NPORT-EX 2 305944GS033124.htm
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
March
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
40.0%
a
FHLMC
$
2,622
7.500
%
12/01/29
$
2,747
846
5.000
10/01/33
848
1,222
5.000
07/01/35
1,224
1,777
5.000
12/01/35
1,787
365
5.000
03/01/38
367
859
5.000
06/01/41
866
4,350
4.500
08/01/48
4,204
5,195
4.500
11/01/48
5,021
550,851
3.000
09/01/49
483,785
400,561
4.000
03/01/50
376,791
814,193
4.500
03/01/50
788,702
276,649
3.000
10/01/50
241,670
920,498
2.500
02/01/51
765,815
1,861,674
2.000
05/01/51
1,479,559
868,606
2.500
05/01/51
726,732
871,573
2.500
05/01/51
732,464
1,978,876
2.500
08/01/51
1,661,573
815,296
2.500
09/01/51
681,858
768,618
4.500
04/01/52
734,226
566,381
4.500
06/01/52
543,832
377,852
6.000
12/01/52
387,659
FNMA
32
4.500
07/01/24
32
401
9.000
11/01/25
402
5,925
7.000
08/01/26
5,965
2,239
8.000
10/01/29
2,308
752
8.500
04/01/30
792
1,420
8.000
05/01/30
1,454
2,676
8.000
08/01/32
2,864
3,541
4.500
08/01/39
3,468
6,398
3.000
01/01/43
5,799
12,143
3.000
01/01/43
11,004
7,422
3.000
03/01/43
6,741
19,335
3.000
03/01/43
17,405
58,472
3.000
03/01/43
52,605
7,439
3.000
04/01/43
6,718
9,378
3.000
04/01/43
8,445
13,965
3.000
04/01/43
12,565
17,226
3.000
04/01/43
15,500
71,965
3.000
04/01/43
64,758
9,411
3.000
05/01/43
8,461
35,381
3.000
05/01/43
31,817
39,981
3.000
05/01/43
35,975
261,257
4.000
12/01/44
249,099
218,739
4.500
04/01/45
213,873
27,588
4.500
05/01/45
26,949
530,361
4.000
08/01/45
502,701
128,828
4.000
02/01/48
121,626
150,910
4.000
03/01/48
142,427
2,739
4.000
07/01/48
2,585
9,225
4.000
07/01/48
8,723
253,532
4.500
07/01/48
245,040
170,064
4.000
08/01/48
160,451
133,568
5.000
11/01/48
133,437
1,880,173
2.000
10/01/50
1,497,199
430,758
3.000
10/01/50
377,237
558,476
3.000
10/01/50
487,864
564,329
3.000
10/01/50
494,211
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
FNMA
–
(continued)
$
1,880,772
2.000
%
11/01/50
$
1,497,676
74,132
2.500
03/01/51
62,508
91,857
2.500
09/01/51
77,311
364,369
2.500
10/01/51
306,119
166,892
2.500
11/01/51
140,203
214,809
2.500
11/01/51
180,402
1,411,730
6.000
11/01/52
1,443,959
887,668
5.500
04/01/53
886,641
1,928,108
6.500
09/01/53
1,984,079
2,000,000
2.000
TBA-30yr
(a)
1,583,578
4,000,000
2.500
TBA-30yr
(a)
3,308,352
3,000,000
6.000
TBA-30yr
(a)
3,028,477
1,000,000
7.000
TBA-30yr
(a)
1,030,618
952,896
3.500
09/01/62
834,773
FNMA
,
Series
2012-111,
Class
B
4,608
7.000
10/25/42
4,866
FNMA
,
Series
2012-153,
Class
B
12,410
7.000
07/25/42
13,342
GNMA
859
7.000
11/15/25
859
248
7.000
04/15/26
249
421
7.000
04/15/26
421
525
7.000
03/15/27
526
218
7.000
11/15/27
218
1,152
7.000
11/15/27
1,169
2,536
7.000
02/15/28
2,556
59
7.000
05/15/28
59
1,122
7.000
06/15/28
1,136
541
7.000
07/15/28
548
1,107
7.000
07/15/28
1,119
5,480
7.000
09/15/28
5,548
41,072
6.000
08/20/34
42,765
37,028
5.000
06/15/40
37,251
152,964
4.000
08/20/43
145,601
58,221
4.000
10/20/45
55,382
174,292
3.500
04/20/47
160,290
214,940
3.500
12/20/47
197,671
881,270
4.000
07/20/48
833,334
29,115
5.000
08/20/48
28,959
95,333
4.500
09/20/48
92,705
102,414
5.000
10/20/48
101,736
278,399
5.000
11/20/48
276,554
35,508
5.000
12/20/48
35,273
222,240
4.500
01/20/49
215,766
30,327
4.500
03/20/49
29,444
619,385
3.000
08/20/49
551,118
199,941
4.500
10/20/49
194,404
402,047
3.000
03/20/50
357,297
198,200
4.500
03/20/50
192,364
620,895
3.500
02/20/51
570,166
804,912
3.000
11/20/51
710,354
940,218
3.000
11/20/51
823,815
924,377
4.500
09/20/52
888,421
919,508
4.500
10/20/52
884,028
992,838
7.000
01/20/54
1,015,584
1,000,000
7.000
TBA-30yr
(a)
1,022,266
1,000,000
2.000
TBA-30yr
(a)
819,898
2,000,000
2.500
TBA-30yr
(a)
1,704,118
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
GNMA
–
(continued)
$
2,000,000
4.500
%
TBA-30yr
(a)
$
1,921,617
2,000,000
5.000
TBA-30yr
(a)
1,965,464
1,000,000
6.000
TBA-30yr
(a)
1,008,954
7,000,000
6.500
TBA-30yr
(a)
7,116,348
1,000,000
3.000
TBA-30yr
(a)
882,078
GNMA
,
Series
2021-135,
Class
A
939,781
2.000
08/20/51
754,728
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost
$58,288,519)
56,613,295
a
Corporate
Bonds
–
25.6%
Aerospace/Defense
–
1.1%
Boeing
Co.
(The)
50,000
3.450
11/01/28
(b)
45,663
25,000
5.150
05/01/30
(b)
24,194
25,000
3.250
02/01/35
(b)
19,694
325,000
5.705
05/01/40
(b)
311,083
100,000
5.805
05/01/50
(b)
94,579
L3Harris
Technologies,
Inc.
50,000
5.600
07/31/53
(b)
50,814
Lockheed
Martin
Corp.
150,000
5.250
01/15/33
(b)
154,137
Northrop
Grumman
Corp.
75,000
3.250
01/15/28
(b)
70,871
25,000
4.750
06/01/43
23,037
50,000
5.250
05/01/50
(b)
48,942
RTX
Corp.
50,000
3.950
08/16/25
(b)
49,181
50,000
4.125
11/16/28
(b)
48,394
600,000
6.100
03/15/34
(b)
641,702
25,000
4.050
05/04/47
(b)
20,400
1,602,691
Agriculture
–
0.2%
Archer-Daniels-Midland
Co.
25,000
3.250
03/27/30
(b)
22,868
100,000
2.900
03/01/32
(b)
86,252
Philip
Morris
International,
Inc.
100,000
5.750
11/17/32
(b)
103,248
212,368
Auto
Manufacturers
–
0.5%
General
Motors
Co.
25,000
4.000
04/01/25
24,607
General
Motors
Financial
Co.,
Inc.
125,000
4.300
07/13/25
(b)
123,062
125,000
1.500
06/10/26
(b)
115,029
125,000
2.350
01/08/31
(b)
103,333
358,000
2.700
06/10/31
(b)
298,425
664,456
Banks
–
5.6%
Bank
of
America
Corp.
(
SOFR
+
1.290%
)
140,000
5.080
01/20/27
(b)(c)
139,352
(
TSFR3M
+
1.302%
)
85,000
3.419
12/20/28
(b)(c)
79,794
(
SOFR
+
1.630%
)
370,000
5.202
04/25/29
(b)(c)
370,389
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Banks
–
(continued)
(
SOFR
+
2.150%
)
$
175,000
2.592
%
04/29/31
(b)(c)
$
150,873
(
SOFR
+
1.220%
)
110,000
2.299
07/21/32
(b)(c)
90,038
(
SOFR
+
1.830%
)
390,000
4.571
04/27/33
(b)(c)
370,371
(
US
5
Year
CMT
T-Note
+
1.200%
)
100,000
2.482
09/21/36
(b)(c)
79,896
Bank
of
America
Corp.
,
GMTN
(
TSFR3M
+
1.632%
)
25,000
3.593
07/21/28
(b)(c)
23,766
Bank
of
America
Corp.
,
MTN
45,000
3.248
10/21/27
(b)
42,655
(
TSFR3M
+
1.837%
)
75,000
3.824
01/20/28
(b)(c)
72,233
(
SOFR
+
1.050%
)
400,000
2.551
02/04/28
(b)(c)
371,736
(
SOFR
+
2.040%
)
305,000
4.948
07/22/28
(b)(c)
302,594
(
TSFR3M
+
1.572%
)
50,000
4.271
07/23/29
(b)(c)
48,200
(
SOFR
+
1.530%
)
50,000
1.898
07/23/31
(b)(c)
41,048
(
SOFR
+
1.330%
)
75,000
2.972
02/04/33
(b)(c)
63,631
(
SOFR
+
2.160%
)
73,000
5.015
07/22/33
(b)(c)
71,840
Bank
of
America
Corp.
,
Series
L
25,000
4.183
11/25/27
(b)
24,244
Bank
of
America
Corp.
,
Series
N
(
SOFR
+
1.220%
)
50,000
2.651
03/11/32
(b)(c)
42,213
Bank
of
New
York
Mellon
Corp.
(The)
(
SOFR
+
1.755%
)
20,000
4.596
07/26/30
(b)(c)
19,649
Citigroup,
Inc.
220,000
3.400
05/01/26
211,883
150,000
4.450
09/29/27
145,874
(
SOFR
+
1.422%
)
75,000
2.976
11/05/30
(b)(c)
66,608
(
SOFR
+
1.351%
)
200,000
3.057
01/25/33
(b)(c)
169,733
(
SOFR
+
2.086%
)
165,000
4.910
05/24/33
(b)(c)
159,086
Fifth
Third
Bancorp
30,000
2.375
01/28/25
(b)
29,194
Huntington
Bancshares,
Inc.
50,000
4.000
05/15/25
(b)
49,096
JPMorgan
Chase
&
Co.
