Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Jan/Jul: Institutional Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Jan/Jul

Institutional Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Jan/Jul

Institutional Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Jan/Jul

Institutional Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Jan/Jul

380987511-AR-1224

Institutional Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Jan/Jul: Service Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Jan/Jul

Service Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Jan/Jul

Service Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Jan/Jul

Service Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Jan/Jul

380987495-AR-1224

Service Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Mar/Sep: Institutional Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Mar/Sep

Institutional Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Mar/Sep

Institutional Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Mar/Sep

Institutional Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Mar/Sep

380987487-AR-1224

Institutional Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Mar/Sep: Service Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Mar/Sep

Service Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Mar/Sep

Service Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Mar/Sep

Service Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — Mar/Sep

380987479-AR-1224

Service Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — May/Nov: Institutional Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — May/Nov

Institutional Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — May/Nov

Institutional Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — May/Nov

Institutional Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — May/Nov

380987461-AR-1224

Institutional Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — May/Nov: Service Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — May/Nov

Service Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — May/Nov

Service Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — May/Nov

Service Class

Goldman Sachs Variable Insurance Trust — Buffered S&P 500 Fund — May/Nov

380987453-AR-1224

Service Class

Fund Overview

What were the Fund costs for the period?

How did the Fund perform and what affected its performance?

Performance Overview

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Additional Information

Fund Overview

What were the Fund costs for the period?

How did the Fund perform and what affected its performance?

Performance Overview

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Additional Information

Fund Overview

What were the Fund costs for the period?

How did the Fund perform and what affected its performance?

Performance Overview

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Additional Information

Fund Overview

What were the Fund costs for the period?

How did the Fund perform and what affected its performance?

Performance Overview

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Additional Information

Fund Overview

What were the Fund costs for the period?

How did the Fund perform and what affected its performance?

Performance Overview

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Additional Information

Fund Overview

What were the Fund costs for the period?

How did the Fund perform and what affected its performance?

Performance Overview

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Additional Information

Fund Performance

Asset Class Exposure (%)*

Fund Performance

Asset Class Exposure (%)*

Fund Performance

Asset Class Exposure (%)*

Fund Performance

Asset Class Exposure (%)*

Fund Performance

Asset Class Exposure (%)*

Fund Performance

Asset Class Exposure (%)*

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08361

Goldman Sachs Variable Insurance Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive,

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Copies to:

Robert Griffith, Esq.

Goldman Sachs & Co. LLC

200 West Street

New York, NY 10282

Stephen H. Bier, Esq.

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

(Name and address of agents for service)

Registrant’s telephone number, including area code: (312) 655-4400

Date of fiscal year end: December 31

Date of reporting period: December 31, 2024

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders for the Goldman Sachs Buffered S&P 500 Fund – Jan/Jul, Goldman Sachs Buffered S&P 500 Fund – Mar/Sep, and Goldman Sachs Buffered S&P 500 Fund – May/Nov is filed herewith.

Annual Shareholder Report

December 31, 2024

This annual shareholder report contains important information about Goldman Sachs Buffered S&P 500 Fund — Jan/Jul (the "Fund") for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$66	0.61%

The broad U.S. equity market was volatile but strong amid a soft economic landing, disinflation, AI excitement, favorable corporate earnings, a shift to monetary policy easing and anticipated tax cuts after the U.S. elections. In December, the Fed stated future rate cuts would likely come more slowly, dampening market returns.

The Fund seeks to provide equity exposure up to a Cap with a Buffer from downside risk. The Cap represents the maximum percentage return a Fund can achieve for the duration of an Outcome Period. The Buffer provides downside protection against approximately the first 5% of losses of the S&P 500 Price Return Index over each Outcome Period, before the deduction of Fund fees and expenses. If the value of the S&P 500 Price Return Index increases over an Outcome Period, the Fund seeks to provide investment returns that track the performance of the S&P 500 Price Return Index up to the Cap for the Outcome Period. If the value of the S&P 500 Price Return Index increases in excess of the Cap during an Outcome Period, the Fund, and therefore its investors, will not fully participate in those excess gains. During the annual period, the S&P 500 Price Return Index delivered strong performance that exceeded the Cap, leading to reduced upside participation of the Fund.

Top Contributors to Performance:

The Fund’s absolute returns were strong given the rally in the U.S. equity market during the annual period.

Top Detractors from Performance:

The Fund underperformed the S&P 500 Total Return Index during the annual period, primarily driven by the limited upside participation in the U.S. equity market rally due to the Fund’s targeted outcome strategy.
The Cap for the Outcome Period that commenced on January 2, 2024 and ended on June 30, 2024 was 7.80% (before Fund fees and expenses) and 7.45% (after Fund fees and expenses). The Buffer for same was 5.00% (before Fund fees and expenses) and 4.65% (after Fund fees and expenses).*
The Cap for the Outcome Period that commenced on July 1, 2024 and ended on December 31, 2024 was 8.05% (before Fund fees and expenses) and 7.70% (after Fund fees and expenses). The Buffer for same was 5.00% (before Fund fees and expenses) and 4.65% (after Fund fees and expenses).*

*Fund Fees and Expenses are derived from the “Annual Fund Operating Expenses” tables included in the Fund’s Prospectus dated April 29, 2024. Actual Fund Fees and Expenses may differ over the next Outcome Period.

The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

	Institutional Shares	Goldman Sachs Index: 70% S&P 500 Index/30% ICE BofA Three-Month U.S. Treasury Bill (Total Return, USD, Unhedged)	S&P 500 Total Return Index (Net, USD, Unhedged)	S&P 500^® Index
12/22	$10,000	$10,000	$10,000	$10,000
12/23	$11,476	$11,976	$12,567	$12,629
12/24	$13,219	$14,238	$15,646	$15,789

AATR	1 Year	Since Inception 12/30/22
Institutional Shares	15.19%	15.00%
Goldman Sachs Index: 70% S&P 500 Index/30% ICE BofA Three-Month U.S. Treasury Bill (Total Return, USD, Unhedged)	18.89%	19.35%
S&P 500 Total Return Index (Net, USD, Unhedged)	24.50%	25.12%
S&P 500^® Index	25.02%	25.69%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at: am.gs.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the S&P 500^® Index.

(as of December 31, 2024)

Total Net Assets	$7,579,624
# of Portfolio Holdings	28
Portfolio Turnover Rate	0%
Total Net Advisory Fees Paid	$26,512

The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.

