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 60606-6303

(Address of principal executive offices) (Zip code)

Peter V. Bonanno	Copies to:
Goldman, Sachs & Co.	Jack H. Murphy
One New York Plaza	Dechert LLP
New York, New York 10004	1775 I Street, N.W.
	Washington, DC 20006
(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, 2009

ITEM 1.	REPORTS TO STOCKHOLDERS.
	The Annual Reports to Stockholders are filed herewith.

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Growth and Income Fund

Annual Report

December 31, 2009

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital and growth of income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Value Portfolio Management Team discusses the Fund’s performance and positioning for the 12 months ended December 31, 2009.

How did the Goldman Sachs Growth and Income Fund (the “Fund”) perform during the annual period ended December 31, 2009 (the “Reporting Period”)?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of 18.32% and 17.87%, respectively. These returns compare to the 19.69% average annual total return of the Fund’s benchmark, the Russell 1000 Value Index (with dividends reinvested) (the “Russell Index”) during the same time period.

What economic and market factors most influenced the equity markets as a whole during the Reporting Period?

U.S. equity markets oscillated between extremes of fear and exuberance in 2009. The credit crisis from 2008 spilled into the first quarter, as the nation’s financial system experienced an extremely challenging period. As governments around the world coordinated a response to the financial crisis, the likelihood of failure was reduced for many companies. Stocks rallied sharply off of a March 9^th trough into the second and third quarters. Propelled by investors’ renewed appetite for risk, the equity markets were driven higher by the most battered names from the first quarter. The U.S. equity markets continued to experience gains through the end of the year, though in a less pronounced manner. The economy continued to show encouraging signs of stabilization and improvement during the fourth quarter. However, despite some positive economic data, concerns about the elevated unemployment rate of 10%, the Federal Reserve’s stance on interest rates, and the strength of the U.S. dollar weighed somewhat on the markets during these last months of the year. Still, for the Reporting Period overall, the S&P 500 Index gained 26.46% in a broad-based rally, its best annual gain since 2003, though still significantly down from its 2007 peak. Growth stocks outpaced the gains of value stocks across the capitalization spectrum.

The Russell Index was led during the Reporting Period by gains in the materials sector. Market trends were particularly pronounced in the financials and consumer discretionary sectors. These sectors, which together comprise 30% of the Russell Index, climbed more than 124% and 114%, respectively, from March 9^th lows through the end of December 2009. These two sectors contain some of the most credit- or economically-sensitive companies, including real estate investment trusts (REITs), retailers, autos, media and hotels, many of which rebounded dramatically in the recent rally despite the absence of catalysts or improving fundamentals.

What key factors were responsible for the Fund’s performance during the 12-month Reporting Period?

Throughout this market cycle, our disciplined focus on quality, cash generating companies with strong balance sheets and disciplined management teams has led to strong, long-term performance. Consistent with the historical patterns of our strategy, our quality-biased approach served the Fund well as markets declined during the first quarter of 2009, but was challenged in the subsequent euphoric environment post-March 9^th. Thus, despite the extreme rally in the U.S. equity market, the Fund finished the year lagging the Russell Index. Sector allocation overall contributed positively to the Fund’s performance during the 12-month Reporting Period. Stock selection overall detracted modestly from Fund performance during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Stock selection in the energy, telecommunication services and materials sectors helped the Fund’s performance most. Having a modestly underweighted allocation to financials, which lagged the Russell Index, also contributed positively to the Fund’s results. Detracting from the Fund’s performance was weak stock selection in the consumer discretionary sector and, to a lesser degree, the health care sector.

What were some of the Fund’s positions that added to relative performance?

The Fund benefited most relative to the Russell Index from overweighted positions in industrial chemicals and gas manufacturer Air Products & Chemicals, telecommunications giant Sprint Nextel, diversified banking institution Morgan

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Stanley and pharmaceutical manufacturer Genentech, as well as from having only underweighted position in global integrated oil company Exxon Mobil.

Shares of Air Products & Chemicals advanced on a combination of long-term contracts, stable pricing and high barriers to entry. We sold the Fund’s position in Air Products & Chemicals by the end of the Reporting Period, taking profits. Sprint Nextel ranked as a top contributor to the Fund’s results, as ongoing signs of progress in its turnaround, including improved fundamentals and improvement in its brand, network and customer service, bolstered its share price. Its shares also were buoyed by the company’s release of a competitive prepaid wireless plan and new handsets. Morgan Stanley performed well on reports of profits achieved during the fourth quarter. We sold the Fund’s position in Morgan Stanley by the end of the Reporting Period, taking profits for the Fund. Genentech’s shares rose upon the announcement that it would be acquired by Roche. Genentech was eliminated from the Fund’s portfolio upon its acquisition.

Exxon Mobil’s shares declined through most of the year, as its earnings plunged dramatically and it missed analysts’ estimates amidst reduced demand for its energy products and lower oil and gas prices than seen one year prior. Having recovered somewhat by early December, Exxon Mobil’s stock fell again in the last couple of weeks of the year upon the announcement that it would acquire domestic energy giant XTO energy in an all-stock deal, as it moved to boost its presence in the natural gas segment of the industry. All told, the Fund’s underweighted exposure to this poorly-performing stock boosted its relative results.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Detracting most from the Fund’s results relative to its benchmark index were tax services provider H&R Block, integrated electric power company Entergy, pharmaceutical manufacturer Biogen IDEC, cable and satellite TV provider Comcast and oil and gas exploration and production company Devon Energy.

H&R Block, the biggest U.S. tax preparer, was challenged, as consumer volume was lighter than expected. By the end of the Reporting Period, we had sold the Fund’s position in H&R Block. Shares of Entergy lagged the gains of the market due primarily to pricing pressures amidst broad utility sector weakness, despite sizeable free cash flows and strong balance sheets. Biogen IDEC, a new purchase during the Reporting Period, experienced declines in its stock price after reporting disappointing short-term trends. Shares of Comcast disappointed due to speculation surrounding a potential deal that would give the company a controlling interest in General Electric’s NBC Universal. Due to the lack of transparency within the company, we sold out of its stock before the acquisition was formally announced.

Devon Energy, one of the largest North American independent exploration and production companies, was challenged as the company revalued assets to reflect 2008’s pricing environment. We eliminated the Fund’s position in Devon Energy during the fourth quarter after it sold its oil assets in the Gulf of Mexico and began to focus on increasing its North American natural gas production business. We continue to believe that natural gas prices will remain low in the near term.

Did the Fund make any significant purchases or sales during the Reporting Period?

In addition to those purchases already mentioned, the Fund established new positions in diversified chemicals manufacturer Dow Chemical, integrated oil companies Chevron and BP, data networking products supplier Cisco Systems and oilfield services giant Halliburton during the Reporting Period.

We initiated a Fund position in Dow Chemical because we like the long-term prospects for this company. We believe Dow Chemical will benefit going forward from improved capital allocation, efficient cost-cutting and moving toward a more specialized business within the chemicals industry. We established a Fund position in Cisco Systems, as we believe that this dominant franchise in networking for consumers and enterprise demand is well positioned to benefit from the recovery in information technology spending given its dominant market position, established customer base and innovative product offering. We established positions in Chevron, BP and Halliburton, as we increased the Fund’s exposure to oil and oil service companies that we think should benefit from the favorable near-term supply/demand imbalance in oil.

In addition to those sales already mentioned, we eliminated the Fund’s positions in telecommunications bellwether AT&T, biomedical and gene therapy developer Amgen, multimedia conglomerate Time Warner, integrated natural gas company The Williams Cos. and global pharmaceutical company Pfizer.

AT&T’s organic growth appeared challenged, and so we sold the Fund’s position in the stock and redeployed the proceeds to what we believed were positions with greater upside potential. In the biotechnology area, we seek to invest in companies that have cyclical benefits during an upturn. While we believed that Amgen had an attractive valuation, we also believed that the company lacked a near-term catalyst, leading us to sell out of the stock. Time Warner’s stock moved higher nicely

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

during the Reporting Period, leading us to sell the stock, taking profits. We sold the Fund’s position in The Williams Cos. earlier in the year due to changes in the investment thesis for the company, in its business fundamentals and in our outlook for the appreciation potential of the stock. We sold the Fund’s position in Pfizer, using the proceeds to fund holdings in which we had greater conviction in their upside potential.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

During the Reporting Period, the Fund’s exposure to consumer discretionary, financials and information technology increased relative to the Russell Index. The Fund’s allocations compared to the benchmark index in consumer staples, health care and utilities decreased.

How was the Fund positioned relative to its benchmark index at the end of December 2009?

At the end of December 2009, the Fund had overweighted positions relative to the Russell Index in the health care and information technology sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in industrials, financials, utilities telecommunication services and consumer staples and was rather neutrally weighted to the Russell Index in consumer discretionary, energy and materials.

What is the Fund’s tactical view and strategy for the months ahead?

We were excited, at the end of December, to find ourselves with ample opportunities to buy quality businesses at deeply discounted valuations as we looked to the 2010 U.S. equity market. In our view, many quality stocks were inexpensive relative to their lower quality peers, a valuation gap we expect to narrow over time as we enter into a more normalized market environment. We expect earnings to accelerate due to economic improvement and unprecedented company level operating leverage driven by aggressive cost cutting and for low borrowing costs to be a further tailwind to earnings. As investors refocus on fundamentals, we believe that 2010 will be a fertile environment in which to generate added value.

We continue to anticipate increased stock-level differentiation going forward, with the markets distinguishing quality companies with robust business models from those likely to remain challenged. We see prospects in select companies that we believe are poised to benefit from a scenario of lower competition, higher pricing and improved market share. We maintain our focus on quality companies trading at compelling valuations and believe that this long-term discipline will help us navigate volatile markets. As always, deep research resources, a forward-looking investment process and truly actively managed portfolios are keys, in our view, to both preserving capital and outperforming the market over the long term.

Please note that, effective April 30, 2010, the Fund will be renamed “Goldman Sachs Large Cap Value Fund”. The Fund’s performance benchmark and anticipated fees and expenses will remain the same, but the investment objective and strategies of the Fund will change. The Fund’s investment objective will be long-term capital appreciation. The Fund will seek to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in large cap U.S. issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 1000 Value Index at the time of investment. The Fund will seek its investment objective by investing in value opportunities that the investment adviser defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities quoted in foreign currencies. The Fund may also invest up to 20% of its Net Assets in fixed income securities, such as government, corporate and bank debt obligations. Please see the supplement dated January 6, 2010 for additional information.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Portfolio Composition

TOP TEN PORTFOLIO HOLDINGS AS OF 12/31/09*

Holding	% of Net Assets			Line of Business
JPMorgan Chase & Co.		4.0	%	Diversified Financials
Johnson & Johnson		3.7		Pharmaceuticals, Biotechnology & Life Sciences
Occidental Petroleum Corp.		3.4		Energy
Bank of America Corp.		2.9		Diversified Financials
The Dow Chemical Co.		2.8		Materials
Honeywell International, Inc.		2.5		Capital Goods
Hewlett-Packard Co.		2.5		Technology Hardware & Equipment
Chevron Corp.		2.3		Energy
Entergy Corp.		2.2		Utilities
Cisco Systems, Inc.		2.2		Technology Hardware & Equipment

* Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained by the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of securities should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise.

FUND vs. BENCHMARK SECTOR ALLOCATION AS OF 12/31/09¹

¹ The fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Consequently, the Fund’s overall industry sector allocations may differ from the percentages contained in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investment in the securities lending reinvestment vehicle represented 2.1% of the Fund’s net assets at December 31, 2009.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Performance Summary

December 31, 2009

The following graph shows the value, as of December 31, 2009, of a $10,000 investment made on January 1, 2000 in the Institutional Shares at net asset value per share. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000 Value Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. Performance of Service Shares will vary from Institutional Shares due to differences in fees. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.

Growth and Income Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2000 through December 31, 2009.

Average Annual Total Return through December 31, 2009	One Year		Five Years		Ten Years		Since Inception
Institutional (Commenced January 12, 1998)	18.32	%	0.04	%	1.27	%	1.96	%
Service (Commenced July 24, 2007)	17.87	%	n/a		n/a		−11.49	%

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Schedule of Investments

December 31, 2009

	Shares		Description	Value
Common Stocks – 96.9%
	Automobiles & Components – 1.6%
		450,400	Ford Motor Co.*	$	4,504,000
		345,253	Johnson Controls, Inc.		9,404,692
					13,908,692
	Banks – 2.4%
		119,000	HSBC Holdings PLC ADR(a)		6,793,710
		61,900	M&T Bank Corp.(a)		4,140,491
		692,300	New York Community Bancorp, Inc.(a)		10,045,273
					20,979,474
	Capital Goods – 8.5%
		88,500	Deere & Co.		4,786,965
		322,300	Emerson Electric Co.		13,729,980
		1,095,800	General Electric Co.		16,579,454
		558,600	Honeywell International, Inc.		21,897,120
		334,800	The Boeing Co.		18,122,724
					75,116,243
	Consumer Durables & Apparel – 0.9%
		505,200	Newell Rubbermaid, Inc.		7,583,052
	Diversified Financials – 10.4%
		1,718,300	Bank of America Corp.		25,877,598
		60,600	Franklin Resources, Inc.		6,384,210
		186,300	Invesco Ltd.		4,376,187
		842,952	JPMorgan Chase & Co.		35,125,810
		197,000	State Street Corp.		8,577,380
		388,800	The Bank of New York Mellon Corp.		10,874,736
					91,215,921
	Energy – 17.8%
		129,600	Apache Corp.		13,370,832
		281,700	BP PLC ADR		16,330,149
		263,200	Chevron Corp.		20,263,768
		192,479	EOG Resources, Inc.		18,728,207
		199,423	Exxon Mobil Corp.		13,598,654
		602,500	Halliburton Co.		18,129,225
		151,182	Hess Corp.		9,146,511
		123,600	Newfield Exploration Co.*		5,961,228
		369,279	Occidental Petroleum Corp.		30,040,847
		171,700	Schlumberger Ltd.		11,175,953
					156,745,374
	Food & Staples Retailing – 1.2%
		202,006	Wal-Mart Stores, Inc.		10,797,221
	Food, Beverage & Tobacco – 3.1%
		108,900	General Mills, Inc.		7,711,209
		185,338	Philip Morris International, Inc.		8,931,438
		331,270	Unilever NV		10,709,959
					27,352,606
	Health Care Equipment & Services – 5.6%
		259,200	Aetna, Inc.		8,216,640
		305,618	Baxter International, Inc.		17,933,664
		111,500	Becton, Dickinson and Co.		8,792,890
		289,900	Covidien PLC		13,883,311
					48,826,505
	Insurance – 8.0%
		293,700	Aflac, Inc.		13,583,625
		98,600	Everest Re Group Ltd.		8,448,048
		379,200	Marsh & McLennan Companies, Inc.		8,372,736
		265,100	Prudential Financial, Inc.		13,191,376
		275,575	The Allstate Corp.		8,278,273
		370,628	The Travelers Companies, Inc.		18,479,512
					70,353,570
	Materials – 4.4%
		63,900	Freeport-McMoRan Copper & Gold, Inc.*		5,130,531
		876,500	The Dow Chemical Co.		24,217,695
		167,400	United States Steel Corp.(a)		9,227,088
					38,575,314
	Media – 5.1%
		438,000	CBS Corp. Class B		6,153,900
		410,100	DIRECTV Class A*		13,676,835
		765,100	DISH Network Corp. Class A		15,891,127
		357,700	Reed Elsevier NV ADR*		8,727,880
					44,449,742
	Pharmaceuticals, Biotechnology & Life Sciences – 7.1%
		321,600	Biogen Idec, Inc.*		17,205,600
		504,734	Johnson & Johnson		32,509,917
		344,825	Merck & Co., Inc.		12,599,905
					62,315,422
	Real Estate Investment Trust – 0.8%
		213,300	Annaly Capital Management, Inc.		3,700,755
		499,100	MFA Financial, Inc.		3,668,385
					7,369,140
	Retailing – 3.0%
		429,900	Staples, Inc.		10,571,241
		189,700	Target Corp.		9,175,789
		188,800	The TJX Companies, Inc.		6,900,640
					26,647,670
	Semiconductors & Semiconductor Equipment – 0.5%
		110,200	Lam Research Corp.*		4,320,942
	Software & Services – 1.5%
		533,900	Oracle Corp.		13,101,906
	Technology Hardware & Equipment – 5.1%
		792,500	Cisco Systems, Inc.*		18,972,450
		419,499	Hewlett-Packard Co.		21,608,394
		101,300	QUALCOMM, Inc.		4,686,138
					45,266,982

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

	Shares		Description	Value
Common Stocks – (continued)
	Telecommunication Services – 4.4%
		322,991	CenturyTel, Inc.	$	11,695,504
		693,100	Koninklijke KPN NV ADR		11,817,355
		4,028,849	Sprint Nextel Corp.*		14,745,587
					38,258,446
	Utilities – 5.5%
		233,513	American Electric Power Co., Inc.		8,123,917
		233,469	Entergy Corp.		19,107,103
		232,238	FirstEnergy Corp.		10,787,455
		312,556	PPL Corp.		10,098,685
					48,117,160
	TOTAL COMMON STOCKS
	(Cost $773,788,105)			$	851,301,382

	Shares			Rate		Value
Preferred Stocks – 1.4%
	Diversified Financials – 1.4%
		285,892	Bank of America Corp.		10.000%	$	4,265,509
		7,936,000	JPMorgan Chase & Co.		7.900		8,185,666
	TOTAL PREFERRED STOCKS
	(Cost $10,470,623)					$	12,451,175

	Shares		Rate	Value
Short-term Investment(b) – 2.5%
	JPMorgan U.S. Government Money Market Fund –   Capital Shares
		22,215,931	0.049%	$	22,215,931
	(Cost $22,215,931)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $806,474,659)			$	885,968,488
Securities Lending Reinvestment Vehicle(b)(c) – 2.1%
	Boston Global Investment Trust – Enhanced Portfolio
		18,298,024	0.107%	$	18,298,024
	(Cost $18,279,850)
	TOTAL INVESTMENTS – 102.9%
	(Cost $824,754,509)			$	904,266,512
	LIABILITIES IN EXCESS OF OTHER ASSETS – (2.9)%				(25,250,646	)
	NET ASSETS – 100.0%			$	879,015,866

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

*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009.
(c)	Represents an affiliated issuer.

Investment Abbreviation:
ADR	—	American Depositary Receipt

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statement of Assets and Liabilities

December 31, 2009

Assets:
Investments in securities of unaffiliated issuers, at value (identified cost $806,474,659)(a)	$	885,968,488
Investments in affiliated securities lending reinvestment vehicle, at value (identified cost $18,279,850)		18,298,024
Receivables:
Dividends and interest		1,514,235
Fund shares sold		1,405,179
Investment securities sold		571,969
Due from custodian		31,618
Securities lending income		4,233
Total assets		907,793,746
Liabilities:
Payables:
Payable upon return of securities loaned		18,170,750
Investment securities purchased		7,408,790
Fund shares redeemed		2,507,090
Amounts owed to affiliates		646,448
Accrued expenses		44,802
Total liabilities		28,777,880
Net Assets:
Paid-in capital		971,029,947
Accumulated undistributed net investment income		2,314,488
Accumulated net realized loss from investment transactions		(173,840,572	)
Net unrealized gain on investments		79,512,003
NET ASSETS	$	879,015,866
Net Assets:
Institutional	$	487,962,432
Service		391,053,434
Total Net Assets	$	879,015,866
Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):
Institutional		52,603,303
Service		42,153,957
Net asset value, offering and redemption price per share:
Institutional	$	9.28
Service		9.28

(a) Includes loaned securities having a market value of $17,647,191.

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statement of Operations

For the Fiscal Year Ended December 31, 2009

Investment income:
Dividends	$	18,451,644
Securities lending income — affiliated issuer		114,708
Total investment income		18,566,352
Expenses:
Management fees		4,652,542
Distribution and Service fees — Service Shares		521,575
Transfer Agent fees(a)		124,058
Printing fees		117,405
Professional fees		79,939
Custody and accounting fees		51,780
Trustee fees		16,663
Other		23,357
Total expenses		5,587,319
Less — expense reductions		(2,082	)
Net expenses		5,585,237
NET INVESTMENT INCOME		12,981,115
Realized and unrealized gain (loss) from investment transactions:
Net realized gain (loss) from:
Investment transactions — unaffiliated issuers		(99,470,806	)
Securities lending reinvestment vehicle transactions — affiliated issuer		109,100
Net change in unrealized gain on:
Investments — unaffiliated issuers		221,971,250
Securities lending reinvestment vehicle — affiliated issuer		18,174
Net realized and unrealized gain from investment transactions		122,627,718
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	135,608,833

(a) Institutional and Service Shares had Transfer Agent fees of $82,335 and $41,723, respectively.

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statements of Changes in Net Assets

	For the Fiscal			For the Fiscal
	Year Ended			Year Ended
	December 31, 2009			December 31, 2008
From operations:
Net investment income	$	12,981,115		$	12,505,942
Net realized loss from investment transactions		(99,361,706	)		(70,374,348	)
Net change in unrealized gain (loss) on investments		221,989,424			(161,720,945	)
Net increase (decrease) in net assets resulting from operations		135,608,833			(219,589,351	)
Distributions to shareholders:
From net investment income
Institutional Shares		(7,802,114	)		(10,426,044	)
Service Shares		(5,684,192	)		(1,665,474	)
From net realized gains
Institutional Shares		—			(51,614	)
Service Shares		—			(8,404	)
Total distributions to shareholders		(13,486,306	)		(12,151,536	)
From share transactions:
Proceeds from sales of shares		407,132,916			158,271,882
Reinvestment of distributions		13,486,306			12,151,536
Cost of shares redeemed		(120,763,642	)		(53,617,957	)
Net increase in net assets resulting from share transactions		299,855,580			116,805,461
TOTAL INCREASE (DECREASE)		421,978,107			(114,935,426	)
Net assets:
Beginning of year		457,037,759			571,973,185
End of year	$	879,015,866		$	457,037,759
Accumulated undistributed net investment income	$	2,314,488		$	1,680,991

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

 10

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from
			investment operations									Distributions to shareholders
						Net																									Ratio of			Ratio of
	Net asset					realized																				Net assets,		Ratio of			total			net investment
	value,		Net			and			Total from			From net			From net						Net asset					end of		net expenses			expenses			income to			Portfolio
	beginning		investment			unrealized			investment			investment			realized			Total			value, end		Total			year		to average			to average			average			turnover
Year — Share Class	of year		income(a)			gain (loss)			operations			income			gains			distributions			of year		return(b)			(in 000s)		net assets			net assets			net assets			rate
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2009 — Institutional	$	7.97	$	0.18	(c)	$	1.28		$	1.46		$	(0.15	)	$	—		$	(0.15	)	$	9.28		18.32	%	$	487,962		0.81	%		0.81	%		2.18	(c)%		84	%
2009 — Service		7.98		0.16	(c)		1.28			1.44			(0.14	)		—			(0.14	)		9.28		17.87			391,053		1.06			1.06			1.92	(c)		84
2008 — Institutional		12.53		0.25			(4.59	)		(4.34	)		(0.22	)		—	(d)		(0.22	)		7.97		(34.45	)		389,838		0.81			0.81			2.36			69
2008 — Service		12.52		0.19			(4.51	)		(4.32	)		(0.22	)		—	(d)		(0.22	)		7.98		(34.32	)		67,200		1.06			1.06			2.15			69
2007 — Institutional		13.91		0.25			(0.03	)		0.22			(0.26	)		(1.34	)		(1.60	)		12.53		1.49			571,883		0.85			0.85			1.75			79
2007 — Service (Commenced July 24, 2007)		14.71		0.15			(0.74	)		(0.59	)		(0.26	)		(1.34	)		(1.60	)		12.52		(4.02	)		90		0.94	(e)		1.09	(e)		3.11	(e)		79
2006 — Institutional		11.97		0.28			2.43			2.71			(0.23	)		(0.54	)		(0.77	)		13.91		22.63			432,016		0.86			0.87			2.15			52
2005 — Institutional		11.71		0.21			0.25			0.46			(0.20	)		—			(0.20	)		11.97		3.93			313,152		0.88			0.88			1.77			46

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the year. Total returns for periods less than one full year are not annualized.
(c)	Reflects income recognized from a special dividend which amounted to $0.02 per share and 0.24% of average net assets.
(d)	Amount is less than $0.005 per share.
(e)	Annualized.

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

11

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Notes to Financial Statements

December 31, 2009

1. ORGANIZATION

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 Trust includes the Goldman Sachs Growth and Income Fund (the “Fund”). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service. Goldman, Sachs & Co. (“Goldman Sachs” or the “Distributor”) serves as Distributor of the shares of the Fund pursuant to a Distribution Agreement.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Fund. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect the amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

A. FASB Financial Accounting Standards Codification — In July 2009, the Financial Accounting Standards Board (“FASB”) launched its “Financial Accounting Standards Codification” (the “Codification”) as the single source of GAAP. While the Codification does not change GAAP, it introduces a new structure to the accounting literature and changes references to accounting standards and other authoritative accounting guidance that have been reflected in the Notes to Financial Statements.

B. Investment Valuation — The investment valuation policy of the Fund is to value investments at market value. Investments in equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the trustees or provided by securities dealers. 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 bond dealers to determine current value. If accurate quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the trustees. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. In the absence of market quotations, broker quotes will be utilized or the security will be fair valued. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share (“NAV”) on the valuation date. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates market value.

 12

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; government actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.

C. Security and Fund Share Transactions, and Investment Income — Security and Fund share transactions are reflected for financial reporting purposes as of the trade date, which may cause the NAV as stated in the accompanying financial statements to be different than the NAV applied to Fund share transactions. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Dividend income is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Fund, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. In addition, it is the Fund’s policy to accrue for foreign capital gains taxes, if applicable, on certain foreign securities held by the Fund. An estimated foreign capital gains tax is recorded daily on net unrealized gains on these securities and is payable upon the sale of such securities when a gain is realized.

Net investment income (other than class specific expenses) and unrealized and realized gains or losses are allocated daily to each class of shares of the Fund based upon the relative proportion of net assets of each class.

In addition, distributions received from the Fund’s investments in U.S. real estate investment trusts (“REITs”) often include a “return of capital”, which is recorded by the Fund as a reduction of the cost basis of the securities held. The Internal Revenue Code of 1986, as amended (the “Code”) requires a REIT to distribute at least 95% of its taxable income to investors. In many cases, however, because of “non-cash” expenses such as property depreciation, a REIT’s cash flow will exceed its taxable income. The REIT may distribute this excess cash to offer a more competitive yield. This portion of the Fund’s distributions is deemed a return of capital and is generally not taxable to shareholders.

D. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Fund on a straight-line and/or pro-rata basis depending upon the nature of the expense and are accrued daily.

E. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Code applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal income tax provisions are required. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually. Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

13

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Notes to Financial Statements (continued)

December 31, 2009

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. The Fund’s capital accounts on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character, but do not reflect temporary differences.

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

3. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Fund, 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 Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee computed daily and payable monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the fiscal year ended December 31, 2009, contractual management fees with GSAM were at the following rates:

Contractual Management Rate
First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
	0.75	%		0.68	%		0.65	%		0.64	%		0.63	%		0.75	%

B. Distribution Agreement and Service Plan — The Trust, on behalf of the Service Shares of the Fund, has adopted a Distribution and Service Plan (the “Plan”). Under the Plan, Goldman Sachs and/or authorized dealers are entitled to a fee accrued daily and paid monthly for distribution services equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares.

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

D. Other Agreements — GSAM has voluntarily agreed to limit certain “Other Expenses” (excluding management fees, distribution and service fees, transfer agent fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, 0.114% of the average daily net assets of the Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. This expense limitation may be modified or terminated at any time at the option of GSAM. For the fiscal year ended December 31, 2009, GSAM did not make any reimbursements to the Fund. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent resulting in a reduction of the Fund’s expenses. For the fiscal year ended December 31, 2009, transfer agent fees were reduced by approximately $2,100.

As of December 31, 2009, amounts owed to affiliates were approximately $551,200, $80,500 and $14,700 for management, distribution and service and transfer agent fees, respectively.

 14

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

3. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

E. Line of Credit Facility — The Fund participates in a $660,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates. Pursuant to the terms of the facility, the Fund and other borrowers may increase the credit amount by an additional $340,000,000, for a total of up to $1 billion. The facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. This facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2009, the Fund did not have any borrowings under the facility. Prior to May 12, 2009, the amount available through the facility was $700,000,000.

F. Other Transactions with Affiliates — For the fiscal year ended December 31, 2009, Goldman Sachs earned approximately $99,800 in brokerage commissions from portfolio transactions executed on behalf of the Fund.

4. FAIR VALUE OF INVESTMENTS

The fair value of a financial instrument is 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). 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 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 all significant inputs are observable, either directly or indirectly;

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The following is a summary of the Fund’s investments categorized in the fair value hierarchy:

	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	851,301,382	$	12,451,175	$	—
Securities Lending Reinvestment Vehicle		—		18,298,024		—
Short-term Investments		22,215,931		—		—
Total	$	873,517,313	$	30,749,199	$	—

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2009, were $808,546,108 and $504,124,079, respectively.

15

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Notes to Financial Statements (continued)

December 31, 2009

6. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission and the terms and conditions contained therein, the Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.

The Fund invests the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio of Boston Global Investment Trust (“Enhanced Portfolio”), a Delaware statutory trust. The Enhanced Portfolio, deemed an affiliate of the Trust, is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.10% on an annualized basis of the average daily net assets of the Enhanced Portfolio. The Enhanced Portfolio invests primarily in short-term investments, but is not a “money market fund” subject to the requirements of Rule 2a-7 of the Act. The Fund’s investment of cash collateral in the Enhanced Portfolio is subject to a net asset value that may fall or rise due to market and credit conditions.

Both the Fund and GSAL receive compensation relating to the lending of the Fund’s securities. The amount earned by the Fund for the fiscal year ended December 31, 2009, is reported under Investment Income on the Statement of Operations. A portion of this amount, $9,337, represents compensation earned by the Fund from lending its securities to Goldman Sachs. For the fiscal year ended December 31, 2009, GSAL earned $12,754 in fees as securities lending agent.

The following table provides information about the Fund’s investment in the Enhanced Portfolio for the fiscal year ended December 31, 2009 (in thousands):

Number of							Number of
Shares Held Beginning							Shares Held End of		Value at End
of Fiscal Year		Shares Bought		Shares Sold			Fiscal Year		of Fiscal Year
	—		187,244		(168,946	)		18,298	$	18,298

 16

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

6. SECURITIES LENDING (continued)

7. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2008 and December 31, 2009 was as follows:

	2008		2009
Distributions paid from:
Ordinary income	$	12,094,419	$	13,486,306
Net long-term capital gains		57,117		—
Total taxable distributions	$	12,151,536	$	13,486,306

As of December 31, 2009, the components of accumulated earnings (losses) on a tax basis were as follows:

Undistributed ordinary income — net	$	1,348,275
Capital loss carryforward:1
Expiring 2010	$	(152,979	)
Expiring 2016		(59,883,538	)
Expiring 2017		(101,345,522	)
Total capital loss carryforward	$	(161,382,039	)
Timing differences (post-October losses)		(2,438,609	)
Unrealized gain — net		70,458,292
Total accumulated losses — net	$	(92,014,081	)

¹ Expiration occurs on December 31 of the year indicated. Utilization of these losses may be substantially limited under the Code.

As of December 31, 2009, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Tax cost	$	833,808,220
Gross unrealized gain		90,985,979
Gross unrealized loss		(20,527,687	)
Net unrealized security gain	$	70,458,292

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences related to the tax treatment of partnership investments.

In order to present certain components of the Fund’s capital accounts on a tax basis, the Fund has reclassified $996,219 and $142,469 from accumulated net realized loss from investments transactions and paid-in capital, respectively, to accumulated undistributed net investment income. These reclassifications have no impact on the net asset value of the Fund and result primarily from the difference in the tax treatment of partnership investments.