(
SOFR
+
1.160%
)
125,000
2.301
10/15/25
(b)(c)
122,785
(
TSFR3M
+
1.507%
)
100,000
3.960
01/29/27
(b)(c)
97,661
15,000
3.625
12/01/27
(b)
14,290
(
TSFR3M
+
1.599%
)
972,000
3.782
02/01/28
(b)(c)
936,117
(
TSFR3M
+
1.207%
)
45,000
3.509
01/23/29
(b)(c)
42,562
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Banks
–
(continued)
(
TSFR3M
+
3.790%
)
$
25,000
4.493
%
03/24/31
(b)(c)
$
24,172
(
SOFR
+
2.040%
)
25,000
2.522
04/22/31
(b)(c)
21,628
(
SOFR
+
1.260%
)
150,000
2.963
01/25/33
(b)(c)
128,113
(
SOFR
+
2.080%
)
165,000
4.912
07/25/33
(b)(c)
161,433
(
SOFR
+
1.620%
)
100,000
5.336
01/23/35
(b)(c)
100,357
M&T
Bank
Corp.
(
SOFR
+
2.800%
)
265,000
7.413
10/30/29
(b)(c)
279,543
Morgan
Stanley
25,000
3.625
01/20/27
24,141
20,000
3.950
04/23/27
19,316
(
SOFR
+
1.295%
)
213,000
5.050
01/28/27
(b)(c)
212,255
(
SOFR
+
1.000%
)
200,000
2.475
01/21/28
(b)(c)
186,037
(
SOFR
+
2.076%
)
165,000
4.889
07/20/33
(b)(c)
160,046
(
SOFR
+
1.730%
)
70,000
5.466
01/18/35
(b)(c)
70,624
(
SOFR
+
1.360%
)
150,000
2.484
09/16/36
(b)(c)
118,567
Morgan
Stanley
,
GMTN
(
TSFR3M
+
1.890%
)
25,000
4.431
01/23/30
(b)(c)
24,196
(
SOFR
+
1.143%
)
400,000
2.699
01/22/31
(b)(c)
349,580
Morgan
Stanley
,
MTN
(
SOFR
+
1.152%
)
75,000
2.720
07/22/25
(b)(c)
74,241
(
SOFR
+
1.590%
)
305,000
5.164
04/20/29
(b)(c)
304,807
(
SOFR
+
3.120%
)
50,000
3.622
04/01/31
(b)(c)
45,884
(
SOFR
+
1.034%
)
75,000
1.794
02/13/32
(b)(c)
59,962
Truist
Financial
Corp.
,
MTN
(
SOFR
+
2.050%
)
50,000
6.047
06/08/27
(b)(c)
50,670
US
Bancorp
(
SOFR
+
2.020%
)
145,000
5.775
06/12/29
(b)(c)
147,549
Wells
Fargo
&
Co.
175,000
3.000
10/23/26
165,697
Wells
Fargo
&
Co.
,
GMTN
50,000
4.300
07/22/27
48,696
Wells
Fargo
&
Co.
,
MTN
(
SOFR
+
1.980%
)
215,000
4.808
07/25/28
(b)(c)
211,859
(
SOFR
+
2.100%
)
408,000
4.897
07/25/33
(b)(c)
392,875
(
TSFR3M
+
4.502%
)
25,000
5.013
04/04/51
(b)(c)
23,492
7,855,151
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Beverages
–
0.3%
Constellation
Brands,
Inc.
$
50,000
4.400
%
11/15/25
(b)
$
49,248
50,000
3.600
02/15/28
(b)
47,493
25,000
3.150
08/01/29
(b)
22,805
100,000
2.250
08/01/31
(b)
82,618
Keurig
Dr
Pepper,
Inc.
225,000
4.597
05/25/28
(b)
222,055
25,000
3.800
05/01/50
(b)
19,127
58,000
4.500
04/15/52
(b)
49,763
493,109
Biotechnology
–
0.4%
Amgen,
Inc.
70,000
3.125
05/01/25
(b)
68,347
239,000
5.250
03/02/30
(b)
242,771
238,000
5.250
03/02/33
(b)
240,023
Royalty
Pharma
PLC
75,000
1.200
09/02/25
(b)
70,607
621,748
Building
Materials
–
0.5%
Carrier
Global
Corp.
150,000
2.493
02/15/27
(b)
139,822
75,000
2.722
02/15/30
(b)
66,336
255,000
5.900
03/15/34
(b)
268,104
Martin
Marietta
Materials,
Inc.
175,000
3.200
07/15/51
(b)
122,684
Masco
Corp.
50,000
1.500
02/15/28
(b)
43,802
640,748
Chemicals
–
0.3%
DuPont
de
Nemours,
Inc.
50,000
4.493
11/15/25
(b)
49,350
Ecolab,
Inc.
4,000
2.750
08/18/55
(b)
2,550
Huntsman
International
LLC
25,000
4.500
05/01/29
(b)
23,878
International
Flavors
&
Fragrances,
Inc.
75,000
1.832
10/15/27
(b)(d)
66,524
150,000
2.300
11/01/30
(b)(d)
124,662
50,000
3.268
11/15/40
(b)(d)
35,604
Sherwin-Williams
Co.
(The)
25,000
3.450
06/01/27
(b)
23,896
50,000
2.950
08/15/29
(b)
45,345
371,809
Commercial
Services
–
0.3%
CoStar
Group,
Inc.
100,000
2.800
07/15/30
(b)(d)
85,445
Global
Payments,
Inc.
50,000
2.650
02/15/25
(b)
48,707
PayPal
Holdings,
Inc.
150,000
1.650
06/01/25
(b)
143,958
75,000
2.650
10/01/26
(b)
70,832
25,000
2.850
10/01/29
(b)
22,619
S&P
Global,
Inc.
75,000
4.250
05/01/29
(b)
73,136
444,697
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Computers
–
0.2%
Dell
International
LLC
/
EMC
Corp.
$
52,000
5.850
%
07/15/25
(b)
$
52,265
89,000
6.020
06/15/26
(b)
90,171
25,000
5.300
10/01/29
(b)
25,302
Hewlett
Packard
Enterprise
Co.
45,000
4.900
10/15/25
(b)
44,712
212,450
Diversified
Financial
Services
–
0.4%
Air
Lease
Corp.
75,000
3.375
07/01/25
(b)
73,085
Air
Lease
Corp.
,
GMTN
75,000
3.750
06/01/26
(b)
72,351
Air
Lease
Corp.
,
MTN
75,000
2.300
02/01/25
(b)
72,840
75,000
2.875
01/15/26
(b)
71,759
American
Express
Co.
25,000
3.625
12/05/24
(b)
24,686
Aviation
Capital
Group
LLC
50,000
1.950
01/30/26
(b)(d)
46,663
Capital
One
Financial
Corp.
45,000
3.300
10/30/24
(b)
44,392
Discover
Financial
Services
75,000
3.750
03/04/25
(b)
73,632
Mastercard,
Inc.
25,000
3.300
03/26/27
(b)
24,058
Nuveen
LLC
25,000
4.000
11/01/28
(b)(d)
24,301
527,767
Electric
–
1.2%
American
Electric
Power
Co.,
Inc.
50,000
2.300
03/01/30
(b)
42,544
Arizona
Public
Service
Co.
45,000
2.950
09/15/27
(b)
42,126
Avangrid,
Inc.
25,000
3.200
04/15/25
(b)
24,370
Berkshire
Hathaway
Energy
Co.
25,000
3.250
04/15/28
(b)
23,587
50,000
3.700
07/15/30
(b)
46,848
Dominion
Energy,
Inc.
50,000
3.071
08/15/24
(e)
49,464
Dominion
Energy,
Inc.
,
Series
C
25,000
3.375
04/01/30
(b)
22,748
Entergy
Corp.
45,000
2.950
09/01/26
(b)
42,754
Exelon
Corp.
50,000
4.050
04/15/30
(b)
47,210
25,000
4.700
04/15/50
(b)
21,969
FirstEnergy
Corp.
100,000
2.650
03/01/30
(b)
86,053
FirstEnergy
Corp.
,
Series
B
50,000
2.250
09/01/30
(b)
41,672
Florida
Power
&
Light
Co.
68,000
4.125
02/01/42
(b)
58,904
MidAmerican
Energy
Co.
25,000
3.650
04/15/29
(b)
23,787
NextEra
Energy
Capital
Holdings,
Inc.
70,000
1.900
06/15/28
(b)
62,020
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Electric
–
(continued)
NRG
Energy,
Inc.
$
75,000
3.750
%
06/15/24
(b)(d)
$
74,569
Ohio
Power
Co.
,
Series
P
25,000
2.600
04/01/30
(b)
21,759
Pacific
Gas
and
Electric
Co.
25,000
2.100
08/01/27
(b)
22,513
50,000
2.500
02/01/31
(b)
41,617
25,000
3.300
08/01/40
(b)
18,360
25,000
3.500
08/01/50
(b)
17,122
PacifiCorp
215,000
5.800
01/15/55
(b)
211,983
Progress
Energy,
Inc.
95,000
7.000
10/30/31
105,109
Southern
California
Edison
Co.
,
Series
A
50,000
4.200
03/01/29
(b)
48,215
Southern
Co.
(The)
60,000
3.250
07/01/26
(b)
57,688
Virginia
Electric
and
Power
Co.
75,000
2.450
12/15/50
(b)
44,091
Vistra
Operations
Co.
LLC
125,000
3.550
07/15/24
(b)(d)
124,013
Xcel
Energy,
Inc.
250,000
3.350
12/01/26
(b)
237,110
1,660,205
Entertainment
–
0.4%
Warnermedia
Holdings,
Inc.
250,000
4.054
03/15/29
(b)
234,147
375,000
4.279
03/15/32
(b)
335,171
569,318
Environmental
Control
–
0.4%
Republic
Services,
Inc.
100,000
1.750
02/15/32
(b)
79,084
Veralto
Corp.
345,000
5.450
09/18/33
(b)(d)
349,236
Waste
Management,
Inc.
75,000
3.150
11/15/27
(b)
71,102
50,000
1.150
03/15/28
(b)
43,593
543,015
Food
–
0.7%
Campbell
Soup
Co.
279,000
5.400
03/21/34
(b)
281,020
General
Mills,
Inc.
75,000
4.200
04/17/28
(b)
73,121
J
M
Smucker
Co.
(The)
179,000
5.900
11/15/28
(b)
185,716
315,000
6.200
11/15/33
(b)
336,332
Kraft
Heinz
Foods
Co.
95,000
3.750
04/01/30
(b)
89,183
Mars,
Inc.
25,000
2.700
04/01/25
(b)(d)
24,383
25,000
3.200
04/01/30
(b)(d)
22,702
Sysco
Corp.
25,000
6.600
04/01/50
(b)
28,567
1,041,024
Gas
–
0.1%
East
Ohio
Gas
Co.
