NPORT-EX 2 305944GS093024.htm
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
September
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
40.3%
a
FHLMC
$
2,190
7.500
%
12/01/29
$
2,324
804
5.000
10/01/33
823
1,125
5.000
07/01/35
1,152
1,670
5.000
12/01/35
1,711
342
5.000
03/01/38
352
836
5.000
06/01/41
859
4,132
4.500
08/01/48
4,121
5,072
4.500
11/01/48
5,058
523,134
3.000
09/01/49
478,060
382,654
4.000
03/01/50
372,252
766,604
4.500
03/01/50
764,381
262,125
3.000
10/01/50
238,742
883,844
2.500
02/01/51
768,299
1,796,875
2.000
05/01/51
1,492,069
831,131
2.500
05/01/51
724,037
835,507
2.500
05/01/51
731,764
1,890,899
2.500
08/01/51
1,656,098
773,943
2.500
09/01/51
674,942
762,621
4.500
04/01/52
752,068
538,709
4.500
06/01/52
534,272
355,446
6.000
12/01/52
369,261
1,000,484
6.500
06/01/54
1,051,675
FNMA
20
9.000
11/01/25
20
4,655
7.000
08/01/26
4,712
1,592
8.000
10/01/29
1,662
700
8.500
04/01/30
746
1,326
8.000
05/01/30
1,360
2,337
8.000
08/01/32
2,523
3,365
4.500
08/01/39
3,393
5,835
3.000
01/01/43
5,448
11,342
3.000
01/01/43
10,586
6,637
3.000
03/01/43
6,217
17,692
3.000
03/01/43
16,423
55,244
3.000
03/01/43
51,255
7,143
3.000
04/01/43
6,649
8,816
3.000
04/01/43
8,182
12,815
3.000
04/01/43
11,887
16,322
3.000
04/01/43
15,142
67,613
3.000
04/01/43
62,726
8,780
3.000
05/01/43
8,134
33,063
3.000
05/01/43
30,663
37,385
3.000
05/01/43
34,681
208,662
4.500
04/01/45
210,534
25,640
4.500
05/01/45
25,830
121,355
4.000
02/01/48
118,359
143,483
4.000
03/01/48
139,941
2,620
4.000
07/01/48
2,555
8,677
4.000
07/01/48
8,484
236,471
4.500
07/01/48
235,859
156,321
4.000
08/01/48
152,413
124,849
5.000
11/01/48
127,639
1,816,102
2.000
10/01/50
1,511,440
414,647
3.000
10/01/50
378,564
523,719
3.000
10/01/50
477,000
538,878
3.000
10/01/50
491,985
1,815,304
2.000
11/01/50
1,510,776
70,486
2.500
03/01/51
61,734
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
FNMA
–
(continued)
$
88,117
2.500
%
09/01/51
$
77,120
348,401
2.500
10/01/51
305,391
159,435
2.500
11/01/51
139,539
204,932
2.500
11/01/51
179,569
1,330,144
6.000
11/01/52
1,378,515
834,727
5.500
04/01/53
848,973
1,760,740
6.500
09/01/53
1,829,371
8,000,000
2.500
TBA-30yr
(a)
6,901,728
2,000,000
3.000
TBA-30yr
(a)
1,794,526
2,000,000
3.500
TBA-30yr
(a)
1,862,536
1,000,000
4.000
TBA-30yr
(a)
960,352
1,000,000
5.500
TBA-30yr
(a)
1,011,780
3,000,000
6.000
TBA-30yr
(a)
3,065,742
FNMA
,
Series
2012-111,
Class
B
4,304
7.000
10/25/42
4,680
FNMA
,
Series
2012-153,
Class
B
11,687
7.000
07/25/42
12,841
GNMA
609
7.000
11/15/25
609
131
7.000
04/15/26
131
326
7.000
04/15/26
326
444
7.000
03/15/27
446
177
7.000
11/15/27
177
977
7.000
11/15/27
1,003
2,032
7.000
02/15/28
2,058
51
7.000
05/15/28
52
920
7.000
06/15/28
937
487
7.000
07/15/28
498
897
7.000
07/15/28
913
37,647
6.000
08/20/34
39,999
35,163
5.000
06/15/40
36,203
145,290
4.000
08/20/43
142,557
55,122
4.000
10/20/45
54,024
834,155
4.000
07/20/48
813,373
27,256
5.000
08/20/48
27,723
90,390
4.500
09/20/48
90,074
96,569
5.000
10/20/48
98,225
262,932
5.000
11/20/48
267,442
33,318
5.000
12/20/48
33,859
210,699
4.500
01/20/49
209,832
28,718
4.500
03/20/49
28,600
587,501
3.000
08/20/49
538,232
185,774
4.500
10/20/49
185,520
381,689
3.000
03/20/50
349,330
183,729
4.500
03/20/50
182,916
765,113
3.000
11/20/51
696,521
902,411
3.000
11/20/51
815,190
878,089
4.500
09/20/52
867,617
877,580
4.500
10/20/52
867,114
1,000,000
3.000
TBA-30yr
(a)
909,360
2,000,000
6.000
TBA-30yr
(a)
2,034,512
2,000,000
7.000
TBA-30yr
(a)
2,054,914
3,000,000
2.000
TBA-30yr
(a)
2,541,789
2,000,000
2.500
TBA-30yr
(a)
1,758,808
2,000,000
3.500
TBA-30yr
(a)
1,876,660
1,000,000
4.000
TBA-30yr
(a)
966,585
2,000,000
5.000
TBA-30yr
(a)
2,003,300
2,000,000
5.500
TBA-30yr
(a)
2,019,371
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Mortgage-Backed
Securities
–
(continued)
a
GNMA
–
(continued)
$
1,000,000
6.500
%
TBA-30yr
(a)
$
1,023,032
3,000,000
5.000
TBA-30yr
(a)
3,002,460
GNMA
,
Series
2021-135,
Class
A
891,069
2.000
08/20/51
756,822
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost
$64,691,765)
64,031,619
a
Corporate
Bonds
–
25.0%
Aerospace/Defense
–
1.1%
Boeing
Co.
(The)
50,000
3.450
11/01/28
(b)
46,985
25,000
5.150
05/01/30
(b)
25,056
100,000
6.528
05/01/34
(b)(c)
107,286
25,000
3.250
02/01/35
(b)
20,350
325,000
5.705
05/01/40
(b)
317,399
100,000
5.805
05/01/50
(b)
96,616
76,000
6.858
05/01/54
(b)(c)
83,354
Howmet
Aerospace,
Inc.
122,000
4.850
10/15/31
(b)
124,685
L3Harris
Technologies,
Inc.
50,000
5.600
07/31/53
(b)
52,700
Northrop
Grumman
Corp.
75,000
3.250
01/15/28
(b)
72,885
25,000
4.750
06/01/43
24,096
50,000
5.250
05/01/50
(b)
51,063
RTX
Corp.
50,000
3.950
08/16/25
(b)
49,736
50,000
4.125
11/16/28
(b)
49,848
600,000
6.100
03/15/34
(b)
662,138
25,000
4.050
05/04/47
(b)
21,281
1,805,478
Agriculture
–
0.3%
Archer-Daniels-Midland
Co.
25,000
3.250
03/27/30
(b)
23,848
100,000
2.900
03/01/32
(b)
90,544
Bunge
Ltd.
Finance
Corp.
139,000
4.200
09/17/29
(b)
138,602
139,000
4.650
09/17/34
(b)
138,702
391,696
Auto
Manufacturers
–
0.5%
Ford
Motor
Credit
Co.
LLC
215,000
5.850
05/17/27
(b)
218,945
General
Motors
Co.
25,000
4.000
04/01/25
24,865
General
Motors
Financial
Co.,
Inc.
125,000
4.300
07/13/25
(b)
124,457
125,000
1.500
06/10/26
(b)
118,941
125,000
2.350
01/08/31
(b)
106,826
Hyundai
Capital
America
260,000
5.400
06/24/31
(b)(c)
269,554
863,588
Banks
–
5.1%
Bank
of
America
Corp.
(
SOFR
+
1.290%
)
140,000
5.080
01/20/27
(b)(d)
141,173
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Banks
–
(continued)
(
TSFR3M
+
1.302%
)
$
85,000
3.419
%
12/20/28
(b)(d)
$
82,715
(
SOFR
+
1.630%
)
370,000
5.202
04/25/29
(b)(d)
380,423
(
SOFR
+
2.150%
)
175,000
2.592
04/29/31
(b)(d)
158,818
(
SOFR
+
1.220%
)
110,000
2.299
07/21/32
(b)(d)
95,213
(
SOFR
+
1.830%
)
390,000
4.571
04/27/33
(b)(d)
387,766
(
US
5
Year
CMT
T-Note
+
1.200%
)
100,000
2.482
09/21/36
(b)(d)
84,398
Bank
of
America
Corp.
,
GMTN
(
TSFR3M
+
1.632%
)
25,000
3.593
07/21/28
(b)(d)
24,537
Bank
of
America
Corp.
,
MTN
45,000
3.248
10/21/27
(b)
43,984
(
TSFR3M
+
1.837%
)
75,000
3.824
01/20/28
(b)(d)
74,148
(
SOFR
+
1.050%
)
400,000
2.551
02/04/28
(b)(d)
384,263
(
SOFR
+
2.040%
)
305,000
4.948
07/22/28
(b)(d)
310,292
(
TSFR3M
+
1.572%
)
50,000
4.271
07/23/29
(b)(d)
49,852
(
SOFR
+
1.530%
)
50,000
1.898
07/23/31
(b)(d)
43,373
(
SOFR
+
1.330%
)
75,000
2.972
02/04/33
(b)(d)
67,191
(
SOFR
+
2.160%
)
73,000
5.015
07/22/33
(b)(d)
74,856
Bank
of
America
Corp.
,
Series
L
25,000
4.183
11/25/27
(b)
24,929
Bank
of
America
Corp.
,
Series
N
(
SOFR
+
1.220%
)
50,000
2.651
03/11/32
(b)(d)
44,623
Bank
of
New
York
Mellon
Corp.
(The)
(
SOFR
+
1.755%
)
20,000
4.596
07/26/30
(b)(d)
20,284
Citigroup,
Inc.
220,000
3.400
05/01/26
217,225
150,000
4.450
09/29/27
150,122
(
SOFR
+
1.422%
)
75,000
2.976
11/05/30
(b)(d)
69,715
(
SOFR
+
1.351%
)
200,000
3.057
01/25/33
(b)(d)
178,601
(
SOFR
+
2.086%
)
165,000
4.910
05/24/33
(b)(d)
166,164
Fifth
Third
Bancorp
30,000
2.375
01/28/25
(b)
29,753
Huntington
Bancshares,
Inc.