Header	Gross	Long	Short	Net
Developed Equity	Gross	Long	Short	Net
Call Options	25.6	-	25.6	-25.6
Put Options	68.0	41.1	26.9	14.2
Cash and Short-term Investments	86.7	71.7	15.0	56.7
US Equity	97.9	97.9	-	97.9

* Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted. Cash and short-term Investments include investment companies and U.S. Treasury Bills.

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

S&P 500 is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Goldman Sachs Asset Management. S&P^®, S&P 500^®, US 500, and The 500 are trademarks of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management. GS VIT - Goldman Sachs Buffered S&P 500 Fund - Jan/Jul is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, and their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500.

ICE Data Indices, LLC (“ICE DATA”) is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

The S&P 500 (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright © 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Annual Shareholder Report

December 31, 2024

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$66	0.61%

Top Contributors to Performance:

The Fund’s absolute returns were strong given the rally in the U.S. equity market during the annual period

Top Detractors from Performance:

The Fund underperformed the S&P 500 Total Return Index during the annual period, primarily driven by the limited upside participation in the U.S. equity market rally due to the Fund’s targeted outcome strategy.
The Cap for the Outcome Period that commenced on January 2, 2024 and ended on June 30, 2024 was 7.80% (before Fund fees and expenses) and 7.32% (after Fund fees and expenses. The Buffer for same was 5.00% (before Fund fees and expenses) and 4.52% (after Fund fees and expenses).*
The Cap for the Outcome Period that commenced on July 1, 2024 and ended on December 31, 2024 was 8.05% (before Fund fees and expenses) and 7.57% (after Fund fees and expenses). The Buffer for same was 5.00% (before Fund fees and expenses) and 4.52% (after Fund fees and expenses).*

	Service Shares	Goldman Sachs Index: 70% S&P 500 Index/30% ICE BofA Three-Month U.S. Treasury Bill (Total Return, USD, Unhedged)	S&P 500 Total Return Index (Net, USD, Unhedged)	S&P 500^® Index
12/22	$10,000	$10,000	$10,000	$10,000
12/23	$11,476	$11,976	$12,567	$12,629
12/24	$13,220	$14,238	$15,646	$15,789

AATR	1 Year	Since Inception 12/30/22
Service Shares	15.20%	15.00%
Goldman Sachs Index: 70% S&P 500 Index/30% ICE BofA Three-Month U.S. Treasury Bill (Total Return, USD, Unhedged)	18.89%	19.35%
S&P 500 Total Return Index (Net, USD, Unhedged)	24.50%	25.12%
S&P 500^® Index	25.02%	25.69%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

(as of December 31, 2024)

Total Net Assets	$7,579,624
# of Portfolio Holdings	28
Portfolio Turnover Rate	0%
Total Net Advisory Fees Paid	$26,512

Header	Gross	Long	Short	Net
Developed Equity	Gross	Long	Short	Net
Call Options	25.6	-	25.6	-25.6
Put Options	68.0	41.1	26.9	14.2
Cash and Short-term Investments	86.7	71.7	15.0	56.7
US Equity	97.9	97.9	-	97.9

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Annual Shareholder Report

December 31, 2024

This annual shareholder report contains important information about Goldman Sachs Buffered S&P 500 Fund — Mar/Sep (the "Fund") for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$65	0.61%

Top Contributors to Performance:

The Fund’s absolute returns were strong given the rally in the U.S. equity market during the annual period.

Top Detractors from Performance:

The Fund underperformed the S&P 500 Total Return Index during the annual period, primarily driven by the limited upside participation in the U.S. equity market rally due to the Fund’s targeted outcome strategy.
The Cap for the Outcome Period that commenced on September 1, 2023 and ended on February 29, 2024 was 8.06% (before Fund fees and expenses) and 7.71% (after Fund fees and expenses). The Buffer for same was 5.00% (before Fund fees and expenses) and 4.65% (after Fund fees and expenses).*
The Cap for the Outcome Period that commenced on March 1, 2024 and ended on August 31, 2024 was 8.20% (before Fund fees and expenses) and 7.85% (after Fund fees and expenses). The Buffer for same was 5.00% (before Fund fees and expenses) and 4.65% (after Fund fees and expenses).*
The Cap for the Outcome Period that commenced on September 3, 2024 and will end on February 28, 2025 was 8.22% (before Fund fees and expenses) and 7.87% (after Fund fees and expenses). The Buffer for same was 5.00% (before Fund fees and expenses) and 4.65% (after Fund fees and expenses).*

	Institutional Shares	Goldman Sachs Index: 70% S&P 500 Index/30% ICE BofA Three-Month U.S. Treasury Bill (Total Return, USD, Unhedged)	S&P 500 Total Return Index (Net, USD, Unhedged)	S&P 500^® Index
02/23	$10,000	$10,000	$10,000	$10,000
12/23	$11,190	$11,649	$12,130	$12,179
12/24	$12,804	$13,849	$15,102	$15,226

AATR	1 Year	Since Inception 2/28/23
Institutional Shares	14.42%	14.36%
Goldman Sachs Index: 70% S&P 500 Index/30% ICE BofA Three-Month U.S. Treasury Bill (Total Return, USD, Unhedged)	18.89%	19.35%
S&P 500 Total Return Index (Net, USD, Unhedged)	24.50%	25.10%
S&P 500^® Index	25.02%	25.66%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

(as of December 31, 2024)

Total Net Assets	$6,657,876
# of Portfolio Holdings	32
Portfolio Turnover Rate	0%
Total Net Advisory Fees Paid	$24,903

Header	Gross	Long	Short	Net
Developed Equity	Gross	Long	Short	Net
Call Options	24.4	-	24.4	-24.4
Put Options	33.5	22.8	10.6	12.2
Cash and Short-term Investments	88.7	72.3	16.4	55.9
US Equity	97.5	97.5	-	97.5

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

S&P 500 is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Goldman Sachs Asset Management. S&P^®, S&P 500^®, US 500, and The 500 are trademarks of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management. GS VIT - Goldman Sachs Buffered S&P 500 Fund - Mar/Sep is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, and their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Annual Shareholder Report

December 31, 2024

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$66	0.62%

Top Contributors to Performance:

The Fund’s absolute returns were strong given the rally in the U.S. equity market during the annual period.