(The)
25,000
1.300
06/15/25
(b)(d)
23,761
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Gas
–
(continued)
East
Ohio
Gas
Co.
(The)
–
(continued)
$
25,000
2.000
%
06/15/30
(b)(d)
$
20,529
NiSource,
Inc.
95,000
3.490
05/15/27
(b)
90,620
25,000
3.600
05/01/30
(b)
23,049
157,959
Hand/Machine
Tools
–
0.0%
Stanley
Black
&
Decker,
Inc.
24,000
4.250
11/15/28
(b)
23,291
Healthcare-Products
–
0.5%
DH
Europe
Finance
II
Sarl
25,000
2.600
11/15/29
(b)
22,380
GE
Healthcare
Technologies,
Inc.
100,000
6.377
11/22/52
(b)
112,872
Solventum
Corp.
290,000
5.400
03/01/29
(b)(d)
290,682
140,000
5.600
03/23/34
(b)(d)
140,441
STERIS
Irish
FinCo
UnLtd
Co.
75,000
2.700
03/15/31
(b)
64,084
Stryker
Corp.
100,000
1.950
06/15/30
(b)
84,404
Thermo
Fisher
Scientific,
Inc.
25,000
1.750
10/15/28
(b)
22,067
736,930
Healthcare-Services
–
1.6%
Adventist
Health
System
30,000
2.952
03/01/29
(b)
27,028
Banner
Health
120,000
2.338
01/01/30
(b)
104,677
Baylor
Scott
&
White
Holdings
,
Series
2021
40,000
1.777
11/15/30
(b)
32,708
Centene
Corp.
205,000
4.250
12/15/27
(b)
195,489
110,000
2.625
08/01/31
(b)
90,339
CommonSpirit
Health
225,000
6.461
11/01/52
(b)
254,397
HCA,
Inc.
80,000
3.500
09/01/30
(b)
72,307
170,000
5.450
04/01/31
(b)
170,983
Humana,
Inc.
55,000
5.950
03/15/34
(b)
57,143
18,000
5.500
03/15/53
(b)
17,504
Rush
Obligated
Group
,
Series
2020
60,000
3.922
11/15/29
(b)
57,012
Stanford
Health
Care
,
Series
2020
40,000
3.310
08/15/30
(b)
36,566
Sutter
Health
,
Series
20A
40,000
2.294
08/15/30
(b)
34,284
UnitedHealth
Group,
Inc.
275,000
5.300
02/15/30
(b)
281,461
525,000
5.350
02/15/33
(b)
539,900
100,000
5.875
02/15/53
(b)
108,254
168,000
5.050
04/15/53
(b)
163,328
2,243,380
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Home
Builders
–
0.1%
Lennar
Corp.
$
70,000
4.750
%
11/29/27
(b)
$
69,139
Insurance
–
0.2%
American
International
Group,
Inc.
25,000
3.400
06/30/30
(b)
22,874
Arch
Capital
Group
US,
Inc.
36,000
5.144
11/01/43
34,361
Berkshire
Hathaway
Finance
Corp.
75,000
1.850
03/12/30
(b)
64,083
Marsh
&
McLennan
Cos.,
Inc.
50,000
4.375
03/15/29
(b)
49,195
Principal
Financial
Group,
Inc.
50,000
3.100
11/15/26
(b)
47,633
75,000
2.125
06/15/30
(b)
62,891
Willis
North
America,
Inc.
25,000
2.950
09/15/29
(b)
22,412
303,449
Internet
–
0.7%
Amazon.com,
Inc.
335,000
5.200
12/03/25
(b)
336,529
45,000
4.800
12/05/34
(b)
45,381
50,000
3.100
05/12/51
(b)
35,806
Expedia
Group,
Inc.
14,000
4.625
08/01/27
(b)
13,739
35,000
3.800
02/15/28
(b)
33,311
14,000
2.950
03/15/31
(b)
12,203
Meta
Platforms,
Inc.
250,000
3.500
08/15/27
(b)
240,552
Netflix,
Inc.
210,000
5.875
11/15/28
218,306
90,000
4.875
06/15/30
(b)(d)
89,392
1,025,219
Iron/Steel
–
0.0%
Steel
Dynamics,
Inc.
20,000
2.400
06/15/25
(b)
19,259
50,000
1.650
10/15/27
(b)
44,590
63,849
Lodging
–
0.3%
Hyatt
Hotels
Corp.
75,000
1.800
10/01/24
(b)
73,410
Marriott
International,
Inc.
125,000
5.000
10/15/27
(b)
124,688
91,000
4.875
05/15/29
(b)
90,116
Marriott
International,
Inc.
,
Series
HH
125,000
2.850
04/15/31
(b)
107,748
395,962
Machinery-Diversified
–
0.3%
AGCO
Corp.
112,000
5.800
03/21/34
(b)
113,405
Ingersoll
Rand,
Inc.
90,000
5.700
08/14/33
(b)
92,348
Otis
Worldwide
Corp.
25,000
2.293
04/05/27
(b)
23,176
150,000
2.565
02/15/30
(b)
131,927
360,856
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Media
–
0.6%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
$
320,000
4.908
%
07/23/25
(b)
$
316,208
Comcast
Corp.
50,000
3.950
10/15/25
(b)
49,181
25,000
3.300
02/01/27
(b)
23,985
75,000
3.300
04/01/27
(b)
71,768
225,000
3.150
02/15/28
(b)
212,257
125,000
4.150
10/15/28
(b)
122,016
25,000
3.750
04/01/40
(b)
20,772
25,000
4.700
10/15/48
(b)
22,881
Fox
Corp.
25,000
4.709
01/25/29
(b)
24,666
863,734
Mining
–
0.0%
Newmont
Corp.
75,000
2.250
10/01/30
(b)
63,927
Oil
&
Gas
–
0.1%
Occidental
Petroleum
Corp.
69,000
7.875
09/15/31
78,240
Phillips
66
25,000
1.300
02/15/26
(b)
23,266
101,506
Packaging
&
Containers
–
0.0%
Berry
Global,
Inc.
50,000
1.570
01/15/26
(b)
46,811
Pharmaceuticals
–
1.7%
AbbVie,
Inc.
220,000
4.950
03/15/31
(b)
221,982
215,000
5.050
03/15/34
(b)
217,660
49,000
4.300
05/14/36
(b)
46,000
107,000
4.050
11/21/39
(b)
95,279
119,000
4.250
11/21/49
(b)
102,998
Becton
Dickinson
and
Co.
100,000
2.823
05/20/30
(b)
88,277
Bristol-Myers
Squibb
Co.
75,000
2.950
03/15/32
(b)
65,532
214,000
5.200
02/22/34
(b)
217,343
25,000
4.250
10/26/49
(b)
21,359
105,000
6.250
11/15/53
(b)
118,349
Cencora,
Inc.
75,000
3.450
12/15/27
(b)
71,300
Cigna
Group
(The)
34,000
2.400
03/15/30
(b)
29,365
250,000
2.375
03/15/31
(b)
210,479
85,000
5.125
05/15/31
(b)
85,109
125,000
4.800
08/15/38
(b)
117,529
75,000
4.900
12/15/48
(b)
68,332
CVS
Health
Corp.
350,000
2.125
09/15/31
(b)
285,832
175,000
4.780
03/25/38
(b)
161,697
Pfizer,
Inc.
75,000
3.450
03/15/29
(b)
71,119
Zoetis,
Inc.
45,000
3.000
09/12/27
(b)
42,171
150,000
2.000
05/15/30
(b)
126,368
2,464,080
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Pipelines
–
1.1%
Cheniere
Energy
Partners
LP
$
75,000
5.950
%
06/30/33
(b)
$
76,641
Columbia
Pipelines
Operating
Co.
LLC
240,000
6.036
11/15/33
(b)(d)
248,778
Energy
Transfer
LP
15,000
4.250
04/01/24
(b)
15,000
50,000
2.900
05/15/25
(b)
48,531
25,000
5.250
04/15/29
(b)
25,050
275,000
5.750
02/15/33
(b)
279,455
5,000
6.000
06/15/48
(b)
4,973
Kinder
Morgan,
Inc.
275,000
4.300
03/01/28
(b)
268,487
MPLX
LP
75,000
2.650
08/15/30
(b)
64,541
35,000
4.500
04/15/38
(b)
31,088
25,000
5.500
02/15/49
(b)
23,833
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
25,000
3.800
09/15/30
(b)
22,923
Sabine
Pass
Liquefaction
LLC
75,000
5.625
03/01/25
(b)
74,945
75,000
5.000
03/15/27
(b)
74,779
Targa
Resources
Corp.
55,000
4.200
02/01/33
(b)
50,201
Western
Midstream
Operating
LP
75,000
3.100
02/01/25
(b)
73,366
25,000
5.450
04/01/44
(b)
22,959
20,000
5.300
03/01/48
(b)
17,430
Williams
Cos.,
Inc.
(The)
25,000
3.900
01/15/25
(b)
24,636
35,000
4.000
09/15/25
(b)
34,335
125,000
5.650
03/15/33
(b)
128,369
1,610,320
REITS
–
1.2%
Agree
LP
170,000
4.800
10/01/32
(b)
160,741
Alexandria
Real
Estate
Equities,
Inc.
25,000
3.375
08/15/31
(b)
22,302
American
Homes
4
Rent
LP
50,000
4.900
02/15/29
(b)
49,120
30,000
2.375
07/15/31
(b)
24,366
American
Tower
Corp.
100,000
2.400
03/15/25
(b)
96,982
75,000
2.100
06/15/30
(b)
62,327
Crown
Castle,
Inc.
60,000
3.650
09/01/27
(b)
56,900
CubeSmart
LP
45,000
4.000
11/15/25
(b)
43,912
20,000
2.500
02/15/32
(b)
16,349
Essex
Portfolio
LP
50,000
3.000
01/15/30
(b)
44,356
Healthcare
Realty
Holdings
LP
25,000
2.050
03/15/31
(b)
19,287
Host
Hotels
&
Resorts
LP
,
Series
J
42,000
2.900
12/15/31
(b)
34,913
Invitation
Homes
Operating
Partnership
LP
75,000
2.300
11/15/28
(b)
66,381
195,000
2.000
08/15/31
(b)
154,915
Kilroy
Realty
LP
20,000
4.750
12/15/28
(b)
19,118
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
REITS
–
(continued)
Mid-America
Apartments
L.P.
$
50,000
1.700
%
02/15/31
(b)
$
40,300
National
Retail
Properties,
Inc.
35,000
3.900
06/15/24
(b)
34,830
45,000
4.000
11/15/25
(b)
44,022
Prologis
L.P.