50,000
4.000
05/15/25
(b)
49,681
JPMorgan
Chase
&
Co.
(
SOFR
+
1.160%
)
125,000
2.301
10/15/25
(b)(d)
124,843
(
TSFR3M
+
1.507%
)
100,000
3.960
01/29/27
(b)(d)
99,421
15,000
3.625
12/01/27
(b)
14,768
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Banks
–
(continued)
(
TSFR3M
+
1.599%
)
$
972,000
3.782
%
02/01/28
(b)(d)
$
961,364
(
TSFR3M
+
1.207%
)
45,000
3.509
01/23/29
(b)(d)
43,937
(
TSFR3M
+
3.790%
)
25,000
4.493
03/24/31
(b)(d)
25,140
(
SOFR
+
2.040%
)
25,000
2.522
04/22/31
(b)(d)
22,717
(
SOFR
+
1.260%
)
150,000
2.963
01/25/33
(b)(d)
134,879
(
SOFR
+
2.080%
)
165,000
4.912
07/25/33
(b)(d)
168,555
(
SOFR
+
1.620%
)
100,000
5.336
01/23/35
(b)(d)
104,557
M&T
Bank
Corp.
(
SOFR
+
2.800%
)
265,000
7.413
10/30/29
(b)(d)
290,223
Morgan
Stanley
25,000
3.625
01/20/27
24,762
20,000
3.950
04/23/27
19,794
(
SOFR
+
1.295%
)
213,000
5.050
01/28/27
(b)(d)
215,036
(
SOFR
+
1.000%
)
200,000
2.475
01/21/28
(b)(d)
192,017
(
SOFR
+
2.076%
)
165,000
4.889
07/20/33
(b)(d)
167,085
(
SOFR
+
1.730%
)
70,000
5.466
01/18/35
(b)(d)
73,189
(
SOFR
+
1.360%
)
150,000
2.484
09/16/36
(b)(d)
125,540
Morgan
Stanley
,
GMTN
(
TSFR3M
+
1.890%
)
25,000
4.431
01/23/30
(b)(d)
25,057
(
SOFR
+
1.143%
)
400,000
2.699
01/22/31
(b)(d)
366,468
Morgan
Stanley
,
MTN
(
SOFR
+
1.590%
)
305,000
5.164
04/20/29
(b)(d)
313,459
(
SOFR
+
3.120%
)
50,000
3.622
04/01/31
(b)(d)
48,020
(
SOFR
+
1.034%
)
75,000
1.794
02/13/32
(b)(d)
63,467
Truist
Financial
Corp.
,
MTN
(
SOFR
+
2.050%
)
50,000
6.047
06/08/27
(b)(d)
51,313
US
Bancorp
(
SOFR
+
2.020%
)
145,000
5.775
06/12/29
(b)(d)
151,933
Wells
Fargo
&
Co.
175,000
3.000
10/23/26
171,025
Wells
Fargo
&
Co.
,
GMTN
50,000
4.300
07/22/27
50,084
Wells
Fargo
&
Co.
,
MTN
(
SOFR
+
1.980%
)
215,000
4.808
07/25/28
(b)(d)
217,481
(
SOFR
+
2.100%
)
408,000
4.897
07/25/33
(b)(d)
412,731
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Banks
–
(continued)
(
TSFR3M
+
4.502%
)
$
25,000
5.013
%
04/04/51
(b)(d)
$
24,524
8,057,488
Beverages
–
0.4%
Coca-Cola
Consolidated,
Inc.
98,000
5.450
06/01/34
(b)
103,280
Constellation
Brands,
Inc.
50,000
4.400
11/15/25
(b)
49,933
50,000
3.600
02/15/28
(b)
48,861
25,000
3.150
08/01/29
(b)
23,719
100,000
2.250
08/01/31
(b)
86,395
Keurig
Dr
Pepper,
Inc.
225,000
4.597
05/25/28
(b)
227,825
25,000
3.800
05/01/50
(b)
20,223
58,000
4.500
04/15/52
(b)
52,496
612,732
Biotechnology
–
0.5%
Amgen,
Inc.
70,000
3.125
05/01/25
(b)
69,364
239,000
5.250
03/02/30
(b)
249,239
238,000
5.250
03/02/33
(b)
247,729
Royalty
Pharma
PLC
75,000
1.200
09/02/25
(b)
72,654
198,000
5.400
09/02/34
(b)
203,075
842,061
Building
Materials
–
0.4%
Carrier
Global
Corp.
150,000
2.493
02/15/27
(b)
144,929
75,000
2.722
02/15/30
(b)
69,277
212,000
5.900
03/15/34
(b)
231,312
Martin
Marietta
Materials,
Inc.
175,000
3.200
07/15/51
(b)
125,771
Masco
Corp.
50,000
1.500
02/15/28
(b)
45,536
616,825
Chemicals
–
0.3%
DuPont
de
Nemours,
Inc.
50,000
4.493
11/15/25
(b)
49,896
Ecolab,
Inc.
4,000
2.750
08/18/55
(b)
2,660
Huntsman
International
LLC
25,000
4.500
05/01/29
(b)
24,559
International
Flavors
&
Fragrances,
Inc.
75,000
1.832
10/15/27
(b)(c)
69,445
150,000
2.300
11/01/30
(b)(c)
131,518
50,000
3.268
11/15/40
(b)(c)
38,319
Sherwin-Williams
Co.
(The)
25,000
3.450
06/01/27
(b)
24,592
50,000
2.950
08/15/29
(b)
47,025
388,014
Commercial
Services
–
0.4%
Global
Payments,
Inc.
50,000
2.650
02/15/25
(b)
49,510
PayPal
Holdings,
Inc.
150,000
1.650
06/01/25
(b)
147,120
75,000
2.650
10/01/26
(b)
73,078
25,000
2.850
10/01/29
(b)
23,513
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Commercial
Services
–
(continued)
Quanta
Services,
Inc.
$
182,000
5.250
%
08/09/34
(b)
$
185,978
S&P
Global,
Inc.
75,000
4.250
05/01/29
(b)
75,384
554,583
Computers
–
0.2%
Dell
International
LLC
/
EMC
Corp.
52,000
5.850
07/15/25
(b)
52,378
89,000
6.020
06/15/26
(b)
91,166
25,000
5.300
10/01/29
(b)
26,011
Hewlett
Packard
Enterprise
Co.
45,000
4.900
10/15/25
(b)
45,035
151,000
5.000
10/15/34
(b)
149,522
364,112
Diversified
Financial
Services
–
0.4%
Air
Lease
Corp.
75,000
3.375
07/01/25
(b)
74,145
Air
Lease
Corp.
,
GMTN
75,000
3.750
06/01/26
(b)
74,176
Air
Lease
Corp.
,
MTN
75,000
2.300
02/01/25
(b)
74,215
75,000
2.875
01/15/26
(b)
73,454
American
Express
Co.
25,000
3.625
12/05/24
(b)
24,927
Aviation
Capital
Group
LLC
50,000
1.950
01/30/26
(b)(c)
48,165
Capital
One
Financial
Corp.
45,000
3.300
10/30/24
(b)
45,000
Discover
Financial
Services
75,000
3.750
03/04/25
(b)
74,453
Intercontinental
Exchange,
Inc.
75,000
3.625
09/01/28
(b)
73,439
Mastercard,
Inc.
25,000
3.300
03/26/27
(b)
24,648
Nuveen
LLC
25,000
4.000
11/01/28
(b)(c)
24,839
611,461
Electric
–
0.9%
American
Electric
Power
Co.,
Inc.
50,000
2.300
03/01/30
(b)
44,899
Arizona
Public
Service
Co.
45,000
2.950
09/15/27
(b)
43,379
Avangrid,
Inc.
25,000
3.200
04/15/25
(b)
24,747
Berkshire
Hathaway
Energy
Co.
25,000
3.250
04/15/28
(b)
24,331
50,000
3.700
07/15/30
(b)
48,900
Dominion
Energy,
Inc.
,
Series
C
25,000
3.375
04/01/30
(b)
23,698
Entergy
Corp.
45,000
2.950
09/01/26
(b)
43,935
Exelon
Corp.
50,000
4.050
04/15/30
(b)
49,239
25,000
4.700
04/15/50
(b)
22,959
FirstEnergy
Corp.
100,000
2.650
03/01/30
(b)
91,453
FirstEnergy
Corp.
,
Series
B
50,000
2.250
09/01/30
(b)
44,272
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Electric
–
(continued)
Florida
Power
&
Light
Co.
$
68,000
4.125
%
02/01/42
(b)
$
61,408
MidAmerican
Energy
Co.
25,000
3.650
04/15/29
(b)
24,559
NextEra
Energy
Capital
Holdings,
Inc.
70,000
1.900
06/15/28
(b)
64,533
Ohio
Power
Co.
,
Series
P
25,000
2.600
04/01/30
(b)
22,751
Pacific
Gas
and
Electric
Co.
25,000
2.100
08/01/27
(b)
23,440
50,000
2.500
02/01/31
(b)
43,823
25,000
3.300
08/01/40
(b)
19,439
25,000
3.500
08/01/50
(b)
18,104
PacifiCorp
215,000
5.800
01/15/55
(b)
225,672
Progress
Energy,
Inc.
95,000
7.000
10/30/31
108,187
Southern
California
Edison
Co.
,
Series
A
50,000
4.200
03/01/29
(b)
49,811
Southern
Co.
(The)
60,000
3.250
07/01/26
(b)
58,999
Virginia
Electric
and
Power
Co.
75,000
2.450
12/15/50
(b)
46,325
Xcel
Energy,
Inc.
250,000
3.350
12/01/26
(b)
244,987
1,473,850
Electronics
–
0.1%
Allegion  U.S.
Holding
Co.,
Inc.
110,000
5.600
05/29/34
(b)
115,063
Entertainment
–
0.2%
Warnermedia
Holdings,
Inc.
250,000
4.054
03/15/29
(b)
236,844
52,000
4.279
03/15/32
(b)
46,183
283,027
Environmental
Control
–
0.4%
Republic
Services,
Inc.
100,000
1.750
02/15/32
(b)
83,165
Veralto
Corp.
345,000
5.450
09/18/33
(b)
361,517
Waste
Management,
Inc.
75,000
3.150
11/15/27
(b)
73,283
50,000
1.150
03/15/28
(b)
45,390
125,000
4.950
07/03/31
(b)
130,033
693,388
Food
–
0.8%
Campbell
Soup
Co.
279,000
5.400
03/21/34
(b)
292,120
General
Mills,
Inc.
75,000
4.200
04/17/28
(b)
75,057
J
M
Smucker
Co.