Top Detractors from Performance:

The Fund underperformed the S&P 500 Total Return Index during the annual period, primarily driven by the limited upside participation in the U.S. equity market rally due to the Fund’s targeted outcome strategy.
The Cap for the Outcome Period that commenced on September 1, 2023 and ended on February 29, 2024 was 8.06% (before Fund fees and expenses) and 7.59% (after Fund fees and expenses). The Buffer for same was 5.00% (before Fund fees and expenses) and 4.53% (after Fund fees and expenses).*
The Cap for the Outcome Period that commenced on March 1, 2024 and ended on August 31, 2024 was 8.20% (before Fund fees and expenses) and 7.72% (after Fund fees and expenses). The Buffer for same was 5.00% (before Fund fees and expenses) and 4.52% (after Fund fees and expenses).*
The Cap for the Outcome Period that commenced on September 3, 2024 and will end on February 28, 2025 was 8.22% (before Fund fees and expenses) and 7.74% (after Fund fees and expenses). The Buffer for same was 5.00% (before Fund fees and expenses) and 4.52% (after Fund fees and expenses).*

	Service Shares	Goldman Sachs Index: 70% S&P 500 Index/30% ICE BofA Three-Month U.S. Treasury Bill (Total Return, USD, Unhedged)	S&P 500 Total Return Index (Net, USD, Unhedged)	S&P 500^® Index
02/23	$10,000	$10,000	$10,000	$10,000
12/23	$11,190	$11,649	$12,130	$12,179
12/24	$12,792	$13,849	$15,102	$15,226

AATR	1 Year	Since Inception 2/28/23
Service Shares	14.32%	14.31%
Goldman Sachs Index: 70% S&P 500 Index/30% ICE BofA Three-Month U.S. Treasury Bill (Total Return, USD, Unhedged)	18.89%	19.35%
S&P 500 Total Return Index (Net, USD, Unhedged)	24.50%	25.10%
S&P 500^® Index	25.02%	25.66%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

(as of December 31, 2024)

Total Net Assets	$6,657,876
# of Portfolio Holdings	32
Portfolio Turnover Rate	0%
Total Net Advisory Fees Paid	$24,903

Header	Gross	Long	Short	Net
Developed Equity	Gross	Long	Short	Net
Call Options	24.4	-	24.4	-24.4
Put Options	33.5	22.8	10.6	12.2
Cash and Short-term Investments	88.7	72.3	16.4	55.9
US Equity	97.5	97.5	-	97.5

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

S&P 500 is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Goldman Sachs Asset Management. S&P^®, S&P 500^®, US 500, and The 500 are trademarks of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management. GS VIT - Goldman Sachs Buffered S&P 500 Fund - Mar/Sep is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, and their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Annual Shareholder Report

December 31, 2024

This annual shareholder report contains important information about Goldman Sachs Buffered S&P 500 Fund — May/Nov (the "Fund") for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$66	0.62%

Top Contributors to Performance:

The Fund’s absolute returns were strong given the rally in the U.S. equity market during the annual period.

Top Detractors from Performance:

The Fund underperformed the S&P 500 Total Return Index during the annual period, primarily driven by the limited upside participation in the U.S. equity market rally due to the Fund’s targeted outcome strategy.
The Cap for the Outcome Period that commenced on November 1, 2023 and ended on April 30, 2024 was 9.31% (before Fund fees and expenses) and 8.96% (after Fund fees and expenses). The Buffer for same was 5.00% (before Fund fees and expenses) and 4.65% (after Fund fees and expenses).*
The Cap for the Outcome Period that commenced on May 1, 2024 and ended on October 31, 2024 was 8.71% (before Fund fees and expenses) and 8.36% (after Fund fees and expenses). The Buffer for same was 5.00% (before Fund fees and expenses) and 4.65% (after Fund fees and expenses).*
The Cap for the Outcome Period that commenced on November 1, 2024 and will end on April 30, 2025 was 9.01% (before Fund fees and expenses) and 8.66% (after Fund fees and expenses). The Buffer for same was 5.00% (before Fund fees and expenses) and 4.65% (after Fund fees and expenses).*

	Institutional Shares	Goldman Sachs Index: 70% S&P 500 Index/30% ICE BofA Three-Month U.S. Treasury Bill (Total Return, USD, Unhedged)	S&P 500 Total Return Index (Net, USD, Unhedged)	S&P 500^® Index
12/23	$10,770	$11,210	$11,529	$11,567
12/24	$12,202	$13,327	$14,354	$14,461

AATR	1 Year	Since Inception 4/28/23
Institutional Shares	13.30%	12.62%
Goldman Sachs Index: 70% S&P 500 Index/30% ICE BofA Three-Month U.S. Treasury Bill (Total Return, USD, Unhedged)	18.89%	18.72%
S&P 500 Total Return Index (Net, USD, Unhedged)	24.50%	24.10%
S&P 500^® Index	25.02%	24.66%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

(as of December 31, 2024)

Total Net Assets	$6,219,956
# of Portfolio Holdings	30
Portfolio Turnover Rate	0%
Total Net Advisory Fees Paid	$23,605

Header	Gross	Long	Short	Net
Developed Equity	Gross	Long	Short	Net
Call Options	25.8	-	25.8	-25.8
Put Options	46.1	28.9	17.2	11.7
Cash and Short-term Investments	102.8	79.2	23.6	55.6
US Equity	96.9	96.9	-	96.9

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

S&P 500 is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Goldman Sachs Asset Management. S&P^®, S&P 500^®, US 500, and The 500 are trademarks of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management. GS VIT - Goldman Sachs Buffered S&P 500 Fund - May/Nov is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, and their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Annual Shareholder Report

December 31, 2024

Based on a hypothetical $10,000 investment.

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$65	0.61%

Top Contributors to Performance:

The Fund’s absolute returns were strong given the rally in the U.S. equity market during the annual period.

Top Detractors from Performance:

The Fund underperformed the S&P 500 Total Return Index during the annual period, primarily driven by the limited upside participation in the U.S. equity market rally due to the Fund’s targeted outcome strategy.
The Cap for the Outcome Period that commenced on November 1, 2023 and ended on April 30, 2024 was 9.31% (before Fund fees and expenses) and 8.84% (after Fund fees and expenses). The Buffer for same was 5.00% (before Fund fees and expenses) and 4.53% (after Fund fees and expenses).*
The Cap for the Outcome Period that commenced on May 1, 2024 and ended on October 31, 2024 was 8.71% (before Fund fees and expenses) and 8.23% (after Fund fees and expenses). The Buffer for same was 5.00% (before Fund fees and expenses) and 4.52% (after Fund fees and expenses).*
The Cap for the Outcome Period that commenced on November 1, 2024 and will end on April 30, 2025 was 9.01% (before Fund fees and expenses) and 8.53% (after Fund fees and expenses). The Buffer for same was 5.00% (before Fund fees and expenses) and 4.52% (after Fund fees and expenses).*

	Service Shares	Goldman Sachs Index: 70% S&P 500 Index/30% ICE BofA Three-Month U.S. Treasury Bill (Total Return, USD, Unhedged)	S&P 500 Total Return Index (Net, USD, Unhedged)	S&P 500^® Index
12/23	$10,769	$11,210	$11,529	$11,567
12/24	$12,202	$13,327	$14,354	$14,461

AATR	1 Year	Since Inception 4/28/23
Service Shares	13.31%	12.63%
Goldman Sachs Index: 70% S&P 500 Index/30% ICE BofA Three-Month U.S. Treasury Bill (Total Return, USD, Unhedged)	18.89%	18.72%
S&P 500 Total Return Index (Net, USD, Unhedged)	24.50%	24.10%
S&P 500^® Index	25.02%	24.66%

Performance data quoted above represents past performance. Past performance does not guarantee future results.