25,000
1.750
07/01/30
(b)
20,805
125,000
4.625
01/15/33
(b)
121,457
Realty
Income
Corp.
25,000
3.950
08/15/27
(b)
24,238
75,000
3.400
01/15/30
(b)
68,410
Regency
Centers
LP
100,000
2.950
09/15/29
(b)
89,460
Retail
Opportunity
Investments
Partnership
LP
195,000
6.750
10/15/28
(b)
202,025
UDR,
Inc.
,
MTN
25,000
2.100
08/01/32
(b)
19,626
100,000
1.900
03/15/33
(b)
75,735
Ventas
Realty
LP
45,000
3.500
02/01/25
(b)
44,093
WP
Carey,
Inc.
20,000
4.600
04/01/24
(b)
20,000
30,000
4.000
02/01/25
(b)
29,561
25,000
3.850
07/15/29
(b)
23,332
25,000
2.400
02/01/31
(b)
20,775
1,750,638
Retail
–
0.6%
7-Eleven,
Inc.
100,000
1.300
02/10/28
(b)(d)
87,187
AutoNation,
Inc.
83,000
4.500
10/01/25
(b)
81,726
25,000
1.950
08/01/28
(b)
21,653
Dollar
Tree,
Inc.
50,000
4.000
05/15/25
(b)
49,172
50,000
4.200
05/15/28
(b)
48,334
Home
Depot,
Inc.
(The)
25,000
3.900
12/06/28
(b)
24,289
150,000
3.250
04/15/32
(b)
134,118
Lowe's
Cos.,
Inc.
25,000
3.100
05/03/27
(b)
23,705
75,000
1.700
09/15/28
(b)
65,610
25,000
3.000
10/15/50
(b)
16,371
50,000
4.250
04/01/52
(b)
40,957
McDonald's
Corp.
,
MTN
25,000
4.200
04/01/50
(b)
20,899
Starbucks
Corp.
100,000
4.000
11/15/28
(b)
97,058
Tractor
Supply
Co.
50,000
1.750
11/01/30
(b)
40,514
Walgreens
Boots
Alliance,
Inc.
41,000
4.100
04/15/50
(b)
30,136
781,729
Semiconductors
–
0.5%
Applied
Materials,
Inc.
25,000
1.750
06/01/30
(b)
21,074
Broadcom,
Inc.
74,000
4.150
04/15/32
(b)(d)
68,578
100,000
3.419
04/15/33
(b)(d)
86,570
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Semiconductors
–
(continued)
Broadcom,
Inc.
–
(continued)
$
50,000
3.469
%
04/15/34
(b)(d)
$
42,871
162,000
3.137
11/15/35
(b)(d)
130,953
100,000
3.500
02/15/41
(b)(d)
77,648
Intel
Corp.
175,000
5.200
02/10/33
(b)
177,446
65,000
5.150
02/21/34
(b)
65,183
75,000
3.050
08/12/51
(b)
50,573
Micron
Technology,
Inc.
50,000
2.703
04/15/32
(b)
41,792
762,688
Software
–
1.5%
Adobe,
Inc.
50,000
2.150
02/01/27
(b)
46,688
75,000
2.300
02/01/30
(b)
65,956
Black
Knight
InfoServ
LLC
75,000
3.625
09/01/28
(b)(d)
70,912
Fiserv,
Inc.
25,000
4.200
10/01/28
(b)
24,133
Intuit,
Inc.
25,000
1.350
07/15/27
(b)
22,358
MSCI,
Inc.
180,000
4.000
11/15/29
(b)(d)
166,793
Oracle
Corp.
150,000
4.500
05/06/28
(b)
147,813
34,000
2.950
04/01/30
(b)
30,266
175,000
4.650
05/06/30
(b)
171,537
275,000
2.875
03/25/31
(b)
239,172
250,000
6.250
11/09/32
(b)
267,615
157,000
4.900
02/06/33
(b)
153,683
225,000
6.900
11/09/52
(b)
258,899
50,000
3.850
04/01/60
(b)
35,598
Roper
Technologies,
Inc.
50,000
4.200
09/15/28
(b)
48,573
ServiceNow,
Inc.
125,000
1.400
09/01/30
(b)
101,130
Take-Two
Interactive
Software,
Inc.
85,000
3.700
04/14/27
(b)
81,577
VMware,
Inc.
25,000
1.800
08/15/28
(b)
21,788
100,000
2.200
08/15/31
(b)
81,344
Workday,
Inc.
75,000
3.500
04/01/27
(b)
71,811
25,000
3.800
04/01/32
(b)
22,762
2,130,408
Telecommunications
–
1.7%
AT&T,
Inc.
288,000
2.300
06/01/27
(b)
265,455
150,000
4.350
03/01/29
(b)
146,197
50,000
2.750
06/01/31
(b)
43,057
335,000
2.550
12/01/33
(b)
268,576
25,000
4.900
08/15/37
(b)
23,707
60,000
4.850
03/01/39
(b)
56,022
75,000
3.500
06/01/41
(b)
58,499
25,000
4.350
06/15/45
(b)
21,319
25,000
5.150
11/15/46
(b)
23,629
25,000
4.500
03/09/48
(b)
21,278
25,000
3.650
06/01/51
(b)
18,324
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Telecommunications
–
(continued)
Cisco
Systems,
Inc.
$
67,000
5.050
%
02/26/34
(b)
$
67,871
T-Mobile
USA,
Inc.
49,000
3.500
04/15/25
(b)
48,039
75,000
1.500
02/15/26
(b)
70,026
153,000
3.750
04/15/27
(b)
147,330
25,000
4.750
02/01/28
(b)
24,673
175,000
2.050
02/15/28
(b)
156,789
83,000
3.875
04/15/30
(b)
77,802
75,000
2.875
02/15/31
(b)
65,221
75,000
3.500
04/15/31
(b)
67,755
500,000
5.200
01/15/33
(b)
500,550
25,000
3.000
02/15/41
(b)
18,412
Verizon
Communications,
Inc.
108,000
4.329
09/21/28
105,629
200,000
2.550
03/21/31
(b)
170,870
2,467,030
Transportation
–
0.3%
Burlington
Northern
Santa
Fe
LLC
25,000
4.050
06/15/48
(b)
20,812
CSX
Corp.
175,000
3.800
03/01/28
(b)
169,290
FedEx
Corp.
45,000
3.400
02/15/28
(b)
42,718
75,000
5.250
05/15/50
(b)
71,885
Union
Pacific
Corp.
125,000
2.800
02/14/32
(b)
108,588
413,293
TOTAL
CORPORATE
BONDS
(Cost
$38,113,088)
36,296,754
a
Asset-
Backed
Securities
–
13.2%
Collateralized
Debt
Obligations
–
0.2%
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
,
Series
2022-
FL1,
Class
A
(
SOFR
+
1.450%
)
250,000
6.769
01/15/37
(c)(d)
248,047
Collateralized
Loan
Obligations
–
5.8%
Allegro
CLO
VIII
Ltd.
,
Series
2018-2A,
Class
A
(
TSFR3M
+
1.362%
)
358,666
6.676
07/15/31
(c)(d)
358,757
AMMC
CLO
XI
Ltd.
,
Series
2012-11A,
Class
A1R2
(
TSFR3M
+
1.272%
)
354,114
6.589
04/30/31
(c)(d)
354,469
Apidos
CLO
XV
,
Series
2013-15A,
Class
A1RR
(
TSFR3M
+
1.272%
)
449,641
6.589
04/20/31
(c)(d)
449,793
Carlyle
US
CLO
Ltd.
,
Series
2024-2A,
Class
B
(
TSFR3M
+
2.050%
)
400,000
0.010
04/25/37
(c)(d)(f)
400,140
Cathedral
Lake
VIII
Ltd.
,
Series
2021-8A,
Class
C
(
TSFR3M
+
2.882%
)
200,000
8.197
01/20/35
(c)(d)
199,891
CBAM
Ltd.
,
Series
2018-5A,
Class
A
(
TSFR3M
+
1.282%
)
474,627
6.598
04/17/31
(c)(d)
474,549
Cedar
Funding
IX
CLO
Ltd.
,
Series
2018-9A,
Class
A1
(
TSFR3M
+
1.242%
)
218,124
6.559
04/20/31
(c)(d)
218,254
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-
Backed
Securities
–
(continued)
Collateralized
Loan
Obligations
–
(continued)
CFIP
CLO
Ltd.
,
Series
2021-1A,
Class
A
(
TSFR3M
+
1.482%
)
$
700,000
6.799
%
01/20/35
(c)(d)
$
699,233
CFIP
CLO
Ltd.
,
Series
2021-1A,
Class
C1
(
TSFR3M
+
2.662%
)
300,000
7.979
01/20/35
(c)(d)
299,989
Crown
City
CLO
I
,
Series
2020-1A,
Class
A1AR
(
TSFR3M
+
1.452%
)
250,000
6.769
07/20/34
(c)(d)
250,028
Diameter
Capital
CLO
1
Ltd.
,
Series
2021-1A,
Class
A1A
(
TSFR3M
+
1.502%
)
425,000
6.816
07/15/36
(c)(d)
425,238
GoldenTree
Loan
Management
US
CLO
19
Ltd.
,
Series
2019-6A,
Class
AR
(
TSFR3M
+
1.320%
)
300,000
6.638
04/20/35
(c)(d)
300,130
GoldenTree
Loan
Management
US
CLO
19
Ltd.
,
Series
2024-
19A,
Class
A
(
TSFR3M
+
1.500%
)
550,000
6.821
04/20/37
(c)(d)
551,987
HalseyPoint
CLO
Ltd.
,
Series
2020-3A,
Class
A1A
(
TSFR3M
+
1.712%
)
250,000
7.029
11/30/32
(c)(d)
250,015
Hayfin
US
XII
Ltd.
,
Series
2018-8A,
Class
A
(
TSFR3M
+
1.382%
)
218,822
6.699
04/20/31
(c)(d)
218,895
Jamestown
CLO
XV
Ltd.
,
Series
2020-15A,
Class
A
(
TSFR3M
+
1.602%
)
300,000
6.916
04/15/33
(c)(d)
300,000
JP
Morgan
Mortgage
Trust
,
Series
2023-HE3,
Class
A1
(
SOFR
+
1.600%
)
127,011
6.920
05/25/54
(c)(d)
127,803
Marble
Point
CLO
XVII
Ltd.
,
Series
2020-1A,
Class
A
(
TSFR3M
+
1.562%
)
500,000
6.879
04/20/33
(c)(d)
499,995
OCP
CLO
Ltd.