17

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Notes to Financial Statements (continued)

December 31, 2009

8. OTHER RISKS

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Fund has unsettled or open transaction defaults.

Risks of Large Shareholder Redemptions — Certain participating insurance companies, accounts, or Goldman Sachs affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Fund’s shares. Redemptions by these participating insurance companies or accounts in the Fund may impact the Fund’s liquidity and NAV. These redemptions may also force the Fund to sell securities, which may increase the Fund’s brokerage costs.

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

New Accounting Pronouncement — In May 2009, the FASB issued FASB Accounting Standards Codification (“ASC”) 855 “Subsequent Events”. This standard requires disclosure in the financial statements to reflect the effects of subsequent events that provide additional information on conditions about the financial statements as of the balance sheet date (recognized subsequent events) and disclosure of subsequent events that provide additional information about conditions after the balance sheet date if the financial statements would otherwise be misleading (unrecognized subsequent events). ASC 855 is effective for interim and annual financial statements issued for fiscal years ending after June 15, 2009. For purposes of inclusion in the financial statements, GSAM has concluded that subsequent events after the balance sheet date have been evaluated through February 16, 2010, the date the financial statements were issued.

 18

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Fiscal Year Ended						For the Fiscal Year Ended
	December 31, 2009						December 31, 2008
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		12,672,731		$	99,803,020			7,131,945		$	79,934,336
Reinvestment of distributions		838,937			7,802,114			1,380,456			10,477,658
Shares redeemed		(9,817,931	)		(79,470,562	)		(5,228,338	)		(53,298,013	)
		3,693,737			28,134,572			3,284,063			37,113,981
Service Shares
Shares sold		38,032,724			307,329,896			8,227,960			78,337,546
Reinvestment of distributions		610,547			5,684,192			220,080			1,673,878
Shares redeemed		(4,906,729	)		(41,293,080	)		(37,799	)		(319,944	)
		33,736,542			271,721,008			8,410,241			79,691,480
NET INCREASE		37,430,279		$	299,855,580			11,694,304		$	116,805,461

19

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Goldman Sachs Variable Insurance Trust — Goldman Sachs Growth and Income Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Goldman Sachs Growth and Income Fund (the “Fund”) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and transfer agent, provides a reasonable basis for our opinion. The financial highlights of the Fund for the periods ended December 31, 2006 and prior were audited by another Independent Registered Public Accounting Firm whose report dated February 14, 2007 expressed an unqualified opinion on those financial highlights.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 16, 2010

 20

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Fund Expenses — Six Month Period Ended December 31, 2009 (Unaudited)

As a shareholder of Institutional or Service Shares of the Fund, you incur ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Institutional and Service Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2009 through December 31, 2009.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund, you do not incur any transaction costs, such as sales charges, redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

						Expenses Paid
						for the
	Beginning		Ending			6 Months
	Account Value		Account Value			Ended
Share Class	7/01/09		12/31/09			12/31/09*
Institutional
Actual	$	1,000	$	1,207.40		$	4.56
Hypothetical 5% return		1,000		1,021.07	+		4.18
Service
Actual		1,000		1,204.30			5.89
Hypothetical 5% return		1,000		1,019.86	+		5.40

*

Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2009. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.81% and 1.06% for Institutional and Service Shares, respectively.

+

Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

21

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Trustees and Officers (Unaudited)

Independent Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
Ashok N. Bakhru Age: 67	Chairman of the Board of Trustees	Since 1991	President, ANB Associates (July 1994-March 1996 and November 1998-Present); Director, Apollo Investment Corporation (a business development company) (October 2008-Present); Executive Vice President—Finance and Administration and Chief Financial Officer and Director, Coty Inc. (manufacturer of fragrances and cosmetics) (April 1996-November 1998); Director of Arkwright Mutual Insurance Company (1984-1999); Trustee of International House of Philadelphia (program center and residential community for students and professional trainees from the United States and foreign countries) (1989-2004); Member of Cornell University Council (1992-2004 and 2006-Present); Trustee of the Walnut Street Theater (1992-2004); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors—III and IV (November 1998-2007), and Equity-Limited Investors II (April 2002-2007); and Chairman, Lenders Service Inc. (provider of mortgage lending services) (2000-2003). Chairman of the Board of Trustees—Goldman Sachs Mutual Fund Complex.	96	Apollo Investment Corporation (a business development company)
John P. Coblentz, Jr. Age: 68	Trustee	Since 2003	Partner, Deloitte & Touche LLP (June 1975-May 2003); Director, Emerging Markets Group, Ltd. (2004-2006); and Director, Elderhostel, Inc. (2006-Present). Trustee—Goldman Sachs Mutual Fund Complex.	96	None
Diana M. Daniels Age: 60	Trustee	Since 2007	Ms. Daniels is retired (since January 2007). Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is Chairman of the Executive Committee, Cornell University (2006-Present); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (since 2007), and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee—Goldman Sachs Mutual Fund Complex.	96	None
Patrick T. Harker Age: 51	Trustee	Since 2000	President, University of Delaware (July 2007-Present); Dean and Reliance Professor of Operations and Information Management, The Wharton School, University of Pennsylvania (February 2000-June 2007); Interim and Deputy Dean, The Wharton School, University of Pennsylvania (July 1999-January 2000); and Professor and Chairman of Department of Operations and Information Management, The Wharton School, University of Pennsylvania (July 1997-August 2000). Trustee—Goldman Sachs Mutual Fund Complex.	96	Pepco Holdings, Inc. (an energy delivery company)
Jessica Palmer Age: 60	Trustee	Since 2007	Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer is a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-Present). Trustee—Goldman Sachs Mutual Fund Complex.	96	None

 22

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Trustees and Officers (Unaudited) (continued)

Independent Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
Richard P. Strubel Age: 70	Trustee	Since 1987	Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); President, COO and Director, Cardean Learning Group (1999-2003); Director, Cantilever Technologies, Inc. (a private software company) (1999-2005); Audit Committee Chairman, The University of Chicago (2006-Present); Trustee, The University of Chicago (1987-Present); and Managing Director, Tandem Partners, Inc. (management services firm) (1990-1999). Trustee—Goldman Sachs Mutual Fund Complex.	96	Gildan Activewear Inc. (a clothing marketing and manufacturing company); The Northern Trust Mutual Fund Complex (58 Portfolios) (Chairman of the Board of Trustees).

Interested Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
James A. McNamara* Age: 47	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President—Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President—Goldman Sachs Mutual Fund Complex (2001-2007). Trustee—Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).	96	None
Alan A. Shuch* Age: 60	Trustee	Since 1990	Advisory Director—GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee—Goldman Sachs Mutual Fund Complex.	96	None

*	These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
1	Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, One New York Plaza, 37th Floor, New York, New York, 10004, Attn: Peter V. Bonanno.
2	Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the conclusion of the first Board meeting held subsequent to the day the Trustee attains the age of 72 years (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.
3	The Goldman Sachs Mutual Fund Complex consists of the Trust, Goldman Sachs Municipal Opportunity Fund, Goldman Sachs Credit Strategies Fund, and Goldman Sachs Trust. As of December 31, 2009, the Trust consisted of 11 portfolios, Goldman Sachs Trust consisted of 83 portfolios, (of which 82 offered shares to the public) and the Goldman Sachs Municipal Opportunity Fund did not offer shares to the public.
4	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-292-4726.

23

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

		Term of
		Office and
	Position(s) Held	Length of
Name, Address and Age	With the Trust	Time Served1	Principal Occupation(s) During Past 5 Years
James A. McNamara 32 Old Slip New York, NY 10005 Age: 47	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President—Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President—Goldman Sachs Mutual Fund Complex (2001-2007). Trustee—Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).
George F. Travers 30 Hudson Street Jersey City, NJ 07032 Age: 42	Senior Vice President and Principal Financial Officer	Since 2009	Managing Director, Goldman Sachs (2007-present); Managing Director, UBS Ag (2005-2007); and Partner, Deloitte & Touche LLP (1990-2005, partner from 2000-2005) Senior Vice President and Principal Financial Officer—Goldman Sachs Mutual Fund Complex
Peter V. Bonanno One New York Plaza New York, NY 10004 Age: 42	Secretary	Since 2003	Managing Director, Goldman Sachs (December 2006-Present); Associate General Counsel, Goldman Sachs (2002-Present); Vice President, Goldman Sachs (1999-2006); and Assistant General Counsel, Goldman Sachs (1999-2002). Secretary—Goldman Sachs Mutual Fund Complex (2006-Present); and Assistant Secretary—Goldman Sachs Mutual Fund Complex (2003-2006).
Scott M. McHugh 32 Old Slip New York, NY 10005 Age: 38	Treasurer and Senior Vice President	Since 2009	Vice President, Goldman Sachs (February 2007-Present); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer—Goldman Sachs Mutual Fund Complex (October 2009-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (November 2009-Present); and Assistant Treasurer—Goldman Sachs Mutual Fund Complex (May 2007-October 2009).

1	Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2009, 100% of the dividends paid from net investment company taxable income by the Goldman Sachs Growth and Income Fund qualify for the dividends received deduction available to corporations.

 24

TRUSTEES	OFFICERS
Ashok N. Bakhru, Chairman John P. Coblentz, Jr. Diana M. Daniels Patrick T. Harker James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel	James A. McNamara, President George F. Travers, Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer
GOLDMAN, SACHS & CO. Distributor and Transfer Agent
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 32 Old Slip, New York New York 10005
Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.
A prospectus for the Fund containing more complete information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail — 1-800-526-7384) (institutional — 1-800-621-2550). Please consider a fund’s objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.
The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) Web site at http://www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-621-2550.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus for the Fund. Please consider the Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Fund.
	Toll Free (in U.S.): 800-292-4726
This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Goldman Sachs Growth and Income Fund.
Copyright 2010 Goldman, Sachs & Co. All rights reserved.
VITGIAR10/132205.MF.TMPL/02-10

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Capital Growth Fund

Annual Report

December 31, 2009

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Portfolio Management Team discusses the Fund’s performance and positioning for the 12 months ended December 31, 2009.

How did the Goldman Sachs Capital Growth Fund (the “Fund”) perform during the annual period ended December 31, 2009 (the “Reporting Period”)?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of 47.75% and 47.50%, respectively. These returns compare to the 37.21% average annual total return of the Fund’s benchmark, the Russell 1000 Growth Index (with dividends reinvested) (the “Russell Index”), during the same time period.

What economic and market factors most influenced the equity markets as a whole during the Reporting Period?

The S&P 500 Index finished the year up 26.46%, as market sentiment continued to improve and the economy showed early signs of recovery. Volatility declined from peak levels, and investors became less risk averse, trading out of the more defensive stocks they favored in late 2008 and early 2009 and placing a premium on companies with greater growth prospects. Despite some positive economic data, concerns about the elevated unemployment rate of 10%, the Federal Reserve’s stance on interest rates, and the strength of the U.S. dollar continued to weigh on the markets.

What key factors were responsible for the Fund’s performance during the Reporting Period?

Effective stock selection overall contributed most to the Fund’s performance during the Reporting Period. Sector allocation also materially boosted the Fund’s results relative to the Russell Index.

Which equity market sectors most significantly affected Fund performance?

Stock selection in the energy, information technology and financials sectors helped the Fund’s performance most. Having underweighted allocations to the consumer staples and industrials sectors, which lagged the Russell Index, also contributed positively to the Fund’s results. Detracting only modestly from the relative performance was the Fund’s underweighted allocation to, and weak stock selection in, the materials sector, which outpaced the Russell Index during the Reporting Period.

What were some of the Fund’s best-performing individual stocks?

The Fund benefited relative to the Russell Index from positions in Apple, the consumer electronics and software manufacturing giant; CB Richard Ellis Group, the world’s leading global commercial real estate services firm; Microsoft, the world’s leading software firm; Equinix, a core Internet exchange services provider; and Cisco Systems, a leading data networking products supplier.

In January, we increased the Fund’s position in Apple, seeking to take advantage of the sell-off related to concerns over CEO Steve Jobs’ health. Subsequently, the company reported a strong fiscal fourth quarter behind sales of its iPod and iPhone products. Apple’s shares continued to rise, as demand for the company’s iMac, PC, iPod touch and iPhone products remained strong through year end. At the end of the fourth quarter, we continued to believe that Apple’s iPhone offered significant upside potential for global sales and that its App Store, with over 10,000 apps, was a key differentiating factor for the iPhone. Shares of CB Richard Ellis Group rose, as the company gained market share and continued to work through the aggressive cost-cutting plan it had initially outlined in 2008. In our view, and as evidenced by its earnings announcements, the company’s management team has a proven track record of effectively managing the business through cyclical downturns. Microsoft was a top contributor, with its shares advancing after the company reported results that surpassed Wall Street estimates. Sales of desktop and laptop computers were better than expected, and cost-cutting initiatives further drove performance. Also, during October, Microsoft released its new operating system, Windows 7, and initial consumer demand was strong.

Shares of Equinix were up, as the merits of its proposed acquisition of Switch & Data, a company that provides the same type of network-neutral data center and interconnection services, became clearer to market participants, specifically that the

1 

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

acquisition provides Equinix with more platforms for growth at an accretive valuation and with complementary real estate assets. Cisco Systems, a dominant franchise in networking for consumers and enterprise demand, was also a top contributor, as enterprise network demand showed signs of improvement. Also, during the third quarter, Cisco Systems announced it would purchase video conference company Tandberg for $3 billion. In our view, the acquisition makes strategic sense, as Tandberg’s lower-end video systems should complement Cisco System’s high-end TelePresence systems.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Detracting most from the Fund’s results relative to its benchmark index were positions in Fortune Brands, which manufactures, produces and sells home and hardware products, spirits and wine and golf products; Gilead Sciences, a research-based biopharmaceutical company; Newell- Rubbermaid, which manufactures and markets a broad array of branded consumer products; and MetroPCS Communications, a wireless communications provider.

Fortune Brands’ shares fell after reporting disappointing earnings on weakness in several product areas due to the consumer spending slowdown. Fortune Brands, in our view, continues to have a strong brand portfolio and dominant market share in most of its business areas. However, we believe its stock had reached a full valuation by mid-year, and thus we exited the name in favor of holdings with more attractive growth opportunities. Shares of Gilead Sciences traded down after the company received disappointing Phase III results for its drug, darusentan, for resistant hypertension. We continued to have high conviction in the company, as we believe it is well-positioned within the biotechnology industry, holding dominant market share in several niche areas. For example, Gilead produces the most commonly used treatments for HIV/AIDS.

Newell-Rubbermaid and MetroPCS Communications detracted from the Fund’s annual results because of untimely trades. We sold the Fund’s position in Newell-Rubbermaid during the second quarter of 2009. Given the company’s ongoing strengths, including a well-known brand portfolio and healthy market share in most of its business segments, its stock appreciated relative to its peers and the broad market, and we believed it had reached a full valuation. We therefore decided to exit the stock. We eliminated the Fund’s position in Metro PCS Communications during the first quarter of 2009, as the business was facing new pricing competition from several other industry leaders, which we felt could put MetroPCS Communications’ margins or subscriber growth at risk. We thus believed its growth prospects appeared less certain over the coming years. Each of these companies’ shares rose further for a time following these sales, and thus these names detracted from Fund relative performance.

Did the Fund make any significant purchases or sales during the fiscal year?

We initiated a Fund position in Procter & Gamble. The Fund had owned Procter & Gamble in the past, most recently exiting the position after it had reached what we considered to be a full valuation. We re-established a Fund position in this dominant consumer brands manufacturer because we believed the current economic environment provides the company with significant opportunities for growth. Due to its size, Procter & Gamble is able to maintain a diversified portfolio of products that includes both low-end value brands that perform well in a recessionary scenario but also higher quality, luxury brands that should benefit in a recovery. We also established a Fund position in Oracle, a software company that specializes in database management systems. During the recent economic downturn, Oracle was able to take market share from its competitors due to its consistent cash flow generation. We believe the company will benefit going forward from long-term growth anticipated in enterprise spending on information technology and software.

We initiated a Fund position in Broadcom, a global leader in the design of semiconductor chips for communications devices such as mobile phones, modems, networking equipment and consumer electronics. In our view, Broadcom’s competitive advantage is its ability to integrate multiple components, such as Bluetooth, FM radio, WiFi and GPS, onto one chip. Furthermore, Broadcom has won two important contracts with handset makers Nokia and Samsung for its new mobile phone chips, which should be a significant driver of future revenue growth. In our view, at the time of purchase, Broadcom’s stock price was trading below the intrinsic value of its business. We also established a Fund position in Biogen, a biopharmaceutical company that focuses on developing and commercializing biologics and drugs for the treatment of cancer and inflammatory diseases. At the time of purchase, the company was trading at a discount to its peers, allowing the Fund to establish a position in a dominant biopharmaceutical business at what we considered to be an attractive valuation.

Northern Trust was another new position for the Fund during the Reporting Period. Northern Trust is a financial services firm that specializes in investment management, fund administration, fiduciary and banking services throughout North America, Europe and Asia. We believe the company has significant opportunity for growth as the trend toward the third party custody of assets increases. In addition, other small asset managers who have seen asset levels drop during the past year have been forced to eliminate many administrative positions and rely on outsourcing these duties. We believe Northern

 2

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Trust has an established name in these areas, and with a stronger balance sheet than those of its competitors, is well-positioned to benefit from these long-term secular trends.

In addition to those sales mentioned earlier, we exited the Fund’s position in Hess. In our view, the oil company’s risk/reward profile had become less attractive, as drilling results in its critical Brazil asset were disappointing. We eliminated the Fund’s position in Coach because its shares meaningfully appreciated since initial purchase and reached our estimate of fair value. Further, while Coach has demonstrated its ability to survive the downturn in consumer spending, we were concerned that Coach was diluting the long-term value of its brand by reducing its price points.

We sold out of the Fund’s position in Blackberry manufacturer Research In Motion. The company reported results that demonstrated a change in business fundamentals, in our view, and we were disappointed by its net subscriber additions, profit margins and fiscal outlook. We exited the Fund’s position in Research In Motion to increase the Fund’s exposure to Apple and QUALCOMM, which we believe will be bigger beneficiaries of growth in the smart-phone market. We also eliminated the Fund’s position in Laboratory Corp. of America, a clinical laboratory organization. One of the characteristics we had liked about this company was the significant free cash flow it generated. We grew concerned that the free cash flow was going to be employed toward an extensive acquisition strategy, which we viewed as less favorable than other shareholder value-creating opportunities that were available to the company, and so we exited the position.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

During the Reporting Period, the Fund’s exposure to energy and financials increased compared to the Russell Index. The Fund’s allocations compared to the benchmark index in health care, information technology and utilities decreased.

How was the Fund positioned relative to its benchmark index at the end of December 2009?

At the end of December 2009, the Fund had overweighted positions relative to the Russell Index in the financials, energy, telecommunication services and health care sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in industrials, consumer staples, information technology and materials and was rather neutrally weighted to the Index in consumer discretionary and utilities.

What is the Fund’s tactical view and strategy for the months ahead?

We were excited, at the end of December, to find ourselves with ample opportunities to buy quality businesses at deeply discounted valuations as we looked to the 2010 U.S. equity market. In our view, many quality stocks were inexpensive relative to their lower quality peers, a valuation gap we expect to narrow over time as we enter into a more normalized market environment. We expect earnings to accelerate due to economic improvement and unprecedented company level operating leverage driven by aggressive cost cutting, and for low borrowing costs to be a further tailwind to earnings. As investors refocus on fundamentals, we believe that 2010 will be a fertile environment in which to generate added value.

We continue to anticipate increased stock-level differentiation going forward, with the markets distinguishing quality companies with robust business models from those likely to remain challenged. We see prospects in select companies that we believe are poised to benefit from a scenario of lower competition, higher pricing and improved market share. We maintain our focus on quality companies trading at compelling valuations and believe that this long-term discipline will help us navigate volatile markets. As always, deep research resources, a forward-looking investment process and truly actively managed portfolios are keys, in our view, to both preserving capital and outperforming the market over the long term.

Please note that effective April 30, 2010, the Fund will be renamed “Goldman Sachs Strategic Growth Fund”. The Fund’s investment objective, performance benchmark and anticipated fees and expenses will remain the same, but the investment strategies of the Fund will change. The investment focus will be on large-cap U.S. equity investments that are considered to be strategically positioned for consistent long-term growth. The Fund will seek to achieve its investment objective by investing in a diversified portfolio of equity investments that are considered by the Investment Adviser to be strategically positioned for consistent long-term growth. Please see the supplement dated January 6, 2010 for additional information.

3 

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Portfolio Composition

TOP TEN PORTFOLIO HOLDINGS AS OF 12/31/09*

Holding	% of Net Assets			Line of Business
Apple, Inc.		4.7	%	Technology Hardware & Equipment
Microsoft Corp.		3.9		Software & Services
Cisco Systems, Inc.		3.3		Technology Hardware & Equipment
PepsiCo, Inc.		3.3		Food, Beverage & Tobacco
The Procter & Gamble Co.		3.1		Household & Personal Products
American Tower Corp. Class A		3.1		Telecommunication Services
Johnson & Johnson		3.0		Pharmaceuticals, Biotechnology & Life Sciences
Oracle Corp.		3.0		Software & Services
Baxter International, Inc.		2.9		Health Care Equipment & Services
QUALCOMM, Inc.		2.6		Technology Hardware & Equipment

* Opinions expressed in this report represent our present opinion only. Reference to individual securities should not be construed as a commitment that such securities will be retained by the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of securities should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise.

FUND vs. BENCHMARK SECTOR ALLOCATION AS OF 12/31/09¹

¹ The fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (’GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Consequently, the Fund’s overall industry sector allocations may differ from the percentages contained in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investment in the securities lending reinvestment vehicle represented 3.4% of the Fund’s net assets at December 31, 2009.

 4

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Performance Summary

December 31, 2009

The following graph shows the value, as of December 31, 2009, of a $10,000 investment made on January 1, 2000 in the Institutional Shares at net asset value per share. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000 Growth Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. Performance of Service Shares will vary from Institutional Shares due to differences in fees. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.

Capital Growth Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2000 through December 31, 2009.

Average Annual total Return through December 31, 2009	One Year		Five Years		Ten Years		Since Inception
Institutional (Commenced April 30, 1998)		47.75%		1.16%		−1.59%		1.77%
Service (Commenced January 9, 2006)		47.50%		n/a		n/a		−0.27%

5 

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Schedule of Investments

December 31, 2009

	Shares		Description	Value
Common Stocks – 98.4%
	Banks – 1.1%
		220,200	People’s United Financial, Inc.	$	3,677,340
	Capital Goods – 1.9%
		78,494	ABB Ltd. ADR*		1,499,236
		20,300	Danaher Corp.		1,526,560
		53,130	United Technologies Corp.		3,687,753
					6,713,549
	Commercial & Professional Services – 1.4%
		210,800	Iron Mountain, Inc.*		4,797,808
	Consumer Durables & Apparel – 1.5%
		79,200	NIKE, Inc. Class B		5,232,744
	Consumer Services – 3.0%
		99,240	Marriott International, Inc. Class A(a)		2,704,290
		80,800	McDonald’s Corp.		5,045,152
		74,300	Starwood Hotels & Resorts Worldwide, Inc.		2,717,151
					10,466,593
	Diversified Financials – 7.4%
		19,200	CME Group, Inc.		6,450,240
		83,200	JPMorgan Chase & Co.		3,466,944
		103,000	Morgan Stanley		3,048,800
		99,300	Northern Trust Corp.		5,203,320
		184,900	SLM Corp.*		2,083,823
		283,130	The Charles Schwab Corp.		5,328,507
					25,581,634
	Energy – 7.8%
		61,000	Cameron International Corp.*		2,549,800
		23,500	EOG Resources, Inc.		2,286,550
		155,700	Halliburton Co.		4,685,013
		59,600	Occidental Petroleum Corp.		4,848,460
		138,140	Schlumberger Ltd.		8,991,533
		101,840	Suncor Energy, Inc.		3,595,970
					26,957,326
	Food & Staples Retailing – 2.0%
		114,300	Costco Wholesale Corp.		6,763,131
	Food, Beverage & Tobacco – 5.4%
		92,100	Kraft Foods, Inc. Class A		2,503,278
		185,700	PepsiCo, Inc.		11,290,560
		88,300	The Coca-Cola Co.		5,033,100
					18,826,938
	Health Care Equipment & Services – 6.7%
		167,700	Baxter International, Inc.		9,840,636
		39,600	C. R. Bard, Inc.		3,084,840
		40,200	Express Scripts, Inc.*		3,475,290
		182,900	St. Jude Medical, Inc.*		6,727,062
					23,127,828
	Household & Personal Products – 4.4%
		135,300	Avon Products, Inc.		4,261,950
		178,900	The Procter & Gamble Co.		10,846,707
					15,108,657
	Materials – 1.3%
		55,400	Praxair, Inc.		4,449,174
	Media – 0.8%
		96,874	Viacom, Inc. Class B*		2,880,064
	Pharmaceuticals, Biotechnology & Life Sciences – 12.0%
		102,000	Biogen Idec, Inc.*		5,457,000
		99,628	Charles River Laboratories International, Inc.*(a)		3,356,467
		120,953	Gilead Sciences, Inc.*		5,234,846
		162,300	Johnson & Johnson		10,453,743
		156,900	Merck & Co., Inc.		5,733,126
		44,100	Shire PLC ADR		2,588,670
		73,700	Teva Pharmaceutical Industries Ltd. ADR		4,140,466
		96,300	Thermo Fisher Scientific, Inc.*		4,592,547
					41,556,865
	Real Estate – 2.3%
		586,400	CB Richard Ellis Group, Inc. Class A*		7,957,448
	Retailing – 5.2%
		254,140	Lowe’s Companies, Inc.		5,944,335
		189,300	Staples, Inc.		4,654,887
		149,000	Target Corp.		7,207,130
					17,806,352
	Semiconductors & Semiconductor Equipment – 2.2%
		238,000	Broadcom Corp. Class A*		7,485,100
	Software & Services – 15.8%
		57,040	Cognizant Technology Solutions Corp. Class A*		2,583,912
		74,900	Equinix, Inc.*(a)		7,950,635
		70,300	Global Payments, Inc.		3,786,358
		11,308	Google, Inc. Class A*		7,010,734
		437,168	Microsoft Corp.		13,329,252
		425,500	Oracle Corp.		10,441,770
		218,791	The Western Union Co.		4,124,210
		59,900	Visa, Inc. Class A(a)		5,238,854
					54,465,725
	Technology Hardware & Equipment – 12.0%
		98,000	Amphenol Corp. Class A		4,525,640
		77,700	Apple, Inc.*		16,383,822
		474,790	Cisco Systems, Inc.*		11,366,472
		196,191	QUALCOMM, Inc.		9,075,796
					41,351,730

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

 6

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

	Shares		Description	Value
Common Stocks – (continued)
	Telecommunication Services – 4.2%
		244,190	American Tower Corp. Class A*	$	10,551,450
		105,950	Crown Castle International Corp.*		4,136,288
					14,687,738
	TOTAL COMMON STOCKS
	(Cost $296,965,409)			$	339,893,744

	Shares		Rate			Value
Short-term Investment(b) – 1.9%
	JPMorgan U.S. Government Money Market Fund –  Capital Shares
		6,398,071		0.049	%	$	6,398,071
	(Cost $6,398,071)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $303,363,480)					$	346,291,815
Securities Lending Reinvestment Vehicle(b)(c) – 3.4%
	Boston Global Investment Trust – Enhanced Portfolio
		11,689,237		0.107	%		11,689,237
	(Cost $11,677,654)
	TOTAL INVESTMENTS – 103.7%
	(Cost $315,041,134)					$	357,981,052
	LIABILITIES IN EXCESS OF OTHER ASSETS – (3.7)%						(12,813,832	)
	NET ASSETS – 100.0%					$	345,167,220

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

*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009.
(c)	Represents an affiliated issuer.

Investment Abbreviation:
ADR	—	American Depositary Receipt

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

7

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Statement of Assets and Liabilities

December 31, 2009

Assets:
Investments in securities of unaffiliated issuers, at value (identified cost $303,363,480)(a)	$	346,291,815
Investments in affiliated securities lending reinvestment vehicle, at value (identified cost $11,677,654)		11,689,237
Receivables:
Dividends		316,235
Fund shares sold		44,548
Securities lending income		273
Total assets		358,342,108
Liabilities:
Payables:
Payable upon return of securities loaned		11,762,910
Investment securities purchased		852,712
Amounts owed to affiliates		269,335
Fund shares redeemed		256,256
Accrued expenses		33,675
Total liabilities		13,174,888
Net Assets:
Paid-in capital		440,113,551
Accumulated net investment income		2,485
Accumulated net realized loss from investment transactions		(137,888,734	)
Net unrealized gain on investments		42,939,918
NET ASSETS	$	345,167,220
Net Assets:
Institutional	$	125,258,008
Service		219,909,212
Total Net Assets	$	345,167,220
Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):
Institutional		11,502,613
Service		20,213,497
Net asset value, offering and redemption price per share:
Institutional	$	10.89
Service		10.88

(a) Includes loaned securities having a market value of $11,426,315.

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

 8

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Statement of Operations

For the Fiscal Year Ended December 31, 2009

Investment income:
Dividends(a)	$	3,489,392
Securities lending income — affiliated issuer		46,848
Total investment income		3,536,240
Expenses:
Management fees		2,219,517
Distribution and Service fees — Service Shares		470,112
Printing fees		81,805
Professional fees		77,628
Transfer Agent fees(b)		59,182
Custody and accounting fees		37,860
Trustee fees		16,663
Other		22,476
Total expenses		2,985,243
Less — expense reductions		(1,699	)
Net expenses		2,983,544
NET INVESTMENT INCOME		552,696
Realized and unrealized gain (loss) from investment transactions:
Net realized gain (loss) from:
Investment transactions — unaffiliated issuers (including commissions recaptured of $45,498)		(46,001,050	)
Securities lending reinvestment vehicle transactions — affiliated issuer		124,512
Net change in unrealized gain on:
Investments — unaffiliated issuers		160,758,281
Securities lending reinvestment vehicle — affiliated issuer		10,603
Net realized and unrealized gain from investment transactions		114,892,346
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	115,445,042

(a) Foreign taxes withheld on dividends were $5,792.

(b) Institutional and Service Shares had Transfer Agent fees of $21,576 and $37,606, respectively.