(The)
179,000
5.900
11/15/28
(b)
190,544
315,000
6.200
11/15/33
(b)
348,537
Kraft
Heinz
Foods
Co.
95,000
3.750
04/01/30
(b)
92,699
Kroger
Co.
(The)
216,000
5.000
09/15/34
(b)
217,891
Mars,
Inc.
25,000
2.700
04/01/25
(b)(c)
24,752
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Food
–
(continued)
Mars,
Inc.
–
(continued)
$
25,000
3.200
%
04/01/30
(b)(c)
$
23,646
Sysco
Corp.
25,000
6.600
04/01/50
(b)
29,312
1,294,558
Gas
–
0.1%
East
Ohio
Gas
Co.
(The)
25,000
1.300
06/15/25
(b)(c)
24,349
25,000
2.000
06/15/30
(b)(c)
21,764
NiSource,
Inc.
95,000
3.490
05/15/27
(b)
93,385
25,000
3.600
05/01/30
(b)
24,025
163,523
Hand/Machine
Tools
–
0.3%
Regal
Rexnord
Corp.
453,000
6.300
02/15/30
(b)
481,390
Stanley
Black
&
Decker,
Inc.
24,000
4.250
11/15/28
(b)
23,959
505,349
Healthcare-Products
–
0.5%
DH
Europe
Finance
II
Sarl
25,000
2.600
11/15/29
(b)
23,284
GE
Healthcare
Technologies,
Inc.
100,000
6.377
11/22/52
(b)
116,895
Solventum
Corp.
290,000
5.400
03/01/29
(b)(c)
298,348
140,000
5.600
03/23/34
(b)(c)
145,018
STERIS
Irish
FinCo
UnLtd
Co.
75,000
2.700
03/15/31
(b)
66,802
Stryker
Corp.
100,000
1.950
06/15/30
(b)
88,134
Thermo
Fisher
Scientific,
Inc.
25,000
1.750
10/15/28
(b)
22,930
761,411
Healthcare-Services
–
2.0%
Adventist
Health
System
30,000
2.952
03/01/29
(b)
27,849
95,000
5.757
12/01/34
(b)
98,909
Banner
Health
120,000
2.338
01/01/30
(b)
109,473
Baylor
Scott
&
White
Holdings
,
Series
2021
40,000
1.777
11/15/30
(b)
34,813
Centene
Corp.
205,000
4.250
12/15/27
(b)
201,447
110,000
2.625
08/01/31
(b)
94,344
Cigna
Group
(The)
34,000
2.400
03/15/30
(b)
30,775
250,000
2.375
03/15/31
(b)
220,304
85,000
5.125
05/15/31
(b)
88,298
125,000
4.800
08/15/38
(b)
121,644
75,000
4.900
12/15/48
(b)
70,613
CommonSpirit
Health
225,000
6.461
11/01/52
(b)
261,462
HCA,
Inc.
80,000
3.500
09/01/30
(b)
75,386
170,000
5.450
04/01/31
(b)
177,083
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Healthcare-Services
–
(continued)
Humana,
Inc.
$
55,000
5.950
%
03/15/34
(b)
$
58,838
18,000
5.500
03/15/53
(b)
17,757
Rush
Obligated
Group
,
Series
2020
60,000
3.922
11/15/29
(b)
59,067
Sutter
Health
,
Series
20A
40,000
2.294
08/15/30
(b)
35,822
UnitedHealth
Group,
Inc.
275,000
5.300
02/15/30
(b)
290,028
525,000
5.350
02/15/33
(b)
557,240
195,000
5.150
07/15/34
(b)
203,457
100,000
5.875
02/15/53
(b)
110,637
168,000
5.050
04/15/53
(b)
166,765
3,112,011
Insurance
–
0.2%
American
International
Group,
Inc.
25,000
3.400
06/30/30
(b)
23,667
Arch
Capital
Group
US,
Inc.
36,000
5.144
11/01/43
35,169
Berkshire
Hathaway
Finance
Corp.
75,000
1.850
03/12/30
(b)
67,155
Marsh
&
McLennan
Cos.,
Inc.
50,000
4.375
03/15/29
(b)
50,544
Principal
Financial
Group,
Inc.
50,000
3.100
11/15/26
(b)
48,890
75,000
2.125
06/15/30
(b)
66,246
Willis
North
America,
Inc.
25,000
2.950
09/15/29
(b)
23,210
314,881
Internet
–
0.6%
Amazon.com,
Inc.
147,000
5.200
12/03/25
(b)
148,725
45,000
4.800
12/05/34
(b)
47,056
50,000
3.100
05/12/51
(b)
37,144
Expedia
Group,
Inc.
14,000
4.625
08/01/27
(b)
14,107
35,000
3.800
02/15/28
(b)
34,349
14,000
2.950
03/15/31
(b)
12,738
Meta
Platforms,
Inc.
250,000
3.500
08/15/27
(b)
247,943
Netflix,
Inc.
210,000
5.875
11/15/28
223,738
90,000
4.875
06/15/30
(b)(c)
92,809
Uber
Technologies,
Inc.
134,000
4.800
09/15/34
(b)
133,847
992,456
Iron/Steel
–
0.0%
Steel
Dynamics,
Inc.
20,000
2.400
06/15/25
(b)
19,662
50,000
1.650
10/15/27
(b)
46,288
65,950
Lodging
–
0.5%
Choice
Hotels
International,
Inc.
114,000
5.850
08/01/34
(b)
117,427
Hyatt
Hotels
Corp.
365,000
5.500
06/30/34
(b)
372,520
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Lodging
–
(continued)
Marriott
International,
Inc.
$
125,000
5.000
%
10/15/27
(b)
$
127,569
91,000
4.875
05/15/29
(b)
92,733
Marriott
International,
Inc.
,
Series
HH
125,000
2.850
04/15/31
(b)
112,465
822,714
Machinery-Diversified
–
0.2%
AGCO
Corp.
112,000
5.800
03/21/34
(b)
117,135
Ingersoll
Rand,
Inc.
90,000
5.700
08/14/33
(b)
96,422
Otis
Worldwide
Corp.
25,000
2.293
04/05/27
(b)
23,894
150,000
2.565
02/15/30
(b)
137,319
374,770
Media
–
0.6%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
74,000
4.908
07/23/25
(b)
73,893
Comcast
Corp.
50,000
3.950
10/15/25
(b)
49,858
25,000
3.300
02/01/27
(b)
24,606
75,000
3.300
04/01/27
(b)
73,775
225,000
3.150
02/15/28
(b)
218,393
125,000
4.150
10/15/28
(b)
125,178
243,000
5.300
06/01/34
(b)
255,690
25,000
3.750
04/01/40
(b)
21,627
25,000
4.700
10/15/48
(b)
23,657
Fox
Corp.
25,000
4.709
01/25/29
(b)
25,316
891,993
Mining
–
0.0%
Newmont
Corp.
75,000
2.250
10/01/30
(b)
67,184
Oil
&
Gas
–
0.1%
Occidental
Petroleum
Corp.
69,000
7.875
09/15/31
80,047
Phillips
66
25,000
1.300
02/15/26
(b)
24,025
104,072
Packaging
&
Containers
–
0.0%
Berry
Global,
Inc.
50,000
1.570
01/15/26
(b)
48,125
Pharmaceuticals
–
1.0%
AbbVie,
Inc.
220,000
4.950
03/15/31
(b)
228,629
49,000
4.300
05/14/36
(b)
47,670
107,000
4.050
11/21/39
(b)
98,834
91,000
4.250
11/21/49
(b)
81,434
Becton
Dickinson
and
Co.
100,000
2.823
05/20/30
(b)
92,210
Bristol-Myers
Squibb
Co.
75,000
2.950
03/15/32
(b)
68,356
110,000
5.200
02/22/34
(b)
115,920
25,000
4.250
10/26/49
(b)
21,955
105,000
6.250
11/15/53
(b)
121,589
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Pharmaceuticals
–
(continued)
Cencora,
Inc.
$
75,000
3.450
%
12/15/27
(b)
$
73,354
CVS
Health
Corp.
350,000
2.125
09/15/31
(b)
295,659
162,000
4.780
03/25/38
(b)
152,965
Pfizer,
Inc.
75,000
3.450
03/15/29
(b)
73,461
Zoetis,
Inc.
45,000
3.000
09/12/27
(b)
43,635
150,000
2.000
05/15/30
(b)
132,567
1,648,238
Pipelines
–
1.0%
Cheniere
Energy
Partners
LP
75,000
5.950
06/30/33
(b)
79,370
Columbia
Pipelines
Operating
Co.
LLC
240,000
6.036
11/15/33
(b)(c)
256,594
Energy
Transfer
LP
50,000
2.900
05/15/25
(b)
49,381
25,000
5.250
04/15/29
(b)
25,712
275,000
5.750
02/15/33
(b)
288,254
5,000
6.000
06/15/48
(b)
5,115
Kinder
Morgan,
Inc.
275,000
4.300
03/01/28
(b)
275,561
MPLX
LP
75,000
2.650
08/15/30
(b)
67,499
35,000
4.500
04/15/38
(b)
32,338
25,000
5.500
02/15/49
(b)
24,317
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
25,000
3.800
09/15/30
(b)
23,833
Sabine
Pass
Liquefaction
LLC
25,000
5.625
03/01/25
(b)
25,029
75,000
5.000
03/15/27
(b)
75,988
Targa
Resources
Corp.
55,000
4.200
02/01/33
(b)
52,063
Western
Midstream
Operating
LP
75,000
3.100
02/01/25
(b)
74,422
25,000
5.450
04/01/44
(b)
23,628
20,000
5.300
03/01/48
(b)
18,163
Williams
Cos.,
Inc.
(The)
25,000
3.900
01/15/25
(b)
24,903
35,000
4.000
09/15/25
(b)
34,787
125,000
5.650
03/15/33
(b)
130,957
1,587,914
Real
Estate
–
0.1%
CoStar
Group,
Inc.
100,000
2.800
07/15/30
(b)(c)
90,015
REITS
–
1.3%
Agree
LP
170,000
4.800
10/01/32
(b)
168,577
Alexandria
Real
Estate
Equities,
Inc.
25,000
3.375
08/15/31
(b)
23,267
American
Homes
4
Rent
LP
50,000
4.900
02/15/29
(b)
50,508
30,000
2.375
07/15/31
(b)
25,810
355,000
5.500
07/15/34
(b)
366,982
American
Tower
Corp.
100,000
2.400
03/15/25
(b)
98,788
75,000
2.100
06/15/30
(b)
66,066
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
REITS
–
(continued)
Crown
Castle,
Inc.