(as of December 31, 2024)

Total Net Assets	$6,219,956
# of Portfolio Holdings	30
Portfolio Turnover Rate	0%
Total Net Advisory Fees Paid	$23,605

Header	Gross	Long	Short	Net
Developed Equity	Gross	Long	Short	Net
Call Options	25.8	-	25.8	-25.8
Put Options	46.1	28.9	17.2	11.7
Cash and Short-term Investments	102.8	79.2	23.6	55.6
US Equity	96.9	96.9	-	96.9

If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

prospectus
financial information
fund holdings
proxy voting information

Disclosure

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

S&P 500 is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Goldman Sachs Asset Management. S&P^®, S&P 500^®, US 500, and The 500 are trademarks of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management. GS VIT - Goldman Sachs Buffered S&P 500 Fund - May/Nov is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, and their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Management

Fee Waived

Buffered S&P 500 Fund — Jan/Jul

Buffered S&P 500 Fund — Mar/Sep

Buffered S&P 500 Fund — May/Nov

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Kathryn A. Cassidy and Michael Latham are each an “audit committee financial expert” and “independent” (as each term is defined in Item 3 of Form N-CSR).

Item 4 — Principal Accountant Fees and Services for the Goldman Sachs Variable Insurance Trust (“GSVIT”):

Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the GSVIT’s* that were pre-approved by the GSVIT’s Audit Committee pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Variable Insurance Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of GSVIT sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GSVIT may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GSVIT at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to GSVIT’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GSVIT, the Audit Committee will pre-approve those non-audit services provided to GSVIT’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GSVIT) where the engagement relates directly to the operations or financial reporting of GSVIT.

Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GSVIT’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GSVIT’s service affiliates listed in Table 2 were approved by GSVIT’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

The aggregate non-audit fees billed to GSVIT by PwC for the twelve months ended December 31, 2024 and December 31, 2023 were approximately $97,887 and $63,000, respectively. The aggregate non-audit fees billed to GSVIT’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2023 and December 31, 2022 were approximately $18.0 million and $17.1 million, respectively. The figures for these entities are not yet available for the twelve months ended December 31, 2024. With regard to the aggregate non-audit fees billed to GSVIT’s adviser and service affiliates, the 2023 and 2022 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GSVIT’s operations or financial reporting.

Item 4(h) — GSVIT’s Audit Committee has considered whether the provision of non-audit services to GSVIT’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.

FUTURES CONTRACTS — At December 31, 2024, the Fund had the following futures contracts:

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2024, the Fund had the following purchased and written options:

FUTURES CONTRACTS — At December 31, 2024, the Fund had the following futures contracts:

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2024, the Fund had the following purchased and written options:

FUTURES CONTRACTS — At December 31, 2024, the Fund had the following futures contracts:

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2024, the Fund had the following purchased and written options:

(a) Segregated for initial margin requirements and/or collateral on futures contracts.

Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those

series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Shares of the Trust are offered to a separate account of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.

The Funds seek to achieve a total return for a specified Outcome Period that tracks the S&P 500 Price Return Index (the “Underlying Index”) up to a “cap” while providing a downside “buffer” against losses over a six-month Outcome Period. After the conclusion of an Outcome Period, another six-month Outcome Period will begin. In order to implement the buffer and cap, the Fund will primarily invest in FLexible EXchange^® Options (“FLEX Options”) and over-the counter (“OTC”) and listed options that reference the Underlying Index (together with FLEX Options, “S&P 500 Options”). FLEX Options are customized exchange traded option contracts available through the Chicago Board Option Exchange. Through FLEX Options, the Fund could customize key contract terms such as exercise prices and expiration dates.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees.

D. Offering Costs — Offering costs paid in connection with the offering of shares of each Fund were amortized on a straight-line basis over 12 months from the date of commencement of operations for the applicable Fund.

E. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the

Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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 Funds’ 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 Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments

that do not have readily available market quotations, the Trustees have designated GSAM 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 Funds’ 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:

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.

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those

located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official

closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include exchange-traded funds (“ETFs”) and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A 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 a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules 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. 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, a 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 a 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.

ii. Options — When a 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 a 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.

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 a 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 a 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 Funds’ investments and derivatives classified in the fair value hierarchy as of December 31, 2024:

For further information regarding security characteristics, see the Schedules of Investments.

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging

instruments for accounting disclosure purposes) as of December 31, 2024. These instruments were used as part of the Funds’

investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for fiscal year ended December 31, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

For the fiscal year ended December 31, 2024, the relevant values for each derivative type was as follows:

A. Management Agreement — Under the Agreement, GSAM manages the Funds subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Funds’ average daily net assets.

For the fiscal year ended December 31, 2024, contractual and effective net management fees with GSAM were at the following rates:

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Treasury Instruments Fund and Goldman Sachs Financial Square Treasury Obligations Fund, which are affiliated Underlying Money Market Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Money Market Funds in which the Funds invest.

For the fiscal year ended December 31, 2024, management fee waived by GSAM for each Fund was as follows:

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Service Shares of each Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor, is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Funds’ average daily net assets attributable to Service Shares. Goldman Sachs has agreed to a voluntary temporary fee waiver equal to 0.25% of the Service Fees on the Service Shares of the Funds. Such voluntary waiver may be discontinued or modified at any time without notice.

C. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at an annual rate of 0.02% of the average daily net assets of Institutional and Service Shares.

D. Line of Credit Facility — As of December 31, 2024, the Funds participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.

E. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Buffered S&P 500 Fund — Jan/Jul, Buffered S&P 500 Fund — Mar/Sep and Buffered S&P 500 Fund — May/Nov are 0.184%, 0.184%, and 0.184%, respectively. These Other Expense limitations will remain in place through at least April 29, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended December 31, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

F. Other Transactions with Affiliates — The Funds invest primarily in Institutional Shares of the Underlying Money Market Funds. These Underlying Money Market Funds are considered to be affiliated with the Funds. The tables below show the transactions in and earnings from investments in these Underlying Money Market Funds for the fiscal year ended December 31, 2024:

As of December 31, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2024, were as follows:

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

The tax character of distributions paid during the fiscal year ended December 31, 2023 was as follows:

As of December 31, 2024, the components of accumulated earnings (losses) on a tax basis were as follows:

As of December 31, 2024, the Funds aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, and net mark to market gains/(losses) on regulated options contracts.

The Buffered S&P 500 Fund — Jan/Jul, Buffered S&P 500 Fund — Mar/Sep and Buffered S&P 500 Fund — May/Nov reclassed $53, $234 and $421, respectively, from paid in capital to distributable earnings for the year ending December 31, 2024. In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from certain non-deductible expenses.

GSAM has reviewed the Funds’ tax positions for the open tax year (the current and prior year, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

Buffered Loss Risk — There can be no guarantee that the Funds will be successful in their strategy to provide buffered protection against losses if the value of the Underlying Index decreases over an Outcome Period. In the event an investor purchases shares after the commencement of the Outcome Period or redeems shares prior to the end of the Outcome Period, the investor may not experience the full effect of the Buffer that the Fund seeks to provide. The Funds do not provide principal protection and an investor may experience significant losses on their investment, including the loss of their entire investment.

Capped Upside Return Risk — A Fund’s strategy seeks to provide returns only up to the Cap over an Outcome Period before Fund fees and expenses. In the event that the value of the Underlying Index increases in excess of the Cap during an Outcome Period, the Fund will not participate in those gains beyond the Cap for that Outcome Period. In the event an investor purchases shares after the commencement of an Outcome Period and the Fund has risen in value to a level near the Cap, there will likely be little or no ability for that investor to experience investment gains for the remainder of that Outcome Period. A new Cap is established on or before the first day of each Outcome Period and is dependent on prevailing market conditions. Accordingly, the Cap may increase or decrease from one Outcome Period to the next. The Cap is based on the market costs associated with a series of S&P Options (or other derivatives) that are purchased and sold in order to seek to obtain the relevant market exposure and the Buffer. The market conditions and other factors that influence the Cap can include, but are not limited to, interest rate levels, the volatility of the Underlying Index, and relationship of put and calls on the underlying S&P 500 Options. Depending on those factors, it is possible that the Cap will limit the Fund’s return during an Outcome Period to a level substantially less than an investor might expect from another comparable equity product that does not employ a Cap and Buffer. The Cap may decrease from one Outcome Period to the next.

Derivatives Risk — The Funds’ use of derivatives including FLEX Options, 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 Funds. 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 Funds 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 Funds 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.

FLEX Options Risk — The Funds utilize FLEX Options guaranteed for settlement by the Options Clearing Corporation (the “OCC”), and bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts, which is a form of counterparty risk. Additionally, FLEX Options may be less liquid than certain other securities, such as standardized options. In a less liquid market, a Fund may have difficulty closing out certain FLEX Options positions at desired times and prices (and may have to pay a premium or accept a discounted price). The Funds may experience substantial downside from certain FLEX Option positions, and FLEX Option positions may expire worthless. The value of the FLEX Options will be affected by, among other things, changes in the value of the Underlying Index, changes in interest rates, changes in the actual and

implied volatility of the Underlying Index and the remaining time until the FLEX Options expire. The value of FLEX Options does not increase or decrease at the same rate as the level of the Underlying Index (although they generally move in the same direction).

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a 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.

Investment Objective and Outcomes Risk — There is no guarantee that the Fund will be successful in its attempt to achieve its investment objective and/or its strategy to provide buffered protection against losses. An investor could lose some or all of their investment in the Fund. Certain circumstances under which the Fund might not achieve its objective and/or its strategy to provide buffered protection against losses include, but are not limited to: (i) if the Fund disposes of FLEX Options; (ii) if the Fund is unable to maintain the proportional relationship based on the number of FLEX Options in the Fund’s portfolio; (iii) significant accrual of Fund expenses in connection with effecting the Fund’s investment strategy; (iv) losses resulting from the investment strategy; or (v) adverse tax law changes affecting the treatment of FLEX Options.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a 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 a 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 a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

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.

Non-Diversification Risk — The Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Funds may be more susceptible to adverse developments affecting any single issuer held in their portfolios, and may be more susceptible to greater losses because of these developments.

Option Writing Risk — Writing (selling) options may limit the opportunity to profit from an increase or decrease in the market value of a reference security in exchange for up-front cash (the premium) at the time of selling the option. In a sharp rising or falling market, the Fund could significantly underperform the market or other portfolios without an option writing strategy. The Fund could also experience a sudden, significant permanent loss due to dramatic movements in the market value of reference security, which may far exceed the premiums received for writing the option. Such significant losses could cause significant deteriorations in the Fund’s NAV. Furthermore, the premium received from the Fund’s option writing strategies may not fully protect it against market movements because the Fund will continue to bear the risk of movements in the value of its portfolio investments.

Outcome Period Risk — The Fund’s investment strategy is designed to deliver returns that match the Underlying Index, subject to the Buffer and Cap, only if shares are bought by the first day of the Outcome Period and held until the end of the Outcome Period. If an investor purchases or sells shares during the Outcome Period, the returns realized by the investor will not match those that the Fund seeks to achieve. In addition, the Cap may change from one Outcome Period to the next and is unlikely to remain the same for consecutive Outcome Periods. Moreover, the Fund’s returns will be reduced by Fund fees and expenses as well as any brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses incurred by the Fund throughout an Outcome Period. Accordingly, the maximum performance of the Fund over an Outcome Period is expected to be lower than the Cap by these fees and expenses and the performance of the Fund over an Outcome period will be reduced by these fees and expenses in addition to losses beyond the Buffer. When an investor purchases shares of the Fund after the commencement of an Outcome Period, the Fund will enter into additional S&P 500 Options positions in order to maintain the targeted outcomes for the Fund established at the commencement of the Outcome Period. The Fund will incur additional expenses when entering into these new positions, which will further reduce the Fund’s returns.

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

The Funds adopted Financial Accounting Standard Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds’ prospectus. The Chief Operating Decision Maker (“CODM”) is the Investment Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment’s performance and to make decisions for the Funds’ single segment, is consistent with that presented within the fund’s financial statements.