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

9

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Statements of Changes in Net Assets

	For the Fiscal			For the Fiscal
	Year Ended			Year Ended
	December 31, 2009			December 31, 2008
From operations:
Net investment income	$	552,696		$	156,317
Net realized loss from investment transactions		(45,876,538	)		(30,858,930	)
Net change in unrealized gain (loss) on investments		160,768,884			(167,203,794	)
Net increase (decrease) in net assets resulting from operations		115,445,042			(197,906,407	)
Distributions to shareholders:
From net investment income
Institutional Shares		(442,989	)		(178,949	)
Service Shares		(360,499	)		—
From return of capital
Institutional Shares		(53,630	)		—
Service Shares		(43,643	)		—
Total distributions to shareholders		(900,761	)		(178,949	)
From share transactions:
Proceeds from sales of shares		24,273,407			18,949,778
Reinvestment of distributions		900,761			178,949
Cost of shares redeemed		(57,699,129	)		(73,313,122	)
Net decrease in net assets resulting from share transactions		(32,524,961	)		(54,284,395	)
TOTAL INCREASE (DECREASE)		82,019,320			(252,369,751	)
Net assets:
Beginning of year		263,147,900			515,517,651
End of year	$	345,167,220		$	263,147,900
Accumulated undistributed net investment income	$	2,485		$	251,205

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

 10

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from
			investment operations
						Net						Distributions													Ratio of			Ratio of
	Net asset		Net			realized						to shareholders			Net asset					Net assets,		Ratio of			total			net investment
	value,		investment			and			Total from			from net			value,					end of		net expenses			expenses			income (loss)			Portfolio
	beginning		income			unrealized			investment			investment			end of		Total			year		to average			to average			to average			turnover
Year — Share Class	of year		(loss)(a)			gain (loss)			operations			income			year		return(b)			(in 000s)		net assets			net assets			net assets			rate
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2009 — Institutional	$	7.40	$	0.03		$	3.50		$	3.53		$	(0.04	)(c)	$	10.89		47.75	%	$	125,258		0.85	%		0.85	%		0.35	%		64	%
2009 — Service		7.39		0.01			3.50			3.51			(0.02	)(c)		10.88		47.50			219,909		1.10			1.10			0.10			64
2008 — Institutional		12.73		0.02			(5.34	)		(5.32	)		(0.01	)		7.40		(41.67	)		95,218		0.81			0.81			0.20			44
2008 — Service		12.73		(0.01	)		(5.33	)		(5.34	)		—			7.39		(41.86	)		167,930		1.06			1.06			(0.05	)		44
2007 — Institutional		11.58		0.02	(d)		1.15			1.17			(0.02	)		12.73		10.13			172,418		0.86	(e)		0.86	(e)		0.18	(d)(e)		53
2007 — Service		11.58		0.01	(d)		1.15			1.16			(0.01	)		12.73		10.01			343,100		0.96	(e)		0.11	(e)		0.08	(d)(e)		53
2006 — Institutional		10.68		0.01			0.90			0.91			(0.01	)		11.58		8.56			165,877		0.84			0.85			0.12			70
2006 — Service (Commenced January 9, 2006)		11.03		—	(f)		0.55			0.55			—	(f)		11.58		5.01			386,526		0.94	(g)		1.10	(g)		0.03	(g)		70
2005 — Institutional		10.39		0.02			0.29			0.31			(0.02	)		10.68		2.94			168,054		0.90			0.90			0.15			35

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the year. Total returns for periods less than one full year are not annualized.
(c)	Includes a return of capital amounting to less than $0.005 per share.
(d)	Reflects income recognized from a special dividend which amounted to $0.01 per share and 0.09% of average net assets.
(e)	Includes non-recurring expense for a special shareholder meeting which amounted to approximately 0.02% of average net assets.
(f)	Amount is less than $0.005 per share.
(g)	Annualized.

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

11

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Notes to Financial Statements

December 31, 2009

1. ORGANIZATION

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 Trust includes the Goldman Sachs Capital Growth Fund (the “Fund”). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service. Goldman, Sachs & Co. (“Goldman Sachs” or the “Distributor”) serves as Distributor of the shares of the Fund pursuant to a Distribution Agreement.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Fund. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect the amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

A. FASB Financial Accounting Standards Codification — In July 2009, the Financial Accounting Standards Board (“FASB”) launched its “Financial Accounting Standards Codification” (the “Codification”) as the single source of GAAP. While the Codification does not change GAAP, it introduces a new structure to the accounting literature and changes references to accounting standards and other authoritative accounting guidance that have been reflected in the Notes to Financial Statements.

B. Investment Valuation — The investment valuation policy of the Fund is to value investments at market value. Investments in equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the trustees or provided by securities dealers. 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 bond dealers to determine current value. If accurate quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the trustees. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. In the absence of market quotations, broker quotes will be utilized or the security will be fair valued. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share (“NAV”) on the valuation date. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates market value.

GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; government actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those

 12

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.

C. Security and Fund Share Transactions, and Investment Income — Security and Fund share transactions are reflected for financial reporting purposes as of the trade date, which may cause the NAV as stated in the accompanying financial statements to be different than the NAV applied to Fund share transactions. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Dividend income is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Fund, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. In addition, it is the Fund’s policy to accrue for foreign capital gains taxes, if applicable, on certain foreign securities held by the Fund. An estimated foreign capital gains tax is recorded daily on net unrealized gains on these securities and is payable upon the sale of such securities when a gain is realized.

Net investment income (other than class specific expenses) and unrealized and realized gains or losses are allocated daily to each class of shares of the Fund based upon the relative proportion of net assets of each class.

D. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Fund on a straight-line and/or pro-rata basis depending upon the nature of the expense and are accrued daily.

E. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”) applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal income tax provisions are required. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually. Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. 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 the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. The Fund’s capital accounts on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character, but do not reflect temporary differences.

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

F. Commission Recapture — The Fund may direct portfolio trades, subject to obtaining best execution, to various brokers who have agreed to rebate a portion of the commissions generated. Such rebates are made directly to the Fund as cash payments and are included in net realized gain (loss) from investments on the Statement of Operations.

3. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Fund, 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 Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee computed daily and payable monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

13

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Notes to Financial Statements (continued)

December 31, 2009

3. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended December 31, 2009, contractual management fees with GSAM were at the following rates:

Contractual Management Rate
	First			Next			Next			Next			Over			Effective
	$1 billion			$1 billion			$3 billion			$3 billion			$8 billion			Rate
		0.75	%		0.68	%		0.65	%		0.64	%		0.63	%		0.75	%

B. Distribution Agreement and Service Plan — The Trust, on behalf of the Service Shares of the Fund, has adopted a Distribution and Service Plan (the “Plan”). Under the Plan, Goldman Sachs and/or authorized dealers are entitled to a fee accrued daily and paid monthly for distribution services equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares.

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

D. Other Agreements — GSAM has voluntarily agreed to limit certain “Other Expenses” (excluding management fees, distribution and service fees, transfer agent fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, 0.114% of the average daily net assets of the Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. This expense limitation may be modified or terminated at any time at the option of GSAM. For the fiscal year ended December 31, 2009, GSAM did not make any reimbursements to the Fund. In addition, the Fund has entered into certain offset arrangements with the transfer agent resulting in a reduction of the Fund’s expenses. For the fiscal year ended December 31, 2009, transfer agent fees were reduced by approximately $1,700.

As of December 31, 2009, amounts owed to affiliates were approximately $217,400, $46,100 and $5,800 for management, distribution and service, and transfer agent fees, respectively.

E. Line of Credit Facility — The Fund participates in a $660,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates. Pursuant to the terms of the facility, the Fund and other borrowers may increase the credit amount by an additional $340,000,000, for a total of up to $1 billion. The facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. This facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2009, the Fund did not have any borrowings under the facility. Prior to May 12, 2009, the amount available through the facility was $700,000,000.

F. Other Transactions with Affiliates — For the fiscal year ended December 31, 2009, Goldman Sachs earned approximately $26,400 in brokerage commissions from portfolio transactions executed on behalf of the Fund.

4. FAIR VALUE OF INVESTMENTS

The fair value of a financial instrument is 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). 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 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;

 14

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

4. FAIR VALUE OF INVESTMENTS (continued)

Level 2 — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The following is a summary of the Fund’s investments categorized in the fair value hierarchy:

	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	339,893,744	$	—	$	—
Securities Lending Reinvestment Vehicle		—		11,689,237		—
Short-term Investments		6,398,071		—		—
Total	$	346,291,815	$	11,689,237	$	—

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2009, were $187,742,719 and $222,022,394, respectively.

6. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission and the terms and conditions contained therein, the Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.

The Fund invests the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio of Boston Global Investment Trust (“Enhanced Portfolio”), a Delaware statutory trust. The Enhanced Portfolio, deemed an affiliate of the Trust, is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.10% on an annualized basis of the average daily net assets of the Enhanced Portfolio. The Enhanced Portfolio invests primarily in short-term investments, but is not a “money market fund” subject to the requirements of Rule 2a-7 of the Act. The Fund’s investment of cash collateral in the Enhanced Portfolio is subject to a net asset value that may fall or rise due to market and credit conditions.

Both the Fund and GSAL receive compensation relating to the lending of the Fund’s securities. The amount earned by the Fund for the fiscal year ended December 31, 2009, is reported as securities lending income. A portion of this amount, $20,189, represents compensation earned by the Fund from lending its securities to Goldman Sachs. For the fiscal year ended December 31, 2009, GSAL earned $5,167 in fees as securities lending agent. The amount payable to Goldman Sachs upon return of securities loaned as of December 31, 2009 was $666,171.

15

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Notes to Financial Statements (continued)

December 31, 2009

6. SECURITIES LENDING (continued)

The following table provides information about the Fund’s investment in the Enhanced Portfolio for the fiscal year ended December 31, 2009 (in thousands):

Number of						Number of
Shares Held Beginning						Shares Held End		Value at End
of Fiscal Year	Shares Bought		Shares Sold			of Fiscal Year		of Fiscal Year
8,767		112,170		(109,248	)		11,689	$	11,689

7. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2008 and December 31, 2009 was as follows:

	2008		2009
Distributions paid from:
Ordinary income	$	178,949	$	803,488
Tax return of capital	$	—	$	97,273

As of December 31, 2009, the components of accumulated earnings (losses) on a tax basis were as follows:

Capital loss carryforward:1
Expiring 2010	$	(59,269,469	)
Expiring 2011		(1,064,803	)
Expiring 2016		(23,475,963	)
Expiring 2017		(43,438,215	)
Total capital loss carryforward	$	(127,248,450	)
Timing differences (post-October losses)		(4,197,545	)
Unrealized gain — net		36,499,664
Total accumulated losses — net	$	(94,946,331	)

¹ Expiration occurs on December 31 of the year indicated. The Fund had capital loss carryforwards of approximately $92,315,000 that expired in the current fiscal year.

As of December 31, 2009, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Tax cost	$	321,481,388
Gross unrealized gain		41,866,976
Gross unrealized loss		(5,367,312	)
Net unrealized security gain	$	36,499,664

The difference between GAAP-basis and tax-basis unrealized gains (losses) are attributable primarily to wash sales and differences related to the tax treatment of partnership investments.

In order to present certain components of the Fund’s capital accounts on a tax basis, the Fund has reclassified $2,072 and $92,313,002 to accumulated undistributed net investment income and accumulated net realized loss from investment transactions, respectively, from paid-in-capital. These reclassifications have no impact on the net asset value of the Fund and result primarily from expired capital loss carryforwards and the difference in tax treatment of partnership investments.

 16

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

8. OTHER RISKS

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Fund has unsettled or open transaction defaults.

Risks of Large Shareholder Redemptions — Certain participating insurance companies, accounts, or Goldman Sachs affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Fund’s shares. Redemptions by these participating insurance companies or accounts in the Fund may impact the Fund’s liquidity and NAV. These redemptions may also force the Fund to sell securities, which may increase the Fund’s brokerage costs.

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

New Accounting Pronouncement — In May 2009, the FASB issued FASB Accounting Standards Codification (“ASC”) 855 “Subsequent Events”. This standard requires disclosure in the financial statements to reflect the effects of subsequent events that provide additional information on conditions about the financial statements as of the balance sheet date (recognized subsequent events) and disclosure of subsequent events that provide additional information about conditions after the balance sheet date if the financial statements would otherwise be misleading (unrecognized subsequent events). ASC 855 is effective for interim and annual financial statements issued for fiscal years ending after June 15, 2009. For purposes of inclusion in the financial statements, GSAM has concluded that subsequent events after the balance sheet date have been evaluated through February 16, 2010, the date the financial statements were issued.

17

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Notes to Financial Statements (continued)

December 31, 2009

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Fiscal Year Ended						For the Fiscal Year Ended
	December 31, 2009						December 31, 2008
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		1,185,929		$	10,504,936			1,326,309		$	14,164,973
Reinvestment of distributions		45,729			496,619			25,195			178,949
Shares redeemed		(2,600,340	)		(22,772,377	)		(2,027,851	)		(21,687,907	)
		(1,368,682	)		(11,770,822	)		(676,347	)		(7,343,985	)
Service Shares
Shares sold		1,508,421			13,768,471			532,320			4,684,805
Reinvestment of distributions		37,214			404,142			—			—
Shares redeemed		(4,046,698	)		(34,926,752	)		(4,774,952	)		(51,625,215	)
		(2,501,063	)		(20,754,139	)		(4,242,632	)		(46,940,410	)
NET DECREASE		(3,869,745	)	$	(32,524,961	)		(4,918,979	)	$	(54,284,395	)

 18

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Goldman Sachs Variable Insurance Trust — Goldman Sachs Capital Growth Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Goldman Sachs Capital Growth Fund (the “Fund”) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and transfer agent, provides a reasonable basis for our opinion. The financial highlights of the Fund for the periods ended December 31, 2006 and prior were audited by another Independent Registered Public Accounting Firm whose report dated February 14, 2007 expressed an unqualified opinion on those financial highlights.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 16, 2010

19

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Fund Expenses — Six Month Period Ended December 31, 2009 (Unaudited)

As a shareholder of Institutional or Service Shares of the Fund, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (with respect to Service Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Institutional Shares and Service Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2009 through December 31, 2009.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund, you do not incur any transaction costs, such as sales charges, redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

						Expenses
	Beginning		Ending			Paid for the
	Account Value		Account Value			6 Months Ended
Share Class	7/01/09		12/31/09			12/31/09*
Institutional
Actual	$	1,000	$	1,214.80		$	4.75
Hypothetical 5% return		1,000		1,020.92	+		4.33
Service
Actual		1,000		1,212.50			6.13
Hypothetical 5% return		1,000		1,019.66	+		5.60

*

Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2009. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.85% and 1.10% for Institutional and Service Shares, respectively.

+

Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

 20

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Trustees and Officers (Unaudited)

Independent Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
Ashok N. Bakhru Age: 67	Chairman of the Board of Trustees	Since 1991	President, ANB Associates (July 1994-March 1996 and November 1998-Present); Director, Apollo Investment Corporation (a business development company) (October 2008-Present); Executive Vice President—Finance and Administration and Chief Financial Officer and Director, Coty Inc. (manufacturer of fragrances and cosmetics) (April 1996-November 1998); Director of Arkwright Mutual Insurance Company (1984-1999); Trustee of International House of Philadelphia (program center and residential community for students and professional trainees from the United States and foreign countries) (1989-2004); Member of Cornell University Council (1992-2004 and 2006-Present); Trustee of the Walnut Street Theater (1992-2004); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors—III and IV (November 1998-2007), and Equity-Limited Investors II (April 2002-2007); and Chairman, Lenders Service Inc. (provider of mortgage lending services) (2000-2003). Chairman of the Board of Trustees—Goldman Sachs Mutual Fund Complex.	96	Apollo Investment Corporation (a business development company)
John P. Coblentz, Jr. Age: 68	Trustee	Since 2003	Partner, Deloitte & Touche LLP (June 1975-May 2003); Director, Emerging Markets Group, Ltd. (2004-2006); and Director, Elderhostel, Inc. (2006-Present). Trustee—Goldman Sachs Mutual Fund Complex.	96	None
Diana M. Daniels Age: 60	Trustee	Since 2007	Ms. Daniels is retired (since January 2007). Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is Chairman of the Executive Committee, Cornell University (2006-Present); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (since 2007), and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee—Goldman Sachs Mutual Fund Complex.	96	None

21

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Trustees and Officers (Unaudited) (continued)

Independent Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
Patrick T. Harker Age: 51	Trustee	Since 2000	President, University of Delaware (July 2007-Present); Dean and Reliance Professor of Operations and Information Management, The Wharton School, University of Pennsylvania (February 2000-June 2007); Interim and Deputy Dean, The Wharton School, University of Pennsylvania (July 1999-January 2000); and Professor and Chairman of Department of Operations and Information Management, The Wharton School, University of Pennsylvania (July 1997-August 2000). Trustee—Goldman Sachs Mutual Fund Complex.	96	Pepco Holdings, Inc. (an energy delivery company)
Jessica Palmer Age: 60	Trustee	Since 2007	Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer is a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-Present). Trustee—Goldman Sachs Mutual Fund Complex.	96	None
Richard P. Strubel Age: 70	Trustee	Since 1987	Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); President, COO and Director, Cardean Learning Group (1999-2003); Director, Cantilever Technologies, Inc. (a private software company) (1999-2005); Audit Committee Chairman, The University of Chicago (2006-Present); Trustee, The University of Chicago (1987-Present); and Managing Director, Tandem Partners, Inc. (management services firm) (1990-1999). Trustee—Goldman Sachs Mutual Fund Complex.	96	Gildan Activewear Inc. (a clothing marketing and manufacturing company); The Northern Trust Mutual Fund Complex (58 Portfolios) (Chairman of the Board of Trustees).

 22

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
James A. McNamara* Age: 47	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President—Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President—Goldman Sachs Mutual Fund Complex (2001-2007). Trustee—Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).	96	None
Alan A. Shuch* Age: 60	Trustee	Since 1990	Advisory Director—GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee—Goldman Sachs Mutual Fund Complex.	96	None

*	These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
1	Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, One New York Plaza, 37th Floor, New York, New York, 10004, Attn: Peter V. Bonanno.
2	Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the conclusion of the first Board meeting held subsequent to the day the Trustee attains the age of 72 years (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.
3	The Goldman Sachs Mutual Fund Complex consists of the Trust, Goldman Sachs Municipal Opportunity Fund, Goldman Sachs Credit Strategies Fund, and Goldman Sachs Trust. As of December 31, 2009, the Trust consisted of 11 portfolios, Goldman Sachs Trust consisted of 83 portfolios (of which 82 offered shares to the public) and the Goldman Sachs Municipal Opportunity Fund did not offer shares to the public.
4	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-292-4726.

23

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

		Term of
		Office and
	Position(s) Held	Length of
Name, Address and Age	With the Trust	Time Served1	Principal Occupation(s) During Past 5 Years
James A. McNamara 32 Old Slip New York, NY 10005 Age: 47	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President—Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President—Goldman Sachs Mutual Fund Complex (2001-2007). Trustee—Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).
George F. Travers 30 Hudson Street Jersey City, NJ 07032 Age: 42	Senior Vice President and Principal Financial Officer	Since 2009	Managing Director, Goldman Sachs (2007-present); Managing Director, UBS Ag (2005-2007); and Partner, Deloitte & Touche LLP (1990-2005, partner from 2000-2005) Senior Vice President and Principal Financial Officer—Goldman Sachs Mutual Fund Complex.
Peter V. Bonanno One New York Plaza New York, NY 10004 Age: 42	Secretary	Since 2003	Managing Director, Goldman Sachs (December 2006-Present); Associate General Counsel, Goldman Sachs (2002-Present); Vice President, Goldman Sachs (1999-2006); and Assistant General Counsel, Goldman Sachs (1999-2002). Secretary—Goldman Sachs Mutual Fund Complex (2006-Present); and Assistant Secretary—Goldman Sachs Mutual Fund Complex (2003-2006).
Scott M. McHugh 32 Old Slip New York, NY 10005 Age: 38	Treasurer and Senior Vice President	Since 2009	Vice President, Goldman Sachs (February 2007-Present); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer—Goldman Sachs Mutual Fund Complex (October 2009-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (November 2009-Present); and Assistant Treasurer—Goldman Sachs Mutual Fund Complex (May 2007-October 2009).

1	Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2009, 100% of the dividends paid from net investment company taxable income by the Goldman Sachs Capital Growth Fund qualify for the dividends received deduction available to corporations.

 24

 

TRUSTEES Ashok N. Bakhru, Chairman John P. Coblentz, Jr. Diana M. Daniels Patrick T. Harker James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel	OFFICERS James A. McNamara, President George F. Travers, Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer
GOLDMAN, SACHS & CO. Distributor and Transfer Agent
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 32 Old Slip, New York, New York 10005
Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.
A prospectus for the Fund containing more complete information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). Please consider a fund’s objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.
The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) Web site at http://www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-621-2550.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus for the Fund. Please consider the Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Fund.
	Toll Free (in U.S.): 800-292-4726
This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Goldman Sachs Capital Growth Fund.
Copyright 2010 Goldman, Sachs & Co. All rights reserved.
VITCGAR10/32204.MF.TMPL/02-10

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Mid Cap Value Fund

Annual Report

December 31, 2009

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Value Portfolio Management Team discusses the Fund’s performance and positioning for the 12 months ended December 31, 2009.

How did the Goldman Sachs Mid Cap Value Fund (the “Fund”) perform during the annual period ended December 31, 2009 (the “Reporting Period”)?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of 33.15% and 32.78%, respectively. These returns compare to the 34.21% average annual total return of the Fund’s benchmark, the Russell Midcap Value Index (with dividends reinvested) (the “Russell Index”), during the same time period.

What economic and market factors most influenced the equity markets as a whole during the Reporting Period?

U.S. equity markets oscillated between extremes of fear and exuberance in 2009. The credit crisis from 2008 spilled into the first quarter, as the nation’s financial system experienced an extremely challenging period. As governments around the world coordinated a response to the financial crisis, the likelihood of failure was reduced for many companies. Stocks rallied sharply off of a March 9^th trough into the second and third quarters. Propelled by investors’ renewed appetite for risk, the equity markets were driven higher by the most battered names from the first quarter. The U.S. equity markets continued to experience gains through the end of the year, though in a less pronounced manner. The economy continued to show encouraging signs of stabilization and improvement during the fourth quarter. However, despite some positive economic data, concerns about the elevated unemployment rate of 10%, the Federal Reserve’s stance on interest rates, and the strength of the U.S. dollar weighed somewhat on the markets during these last months of the year. Still, for the Reporting Period overall, the S&P 500 Index gained 26.46% in a broad-based rally, its best annual gain since 2003, though still significantly down from its 2007 peak.

While growth stocks outpaced the gains of value stocks across the capitalization spectrum, within the value space, mid-cap stocks experienced the most dramatic rise in 2009, with gains that exceeded those of the S&P 500 Index. Market trends were particularly pronounced in the Russell Index. Over 40% of the Russell Index consists of the consumer discretionary and financials sectors, which climbed more than 148% and 91%, respectively, from March 9^th lows through the end of December 2009. These sectors contain some of the most credit- or economically-sensitive companies, including real estate investment trusts (REITs), retailers, autos, media and hotels, many of which rebounded dramatically in the recent rally despite the absence of catalysts or improving fundamentals.

What key factors were responsible for the Fund’s performance during the Reporting Period?

Throughout this market cycle, our disciplined focus on quality, cash generating companies with strong balance sheets and disciplined management teams has led to strong performance. Consistent with the historical patterns of our strategy, our quality-biased approach served the Fund well as markets declined during the first quarter of 2009, but was challenged in the subsequent euphoric environment post-March 9^th. Thus, despite the extreme rally that was particularly pronounced in the mid-cap segment of the U.S. equity market, the Fund finished the year lagging the Russell Index. Sector allocation overall positively contributed to the Fund’s performance during the Reporting Period. Only partially offsetting this positive was the modestly detracting effect of stock selection overall.

Which equity market sectors most significantly affected Fund performance?

Stock selection in the materials and energy sectors helped the Fund’s performance most. Having a modestly underweighted allocation to financials, which significantly lagged the Russell Index, and overweighted positions in the energy and health care sectors, which substantially outpaced the Russell Index, also contributed positively to the Fund’s results. Detracting from the Fund’s performance was weak stock selection in the consumer discretionary, information technology, health care, and consumer staples sectors.

1 

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

What were some of the Fund’s best-performing individual stocks?

The Fund benefited most relative to the Russell Index from overweighted positions in oil and natural gas producer Range Resources, electronic connectors manufacturer Amphenol, offshore drilling and production equipment manufacturer Dril-Quip, independent oil and gas exploration and production company Newfield Exploration and industrial chemicals and gas manufacturer Air Products & Chemicals.

Range Resources, a low cost, high margin natural gas producer, was a top contributor, as the company reported incremental positive exploration activity. The Fund also benefited from its holding in Amphenol. Amphenol’s shares rose upon strong consistent execution by its management, including cost control and profit margin maintenance, despite an approximately 20% decline in revenues. The company’s stock price was also buoyed by ongoing market share gains. Dril-Quip’s strong performance can be attributed to the fact that sales of sub-sea energy-related equipment remained strong, and Dril-Quip was able to grow its year-over-year earnings. Newfield Exploration’s shares were boosted both by improving energy prices toward the end of the year and by the announcement of a major acquisition in the industry, signaling potential future consolidation. Shares of Air Products & Chemicals gained ground on a combination of long-term contracts, stable pricing and high barriers to entry. We sold the Fund’s position in Air Products & Chemicals by the end of the Reporting Period, taking profits.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Detracting most from the Fund’s results relative to its benchmark index were overweighted positions in insurance underwriter W.R. Berkley, tax services provider H&R Block and integrated electric power companies Entergy and PPL, as well as an underweighted position in automobile manufacturer Ford Motor.

Shares of W.R. Berkley declined after industry pricing trends suggested a later-than-expected pricing cycle. H&R Block, the biggest U.S. tax preparer, was challenged, as consumer volume was lighter than expected. Shares of Entergy and PPL lagged the gains of the market due primarily to pricing pressures amidst broad utility sector weakness, despite sizeable free cash flows and strong balance sheets. Ford Motor actually generated triple-digit gains during the Reporting Period, boosted by the “cash for clunkers” program earlier in the year and by the fact that it emerged as the sole American automaker in a position to survive the steepest sales downturn in decades without a government bailout. The Fund’s underweighted position in this strong performer thus detracted from relative performance. By the end of the Reporting Period, we had eliminated the Fund’s positions in H&R Block and Entergy.

Did the Fund make any significant purchases or sales during the Reporting Period?

During the Reporting Period, the Fund established new positions in energy exploration and production company Whiting Petroleum, iron ore producer Cliffs Natural Resources, steel producer United States Steel, health insurance company Aetna and specialty chemical producer Huntsman.

We liked Whiting Petroleum because we believe this company should benefit from the favorable near-term supply/demand imbalance in oil. We also added to our positions in several materials companies, including Cliffs Natural Resources, United States Steel and Huntsman, because we felt these stocks would benefit from ongoing economic recovery and had high operating leverage. Aetna is one of the nation’s largest diversified health care benefits companies, serving approximately 36.5 million people through a broad range of traditional and consumer-directed health insurance products. We initiated a position in Aetna because we believe that as the company moves to close gap, or differential, between its costs and its pricing during the coming year, its stock should benefit from resolving this imbalance.

In addition to those sales already mentioned, in the health care sector we eliminated the Fund’s position in Laboratory Corp. of America, taking profits. We exited the Fund’s position in oil and gas exploration and production company EOG Resources, taking profits, as the stock had benefited from global oil demand growth as the economy continued to recover. In utilities, we eliminated the Fund’s investment in integrated electric utility PG&E. This defensive stock had indeed held up well during the worst of the market downturn, and we sold out of it in June, taking profits. We eliminated the Fund’s position in Iron Mountain, a leader in records management, data storage and online backup, as the company’s near-term revenue growth was challenged by the economic environment. We sold the Fund’s position in multimedia conglomerate Viacom, taking profits as the stock had performed well in the portfolio for the year.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

During the Reporting Period, the Fund’s exposure to health care, consumer staples, industrials and utilities decreased relative to the Russell Index. The Fund’s allocations compared to the benchmark index in financials, energy and materials increased.

 2

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

How was the Fund positioned relative to its benchmark index at the end of December 2009?

At the end of December 2009, the Fund had overweighted positions relative to the Russell Index in the energy, materials and consumer discretionary sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in consumer staples, utilities and industrials and was rather neutrally weighted to the Russell Index in financials, health care, information technology, and telecommunication services.

What is the Fund’s tactical view and strategy for the months ahead?

We were excited, at the end of December, to find ourselves with ample opportunities to buy quality businesses at deeply discounted valuations as we looked to the 2010 U.S. equity market. In our view, many quality stocks were inexpensive relative to their lower quality peers, a valuation gap we expect to narrow over time as we enter into a more normalized market environment. We expect earnings to accelerate due to economic improvement and unprecedented company level operating leverage driven by aggressive cost cutting and for low borrowing costs to be a further tailwind to earnings. As investors refocus on fundamentals, we believe that 2010 will be a fertile environment in which to generate added value.

We continue to anticipate increased stock-level differentiation going forward, with the markets distinguishing quality companies with robust business models from those likely to remain challenged. We see prospects in select companies that we believe are poised to benefit from a scenario of lower competition, higher pricing and improved market share. We maintain our focus on quality companies trading at compelling valuations and believe that this long-term discipline will help us navigate volatile markets. As always, deep research resources, a forward-looking investment process and truly actively managed portfolios are keys, in our view, to both preserving capital and outperforming the market over the long term.

Portfolio Composition

TOP TEN PORTFOLIO HOLDINGS AS OF 12/31/09*

Holding	% of Net Assets			Line of Business
Newfield Exploration Co.		2.9	%	Energy
DISH Network Corp. Class A		2.2		Media
W.R. Berkley Corp.		2.1		Insurance
Invesco Ltd.		1.9		Diversified Financials
Whiting Petroleum Corp.		1.7		Energy
PPL Corp.		1.6		Utilities
Cliffs Natural Resources, Inc.		1.6		Materials
Newell Rubbermaid, Inc.		1.6		Consumer Durables & Apparel
United States Steel Corp.		1.6		Materials
CommScope, Inc.		1.5		Technology Hardware & Equipment

* Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained by the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of securities should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise.

3 

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

FUND VS. BENCHMARK SECTOR ALLOCATION AS OF 12/31/09¹

¹ The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (’GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Consequently, the Fund’s overall industry sector allocations may differ from the percentages contained in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investment in the securities lending reinvestment vehicle represented 7.4% of the Fund’s net assets at December 31, 2009.

 4

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Performance Summary

December 31, 2009

The following graph shows the value, as of December 31, 2009, of a $10,000 investment made on January 1, 2000 in the Institutional Shares at net asset value per share. For comparative purposes, the performance of the Fund’s benchmark, the Russell Midcap Value Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. Performance of Service Shares will vary from Institutional Shares due to differences in fees. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.

Mid Cap Value Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2000 through December 31, 2009.