$
60,000
3.650
%
09/01/27
(b)
$
58,831
CubeSmart
LP
45,000
4.000
11/15/25
(b)
44,676
20,000
2.500
02/15/32
(b)
17,316
Essex
Portfolio
LP
50,000
3.000
01/15/30
(b)
46,491
Healthcare
Realty
Holdings
LP
25,000
2.050
03/15/31
(b)
20,565
Host
Hotels
&
Resorts
LP
,
Series
J
42,000
2.900
12/15/31
(b)
36,908
Invitation
Homes
Operating
Partnership
LP
75,000
2.300
11/15/28
(b)
68,705
195,000
2.000
08/15/31
(b)
163,574
Kilroy
Realty
LP
20,000
4.750
12/15/28
(b)
19,855
Mid-America
Apartments
L.P.
50,000
1.700
02/15/31
(b)
42,345
National
Retail
Properties,
Inc.
45,000
4.000
11/15/25
(b)
44,706
Prologis
L.P.
25,000
1.750
07/01/30
(b)
21,810
125,000
4.625
01/15/33
(b)
125,622
Realty
Income
Corp.
25,000
3.950
08/15/27
(b)
24,856
75,000
3.400
01/15/30
(b)
71,353
Regency
Centers
LP
100,000
2.950
09/15/29
(b)
93,577
Retail
Opportunity
Investments
Partnership
LP
157,000
6.750
10/15/28
(b)
168,587
UDR,
Inc.
,
MTN
25,000
2.100
08/01/32
(b)
20,609
100,000
1.900
03/15/33
(b)
79,187
Ventas
Realty
LP
45,000
3.500
02/01/25
(b)
44,704
WP
Carey,
Inc.
30,000
4.000
02/01/25
(b)
29,820
25,000
3.850
07/15/29
(b)
24,298
25,000
2.400
02/01/31
(b)
21,790
2,090,183
Retail
–
0.5%
7-Eleven,
Inc.
100,000
1.300
02/10/28
(b)(c)
90,238
AutoNation,
Inc.
83,000
4.500
10/01/25
(b)
82,633
25,000
1.950
08/01/28
(b)
22,567
Dollar
Tree,
Inc.
50,000
4.000
05/15/25
(b)
49,686
50,000
4.200
05/15/28
(b)
49,352
Home
Depot,
Inc.
(The)
25,000
3.900
12/06/28
(b)
24,930
150,000
3.250
04/15/32
(b)
140,336
Lowe's
Cos.,
Inc.
25,000
3.100
05/03/27
(b)
24,378
75,000
1.700
09/15/28
(b)
68,346
25,000
3.000
10/15/50
(b)
16,996
50,000
4.250
04/01/52
(b)
42,291
McDonald's
Corp.
,
MTN
25,000
4.200
04/01/50
(b)
21,610
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Retail
–
(continued)
Starbucks
Corp.
$
100,000
4.000
%
11/15/28
(b)
$
99,618
Tractor
Supply
Co.
50,000
1.750
11/01/30
(b)
43,082
776,063
Semiconductors
–
0.5%
Applied
Materials,
Inc.
25,000
1.750
06/01/30
(b)
21,956
Broadcom,
Inc.
74,000
4.150
04/15/32
(b)(c)
71,754
100,000
3.419
04/15/33
(b)(c)
90,845
50,000
3.469
04/15/34
(b)(c)
45,058
162,000
3.137
11/15/35
(b)(c)
138,503
100,000
3.500
02/15/41
(b)(c)
82,254
Intel
Corp.
175,000
5.200
02/10/33
(b)
177,217
65,000
5.150
02/21/34
(b)
65,684
75,000
3.050
08/12/51
(b)
48,039
741,310
Software
–
1.4%
Adobe,
Inc.
50,000
2.150
02/01/27
(b)
48,088
Cadence
Design
Systems,
Inc.
147,000
4.700
09/10/34
(b)
147,806
Fiserv,
Inc.
25,000
4.200
10/01/28
(b)
24,903
Intuit,
Inc.
25,000
1.350
07/15/27
(b)
23,312
MSCI,
Inc.
180,000
4.000
11/15/29
(b)(c)
174,262
Oracle
Corp.
150,000
4.500
05/06/28
(b)
151,824
34,000
2.950
04/01/30
(b)
31,631
175,000
4.650
05/06/30
(b)
178,275
275,000
2.875
03/25/31
(b)
250,142
250,000
6.250
11/09/32
(b)
276,555
157,000
4.900
02/06/33
(b)
159,745
225,000
6.900
11/09/52
(b)
270,841
50,000
3.850
04/01/60
(b)
37,648
Roper
Technologies,
Inc.
50,000
4.200
09/15/28
(b)
49,984
ServiceNow,
Inc.
125,000
1.400
09/01/30
(b)
107,250
Take-Two
Interactive
Software,
Inc.
85,000
3.700
04/14/27
(b)
83,887
VMware,
Inc.
25,000
1.800
08/15/28
(b)
22,738
100,000
2.200
08/15/31
(b)
85,908
Workday,
Inc.
75,000
3.500
04/01/27
(b)
73,823
25,000
3.800
04/01/32
(b)
23,696
2,222,318
Telecommunications
–
1.7%
AT&T,
Inc.
288,000
2.300
06/01/27
(b)
275,060
150,000
4.350
03/01/29
(b)
150,859
50,000
2.750
06/01/31
(b)
45,197
335,000
2.550
12/01/33
(b)
282,405
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Telecommunications
–
(continued)
AT&T,
Inc.
–
(continued)
$
25,000
4.900
%
08/15/37
(b)
$
24,817
60,000
4.850
03/01/39
(b)
58,786
75,000
3.500
06/01/41
(b)
61,441
25,000
4.350
06/15/45
(b)
22,086
25,000
5.150
11/15/46
(b)
24,595
25,000
4.500
03/09/48
(b)
22,166
25,000
3.650
06/01/51
(b)
19,176
T-Mobile
USA,
Inc.
49,000
3.500
04/15/25
(b)
48,625
75,000
1.500
02/15/26
(b)
72,137
391,000
3.750
04/15/27
(b)
386,254
25,000
4.750
02/01/28
(b)
25,042
175,000
2.050
02/15/28
(b)
162,941
83,000
3.875
04/15/30
(b)
80,716
75,000
2.875
02/15/31
(b)
68,172
75,000
3.500
04/15/31
(b)
70,652
500,000
5.200
01/15/33
(b)
517,718
25,000
3.000
02/15/41
(b)
19,192
Verizon
Communications,
Inc.
108,000
4.329
09/21/28
108,490
200,000
2.550
03/21/31
(b)
178,653
2,725,180
Transportation
–
0.3%
Burlington
Northern
Santa
Fe
LLC
25,000
4.050
06/15/48
(b)
21,750
CSX
Corp.
175,000
3.800
03/01/28
(b)
173,724
FedEx
Corp.
45,000
3.400
02/15/28
(b)
43,922
75,000
5.250
05/15/50
(b)
74,008
Union
Pacific
Corp.
125,000
2.800
02/14/32
(b)
113,711
427,115
Trucking
&
Leasing
–
0.1%
Penske
Truck
Leasing
Co.
LP
/
PTL
Finance
Corp.
120,000
5.250
07/01/29
(b)(c)
123,513
TOTAL
CORPORATE
BONDS
(Cost
$40,123,658)
39,624,212
a
Asset-
Backed
Securities
–
9.5%
Collateralized
Debt
Obligations
–
0.1%
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
,
Series
2022-
FL1,
Class
A
(
SOFR
+
1.450%
)
228,662
6.792
01/15/37
(c)(d)
228,091
Collateralized
Loan
Obligations
–
4.0%
AMMC
CLO
XI
Ltd.
,
Series
2012-11A,
Class
A1R2
(
TSFR3M
+
1.272%
)
179,242
6.527
04/30/31
(c)(d)
179,296
Apidos
CLO
XV
,
Series
2013-15A,
Class
A1RR
(
TSFR3M
+
1.272%
)
253,241
6.554
04/20/31
(c)(d)
253,537
Carlyle
US
CLO
Ltd.
,
Series
2024-2A,
Class
B
(
TSFR3M
+
2.050%
)
400,000
7.375
04/25/37
(c)(d)
403,739
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Asset-
Backed
Securities
–
(continued)
Collateralized
Loan
Obligations
–
(continued)
Cathedral
Lake
VIII
Ltd.
,
Series
2021-8A,
Class
C
(
TSFR3M
+
2.882%
)
$
200,000
8.165
%
01/20/35
(c)(d)
$
200,231
CBAM
Ltd.
,
Series
2018-5A,
Class
A
(
TSFR3M
+
1.282%
)
344,366
6.567
04/17/31
(c)(d)
344,518
Cedar
Funding
IX
CLO
Ltd.
,
Series
2018-9A,
Class
AR
(
TSFR3M
+
1.420%
)
270,000
6.702
07/20/37
(c)(d)
270,039
CFIP
CLO
Ltd.
,
Series
2021-1A,
Class
A
(
TSFR3M
+
1.482%
)
700,000
6.764
01/20/35
(c)(d)
699,653
CFIP
CLO
Ltd.
,
Series
2021-1A,
Class
C1
(
TSFR3M
+
2.662%
)
300,000
7.944
01/20/35
(c)(d)
300,228
Crown
City
CLO
I
,
Series
2020-1A,
Class
A1AR
(
TSFR3M
+
1.452%
)
250,000
6.734
07/20/34
(c)(d)
250,150
Diameter
Capital
CLO
1
Ltd.
,
Series
2021-1A,
Class
A1A
(
TSFR3M
+
1.502%
)
425,000
6.803
07/15/36
(c)(d)
425,308
Elmwood
CLO
IV
Ltd.
,
Series
2020-1A,
Class
AR
(
TSFR3M
+
1.460%
)
425,000
6.783
04/18/37
(c)(d)
427,546
GoldenTree
Loan
Management
US
CLO
19
Ltd.
,
Series
2019-6A,
Class
AR
(
TSFR3M
+
1.320%
)
300,000
6.602
04/20/35
(c)(d)
300,004
Jamestown
CLO
XV
Ltd.
,
Series
2020-15A,
Class
A1R
(
TSFR3M
+
1.370%
)
300,000
6.698
07/15/35
(c)(d)
300,315
JP
Morgan
Mortgage
Trust
,
Series
2023-HE3,
Class
A1
(
SOFR
+
1.600%
)
104,592
6.946
05/25/54
(c)(d)
105,252
Mountain
View
CLO
XV
Ltd.
,
Series
2019-2A,
Class
A1R
(
TSFR3M
+
1.670%
)
275,000
6.971
07/15/37
(c)(d)
277,007
OCP
CLO
Ltd.