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

To the Board of Trustees of Goldman Sachs Variable Insurance Trust and Shareholders of Goldman Sachs Buffered S&P 500 Fund — Jan/Jul, Goldman Sachs Buffered S&P 500 Fund — Mar/Sep and Goldman Sachs Buffered S&P 500 Fund — May/Nov

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting Goldman Sachs Variable Insurance Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2024, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

Pursuant to Section 852 of the Internal Revenue Code, the Goldman Sachs Buffered S&P 500 Fund — Jan/Jul, Goldman Sachs Buffered S&P 500 Fund — Mar/Sep, and Goldman Sachs Buffered S&P 500 Fund — May/Nov designates $438,595, $524,467, $366,930 respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended December 31, 2024.

The aggregate remuneration paid to the Funds’ trustees, officers and others, if any, is included in Item 7 of this report.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


	2024			2023			Description of Services Rendered



Audit Fees:

• PricewaterhouseCoopers LLP (“PwC”)		$	552,115		$	438,129	Financial Statement audits.

Audit-Related Fees:

• PwC		$	97,887		$	63,000	Other attest services.

Tax Fees:

• PwC		$	0		$	0


	2024			2023			Description of Services Rendered



Audit-Related Fees:

• PwC		$	2,122,312		$	2,122,312	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and semi-annual updates related to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds’ Adviser.


Shares		Description	Value

Exchange Traded Funds – 43.6%
Exchange Traded Funds – 43.6%
	1,900	iShares Core S&P 500 ETF	$	1,118,492
	1,900	SPDR S&P 500 ETF Trust		1,113,552
	2,000	Vanguard S&P 500 ETF		1,077,620

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $3,412,989)		$	3,309,664


Shares		Distribution Rate	Value

Investment Companies^(a) – 19.6%
	Goldman Sachs Financial Square Government Fund — Institutional Class
	1,482,515	4.392%	$	1,482,515
	Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Class
	1,100	4.331		1,100

	TOTAL INVESTMENT COMPANIES
	(Cost $1,483,615)		$	1,483,615


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments^(b) – 36.7%
	Federal Home Loan Bank Discount Notes
$	150,000		0.000	%		01/31/25	$	149,416
	356,000		0.000			02/05/25		354,394
	150,000		0.000			02/12/25		149,195
	U.S. Treasury Bills
	27,400		0.000			01/07/25		27,384
	600		0.000			01/14/25		599
	233,600		0.000			01/23/25		233,018
	187,400		0.000			01/30/25		186,783

	U.S. Treasury Bills – (continued)
	350,000		0.000			02/06/25		348,566
	35,100		0.000			02/11/25		34,936
	30,300		0.000			02/13/25		30,151
	299,900		0.000			02/18/25		298,255
	240,000		0.000			02/25/25		238,489
	150,700		0.000			03/06/25		149,597
	127,300		0.000			04/03/25		125,942
	282,000		0.000			04/08/25		278,863
	18,000		0.000			04/15/25		17,785
	19,900		0.000			04/29/25		19,630
	131,200		0.000			06/05/25		128,879
	6,700		0.000			06/26/25		6,566

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $2,778,056)						$	2,778,448

	TOTAL INVESTMENTS – 99.9%						$	7,571,727
	(Cost $7,674,660)

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%							7,897

	NET ASSETS – 100.0%						$	7,579,624


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Represents an affiliated issuer.

(b)		Issued with a zero coupon. Income is recognized through the accretion of discount.


TABLE OF CONTENTS

Schedules of Investments

Goldman Sachs Buffered S&P 500 Fund — Jan/Jul			1

Goldman Sachs Buffered S&P 500 Fund — Mar/Sep			3

Goldman Sachs Buffered S&P 500 Fund — May/Nov			5

Financial Statements

Statements of Assets and Liabilities			7

Statements of Operations			8

Statements of Changes in Net Assets			9

Financial Highlights

Goldman Sachs Buffered S&P 500 Fund — Jan/Jul			11

Goldman Sachs Buffered S&P 500 Fund — Mar/Sep			13

Goldman Sachs Buffered S&P 500 Fund — May/Nov			15

Notes to Financial Statements			17

Report of Independent Registered Public Accounting Firm			33

Other Information			34


Type	Number of Contracts		Expiration Date	Notional Amount		Unrealized Gain (Loss)
Long position contracts:
S&P 500 E-Mini Index		14	03/21/25	$	4,155,025	$	(358	)


The accompanying notes are an integral part of these financial statements.		1


Description	Exercise Price		Expiration Date		Number of Contracts	Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)

Purchased option contracts

Puts
S&P 500 Index	$	5,881.630		06/30/2025	13	$	7,646,119		$	260,115		$	267,621		$	(7,506	)

Written option contracts

Calls
S&P 500 Index		6,353.340		06/30/2025	(13)		(8,259,342	)		(94,693	)		(95,573	)		880

Puts
S&P 500 Index		5,587.550		06/30/2025	(13)		(7,263,815	)		(169,544	)		(172,039	)		2,495

Total written option contracts					(26)	$	(15,523,157	)	$	(264,237	)	$	(267,612	)	$	3,375

TOTAL					(13)	$	(7,877,038	)	$	(4,122	)	$	9		$	(4,131	)


Shares	Distribution Rate			Value

Investment Company^(a) – 18.6%
Goldman Sachs Financial Square Government Fund — Institutional Class
1,237,857		4.392	%	$	1,237,857
(Cost $1,237,857)


	Buffered S&P 500 Fund — Jan/Jul		Buffered S&P 500 Fund — Mar/Sep		Buffered S&P 500 Fund — May/Nov

Assets:
Investments of unaffiliated issuers, at value (cost $6,191,045, $5,416,460 and $5,145,831, respectively)	$	6,088,112	$	5,324,256	$	5,058,760
Investments of affiliated issuers, at value (cost $1,483,615, $1,237,857 and $1,043,191, respectively)		1,483,615		1,237,857		1,043,191
Purchased options, at value (premium paid $267,621, $191,367 and $222,510, respectively)		260,115		63,293		115,036
Cash		—		97,764		92,400
Receivables:
Investments sold		274,194		45,240		7,761
Collateral on certain futures contracts^(a)		234,923		201,362		184,583
Due from broker		121,836		—		—
Reimbursement from investment adviser		39,324		40,940		53,205
Dividends and Interest		3,881		4,682		1,115
Other assets		666		676		680