Average Annual Total Return through December 31, 2009	One Year		Five Years		Ten Years		Since Inception
Institutional (Commenced May 1, 1998)		33.15%		2.54%		9.87%		6.97%
Service (Commenced January 9, 2006)		32.78%		n/a		n/a		−0.73%

5 

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments

December 31, 2009

	Shares		Description	Value
Common Stocks – 97.9%
	Automobiles & Components – 2.0%
		436,500	Harley-Davidson, Inc.	$	10,999,800
		296,759	Johnson Controls, Inc.		8,083,715
					19,083,515
	Banks – 4.4%
		408,600	Comerica, Inc.		12,082,302
		347,831	First Horizon National Corp.*		4,660,929
		112,530	M&T Bank Corp.(a)		7,527,132
		1,302,500	Marshall & Ilsley Corp.		7,098,625
		519,500	SunTrust Banks, Inc.		10,540,655
					41,909,643
	Capital Goods – 5.9%
		263,000	BE Aerospace, Inc.*		6,180,500
		154,294	Cooper Industries PLC Class A		6,579,096
		213,700	Cummins, Inc.		9,800,282
		197,581	Eaton Corp.		12,570,103
		8,600	Fluor Corp.		387,344
		184,254	Parker Hannifin Corp.		9,927,606
		185,500	Pentair, Inc.		5,991,650
		120,800	Snap-On, Inc.		5,105,008
					56,541,589
	Commercial & Professional Services – 1.8%
		323,700	Corrections Corp of America*		7,946,835
		320,961	Republic Services, Inc.		9,086,406
					17,033,241
	Consumer Durables & Apparel – 3.5%
		80,100	Fossil, Inc.*		2,688,156
		84,900	Mohawk Industries, Inc.*		4,041,240
		1,020,900	Newell Rubbermaid, Inc.		15,323,709
		16,300	NVR, Inc.*(a)		11,584,573
					33,637,678
	Consumer Services – 0.8%
		204,000	Starwood Hotels & Resorts Worldwide, Inc.		7,460,280
	Diversified Financials – 4.7%
		792,100	Invesco Ltd.		18,606,429
		496,200	Janus Capital Group, Inc.		6,673,890
		283,200	Raymond James Financial, Inc.		6,731,664
		1,149,030	SLM Corp.*		12,949,568
					44,961,551
	Energy – 11.9%
		277,400	Atlas Energy, Inc.		8,369,158
		245,100	Concho Resources, Inc.*		11,004,990
		51,600	Core Laboratories NV		6,094,992
		244,402	Dril-Quip, Inc.*		13,803,825
		440,700	EXCO Resources, Inc.		9,356,061
		573,428	Newfield Exploration Co.*		27,656,433
		296,300	Oil States International, Inc.*		11,641,627
		194,411	Range Resources Corp.		9,691,388
		229,700	Whiting Petroleum Corp.*		16,412,065
					114,030,539
	Food & Staples Retailing – 0.7%
		201,100	BJ’s Wholesale Club, Inc.*		6,577,981
	Food, Beverage & Tobacco – 1.7%
		233,700	Molson Coors Brewing Co. Class B(a)		10,553,892
		91,700	The J.M. Smucker Co.		5,662,475
					16,216,367
	Health Care Equipment & Services – 4.3%
		440,300	Aetna, Inc.		13,957,510
		121,000	C.R. Bard, Inc.		9,425,900
		95,170	Edwards Lifesciences Corp.*		8,265,515
		249,500	Kinetic Concepts, Inc.*(a)		9,393,675
					41,042,600
	Household & Personal Products – 0.5%
		77,339	The Clorox Co.		4,717,679
	Insurance – 12.3%
		120,794	Arch Capital Group Ltd.*		8,642,811
		156,089	Everest Re Group Ltd.		13,373,706
		614,400	Genworth Financial, Inc. Class A*		6,973,440
		536,300	Hartford Financial Services Group, Inc.		12,474,338
		192,600	Lincoln National Corp.		4,791,888
		565,400	Marsh & McLennan Companies, Inc.		12,484,032
		614,300	Principal Financial Group, Inc.		14,767,772
		710,100	The Progressive Corp.*		12,774,699
		826,499	W.R. Berkley Corp.		20,364,935
		622,800	XL Capital Ltd. Class A		11,415,924
					118,063,545
	Materials – 9.0%
		337,000	Cliffs Natural Resources, Inc.		15,532,330
		168,511	FMC Corp.		9,396,173
		1,258,900	Huntsman Corp.		14,212,981
		416,200	International Paper Co.		11,145,836
		269,200	Pactiv Corp.*		6,498,488
		139,200	Terra Industries, Inc.		4,480,848
		273,800	United States Steel Corp.(a)		15,091,856
		181,300	Vulcan Materials Co.(a)		9,549,071
					85,907,583
	Media – 3.5%
		942,709	CBS Corp. Class B		13,245,061
		994,500	DISH Network Corp. Class A		20,655,765
					33,900,826
	Pharmaceuticals, Biotechnology & Life Sciences – 0.8%
		140,300	Biogen Idec, Inc.*		7,506,050
	Real Estate Investment Trust – 6.5%
		128,918	Alexandria Real Estate Equities, Inc.(a)		8,288,138
		101,900	AvalonBay Communities, Inc.		8,367,009
		174,202	Boston Properties, Inc.		11,683,728
		167,600	Digital Realty Trust, Inc.(a)		8,426,928
		448,800	Douglas Emmett, Inc.		6,395,400

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

 6

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

	Shares		Description	Value
Common Stocks – (continued)
	Real Estate Investment Trust – (continued)
		91,400	Essex Property Trust, Inc.(a)	$	7,645,610
		991,215	Host Hotels & Resorts, Inc.*		11,567,475
					62,374,288
	Retailing – 3.4%
		289,701	J.C. Penney Co., Inc.		7,708,944
		824,300	Liberty Media Corp. – Interactive Class A*		8,935,412
		181,400	The TJX Companies, Inc.		6,630,170
		263,200	Urban Outfitters, Inc.*(a)		9,209,368
					32,483,894
	Semiconductors & Semiconductor Equipment – 1.7%
		1,078,700	ON Semiconductor Corp.*		9,503,347
		587,500	Teradyne, Inc.*(a)		6,303,875
					15,807,222
	Software & Services – 2.5%
		638,300	IAC/InterActiveCorp*		13,072,384
		661,800	Parametric Technology Corp.*		10,813,812
					23,886,196
	Technology Hardware & Equipment – 3.4%
		144,069	Amphenol Corp. Class A		6,653,106
		557,800	CommScope, Inc.*		14,798,434
		156,500	Lexmark International, Inc. Class A*		4,065,870
		355,700	QLogic Corp.*		6,712,059
					32,229,469
	Telecommunication Services – 2.5%
		191,258	CenturyTel, Inc.		6,925,452
		683,500	Clearwire Corp. Class A*(a)		4,620,460
		3,434,000	Sprint Nextel Corp.*		12,568,440
					24,114,352
	Transportation – 1.4%
		214,500	Kansas City Southern*		7,140,705
		159,000	Ryder System, Inc.		6,546,030
					13,686,735
	Utilities – 8.7%
		161,500	Alliant Energy Corp.		4,886,990
		684,995	CMS Energy Corp.(a)		10,727,022
		409,699	DPL, Inc.		11,307,692
		376,433	Edison International		13,092,340
		149,962	FirstEnergy Corp.		6,965,735
		124,300	Great Plains Energy, Inc.		2,410,177
		103,395	Northeast Utilities		2,666,557
		466,203	NV Energy, Inc.		5,771,593
		85,400	Pinnacle West Capital Corp.		3,123,932
		481,901	PPL Corp.		15,570,221
		96,000	SCANA Corp.		3,617,280
		163,300	Xcel Energy, Inc.		3,465,226
					83,604,765
	TOTAL COMMON STOCKS
	(Cost $824,609,847)			$	936,777,588

						Expiration
	Units		Description			Month		Value
Right* – 0.0%
	Telecommunication Services – 0.0%
	$	683,500		Clearwire Corp.(a	)		06/10	$	273,400
	(Cost $0)

	Shares		Rate	Value
Short-term Investment(b) – 2.1%
	JPMorgan U.S. Government Money Market Fund –   Capital Shares
		19,826,737	0.049%	$	19,826,737
	(Cost $19,826,737)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $844,436,584)			$	956,877,725
Securities Lending Reinvestment Vehicle(b)(c) – 7.4%
	Boston Global Investment Trust – Enhanced Portfolio
		70,461,534	0.107%	$	70,461,535
	(Cost $70,393,870)
	TOTAL INVESTMENTS – 107.4%
	(Cost $914,830,454)			$	1,027,339,260
	LIABILITIES IN EXCESS OF OTHER ASSETS – (7.4)%				(70,561,460	)
	NET ASSETS – 100.0%			$	956,777,800

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

*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009.
(c)	Represents an affiliated issuer.

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

7

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Assets and Liabilities

December 31, 2009

Assets:
Investments in securities of unaffiliated issuers, at value (identified cost $844,436,584)(a)	$	956,877,725
Investments in affiliated securities lending reinvestment vehicle, at value (identified cost $70,393,870)		70,461,535
Cash		14,853
Receivables:
Investment securities sold		3,421,103
Dividends		1,214,706
Fund shares sold		33,304
Securities lending income		20,164
Total assets		1,032,043,390
Liabilities:
Payables:
Payable upon return of securities loaned		70,650,175
Investment securities purchased		3,203,715
Fund shares redeemed		690,153
Amounts owed to affiliates		688,012
Accrued expenses		33,535
Total liabilities		75,265,590
Net Assets:
Paid-in capital		1,210,687,151
Accumulated undistributed net investment income		2,682,726
Accumulated net realized loss from investment transactions		(369,100,883	)
Net unrealized gain on investments		112,508,806
NET ASSETS	$	956,777,800
Net Assets:
Institutional	$	834,375,683
Service		122,402,117
Total Net Assets	$	956,777,800
Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):
Institutional		73,519,732
Service		10,764,698
Net asset value, offering and redemption price per share:
Institutional	$	11.35
Service		11.37

(a) Includes loaned securities having a market value of $68,237,249.

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

 8

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Operations

For the Fiscal Year Ended December 31, 2009

Investment income:
Dividends(a)	$	19,384,231
Securities lending income — affiliated issuer		397,550
Total investment income		19,781,781
Expenses:
Management fees		6,838,817
Distribution and Service fees — Service Shares		274,288
Transfer Agent fees(b)		170,956
Printing fees		126,870
Professional fees		80,198
Custody and accounting fees		59,121
Trustee fees		16,663
Other		50,765
Total expenses		7,617,678
Less — expense reductions		(5,918	)
Net expenses		7,611,760
NET INVESTMENT INCOME		12,170,021
Realized and unrealized gain (loss) from investment transactions:
Net realized gain (loss) from:
Investment transactions — unaffiliated issuers (including commissions recaptured of $322,877)		(146,488,872	)
Securities lending reinvestment vehicle transactions — affiliated issuer		902,075
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		380,236,186
Securities lending reinvestment vehicle — affiliated issuer		(89,892	)
Net realized and unrealized gain from investment transactions		234,559,497
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	246,729,518

(a)	Foreign taxes withheld on dividends were $980.
(b)	Institutional and Service Shares had Transfer Agent fees of $149,015 and $21,941, respectively.

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

9

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statements of Changes in Net Assets

	For the Fiscal			For the Fiscal
	Year Ended			Year Ended
	December 31, 2009			December 31, 2008
From operations:
Net investment income	$	12,170,021		$	15,229,693
Net realized loss from investment transactions		(145,586,797	)		(194,282,032	)
Payments by affiliate relating to certain investment transactions		—			143,867
Net change in unrealized gain (loss) on investments		380,146,294			(370,227,817	)
Net increase (decrease) in net assets resulting from operations		246,729,518			(549,136,289	)
Distributions to shareholders:
From net investment income
Institutional Shares		(13,210,185	)		(11,191,862	)
Service Shares		(1,663,339	)		(1,243,513	)
From net realized gains
Institutional Shares		—			(2,004,006	)
Service Shares		—			(300,378	)
Total distributions to shareholders		(14,873,524	)		(14,739,759	)
From share transactions:
Proceeds from sales of shares		41,603,690			67,763,165
Reinvestment of distributions		14,873,524			14,739,759
Cost of shares redeemed		(191,673,776	)		(442,712,207	)
Net decrease in net assets resulting from share transactions		(135,196,562	)		(360,209,283	)
TOTAL INCREASE (DECREASE)		96,659,432			(924,085,331	)
Net assets:
Beginning of year		860,118,368			1,784,203,699
End of year	$	956,777,800		$	860,118,368
Accumulated undistributed net investment income	$	2,682,726		$	5,384,969

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

 10

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from
			investment operations									Distributions to shareholders
						Net																									Ratio of			Ratio of
	Net asset					realized															Net asset					Net assets,		Ratio of			total			net investment
	value,		Net			and			Total from			From net			From net						value,					end of		net expenses			expenses			income to			Portfolio
	beginning		investment			unrealized			investment			investment			realized			Total			end of		Total			year		to average			to average			average			turnover
Year - Share Class	of year		income(a)			gain (loss)			operations			income			gains			distributions			year		return(b)			(in 000s)		net assets			net assets			net assets			rate
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2009 - Institutional	$	8.66	$	0.14	(c)	$	2.73		$	2.87		$	(0.18	)	$	—		$	(0.18	)	$	11.35		33.15	%	$	834,376		0.86	%		0.86	%		1.46	%(c)		111	%
2009 - Service		8.68		0.12	(c)		2.73			2.85			(0.16	)		—			(0.16	)		11.37		32.78			122,402		1.11			1.11			1.21	(c)		111
2008 - Institutional		14.02		0.14	(d)		(5.34	)		(5.20	)		(0.14	)		(0.02	)		(0.16	)		8.66		(36.97	)		748,682		0.84			0.84			1.16	(d)		93
2008 - Service		14.03		0.11	(d)		(5.34	)		(5.23	)		(0.10	)		(0.02	)		(0.12	)		8.68		(37.13	)		111,437		1.09			1.09			0.91	(d)		93
2007 - Institutional		16.09		0.14	(e)		0.39			0.53			(0.13	)		(2.47	)		(2.60	)		14.02		3.20			1,559,013		0.87	(f)		0.87	(f)		0.85	(e)(f)		84
2007 - Service		16.09		0.12	(e)		0.40			0.52			(0.11	)		(2.47	)		(2.58	)		14.03		3.16			225,190		0.97	(f)		1.12	(f)		0.75	(e)(f)		84
2006 - Institutional		15.53		0.13			2.39			2.52			(0.16	)		(1.80	)		(1.96	)		16.09		16.16			1,673,896		0.86			0.87			0.80			57
2006 - Service (Commenced January 9, 2006)		15.96		0.12			1.95			2.07			(0.14	)		(1.80	)		(1.94	)		16.09		12.91			273,903		0.96	(g)		1.12	(g)		0.72	(g)		57
2005 - Institutional		15.28		0.13			1.82			1.95			(0.10	)		(1.60	)		(1.70	)		15.53		12.83			1,430,814		0.87			0.87			0.83			53

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the year. Total returns for periods less than one full year are not annualized.
(c)	Reflects income recognized from special dividends which amounted to $0.03 per share and 0.37% of average net assets.
(d)	Reflects income recognized from a special dividend which amounted to $0.01 per share and 0.11% of average net assets.
(e)	Reflects income recognized from a special dividend which amounted to $0.01 per share and 0.06% of average net assets.
(f)	Includes non-recurring expense for a special shareholder meeting which amounted to approximately 0.02% of average net assets.
(g)	Annualized.

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

11

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements

December 31, 2009

1. ORGANIZATION

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 Trust includes the Goldman Sachs Mid Cap Value Fund (the “Fund”). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service. Goldman, Sachs & Co. (“Goldman Sachs” or the “Distributor”) serves as Distributor of the shares of the Fund pursuant to a Distribution Agreement.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Fund. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect the amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

A. FASB Financial Accounting Standards Codification — In July 2009, the Financial Accounting Standards Board (“FASB”) launched its “Financial Accounting Standards Codification” (the “Codification”) as the single source of GAAP. While the Codification does not change GAAP, it introduces a new structure to the accounting literature and changes references to accounting standards and other authoritative accounting guidance that have been reflected in the Notes to Financial Statements.

B. Investment Valuation — The investment valuation policy of the Fund is to value investments at market value. Investments in equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the trustees or provided by securities dealers. 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 bond dealers to determine current value. If accurate quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the trustees. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. In the absence of market quotations, broker quotes will be utilized or the security will be fair valued. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share (“NAV”) on the valuation date. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates market value.

GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; government actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.

 12

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

C. Security and Fund Share Transactions, and Investment Income — Security and Fund share transactions are reflected for financial reporting purposes as of the trade date, which may cause the NAV as stated in the accompanying financial statements to be different than the NAV applied to Fund share transactions. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Dividend income is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Fund, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. In addition, it is the Fund’s policy to accrue for foreign capital gains taxes, if applicable, on certain foreign securities held by the Fund. An estimated foreign capital gains tax is recorded daily on net unrealized gains on these securities and is payable upon the sale of such securities when a gain is realized.

Net investment income (other than class specific expenses) and unrealized and realized gains or losses are allocated daily to each class of shares of the Fund based upon the relative proportion of net assets of each class.

In addition, distributions received from the Fund’s investments in U.S. real estate investment trusts (“REITs”) often include a “return of capital”, which is recorded by the Fund as a reduction of the cost basis of the securities held. The Internal Revenue Code of 1986, as amended (the “Code”) requires a REIT to distribute at least 95% of its taxable income to investors. In many cases, however, because of “non-cash” expenses such as property depreciation, a REIT’s cash flow will exceed its taxable income. The REIT may distribute this excess cash to offer a more competitive yield. This portion of the Fund’s distributions is deemed a return of capital and is generally not taxable to shareholders.

D. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Fund on a straight-line and/or pro-rata basis depending upon the nature of the expense and are accrued daily.

E. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Code applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal income tax provisions are required. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually. Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. 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 the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. The Fund’s capital accounts on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character, but do not reflect temporary differences.

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

F. Commission Recapture — The Fund may direct portfolio trades, subject to obtaining best execution, to various brokers who have agreed to rebate a portion of the commissions generated. Such rebates are made directly to the Fund as cash payments and are included in net realized gain (loss) from investments on the Statement of Operations.

3. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Fund, 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 Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee computed daily and payable monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

13

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements (continued)

December 31, 2009

3. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended December 31, 2009, contractual management fees with GSAM were at the following rates:

Contractual Management Rate
First $2 billion	Next $3 billion	Next $3 billion	Over $8 billion	Effective Rate
0.80%	0.72%	0.68%	0.67%	0.80%

B. Distribution Agreement and Service Plan — The Trust, on behalf of the Service Shares of the Fund, has adopted a Distribution and Service Plan (the “Plan”). Under the Plan, Goldman Sachs and/or authorized dealers are entitled to a fee accrued daily and paid monthly for distribution services equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares.

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

D. Other Agreements — GSAM has voluntarily agreed to limit certain “Other Expenses” (excluding management fees, distribution and service fees, transfer agent fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, 0.054% of the average daily net assets of the Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. This expense limitation may be modified or terminated at any time at the option of GSAM. For the fiscal year ended December 31, 2009, GSAM did not make any reimbursements to the Fund. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent resulting in a reduction of the Fund’s expenses. For the fiscal year ended December 31, 2009, transfer agent fees were reduced by approximately $5,900.

As of December 31, 2009, amounts owed to affiliates were approximately $646,100, $25,800 and $16,100 for management, distribution and service, and transfer agent fees, respectively.

E. Line of Credit Facility — The Fund participates in a $660,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates. Pursuant to the terms of the facility, the Fund and other borrowers may increase the credit amount by an additional $340,000,000, for a total of up to $1 billion. The facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. This facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2009, the Fund did not have any borrowings under the facility. Prior to May 12, 2009, the amount available through the facility was $700,000,000.

F. Other Transactions with Affiliates — For the fiscal year ended December 31, 2009, Goldman Sachs earned approximately $127,000 in brokerage commissions from portfolio transactions executed on behalf of the Fund.

4. FAIR VALUE OF INVESTMENTS

The fair value of a financial instrument is 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). 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 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;

 14

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

4. FAIR VALUE OF INVESTMENTS (continued)

Level 2 — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The following is a summary of the Fund’s investments categorized in the fair value hierarchy:

	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	936,777,588	$	273,400	$	—
Securities Lending Reinvestment Vehicle		—		70,461,535		—
Short-term Investments		19,826,737		—		—
Total	$	956,604,325	$	70,734,935	$	—

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2009, were $932,361,818 and $1,078,709,085, respectively.

6. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission and the terms and conditions contained therein, the Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.

The Fund invests the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio of Boston Global Investment Trust (“Enhanced Portfolio”), a Delaware statutory trust. The Enhanced Portfolio, deemed an affiliate of the Trust, is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.10% on an annualized basis of the average daily net assets of the Enhanced Portfolio. The Enhanced Portfolio invests primarily in short-term investments, but is not a “money market fund” subject to the requirements of Rule 2a-7 of the Act. The Fund’s investment of cash collateral in the Enhanced Portfolio is subject to a net asset value that may fall or rise due to market and credit conditions.

Both the Fund and GSAL receive compensation relating to the lending of the Fund’s securities. The amount earned by the Fund for the fiscal year ended December 31, 2009, is reported as securities lending income. A portion of this amount, $54,552, represents compensation earned by the Fund from lending its securities to Goldman Sachs. For the fiscal year ended December 31, 2009, GSAL earned $44,050 in fees as securities lending agent. The amount payable to Goldman Sachs upon return of securities loaned as of December 31, 2009 was $1,992,875.

15

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements (continued)

December 31, 2009

6. SECURITIES LENDING (continued)

The following table provides information about the Fund’s investment in the Enhanced Portfolio for the fiscal year ended December 31, 2009 (in thousands):

Number of			Number of
Shares Held Beginning			Shares Held End of	Value at End
of Fiscal Year	Shares Bought	Shares Sold	Fiscal Year	of Fiscal Year
69,764	396,560	(395,862)	70,462	$70,462

7. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2008 and December 31, 2009 was as follows:

	2008		2009
Distributions paid from:
Ordinary income	$	12,514,758	$	14,873,524
Net long-term capital gains		2,225,001		—
Total taxable distributions	$	14,739,759	$	14,873,524

As of December 31, 2009, the components of accumulated earnings (losses) on a tax basis were as follows:

Undistributed ordinary income — net	$	2,417,338
Capital loss carryforward:1
Expiring 2016		(145,363,026	)
Expiring 2017		(198,236,490	)
Total capital loss carryforward	$	(343,599,516	)
Timing differences (post - October losses and certain REIT dividends)		(7,600,344	)
Unrealized gains — net		94,873,171
Total accumulated losses — net	$	(253,909,351	)

¹ Expiration occurs on December 31 of the year indicated.

As of December 31, 2009, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Tax cost	$	932,466,089
Gross unrealized gain		114,165,922
Gross unrealized loss		(19,292,751	)
Net unrealized security gain	$	94,873,171

The difference between GAAP-basis and tax basis unrealized losses are attributable primarily to wash sales and differences related to the tax treatment of partnership investments.

In order to present certain components of the Fund’s capital accounts on a tax basis, the Fund has reclassified $1,260 from accumulated net realized loss from investment transactions to accumulated undistributed net investment income. This reclassification has no impact on the net asset value of the Fund and result primarily from the difference in tax treatment of partnership investments.

 16

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

8. OTHER RISKS

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Fund has unsettled or open transaction defaults.

Risks of Large Shareholder Redemptions — Certain participating insurance companies, accounts, or Goldman Sachs affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Fund’s shares. Redemptions by these participating insurance companies or accounts in the Fund may impact the Fund’s liquidity and NAV. These redemptions may also force the Fund to sell securities, which may increase the Fund’s brokerage costs.

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

New Accounting Pronouncement — In May 2009, the FASB issued FASB Accounting Standards Codification (“ASC”) 855 “Subsequent Events”. This standard requires disclosure in the financial statements to reflect the effects of subsequent events that provide additional information on conditions about the financial statements as of the balance sheet date (recognized subsequent events) and disclosure of subsequent events that provide additional information about conditions after the balance sheet date if the financial statements would otherwise be misleading (unrecognized subsequent events). ASC 855 is effective for interim and annual financial statements issued for fiscal years ending after June 15, 2009. For purposes of inclusion in the financial statements, GSAM has concluded that subsequent events after the balance sheet date have been evaluated through February 16, 2010, the date the financial statements were issued.

17

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements (continued)

December 31, 2009

11. SUMMARY OF SHARE TRANSACTIONS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	For the Fiscal Year Ended						For the Fiscal Year Ended
	December 31, 2009						December 31, 2008
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		4,258,252		$	39,092,639			6,105,718		$	65,852,855
Reinvestment of distributions		1,159,806			13,210,185			1,623,108			13,195,869
Shares redeemed		(18,316,480	)		(168,736,934	)		(32,499,851	)		(399,001,871	)
		(12,898,422	)		(116,434,110	)		(24,771,025	)		(319,953,147	)
Service Shares
Shares sold		270,915			2,511,051			179,463			1,910,310
Reinvestment of distributions		145,779			1,663,339			189,434			1,543,890
Shares redeemed		(2,486,621	)		(22,936,842	)		(3,588,997	)		(43,710,336	)
		(2,069,927	)		(18,762,452	)		(3,220,100	)		(40,256,136	)
NET DECREASE		(14,968,349	)	$	(135,196,562	)		(27,991,125	)	$	(360,209,283	)

 18

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Goldman Sachs Variable Insurance Trust — Goldman Sachs Mid Cap Value Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Goldman Sachs Mid Cap Value Fund (the “Fund”) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at December 31, 2009 by correspondence with the custodian, brokers, and transfer agent, provides a reasonable basis for our opinion. The financial highlights of the Fund for the periods ended December 31, 2006 and prior were audited by another Independent Registered Public Accounting Firm whose report dated February 14, 2007 expressed an unqualified opinion on those financial highlights.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 16, 2010

19

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Fund Expenses—Six Month Period Ended December 31, 2009 (Unaudited)

As a shareholder of Institutional or Service Shares of the Fund, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (with respect to Service Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Institutional Shares and Service Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2009 through December 31, 2009.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund, you do not incur any transaction costs, such as sales charges, redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

						Expenses Paid
						For the
	Beginning		Ending			6 Months
	Account Value		Account Value			Ended
Share Class	7/01/09		12/31/09			12/31/09*
Institutional
Actual	$	1,000	$	1,267.10		$	4.91
Hypothetical 5% return		1,000		1,020.87	+		4.38
Service
Actual		1,000		1,265.10			6.34
Hypothetical 5% return		1,000		1,019.61	+		5.65

*

Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2009. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.86% and 1.11% for Institutional and Service Shares, respectively.

+

Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

 20

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Trustees and Officers (Unaudited)

Independent Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
Ashok N. Bakhru Age: 67	Chairman of the Board of Trustees	Since 1991	President, ANB Associates (July 1994-March 1996 and November 1998-Present); Director, Apollo Investment Corporation (a business development company) (October 2008-Present); Executive Vice President—Finance and Administration and Chief Financial Officer and Director, Coty Inc. (manufacturer of fragrances and cosmetics) (April 1996-November 1998); Director of Arkwright Mutual Insurance Company (1984-1999); Trustee of International House of Philadelphia (program center and residential community for students and professional trainees from the United States and foreign countries) (1989-2004); Member of Cornell University Council (1992-2004 and 2006-Present); Trustee of the Walnut Street Theater (1992-2004); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors—III and IV (November 1998-2007), and Equity-Limited Investors II (April 2002-2007); and Chairman, Lenders Service Inc. (provider of mortgage lending services) (2000-2003). Chairman of the Board of Trustees—Goldman Sachs Mutual Fund Complex.	96	Apollo Investment Corporation (a business development company)
John P. Coblentz, Jr. Age: 68	Trustee	Since 2003	Partner, Deloitte & Touche LLP (June 1975-May 2003); Director, Emerging Markets Group, Ltd. (2004-2006); and Director, Elderhostel, Inc. (2006-Present). Trustee—Goldman Sachs Mutual Fund Complex.	96	None
Diana M. Daniels Age: 60	Trustee	Since 2007	Ms. Daniels is retired (since January 2007). Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is Chairman of the Executive Committee, Cornell University (2006-Present); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (since 2007), and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee—Goldman Sachs Mutual Fund Complex.	96	None

21

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Trustees and Officers (Unaudited) (continued)

Independent Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
Patrick T. Harker Age: 51	Trustee	Since 2000	President, University of Delaware (July 2007-Present); Dean and Reliance Professor of Operations and Information Management, The Wharton School, University of Pennsylvania (February 2000-June 2007); Interim and Deputy Dean, The Wharton School, University of Pennsylvania (July 1999-January 2000); and Professor and Chairman of Department of Operations and Information Management, The Wharton School, University of Pennsylvania (July 1997-August 2000). Trustee—Goldman Sachs Mutual Fund Complex.	96	Pepco Holdings, Inc. (an energy delivery company)
Jessica Palmer Age: 60	Trustee	Since 2007	Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer is a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-Present). Trustee—Goldman Sachs Mutual Fund Complex.	96	None
Richard P. Strubel Age: 70	Trustee	Since 1987	Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); President, COO and Director, Cardean Learning Group (1999-2003); Director, Cantilever Technologies, Inc. (a private software company) (1999-2005); Audit Committee Chairman, The University of Chicago (2006-Present); Trustee, The University of Chicago (1987-Present); and Managing Director, Tandem Partners, Inc. (management services firm) (1990-1999). Trustee—Goldman Sachs Mutual Fund Complex.	96	Gildan Activewear Inc. (a clothing marketing and manufacturing company); The Northern Trust Mutual Fund Complex (58 Portfolios) (Chairman of the Board of Trustees).

 22

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
James A. McNamara* Age: 47	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President—Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President—Goldman Sachs Mutual Fund Complex (2001-2007). Trustee—Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).	96	None
Alan A. Shuch* Age: 60	Trustee	Since 1990	Advisory Director—GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee—Goldman Sachs Mutual Fund Complex.	96	None

*	These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
1	Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, One New York Plaza, 37th Floor, New York, New York, 10004, Attn: Peter V. Bonanno.
2	Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the conclusion of the first Board meeting held subsequent to the day the Trustee attains the age of 72 years (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.
3	The Goldman Sachs Mutual Fund Complex consists of the Trust, Goldman Sachs Municipal Opportunity Fund, Goldman Sachs Credit Strategies Fund, and Goldman Sachs Trust. As of December 31, 2009, the Trust consisted of 11 portfolios, Goldman Sachs Trust consisted of 83 portfolios (of which 82 offered shares to the public) and the Goldman Sachs Municipal Opportunity Fund did not offer shares to the public.
4	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-292-4726.

23

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

		Term of
		Office and
	Position(s) Held	Length of
Name, Address and Age	With the Trust	Time Served1	Principal Occupation(s) During Past 5 Years
James A. McNamara 32 Old Slip New York, NY 10005 Age: 47	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President—Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President—Goldman Sachs Mutual Fund Complex (2001-2007). Trustee—Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).
George F. Travers 30 Hudson Street Jersey City, NJ 07032 Age: 42	Senior Vice President and Principal Financial Officer	Since 2009	Managing Director, Goldman Sachs (2007-present); Managing Director, UBS Ag (2005-2007); and Partner, Deloitte & Touche LLP (1990-2005, partner from 2000-2005) Senior Vice President and Principal Financial Officer—Goldman Sachs Mutual Fund Complex.
Peter V. Bonanno One New York Plaza New York, NY 10004 Age: 42	Secretary	Since 2003	Managing Director, Goldman Sachs (December 2006-Present); Associate General Counsel, Goldman Sachs (2002-Present); Vice President, Goldman Sachs (1999-2006); and Assistant General Counsel, Goldman Sachs (1999-2002). Secretary—Goldman Sachs Mutual Fund Complex (2006-Present); and Assistant Secretary—Goldman Sachs Mutual Fund Complex (2003-2006).
Scott M. McHugh 32 Old Slip New York, NY 10005 Age: 38	Treasurer and Senior Vice President	Since 2009	Vice President, Goldman Sachs (February 2007-Present); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer—Goldman Sachs Mutual Fund Complex (October 2009-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (November 2009-Present); and Assistant Treasurer—Goldman Sachs Mutual Fund Complex (May 2007-October 2009).

1	Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2009, 100% of the dividends paid from net investment company taxable income by the Goldman Sachs Mid Cap Value Fund qualify for the dividends received deduction available to corporations.

 24

 

TRUSTEES Ashok N. Bakhru, Chairman John P. Coblentz, Jr. Diana M. Daniels Patrick T. Harker James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel	OFFICERS James A. McNamara, President George F. Travers,Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer
GOLDMAN, SACHS & CO. Distributor and Transfer Agent
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 32 Old Slip, New York, New York 10005
Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.
A prospectus for the Fund containing more complete information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). Please consider a fund’s objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.
The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) Web site at http://www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-621-2550.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital international Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus for the Fund. Please consider the Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Funds.
	Toll Free (in U.S.): 800-292-4726
This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Goldman Sachs Mid Cap Value Fund.
Copyright 2010 Goldman, Sachs & Co. All rights reserved.
VITMCAR10/32206 MF/02-10

Goldman

Sachs Variable Insurance Trust

                               Goldman Sachs
                               Strategic International Equity Fund

Annual Report

December 31, 2009

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation. The Fund seeks this objective by investing in the stocks of leading companies within developed and emerging countries around the world, outside the U.S.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs International Equity Portfolio Management Team discusses the Fund’s performance and positioning for the 12 months ended December 31, 2009.

How did the Goldman Sachs Strategic International Equity Fund (the “Fund”) perform during the annual period ended December 31, 2009 (the “Reporting Period”)?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of 28.69% and 28.37%, respectively. These returns compare to the 32.46% average annual total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (unhedged, with dividends reinvested) (the “MSCI EAFE Index”) during the same time period.

What economic and market factors most influenced the international equity markets as a whole during the Reporting Period?