,
Series
2019-16A,
Class
AR
(
TSFR3M
+
1.262%
)
244,258
6.566
04/10/33
(c)(d)
244,013
Palmer
Square
Loan
Funding
Ltd.
,
Series
2022-3A,
Class
A1BR
(
TSFR3M
+
1.400%
)
325,000
6.701
04/15/31
(c)(d)
325,178
Pikes
Peak
CLO
12
Ltd.
,
Series
2023-12A,
Class
A
(
TSFR3M
+
2.100%
)
350,000
7.382
04/20/36
(c)(d)
351,891
Pikes
Peak
CLO
5
,
Series
2020-5A,
Class
A1R
(
TSFR3M
+
1.400%
)
450,000
0.010
10/20/37
(c)(d)(e)
450,080
Southwick
Park
CLO
LLC
,
Series
2019-4A,
Class
A1R
(
TSFR3M
+
1.322%
)
250,000
6.604
07/20/32
(c)(d)
250,278
6,358,263
Diversified
Financial
Services
–
5.4%
American
Express
Credit
Account
Master
Trust
,
Series
2022-2,
Class
A
425,000
3.390
05/15/27
421,878
Bank
of
America
Auto
Trust
,
Series
2023-2A,
Class
A2
155,502
5.850
08/17/26
(c)
156,041
Barclays
Dryrock
Issuance
Trust
,
Series
2023-1,
Class
A
600,000
4.720
02/15/29
604,422
Barclays
Dryrock
Issuance
Trust
,
Series
2023-2,
Class
A
(
SOFR
+
0.900%
)
300,000
6.242
08/15/28
(d)
301,467
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
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
7.385
%
04/25/36
(c)(d)
$
351,777
Capital
One
Multi-Asset
Execution
Trust
,
Series
2022-A2,
Class
A
200,000
3.490
05/15/27
198,576
Capital
One
Multi-Asset
Execution
Trust
,
Series
2022-A3,
Class
A
300,000
4.950
10/15/27
301,842
Citibank
Credit
Card
Issuance
Trust
,
Series
2023-A1,
Class
A1
275,000
5.230
12/08/27
278,139
Citizens
Auto
Receivables
Trust
,
Series
2024-1,
Class
A2A
379,533
5.430
10/15/26
(c)
380,796
Discover
Card
Execution
Note
Trust
,
Series
2023-A1,
Class
A
300,000
4.310
03/15/28
300,469
Ford
Credit
Auto
Lease
Trust
,
Series
2024-A,
Class
A2A
635,408
5.240
07/15/26
636,290
Ford
Credit
Auto
Owner
Trust
,
Series
2023-C,
Class
A2A
314,902
5.680
09/15/26
315,747
Ford
Credit
Auto
Owner
Trust
,
Series
2024-1,
Class
A
350,000
4.870
08/15/36
(c)(f)
357,038
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2023-4,
Class
A2A
201,269
5.890
11/16/26
202,064
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2024-1,
Class
A2A
359,610
5.120
02/16/27
360,404
HalseyPoint
CLO
Ltd.
,
Series
2023-7A,
Class
A
(
TSFR3M
+
2.250%
)
600,000
7.532
07/20/36
(c)(d)
605,100
Honda
Auto
Receivables
Owner
Trust
,
Series
2023-4,
Class
A3
525,000
5.670
06/21/28
536,569
Hyundai
Auto
Lease
Securitization
Trust
,
Series
2024-A,
Class
A2A
471,298
5.150
06/15/26
(c)
472,257
Hyundai
Auto
Receivables
Trust
,
Series
2023-A,
Class
A2A
43,068
5.190
12/15/25
43,089
Nissan
Auto
Lease
Trust
,
Series
2024-A,
Class
A2A
686,504
5.110
10/15/26
688,616
Nissan
Auto
Receivables
Owner
Trust
,
Series
2023-A,
Class
A2A
89,429
5.340
02/17/26
89,468
Santander
Drive
Auto
Receivables
Trust
,
Series
2023-6,
Class
A2
164,285
6.080
05/17/27
164,892
Santander
Drive
Auto
Receivables
Trust
,
Series
2024-1,
Class
A2
149,705
5.710
02/16/27
149,888
Toyota
Auto
Receivables
Owner
Trust
,
Series
2023-B,
Class
A3
550,000
4.710
02/15/28
552,810
World
Omni
Auto
Receivables
Trust
,
Series
2023-B,
Class
A2A
80,390
5.250
11/16/26
80,418
8,550,057
TOTAL
ASSET-
BACKED
SECURITIES
(Cost
$15,063,955)
15,136,411
a
Commercial
Mortgage-Backed
Securities
–
6.3%
a
3650R
Commercial
Mortgage
Trust
,
Series
2021-PF1,
Class
AS
150,000
2.778
11/15/54
(d)
129,156
ARZ
Trust
,
Series
2024-BILT,
Class
A
425,000
5.772
06/11/29
(c)
440,768
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Commercial
Mortgage-Backed
Securities
–
(continued)
a
BANK
,
Series
2019-BN21,
Class
A5
$
150,000
2.851
%
10/17/52
$
138,429
BANK
,
Series
2021-BN32,
Class
A5
150,000
2.643
04/15/54
134,224
BANK
,
Series
2022-BNK43,
Class
A5
200,000
4.399
08/15/55
196,784
BANK
,
Series
2023-BNK46,
Class
A4
200,000
5.745
08/15/56
215,864
BANK
,
Series
2024-BNK47,
Class
A5
300,000
5.716
06/15/57
323,499
BANK5
,
Series
2024-5YR7,
Class
A3
475,000
5.769
06/15/57
496,966
BANK5
,
Series
2024-5YR8,
Class
A3
150,000
5.884
08/15/57
158,242
BANK5
,
Series
2024-5YR9,
Class
A3
400,000
5.614
08/15/57
416,478
BANK5
,
Series
2024-5YR9,
Class
AS
200,000
6.182
08/15/57
(d)
209,047
BBCMS
Mortgage
Trust
,
Series
2024-5C25,
Class
AS
210,000
6.358
03/15/57
(d)
219,878
BBCMS
Mortgage
Trust
,
Series
2024-5C25,
Class
B
250,000
6.151
03/15/57
(d)
256,658
BBCMS
Mortgage
Trust
,
Series
2024-5C29,
Class
AS
200,000
5.627
09/15/57
(d)
205,146
Benchmark
Mortgage
Trust
,
Series
2024-V8,
Class
A3
200,000
6.189
07/15/57
(d)
212,742
BLP
Commercial
Mortgage
Trust
,
Series
2024-IND2,
Class
A
250,000
6.439
03/15/41
(c)(d)
249,302
BMO
Mortgage
Trust
,
Series
2023-C7,
Class
A5
200,000
6.160
12/15/56
221,865
BMO
Mortgage
Trust
,
Series
2024-5C6,
Class
A3
150,000
5.316
09/15/57
153,933
BMO
Mortgage
Trust
,
Series
2024-5C6,
Class
AS
250,000
5.755
09/15/57
(d)
256,706
BMO
Mortgage
Trust
,
Series
2024-C9,
Class
A5
250,000
5.759
07/15/57
269,053
BX
Commercial
Mortgage
Trust
,
Series
2024-AIRC,
Class
A
200,000
6.788
08/15/39
(c)(d)
200,250
BX
Commercial
Mortgage
Trust
,
Series
2024-XL4,
Class
A
437,404
6.539
02/15/39
(c)(d)
437,821
BX
Commercial
Mortgage
Trust
,
Series
2024-XL5,
Class
A
231,142
6.488
03/15/41
(c)(d)
230,998
BX
Trust
,
Series
2021-ARIA,
Class
C
50,000
6.857
10/15/36
(c)(d)
49,575
BX
Trust
,
Series
2022-PSB,
Class
A
79,799
7.548
08/15/39
(c)(d)
80,054
BX
Trust
,
Series
2024-BIO,
Class
A
450,000
6.739
02/15/41
(c)(d)
447,751
BX
Trust
,
Series
2024-PAT,
Class
A
150,000
7.187
03/15/41
(c)(d)
150,561
Cantor
Commercial
Real
Estate
Lending
,
Series
2019-CF3,
Class
A4
100,000
3.006
01/15/53
92,460
EQUS
Mortgage
Trust
,
Series
2021-EQAZ,
Class
A
199,996
5.966
10/15/38
(c)(d)
198,082
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K-152,
Class
A2
200,000
3.780
11/25/32
(d)
194,317
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
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-161,
Class
A2
$
300,000
4.900
%
10/25/33
$
314,833
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K510,
Class
A2
100,000
5.069
10/25/28
(d)
103,595
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
KF153,
Class
AS
184,084
6.027
02/25/33
(d)
184,198
GS
Mortgage
Securities
Trust
,
Series
2017-GS7,
Class
A4
200,000
3.430
08/10/50
191,879
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2022-OPO,
Class
A
250,000
3.024
01/05/39
(c)
229,290
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2024-OMNI,
Class
A
300,000
5.797
10/05/39
(c)(d)
306,967
KIND
Commercial
Mortgage
Trust
,
Series
2024-1,
Class
A
350,000
6.987
08/15/41
(c)(d)
350,545
LEX
Mortgage
Trust
,
Series
2024-BBG,
Class
A
300,000
4.874
10/13/33
(c)(d)
299,528
MSWF
Commercial
Mortgage
Trust
,
Series
2023-2,
Class
A2
325,000
6.890
12/15/56
346,545
TYSN
Mortgage
Trust
,
Series
2023-CRNR,
Class
A
300,000
6.799
12/10/33
(c)(d)
317,113
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2024-MGP,
Class
A12
300,000
6.788
08/15/41
(c)(d)
299,227
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2024-MGP,
Class
B12
100,000
7.387
08/15/41
(c)(d)
99,937
TOTAL
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$9,972,054)
10,030,266
a
Foreign
Bonds
–
4.8%
Agriculture
–
0.3%
BAT
Capital
Corp.
(
United
Kingdom
)
100,000
2.259
03/25/28
(b)
92,993
400,000
6.000
02/20/34
(b)
427,374
17,000
4.540
08/15/47
(b)
14,362
534,729
Banks
–
1.9%
Banco
Santander
SA
(
Spain
)
200,000
2.746
05/28/25
197,274
400,000
6.921
08/08/33
442,123
Barclays
PLC
(
United
Kingdom
)
(
SOFR
+
2.714%
)
200,000
2.852
05/07/26
(b)(d)
197,393
BNP
Paribas
SA
(
France
)
200,000
3.375
01/09/25
(c)
198,902
(
SOFR
+
1.004%
)
200,000
1.323
01/13/27
(b)(c)(d)
191,645
BPCE
SA
(
France
)
(
SOFR
+
1.730%
)
250,000
3.116
10/19/32
(b)(c)(d)
215,556
Credit
Suisse
AG
(
Switzerland
)
250,000
1.250
08/07/26
237,318
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Bonds
–
(continued)
Banks
–
(continued)
HSBC
Holdings
PLC
(
United
Kingdom
)
(
SOFR
+
1.538%
)
$
200,000
1.645
%
04/18/26
(b)(d)
$
196,306
ING
Groep
NV
(
Netherlands
)
(
US
1
Year
CMT
T-Note
+
1.100%
)
200,000
1.400
07/01/26
(b)(c)(d)
194,971
Macquarie
Group
Ltd.