Total assets	$	8,506,666		7,016,070		6,556,731


Liabilities:
Written option contracts, at value (premium received $267,612, $191,367 and $222,510, respectively)		264,237		74,263		133,680
Variation margin on futures contracts		166,279		13,923		12,763
Due to Custodian		7,407		—		—
Payables:
Investments purchased		407,258		194,708		105,045
Management fees		1,554		1,373		1,293
Distribution and Service fees and Transfer Agency fees		66		59		55
Fund shares redeemed		61		15		12
Accrued expenses		80,180		73,853		83,927

Total liabilities		927,042		358,194		336,775


Net Assets:
Paid-in capital		7,302,568		6,535,193		6,084,234
Total distributable earnings		277,056		122,683		135,722

NET ASSETS	$	7,579,624	$	6,657,876	$	6,219,956
Net Assets:
Institutional	$	6,529,918	$	6,332,310	$	6,037,374
Service		1,049,706		325,566		182,582

Total Net Assets	$	7,579,624	$	6,657,876	$	6,219,956
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		612,115		609,373		583,577
Service		98,403		31,342		17,649
Net asset value, offering and redemption price per share:
Institutional		$10.67		$10.39		$10.35
Service		10.67		10.39		10.35


	Transfer Agency Fees
Fund	Institutional		Service Class
Buffered S&P 500 Fund — Jan/Jul	$	1,218	$	86
Buffered S&P 500 Fund — Mar/Sep		1,191		31
Buffered S&P 500 Fund — May/Nov		1,132		20


	Buffered S&P 500 Fund — Jan/Jul						Buffered S&P 500 Fund — Mar/Sep
	For the Fiscal Year Ended December 31, 2024			For the Fiscal Year Ended December 31, 2023			For the Fiscal Year Ended December 31, 2024			For the Period Ended December 31, 2023^(a)

From operations:
Net investment income	$	242,886		$	188,327		$	233,713		$	158,600
Net realized gain		798,067			549,490			821,328			430,445
Net change in unrealized gain (loss)		(105,030	)		(5,353	)		(238,842	)		4,538

Net increase in net assets resulting from operations		935,923			732,464			816,199			593,583


Distributions to shareholders:
From distributable earnings:
Institutional		(794,870	)		(469,777	)		(1,049,762	)		(183,158	)
Service Shares		(127,873	)		(4,745	)		(54,019	)		(1,850	)

Total distributions to shareholders		(922,743	)		(474,522	)		(1,103,781	)		(185,008	)


From share transactions:
Proceeds from sales of shares		923,165			—			255,389			5,000,020
Reinvestment of distributions		922,743			474,522			1,103,781			185,008
Cost of shares redeemed		(16,232	)		—			(7,294	)		(21	)

Net increase in net assets resulting from share transactions		1,829,676			474,522			1,351,876			5,185,007

TOTAL INCREASE		1,842,856			732,464			1,064,294			5,593,582


Net assets:

Beginning of period		5,736,768			5,004,304			5,593,582			—

End of period	$	7,579,624		$	5,736,768		$	6,657,876		$	5,593,582


	Goldman Sachs Buffered S&P 500 Fund — Jan/Jul
	Institutional Shares
	Year Ended December 31,						Period Ended December 31, 2022^(a)
	2024			2023			Period Ended December 31, 2022^(a)

Per Share Data

Net asset value, beginning of period	$	10.54		$	10.00		$	10.00

Net investment income^(b)(c)		0.42			0.38			0.00	^(d)

Net realized and unrealized gain (loss)		1.16			1.09			0.00	^(d)

Total from investment operations		1.58			1.47			—

Distributions to shareholders from net investment income		(0.28	)		(0.37	)		—

Distributions to shareholders from net realized gains		(1.17	)		(0.56	)		—

Total distributions		(1.45	)		(0.93	)		—

Net asset value, end of period	$	10.67		$	10.54		$	10.00

Total return^(e)		15.19	%		14.76	%		—	%

Net assets, end of period (in 000s)	$	6,530		$	5,679		$	4,954

Ratio of net expenses to average net assets^(f)		0.61	%		0.64	%		0.54	%^(g)

Ratio of total expenses to average net assets^(f)		4.17	%		5.38	%		66.87	%^(g)

Ratio of net investment income to average net assets^(c)		3.72	%		3.48	%		4.90	%^(g)

Portfolio turnover rate^(h)		—	%⁽ⁱ⁾		—	%⁽ⁱ⁾		—	%⁽ⁱ⁾


	Goldman Sachs Buffered S&P 500 Fund — Mar/Sep
	Institutional Shares
	Year Ended December 31, 2024			Period Ended December 31, 2023^(a)
Per Share Data

Net asset value, beginning of period	$	10.82		$	10.00

Net investment income^(b)(c)		0.44			0.32

Net realized and unrealized gain		1.13			0.87

Total from investment operations		1.57			1.19

Distributions to shareholders from net investment income		(0.37	)		(0.32	)

Distributions to shareholders from net realized gains		(1.63	)		(0.05	)

Total distributions		(2.00	)		(0.37	)

Net asset value, end of period	$	10.39		$	10.82

Total return^(d)		14.42	%		11.90	%

Net assets, end of period (in 000s)	$	6,332		$	5,538

Ratio of net expenses to average net assets^(e)		0.61	%		0.63	%^(f)

Ratio of total expenses to average net assets^(e)		4.95	%		5.82	%^(f)

Ratio of net investment income to average net assets^(c)		3.82	%		3.59	%^(f)

Portfolio turnover rate^(g)		—	%^(h)		—	%^(h)


Fund	Share Classes Offered		Diversified/ Non-diversified
Buffered S&P 500 Fund — Jan/Jul		Institutional and Service		Non-diversified
Buffered S&P 500 Fund — Mar/Sep		Institutional and Service		Non-diversified
Buffered S&P 500 Fund — May/Nov		Institutional and Service		Non-diversified


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Buffered S&P 500 Fund — Jan/Jul	Annually	Annually
Buffered S&P 500 Fund — Mar/Sep	Annually	Annually
Buffered S&P 500 Fund — May/Nov	Annually	Annually



BUFFERED S&P 500 Fund — Jan/Jul
Investment Type	Level 1			Level 2			Level 3

Assets
Exchange Traded Funds	$	3,309,664		$	—		$	—
Investment Companies		1,483,615			—			—
Short-Term Investments		2,125,443			653,005			—

Total	$	6,918,722		$	653,005		$	—

Derivative Type

Assets
Purchased Option Contracts	$	—		$	260,115		$	—

Liabilities
Futures Contracts^(a)	$	(358	)	$	—		$	—
Written Option Contracts		—			(264,237	)		—