,
Series
2019-16A,
Class
AR
(
TSFR3M
+
1.262%
)
250,000
6.587
04/10/33
(c)(d)
249,955
Palmer
Square
Loan
Funding
Ltd.
,
Series
2022-3A,
Class
A1BR
(
TSFR3M
+
1.400%
)
325,000
6.721
04/15/31
(c)(d)
324,997
Pikes
Peak
CLO
12
Ltd.
,
Series
2023-12A,
Class
A
(
TSFR3M
+
2.100%
)
350,000
7.418
04/20/36
(c)(d)
352,882
Post
CLO
Ltd.
,
Series
2018-1A,
Class
A
(
TSFR3M
+
1.312%
)
376,015
6.626
04/16/31
(c)(d)
376,062
Southwick
Park
CLO
LLC
,
Series
2019-4A,
Class
A1R
(
TSFR3M
+
1.322%
)
250,000
6.639
07/20/32
(c)(d)
250,125
Venture
CLO
Ltd.
,
Series
2020-39A,
Class
A1
(
TSFR3M
+
1.542%
)
275,000
6.856
04/15/33
(c)(d)
275,004
8,208,191
Diversified
Financial
Services
–
7.2%
American
Express
Credit
Account
Master
Trust
,
Series
2022-2,
Class
A
425,000
3.390
05/15/27
416,167
Bank
of
America
Auto
Trust
,
Series
2023-2A,
Class
A2
225,000
5.850
08/17/26
(d)
225,482
Barclays
Dryrock
Issuance
Trust
,
Series
2023-1,
Class
A
600,000
4.720
02/15/29
595,937
Barclays
Dryrock
Issuance
Trust
,
Series
2023-2,
Class
A
(
SOFR
+
0.900%
)
300,000
6.219
08/15/28
(c)
302,104
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-
Backed
Securities
–
(continued)
Diversified
Financial
Services
–
(continued)
Benefit
Street
Partners
CLO
Xxx
Ltd.
,
Series
2023-30A,
Class
A
(
TSFR3M
+
2.100%
)
$
350,000
7.425
%
04/25/36
(c)(d)
$
352,806
Capital
One
Multi-Asset
Execution
Trust
,
Series
2022-A2,
Class
A
200,000
3.490
05/15/27
195,969
Capital
One
Multi-Asset
Execution
Trust
,
Series
2022-A3,
Class
A
300,000
4.950
10/15/27
298,971
Citibank
Credit
Card
Issuance
Trust
,
Series
2023-A1,
Class
A1
275,000
5.230
12/08/27
275,119
Citizens
Auto
Receivables
Trust
,
Series
2024-1,
Class
A2A
475,000
5.430
10/15/26
(d)
474,701
Discover
Card
Execution
Note
Trust
,
Series
2023-A1,
Class
A
300,000
4.310
03/15/28
295,845
Ford
Credit
Auto
Lease
Trust
,
Series
2024-A,
Class
A2A
725,000
5.240
07/15/26
723,782
Ford
Credit
Auto
Owner
Trust
,
Series
2023-C,
Class
A2A
450,000
5.680
09/15/26
450,710
Ford
Credit
Auto
Owner
Trust
,
Series
2024-1,
Class
A
350,000
4.870
08/15/36
(d)
349,989
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2023-4,
Class
A2A
325,000
5.890
11/16/26
325,769
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2024-1,
Class
A2A
450,000
5.120
02/16/27
448,974
HalseyPoint
CLO
Ltd.
,
Series
2023-7A,
Class
A
(
TSFR3M
+
2.250%
)
600,000
7.568
07/20/36
(c)(d)
606,358
Honda
Auto
Receivables
Owner
Trust
,
Series
2023-4,
Class
A3
525,000
5.670
06/21/28
531,487
Hyundai
Auto
Lease
Securitization
Trust
,
Series
2022-A,
Class
A4
300,000
1.320
12/15/25
(d)
298,648
Hyundai
Auto
Lease
Securitization
Trust
,
Series
2024-A,
Class
A2A
550,000
5.150
06/15/26
(d)
549,255
Hyundai
Auto
Receivables
Trust
,
Series
2023-A,
Class
A2A
175,367
5.190
12/15/25
175,201
Nissan
Auto
Lease
Trust
,
Series
2024-A,
Class
A2A
725,000
5.110
10/15/26
723,143
Nissan
Auto
Receivables
Owner
Trust
,
Series
2023-A,
Class
A2A
222,191
5.340
02/17/26
221,941
Santander
Drive
Auto
Receivables
Trust
,
Series
2023-6,
Class
A2
356,613
6.080
05/17/27
357,610
Santander
Drive
Auto
Receivables
Trust
,
Series
2024-1,
Class
A2
300,000
5.710
02/16/27
300,157
Toyota
Auto
Receivables
Owner
Trust
,
Series
2023-B,
Class
A3
550,000
4.710
02/15/28
546,327
World
Omni
Auto
Receivables
Trust
,
Series
2023-B,
Class
A2A
198,057
5.250
11/16/26
197,843
10,240,295
TOTAL
ASSET-
BACKED
SECURITIES
(Cost
$18,670,159)
18,696,533
a
Foreign
Bonds
–
4.9%
Agriculture
–
0.1%
BAT
Capital
Corp.
(
United
Kingdom
)
25,000
3.222
08/15/24
(b)
24,749
100,000
2.259
03/25/28
(b)
89,116
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Bonds
–
(continued)
Agriculture
–
(continued)
BAT
Capital
Corp.
(United
Kingdom)
–
(continued)
$
25,000
4.540
%
08/15/47
(b)
$
19,266
133,131
Banks
–
2.1%
Banco
Santander
SA
(
Spain
)
200,000
2.746
05/28/25
193,324
400,000
6.921
08/08/33
418,290
Barclays
PLC
(
United
Kingdom
)
(
SOFR
+
2.714%
)
200,000
2.852
05/07/26
(b)(c)
193,882
BNP
Paribas
SA
(
France
)
200,000
3.375
01/09/25
(d)
196,663
(
SOFR
+
1.004%
)
200,000
1.323
01/13/27
(b)(c)(d)
185,926
BPCE
SA
(
France
)
(
SOFR
+
1.730%
)
250,000
3.116
10/19/32
(b)(c)(d)
204,732
Credit
Suisse
AG
(
Switzerland
)
250,000
1.250
08/07/26
227,852
HSBC
Holdings
PLC
(
United
Kingdom
)
(
SOFR
+
1.538%
)
200,000
1.645
04/18/26
(b)(c)
191,629
ING
Groep
NV
(
Netherlands
)
(
US
1
Year
CMT
T-Note
+
1.100%
)
200,000
1.400
07/01/26
(b)(c)(d)
189,888
Macquarie
Group
Ltd.
(
Australia
)
(
SOFR
+
1.069%
)
50,000
1.340
01/12/27
(b)(c)(d)
46,385
Toronto-Dominion
Bank
(The)
(
Canada
)
175,000
4.456
06/08/32
167,391
UBS
Group
AG
(
Switzerland
)
250,000
4.550
04/17/26
246,020
(
US
1
Year
CMT
T-Note
+
1.100%
)
200,000
2.746
02/11/33
(b)(c)(d)
163,350
(
SOFR
+
5.020%
)
250,000
9.016
11/15/33
(b)(c)(d)
303,462
Westpac
Banking
Corp.
(
Australia
)
(
US
5
Year
CMT
T-Note
+
2.000%
)
25,000
4.110
07/24/34
(b)(c)
23,116
Westpac
Banking
Corp.
,
GMTN
(
Australia
)
(
USISOA05
+
2.236%
)
25,000
4.322
11/23/31
(b)(c)
24,124
2,976,034
Beverages
–
0.6%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
335,000
4.700
02/01/36
(b)
325,154
70,000
4.900
02/01/46
(b)
66,550
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
175,000
4.750
01/23/29
(b)
174,927
25,000
8.200
01/15/39
32,430
40,000
5.450
01/23/39
(b)
41,282
25,000
4.950
01/15/42
24,355
35,000
4.600
04/15/48
(b)
31,867
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Bonds
–
(continued)
Beverages
–
(continued)
JDE
Peet's
NV
(
Netherlands
)
$
150,000
1.375
%
01/15/27
(b)(d)
$
135,234
831,799
Biotechnology
–
0.0%
CSL
Finance
PLC
(
Australia
)
25,000
3.850
04/27/27
(b)(d)
24,128
Coal
–
0.0%
Teck
Resources
Ltd.
(
Canada
)
18,000
3.900
07/15/30
(b)
16,600
Commercial
Services
–
0.3%
Ashtead
Capital,
Inc.
(
United
Kingdom
)
209,000
5.800
04/15/34
(b)(d)
208,859
DP
World
Crescent
Ltd.
,
EMTN
(
United
Arab
Emirates
)
200,000
3.875
07/18/29
187,687
396,546
Diversified
Financial
Services
–
0.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
(
Ireland
)
250,000
2.450
10/29/26
(b)
232,280
225,000
3.000
10/29/28
(b)
203,796
Avolon
Holdings
Funding
Ltd.
(
Ireland
)
25,000
3.950
07/01/24
(b)(d)
24,860
100,000
2.875
02/15/25
(b)(d)
97,335
25,000
4.250
04/15/26
(b)(d)
24,150
90,000
6.375
05/04/28
(b)(d)
91,989
Macquarie
Airfinance
Holdings
Ltd.
(
United
Kingdom
)
30,000
6.400
03/26/29
(b)(d)
30,460
704,870
Machinery-Construction
&
Mining
–
0.1%
Weir
Group
PLC
(The)
(
United
Kingdom
)
200,000
2.200
05/13/26
(b)(d)
185,580
Mining
–
0.2%
Glencore
Funding
LLC
(
Australia
)
25,000
4.625
04/29/24
(d)
24,964
75,000
1.625
04/27/26
(b)(d)
69,529
150,000
2.625
09/23/31
(b)(d)
124,927
219,420
Oil
&
Gas
–
0.1%
Saudi
Arabian
Oil
Co.
(
Saudi
Arabia
)
220,000
3.500
04/16/29
205,007
Pipelines
–
0.3%
Enbridge,
Inc.
(
Canada
)
111,000
5.700
03/08/33
(b)
113,681
125,000
2.500
08/01/33
(b)
100,737
Galaxy
Pipeline
Assets
Bidco
Ltd.
(
United
Arab
Emirates
)
186,624
2.940
09/30/40
149,641
364,059
Semiconductors
–
0.2%
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
(
China
)
25,000
3.400
05/01/30
(b)
22,679
125,000
2.500
05/11/31
(b)
104,649
125,000
2.650
02/15/32
(b)
103,760
231,088
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Bonds
–
(continued)
Software
–
0.1%
Constellation
Software,
Inc.