(
Australia
)
(
SOFR
+
1.069%
)
50,000
1.340
01/12/27
(b)(c)(d)
47,955
Toronto-Dominion
Bank
(The)
(
Canada
)
175,000
4.456
06/08/32
173,846
UBS
Group
AG
(
Switzerland
)
250,000
4.550
04/17/26
250,624
(
US
1
Year
CMT
T-Note
+
1.100%
)
200,000
2.746
02/11/33
(b)(c)(d)
173,167
(
SOFR
+
5.020%
)
250,000
9.016
11/15/33
(b)(c)(d)
316,063
Westpac
Banking
Corp.
(
Australia
)
(
US
5
Year
CMT
T-Note
+
2.000%
)
25,000
4.110
07/24/34
(b)(d)
24,164
Westpac
Banking
Corp.
,
GMTN
(
Australia
)
(
USISOA05
+
2.236%
)
25,000
4.322
11/23/31
(b)(d)
24,820
3,082,127
Beverages
–
0.3%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
232,000
4.700
02/01/36
(b)
232,839
Anheuser-Busch
InBev
Worldwide,
Inc.
(
Belgium
)
25,000
8.200
01/15/39
33,623
40,000
5.450
01/23/39
(b)
42,778
JDE
Peet's
NV
(
Netherlands
)
150,000
1.375
01/15/27
(b)(c)
140,051
449,291
Biotechnology
–
0.0%
CSL
Finance
PLC
(
Australia
)
25,000
3.850
04/27/27
(b)(c)
24,711
Commercial
Services
–
0.3%
Ashtead
Capital,
Inc.
(
United
Kingdom
)
209,000
5.800
04/15/34
(b)(c)
218,484
DP
World
Crescent
Ltd.
,
EMTN
(
United
Arab
Emirates
)
200,000
3.875
07/18/29
193,875
412,359
Diversified
Financial
Services
–
0.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
(
Ireland
)
250,000
2.450
10/29/26
(b)
240,162
225,000
3.000
10/29/28
(b)
212,540
Avolon
Holdings
Funding
Ltd.
(
Ireland
)
100,000
2.875
02/15/25
(b)(c)
99,014
25,000
4.250
04/15/26
(b)(c)
24,745
90,000
6.375
05/04/28
(b)(c)
94,004
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Foreign
Bonds
–
(continued)
Diversified
Financial
Services
–
(continued)
Macquarie
Airfinance
Holdings
Ltd.
(
United
Kingdom
)
$
30,000
6.400
%
03/26/29
(b)(c)
$
31,238
701,703
Machinery-Construction
&
Mining
–
0.1%
Weir
Group
PLC
(The)
(
United
Kingdom
)
200,000
2.200
05/13/26
(b)(c)
192,367
Mining
–
0.1%
Glencore
Funding
LLC
(
Australia
)
75,000
1.625
04/27/26
(b)(c)
71,958
150,000
2.625
09/23/31
(b)(c)
131,412
203,370
Oil
&
Gas
–
0.3%
Saudi
Arabian
Oil
Co.
(
Saudi
Arabia
)
220,000
3.500
04/16/29
211,633
200,000
5.750
07/17/54
(b)(c)
202,013
413,646
Pipelines
–
0.2%
Enbridge,
Inc.
(
Canada
)
111,000
5.700
03/08/33
(b)
116,988
125,000
2.500
08/01/33
(b)
104,881
Galaxy
Pipeline
Assets
Bidco
Ltd.
(
United
Arab
Emirates
)
183,156
2.940
09/30/40
154,080
375,949
Semiconductors
–
0.2%
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
(
China
)
25,000
3.400
05/01/30
(b)
23,618
125,000
2.500
05/11/31
(b)
109,505
125,000
2.650
02/15/32
(b)
108,545
241,668
Software
–
0.1%
Constellation
Software,
Inc.
(
Canada
)
97,000
5.461
02/16/34
(b)(c)
101,525
Telecommunications
–
0.5%
British
Telecommunications
PLC
(
United
Kingdom
)
230,000
9.625
12/15/30
290,385
Rogers
Communications,
Inc.
(
Canada
)
505,000
3.200
03/15/27
(b)
491,761
782,146
Transportation
–
0.0%
Canadian
Pacific
Railway
Co.
(
Canada
)
25,000
2.050
03/05/30
(b)
22,352
TOTAL
FOREIGN
BONDS
(Cost
$7,607,876)
7,537,943
a
Collateralized
Mortgage
Obligations
–
3.2%
a
Alternative
Loan
Trust
,
Series
2005-38,
Class
A1
(
Federal
Reserve
US
12
mo.
Cumulative
Avg
1
yr.
CMT
+
1.500%
)
34,620
6.623
09/25/35
(d)
31,664
Angel
Oak
Mortgage
Trust
,
Series
2021-6,
Class
A1
283,102
1.458
09/25/66
(c)(d)
238,823
COLT
Mortgage
Loan
Trust
,
Series
2021-2,
Class
A1
186,441
0.924
08/25/66
(c)(d)
157,795
Connecticut
Avenue
Securities
Trust
,
Series
2021-R01,
Class
1M2
(
SOFR
+
1.550%
)
37,988
6.830
10/25/41
(c)(d)
38,109
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Collateralized
Mortgage
Obligations
–
(continued)
a
Connecticut
Avenue
Securities
Trust
,
Series
2021-R03,
Class
1M2
(
SOFR
+
1.650%
)
$
42,000
6.930
%
12/25/41
(c)(d)
$
42,313
Connecticut
Avenue
Securities
Trust
,
Series
2022-R05,
Class
2M1
(
SOFR
+
1.900%
)
21,478
7.180
04/25/42
(c)(d)
21,636
Connecticut
Avenue
Securities
Trust
,
Series
2022-R05,
Class
2M2
(
SOFR
+
3.000%
)
36,000
8.280
04/25/42
(c)(d)
37,226
Connecticut
Avenue
Securities
Trust
,
Series
2023-R03,
Class
2M2
(
SOFR
+
3.900%
)
30,000
9.180
04/25/43
(c)(d)
32,174
Connecticut
Avenue
Securities
Trust
,
Series
2024-R01,
Class
1M2
(
SOFR
+
1.800%
)
100,000
7.080
01/25/44
(c)(d)
100,839
Connecticut
Avenue
Securities
Trust
,
Series
2024-R02,
Class
1M2
(
SOFR
+
1.800%
)
225,000
7.080
02/25/44
(c)(d)
226,043
Connecticut
Avenue
Securities
Trust
,
Series
2024-R03,
Class
2M2
(
SOFR
+
1.950%
)
100,000
7.213
03/25/44
(c)(d)
100,609
FHLMC
,
Series
2021-DNA5,
Class
M2
(
SOFR
+
1.650%
)
14,373
6.930
01/25/34
(c)(d)
14,456
Freddie
Mac
STACR
REMIC
Trust
,
Series
2024-DNA2,
Class
M1
(
SOFR
+
1.200%
)
430,215
6.480
05/25/44
(c)(d)
430,490
Freddie
Mac
STACR
REMIC
Trust
,
Series
2024-HQA1,
Class
A1
(
SOFR
+
1.250%
)
145,193
6.530
03/25/44
(c)(d)
145,102
Freddie
Mac
STACR
REMIC
Trust
,
Series
2024-HQA1,
Class
M1
(
SOFR
+
1.250%
)
261,547
6.530
03/25/44
(c)(d)
262,079
Freddie
Mac
STACR
REMIC
Trust
,
Series
2024-HQA1,
Class
M2
(
SOFR
+
2.000%
)
125,000
7.280
03/25/44
(c)(d)
125,593
Freddie
Mac
STACR
REMIC
Trust
,
Series
2024-HQA2,
Class
A1
(
SOFR
+
1.250%
)
850,000
6.530
08/25/44
(c)(d)
848,937
GCAT
Trust
,
Series
2021-NQM5,
Class
A2
253,563
1.417
07/25/66
(c)(d)
213,895
J.P.
Morgan
Mortgage
Trust
,
Series
2024-1,
Class
A2
344,442
6.000
06/25/54
(c)(d)
347,550
JP
Morgan
Mortgage
Trust
,
Series
2021-6,
Class
A3
85,090
2.500
10/25/51
(c)(d)
71,565
JP
Morgan
Mortgage
Trust
,
Series
2023-10,
Class
A6
39,056
6.000
05/25/54
(c)(d)
39,139
JP
Morgan
Mortgage
Trust
Series
,
Series
2024-4,
Class
A5A
150,000
6.000
10/25/54
(c)(d)
152,801
JP
Morgan
Mortgage
Trust
Series
,
Series
2024-VIS2,
Class
A1
742,516
5.853
11/25/64
(c)(f)
753,930
OBX
Trust
,
Series
2024-NQM4,
Class
A1
274,954
6.067
01/25/64
(c)(f)
278,235
Residential
Mortgage
Loan
Trust
,
Series
2019-2,
Class
B1
100,000
4.713
05/25/59
(c)(d)
99,434
Verus
Securitization
Trust
,
Series
2021-7,
Class
A1
345,108
1.829
10/25/66
(c)(f)
312,966
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Collateralized
Mortgage
Obligations
–
(continued)
a
Wells
Fargo
Mortgage
Backed
Securities
Trust
,
Series
2019-3,
Class
A1
$
5,349
3.500
%
07/25/49
(c)(d)
$
4,935
TOTAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(Cost
$5,085,100)
5,128,338
a
U.S.
Government
Agency
Securities
–
1.5%
a
Federal
Farm
Credit
Banks
Funding
Corp.
460,000
2.900
04/12/32
430,350
230,000
3.300
05/19/32
220,329
130,000
3.500
09/01/32
125,400
600,000
2.850
03/28/34
539,176
340,000
3.080
03/30/37
300,338
Federal
Home
Loan
Banks
250,000
3.375
09/10/32
238,468
430,000
4.750
12/10/32
455,048
TOTAL
U.S.
