
may
also
refer
to
the
risk
that
the
Fund
will
not
be
able
to
pay
redemption
proceeds
within
the
allowable
time
period
or
without
significant
dilution
to
remaining
investors’
interests
because
of
unusual
market
conditions,
declining
prices
of
the
securities
sold,
an
unusually
high
volume
of
redemption
requests,
or
other
reasons.
To
meet
redemption
requests,
the
Fund
may
be
forced
to
sell
investments
at
an
unfavorable
time
and/or
under
unfavorable
conditions.
If
the
Fund
is
forced
to
sell
securities
at
an
unfavorable
time
and/or
under
unfavorable
conditions,
such
sales
may
adversely
affect
the
Fund’s
NAV
and
dilute
remaining
investors’
interests.
Liquidity
risk
may
be
the
result
of,
among
other
things,
the
reduced
number
and
capacity
of
traditional
market
participants
to
make
a
market
in
fixed
income
securities
or
the
lack
of
an
active
market.
The
potential
for
liquidity
risk
may
be
magnified
by
a
rising
interest
rate
environment
or
other
circumstances
where
investor
redemptions
from
fixed
income
funds
may
be
higher
than
normal,
potentially
causing
increased
supply
in
the
market
due
to
selling
activity.
Redemptions
by
large
shareholders
may
have
a
negative
impact
on
the
Fund’s
liquidity.
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
the
Fund
trades
financial
instruments
and
enters
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk).
The
value
of
the
securities
in
which
the
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors
or
governments
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
acts
of
terrorism,
social
unrest,
natural
disasters,
the
spread
of
infectious
illness
or
other
public
health
threats
could
also
significantly
impact
the
Fund
and
its
investments.
Additionally,
the
Fund
may
also
be
exposed
to
credit
risk
in
the
event
that
an
issuer
or
guarantor
fails
to
perform
or
that
an
institution
or
entity
with
which
the
Fund
has
unsettled
or
open
transactions
defaults.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)