(
Canada
)
$
97,000
5.461
%
02/16/34
(b)(d)
$
97,494
Telecommunications
–
0.3%
Rogers
Communications,
Inc.
(
Canada
)
505,000
3.200
03/15/27
(b)
479,635
Transportation
–
0.0%
Canadian
Pacific
Railway
Co.
(
Canada
)
25,000
2.050
03/05/30
(b)
21,279
TOTAL
FOREIGN
BONDS
(Cost
$7,247,674)
6,886,670
a
Commercial
Mortgage-Backed
Securities
–
4.5%
a
3650R
Commercial
Mortgage
Trust
,
Series
2021-PF1,
Class
AS
150,000
2.778
11/15/54
(c)
124,337
BANK
,
Series
2019-BN21,
Class
A5
150,000
2.851
10/17/52
133,014
BANK
,
Series
2021-BN32,
Class
A5
150,000
2.643
04/15/54
129,103
BANK
,
Series
2022-BNK43,
Class
A5
200,000
4.399
08/15/55
190,822
BANK
,
Series
2023-BNK46,
Class
A4
200,000
5.745
08/15/56
209,956
BBCMS
Mortgage
Trust
,
Series
2023-C21,
Class
AS
175,000
6.296
09/15/56
(c)
185,346
BBCMS
Mortgage
Trust
,
Series
2024-5C25,
Class
AS
210,000
6.358
03/15/57
(c)
217,423
BBCMS
Mortgage
Trust
,
Series
2024-5C25,
Class
B
250,000
6.151
03/15/57
(c)
250,442
Benchmark
Mortgage
Trust
,
Series
2021-B31,
Class
A5
250,000
2.669
12/15/54
211,705
BLP
Commercial
Mortgage
Trust
,
Series
2024-IND2,
Class
A
250,000
6.667
03/15/41
(c)(d)
250,078
BMO
Mortgage
Trust
,
Series
2023-C7,
Class
A5
200,000
6.160
12/15/56
215,863
BX
Commercial
Mortgage
Trust
,
Series
2023-VLT2,
Class
A
250,000
7.606
06/15/40
(c)(d)
251,003
BX
Commercial
Mortgage
Trust
,
Series
2024-XL4,
Class
A
450,000
6.767
02/15/39
(c)(d)
450,704
BX
Commercial
Mortgage
Trust
,
Series
2024-XL5,
Class
A
250,000
6.692
03/15/41
(c)(d)
250,000
BX
Trust
,
Series
2021-ARIA,
Class
C
50,000
7.085
10/15/36
(c)(d)
49,304
BX
Trust
,
Series
2022-PSB,
Class
A
87,126
7.776
08/15/39
(c)(d)
87,667
BX
Trust
,
Series
2024-BIO,
Class
A
450,000
6.967
02/15/41
(c)(d)
450,703
BX
Trust
,
Series
2024-PAT,
Class
A
150,000
7.340
03/15/26
(c)(d)
149,906
Cantor
Commercial
Real
Estate
Lending
,
Series
2019-CF3,
Class
A4
100,000
3.006
01/15/53
88,911
Citigroup
Commercial
Mortgage
Trust
,
Series
2023-PRM3,
Class
A
200,000
6.360
07/10/28
(c)(d)
207,471
DOLP
Trust
,
Series
2021-NYC,
Class
A
200,000
2.956
05/10/41
(d)
167,903
EQUS
Mortgage
Trust
,
Series
2021-EQAZ,
Class
A
199,996
6.195
10/15/38
(c)(d)
198,677
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Commercial
Mortgage-Backed
Securities
–
(continued)
a
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K-152,
Class
A2
$
200,000
3.780
%
11/25/32
(c)
$
187,577
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K-161,
Class
A2
300,000
4.900
10/25/33
302,912
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K510,
Class
A2
100,000
5.069
10/25/28
(c)
101,231
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
KF153,
Class
AS
184,084
6.000
02/25/33
(c)
183,654
GS
Mortgage
Securities
Trust
,
Series
2017-GS7,
Class
A4
200,000
3.430
08/10/50
186,880
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2022-OPO,
Class
A
250,000
3.024
01/05/39
(d)
221,117
MSWF
Commercial
Mortgage
Trust
,
Series
2023-2,
Class
A2
325,000
6.890
12/15/56
342,670
TYSN
Mortgage
Trust
,
Series
2023-CRNR,
Class
A
300,000
6.580
12/10/33
(c)(d)
312,539
TOTAL
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$6,404,650)
6,308,918
a
Collateralized
Mortgage
Obligations
–
3.0%
a
Alternative
Loan
Trust
,
Series
2005-38,
Class
A1
(
Federal
Reserve
US
12
mo.
Cumulative
Avg
1
yr.
CMT
+
1.500%
)
37,127
6.589
09/25/35
(c)
32,637
Angel
Oak
Mortgage
Trust
,
Series
2021-6,
Class
A1
66,255
1.458
09/25/66
(c)(d)
53,647
BRAVO
Residential
Funding
Trust
,
Series
2024-NQM1,
Class
A1
368,216
5.943
12/01/63
(d)(e)
367,175
Connecticut
Avenue
Securities
Trust
,
Series
2021-R01,
Class
1M2
(
SOFR
+
1.550%
)
44,000
6.870
10/25/41
(c)(d)
44,178
Connecticut
Avenue
Securities
Trust
,
Series
2021-R03,
Class
1M2
(
SOFR
+
1.650%
)
42,000
6.970
12/25/41
(c)(d)
42,027
Connecticut
Avenue
Securities
Trust
,
Series
2022-R05,
Class
2M1
(
SOFR
+
1.900%
)
28,383
7.220
04/25/42
(c)(d)
28,567
Connecticut
Avenue
Securities
Trust
,
Series
2022-R05,
Class
2M2
(
SOFR
+
3.000%
)
36,000
8.320
04/25/42
(c)(d)
37,100
Connecticut
Avenue
Securities
Trust
,
Series
2023-R03,
Class
2M2
(
SOFR
+
3.900%
)
30,000
9.220
04/25/43
(c)(d)
31,985
Connecticut
Avenue
Securities
Trust
,
Series
2023-R08,
Class
1M2
(
SOFR
+
2.500%
)
50,000
7.820
10/25/43
(c)(d)
51,249
Connecticut
Avenue
Securities
Trust
,
Series
2024-R01,
Class
1M2
(
SOFR
+
1.800%
)
100,000
7.120
01/25/44
(c)(d)
100,302
Connecticut
Avenue
Securities
Trust
,
Series
2024-R02,
Class
1M2
(
SOFR
+
1.800%
)
225,000
7.120
02/25/44
(c)(d)
226,048
FHLMC
,
Series
2021-DNA5,
Class
M2
(
SOFR
+
1.650%
)
17,518
6.970
01/25/34
(c)(d)
17,607
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Collateralized
Mortgage
Obligations
–
(continued)
a
FHLMC
,
Series
2022-DNA1,
Class
M1A
(
SOFR
+
1.000%
)
$
67,573
6.320
%
01/25/42
(c)(d)
$
67,551
FHLMC
,
Series
2022-DNA3,
Class
M1A
(
SOFR
+
2.000%
)
25,763
7.320
04/25/42
(c)(d)
26,107
Freddie
Mac
STACR
REMIC
Trust
,
Series
2024-HQA1,
Class
A1
(
SOFR
+
1.250%
)
450,000
6.569
03/25/44
(c)(d)
451,125
Freddie
Mac
STACR
REMIC
Trust
,
Series
2024-HQA1,
Class
M1
(
SOFR
+
1.250%
)
300,000
6.569
03/25/44
(c)(d)
300,187
Freddie
Mac
STACR
REMIC
Trust
,
Series
2024-HQA1,
Class
M2
(
SOFR
+
2.000%
)
125,000
7.319
03/25/44
(c)(d)
125,039
J.P.
Morgan
Mortgage
Trust
,
Series
2024-1,
Class
A2
390,770
6.000
06/25/54
(c)(d)
389,763
JP
Morgan
Mortgage
Trust
,
Series
2021-6,
Class
A3
88,163
2.500
10/25/51
(c)(d)
70,875
JP
Morgan
Mortgage
Trust
,
Series
2023-10,
Class
A6
46,754
6.000
05/25/54
(c)(d)
46,442
OBX
Trust
,
Series
2024-NQM1,
Class
A1
439,933
5.928
11/25/63
(d)(e)
439,108
OBX
Trust
,
Series
2024-NQM2,
Class
A1
686,272
5.878
12/25/63
(d)(e)
684,329
OBX
Trust
,
Series
2024-NQM4,
Class
A1
298,576
6.067
01/25/64
(d)(e)
298,541
Starwood
Mortgage
Residential
Trust
,
Series
2022-1,
Class
A1
312,226
2.447
12/25/66
(c)(d)
269,621
Wells
Fargo
Mortgage
Backed
Securities
Trust
,
Series
2019-3,
Class
A1
5,679
3.500
07/25/49
(c)(d)
5,062
TOTAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(Cost
$4,224,136)
4,206,272
a
U.S.
Government
Agency
Securities
–
1.9%
a
Federal
Farm
Credit
Banks
Funding
Corp.
460,000
2.900
04/12/32
411,818
230,000
3.300
05/19/32
212,192
130,000
3.500
09/01/32
121,098
600,000
2.850
03/28/34
518,540
340,000
3.080
03/30/37
285,262
Federal
Home
Loan
Banks
250,000
3.375
09/10/32
229,620
430,000
4.750
12/10/32
437,652
Federal
National
Mortgage
Association
400,000
6.250
05/15/29
435,763
TOTAL
U.S.
GOVERNMENT
AGENCY
SECURITIES
(Cost
$2,916,393)
2,651,945
a
Foreign
Government
Securities
–
1.0%
Sovereign
–
1.0%
Indonesia
Government
International
Bond
200,000
4.850
01/11/33
(b)
197,815
Israel
Government
AID
Bond
100,000
5.500
04/26/24
(g)
99,980
Mexico
Government
International
Bond
400,000
3.250
04/16/30
(b)
356,200
110,000
1.450
10/25/33
(b)
93,122
200,000
4.280
08/14/41
(b)
161,664
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Government
Securities
–
(continued)
Sovereign
–
(continued)
Panama
Government
International
Bond
$
200,000
6.875
%
01/31/36
(b)
$
197,500
Peruvian
Government
International
Bond
50,000
3.230
07/28/21
(b)
28,797
Republic
of
Poland
Government
International
Bond
120,000
5.125
09/18/34
(b)
119,467
Romanian
Government
International
Bond
40,000
3.000
02/27/27
(d)
37,308
10,000
2.124
07/16/31
(d)
8,820
30,000
2.625
12/02/40
(d)
22,099
10,000
4.625
04/03/49
(d)
9,352
Romanian
Government
International
Bond
,
EMTN
50,000
2.875
03/11/29
49,745
TOTAL
FOREIGN
GOVERNMENT
SECURITIES
(Cost
$1,545,495)
1,381,869
a
Municipal
Bonds
–
0.4%
California
–
0.1%
State
of
California
105,000
7.625
03/01/40
(b)
128,067
Florida
–
0.0%
State
Board
of
Administration
Finance
Corp.