During the Reporting Period, international equity markets rallied strongly with double-digit gains, but experienced volatile swings as the economic and financial crises dominated the first quarter of 2009, only to give way to signs of stabilization and potential recovery beginning in the spring of 2009.

In the first months of 2009, concerns about the financial health of banks and insurance companies, as well as a drumbeat of negative economic data points, drove challenging performance across geographies. Announcements of government intervention and ratings downgrades heightened fears of insolvency and further bad debt exposures. Sharply negative Gross Domestic Product (“GDP”) figures and discouraging unemployment trends were prevalent in the U.S. and Europe. In China, concerns about demand and manufacturing data added to the bleak view.

By the end of the first quarter of 2009, however, international equity markets began to trade higher on speculation that the worst of the downturn was over. With encouraging results from financial stress tests and a number of better-than-expected corporate earnings reports, the international equity markets, as measured by the MSCI EAFE Index, soared more than 49.85% during the second and third quarters, following a 13.95% loss during the fourth quarter. A series of economic data points, including incrementally better housing and manufacturing data, indicated economic stabilization and possible recovery, boosting investor confidence and propelling equity markets higher into the last months of 2009. The MSCI EAFE Index returned 1.80% during the fourth quarter of the year, as the rally slowed with developed market economies continuing to rebound but at a slower pace than in the U.S.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund moderately trailed the MSCI EAFE Index due primarily to security selection and sector allocation. Regional allocation and country selection as a whole contributed positively to the Fund’s relative results.

Which regions most significantly affected Fund performance?

Security selection and having a modestly underweighted position in Japan contributed most positively to the Fund’s performance relative to the MSCI EAFE Index during the Reporting Period. Having exposure to the emerging markets, though a modest position, also helped. Conversely, individual security selection in Europe detracted most from relative performance. Also hurting the Fund’s results somewhat was having a moderately underweighted allocation to developed Asia ex-Japan. Holding a position in cash hurt the Fund’s results as well, as the MSCI EAFE rallied strongly during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Security selection within the information technology, energy and utilities sectors contributed positively to the Fund’s performance relative to the MSCI EAFE Index during the Reporting Period. Having underweighted positions compared to the benchmark index in utilities and telecommunication services also helped. Detracting from the Fund’s results was security selection in the consumer staples, materials and consumer discretionary sectors. Also hurting the Fund’s performance was

1 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

having modestly underweighted exposure to the financials and materials sectors, which outpaced the MSCI EAFE during the Reporting Period, and having an overweighted allocation to health care, which lagged.

What were some of the Fund’s best-performing individual stocks?

The Fund benefited most relative to the MSCI EAFE Index from positions in U.K. software and services company Autonomy, Italian diversified financials firm Azimut Holding, Hong Kong diversified banking institution HSBC Holdings, U.K. energy company Venture Production, and Hong Kong real estate developer Sun Hung Kai Properties.

Shares of Autonomy, whose technology allows enterprises and governments to search media files in a conceptual rather than structural manner, rose on announcements of new contract wins, better-than-expected full year results and an accretive acquisition during the Reporting Period. We eliminated the Fund’s position in Autonomy by the end of the Reporting Period, taking profits. Shares of Italian asset manager Azimut Holding rebounded strongly from 2008 lows amid a rising equity market and widespread strength in the financials sector. Global banking group HSBC’s performance was representative of the general strength in banks. Its valuation was similar to that of the sector overall, but its excellent franchise, strong deposit base and capital levels were important differentiators compared to those of many of its peers. While many banks generated loan growth through government funding, HSBC self-funded its loan book through its deposit base.

Shares of oil exploration and production company Venture Production surged early in 2009, after management announced a strong rise in 2008 net income due to record oil prices and higher output. The company also benefited from merger and acquisition speculation. Sun Kung Kai Properties, Asia’s largest property developer, saw its shares surge after the company reaffirmed its sales target for the year and on the affirmation of its strong credit rating in late March. The company also benefited from broad strength in the Chinese economy and Chinese property market, which in turn were bolstered by the Chinese government’s stimulus package.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Detracting most from the Fund’s results relative to its benchmark index were positions in French media conglomerate Vivendi, Japanese rail transportation services company and real estate operator East Japan Railway, and Japanese utility Kansai Electric Power. Also, holding only modest positions in U.K. commercial banking giant Barclays and Swiss pharmaceutical manufacturer Novartis detracted from relative performance.

The Fund’s position in Vivendi reflected our rather defensive positioning within the wide-ranging consumer discretionary sector. However, its shares underperformed due to reduced earnings, concerns that there might be another entrant into the French mobile phone market and some competitive pressures in the pay-TV side of its business. East Japan Railway was historically viewed as being a defensive holding during recessionary times. However, the company released passenger data during the year that indicated lower-than-expected ridership levels, which put downward pressure on its share price. Its stock was also hurt by press announcements surrounding the misuse of river water for power generation and a reduction in weekend highway fees. Shares of Kansai Electric Power, which generates electricity from hydroelectric, thermal, geothermal and nuclear power sources, lagged due to reports of downward earnings revisions.

Barclays performed well during the rally in the financials sector, and thus the Fund’s underweighted position in the British financial services firm detracted from relative performance. Similarly, Novartis rebounded strongly during the third quarter, but based on weakness during the first half of the year, the Fund was underweighted in the Swiss pharmaceutical company and therefore did not participate fully in the stock’s rally.

Did the Fund make any significant purchases or sales during the Reporting Period?

We established new positions during the fiscal year in Australian mining company Rio Tinto, Finnish wireless equipment company Nokia, Swiss agricultural chemicals manufacturer Syngenta, German health care and sciences conglomerate Bayer, and Netherlands-based printing and publishing firm Reed Elsevier.

We initiated a position in Rio Tinto, the second largest global mining company, because at the time of purchase, we believed its valuation was significantly discounted relative to the mining sector overall. In addition, Rio Tinto’s assets in iron ore and copper are world class. Thus, even in an extended economic downturn, its operations should generate significant cash. We liked Nokia because we believed, at the time of purchase, that its stock would benefit from the telecommunications company’s capacity for increased market share, particularly in the U.S., and its improved product portfolio, including smart phones.

Syngenta is focused on crop protection and genetically modified seed production. As such, we believe Syngenta is well positioned in a consolidated industry and view the long-term fundamentals surrounding agriculture in both the developed

 2

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

and emerging economies to be attractive. We initiated a position in Bayer primarily due to our favorable view of the company’s new chief executive officer, particularly with regard to his track record of improving profitability and allocating shareholder capital. We were also encouraged by Bayer’s strong pharmaceutical pipeline and improving material sciences business. We established a new position in Reed Elsevier, as we believe the market was neglecting the consistent growth and high returns of the company’s core businesses, which are based in high barriers-to-entry markets with limited existing competition. In addition, we are confident in the ability of the firm’s management team to unlock additional value.

In addition to those sales already mentioned, we eliminated the Fund’s positions in U.K. human resources firm Capita Group, German integrated electric utility E.ON, French multimedia conglomerate Vivendi, U.K. diversified mining company BHP Billiton, and French integrated oil company Total.

We eliminated the Fund’s positions in Capita Group, E.ON, BHP Billiton and Total to make room in the portfolio for what we considered to be more attractive risk/reward opportunities. In the case of Vivendi, we still saw value in Vivendi’s core businesses, as, in our view, that value had not yet been fully recognized by the market. However, we were concerned that the company may seek to make dilutive acquisitions in the near term and thus we eliminated the Fund’s position in Vivendi’s stock, preferring to seek opportunities elsewhere in the media industry.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

During the Reporting Period, we increased the Fund’s weightings in consumer discretionary and telecommunication services and decreased its exposure to consumer staples, financials, materials and utilities. From a regional perspective, we reduced the Fund’s allocation to Developed Asia ex-Japan, eliminated its exposure to the emerging markets, and increased its position in Europe.

How was the Fund positioned relative to its benchmark index at the end of December 2009?

The Fund had greater weightings than the MSCI EAFE Index in the consumer discretionary, information technology and health care sectors at the end of the Reporting Period. The Fund had underweighted allocations to the consumer staples, financials, industrials, materials and utilities sectors compared to the benchmark index at the end of December 2009. On the same date, the Fund was virtually equally weighted to the MSCI EAFE Index in the energy and telecommunication services sectors.

From a regional perspective, the Fund had underweighted positions in Developed Asia ex-Japan and Europe and a rather neutral exposure to Japan compared to the MSCI EAFE Index at the end of December 2009.

What is the Fund’s tactical view and strategy for the months ahead?

Given the tumult in the equity markets over the past year or so, the deck has been reshuffled, and investors are now presented with the challenge of identifying quality investments in an uncertain market environment. While overall volatility retreated by the end of 2009 from record highs seen in 2008, we believe the dispersion of returns at the stock level will continue to increase, particularly as companies begin to trade more on fundamentals rather than on fear or hope. We believe this type of environment, with abundant winners and losers, is ripe for fundamental stock-pickers to generate added value. As visibility into corporate earnings becomes clearer, we look to take advantage in the months ahead of select opportunities, particularly in markets where quality businesses have lagged the recent rally. At the same time, we remain wary of companies whose stock prices have soared during the 2009 equity market rally without tangible evidence of improving fundamentals. We continue to focus on building the Fund’s quality portfolio through intense bottom-up research and believe such a disciplined strategy will help us position the Fund effectively in these uncertain times.

3 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Portfolio Composition

TOP TEN PORTFOLIO HOLDINGS AS OF 12/31/09*

Holding	% of Net Assets			Line of Business	Country
BP PLC		3.2	%	Energy	United Kingdom
HSBC Holdings PLC		2.9		Banks	United Kingdom
BG Group PLC		2.3		Energy	United Kingdom
Roche Holding AG		2.3		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
Rio Tinto PLC		2.0		Materials	United Kingdom
Nokia Oyj		2.0		Technology Hardware & Equipment	Finland
UBS AG (Registered)		1.9		Diversified Financials	Switzerland
Novartis AG (Registered)		1.8		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
Koninklijke KPN NV		1.8		Telecommunication Services	Netherlands
Eni SpA		1.8		Energy	Italy

* Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained by the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of securities should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise.

FUND vs. BENCHMARK SECTOR ALLOCATION AS OF 12/31/09¹

¹ The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Underlying industry sector allocations of exchange traded funds (“ETFs”) held by the Fund are not reflected in the graph above. Consequently, the Fund’s overall industry sector allocations may differ from the percentages contained in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investment in the securities lending reinvestment vehicle represented 5.8% of the Fund’s net assets at December 31, 2009.

 4

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Performance Summary

December 31, 2009

The following graph shows the value, as of December 31, 2009, of a $10,000 investment made on January 1, 2000 in the Institutional Shares at net asset value per share. For comparative purposes, the performance of the Fund’s benchmark, the MSCI EAFE Index (unhedged, with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. Performance of Service Shares will vary from Institutional Shares due to differences in fees. In addition to the investment adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.

Strategic International Equity Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2000 through December 31, 2009.

Average Annual Total Return through December 31, 2009	One Year			Five Years			Ten Years			Since Inception
Institutional (Commenced January 12, 1998)		28.69	%		0.82	%		−1.24	%		2.83	%
Service (Commenced January 9, 2006)		28.37	%		n/a			n/a			−3.61	%

5

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Schedule of Investments

December 31, 2009

	Shares		Description	Value
Common Stocks – 88.9%
	Bermuda – 0.4%
		194,521	Hiscox Ltd. (Insurance)	$	991,245
	Denmark – 1.4%
		16,681	Carlsberg A/S Class B (Food, Beverage & Tobacco)		1,227,966
		34,478	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		2,201,134
					3,429,100
	Finland – 2.6%
		364,710	Nokia Oyj (Technology Hardware & Equipment)		4,715,700
		62,873	Nokian Renkaat Oyj (Automobiles & Components)(a)		1,524,609
					6,240,309
	France – 7.1%
		19,891	Air Liquide SA (Materials)		2,365,596
		19,971	Alstom SA (Capital Goods)		1,396,690
		93,437	AXA SA (Insurance)		2,193,807
		22,390	BNP Paribas (Banks)		1,775,932
		80,972	Compagnie Generale de Geophysique-Veritas (Energy)*		1,721,195
		114,305	Safran SA (Capital Goods)		2,233,441
		54,376	Societe Generale (Banks)		3,778,045
		26,899	Sodexo (Consumer Services)		1,530,552
					16,995,258
	Germany – 4.8%
		47,000	Bayer AG (Pharmaceuticals, Biotechnology & Life Sciences)		3,761,109
		52,130	Daimler AG (Registered) (Automobiles & Components)		2,776,636
		21,239	Hamburger Hafen und Logistik AG (Transportation)		820,344
		22,879	HeidelbergCement AG (Materials)		1,582,812
		49,092	Henkel AG & Co. KGaA Preference Shares (Household & Personal Products)		2,577,974
					11,518,875
	Hong Kong – 2.7%
		901,000	BOC Hong Kong (Holdings) Ltd. (Banks)		2,024,253
		265,500	Kerry Properties Ltd. (Real Estate)		1,342,905
		200,000	Sun Hung Kai Properties Ltd. (Real Estate)		2,973,824
					6,340,982
	Ireland – 1.2%
		98,356	Kerry Group PLC Class A (Food, Beverage & Tobacco)		2,892,554
	Italy – 5.6%
		47,739	Azimut Holding SpA (Diversified Financials)		638,212
		142,900	Banca Popolare Di Milano Scarl (Banks)		1,015,271
		168,952	Eni SpA (Energy)		4,302,500
		546,669	Intesa Sanpaolo SpA (Banks)*		2,460,024
		176,205	Mediobanca SpA (Diversified Financials)*		2,093,257
		348,239	Snam Rete Gas SpA (Utilities)		1,729,415
		88,710	Unione di Banche Italiane ScpA (Banks)		1,271,564
					13,510,243
	Japan – 20.0%
		20,100	ABC-Mart, Inc. (Retailing)		557,580
		143,000	Ajinomoto Co., Inc. (Food, Beverage & Tobacco)		1,345,910
		226,000	Daiwa Securities Group, Inc. (Diversified Financials)		1,137,377
		51,700	Denso Corp. (Automobiles & Components)		1,562,222
		27,000	East Japan Railway Co. (Transportation)		1,708,580
		72,300	FUJIFILM Holdings Corp. (Technology Hardware & Equipment)		2,183,508
		176,000	Fujitsu Ltd. (Technology Hardware & Equipment)		1,141,960
		10,000	Funai Electric Co. Ltd. (Consumer Durables & Apparel)		502,218
		55,600	Honda Motor Co. Ltd. (Automobiles & Components)		1,886,436
		340,000	J. Front Retailing Co. Ltd. (Retailing)		1,501,536
		40,000	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)		641,480
		102,900	Komatsu Ltd. (Capital Goods)		2,154,126
		18,800	Kyocera Corp. (Technology Hardware & Equipment)		1,655,724
		19,800	Mabuchi Motor Co. Ltd. (Technology Hardware & Equipment)		981,305
		792,000	Mazda Motor Corp. (Automobiles & Components)*		1,821,146
		78,300	Mitsubishi Corp. (Capital Goods)		1,950,343
		121,000	Mitsubishi Electric Corp. (Capital Goods)*		898,867
		131,000	Mitsubishi Tanabe Pharma Corp. (Pharmaceuticals, Biotechnology & Life Sciences)		1,634,600
		328,100	Mitsubishi UFJ Financial Group, Inc. (Banks)		1,616,150
		94,400	Mitsui & Co. Ltd. (Capital Goods)		1,339,169
		67,000	Mitsui Fudosan Co. Ltd. (Real Estate)		1,132,851

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

 6

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

	Shares		Description	Value
Common Stocks – (continued)
	Japan – (continued)
		86,000	Mitsui OSK Lines Ltd. (Transportation)	$	454,310
		26,000	Mitsui Sumitomo Insurance Group Holdings, Inc. (Insurance)		664,071
		4,400	Nintendo Co. Ltd. (Software & Services)		1,050,883
		243,000	Nippon Sheet Glass Co. Ltd. (Capital Goods)		696,387
		1,518	NTT DoCoMo, Inc. (Telecommunication Services)		2,118,351
		8,290	ORIX Corp. (Diversified Financials)		564,418
		107,800	Panasonic Corp. (Consumer Durables & Apparel)		1,551,933
		30,800	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		989,377
		17,900	Shin-Etsu Chemical Co. Ltd. (Materials)		1,010,605
		439,000	Sumitomo Metal Industries Ltd. (Materials)		1,180,050
		88,000	Sumitomo Metal Mining Co. Ltd. (Materials)		1,298,665
		40,800	Sumitomo Mitsui Financial Group, Inc. (Banks)		1,170,772
		186,000	The Chiba Bank Ltd. (Banks)		1,112,496
		141,000	Tokuyama Corp. (Materials)		788,402
		177,000	Toshiba Corp. (Technology Hardware & Equipment)*		982,156
		46,500	Toyota Motor Corp. (Automobiles & Components)		1,960,485
		93,200	Yokogawa Electric Corp. (Technology Hardware & Equipment)		823,100
					47,769,549
	Luxembourg – 1.2%
		562,373	Regus PLC (Commercial & Professional Services)		830,589
		94,113	SES SA FDR (Media)		2,120,112
					2,950,701
	Netherlands – 1.9%
		260,157	Koninklijke KPN NV (Telecommunication Services)		4,422,015
	Norway – 0.3%
		65,354	Petroleum Geo-Services ASA (Energy)*		748,169
	Singapore – 0.7%
		86,000	DBS Group Holdings Ltd. (Banks)		934,904
		156,000	Wilmar International Ltd. (Food, Beverage & Tobacco)		709,334
					1,644,238
	Spain – 0.7%
		59,300	Telefonica SA (Telecommunication Services)		1,659,751
	Sweden – 0.7%
		173,866	Swedbank AB Class A (Banks)*		1,711,796
	Switzerland – 12.7%
		39,361	Compagnie Financiere Richemont SA Class A (Consumer Durables & Apparel)		1,323,587
		18,564	Kuehne + Nagel International AG (Registered) (Transportation)		1,804,963
		389	Lindt & Spruengli AG (Food, Beverage & Tobacco)		835,177
		49,976	Nestle SA (Registered) (Food, Beverage & Tobacco)		2,425,517
		81,016	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		4,424,222
		32,139	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		5,496,183
		5,627	Straumann Holding AG (Registered) (Health Care Equipment & Services)		1,580,429
		14,315	Syngenta AG (Registered) (Materials)		4,042,670
		18,341	Synthes, Inc. (Health Care Equipment & Services)		2,404,298
		290,817	UBS AG (Registered) (Diversified Financials)*		4,528,668
		86,414	Xstrata PLC (Materials)*		1,541,288
					30,407,002
	United Kingdom – 24.9%
		174,808	Amlin PLC (Insurance)		1,009,360
		31,648	Anglo American PLC (Materials)*		1,370,598
		78,082	ASOS PLC (Retailing)*		613,425
		633,100	Barclays PLC (Banks)		2,789,732
		310,783	BG Group PLC (Energy)		5,611,590
		146,676	Bodycote PLC (Capital Goods)		376,566
		804,900	BP PLC (Energy)		7,772,262
		74,370	Charter International PLC (Capital Goods)		861,528
		105,624	Cookson Group PLC (Capital Goods)*		714,580
		606,816	HSBC Holdings PLC (Banks)		6,922,770
		103,780	Imperial Tobacco Group PLC (Food, Beverage & Tobacco)		3,273,987
		98,189	Inmarsat PLC (Telecommunication Services)		1,094,142
		193,322	Invensys PLC (Capital Goods)		930,038
		134,536	Liberty International PLC (REIT)		1,112,271
		165,310	Morgan Crucible Co. PLC (Capital Goods)		420,534
		403,735	Reed Elsevier PLC (Media)		3,314,483
		90,617	Rio Tinto PLC (Materials)(b)		4,893,030

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

7

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

December 31, 2009

	Shares		Description	Value
Common Stocks – (continued)
	United Kingdom – (continued)
		74,992	Schroders PLC (Diversified Financials)	$	1,602,692
		624,292	SIG PLC (Capital Goods)*		1,126,779
		64,222	Smiths Group PLC (Capital Goods)		1,046,943
		53,210	SOCO International PLC (Energy)*		1,150,153
		30,061	SSL International PLC (Health Care Equipment & Services)		379,708
		495,432	Standard Life PLC (Insurance)		1,720,819
		530,893	Tesco PLC (Food & Staples Retailing)		3,662,520
		128,151	The Berkeley Group Holdings PLC (Consumer Durables & Apparel)*		1,690,248
		1,764,037	Vodafone Group PLC (Telecommunication Services)		4,085,005
					59,545,763
	TOTAL COMMON STOCKS
	(Cost $186,960,104)			$	212,777,550
Exchange Traded Fund(a) – 5.4%
	Australia – 5.4%
		564,267	iShares MSCI Australia Index Fund
	(Cost $6,624,377)			$	12,887,859

	Shares		Rate			Value
Short-term Investment(c) – 5.6%
	JPMorgan U.S. Government Money Market Fund – Capital Shares
		13,502,384		0.049	%	$	13,502,384
	(Cost $13,502,384)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $207,086,865)					$	239,167,793
Securities Lending Reinvestment Vehicle(c)(d) – 5.8%
	Boston Global Investment Trust – Enhanced Portfolio
		13,790,384		0.107	%	$	13,790,384
	(Cost $13,776,871)
	TOTAL INVESTMENTS – 105.7%
	(Cost $220,863,736)					$	252,958,177
	LIABILITIES IN EXCESS OF OTHER ASSETS – (5.7)%						(13,584,295	)
	NET ASSETS – 100.0%					$	239,373,882

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

*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009.
(d)	Represents an affiliated issuer.

Investment Abbreviations:
FDR	—	Fiduciary Depositary Receipt
REIT	—	Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2009, the following futures contracts were open:

	Number of
	Contracts		Expiration				Unrealized
Type	Long		Date		Value		Gain
Dow Jones EURO STOXX 50 Index		64		March 2010	$	2,726,727	$	70,227
SPI 200 Index		70		March 2010		7,669,483		305,886
TOTAL							$	376,113

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

 8

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Statement of Assets and Liabilities

December 31, 2009

Assets:
Investments in securities of unaffiliated issuers, at value (identified cost $207,086,865)(a)	$	239,167,793
Investments in affiliated securities lending reinvestment vehicle, at value (identified cost $13,776,871)		13,790,384
Foreign currencies, at value (identified cost $30,838)		31,310
Receivables:
Dividends, at value		161,265
Due from broker — variation margin, at value		84,703
Foreign tax reclaims, at value		48,967
Fund shares sold		41,897
Securities lending income		1,617
Total assets		253,327,936
Liabilities:
Payables:
Payable upon return of securities loaned		13,570,000
Amounts owed to affiliates		212,915
Fund shares redeemed		108,515
Accrued expenses		62,624
Total liabilities		13,954,054
Net Assets:
Paid-in capital		362,505,568
Accumulated undistributed net investment income		352,277
Accumulated net realized loss from investment, futures and foreign currency related transactions		(155,957,075	)
Net unrealized gain on investments, futures and translation of assets and liabilities denominated in foreign currencies		32,473,112
NET ASSETS	$	239,373,882
Net Assets:
Institutional	$	82,015,215
Service		157,358,667
Total Net Assets	$	239,373,882
Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):
Institutional		10,117,705
Service		19,387,371
Net asset value, offering and redemption price per share:
Institutional	$	8.11
Service		8.12

(a) Includes loaned securities having a market value of $13,166,882.

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

9

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Statement of Operations

For the Fiscal Year Ended December 31, 2009

Investment income:
Dividends(a)	$	5,685,890
Securities lending income — affiliated issuer		216,903
Interest		1,283
Total investment income		5,904,076
Expenses:
Management fees		1,846,787
Distribution and Service fees — Service Shares		330,440
Custody and accounting fees		126,648
Printing fees		90,532
Professional fees		85,137
Transfer Agent fees(b)		41,482
Trustee fees		16,663
Other		17,332
Total expenses		2,555,021
NET INVESTMENT INCOME		3,349,055
Realized and unrealized gain (loss) from investment, futures and foreign currency related transactions:
Net realized gain (loss) from:
Investment transactions — unaffiliated issuers		(17,966,325	)
Securities lending reinvestment vehicle transactions — affiliated issuer		194,028
Futures transactions		388,710
Foreign currency related transactions		103,994
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		68,304,596
Securities lending reinvestment vehicle — affiliated issuer		6,994
Futures		346,895
Translation of asset and liabilities denominated in foreign currencies		(8,805	)
Net realized and unrealized gain from investment, futures and foreign currency related transactions		51,370,087
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	54,719,142

(a)	Foreign taxes withheld on dividends were $518,374.
(b)	Institutional and Service Shares had Transfer Agent fees of $15,049 and $26,433, respectively.

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

 10

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Statements of Changes in Net Assets

	For the Fiscal			For the Fiscal
	Year Ended			Year Ended
	December 31, 2009			December 31, 2008
From operations:
Net investment income	$	3,349,055		$	7,548,785
Net realized loss from investment, futures and foreign currency related transactions		(17,279,593	)		(130,486,653	)
Net change in unrealized gain (loss) on investments, futures and translation of assets and liabilities denominated in foreign currencies		68,649,680			(37,470,918	)
Net increase (decrease) in net assets resulting from operations		54,719,142			(160,408,786	)
Distributions to shareholders:
From net investment income
Institutional Shares		(1,367,314	)		(3,309,583	)
Service Shares		(2,291,819	)		(4,673,550	)
From net realized gains
Institutional Shares		—			(6,448,599	)
Service Shares		—			(9,909,643	)
Total distributions to shareholders		(3,659,133	)		(24,341,375	)
From share transactions:
Proceeds from sales of shares		28,564,731			29,908,159
Reinvestment of distributions		3,659,133			24,341,375
Cost of shares redeemed		(31,894,234	)		(44,201,132	)
Net increase in net assets resulting from share transactions		329,630			10,048,402
TOTAL INCREASE (DECREASE)		51,389,639			(174,701,759	)
Net assets:
Beginning of year		187,984,243			362,686,002
End of year	$	239,373,882		$	187,984,243
Accumulated undistributed net investment income	$	352,277		$	396,050

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

11

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from
			investment operations									Distributions to shareholders
						Net																									Ratio of
	Net asset					realized															Net asset					Net assets,		Ratio of			total			Ratio of
	value,		Net			and			Total from			From net			From net						value,					end of		net expenses			expenses			net investment			Portfolio
	beginning		investment			unrealized			investment			investment			realized			Total			end of		Total			year		to average			to average			income to			turnover
Year - Share Class	of year		income(a)			gain (loss)			operations			income			gains			distributions			year		return(b)			(in 000s)		net assets			net assets			average net assets			rate
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2009 - Institutional	$	6.41	$	0.13		$	1.71		$	1.84		$	(0.14	)	$	—		$	(0.14	)	$	8.11		28.69	%	$	82,015		1.07	%		1.07	%		1.80	%		118	%
2009 - Service		6.42		0.11			1.71			1.82			(0.12	)		—			(0.12	)		8.12		28.37			157,359		1.32			1.32			1.51			118
2008 - Institutional		13.76		0.32	(c)		(6.69	)		(6.37	)		(0.33	)		(0.65	)		(0.98	)		6.41		(45.87	)		74,149		1.12			1.12			2.95	(c)		165
2008 - Service		13.76		0.28	(c)		(6.67	)		(6.39	)		(0.30	)		(0.65	)		(0.95	)		6.42		(46.00	)		113,836		1.37			1.37			2.64	(c)		165
2007 - Institutional		14.49		0.20			0.92			1.12			(0.21	)		(1.64	)		(1.85	)		13.76		7.88			136,785		1.16	(d)		1.16	(d)		1.30	(d)		134
2007 - Service		14.49		0.20			0.92			1.12			(0.21	)		(1.64	)		(1.85	)		13.76		7.86			225,901		1.18	(d)		1.41	(d)		1.30	(d)		134
2006 - Institutional		12.05		0.22			2.44	(e)		2.66			(0.22	)		—			(0.22	)		14.49		22.10	(f)		127,795		1.15			1.16			1.64			76
2006 - Service (Commenced January 9, 2006)		12.71		0.22			1.78	(e)		2.00			(0.22	)		—			(0.22	)		14.49		15.74	(f)		260,251		1.17	(g)		1.41	(g)		1.68	(g)		76
2005 - Institutional		10.62		0.09			1.38			1.47			(0.04	)		—			(0.04	)		12.05		13.70			109,399		1.20			1.36			0.81			56

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the year. Total returns for periods less than one full year are not annualized.
(c)	Reflects income recognized from a special dividend which amounted to $0.12 per share and 1.12% of average net assets.
(d)	Includes non-recurring expense for a special shareholder meeting which amounted to approximately 0.02% of average net assets.
(e)	Reflects an increase of $0.05 due to payments by previous investment manager of a merged fund to compensate for possible adverse affects of the trading activity by certain contract holders of the acquired fund prior to January 9, 2006.
(f)	Performance has not been restated to reflect the impact of payments by previous investment manager of a merged fund recorded during the period related to (e) above. If restated, the performance would have been 21.69% and 15.26% for Institutional and Service Shares, respectively.
(g)	Annualized.

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

12

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Notes to Financial Statements

December 31, 2009

1. ORGANIZATION

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 Trust includes the Goldman Sachs Strategic International Equity Fund (the “Fund”). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service. Goldman, Sachs & Co. (“Goldman Sachs” or the “Distributor”) serves as Distributor of the shares of the Fund pursuant to a Distribution Agreement.

Goldman Sachs Asset Management International (“GSAMI”), an affiliate of Goldman Sachs, serves as investment adviser pursuant to a management agreement (the “Agreement”) with the Trust on behalf of the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Fund. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect the amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

A. FASB Financial Accounting Standards Codification — In July 2009, the Financial Accounting Standards Board (“FASB”) launched its “Financial Accounting Standards Codification” (the “Codification”) as the single source of GAAP. While the Codification does not change GAAP, it introduces a new structure to the accounting literature and changes references to accounting standards and other authoritative accounting guidance that have been reflected in the Notes to Financial Statements.

B. Investment Valuation — The investment valuation policy of the Fund is to value investments at market value. Investments in equity securities traded on a foreign securities exchange are valued daily at fair value determined by an independent fair value service (if available) under valuation procedures approved by the trustees consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the United States (“U.S.”) securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchanges. While the independent fair value service may not take into account market or security specific information, under the valuation procedures, these securities might also be fair valued by GSAMI by taking into consideration market or security specific information as discussed below.

Investments in equity securities and investment companies traded on a U.S. securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. Investments in equity securities and investment companies traded on a foreign securities exchange for which an independent fair value service cannot provide a quote are valued daily at their last sale price or official closing price on the principal exchange on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the trustees or provided by securities dealers. 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 bond dealers to determine current value. If accurate quotations are not readily available, or if GSAMI believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the trustees. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. In the absence of market quotations, broker quotes will be utilized or the security will be fair valued. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share (“NAV”) on the valuation date. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates market value.

13

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Notes to Financial Statements (continued)

December 31, 2009

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

GSAMI, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; government actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.

C. Security and Fund Share Transactions, and Investment Income — Security and Fund share transactions are reflected for financial reporting purposes as of the trade date, which may cause the NAV as stated in the accompanying financial statements to be different than the NAV applied to Fund share transactions. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Dividend income is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Fund, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. In addition, it is the Fund’s policy to accrue for foreign capital gains taxes, if applicable, on certain foreign securities held by the Fund. An estimated foreign capital gains tax is recorded daily on net unrealized gains on these securities and is payable upon the sale of such securities when a gain is realized.

Net investment income (other than class specific expenses) and unrealized and realized gains or losses are allocated daily to each class of shares of the Fund based upon the relative proportion of net assets of each class.

D. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Fund on a straight-line and/or pro-rata basis depending upon the nature of the expense and are accrued daily.

E. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”) applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal income tax provisions are required. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually. Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. 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 the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. The Fund’s capital accounts on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character, but do not reflect temporary differences.