Total	$	(358	)	$	(264,237	)	$	—



BUFFERED S&P 500 Fund — Jan/Jul
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)

Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain on futures contracts, purchased options and written options	$	797,580	$	(1,957	)

BUFFERED S&P 500 Fund — Mar/Sep
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)

Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain on futures contracts, purchased options and written options	$	818,624	$	(146,616	)

BUFFERED S&P 500 Fund — May/Nov
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)

Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain on futures contracts, purchased options and written options	$	418,984	$	178,679


	Average Number of Contracts, or Shares/Units^(a)
Fund	Futures Contracts		Purchased Options		Written Options
Buffered S&P 500 Fund — Jan/Jul		23		1,225		2,450
Buffered S&P 500 Fund — Mar/Sep		21		1,108		2,217
Buffered S&P 500 Fund — May/Nov		21		1,200		2,200


	Contractual Management Rate															Effective Rate			Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Buffered S&P 500 Fund — Jan/Jul		0.50	%		0.45	%		0.43	%		0.42	%		0.41	%		0.50	%		0.41	%
Buffered S&P 500 Fund — Mar/Sep		0.50			0.45			0.43			0.42			0.41			0.50			0.41
Buffered S&P 500 Fund — May/Nov		0.50			0.45			0.43			0.42			0.41			0.50			0.41


Fund	Management Fee Waiver		Distribution and Service Fee Waiver		Transfer Agency Credits		Other Expense Reimbursements		Total Expense Reductions
Buffered S&P 500 Fund — Jan/Jul	$	6,105	$	1,078	$	29	$	229,423	$	236,635
Buffered S&P 500 Fund — Mar/Sep		5,647		389		28		260,835		266,899
Buffered S&P 500 Fund — May/Nov		5,203		259		27		292,623		298,112


Underlying Fund	Beginning Value as of December 31, 2023		Purchases at Cost		Proceeds from Sales			Ending Value as of December 31, 2024		Shares as of December 31, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Class	$	717,585	$	9,462,090	$	(8,697,160	)	$	1,482,515		1,482,515	$	61,523
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Class		567,409		185,655		(751,964	)		1,100		1,100		27,783
Goldman Sachs Financial Square Treasury Obligations Fund — Institutional Class		567,420		184,555		(751,975	)		—		—		30,715
Goldman Sachs Financial Square Treasury Solutions Fund — Institutional Class		567,422		184,534		(751,956	)		—		—		30,897
Goldman Sachs Variable Insurance Trust Government Money Market Fund — Institutional Class		525,360		25,082		(550,442	)		—		—		25,755

Total	$	2,945,196	$	10,041,916	$	(11,503,497	)	$	1,483,615			$	176,673


Fund	Purchases Excluding Government Securities		Sales Excluding Government Securities
Buffered S&P 500 Fund — Jan/Jul	$	3,412,989	$	—
Buffered S&P 500 Fund — Mar/Sep		3,059,576		—
Buffered S&P 500 Fund — May/Nov		2,882,870		—


	Buffered S&P 500 Fund — Jan/Jul		Buffered S&P 500 Fund — Mar/Sep		Buffered S&P 500 Fund — May/Nov
Distributions paid from:
Ordinary income	$	484,148	$	579,314	$	454,060
Net long-term capital gains		438,595		524,467		366,930
Total taxable distributions	$	922,743	$	1,103,781	$	820,990


	Goldman Sachs Buffered S&P 500 Fund — Jan/Jul
	For the Fiscal Year Ended December 31, 2024						For the Fiscal Year Ended December 31, 2023
	Shares			Dollars			Shares		Dollars
Institutional Shares
Shares sold		—		$	—			43,958	$	469,777
Reinvestment of distributions		73,157			794,870			—		—
		73,157		$	794,870			43,958	$	469,777
Service Shares
Shares sold		82,581		$	923,165			444	$	4,745
Reinvestment of distributions		11,769			127,873			—		—
Shares redeemed		(1,391	)		(16,232	)		—		—
		92,959			1,034,806			444		4,745

NET INCREASE		166,116		$	1,829,676			44,402	$	474,522


	Goldman Sachs Buffered S&P 500 Fund — Mar/Sep
	For the Fiscal Year Ended December 31, 2024						For the Period Ended December 31, 2023^(a)
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		—		$	—			495,001		$	4,950,010
Reinvestment of distributions		97,455			1,049,761			16,918			183,158
Shares redeemed		—			—			(1	)		(11	)
		97,455		$	1,049,761			511,918		$	5,133,157
Service Shares
Shares sold		21,762		$	255,389			5,001		$	50,010
Reinvestment of distributions		5,015			54,020			171			1,850
Shares redeemed		(606	)		(7,294	)		(1	)		(10	)
		26,171			302,115			5,171			51,850

NET INCREASE		123,626		$	1,351,876			517,089		$	5,185,007


Fund	Statement of operations	Statement of changes in net assets	Financial highlights
Goldman Sachs Buffered S&P 500 Fund — Jan/Jul	For the year ended December 31, 2024	For the two years ended December 31, 2024	For each of the periods indicated therein
Goldman Sachs Buffered S&P 500 Fund — Mar/Sep	For the year ended December 31, 2024	For the year ended December 31, 2024 and for the period February 28, 2023 (commencement of operations) through December 31, 2023
Goldman Sachs Buffered S&P 500 Fund — May/Nov	For the year ended December 31, 2024	For the year ended December 31, 2024 and for the period April 28, 2023 (commencement of operations) through December 31, 2023


TRUSTEES		OFFICERS
Gregory G. Weaver, Chair		James A. McNamara, President
Cheryl K. Beebe		Joseph F. DiMaria, Principal Financial Officer,
Dwight L. Bush		Principal Accounting Officer and Treasurer
Kathryn A. Cassidy		Robert Griffith, Secretary
John G. Chou
Joaquin Delgado
Eileen H. Dowling
Lawrence Hughes
John F. Killian
Steven D. Krichmar
Michael Latham
James A. McNamara
Lawrence W. Stranghoener


(a)(1)		Goldman Sachs Variable Insurance Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant’s Form N-CSR filed on August 24, 2022.

(a)(2)		Not Applicable.

(a)(3)		Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.

(a)(4)		Not applicable to open-end investment companies.

(a)(5)		There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)		Exhibit 99.906CERT. Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

(101)		Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.


				Goldman Sachs Variable Insurance Trust

By:				/s/ James A. McNamara

				James A. McNamara
				President/Chief Executive Officer
				Goldman Sachs Variable Insurance Trust

Date:				February 25, 2025