,
Series
A
70,000
2.154
07/01/30
(b)
59,793
Illinois
–
0.1%
Chicago
O'Hare
International
Airport
,
Series
D
85,000
2.346
01/01/30
(b)
74,464
Illinois
State
Taxable
Pension
Funding
GO
Bonds
Series
2003
25,000
5.100
06/01/33
24,818
State
of
Illinois
GO
Bonds
85,714
7.350
07/01/35
(b)
92,793
192,075
Louisiana
–
0.1%
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Auth
,
Series
2022-ELL,
Class
A3
140,000
4.275
02/01/36
133,145
New
York
–
0.0%
Metropolitan
Transportation
Authority
,
Series
A2
25,000
5.989
11/15/30
(b)
26,025
Ohio
–
0.1%
American
Municipal
Power,
Inc.
,
Series
E
95,000
6.270
02/15/50
(b)
100,987
TOTAL
MUNICIPAL
BONDS
(Cost
$642,937)
640,092
a
U.S.
Treasury
Obligations
–
18.6%
a
U.S.
Treasury
Bonds
1,640,000
3.125
(h)
11/15/41
1,378,112
1,550,000
2.750
(h)
08/15/42
1,216,750
2,310,000
2.750
(h)
11/15/42
1,808,297
2,810,000
2.375
(h)
11/15/49
1,924,850
610,000
2.000
(h)
02/15/50
382,203
480,000
2.375
(h)
05/15/51
326,100
170,000
2.000
(h)
08/15/51
105,373
400,000
2.250
(h)
02/15/52
263,313
220,000
2.875
(h)
05/15/52
166,581
360,000
3.000
(h)
08/15/52
279,844
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
U.S.
Treasury
Obligations
–
(continued)
a
U.S.
Treasury
Bonds
–
(continued)
$
1,588,400
4.000
%
(h)
11/15/52
$
1,494,337
U.S.
Treasury
Inflation
Indexed
Bonds
393,330
1.500
(h)
02/15/53
343,911
U.S.
Treasury
Inflation
Indexed
Bonds
90,463
2.125
(h)
02/15/54
91,198
U.S.
Treasury
Notes
620,000
2.500
(h)
05/31/24
617,021
620,000
3.000
(h)
06/30/24
616,416
1,250,000
3.000
(h)
07/31/24
1,240,234
620,000
4.250
(h)
09/30/24
616,876
620,000
4.250
(h)
12/31/24
615,762
636,000
0.375
(h)
12/31/25
589,890
4,050,000
0.750
(h)
03/31/26
3,753,211
473,200
0.750
(h)
04/30/26
437,192
1,720,000
0.625
(h)
07/31/26
1,571,784
620,000
4.375
(h)
08/15/26
617,675
640,000
0.750
(h)
08/31/26
585,100
640,000
2.625
(h)
05/31/27
606,600
660,000
0.500
(h)
06/30/27
583,017
140,000
1.250
(h)
03/31/28
124,414
970,000
2.875
(h)
05/15/28
918,090
1,180,000
1.250
(h)
06/30/28
1,042,088
250,000
3.125
(h)
11/15/28
238,145
1,210,000
4.125
(h)
03/31/29
(f)
1,205,152
610,000
4.125
(h)
03/31/31
(f)
606,839
TOTAL
U.S.
TREASURY
OBLIGATIONS
(Cost
$29,950,874)
26,366,375
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
3.1%
(i)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
4,442,537
5.211%
4,442,537
(Cost
$4,442,537)
TOTAL
INVESTMENTS
–
116.2%
(Cost
$172,446,462)
$
164,491,260
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(16.2)%
(22,914,675)
NET
ASSETS
–
100.0%
$
141,576,585
  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
$25,391,768
which
represents
approximately
17.9%
of
the
Fund’s
net
assets
as
of
March
31,
2024.
(b)
Securities
with
“Call”
features.
Maturity
dates
disclosed
are
the
final
maturity
date.
(c)
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,
2024.
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
ADDITIONAL
INVESTMENT
INFORMATION
(d)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(e)
Step
coupon.
(f)
When-issued
security.
(g)
Guaranteed
by
the
United
States
Government.
Total
market
value
of
$99,980,
which
represents
0.1%
of
net
assets
as
of
March
31,
2024.
(h)
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.
(i)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
BBSW
—
Bank
Bill
Swap
Rate
CLO
—
Collateralized
Loan
Obligation
CMT
—
Constant
Maturity
Treasury
Index
CORRA
—
Canadian
Overnight
Repo
Rate
Average
ESTRON
—
Euro
Short-Term
Rate
FHLMC
—
Federal
Home
Loan
Mortgage
Corp.
FNMA
—
Federal
National
Mortgage
Association
GMTN
—
Global
Medium
Term
Note
GNMA
—
Insured
by
Government
National
Mortgage
Association
LP
—
Limited
Partnership
Mo.
—
Month
MTN
—
Medium
Term
Note
NIBOR
—
Norwegian
Interbank
Offered
Rate
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SONIO
—
Sterling
Overnight
Index
Average
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
March
31,
2024,
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.
GBP
103,034
USD
129,627
4/10/2024
$
423
USD
386,782
GBP
304,123
4/10/2024
2,916
USD
248,839
SEK
2,579,932
4/25/2024
7,592
USD
236,669
CAD
318,766
5/2/2024
1,236
USD
1,102,100
EUR
1,019,610
5/8/2024
502
USD
124,229
CHF
108,235
5/23/2024
3,526
CAD
18,681
USD
13,795
6/20/2024
13
USD
5,829
CHF
5,094
6/20/2024
131
USD
40,456
JPY
5,957,774
6/20/2024
614
TOTAL
$
16,953
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
349,471
4/10/2024
(2,635)
SEK
2,119,925
USD
204,470
4/25/2024
(6,238)
CAD
324,836
USD
241,175
5/2/2024
(1,259)
EUR
827,711
USD
894,676
5/8/2024
(408)
GBP
4,841
USD
6,163
6/20/2024
(51)
NZD
15,475
USD
9,479
6/20/2024
(233)
SEK
77,632
USD
7,571
6/20/2024
(294)
TOTAL
$
(11,118)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
FORWARD
SALES
CONTRACTS
—
At
March
31,
2024,
the
Fund
had
the
following
forward
sales
contracts:
Description
Interest
Rate
Maturity
Date
 (a)
Settlement
Date
Principal
Amount
Value
Federal
National
Mortgage
Association
3.000
%
TBA-30yr
04/15/54
$
(3,000,000)
$
(2,582,349)
Federal
National
Mortgage
Association
4.500
TBA-30yr
04/15/54
(5,000,000)
(4,761,133)
Federal
National
Mortgage
Association
5.000
TBA-30yr
04/15/54
(5,000,000)
(4,879,035)
Federal
National
Mortgage
Association
6.500
TBA-30yr
04/15/54
(1,000,000)
(1,021,016)
Federal
National
Mortgage
Association
7.000
TBA-30yr
04/15/54
(1,000,000)
(1,029,368)
Government
National
Mortgage
Association
7.000
TBA-30yr
03/15/54
(1,000,000)
(1,022,265)
Government
National
Mortgage
Association
6.500
TBA-30yr
04/15/54
(6,000,000)
(6,099,727)
Total
(Proceed
Receivable
$21,422,383)
$
(21,394,893)
(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,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
U.S.
Treasury
10
Year
Note
70
06/18/24
$
7,750,312
$
1,998
U.S.
Treasury
10
Year
Ultra
Note
4
06/18/24
458,063
3,805
U.S.
Treasury
2
Year
Note
15
06/28/24
3,066,680
(9,065)
U.S.
Treasury
5
Year
Note
113
06/28/24
12,086,586
(16,238)
U.S.
Treasury
Long
Bond
22
06/18/24
2,646,187
6,750
U.S.
Treasury
Ultra
Bond
24
06/18/24
3,089,250
19,766
Total
$
7,016
Short
position
contracts:
Euro
Bund
Future
1
06/06/24
(143,757)
(892)
EURO-BOBL
Future
9
06/06/24
(1,147,487)
(2,789)
EURO-SCHATZ
Future
16
06/06/24
(1,824,120)
215
Total
$
(3,466)
Total
Futures
Contracts
$
3,550
SWAP
CONTRACTS
—
At
March
31,
2024,
the
Fund
had
the
following
swap
contracts:
OVER
THE
COUNTER
CREDIT
DEFAULT
SWAP
CONTRACTS
Reference
Obligation/Index
Financing
Rate
Received
(Paid)
by
the
Fund
Credit
Spread
at
March
31,
2024
(a)
Counterparty
Termination
Date
Notional
Amount
(000's)
Value
Upfront
Premium
(Received)
Paid
Unrealized
Appreciation/
(Depreciation)
Nordstrom,
Inc.
(b)
1.000%
0.159
%
Bank
of
America
NA
06/20/2024
225
$
359
$
(48)
$
407
ICE
CD
JWN
(b)
1.000%
0.375
Bank
of
America
NA
12/20/2024
100
375
(1,928)
2,303
Markit
CDX
North
America
Investment
Grade
Index
(b)
1.000%
1.422
Bank
of
America
NA
12/20/2025
575
8,175
–
8,175
General
Electric
Co.
(b)
1.000%
1.772
Bank
of
America
NA
06/20/2026
175
3,101
–
3,101
Markit
CDX
North
America
Investment
Grade
Index
(b)
1.000%
1.697
Bank
of
America
NA
06/20/2026
4,775
81,043
17,537
63,506
ICE
CDX
Investment
Grade
Index
(b)
1.000%
1.906
Bank
of
America
NA
12/20/2026
2,900
55,280
45,927
9,353
ICE
CDX
Investment
Grade
Index
(b)
1.000%
2.298
Bank
of
America
NA
06/20/2028
1,008
23,168
13,792
9,376
ICE
CDX
Investment
Grade
Index
(b)
1.000%
2.291
Bank
of
America
NA
12/20/2028
1,425
32,645
23,922
8,723
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
OVER
THE
COUNTER
CREDIT
DEFAULT
SWAP
CONTRACTS
Reference
Obligation/Index
Financing
Rate
Received
(Paid)
by
the
Fund
Credit
Spread
at
March
31,
2024
(a)
Counterparty
Termination
Date
Notional
Amount
(000’s)
Value
Upfront
Premium
(Received)
Paid
Unrealized
Appreciation/
(Depreciation)
Chile
Government
International
Bond
(b)
1.000%
2.125
%
Bank
of
America
NA
06/20/2029
90
$
1,912
$
1,924
$
(12)
Mexico
Government
International
Bond
(b)
1.000%
0.368
Bank
of
America
NA
06/20/2029
210
774
697
77
CMBX
Index
(c)
0.500%
1.353
Morgan
Stanley
Co,
Inc
04/17/2065
150
(2,030)
(2,789)
759
TOTAL
$
204,802
$
99,034
$
105,768
(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.