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

F. Foreign Currency Translations — The books and records of the Fund are accounted for in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars based upon 4:00 p.m. Eastern Time exchange rates; and (ii) purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions as of 4:00 p.m. Eastern Time.

 14

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Net realized and unrealized gain (loss) on foreign currency transactions represents: (i) foreign exchange gains and losses from the sale and holdings of foreign currencies; (ii) currency gains and losses between trade date and settlement date on investment security transactions and forward exchange contracts; and (iii) gains and losses from the difference between amounts of dividends, interest and foreign withholding taxes recorded and the amounts actually received. The effect of changes in foreign currency exchange rates on equity securities and derivative instruments is included with the net realized and change in unrealized gain (loss) on investments on the Statement of Operations. The effect of changes in foreign currency exchange rates on fixed income securities sold during the period is included with the net realized gain (loss) on foreign currency related transactions, while the effect of changes in foreign currency exchange rates on fixed income securities held at period end is included with the net change in unrealized gain (loss) on investments on the Statement of Operations. Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities as a result of changes in foreign exchange rates are included as increases and decreases in unrealized gain (loss) on foreign currency related transactions.

G. Futures Contracts — The Fund may purchase or sell futures contracts to hedge against changes in interest rates, securities prices, currency exchange rates, or to seek to increase total return. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when a contract is closed or expires.

The use of futures contracts involves, to varying degrees, elements of market and counterparty risk which may exceed the amounts recognized in the Statement of Assets and Liabilities. Futures contracts may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day. Changes in the value of a futures contract may not directly correlate with changes in the value of the underlying securities. These risks may decrease the effectiveness of the Fund’s strategies and potentially result in a loss. The Fund must set aside liquid assets, or engage in other appropriate measures, to cover their obligations under these contracts.

3. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAMI manages the Fund, 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 Fund’s business affairs, including providing facilities, GSAMI is entitled to a management fee computed daily and payable monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the fiscal year ended December 31, 2009, contractual management fees with GSAMI were at the following rates:

	Contractual Management Rate
	First			Next			Next			Next			Over
	$1 billion			$1 billion			$3 billion			$3 billion			$8 billion
For the period April 30, 2009 to December 31, 2009		0.85	%		0.77	%		0.73	%		0.72	%		0.71	%
For the period January 1, 2009 to April 29, 2009		1.00			0.90			0.86			0.84			0.82

Effective April 30, 2009, GSAMI contractually reduced its management fee rates for the Fund to those specified above. As a result, the effective management fee rate for the fiscal year ended December 31, 2009 was 0.89%.

B. Distribution Agreement and Service Plan — The Trust, on behalf of the Service Shares of the Fund, has adopted a Distribution and Service Plan (the “Plan”). Under the Plan, Goldman Sachs and/or authorized dealers are entitled to a fee

15

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Notes to Financial Statements (continued)

December 31, 2009

3. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

accrued daily and paid monthly for distribution services equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares.

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

D. Other Agreements — GSAM has voluntarily agreed to limit certain “Other Expenses” (excluding management fees, distribution and service fees, transfer agent fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, 0.164% of the average daily net assets of the Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAMI for prior fiscal year expense reimbursements, if any. This expense limitation may be modified or terminated at any time at the option of GSAMI. For the fiscal year ended December 31, 2009, GSAMI did not make any reimbursements to the Fund.

As of December 31, 2009, amounts owed to affiliates were approximately $173,000, $33,400, $4,100 and $2,500 for management, distribution and service, transfer agent fees and over reimbursement, respectively.

E. Line of Credit Facility — The Fund participates in a $660,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAMI or its affiliates. Pursuant to the terms of the facility, the Fund and other borrowers may increase the credit amount by an additional $340,000,000, for a total of up to $1 billion. The facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. This facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2009, the Fund did not have any borrowings under the facility. Prior to May 12, 2009, the amount available through the facility was $700,000,000.

F. Other Transactions with Affiliates — For the fiscal year ended December 31, 2009, Goldman Sachs earned approximately $7,000 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Fund.

4. FAIR VALUE OF INVESTMENTS

The fair value of a financial instrument is 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). 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 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 all significant inputs are observable, either directly or indirectly;

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

 16

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

4. FAIR VALUE OF INVESTMENTS (continued)

The following is a summary of the Fund’s investments categorized in the fair value hierarchy:

	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	12,887,859	$	212,777,550	(a)	$	—
Securities Lending Reinvestment Vehicle		—		13,790,384			—
Short-term Investments		13,502,384		—			—
Derivatives		376,113		—			—
Total	$	26,766,356	$	226,567,934		$	—

(a) To adjust for the time difference between local market close and the calculation of net asset value, the Fund utilizes fair value model prices for international equities provided by an independent service resulting in a Level 2 classification.

5. INVESTMENTS IN DERIVATIVES

The Fund may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over the counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivatives also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument.

GAAP requires enhanced disclosures about the Fund’s derivatives and hedging activities. The following table sets forth the gross value of the Fund’s derivative contracts for trading activities by certain risk types as of December 31, 2009. The values in the table below exclude the effects of cash received or posted pursuant to derivative contracts, and therefore are not representative of the Fund’s net exposure.

	Statement of				Average
	Assets and Liabilities		Derivative		Number of
Risk	Location		Assets		Contracts(b)
Equity		Unrealized gain on futures(a)	$	376,113		78

(a) Includes cumulative appreciation (depreciation) of futures contracts described in the Additional Investment Information section of the Schedule of Investments. The monthly variation margin is reported within the Statement of Assets and Liabilities.

(b) Average number of contracts is based on the average of quarter end balances for the period ended December 31, 2009.

The following table sets forth by certain risk types the Fund’s gains (losses) related to derivative activities for the fiscal year ended December 31, 2009. These gains (losses) should be considered in the context that derivative contracts may have been executed to economically hedge securities and accordingly, gains or losses on derivative contracts may offset losses or

17

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Notes to Financial Statements (continued)

December 31, 2009

5. INVESTMENTS IN DERIVATIVES (continued)

gains attributable to securities. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:

					Net Change in
			Net Realized Gain		Unrealized Gain
Risk	Statement of Operations Location		(Loss)		(Loss)
Equity		Net realized gain (loss) from futures transactions/
		Net change in unrealized gain (loss) on futures	$	388,710	$	346,895

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2009, were $230,214,554 and $234,129,756, respectively.

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission and the terms and conditions contained therein, the Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.

The Fund invests the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio of Boston Global Investment Trust (“Enhanced Portfolio”), a Delaware statutory trust. The Enhanced Portfolio, deemed an affiliate of the Trust, is exempt from registration under Section 3(c)(7) of the Act and is managed by Goldman Sachs Asset Management, L.P. (“GSAM”), for which GSAM may receive an investment advisory fee of up to 0.10% on an annualized basis of the average daily net assets of the Enhanced Portfolio. The Enhanced Portfolio invests primarily in short-term investments, but is not a “money market fund” subject to the requirements of Rule 2a-7 of the Act. The Fund’s investment of cash collateral in the Enhanced Portfolio is subject to a net asset value that may fall or rise due to market and credit conditions.

Both the Fund and GSAL receive compensation relating to the lending of the Fund’s securities. The amount earned by the Fund for the fiscal year ended December 31, 2009, is reported as securities lending income. A portion of this amount, $30,138, represents compensation earned by the Fund from lending its securities to Goldman Sachs. For the fiscal year ended December 31, 2009, GSAL earned $24,091 in fees as securities lending agent. The amount payable to Goldman Sachs upon return of securities loaned as of December 31, 2009 was $515,000.

The following table provides information about the Fund’s investment in the Enhanced Portfolio for the fiscal year ended December 31, 2009 (in thousands):

Number of						Number of
Shares Held Beginning						Shares Held End of		Value at End
of Fiscal Year	Shares Bought		Shares Sold			Fiscal Year		of Fiscal Year
3,751		191,504		(181,465	)		13,790	$	13,790

 18

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

8. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2008 and December 31, 2009 was as follows:

	2008		2009
Distributions paid from:
Ordinary income	$	16,779,631	$	3,659,133
Net long-term capital gains		7,561,744		—
Total taxable distributions	$	24,341,375	$	3,659,133

As of December 31, 2009, the components of accumulated earnings (losses) on a tax basis were as follows:

Undistributed ordinary income — net	$	543,933
Capital loss carryforward:1
Expiring 2010	$	(6,928,702	)
Expiring 2011		(609,034	)
Expiring 2016		(74,996,351	)
Expiring 2017		(63,551,844	)
Total capital loss carryforward	$	(146,085,931	)
Timing differences (post-October losses)		(2,825,407	)
Unrealized gains — net		25,235,719
Total accumulated losses — net	$	(123,131,686	)

¹ Expiration occurs on December 31 of the year indicated. Utilization of these loses may be substantially limited under the Code. The Fund had capital loss carryforwards of approximately $2,073,000 that expired in the current fiscal year.

As of December 31, 2009, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Tax cost	$	228,101,129
Gross unrealized gain		28,532,943
Gross unrealized loss		(3,675,895	)
Net unrealized security gain	$	24,857,048
Net unrealized gain on other investments		378,671
Net unrealized gain	$	25,235,719

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences related to the tax treatment of passive foreign investment company and partnership investments.

In order to present certain components of the Fund’s capital accounts on a tax basis, the Fund has reclassified $1,806,606 and $266,305 to accumulated net realized loss from investment transactions and accumulated undistributed net investment income, respectively, from paid-in capital. These reclassifications have no impact on the net asset value of the Fund and result primarily from expired capital loss carryforwards, the differences in the tax treatment of foreign currency transactions and passive foreign investment company investments.

19

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Notes to Financial Statements (continued)

December 31, 2009

9. OTHER RISKS

Foreign Custody Risk — A Fund that invests in foreign securities may hold such securities and foreign currency with foreign banks, agents, and securities depositories (each a “Foreign Custodian”) appointed by the Fund’s custodian. Investments in emerging markets may be subject to greater custody risks than investments in more developed markets. Custody services in emerging market countries are often undeveloped and may be less regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries. In some countries, Foreign Custodians may be subject to little or no regulatory oversight or independent evaluation of their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters into bankruptcy.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Fund has unsettled or open transaction defaults.

Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, be subject to government ownership controls, have delayed settlements and their prices may be more volatile than those of comparable securities in the U.S.

Risks of Large Shareholder Redemptions — Certain participating insurance companies, accounts, or Goldman Sachs affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Fund’s shares. Redemptions by these participating insurance companies or accounts in the Fund may impact the Fund’s liquidity and NAV. These redemptions may also force the Fund to sell securities, which may increase the Fund’s brokerage costs.

10. INDEMNIFICATIONS

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

11. OTHER MATTERS

New Accounting Pronouncement — In May 2009, the FASB issued FASB Accounting Standards Codification (“ASC”) 855 “Subsequent Events”. This standard requires disclosure in the financial statements to reflect the effects of subsequent events that provide additional information on conditions about the financial statements as of the balance sheet date (recognized subsequent events) and disclosure of subsequent events that provide additional information about conditions after the balance sheet date if the financial statements would otherwise be misleading (unrecognized subsequent events). ASC 855 is effective for interim and annual financial statements issued for fiscal years ending after June 15, 2009. For purposes of inclusion in the financial statements, GSAMI has concluded that subsequent events after the balance sheet date have been evaluated through February 16, 2010, the date the financial statements were issued.

 20

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Fiscal Year Ended						For the Fiscal Year Ended
	December 31, 2009						December 31, 2008
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		234,309		$	1,485,598			1,115,703		$	12,353,890
Reinvestment of distributions		170,701			1,367,314			1,597,083			9,758,182
Shares redeemed		(1,856,208	)		(12,941,114	)		(1,084,971	)		(10,876,786	)
		(1,451,198	)		(10,088,202	)		1,627,815			11,235,286
Service Shares
Shares sold		4,165,773			27,079,133			2,062,515			17,554,269
Reinvestment of distributions		285,763			2,291,819			2,382,870			14,583,193
Shares redeemed		(2,795,956	)		(18,953,120	)		(3,130,455	)		(33,324,346	)
		1,655,580			10,417,832			1,314,930			(1,186,884	)
NET INCREASE		204,382		$	329,630			2,942,745		$	10,048,402

21

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Goldman Sachs Variable Insurance Trust — Goldman Sachs Strategic International Equity Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Goldman Sachs Strategic International Equity Fund (the “Fund”) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at December 31, 2009 by correspondence with the custodian, brokers, and transfer agent, provides a reasonable basis for our opinion. The financial highlights of the Fund for the periods ended December 31, 2006 and prior were audited by another Independent Registered Public Accounting Firm whose report dated February 14, 2007 expressed an unqualified opinion on those financial highlights.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 16, 2010

 22

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Fund Expenses — Six Month Period Ended December 31, 2009 (Unaudited)

As a shareholder of the Institutional or Service Shares of the Fund, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (with respect to Service Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Institutional Shares and Service Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2009 through December 31, 2009.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund, you do not incur any transaction costs, such as sales charges, redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

						Expenses Paid
						for the
	Beginning		Ending			6 Months
	Account Value		Account Value			Ended
Share Class	7/01/09		12/31/09			12/31/09*
Institutional
Actual	$	1,000	$	1,200.70		$	5.99
Hypothetical 5% return		1,000		1,019.76	+		5.50
Service
Actual		1,000		1,199.60			7.32
Hypothetical 5% return		1,000		1,018.55	+		6.72

*

Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2009. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 1.07% and 1.32% for Institutional and Service Shares, respectively.

+

Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

23

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Trustees and Officers (Unaudited)

Independent Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
Ashok N. Bakhru Age: 67	Chairman of the Board of Trustees	Since 1991	President, ANB Associates (July 1994-March 1996 and November 1998-Present); Director, Apollo Investment Corporation (a business development company) (October 2008-Present); Executive Vice President—Finance and Administration and Chief Financial Officer and Director, Coty Inc. (manufacturer of fragrances and cosmetics) (April 1996-November 1998); Director of Arkwright Mutual Insurance Company (1984-1999); Trustee of International House of Philadelphia (program center and residential community for students and professional trainees from the United States and foreign countries) (1989-2004); Member of Cornell University Council (1992-2004 and 2006-Present); Trustee of the Walnut Street Theater (1992-2004); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors—III and IV (November 1998-2007), and Equity-Limited Investors II (April 2002-2007); and Chairman, Lenders Service Inc. (provider of mortgage lending services) (2000-2003). Chairman of the Board of Trustees—Goldman Sachs Mutual Fund Complex.	96	Apollo Investment Corporation (a business development company)
John P. Coblentz, Jr. Age: 68	Trustee	Since 2003	Partner, Deloitte & Touche LLP (June 1975-May 2003); Director, Emerging Markets Group, Ltd. (2004-2006); and Director, Elderhostel, Inc. (2006-Present). Trustee—Goldman Sachs Mutual Fund Complex.	96	None
Diana M. Daniels Age: 60	Trustee	Since 2007	Ms. Daniels is retired (since January 2007). Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is Chairman of the Executive Committee, Cornell University (2006-Present); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (since 2007), and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee—Goldman Sachs Mutual Fund Complex.	96	None

 24

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Trustees and Officers (Unaudited) (continued)

Independent Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
Patrick T. Harker Age: 51	Trustee	Since 2000	President, University of Delaware (July 2007-Present); Dean and Reliance Professor of Operations and Information Management, The Wharton School, University of Pennsylvania (February 2000-June 2007); Interim and Deputy Dean, The Wharton School, University of Pennsylvania (July 1999-January 2000); and Professor and Chairman of Department of Operations and Information Management, The Wharton School, University of Pennsylvania (July 1997-August 2000). Trustee—Goldman Sachs Mutual Fund Complex.	96	Pepco Holdings, Inc. (an energy delivery company)
Jessica Palmer Age: 60	Trustee	Since 2007	Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer is a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-Present). Trustee—Goldman Sachs Mutual Fund Complex.	96	None
Richard P. Strubel Age: 70	Trustee	Since 1987	Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); President, COO and Director, Cardean Learning Group (1999-2003); Director, Cantilever Technologies, Inc. (a private software company) (1999-2005); Audit Committee Chairman, The University of Chicago (2006-Present); Trustee, The University of Chicago (1987-Present); and Managing Director, Tandem Partners, Inc. (management services firm) (1990-1999). Trustee—Goldman Sachs Mutual Fund Complex.	96	Gildan Activewear Inc. (a clothing marketing and manufacturing company); The Northern Trust Mutual Fund Complex (58 Portfolios) (Chairman of the Board of Trustees).

25

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
James A. McNamara* Age: 47	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President—Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President—Goldman Sachs Mutual Fund Complex (2001-2007). Trustee—Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).	96	None
Alan A. Shuch* Age: 60	Trustee	Since 1990	Advisory Director—GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee—Goldman Sachs Mutual Fund Complex.	96	None

*	These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
1	Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, One New York Plaza, 37th Floor, New York, New York, 10004, Attn: Peter V. Bonanno.
2	Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the conclusion of the first Board meeting held subsequent to the day the Trustee attains the age of 72 years (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.
3	The Goldman Sachs Mutual Fund Complex consists of the Trust, Goldman Sachs Municipal Opportunity Fund, Goldman Sachs Credit Strategies Fund, and Goldman Sachs Trust. As of December 31, 2009, the Trust consisted of 11 portfolios, Goldman Sachs Trust consisted of 83 portfolios (of which 82 offered shares to the public) and the Goldman Sachs Municipal Opportunity Fund did not offer shares to the public.
4	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-292-4726.

 26

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

		Term of
		Office and
	Position(s) Held	Length of
Name, Address and Age	With the Trust	Time Served1	Principal Occupation(s) During Past 5 Years
James A. McNamara 32 Old Slip New York, NY 10005 Age: 47	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President—Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President—Goldman Sachs Mutual Fund Complex (2001-2007). Trustee—Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).
George F. Travers 30 Hudson Street Jersey City, NJ 07032 Age: 42	Senior Vice President and Principal Financial Officer	Since 2009	Managing Director, Goldman Sachs (2007-present); Managing Director, UBS Ag (2005-2007); and Partner, Deloitte & Touche LLP (1990-2005, partner from 2000-2005) Senior Vice President and Principal Financial Officer—Goldman Sachs Mutual Fund Complex.
Peter V. Bonanno One New York Plaza New York, NY 10004 Age: 42	Secretary	Since 2003	Managing Director, Goldman Sachs (December 2006-Present); Associate General Counsel, Goldman Sachs (2002-Present); Vice President, Goldman Sachs (1999-2006); and Assistant General Counsel, Goldman Sachs (1999-2002). Secretary—Goldman Sachs Mutual Fund Complex (2006-Present); and Assistant Secretary—Goldman Sachs Mutual Fund Complex (2003-2006).
Scott M. McHugh 32 Old Slip New York, NY 10005 Age: 38	Treasurer and Senior Vice President	Since 2009	Vice President, Goldman Sachs (February 2007-Present); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer—Goldman Sachs Mutual Fund Complex (October 2009-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (November 2009-Present); and Assistant Treasurer—Goldman Sachs Mutual Fund Complex (May 2007-October 2009).

1	Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.

27

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the 2009 tax year, the Goldman Sachs Strategic International Equity Fund has elected to pass through a credit for taxes paid to foreign jurisdictions. The total amount of income received by the Goldman Sachs Strategic International Equity Fund from sources within foreign countries and possessions of the United States was $0.0884 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid by the Fund during the year ended December 31, 2009 from foreign sources was 62.21%. The total amount of foreign taxes paid by the Fund was $0.0087 per share.

 28

TRUSTEES	OFFICERS
Ashok N. Bakhru, Chairman John P. Coblentz, Jr. Diana M. Daniels Patrick T. Harker James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel	James A. McNamara, President George F. Travers, Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer
GOLDMAN, SACHS & CO. Distributor and Transfer Agent
GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL Investment Adviser Christchurch Court, 10-15 Newgate Street London, EC1A 7HD, England, United Kingdom
Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.
A prospectus for the Fund containing more complete information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail — 1-800-526-7384) (institutional — 1-800-621-2550). Please consider a fund’s objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.
The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) Web site at http://www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-621-2550.
Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus for the Fund. Please consider the Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Fund.
	Toll Free (in U.S.): 800-292-4726
This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Goldman Sachs Strategic International Equity Fund.
Copyright 2010 Goldman, Sachs & Co. All rights reserved.
VITINTLAR10/32203.MF.TMPL/02-10

Goldman

Sachs Variable Insurance Trust

Goldman Sachs
Structured Small Cap Equity Fund

Annual Report

December 31, 2009

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital. The Fund seeks this objective through a broadly diversified portfolio of equity investments in U.S. issuers.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the twelve-months ended December 31, 2009.

How did the Goldman Sachs Structured Small Cap Equity Fund (the “Fund”) perform during the annual period ended December 31, 2009 (the “Reporting Period”)?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of 27.67% and 27.26%, respectively. These returns compare to the 27.17% average annual total return of the Fund’s benchmark, the Russell 2000 Index (with dividends reinvested) (the “Russell Index”) during the same time period.

What economic and market factors most influenced the equity markets as a whole during the Reporting Period?

The performance of the U.S. equity markets can be divided into two distinct portions during the Reporting Period. Through early March 2009, the U.S. equity markets were characterized by negativity and soaring volatility, as the equity markets reacted to a litany of bad economic news. Investor concerns were fostered by rising unemployment and a still-fragile housing market as well as by continued financial disruptions. Underlying this uncertainty was the fact that the U.S. economy had moved into a recession, as evidenced by waning consumer spending and a dimming export sector, which, until recently, had been a rare bright spot in the U.S. economic picture. Global financial institutions cut back lending as other major financial institutions dealt with the after-shocks of bankruptcy, merger or government take-over. Together, these factors fostered heightened investor risk aversion and fear. The result was that investors sold off all types of equity assets in a flight to the relative safety of U.S. Treasuries.

Then, economic news became less bad and “green shoots” even began to appear in early March. Investor sentiment improved. The Treasury Department finally revealed details on key parts of its financial rescue plans, and investors recognized that the government was not interested in nationalizing companies that could be viable as privately-owned enterprises. Gross Domestic Product (“GDP”) declined less than expected in the second quarter of 2009, and U.S. equities rallied strongly. Although the equity markets stalled somewhat in June, the rally resumed with vigor again in July, such that most of the major U.S. equity indices enjoyed gains for seven months in a row through September 2009. October saw choppy equity market results, as economic data remained mixed and investors questioned how long one of the biggest equity market recoveries ever could last. November and December then saw a rebound in the equity markets. In all, given the astonishing rally since early March, both the Dow Jones Industrial Index and the S&P 500 Index ended 2009 with their best annual gains since 2003, though still significantly down from their 2007 peaks. The equity market rally was broad based across sectors within the U.S. equity indices, and international equities rose sharply as well.

For the Reporting Period overall, the U.S. small-cap equity market, as measured by the Russell 2000 Index, modestly lagged its large-cap counterparts, as measured by the Russell 1000 Index. Within the U.S. small-cap equity segment, growth stocks significantly outperformed value stocks during the twelve-month period. The Russell 2000 Growth Index returned 34.47% for the Reporting Period compared to the 20.58% return of the Russell 2000 Value Index. The Russell 2000 Growth Index has a heavier weighting in the information technology sector, which performed strongly during the Reporting Period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

As expected, and in keeping with our investment approach, our quantitative model and its six investment themes — Valuation, Profitability, Quality, Management, Momentum and Sentiment — had the greatest impact on relative performance. We use these themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by the Fund’s different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term.

1 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Overall, the Fund outperformed the Russell Index during the Reporting Period, with the Fund’s Momentum theme by far the best performer during the Reporting Period. The Momentum theme seeks to predict drifts in stock prices caused by under-reaction to company-specific information. Also, adding value were Sentiment and Valuation. Sentiment reflects selected investment views and decisions of individuals and financial intermediaries. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

The Management theme detracted the most from the Fund’s relative results, followed by Profitability. The Management theme assesses the characteristics, policies and strategic decisions of company management. The Profitability theme assesses whether a company is earning more than its cost of capital. Quality, which evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals, also negatively impacted relative returns, though to a lesser extent.

How did the Fund’s sector allocations affect relative performance?

In constructing the Fund’s portfolio, we focus on picking stocks rather than making industry or sector bets. Consequently, the Fund is similar to its benchmark, the Russell 2000 Index, in terms of its sector allocation and style. However, we seek to outpace the Russell Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. We also build positions based on our thematic views. For example, the Fund aims to hold a basket of stocks with more favorable Momentum characteristics than the benchmark index. We manage the Fund’s industry and sector exposure by including industry factors in our risk model and by explicitly penalizing industry and sector deviations from the benchmark index in optimization. Sector weights generally do not have a meaningful impact on relative performance.

All that said, stock selection in the industrials, financials and energy sectors made the biggest positive contribution to the Fund’s results relative to the Russell Index. Conversely, stock selection in the consumer discretionary, information technology and consumer staples sectors detracted most from the Fund’s results relative to its benchmark index.

Which individual stock positions contributed the most to the Fund’s relative returns during the Reporting Period?

The Fund benefited most from overweight positions in human resources firm MPS Group, crude oil refiner Western Refining and subscription-based personal video recording service provider TiVo. We chose to overweight MPS Group because of our positive views on Quality and Profitability. The overweights in Western Refining and TiVo were the result of our positive views on Profitability and Sentiment.

Which individual positions detracted from the Fund’s results during the Reporting Period?

Detracting most from the Fund’s results relative to its benchmark index were overweight positions in immunobiotics manufacturer Emergent BioSolutions and commercial banks Cathay General Bancorp and First Bancorp. Our positive views on Profitability and Valuation led us to overweight Emergent BioSolutions. The Fund had overweighted positions in Cathay General Bancorp and First Bancorp because of our positive views on Valuation and Management.

Did you make any enhancements to your quantitative models during the Reporting Period?

We continuously look for ways to improve our investment process. Accordingly, during the Reporting Period, we introduced a number of enhancements to the proprietary quantitative model we use in the Fund. During the first quarter of 2009, we added a new factor to our global models, which extends the Fund’s Momentum theme by examining additional relationships across firms. This enhancement is part of our ongoing research effort in developing cross-company linkage signals. We believe that this new factor has predictive ability and should further add value to our process over time.

During the second quarter of 2009, we introduced an enhanced risk model to our process. The key features are the dynamic adjustment of volatility decay rates based on the market environment, as well as the decomposition of factor exposures into different lags and the inclusion of short interest as a control factor. The expected benefits of these rather complex features are the ability to react to changing markets in a timelier manner, avoiding stale exposures and better controlling active exposure to heavily shorted companies.

We continued our extensive ongoing research process, but did not implement significant model enhancements in the third quarter of 2009. During the fourth quarter of 2009, we implemented several enhancements to our U.S. equity models. We continued to refine our process to properly adjust for crowding, which, if not controlled, has the potential to shorten the horizon over which updated signal values are effective. Crowding is a phenomenon in which quantitative managers look for similar stock traits using similar investment themes. We also continued to improve our cross-company linkage signals by examining the relationship between companies that are economically linked on a global basis. Further, we introduced two

 2

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

new signals within the Management theme. The first seeks to capture select actions of managers of hard-to-value companies, while the other identifies companies where managers have an incentive that is tied to shareholder value. Lastly, we continued our sector-specific research and implemented a signal that measures the efficiency and profitability of airline companies. We believe these enhancements have predictive ability and should further add value to our process over time.

What was the Fund’s sector positioning relative to its benchmark index at the end of the Reporting Period?

As of December 31, 2009, the Fund was overweight the materials, information technology, health care and consumer staples sectors relative to the Russell Index. The Fund was underweight the financials, energy, telecommunication service and utilities sectors compared to the benchmark index on the same date. The Fund was relatively neutral in the consumer discretionary and industrials sectors at the end of the Reporting Period.

What is your strategy going forward for the Fund?

In the coming months, we believe that less expensive stocks should outpace more expensive stocks, and that stocks with good momentum are likely to outperform those with poor momentum. Our focus will remain on companies with increasingly strong fundamentals, good profitability, sustainable earnings and a track record of using capital to enhance shareholder value. As such, we anticipate remaining fully invested with long-term performance likely to be the result of stock selection rather than sector or size allocations.

We stand behind our investment philosophy that sound economic investment principles, coupled with a disciplined quantitative approach, can provide strong, uncorrelated returns over the long run. Our research agenda is robust, and we continue to enhance our existing models, add new proprietary forecasting signals, and improve our trading execution as we seek to provide the most value to our shareholders.

CHANGES MADE TO THE TEAM’S MANAGEMENT

Mark Carhart and Ray Iwanowski, formerly co-heads of Quantitative Investment Strategies (“QIS”), have retired, each to pursue separate personal and professional objectives. Giorgio De Santis, co-head of QIS Research, also decided to retire.

Carolina Minio-Paluello, Managing Director, has accepted a new opportunity within the firm. Gary Chropuvka, Managing Director, has assumed Carolina’s responsibilities and has become the Head of Global Client Portfolio Management and Product Strategy for QIS. Gary has been with the QIS team for more than 10 years and has extensive experience with the team’s U.S. client effort. Additionally, Michael Cooper, Vice President and research analyst on our equity research team, has left the firm. Michael joined the QIS team in January 2008 and has returned to the David Eccles School of Business at the University of Utah, where he was previously an Associate Professor of Finance. Michael’s research responsibilities have been assumed by the existing QIS equity research team.

In November 2009, Claira Kim joined the QIS team as a Vice President and will assist Veronica Foo, who is our Chief Operating Officer. We were also pleased to welcome six new analysts and an associate to the team during the Reporting Period. They will assume various functions within the QIS team.

After 23 years of distinguished service, Robert B. Litterman, the chairman of GSAM’s QIS Group, retired from the firm at the end of 2009. Additionally, Bob Jones, previously co-CIO of the QIS equity business, decided to become an advisory director of QIS. After running our equity business for almost 20 years, Bob stepped away from actively managing portfolios in 2007. In his new role as advisory director, he spends his time focusing on special research projects, particularly in the quantitative equity space. Katinka Domotorffy will remain as Chief Investment Officer and the Head of QIS, continuing to work alongside Kent Daniel and Bill Fallon, co-CIOs of our equity and macro-fixed income businesses, respectively. The QIS team of over 120 professionals and 30-plus information technologists remains dedicated to research excellence as we enter 2010.

3 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Portfolio Composition

TOP TEN PORTFOLIO HOLDINGS AS OF 12/31/09*

Holding	% of Net Assets			Line of Business
Nationwide Health Properties, Inc.		1.6	%	Real Estate Investment Trust
International Bancshares Corp.		1.1		Banks
Allegiant Travel Co.		1.1		Transportation
Rayonier, Inc.		1.0		Real Estate Investment Trust
PDL BioPharma, Inc.		0.8		Pharmaceuticals, Biotechnology & Life Sciences
United Stationers, Inc.		0.8		Commercial & Professional Services
MicroStrategy, Inc. Class A		0.8		Software & Services
Integrys Energy Group, Inc.		0.8		Utilities
WellCare Health Plans, Inc.		0.8		Health Care Equipment & Services
Endurance Specialty Holdings Ltd.		0.7		Insurance

* Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained by the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of securities should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise.

FUND vs. BENCHMARK SECTOR ALLOCATION AS OF 12/31/09¹

¹ The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Underlying industry sector allocations of exchange traded funds (“ETFs”) held by the Fund are not reflected in the graph above. Consequently, the Fund’s overall industry sector allocations may differ from the percentages contained in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investment in the securities lending reinvestment vehicle represented 24.9% of the Fund’s net assets at December 31, 2009.

 4

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Performance Summary

December 31, 2009

The following graph shows the value as of December 31, 2009, of a $10,000 investment made on January 1, 2000 in Institutional Shares at net asset value per share. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2000 Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. Performance of Service Shares will vary from Institutional Shares due to differences in fees. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.

Structured Small Cap Equity Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2000 through December 31, 2009.