GOVERNMENT
AGENCY
SECURITIES
(Cost
$2,452,249)
2,309,109
a
Foreign
Government
Securities
–
0.8%
Sovereign
–
0.8%
Indonesia
Government
International
Bond
200,000
4.850
01/11/33
(b)
204,036
Mexico
Government
International
Bond
400,000
3.250
04/16/30
(b)
366,600
110,000
1.450
10/25/33
(b)
95,738
200,000
4.280
08/14/41
(b)
163,892
Panama
Government
International
Bond
200,000
6.875
01/31/36
(b)
209,483
Peruvian
Government
International
Bond
50,000
3.230
07/28/21
(b)
29,891
Republic
of
Poland
Government
International
Bond
120,000
5.125
09/18/34
(b)
123,325
Romanian
Government
International
Bond
40,000
3.000
02/27/27
(c)
38,352
10,000
2.124
07/16/31
(c)
9,343
30,000
2.625
12/02/40
(c)
22,249
10,000
4.625
04/03/49
(c)
9,375
Romanian
Government
International
Bond
,
EMTN
50,000
2.875
03/11/29
53,012
TOTAL
FOREIGN
GOVERNMENT
SECURITIES
(Cost
$1,445,055)
1,325,296
a
Municipal
Bonds
–
0.5%
California
–
0.1%
State
of
California
105,000
7.625
03/01/40
(b)
131,390
Florida
–
0.0%
State
Board
of
Administration
Finance
Corp.
,
Series
A
70,000
2.154
07/01/30
(b)
62,177
Illinois
–
0.1%
Illinois
State
Taxable
Pension
Funding
GO
Bonds
Series
2003
23,529
5.100
06/01/33
23,899
State
of
Illinois
GO
Bonds
78,571
7.350
07/01/35
(b)
86,320
110,219
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Louisiana
–
0.1%
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Series
2022-ELL,
Class
A3
$
140,000
4.275
%
02/01/36
$
137,815
Maryland
–
0.1%
Maryland
Economic
Development
Corp.
160,000
4.968
11/30/32
(b)
163,154
65,000
5.018
11/30/33
(b)
66,226
229,380
Ohio
–
0.1%
American
Municipal
Power,
Inc.
,
Series
E
95,000
6.270
02/15/50
(b)
104,846
TOTAL
MUNICIPAL
BONDS
(Cost
$742,830)
775,827
a
U.S.
Treasury
Obligations
–
28.6%
a
U.S.
Treasury
Bonds
1,640,000
3.125
(g)
11/15/41
1,448,581
1,550,000
2.750
(g)
08/15/42
1,276,813
2,310,000
2.750
(g)
11/15/42
1,894,200
450,000
4.000
(g)
11/15/42
442,898
560,000
3.875
(g)
05/15/43
539,263
100,000
4.375
(g)
08/15/43
102,844
480,000
3.125
(g)
05/15/48
398,700
480,000
3.000
(g)
08/15/48
389,250
510,000
2.375
(g)
11/15/49
362,498
610,000
2.000
(g)
02/15/50
397,548
480,000
2.375
(g)
05/15/51
338,700
170,000
2.000
(g)
08/15/51
109,491
1,288,400
4.000
(g)
11/15/52
1,253,976
1,130,000
4.750
(g)
11/15/53
1,248,473
U.S.
Treasury
Inflation
Indexed
Bonds
670,000
1.500
(g)
02/15/53
640,992
U.S.
Treasury
Notes
306,000
0.375
(g)
12/31/25
293,115
473,200
0.750
(g)
04/30/26
451,573
3,670,000
0.750
(g)
05/31/26
3,495,532
3,670,000
0.875
(g)
06/30/26
3,496,535
1,720,000
0.625
(g)
07/31/26
1,627,684
620,000
4.375
(g)
08/15/26
627,823
640,000
0.750
(g)
08/31/26
605,775
640,000
2.625
(g)
05/31/27
624,450
4,330,000
0.500
(g)
06/30/27
3,983,600
970,000
2.875
(g)
05/15/28
946,811
2,830,000
1.250
(g)
05/31/28
2,604,705
3,050,000
1.250
(g)
06/30/28
2,802,188
250,000
3.125
(g)
11/15/28
245,645
6,070,000
1.500
(g)
02/15/30
5,449,248
364,900
3.625
(g)
03/31/30
365,185
760,000
3.750
(g)
05/31/30
765,106
1,120,000
3.750
(g)
06/30/30
1,127,350
1,307,200
4.375
(g)
05/15/34
1,369,292
U.S.
Treasury
Strip
Coupon
2,079,100
–
(g)
11/15/29
(h)
1,722,729
430,000
–
(g)
08/15/30
(h)
344,705
430,000
–
(g)
11/15/30
(h)
342,035
430,000
–
(g)
11/15/31
(h)
327,858
929,900
–
(g)
05/15/32
(h)
695,718
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
ADDITIONAL
INVESTMENT
INFORMATION
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
U.S.
Treasury
Obligations
–
(continued)
a
U.S.
Treasury
Strip
Coupon
–
(continued)
$
430,000
–
%
(g)
08/15/33
(h)
$
304,930
TOTAL
U.S.
TREASURY
OBLIGATIONS
(Cost
$46,548,778)
45,463,819
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.0%
(i)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
361
4.854%
361
(Cost
$361)
TOTAL
INVESTMENTS
–
120.5%
(Cost
$193,733,681)
$
191,363,201
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(20.5)%
(32,539,088)
NET
ASSETS
–
100.0%
$
158,824,113
  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
$35,787,455
which
represents
approximately
22.5%
of
the
Fund’s
net
assets
as
of
September
30,
2024.
(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,
2024.
(e)
When-issued
security.
(f)
Step
coupon.
(g)
Interest
rates
represent
either
the
stated
coupon
rate,
annualized
yield
on
date
of
purchase
for
discounted
securities,
or,
for
floating
rate
securities,
the
current
reset
rate,
which
is
based
upon
current
interest
rate
indices.
(h)
Zero
coupon
bond
until
next
reset
date.
(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
September
30,
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.
SEK
1,885,538
USD
177,276
10/16/2024
$
8,521
CAD
284,912
USD
206,394
10/17/2024
4,348
JPY
10,336,493
USD
67,818
10/17/2024
4,267
EUR
826,859
USD
901,596
10/24/2024
19,750
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
WITH
UNREALIZED
GAIN
(continued)
Counterparty
Currency
Purchased
Currency
Sold
Settlement
Date
Unrealized
Gain
Morgan
Stanley
Co.,
Inc.
(continued)
CHF
151,085
USD
176,248
11/15/2024
$
3,186
USD
270,155
GBP
202,089
12/16/2024
16
TOTAL
$
40,088
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
WITH
UNREALIZED
LOSS
Counterparty
Currency
Purchased
Currency
Sold
Settlement
Date
Unrealized
Loss
Morgan
Stanley
Co.,
Inc.
USD
200,681
SEK
2,134,481
10/16/2024
(9,647)
USD
244,474
CAD
337,480
10/17/2024
(5,150)
USD
77,983
JPY
11,885,811
10/17/2024
(4,907)
USD
1,138,335
EUR
1,043,973
10/24/2024
(24,936)
USD
126,563
CHF
108,506
11/15/2024
(2,303)
GBP
156,808
USD
209,623
12/16/2024
(12)
TOTAL
$
(46,955)
FORWARD
SALES
CONTRACTS
—
At
September
30,
2024,
the
Fund
had
the
following
forward
sales
contracts:
Description
Interest
Rate
Maturity
Date
 (a)
Settlement
Date
Principal
Amount
Value
Federal
National
Mortgage
Association
4.500
%
TBA-30yr
10/15/54
$
(4,000,000)
$
(3,933,004)
Federal
National
Mortgage
Association
6.500
TBA-30yr
10/15/54
(2,000,000)
(2,061,953)
Federal
National
Mortgage
Association
5.000
TBA-30yr
11/15/54
(9,000,000)
(8,996,166)
Government
National
Mortgage
Association
3.000
TBA-30yr
10/15/54
(1,000,000)
(910,024)
Government
National
Mortgage
Association
6.000
TBA-30yr
10/15/54
(2,000,000)
(2,033,574)
Total
(Proceed
Receivable
$17,956,875)
$
(17,934,721)
(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,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
ICE
3
Month
SONIA
Index
Future
7
03/17/26
$
2,259,062
$
(1,382)
U.S.
Treasury
10
Year
Ultra
Note
2
12/19/24
236,906
(566)
U.S.
Treasury
2
Year
Note
23
12/31/24
4,790,109
(7,743)
U.S.
Treasury
Long
Bond
6
12/19/24
746,062
(199)
U.S.
Treasury
Ultra
Bond
43
12/19/24
5,731,094
(42,381)
Total
$
(52,271)
Short
position
contracts:
Euro
Bund
Future
(1)
12/06/24
(150,164)
(1,663)
U.S.
Treasury
10
Year
Note
(11)
12/19/24
(1,257,953)
2,557
U.S.
Treasury
5
Year
Note
(6)
12/31/24
(659,672)
62
Total
$
956
Total
Futures
Contracts
$
(51,315)
SWAP
CONTRACTS
—
At
September
30,
2024,
the
Fund
had
the
following
swap
contracts:
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
OVER
THE
COUNTER
CREDIT
DEFAULT
SWAP
CONTRACTS
Reference
Obligation/Index
Financing
Rate
Received
(Paid)
by
the
Fund
Credit
Spread
at
September
30,
2024
(a)
Counterparty
Termination
Date
Notional
Amount
(000's)
Value
Upfront
Premium
(Received)
Paid
Unrealized
Appreciation/
(Depreciation)
ICE
CD
JWN
(b)
1.000%
0.098
%
Bank
of
America
N.A
12/20/2024
100
$
98
$
(1,927)
$
2,025
General
Electric
Co.
(b)
1.000%
1.524
Bank
of
America
N.A
06/20/2026
175
2,667
–
2,667
Markit
CDX
North
America
Investment
Grade
Index
(b)
1.000%
1.372
Bank
of
America
N.A
06/20/2026
4,775
65,523
13,575
51,948
ICE
CDX
Investment
Grade
Index
(b)
1.000%
1.640
Bank
of
America
N.A
12/20/2026
2,900
47,568
45,927
1,641
ICE
CDX
Investment
Grade
Index
(b)
1.000%
2.242
Bank
of
America
N.A
06/20/2028
1,008
22,604
12,153
10,451
ICE
CDX
Investment
Grade
Index
(b)
1.000%
2.286
Bank
of
America
N.A
12/20/2028
1,425
32,577
21,383
11,194
Chile
Government
International
Bond
(b)
1.000%
2.213
Bank
of
America
N.A
06/20/2029
90
1,991
1,739
252
ICE
CDX
Investment
Grade
Index
(b)
1.000%
2.265
Bank
of
America
N.A
06/20/2029
7,708
174,587
152,628
21,959
Indonesia
Government
International
Bond
(b)
1.000%
1.568
Bank
of
America
N.A
06/20/2029
200
3,137
2,286
851
Philippine
Government
International
Bond
(b)
1.000%
2.031
Bank
of
America
N.A
06/20/2029
200
4,062
2,960
1,102
TOTAL
$
354,814
$
250,724
$
104,090
(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.