(c)
Payments
made
monthly.
SWAP
CONTRACTS
—
At
March
31,
2024
,
the
Portfolio
had
the
following
swap
contracts:
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)
3.883
%
(b)
1
Day
ESTRON
6/12/2024
EUR
14,928
$
(282)
$
–
$
(282)
1
Day
SOFR
(b)
3.500
%
4/19/2025
USD
250
3,599
(233)
3,833
2.820
(b)
1
Day
ESTRON
3/19/2026
EUR
1,650
(184)
–
(184)
3
Month
BBSW
(c)
4.000
6/19/2026
AUD
3,640
(6,849)
(6,652)
(198)
4.250
(d)
1
Day
CORRA
6/19/2026
CAD
4,590
16,267
19,218
(2,951)
1
Day
SOFR
(b)
1.000
6/19/2026
CHF
4,800
(465)
(305)
(161)
1
Day
ESTRON
(b)
3.000
6/19/2026
EUR
1,450
(7,843)
(7,049)
(793)
4.500
(b)
6
Month
NIBOR
6/19/2026
NOK
42,280
17,898
31,116
(13,218)
3.250
(b)
3
Month
STIBOR
6/19/2026
SEK
53,890
21,455
33,433
(11,978)
1
Day
CORRA
(d)
4.000
6/28/2026
CAD
660
(233)
–
(233)
1
Day
ESTRON
(b)
3.000
6/28/2026
EUR
151
(183)
–
(183)
1
Day
SOFR
(b)
4.250
6/28/2026
USD
642
1,083
–
1,083
3.750
(c)
3
Month
BBSW
6/29/2026
AUD
90
(99)
–
(99)
3.000
(b)
1
Day
ESTRON
10/20/2027
EUR
1,440
17,530
–
17,530
3.731
(b)
1
Day
SOFR
11/28/2027
USD
620
1,011
2,263
(1,251)
1
Day
ESTRON
(b)
2.852
4/22/2028
EUR
2,510
(36,085)
(8,893)
(27,193)
2.673
(b)
1
Day
ESTRON
4/22/2028
EUR
2,510
34,229
10,318
23,911
1
Day
SOFR
(b)
3.975
8/31/2028
USD
3,960
(386)
(1,013)
627
2.470
(b)
1
Day
ESTRON
4/12/2029
EUR
1,120
4,087
–
4,087
4.250
(d)
6
Month
BBSW
6/19/2029
AUD
530
4,423
3,723
700
3.750
(b)
1
Day
SONIO
6/19/2029
GBP
1,060
2,042
–
2,042
12
Month
BOJDTR
(b)
0.500
6/19/2029
JPY
855,000
12,298
–
12,298
1
Day
SOFR
(b)
2.680
7/28/2032
USD
1,400
51,380
–
51,380
12
Month
BOJDTR
(b)
1.250
8/3/2033
JPY
104,000
(4,652)
(2,062)
(2,590)
4.306
(b)
1
Day
SOFR
10/5/2033
USD
1,280
32,235
–
32,235
3.000
(b)
1
Day
ESTRON
11/10/2033
EUR
1,740
42,322
21,933
20,389
3.850
(b)
1
Day
SOFR
11/15/2033
USD
1,060
3,714
1,006
2,708
2.370
(b)
1
Day
ESTRON
1/19/2034
EUR
2,060
14,608
–
14,608
1
Day
ESTRON
(b)
2.535
1/19/2034
EUR
2,060
(18,009)
–
(18,009)
4.500
(d)
6
Month
BBSW
6/19/2034
AUD
100
1,494
1,100
394
3.500
(d)
1
Day
CORRA
6/19/2034
CAD
320
1,420
3,209
(1,789)
1.250
(b)
1
Day
SOFR
6/19/2034
CHF
420
4,657
2,567
2,091
3.000
(b)
1
Day
ESTRON
6/19/2034
EUR
620
26,634
24,942
1,692
3.750
(b)
1
Day
SONIO
6/19/2034
GBP
80
1,083
509
573
6
Month
NIBOR
(b)
4.000
6/19/2034
NOK
310
(821)
(692)
(129)
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
March
31,
2024
(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)
4.500
%
(d)
3
Month
NZD
BKBM
6/19/2034
NZD
90
$
702
$
276
$
426
3
Month
STIBOR
(b)
2.750
%
6/19/2034
SEK
2,050
(2,234)
(4,111)
1,877
1
Day
SOFR
(b)
3.750
6/20/2034
USD
40
151
–
151
2.910
(b)
1
Day
SOFR
7/28/2037
USD
3,440
(100,219)
–
(100,218)
2.152
(b)
1
Day
ESTRON
8/9/2037
EUR
1,830
(36,845)
–
(36,845)
3.391
(b)
1
Day
SOFR
5/10/2038
USD
4,350
(59,465)
–
(59,465)
1.500
(b)
12
Month
BOJDTR
8/3/2038
JPY
113,000
(4,393)
–
(4,393)
3.000
(b)
1
Day
ESTRON
1/25/2039
EUR
880
11,986
2,955
9,031
1
Day
ESTRON
(b)
1.452
8/10/2042
EUR
4,700
165,140
–
165,140
1
Day
ESTRON
(b)
2.500
1/25/2044
EUR
2,120
(15,861)
(2,430)
(13,431)
1
Day
SOFR
(b)
2.080
7/28/2047
USD
3,410
96,556
–
96,556
1.051
(b)
1
Day
ESTRON
8/11/2047
EUR
2,760
(78,438)
–
(78,438)
2.000
(b)
1
Day
ESTRON
1/25/2049
EUR
1,270
6,456
–
6,456
1
Day
SOFR
(b)
2.564
5/11/2053
USD
3,700
76,804
(976)
77,779
1
Day
ESTRON
(b)
2.000
5/17/2053
EUR
430
(852)
–
(852)
1
Day
ESTRON
(b)
2.500
11/10/2053
EUR
940
(49,112)
(32,532)
(16,580)
1
Day
SOFR
(b)
3.614
11/15/2053
USD
830
(18,774)
(6,228)
(12,547)
1
Day
SOFR
(b)
3.513
11/29/2053
USD
210
(3,359)
(3,955)
597
1
Day
ESTRON
(b)
2.750
6/19/2054
EUR
390
(39,917)
(30,722)
(9,195)
TOTAL
$
187,704
$
50,715
$
136,989
(a)
Represents
forward
starting
interest
rate
swaps
whose
effective
dates
of
commencement
of
accruals
and
cash
flows
occur
subsequent
to
March
31,
2024.
(b)
Payments
made
annually.
(c)
Payments
made
quarterly.
(d)
Payments
made
semi-annually.
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
Goldman
Sachs
Variable
Insurance
Trust
Core
Fixed
Income
Fund
Schedule
of
Investments
March
31,
2024
(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,
2024
(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,
2024
(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,
2024
(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,
2024:
Core
Fixed
Income
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Asset-
Backed
Securities
$
—
$
18,696,533
$
—
Collateralized
Mortgage
Obligations
—
4,206,272
—
Commercial
Mortgage-Backed
Securities
—
6,308,918
—
Corporate
Bond
—
36,296,754
—
Foreign
Bond
—
6,886,670
—
Foreign
Government
Securities
—
1,381,869
—
Mortgage-Backed
Securities
—
56,613,295
—
Municipal
Bond
—
640,092
—
U.S.
Government
Agency
Securities
—
2,651,945
—
U.S.
Treasury
Obligations
26,366,375
—
—
Investment
Company
4,442,537
—
—
Total
$
30,808,912
$
133,682,348
$
—
Liabilities
Fixed
Income
Forward
Sales
Contracts
$
—
$
(21,394,893)
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
(a)
Credit
Default
Swap
Contracts
$
—
$
105,780
$
—
Forward
Foreign
Currency
Exchange
Contracts
—
16,953
—
Futures
Contracts
32,534
—
—
Interest
Rate
Swap
Contracts
—
550,194
—
Total
$
32,534
$
672,927
$
—
€
1.00
€
1.00
€
1.00
Liabilities
Credit
Default
Swap
Contracts
(a)
$
—
$
(12)
$
—
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
(11,118)
—
Futures
Contracts
(a)
(28,984)
—
—
Interest
Rate
Swap
Contracts
(a)
—
(413,205)
—
Total
$
(28,984)
$
(424,335)
$
—
€
1.00
€
1.00
€
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Core
Fixed
Income
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
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.
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.
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.
€
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,
2024
(Unaudited)
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,
military
conflict,
acts
of
terrorism,
social
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
sanctions,
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.
Mortgage-Backed
and
Other
Asset-Backed
Securities
—
Mortgage-related
and
other
asset-backed
securities
are
subject
to
credit/
default,
interest
rate
and
certain
additional
risks,
including
"extension
risk"
(i.e.,
in
periods
of
rising
interest
rates,
issuers
may
pay
principal
later
than
expected)
and
"prepayment
risk"
(i.e.,
in
periods
of
declining
interest
rates,
issuers
may
pay
principal
more
quickly
than
expected,
causing
the
Fund
to
reinvest
proceeds
at
lower
prevailing
interest
rates).
Due
to
these
risks,
asset-backed
securities
may
become
more
volatile
in
certain
interest
rate
environments.
Mortgage-backed
securities
offered
by
non-governmental
issuers
are
subject
to
other
risks
as
well,
including
failures
of
private
insurers
to
meet
their
obligations
and
unexpectedly
high
rates
of
default
on
the
mortgages
backing
the
securities,
particularly
during
periods
of
rising
interest
rates.
Other
asset-backed
securities
are
subject
to
risks
similar
to
those
associated
with
mortgage-backed
securities,
as
well
as
risks
associated
with
the
nature
and
servicing
of
the
assets
backing
the
securities.
Asset-backed
securities
may
not
have
the
benefit
of
a
security
interest
in
collateral
comparable
to
that
of
mortgage
assets,
resulting
in
additional
credit
risk.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)