Average Annual Total Return through December 31, 2009	One Year		Five Years		Ten Years		Since Inception
Institutional (Commenced February 13, 1998)		27.67%		−3.48%		2.55%		2.69%
Service (Commenced August 31, 2007)		27.26%		n/a		n/a		−9.69%

5 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments

December 31, 2009

	Shares		Description	Value
Common Stocks – 97.9%
	Automobiles & Components – 1.0%
		46,590	Dana Holding Corp.*	$	505,036
		6,845	Drew Industries, Inc.*		141,349
		17,356	Spartan Motors, Inc.		97,714
		13,479	Standard Motor Products, Inc.*		114,841
		17,182	Stoneridge, Inc.*		154,810
		15,220	Superior Industries International, Inc.(a)		232,866
					1,246,616
	Banks – 4.8%
		3,894	1st Source Corp.		62,655
		14,450	Associated Banc-Corp		159,095
		19,073	Astoria Financial Corp.(a)		237,077
		8,610	Banco Latinoamericano de Exterior SA		119,679
		19,404	CapitalSource, Inc.		77,034
		26,239	Cathay General Bancorp(a)		198,104
		61,875	CVB Financial Corp.(a)		534,600
		24,110	First Bancorp(a)		336,817
		6,132	First Bancorp, Inc.		94,555
		10,428	Glacier Bancorp, Inc.(a)		143,072
		14,075	Great Southern Bancorp, Inc.(a)		300,642
		71,682	International Bancshares Corp.		1,356,940
		7,908	Investors Bancorp, Inc.*		86,514
		30,434	NewAlliance Bancshares, Inc.(a)		365,512
		3,893	Northfield Bancorp, Inc.		52,633
		70,828	Popular, Inc.		160,071
		11,699	Renasant Corp.(a)		159,106
		7,998	SVB Financial Group*(a)		333,437
		17,648	Texas Capital Bancshares, Inc.*		246,366
		3,231	Washington Federal, Inc.		62,488
		55,762	Wilshire Bancorp, Inc.(a)		456,691
		3,521	Wintrust Financial Corp.(a)		108,412
					5,651,500
	Capital Goods – 7.4%
		10,007	Acuity Brands, Inc.(a)		356,649
		14,139	Albany International Corp. Class A		317,562
		10,074	American Railcar Industries, Inc.		111,015
		6,857	American Woodmark Corp.(a)		134,946
		16,438	Apogee Enterprises, Inc.		230,132
		5,631	Armstrong World Industries, Inc.*		219,215
		22,295	Belden, Inc.		488,706
		14,383	BlueLinx Holdings, Inc.*		39,841
		28,797	Briggs & Stratton Corp.(a)		538,792
		9,482	Ceradyne, Inc.*		182,149
		9,920	Dycom Industries, Inc.*		79,658
		3,631	DynCorp International, Inc. Class A*		52,105
		8,338	Encore Wire Corp.(a)		175,682
		10,505	EnPro Industries, Inc.*(a)		277,437
		2,780	Esterline Technologies Corp.*		113,341
		10,505	Federal Signal Corp.		63,240
		3,650	Harbin Electric, Inc.*		74,971
		4,972	Hubbell, Inc. Class B		235,176
		14,762	Kadant, Inc.*		235,602
		43,981	LSI Industries, Inc.		346,570
		53,852	Microvision, Inc.*(a)		170,711
		16,460	Miller Industries, Inc.*		186,821
		25,011	Mueller Industries, Inc.		621,273
		8,163	NACCO Industries, Inc. Class A		406,517
		10,491	Navistar International Corp.*		405,477
		1,996	Oshkosh Corp.		73,912
		119,735	Power-One, Inc.*(a)		520,847
		13,308	Tecumseh Products Co. Class A*		155,570
		4,987	Tennant Co.		130,610
		7,076	Thomas & Betts Corp.*		253,250
		15,036	Toro Co.(a)		628,655
		15,356	Tredegar Corp.		242,932
		3,092	Trex Co., Inc.*		60,603
		15,178	Universal Forest Products, Inc.		558,702
		5,741	Woodward Governor Co.(a)		147,946
					8,836,615
	Commercial & Professional Services – 4.0%
		34,392	ACCO Brands Corp.*		250,374
		9,576	Administaff, Inc.(a)		225,898
		1,645	ATC Technology Corp.*		39,233
		17,398	CDI Corp.		225,304
		24,559	HNI Corp.		678,565
		48,423	Kelly Services, Inc. Class A*		577,686
		33,671	Kforce, Inc.*(a)		420,888
		25,263	Kimball International, Inc. Class B		215,241
		36,680	MPS Group, Inc.*		503,983
		52,544	Spherion Corp.*		295,297
		35,445	Steelcase, Inc. Class A		225,430
		14,244	The Standard Register Co.		72,644
		6,412	TrueBlue, Inc.*		94,962
		17,068	United Stationers, Inc.*(a)		970,316
					4,795,821
	Consumer Durables & Apparel – 4.6%
		15,941	American Greetings Corp. Class A(a)		347,354
		10,471	Blyth, Inc.		353,082
		8,875	Callaway Golf Co.(a)		66,918
		10,031	Columbia Sportswear Co.(a)		391,610
		50,851	Crocs, Inc.*(a)		292,393
		1,594	CSS Industries, Inc.		30,987
		6,889	Ethan Allen Interiors, Inc.(a)		92,450
		20,441	Furniture Brands International, Inc.*		111,608
		4,446	G-III Apparel Group Ltd.*		96,345
		3,621	Harman International Industries, Inc.(a)		127,749
		7,432	Hooker Furniture Corp.		91,934
		18,768	iRobot Corp.*(a)		330,317
		42,133	Jones Apparel Group, Inc.		676,656
		29,873	Kenneth Cole Productions, Inc. Class A*		288,275
		3,284	Leggett & Platt, Inc.		66,994
		9,845	Lululemon Athletica, Inc.*		296,335
		2,747	Mohawk Industries, Inc.*		130,757
		2,343	Movado Group, Inc.		22,774
		33,954	Nautilus, Inc.*		68,927
		11,681	Oxford Industries, Inc.		241,563
		19,424	Perry Ellis International, Inc.*		292,525
		10,789	Polaris Industries, Inc.(a)		470,724
		24,001	Quiksilver, Inc.*		48,482

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

 6

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

	Shares		Description	Value
Common Stocks – (continued)
	Consumer Durables & Apparel – (continued)
		14,096	Skechers U.S.A., Inc. Class A*(a)	$	414,563
		4,010	Tempur-Pedic International, Inc.*		94,756
					5,446,078
	Consumer Services – 1.8%
		6,185	Caribou Coffee Co., Inc.*		47,748
		3,704	Choice Hotels International, Inc.(a)		117,269
		13,432	Domino’s Pizza, Inc.*		112,560
		6,827	International Speedway Corp. Class A		194,228
		48,755	O’Charleys, Inc.*(a)		319,345
		21,172	Papa John’s International, Inc.*		494,578
		5,877	Pre-Paid Legal Services, Inc.*(a)		241,427
		7,724	Red Lion Hotels Corp.*		38,156
		3,209	Speedway Motorsports, Inc.		56,543
		2,350	Steiner Leisure Ltd.*		93,436
		1,085	The Steak n Shake Co.*		351,703
		4,491	Universal Travel Group*		45,539
					2,112,532
	Diversified Financials – 3.8%
		60,252	Advance America, Cash Advance Centers, Inc.		335,001
		32,203	Allied Capital Corp.*		116,253
		7,686	Ares Capital Corp.		95,691
		6,241	Cash America International, Inc.(a)		218,185
		43,359	Compass Diversified Holdings		553,261
		677	Diamond Hill Investment Group, Inc.		43,484
		6,119	Eaton Vance Corp.(a)		186,079
		7,190	Federated Investors, Inc. Class B(a)		197,725
		7,909	GAMCO Investors, Inc. Class A		381,926
		17,521	Gladstone Capital Corp.		134,912
		25,870	Hercules Technology Growth Capital, Inc.		268,789
		37,002	NGP Capital Resources Co.		300,826
		31,059	PHH Corp.*(a)		500,360
		60,795	Primus Guaranty Ltd.*		185,425
		10,297	QC Holdings, Inc.		49,528
		13,898	Rewards Network, Inc.		175,671
		4,200	SEI Investments Co.(a)		73,792
		38,290	TICC Capital Corp.		231,654
		12,189	World Acceptance Corp.*(a)		436,732
					4,485,294
	Energy – 4.0%
		16,680	Berry Petroleum Co. Class A(a)		486,222
		13,409	Cimarex Energy Co.(a)		710,275
		24,540	Complete Production Services, Inc.*		319,020
		8,226	Dawson Geophysical Co.*		190,103
		4,045	Exterran Holdings, Inc.*(a)		86,765
		17,034	Global Industries Ltd.*		121,452
		2,659	Helix Energy Solutions Group, Inc.*		31,243
		61,963	International Coal Group, Inc.*		239,177
		11,655	James River Coal Co.*		215,967
		2,682	Oil States International, Inc.*(a)		105,376
		13,456	Petroquest Energy, Inc.*(a)		82,485
		1,915	Rowan Companies, Inc.*		43,356
		20,603	RPC, Inc.		214,271
		7,137	Stone Energy Corp.*		128,823
		4,189	Swift Energy Co.*(a)		100,369
		5,553	Teekay Corp.		128,885
		24,391	Tesoro Corp.(a)		330,498
		115,793	USEC, Inc.*		445,803
		28,334	W&T Offshore, Inc.(a)		331,508
		14,500	Willbros Group, Inc.*		244,615
		7,694	World Fuel Services Corp.		206,122
					4,762,335
	Food & Staples Retailing – 0.5%
		4,945	Ingles Markets, Inc. Class A		74,818
		6,790	The Andersons, Inc.		175,318
		35,633	Winn-Dixie Stores, Inc.*(a)		357,755
					607,891
	Food, Beverage & Tobacco – 2.2%
		81,312	Alliance One International, Inc.*(a)		396,803
		20,357	Chiquita Brands International, Inc.*(a)		367,240
		1,909	Fresh Del Monte Produce, Inc.*		42,189
		2,372	Hansen Natural Corp.*		91,085
		5,758	Imperial Sugar Co.		100,419
		8,858	J&J Snack Foods Corp.		353,966
		13,697	Lancaster Colony Corp.		680,741
		32,278	National Beverage Corp.*		447,373
		2,304	Universal Corp.(a)		105,085
					2,584,901
	Health Care Equipment & Services – 7.7%
		36,608	AMN Healthcare Services, Inc.*		331,668
		3,409	Analogic Corp.		131,281
		8,234	Angiodynamics, Inc.*		132,403
		10,616	Assisted Living Concepts, Inc. Class A*		279,944
		3,918	Conmed Corp.*(a)		89,330
		1,277	Corvel Corp.*		42,831
		14,247	Cross Country Healthcare, Inc.*		141,188
		16,082	Delcath Systems, Inc.*		82,661
		17,408	Hansen Medical, Inc.*		52,746
		38,690	HealthSpring, Inc.*		681,331
		18,235	Hill-Rom Holdings, Inc.		437,458
		1,293	ICU Medical, Inc.*		47,117
		18,579	Invacare Corp.(a)		463,360
		6,386	Kensey Nash Corp.*		162,843
		35,753	Kindred Healthcare, Inc.*		660,000
		3,090	Kinetic Concepts, Inc.*(a)		116,339
		15,404	Medcath Corp.*		121,846
		23,880	Medical Action Industries, Inc.*		383,513
		13,727	MedQuist, Inc.		91,834
		3,315	Meridian Bioscience, Inc.(a)		71,438
		9,027	Micrus Endovascular Corp.*		135,495
		33,898	Molina Healthcare, Inc.*(a)		775,247
		38,179	Nighthawk Radiology Holdings, Inc.*		172,951
		16,119	Palomar Medical Technologies, Inc.*		162,480
		47,718	PharMerica Corp.*(a)		757,762
		4,694	Quidel Corp.*(a)		64,683
		22,965	RTI Biologics, Inc.*		88,186
		13,984	Somanetics Corp.*		245,419
		16,759	STERIS Corp.		468,749

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

7

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

December 31, 2009

	Shares		Description	Value
Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
		54,338	Sunrise Senior Living, Inc.*	$	174,968
		13,068	Symmetry Medical, Inc.*		105,328
		5,474	Synovis Life Technologies, Inc.*		70,669
		5,193	The Providence Service Corp.*		82,049
		46,074	Theragenics Corp.*		61,739
		30,995	Universal American Corp.*		362,642
		24,673	WellCare Health Plans, Inc.*(a)		906,980
					9,156,478
	Household & Personal Products – 0.9%
		47,269	Central Garden and Pet Co. Class A*		469,854
		46,558	Mannatech, Inc.		145,261
		44,978	Prestige Brands Holdings, Inc.*		353,527
		4,199	USANA Health Sciences, Inc.*		133,948
					1,102,590
	Insurance – 1.8%
		8,763	American Equity Investment Life Holding Co.(a)		65,197
		18,751	Aspen Insurance Holdings Ltd.		477,213
		19,819	CNA Surety Corp.*		295,105
		30,345	Conseco, Inc.*(a)		151,725
		23,822	Endurance Specialty Holdings Ltd.		886,893
		3,084	First Mercury Financial Corp.		42,281
		1,436	Kansas City Life Insurance Co.		42,721
		32,955	MBIA, Inc.*(a)		131,161
					2,092,296
	Materials – 6.0%
		22,550	A. Schulman, Inc.		455,059
		4,626	Balchem Corp.(a)		155,017
		38,891	Boise, Inc.*		206,511
		18,625	Brush Engineered Materials, Inc.*(a)		345,308
		9,096	Buckeye Technologies, Inc.*		88,777
		6,832	Clearwater Paper Corp.*		375,555
		34,557	Coeur d’Alene Mines Corp.*		624,099
		14,623	Domtar Corp.*		810,260
		15,961	Huntsman Corp.		180,200
		3,537	Innophos Holdings, Inc.		81,316
		8,740	Kaiser Aluminum Corp.		363,759
		37,397	KapStone Paper and Packaging Corp.*		368,360
		60,857	Louisiana-Pacific Corp.*(a)		424,782
		808	Minerals Technologies, Inc.		44,012
		14,155	Myers Industries, Inc.		128,810
		13,541	OM Group, Inc.*		425,052
		27,536	Omnova Solutions, Inc.*		168,796
		40,418	PolyOne Corp.*		301,922
		12,657	Spartech Corp.		129,861
		7,352	Stepan Co.		476,483
		36,112	Stillwater Mining Co.*(a)		342,342
		14,351	Sutor Technology Group Ltd.*		38,174
		8,319	Wausau Paper Corp.		96,500
		1,434	Westlake Chemical Corp.		35,750
		25,140	Worthington Industries, Inc.		328,580
		6,318	Zep, Inc.		109,428
					7,104,713
	Media – 1.2%
		8,314	Ascent Media Corp. Class A*		212,257
		33,564	EW Scripps Co. Class A*		233,606
		15,458	Harte-Hanks, Inc.(a)		166,637
		30,907	Journal Communications, Inc. Class A		120,228
		61,354	Live Nation, Inc.*		522,123
		3,833	Scholastic Corp.(a)		114,338
		7,414	Sinclair Broadcast Group, Inc. Class A*		29,878
					1,399,067
	Pharmaceuticals, Biotechnology & Life Sciences – 7.0%
		17,067	Affymetrix, Inc.*		99,671
		25,361	Albany Molecular Research, Inc.*		230,278
		43,744	Alkermes, Inc.*(a)		411,631
		11,851	Biodel, Inc.*		51,433
		19,403	Cepheid, Inc.*(a)		242,149
		14,176	Cubist Pharmaceuticals, Inc.*(a)		268,919
		60,847	Depomed, Inc.*(a)		203,837
		19,900	Emergent Biosolutions, Inc.*(a)		270,441
		42,153	eResearchTechnology, Inc.*		253,339
		14,821	Exelixis, Inc.*(a)		109,231
		9,303	Facet Biotech Corp.*		163,547
		10,774	Genomic Health, Inc.*(a)		210,739
		3,674	Hi-Tech Pharmacal Co., Inc.*		103,056
		6,062	Human Genome Sciences, Inc.*		185,497
		100,993	Insmed, Inc.*		77,765
		9,900	Isis Pharmaceuticals, Inc.*(a)		109,890
		26,126	ISTA Pharmaceuticals, Inc.*		119,135
		2,689	Kendle International, Inc.*(a)		49,236
		54,625	King Pharmaceuticals, Inc.*		670,249
		29,257	Martek Biosciences Corp.*(a)		554,128
		17,254	Matrixx Initiatives, Inc.*		72,812
		38,437	Maxygen, Inc.*		234,081
		23,617	Myriad Genetics, Inc.*		616,404
		92,957	Nabi Biopharmaceuticals*		455,489
		4,622	Obagi Medical Products, Inc.*		55,464
		23,728	Par Pharmaceutical Cos, Inc.*		642,080
		146,864	PDL BioPharma, Inc.(a)		1,007,487
		55,984	Progenics Pharmaceuticals, Inc.*(a)		248,569
		48,602	Sciclone Pharmaceuticals, Inc.*		113,243
		3,795	SIGA Technologies, Inc.*		22,011
		23,306	Synta Pharmaceuticals Corp.*(a)		117,928
		8,182	Watson Pharmaceuticals, Inc.*		324,089
					8,293,828
	Real Estate Investment Trust – 8.1%
		10,812	Agree Realty Corp.		251,811
		10,595	Associated Estates Realty Corp.		119,406
		21,451	BRE Properties, Inc.(a)		709,599
		24,246	DCT Industrial Trust, Inc.		121,715
		58,128	Education Realty Trust, Inc.		281,339
		1,651	Federal Realty Investment Trust		111,806
		41,845	Franklin Street Properties Corp.		611,355
		17,186	Health Care REIT, Inc.		761,683
		18,175	Healthcare Realty Trust, Inc.(a)(b)		390,035
		11,817	LTC Properties, Inc.		316,105
		6,345	National Health Investors, Inc.		234,702
		17,740	National Retail Properties, Inc.(a)		376,443

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

 8

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

	Shares		Description	Value
Common Stocks – (continued)
	Real Estate Investment Trust – (continued)
		53,429	Nationwide Health Properties, Inc.(a)	$	1,879,632
		33,467	Omega Healthcare Investors, Inc.(a)		650,933
		14,212	Potlatch Corp.(a)		453,079
		29,299	Rayonier, Inc.(a)		1,235,246
		13,105	Realty Income Corp.(a)		339,551
		19,258	Regency Centers Corp.		675,185
		3,365	Urstadt Biddle Properties, Inc. Class A		51,384
		6,137	U-Store-It Trust		44,923
					9,615,932
	Retailing – 5.0%
		21,899	99 Cents Only Stores*		286,220
		1,815	America’s Car-Mart, Inc.*		47,789
		30,832	Asbury Automotive Group, Inc.*		355,493
		7,503	Barnes & Noble, Inc.(b)		143,082
		7,964	Blue Nile, Inc.*(a)		504,360
		5,864	Brown Shoe Co., Inc.		57,878
		8,970	Build-A-Bear Workshop, Inc. Class A*(a)		43,863
		7,988	Core-Mark Holding Co., Inc.*(a)		263,284
		4,540	Dillard’s, Inc. Class A(a)		83,763
		16,054	DSW, Inc. Class A*		415,477
		36,766	Fred’s, Inc. Class A(a)		375,013
		15,373	Group 1 Automotive, Inc.*(a)		435,825
		4,951	Jo-Ann Stores, Inc.*(a)		179,424
		10,359	Kirkland’s, Inc.*(a)		179,936
		20,235	Lithia Motors, Inc. Class A*		166,332
		13,711	MarineMax, Inc.*(a)		126,004
		5,814	Netflix, Inc.*		320,584
		9,843	Orbitz Worldwide, Inc.*		72,248
		10,866	Overstock.com, Inc.*(a)		147,343
		1,581	PetSmart, Inc.		42,197
		66,031	Pier 1 Imports, Inc.*		336,098
		9,673	Shoe Carnival, Inc.*		198,006
		2,596	Shutterfly, Inc.*		46,235
		9,896	Sonic Automotive, Inc. Class A*		102,819
		35,749	Stage Stores, Inc.		441,858
		6,719	The Cato Corp. Class A		134,783
		12,401	Williams-Sonoma, Inc.(a)		257,693
		9,160	Zumiez, Inc.*		116,515
					5,880,122
	Semiconductors & Semiconductor Equipment – 4.1%
		29,702	Advanced Analogic Technologies, Inc.*		117,026
		77,529	Amkor Technology, Inc.*(a)		555,108
		32,648	Applied Micro Circuits Corp.*		243,881
		10,321	Brooks Automation, Inc.*		88,554
		22,265	DSP Group, Inc.*		125,352
		5,929	Integrated Device Technology, Inc.*		38,361
		9,452	IXYS Corp.*		70,134
		159,496	Lattice Semiconductor Corp.*		430,639
		53,991	LSI Corp.*		324,486
		25,618	Micrel, Inc.		210,068
		17,695	Omnivision Technologies, Inc.*		257,108
		45,355	Photronics, Inc.*(a)		201,830
		106,028	RF Micro Devices, Inc.*(a)		505,753
		10,367	Sigma Designs, Inc.*		110,927
		125,368	Silicon Image, Inc.*		323,449
		92,192	Silicon Storage Technology, Inc.*		236,011
		12,823	Standard Microsystems Corp.*(a)		266,462
		17,522	TriQuint Semiconductor, Inc.*		105,132
		13,591	Volterra Semiconductor Corp.*		259,860
		36,871	Zoran Corp.*		407,424
					4,877,565
	Software & Services – 9.0%
		17,628	Actuate Corp.*		75,448
		33,825	Acxiom Corp.*		453,931
		8,350	Advent Software, Inc.*(b)		340,095
		29,337	Art Technology Group, Inc.*		132,310
		23,168	Blackbaud, Inc.		547,460
		17,947	Bottomline Technologies, Inc.*		315,329
		80,925	Ciber, Inc.*		279,191
		22,445	CommVault Systems, Inc.*		531,722
		11,209	CSG Systems International, Inc.*		213,980
		19,402	DemandTec, Inc.*		170,156
		11,093	DivX, Inc.*		62,564
		9,256	Double-Take Software, Inc.*		92,467
		35,013	EarthLink, Inc.		290,958
		9,001	ExlService Holdings, Inc.*		163,458
		28,894	Internap Network Services Corp.*(a)		135,802
		85,583	iPass, Inc.*		89,006
		16,745	Kenexa Corp.*		218,522
		121,557	Lionbridge Technologies, Inc.*		279,581
		6,352	LivePerson, Inc.*		44,273
		23,120	Manhattan Associates, Inc.*		555,574
		55,638	Marchex, Inc. Class B		282,641
		2,600	MAXIMUS, Inc.		130,000
		33,662	Mentor Graphics Corp.*		297,235
		10,282	MicroStrategy, Inc. Class A*		966,714
		23,521	ModusLink Global Solutions, Inc.*		221,333
		16,684	Ness Technologies, Inc.*		81,752
		5,292	NeuStar, Inc. Class A*		121,928
		9,229	PROS Holdings, Inc.*		95,520
		18,172	QAD, Inc.		111,031
		9,350	Quest Software, Inc.*		172,040
		99,910	RealNetworks, Inc.*		370,666
		25,007	Renaissance Learning, Inc.(a)		284,080
		5,864	StarTek, Inc.*		43,863
		51,992	Symyx Technologies, Inc.*		285,956
		8,880	Synopsys, Inc.*		197,846
		20,087	Taleo Corp. Class A*		472,446
		15,761	TeleTech Holdings, Inc.*		315,693
		10,560	THQ, Inc.*		53,222
		16,094	Ultimate Software Group, Inc.*		472,681
		14,115	Unica Corp.*		109,391
		11,081	ValueClick, Inc.*		112,140
		29,023	VeriFone Holdings, Inc.*		475,397
					10,665,402
	Technology Hardware & Equipment – 6.0%
		6,556	3Com Corp.*		49,170
		3,641	ADTRAN, Inc.		82,105
		12,229	Agilysys, Inc.		111,284
		17,813	Benchmark Electronics, Inc.*		336,844

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

9

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

December 31, 2009

	Shares		Description	Value
Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
		41,074	Brightpoint, Inc.*	$	301,894
		12,906	CTS Corp.		124,156
		9,838	EchoStar Corp. Class A*		198,137
		22,783	Electronics for Imaging, Inc.*		296,407
		3,145	EMS Technologies, Inc.*		45,602
		30,318	Emulex Corp.*		330,466
		36,811	Extreme Networks*		105,648
		16,720	Hutchinson Technology, Inc.*		171,547
		38,302	Imation Corp.*(a)		333,993
		14,751	Ingram Micro, Inc. Class A*		257,405
		19,606	Insight Enterprises, Inc.*		223,900
		22,026	Isilon Systems, Inc.*		151,098
		21,550	Jabil Circuit, Inc.		374,323
		6,755	Loral Space & Communications, Inc.*		213,525
		26,676	Methode Electronics, Inc.		231,548
		17,078	PC-Tel, Inc.*		101,102
		16,477	Plantronics, Inc.(a)		428,072
		39,900	Powerwave Technologies, Inc.*		50,274
		196,429	Quantum Corp.*		575,537
		17,961	Radisys Corp.*		171,528
		36,456	ShoreTel, Inc.*(a)		210,716
		27,640	Smart Modular Technologies (WWH), Inc.*		173,856
		13,399	STEC, Inc.*(a)		218,940
		18,043	Super Micro Computer, Inc.*		200,638
		30,589	Symmetricom, Inc.*		159,063
		5,613	SYNNEX Corp.*(a)		172,095
		2,097	Tech Data Corp.*		97,846
		26,546	Technitrol, Inc.		116,271
		60,337	Tellabs, Inc.*		342,714
		18,178	Tollgrade Communications, Inc.*		111,068
					7,068,772
	Telecommunication Services – 0.4%
		4,389	CenturyTel, Inc.		158,926
		31,339	USA Mobility, Inc.		345,042
					503,968
	Transportation – 3.9%
		27,646	Allegiant Travel Co.*(a)		1,304,062
		13,731	American Commercial Lines, Inc.*		251,689
		11,621	Celadon Group, Inc.*		126,088
		748	Copa Holdings SA Class A		40,744
		10,213	Dollar Thrifty Automotive Group, Inc.*		261,555
		3,706	Dynamex, Inc.*		67,079
		2,418	Marten Transport Ltd.*		43,403
		19,744	Pacer International, Inc.*		62,391
		75,330	Republic Airways Holdings, Inc.*(a)		556,689
		14,955	Saia, Inc.*		221,633
		43,162	SkyWest, Inc.		730,301
		7,243	Universal Truckload Services, Inc.		131,098
		43,146	Werner Enterprises, Inc.(a)		853,859
					4,650,591
	Utilities – 2.7%
		2,537	Allete, Inc.		82,909
		11,688	Atmos Energy Corp.		343,627
		22,492	Black Hills Corp.(a)		598,962
		2,400	Energen Corp.		112,320
		21,805	Integrys Energy Group, Inc.		915,592
		10,301	Pinnacle West Capital Corp.		376,811
		14,794	PNM Resources, Inc.		187,144
		17,044	Southwest Gas Corp.		486,265
		1,944	WGL Holdings, Inc.		65,202
					3,168,832
	TOTAL COMMON STOCKS
	(Cost $103,347,187)			$	116,109,739

	Shares		Rate	Value
Short-term Investment(c) – 2.2%
	JPMorgan U.S. Government Money Market Fund – Capital Shares
		2,625,645	0.049%	$	2,625,645
	(Cost $2,625,645)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $105,972,832)			$	118,735,384
Securities Lending Reinvestment Vehicle(c)(d) – 24.9%
	Boston Global Investment Trust – Enhanced Portfolio II
		29,497,801	0.155%	$	29,527,299
	(Cost $29,427,817)
	TOTAL INVESTMENTS – 125.0%
	(Cost $135,400,649)			$	148,262,683
	LIABILITIES IN EXCESS OF  OTHER ASSETS – (25.0)%				(29,637,025	)
	NET ASSETS – 100.0%			$	118,625,658

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

*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009.
(d)	Represents an affiliated issuer.

Investment Abbreviation:
REIT	—	Real Estate Investment Trust

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

 10

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2009, the following futures contracts were open:

	Number of
	Contracts		Expiration				Unrealized
Type	Long		Date		Value		Gain (Loss)
Russell 2000 Mini Index		33		March 2010	$	2,058,870	$	58,846

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

11

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Statement of Assets and Liabilities

December 31, 2009

Assets:
Investments in securities of unaffiliated issuers, at value (identified cost $105,972,832)(a)	$	118,735,384
Investments in affiliated securities lending reinvestment vehicle, at value (identified cost $29,427,817)		29,527,299
Cash		1,876
Receivables:
Dividends		299,789
Due from custodian		22,923
Reimbursement from investment adviser		16,490
Securities lending income		8,242
Fund shares sold		4,101
Total assets		148,616,104
Liabilities:
Payables:
Payable upon return of securities loaned		29,745,502
Amounts owed to affiliates		78,968
Fund shares redeemed		72,872
Due to broker — variation margin		23,340
Investment securities purchased		22,923
Accrued expenses		46,841
Total liabilities		29,990,446
Net Assets:
Paid-in capital		158,545,744
Accumulated undistributed net investment income		436,154
Accumulated net realized loss from investment, futures and foreign currency related transactions		(53,277,120	)
Net unrealized gain on investments and futures		12,920,880
NET ASSETS	$	118,625,658
Net Assets:
Institutional	$	95,334,267
Service		23,291,391
Total Net Assets	$	118,625,658
Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):
Institutional		10,813,040
Service		2,652,151
Net asset value, offering and redemption price per share:
Institutional	$	8.82
Service		8.78

(a) Includes loaned securities having a market value of $28,507,131.

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

 12

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Statement of Operations

For the Fiscal Year Ended December 31, 2009

Investment income:
Dividends(a)	$	1,764,477
Securities lending income — affiliated issuer		117,322
Total investment income		1,881,799
Expenses:
Management fees		743,432
Professional fees		83,864
Custody and accounting fees		82,266
Printing fees		58,211
Distribution and Service fees — Service Shares		38,216
Transfer Agent fees(b)		19,823
Trustee fees		16,663
Other		10,847
Total expenses		1,053,322
Less — expense reductions		(159,101	)
Net expenses		894,221
NET INVESTMENT INCOME		987,578
Realized and unrealized gain (loss) from investment, futures and foreign currency related transactions:
Net realized gain (loss) from:
Investment transactions — unaffiliated issuers		(6,662,563	)
Securities lending reinvestment vehicle transactions — affiliated issuer		165,778
Futures transactions		667,450
Foreign currency related transactions		(1,489	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		31,503,252
Securities lending reinvestment vehicle — affiliated issuer		58,014
Futures		(116,150	)
Net realized and unrealized gain from investment, futures and foreign currency related transactions		25,614,292
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	26,601,870

(a)	Foreign taxes withheld on dividends were $401.
(b)	Institutional and Service Shares had Transfer Agent fees of $16,766 and $3,057, respectively.