SWAP
CONTRACTS
—
At
September
30,
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)
1
Day
SOFR
(b)
3.500
%
4/19/2025
USD
250
$
1,149
$
(233)
$
1,382
12
Month
BOJDTR
(b)
0.506
8/13/2026
JPY
313,988
741
–
741
3.000
%
(c)
3
Month
BBSW
9/16/2026
AUD
3,505
(7,231)
–
(7,231)
4.000
(c)
3
Month
BBSW
12/18/2026
AUD
690
4,258
3,366
892
3.500
(d)
CORRA
12/18/2026
CAD
1,871
22,950
23,821
(871)
3.750
(d)
CORRA
12/18/2026
CAD
530
8,378
5,282
3,096
1
Day
SOFR
(b)
0.500
12/18/2026
CHF
1,990
(5,529)
–
(5,529)
2.500
(b)
1
Day
ESTRON
12/18/2026
EUR
2,050
25,173
21,992
3,181
3.000
(b)
1
Day
ESTRON
12/18/2026
EUR
370
6,938
3,867
3,071
4.250
(b)
1
Day
SONIO
12/18/2026
GBP
250
3,263
1,995
1,268
3.750
(b)
6
Month
NIBOR
12/18/2026
NOK
21,850
5,272
3,912
1,360
3
Month
NZD
BKBM
(d)
3.500
12/18/2026
NZD
2,070
(3,132)
(3,501)
369
1
Day
SOFR
(b)
3.750
12/18/2026
USD
2,740
(25,866)
(30,674)
4,808
4.000
(b)
1
Day
SOFR
12/18/2026
USD
130
1,848
1,359
489
3.500
(b)
1
Day
SONIO
8/31/2027
GBP
7,230
5,470
8,777
(3,307)
4.000
(b)
1
Day
SONIO
12/18/2027
GBP
1,070
14,588
11,900
2,688
3.805
(b)
1
Day
SOFR
4/13/2028
USD
2,800
38,721
11,738
26,983
2.500
(b)
1
Day
ESTRON
5/14/2028
EUR
2,520
23,468
–
23,468
1
Day
SONIO
(b)
3.500
8/31/2029
GBP
6,662
(15,111)
(26,766)
11,655
CORRA
(d)
2.458
9/13/2029
CAD
3,320
2,274
(1,076)
3,350
3.038
(b)
1
Day
SOFR
9/13/2029
USD
2,470
(4,547)
2,289
(6,836)
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
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)
3.250
%
(d)
CORRA
12/18/2029
CAD
1,240
$
29,448
$
26,467
$
2,981
2.500
(b)
1
Day
ESTRON
12/18/2029
EUR
1,195
32,476
28,771
3,705
1
Day
SONIO
(b)
3.750
%
12/18/2029
GBP
110
(1,351)
(1,201)
(150)
12
Month
BOJDTR
(b)
0.750
12/18/2029
JPY
865,500
(35,285)
(36,950)
1,665
3.750
(b)
1
Day
SOFR
12/18/2029
USD
610
15,799
14,463
1,336
2.801
(d)
CORRA
9/11/2031
CAD
3,510
(3,022)
1,412
(4,434)
1
Day
SOFR
(b)
3.215
9/12/2031
USD
2,620
3,671
(2,146)
5,817
3.000
(b)
1
Day
ESTRON
11/10/2033
EUR
1,980
53,417
37,236
16,181
3.790
(b)
1
Day
SOFR
5/21/2034
USD
2,120
34,698
15,980
18,718
12
Month
BOJDTR
(b)
1.295
8/2/2034
JPY
226,210
(11,488)
(2,848)
(8,640)
3.500
(b)
1
Day
SONIO
8/28/2034
GBP
1,330
(8,179)
1,063
(9,242)
6
Month
BBSW
(d)
4.500
12/18/2034
AUD
400
(9,898)
(11,383)
1,485
3.250
(d)
CORRA
12/18/2034
CAD
320
8,781
5,995
2,786
1
Day
SOFR
(b)
0.750
12/18/2034
CHF
390
(7,491)
(2,465)
(5,026)
2.500
(b)
1
Day
ESTRON
12/18/2034
EUR
790
13,461
8,598
4,863
3.750
(b)
1
Day
SONIO
12/18/2034
GBP
80
1,375
1,479
(104)
6
Month
NIBOR
(b)
3.500
12/18/2034
NOK
290
(123)
(85)
(38)
4.000
(d)
3
Month
NZD
BKBM
12/18/2034
NZD
340
2,390
2,445
(55)
2.250
(b)
3
Month
STIBOR
12/18/2034
SEK
6,460
1,768
81
1,687
1
Day
SOFR
(b)
3.750
12/18/2034
USD
250
(9,718)
(8,758)
(960)
2.152
(b)
1
Day
ESTRON
8/9/2037
EUR
1,070
(23,891)
–
(23,891)
3.391
(b)
1
Day
SOFR
5/10/2038
USD
630
(4,711)
–
(4,711)
3.000
(b)
1
Day
ESTRON
1/25/2039
EUR
1,270
15,819
7,241
8,578
1
Day
ESTRON
(b)
1.452
8/10/2042
EUR
2,730
115,114
–
115,114
1
Day
ESTRON
(b)
2.500
1/25/2044
EUR
3,060
(9,296)
(6,783)
(2,513)
2.160
(b)
12
Month
BOJDTR
8/2/2044
JPY
271,680
(3,832)
1,737
(5,569)
1.051
(b)
1
Day
ESTRON
8/11/2047
EUR
1,610
(57,798)
–
(57,798)
2.000
(b)
1
Day
ESTRON
1/25/2049
EUR
1,830
(897)
1,778
(2,675)
1
Day
SOFR
(b)
2.564
5/11/2053
USD
610
12,188
(975)
13,163
1
Day
ESTRON
(b)
2.000
5/17/2053
EUR
730
8,881
–
8,881
1
Day
ESTRON
(b)
2.500
11/10/2053
EUR
1,070
(44,516)
(54,283)
9,767
1
Day
SOFR
(b)
3.380
4/11/2054
USD
910
(14,021)
(6,225)
(7,796)
1
Day
SOFR
(b)
3.344
5/20/2054
USD
1,340
(17,802)
(9,030)
(8,772)
1
Day
ESTRON
(b)
2.250
12/18/2054
EUR
300
592
(880)
1,472
TOTAL
$
189,634
$
48,782
$
140,852
(a)
Represents
forward
starting
interest
rate
swaps
whose
effective
dates
of
commencement
of
accruals
and
cash
flows
occur
subsequent
to
September
30,
2024.
(b)
Payments
made
annually.
(c)
Payments
made
quarterly.
(d)
Payments
made
semi-annually.
WRITTEN
OPTIONS
CONTRACTS
—
At
September
30,
2024,
the
Fund
had
the
following
written
option
contracts:
OVER-THE-COUNTER
-
INTEREST
RATE
SWAPTIONS
—
At
September
30,
2024
,
the
Portfolio
had
the
following
purchased
and
written
option
contracts:
Description
Counterparty
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Market
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
Written
Option
Contracts:
Calls
3M
IRS
JPMorgan
Chase
&
Co.
$
1.82
09/21/2027
(2,600,000)
$
(2,600,000)
$
(5,266)
$
(5,330)
$
64
3M
IRS
JPMorgan
Chase
&
Co.
1.81
09/21/2027
(2,600,000)
(2,600,000)
(5,224)
(6,760)
1,536
(5,200,000)
$
(5,200,000)
$
(10,490)
$
(12,090)
$
1,600
Puts
3M
IRS
JPMorgan
Chase
&
Co.
$
4.32
09/21/2027
(2,600,000)
$
(2,600,000)
$
(7,516)
$
(7,020)
$
(496)
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
CORE
FIXED
INCOME
FUND
Schedule
of
Investments
(continued)
September
30,
2024
(Unaudited)
Description
Counterparty
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Market
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
3M
IRS
JPMorgan
Chase
&
Co.
$
4.31
09/21/2027
(2,600,000)
$
(2,600,000)
$
(7,555)
$
(5,135)
$
(2,420)
Total
written
option
contracts
(10,400,000)
$
(10,400,000)
$
(25,561)
$
(24,245)
$
(1,316)
Abbreviations:
3M
IRS
—
3
Months
Interest
Rate
Swaptions
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
Goldman
Sachs
Variable
Insurance
Trust
Core
Fixed
Income
Fund
Schedule
of
Investments
September
30,
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)
September
30,
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)
September
30,
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)
September
30,
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
September
30,
2024:
Core
Fixed
Income
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Asset-
Backed
Securities
$
—
$
15,136,411
$
—
Collateralized
Mortgage
Obligations
—
5,128,338
—
Commercial
Mortgage-Backed
Securities
—
10,030,266
—
Corporate
Bond
—
39,624,212
—
Foreign
Bond
—
7,537,943
—
Foreign
Government
Securities
—
1,325,296
—
Mortgage-Backed
Securities
—
64,031,619
—
Municipal
Bond
—
775,827
—
U.S.
Government
Agency
Securities
—
2,309,109
—
U.S.
Treasury
Obligations
45,463,819
—
—
Investment
Company
361
—
—
Total
$
45,464,180
$
145,899,021
$
—
Liabilities
Fixed
Income
Forward
Sales
Contracts
$
—
$
(17,934,721)
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
(a)
Credit
Default
Swap
Contracts
$
—
$
104,090
$
—
Forward
Foreign
Currency
Exchange
Contracts
—
40,088
—
Futures
Contracts
2,619
—
—
Interest
Rate
Swap
Contracts
—
307,000
—
Total
$
2,619
$
451,178
$
—
€
1.00
€
1.00
€
1.00
Liabilities
Forward
Foreign
Currency
Exchange
Contracts
(a)
$
—
$
(46,955)
$
—
Futures
Contracts
(a)
(53,934)
—
—
Interest
Rate
Swap
Contracts
(a)
—
(166,148)
—
Written
Options
Contracts
(25,561)
—
—
Total
$
(79,495)
$
(213,103)
$
—
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Core
Fixed
Income
Fund
Schedule
of
Investments
(continued)
September
30,
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)
September
30,
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)