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

13

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Statements of Changes in Net Assets

	For the Fiscal			For the Fiscal
	Year Ended			Year Ended
	December 31, 2009			December 31, 2008
From operations:
Net investment income	$	987,578		$	1,061,513
Net realized loss from investment, futures and foreign currency related transactions		(5,830,824	)		(42,454,681	)
Net change in unrealized gain (loss) on investments and futures		31,445,116			(7,454,796	)
Net increase (decrease) in net assets resulting from operations		26,601,870			(48,847,964	)
Distributions to shareholders:
From net investment income
Institutional Shares		(984,250	)		(781,388	)
Service Shares		(203,812	)		(53,513	)
From net realized gains
Institutional Shares		—			(197,173	)
Service Shares		—			(14,073	)
Total distributions to shareholders		(1,188,062	)		(1,046,147	)
From share transactions:
Proceeds from sales of shares		17,664,477			17,777,531
Reinvestment of distributions		1,188,062			1,046,147
Cost of shares redeemed		(18,357,340	)		(29,119,034	)
Net increase (decrease) in net assets resulting from share transactions		495,199			(10,295,356	)
TOTAL INCREASE (DECREASE)		25,909,007			(60,189,467	)
Net assets:
Beginning of year		92,716,651			152,906,118
End of year	$	118,625,658		$	92,716,651
Accumulated undistributed net investment income	$	436,154		$	468,453

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

 14

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from									Distributions to
			investment operations									shareholders
																															Ratio of			Ratio of
						Net																						Ratio of			total			net
	Net asset					realized									From						Net asset					Net assets,		net			expenses			investment
	value,		Net			and			Total from			From net			net						value,					end of		expenses			to			income to			Portfolio
	beginning		investment			unrealized			investment			investment			realized			Total			end of		Total			year		to average			average			average			turnover
Year — Share Class	of year		income			gain (loss)			operations			income			gains			distributions			year		return(a)			(in 000s)		net assets			net assets			net assets			rate
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2009 — Institutional	$	6.98	$	0.08(b	)(c)	$	1.85		$	1.93		$	(0.09	)	$	—		$	(0.09	)	$	8.82		27.67	%	$	95,334		0.86	%		1.02	%		1.03	%(c)		212	%
2009 — Service		6.96		0.07(b	)(c)		1.83			1.90			(0.08	)		—			(0.08	)		8.78		27.26			23,291		1.11			1.27			0.83	(c)		212
2008 — Institutional		10.71		0.09(d	)		(3.74	)		(3.65	)		(0.06	)		(0.02	)		(0.08	)		6.98		(33.95	)		86,253		0.86			1.06			0.85	(d)		189
2008 — Service		10.71		0.06(d	)		(3.73	)		(3.67	)		(0.06	)		(0.02	)		(0.08	)		6.96		(34.16	)		6,464		1.11			1.31			1.92	(d)		189
2007 — Institutional		14.44		0.07(b	)(e)		(2.42	)		(2.35	)		(0.05	)		(1.33	)		(1.38	)		10.71		(16.48	)		152,896		0.90	(f)		0.95	(f)		0.49	(e)(f)		163
2007 — Service (Commenced August 31, 2007)		12.81		0.02(b	)		(0.74	)		(0.72	)		(0.05	)		(1.33	)		(1.38	)		10.71		(5.86	)		10		0.96	(g)		1.21	(g)		0.56	(g)		163
2006 — Institutional		13.93		0.07(b	)		1.64			1.71			(0.10	)		(1.10	)		(1.20	)		14.44		12.27			202,929		0.87			0.99			0.49			133
2005 — Institutional		14.40		0.05(b	)		0.86			0.91			(0.04	)		(1.34	)		(1.38	)		13.93		6.07			195,042		0.89			0.93			0.37			119

(a)	Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the year. Total returns for periods less than one full year are not annualized.
(b)	Calculated based on the average shares outstanding methodology.
(c)	Reflects income recognized from special dividends which amounted to $0.03 per share and 0.43% of average net assets.
(d)	Reflects income recognized from a special dividend which amounted to $0.01 per share and 0.14% of average net assets.
(e)	Reflects income recognized from a special dividend which amounted to $0.02 per share and 0.14% of average net assets.
(f)	Includes non-recurring expense for a special shareholder meeting, which amounted to approximately 0.03% of average net assets.
(g)	Annualized.

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

15

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Notes to Financial Statements

December 31, 2009

1. ORGANIZATION

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 Trust includes the Goldman Sachs Structured Small Cap Equity Fund (the “Fund”). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service. Goldman, Sachs & Co. (“Goldman Sachs” or the “Distributor”) serves as Distributor of the shares of the Fund pursuant to a Distribution Agreement.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Fund. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect the amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

A. FASB Financial Accounting Standards Codification — In July 2009, the Financial Accounting Standards Board (“FASB”) launched its “Financial Accounting Standards Codification” (the “Codification”) as the single source of GAAP. While the Codification does not change GAAP, it introduces a new structure to the accounting literature and changes references to accounting standards and other authoritative accounting guidance that have been reflected in the Notes to Financial Statements.

B. Investment Valuation — The investment valuation policy of the Fund is to value investments at market value. Investments in equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the trustees or provided by securities dealers. 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 bond dealers to determine current value. If accurate quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the trustees. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. In the absence of market quotations, broker quotes will be utilized or the security will be fair valued. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share (“NAV”) on the valuation date. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates market value.

GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; government actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those

 16

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.

C. Security and Fund Share Transactions, and Investment Income — Security and Fund share transactions are reflected for financial reporting purposes as of the trade date, which may cause the NAV as stated in the accompanying financial statements to be different than the NAV applied to Fund share transactions. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Dividend income is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Fund, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. In addition, it is the Fund’s policy to accrue for foreign capital gains taxes, if applicable, on certain foreign securities held by the Fund. An estimated foreign capital gains tax is recorded daily on net unrealized gains on these securities and is payable upon the sale of such securities when a gain is realized.

Net investment income (other than class specific expenses) and unrealized and realized gains or losses are allocated daily to each class of shares of the Fund based upon the relative proportion of net assets of each class.

In addition, distributions received from the Fund’s investments in U.S. real estate investment trusts (“REITs”) often include a “return of capital”, which is recorded by the Fund as a reduction of the cost basis of the securities held. The Internal Revenue Code of 1986, as amended (the “Code”) requires a REIT to distribute at least 95% of its taxable income to investors. In many cases, however, because of “non-cash” expenses such as property depreciation, a REIT’s cash flow will exceed its taxable income. The REIT may distribute this excess cash to offer a more competitive yield. This portion of the Fund’s distributions is deemed a return of capital and is generally not taxable to shareholders.

D. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Fund on a straight-line and/or pro-rata basis depending upon the nature of the expense and are accrued daily.

E. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Code applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal income tax provisions are required. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually. Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. 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 the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. The Fund’s capital accounts on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character, but do not reflect temporary differences.

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

F. Foreign Currency Translations — The books and records of the Fund are accounted for in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars based upon 4:00 p.m. Eastern Time exchange rates; and (ii) purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions as of 4:00 p.m. Eastern Time.

Net realized and unrealized gain (loss) on foreign currency transactions represents: (i) foreign exchange gains and losses from the sale and holdings of foreign currencies; (ii) currency gains and losses between trade date and settlement date on investment security transactions and forward exchange contracts; and (iii) gains and losses from the difference between

17

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Notes to Financial Statements (continued)

December 31, 2009

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

amounts of dividends, interest and foreign withholding taxes recorded and the amounts actually received. The effect of changes in foreign currency exchange rates on equity securities and derivative instruments is included with the net realized and change in unrealized gain (loss) on investments on the Statement of Operations. The effect of changes in foreign currency exchange rates on fixed income securities sold during the period is included with the net realized gain (loss) on foreign currency related transactions, while the effect of changes in foreign currency exchange rates on fixed income securities held at period end is included with the net change in unrealized gain (loss) on investments on the Statement of Operations. Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities as a result of changes in foreign exchange rates are included as increases and decreases in unrealized gain (loss) on foreign currency related transactions.

G. Futures Contracts — The Fund may purchase or sell futures contracts to hedge against changes in interest rates, securities prices, currency exchange rates, or to seek to increase total return. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when a contract is closed or expires.

The use of futures contracts involves, to varying degrees, elements of market and counterparty risk which may exceed the amounts recognized in the Statement of Assets and Liabilities. Futures contracts may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day. Changes in the value of a futures contract may not directly correlate with changes in the value of the underlying securities. These risks may decrease the effectiveness of the Fund’s strategies and potentially result in a loss. The Fund must set aside liquid assets, or engage in other appropriate measures, to cover their obligations under these contracts.

3. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Fund, 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 Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee computed daily and payable monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the fiscal year ended December 31, 2009, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate
First	Next	Next	Over	Effective	Effective Net
$2 billion	$3 billion	$3 billion	$8 billion	Rate	Management Rate
0.75%	0.68%	0.65%	0.64%	0.75%	0.73%*

*  GSAM voluntarily agreed to waive a portion of its management fee in order to achieve the effective net management rate. The voluntary management fee waiver may be modified or terminated at any time at the option of GSAM. For the fiscal year ended December 31, 2009, GSAM waived approximately $19,800 of the Fund’s management fee.

B. Distribution Agreement and Service Plan — The Trust, on behalf of the Service Shares of the Fund, has adopted a Distribution and Service Plan (the “Plan”). Under the Plan, Goldman Sachs and/or authorized dealers are entitled to a fee accrued daily and paid monthly for distribution services equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares.

 18

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

3. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

D. Other Agreements — GSAM has voluntarily agreed to limit certain “Other Expenses” (excluding management fees, distribution and service fees, transfer agent fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, 0.114% of the average daily net assets of the Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. This expense limitation may be modified or terminated at any time at the option of GSAM. For the fiscal year ended December 31, 2009, GSAM voluntarily reimbursed approximately $138,800 to the Fund. In addition, the Fund has entered into certain offset arrangements with the transfer agent resulting in a reduction of the Fund’s expenses. For the fiscal year ended December 31, 2009, transfer agent fees were reduced by approximately $500.

As of December 31, 2009, amounts owed to affiliates were approximately $72,200, $4,800 and $2,000 for management, distribution and service, and transfer agent fees, respectively.

E. Line of Credit Facility — The Fund participates in a $660,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates. Pursuant to the terms of the facility, the Fund and other borrowers may increase the credit amount by an additional $340,000,000, for a total of up to $1 billion. The facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. This facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2009, the Fund did not have any borrowings under the facility. Prior to May 12, 2009, the amount available through the facility was $700,000,000.

F. Other Transactions with Affiliates — For the fiscal year ended December 31, 2009, Goldman Sachs earned approximately $1,000 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Fund.

4. FAIR VALUE OF INVESTMENTS

The fair value of a financial instrument is 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). 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 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 all significant inputs are observable, either directly or indirectly;

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

19

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Notes to Financial Statements (continued)

December 31, 2009

4. FAIR VALUE OF INVESTMENTS (continued)

The following is a summary of the Fund’s investments categorized in the fair value hierarchy:

	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	116,109,739	$	—	$	—
Securities Lending Reinvestment Vehicle		—		29,527,299		—
Short-term Investments		2,625,645		—		—
Derivatives		58,846		—		—
Total	$	118,794,230	$	29,527,299	$	—

5. INVESTMENTS IN DERIVATIVES

The Fund may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over the counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivatives also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument.

GAAP requires enhanced disclosures about the Fund’s derivatives and hedging activities. The following table sets forth the gross value of the Fund’s derivative contracts for trading activities by certain risk types as of December 31, 2009. The values in the table below exclude the effects of cash received or posted pursuant to derivative contracts, and therefore are not representative of the Fund’s net exposure.

	Statement of				Average
	Assets and Liabilities		Derivative		Number of
Risk	Location		Assets		Contracts(b)
Equity		Unrealized gain on futures(a)	$	58,846		38

(a)  Includes cumulative appreciation (depreciation) of futures contracts described in the Additional Investment Information section of the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

(b)  Average number of contracts is based on the average of quarter end balances for the period ended December 31, 2009.

The following table sets forth by certain risk types the Fund’s gains (losses) related to derivative activities for the fiscal year ended December 31, 2009. These gains (losses) should be considered in the context that derivative contracts may have been executed to economically hedge securities and accordingly, gains or losses on derivative contracts may offset losses or gains attributable to securities. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:

					Net Change in
			Net Realized Gain		Unrealized Gain
Risk	Statement of Operations Location		(Loss)		(Loss)
Equity		Net realized gain (loss) from futures transactions/
		Net change in unrealized gain (loss) on futures	$	667,450	$	(116,150	)

 20

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2009, were $205,622,105 and $203,865,126, respectively.

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission and the terms and conditions contained therein, the Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.

The Fund invests the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio II of Boston Global Investment Trust (“Enhanced Portfolio II”), a Delaware statutory trust. The Enhanced Portfolio II, deemed an affiliate of the Trust, is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.10% on an annualized basis of the average daily net assets of the Enhanced Portfolio II. The Enhanced Portfolio II invests primarily in short-term investments, but is not a “money market fund” subject to the requirements of Rule 2a-7 of the Act. The Fund’s investment of cash collateral in the Enhanced Portfolio II is subject to a net asset value that may fall or rise due to market and credit conditions.

Both the Fund and GSAL receive compensation relating to the lending of the Fund’s securities. The amount earned by the Fund for the fiscal year ended December 31, 2009, is reported as securities lending income. A portion of this amount, $30,741, represents compensation earned by the Fund from lending its securities to Goldman Sachs. For the fiscal year ended December 31, 2009, GSAL earned $12,959 in fees as securities lending agent. The amount payable to Goldman Sachs upon return of securities loaned as of December 31, 2009 was $7,657,503.

The following table provides information about the Fund’s investment in the Enhanced Portfolio II for the fiscal year ended December 31, 2009 (in thousands):

Number of						Number of
Shares Held Beginning						Shares Held End of		Value at End
of Fiscal Year	Shares Bought		Shares Sold			Fiscal Year		of Fiscal Year
9,206		82,738		(62,446	)		29,498	$	29,527

8. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2008 and December 31, 2009 was as follows:

	2008		2009
Distributions paid from:
Ordinary income	$	835,294	$	1,188,062
Net long-term capital gains		210,853		—
Total taxable distributions	$	1,046,147	$	1,188,062

21

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Notes to Financial Statements (continued)

December 31, 2009

8. TAX INFORMATION (continued)

As of December 31, 2009, the components of accumulated earnings (losses) on a tax basis were as follows:

Undistributed ordinary income — net	$	413,486
Capital loss carryforward:1
Expiring 2016	$	(34,977,258	)
Expiring 2017		(17,749,027	)
Total capital loss carryforward	$	(52,726,285	)
Timing differences (post - October losses)		(21,886	)
Unrealized gain — net		12,414,599
Total accumulated losses — net	$	(39,920,086	)

¹ Expiration occurs on December 31 of the year indicated.

As of December 31, 2009, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Tax cost	$	135,848,084
Gross unrealized gain		16,447,865
Gross unrealized loss		(4,033,266	)
Net unrealized security gain	$	12,414,599

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 differences related to the tax treatment of passive foreign investment company and partnership investments.

In order to present certain components of the Fund’s capital accounts on a tax basis, the Fund has reclassified $667 and $167,518 from paid-in-capital and accumulated net realized loss from investments, respectively, to accumulated undistributed net investment income. These reclassifications have no impact on the net asset value of the Fund and result primarily from the difference in the tax treatment of passive foreign investment company, partnership and real estate investment trust investments.

9. OTHER RISKS

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Fund has unsettled or open transaction defaults.

Risks of Large Shareholder Redemptions — Certain participating insurance companies, accounts, or Goldman Sachs affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Fund’s shares. Redemptions by these participating insurance companies or accounts in the Fund may impact the Fund’s liquidity and NAV. These redemptions may also force the Fund to sell securities, which may increase the Fund’s brokerage costs.

 22

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

10. INDEMNIFICATIONS

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

11. OTHER MATTERS

New Accounting Pronouncement — In May 2009, the FASB issued FASB Accounting Standards Codification (“ASC”) 855 “Subsequent Events”. This standard requires disclosure in the financial statements to reflect the effects of subsequent events that provide additional information on conditions about the financial statements as of the balance sheet date (recognized subsequent events) and disclosure of subsequent events that provide additional information about conditions after the balance sheet date if the financial statements would otherwise be misleading (unrecognized subsequent events). ASC 855 is effective for interim and annual financial statements issued for fiscal years ending after June 15, 2009. For purposes of inclusion in the financial statements, GSAM has concluded that subsequent events after the balance sheet date have been evaluated through February 16, 2010, the date the financial statements were issued.

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Fiscal Year Ended						For the Fiscal Year Ended
	December 31, 2009						December 31, 2008
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		846,977		$	6,179,797			1,165,736		$	10,502,596
Reinvestment of distributions		111,846			984,250			150,317			978,561
Shares redeemed		(2,509,667	)		(18,206,566	)		(3,224,897	)		(29,097,259	)
		(1,550,844	)		(11,042,519	)		(1,908,844	)		(17,616,102	)
Service Shares
Shares sold		1,717,923			11,484,680			920,266			7,274,935
Reinvestment of distributions		23,240			203,812			10,414			67,586
Shares redeemed		(18,237	)		(150,774	)		(2,362	)		(21,775	)
		1,722,926			11,537,718			928,318			7,320,746
NET INCREASE (DECREASE)		172,082		$	495,199			(980,526	)	$	(10,295,356	)

23

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Goldman Sachs Variable Insurance Trust — Goldman Sachs Structured Small Cap Equity Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Goldman Sachs Structured Small Cap Equity Fund (the “Fund”) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at December 31, 2009 by correspondence with the custodian, brokers and transfer agent, provides a reasonable basis for our opinion. The financial highlights of the Fund for the periods ended December 31, 2006 and prior were audited by another Independent Registered Public Accounting Firm whose report dated February 14, 2007 expressed an unqualified opinion on those financial highlights.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 16, 2010

 24

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Fund Expenses — Six Month Period Ended December 31, 2009 (Unaudited)

As a shareholder of the Institutional or Service Shares of the Fund, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (with respect to Service Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Institutional Shares and Service Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2009 through December 31, 2009.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund, you do not incur any transaction costs, such as sales charges, redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

						Expenses
	Beginning		Ending			Paid for the
	Account Value		Account Value			6 Months Ended
Share Class	7/01/09		12/31/09			12/31/09*
Institutional
Actual	$	1,000	$	1,273.10		$	4.93
Hypothetical 5% return		1,000		1,020.87	+		4.38
Service
Actual		1,000		1,270.80			6.35
Hypothetical 5% return		1,000		1,019.61	+		5.65

*

Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2009. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.86% and 1.11% for Institutional and Service Shares, respectively.

+

Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

25

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Trustees and Officers (Unaudited)

Independent Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
Ashok N. Bakhru Age: 67	Chairman of the Board of Trustees	Since 1991	President, ANB Associates (July 1994-March 1996 and November 1998-Present); Director, Apollo Investment Corporation (a business development company) (October 2008-Present); Executive Vice President—Finance and Administration and Chief Financial Officer and Director, Coty Inc. (manufacturer of fragrances and cosmetics) (April 1996-November 1998); Director of Arkwright Mutual Insurance Company (1984-1999); Trustee of International House of Philadelphia (program center and residential community for students and professional trainees from the United States and foreign countries) (1989-2004); Member of Cornell University Council (1992-2004 and 2006-Present); Trustee of the Walnut Street Theater (1992-2004); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors—III and IV (November 1998-2007), and Equity-Limited Investors II (April 2002-2007); and Chairman, Lenders Service Inc. (provider of mortgage lending services) (2000-2003). Chairman of the Board of Trustees—Goldman Sachs Mutual Fund Complex.	96	Apollo Investment Corporation (a business development company)
John P. Coblentz, Jr. Age: 68	Trustee	Since 2003	Partner, Deloitte & Touche LLP (June 1975-May 2003); Director, Emerging Markets Group, Ltd. (2004-2006); and Director, Elderhostel, Inc. (2006-Present). Trustee—Goldman Sachs Mutual Fund Complex.	96	None
Diana M. Daniels Age: 60	Trustee	Since 2007	Ms. Daniels is retired (since January 2007). Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is Chairman of the Executive Committee, Cornell University (2006-Present); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (since 2007), and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee—Goldman Sachs Mutual Fund Complex.	96	None
Patrick T. Harker Age: 51	Trustee	Since 2000	President, University of Delaware (July 2007-Present); Dean and Reliance Professor of Operations and Information Management, The Wharton School, University of Pennsylvania (February 2000-June 2007); Interim and Deputy Dean, The Wharton School, University of Pennsylvania (July 1999-January 2000); and Professor and Chairman of Department of Operations and Information Management, The Wharton School, University of Pennsylvania (July 1997-August 2000). Trustee—Goldman Sachs Mutual Fund Complex.	96	Pepco Holdings, Inc. (an energy delivery company)
Jessica Palmer Age: 60	Trustee	Since 2007	Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer is a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-Present). Trustee—Goldman Sachs Mutual Fund Complex.	96	None

 26

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Trustees and Officers (Unaudited) (continued)

Independent Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
Richard P. Strubel Age: 70	Trustee	Since 1987	Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); President, COO and Director, Cardean Learning Group (1999-2003); Director, Cantilever Technologies, Inc. (a private software company) (1999-2005); Audit Committee Chairman, The University of Chicago (2006-Present); Trustee, The University of Chicago (1987-Present); and Managing Director, Tandem Partners, Inc. (management services firm) (1990-1999). Trustee—Goldman Sachs Mutual Fund Complex.	96	Gildan Activewear Inc. (a clothing marketing and manufacturing company); The Northern Trust Mutual Fund Complex (58 Portfolios) (Chairman of the Board of Trustees).

Interested Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
James A. McNamara* Age: 47	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President—Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President—Goldman Sachs Mutual Fund Complex (2001-2007). Trustee—Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).	96	None
Alan A. Shuch* Age: 60	Trustee	Since 1990	Advisory Director—GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee—Goldman Sachs Mutual Fund Complex.	96	None

*	These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
1	Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, One New York Plaza, 37th Floor, New York, New York, 10004, Attn: Peter V. Bonanno.
2	Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the conclusion of the first Board meeting held subsequent to the day the Trustee attains the age of 72 years (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.

³ The Goldman Sachs Mutual Fund Complex consists of the Trust, Goldman Sachs Municipal Opportunity Fund, Goldman Sachs Credit Strategies Fund, and Goldman Sachs Trust. As of December 31, 2009, the Trust consisted of 11 portfolios, Goldman Sachs Trust consisted of 83 portfolios (of which 82 offered shares to the public) and the Goldman Sachs Municipal Opportunity Fund did not offer shares to the public.

⁴ This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-292-4726.

27

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

		Term of
		Office and
	Position(s) Held	Length of
Name, Address and Age	With the Trust	Time Served1	Principal Occupation(s) During Past 5 Years
James A. McNamara 32 Old Slip New York, NY 10005 Age: 47	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President—Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President—Goldman Sachs Mutual Fund Complex (2001-2007). Trustee—Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).
George F. Travers 30 Hudson Street Jersey City, NJ 07032 Age: 42	Senior Vice President and Principal Financial Officer	Since 2009	Managing Director, Goldman Sachs (2007-present); Managing Director, UBS Ag (2005-2007); and Partner, Deloitte & Touche LLP (1990-2005, partner from 2000-2005) Senior Vice President and Principal Financial Officer—Goldman Sachs Mutual Fund Complex.
Peter V. Bonanno One New York Plaza New York, NY 10004 Age: 42	Secretary	Since 2003	Managing Director, Goldman Sachs (December 2006-Present); Associate General Counsel, Goldman Sachs (2002-Present); Vice President, Goldman Sachs (1999-2006); and Assistant General Counsel, Goldman Sachs (1999-2002). Secretary—Goldman Sachs Mutual Fund Complex (2006-Present); and Assistant Secretary—Goldman Sachs Mutual Fund Complex (2003-2006).
Scott M. McHugh 32 Old Slip New York, NY 10005 Age: 38	Treasurer and Senior Vice President	Since 2009	Vice President, Goldman Sachs (February 2007-Present); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer—Goldman Sachs Mutual Fund Complex (October 2009-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (November 2009-Present); and Assistant Treasurer—Goldman Sachs Mutual Fund Complex (May 2007-October 2009).

1	Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2009, 100% of the dividends paid from net investment company taxable income by the Goldman Sachs Structured Small Cap Equity Fund qualify for the dividends received deduction available to corporations.

 28

TRUSTEES	OFFICERS
Ashok N. Bakhru, Chairman	James A. McNamara, President
John P. Coblentz, Jr.	George F. Travers, Principal Financial Officer
Diana M. Daniels	Peter V. Bonanno, Secretary
Patrick T. Harker	Scott M. McHugh, Treasurer
James A. McNamara
Jessica Palmer
Alan A. Shuch
Richard P. Strubel
GOLDMAN, SACHS & CO. Distributor and Transfer Agent
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 32 Old Slip, New York, New York 10005
Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.
A prospectus for the Fund containing more complete information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). Please consider a fund’s objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.
The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) Web site at http://www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-621-2550.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio,which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus for the Fund. Please consider the Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Fund.
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This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Goldman Sachs Structured Small Cap Equity Fund.
Copyright 2010 Goldman, Sachs & Co. All rights reserved.
VITSTRUCSCAR10/32201.MF/02-10

Goldman

Sachs Variable Insurance Trust

Goldman Sachs
Structured U.S. Equity Fund

Annual Report

December 31, 2009

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital and dividend income. The Fund seeks this objective through a broadly diversified portfolio of large-cap and blue-chip equity investments representing all major sectors of the U.S. economy.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12 months ended December 31, 2009.

How did the Goldman Sachs Structured U.S. Equity Fund (the “Fund”) perform during the annual period ended December 31, 2009 (the “Reporting Period”)?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of 21.15% and 20.89%, respectively. These returns compare to the 26.46% average annual total return of the Fund’s benchmark, the Standard & Poor’s 500 Index (with dividends reinvested) (the “S&P 500 Index”) during the same time period.

What economic and market factors most influenced the equity markets as a whole during the Reporting Period?

The performance of the U.S. equity markets can be divided into two distinct portions during the Reporting Period. Through early March 2009, the U.S. equity markets were characterized by negativity and soaring volatility, as the equity markets reacted to a litany of bad economic news. Investor concerns were fostered by rising unemployment and a still-fragile housing market, as well as by continued financial disruptions. Underlying this uncertainty was the fact that the U.S. economy had moved into a recession, as evidenced by waning consumer spending and a dimming export sector, which until recently, had been a rare bright spot in the U.S. economic picture. Global financial institutions cut back lending as other major financial institutions dealt with the after-shocks of bankruptcy, merger or government take-over. Together, these factors fostered heightened investor risk aversion and fear. The result was that investors sold off all types of equity assets in a flight to the relative safety of U.S. Treasuries.

Then, economic news improved and “green shoots” even began to appear in early March as investor sentiment improved. The Treasury Department finally revealed details on key parts of its financial rescue plans, and investors recognized that the government was not interested in nationalizing companies that could be viable as privately-owned enterprises. Gross Domestic Product (GDP) declined less than expected in the second quarter of 2009, and U.S. equities rallied strongly. Although the equity markets stalled somewhat in June, the rally resumed with vigor again in July, such that most of the major U.S. equity indices enjoyed gains for seven months in a row through September 2009. October saw choppy equity market results, as economic data remained mixed and investors questioned how long one of the biggest equity market recoveries ever could last. November and December then saw a rebound in the equity markets. In all, given the astonishing rally since early March, both the Dow Jones Industrial Index and the S&P 500 Index ended 2009 with their best annual gains since 2003, though still significantly down from their 2007 peaks. The equity market rally was broad based across sectors within the U.S. equity indices, and international equities rose sharply as well.

For the Reporting Period overall, the U.S. large-cap equity market, as measured by the S&P 500 Index, modestly outpaced its small-cap counterparts, as measured by the S&P SmallCap 600 Index, but lagged its mid-cap counterparts, as measured by the S&P MidCap 400 Index. While all ten sectors in the S&P 500 Index were up for the year, information technology and materials gained the most ground. The top-weighted information technology sector was also the largest positive contributor to S&P 500 Index returns. Given its heavier weighting in the information technology sector, it is not surprising, then, that the growth-oriented index for the U.S. large-cap equity market significantly outperformed the value-oriented index during the Reporting Period. The S&P 500/Citigroup Growth Index returned 31.57% for the Reporting Period compared to the 21.18% return of the S&P 500/Citigroup Value Index.

What key factors were responsible for the Fund’s performance during the Reporting Period?

As expected, and in keeping with our investment approach, our quantitative model and its six investment themes (Valuation, Profitability, Quality, Management, Momentum and Sentiment) had the greatest impact on relative performance. We use these themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification

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GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by the Fund’s different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term.

Overall, the Fund underperformed the S&P 500 Index during the Reporting Period, with the Fund’s Profitability theme detracting the most from relative performance, followed by Quality and Sentiment. The Profitability theme assesses whether a company is earning more than its cost of capital. The Quality theme evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Management theme, which assesses the characteristics, policies and strategic decisions of company management, also negatively impacted relative returns, though to a lesser extent.

The Momentum and Valuation themes contributed positively to the Fund’s returns relative to the S&P 500 Index. The Momentum theme seeks to predict drifts in stock prices caused by under-reaction to company specific information. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

How did the Fund’s sector allocations affect relative performance?

In constructing the Fund’s portfolio, we focus on picking stocks rather than making industry or sector bets. Consequently, the Fund is similar to its benchmark, the S&P 500 Index, in terms of its sector allocation and style. However, we seek to outpace the S&P 500 Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. We also build positions based on our thematic views. For example, the Fund aims to hold a basket of stocks with more favorable Momentum characteristics than the benchmark index. We manage the Fund’s industry and sector exposure by including industry factors in our risk model and by explicitly penalizing industry and sector deviations from the benchmark index in optimization. Sector weights generally do not have a meaningful impact on relative performance.

All that said, stock selection in the telecommunication services and information technology sectors made the biggest positive contribution to the Fund’s results relative to the S&P 500 Index. Conversely, stock selection in the consumer discretionary, financials and health care sectors detracted most from the Fund’s results relative to its benchmark index.

Which individual stock positions contributed the most to the Fund’s relative returns during the Reporting Period?

The Fund benefited most from overweight positions in rigid computer disk drive manufacturer Seagate Technology, software manufacturing giant Microsoft, and diversified banking institution Citigroup. We chose to overweight Seagate Technology and Citigroup because of our positive views on Quality and Valuation. The overweight in Microsoft was the result of our positive views on Profitability and Management.

Which individual positions detracted from the Fund’s results during the Reporting Period?

Detracting most from the Fund’s results relative to its benchmark index were overweight positions in supplemental insurance company Aflac, discount retailer Family Dollar Store, and pharmaceutical manufacturer Eli Lilly. Our positive views on Profitability and Sentiment led us to overweight Aflac and Family Dollar Store. The Fund had an overweighted position in Eli Lilly because of our positive views on Profitability and Quality.

Did you make any enhancements to your quantitative models during the Reporting Period?

We continuously look for ways to improve our investment process. Accordingly, during the Reporting Period, we introduced a number of enhancements to the proprietary quantitative model we use in the Fund. During the first quarter of 2009, we added a new factor to our global models, which extends the Fund’s Momentum theme by examining additional relationships across firms. This enhancement is part of our ongoing research effort in developing cross-company linkage signals. We believe that this new factor has predictive ability and should further add value to our process over time.

During the second quarter of 2009, we introduced an enhanced risk model to our process. The key features are the dynamic adjustment of volatility decay rates based on the market environment, as well as the decomposition of factor exposures into different lags and the inclusion of short interest as a control factor. The expected benefits of these rather complex features are the ability to react to changing markets in a timelier manner, avoiding stale exposures and better controlling active exposure to heavily shorted companies.

We continued our extensive ongoing research process, but did not implement significant model enhancements in the third quarter of 2009. During the fourth quarter of 2009, we implemented several enhancements to our U.S. equity models. We

 2

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

continued to refine our process to properly adjust for crowding which, if not controlled, has the potential to shorten the horizon over which updated signal values are effective. Crowding is a phenomenon in which quantitative managers look for similar stock traits using similar investment themes. We also continued to improve our cross-company linkage signals by examining the relationship between companies that are economically linked on a global basis. Further, we introduced two new signals within the Management theme. The first seeks to capture select actions of managers of hard-to-value companies, while the other identifies companies where managers have an incentive that is tied to shareholder value. Lastly, we continued our sector-specific research and implemented a signal that measures the efficiency and profitability of airline companies. We believe these enhancements have predictive ability and should further add value to our process over time.

What was the Fund’s sector positioning relative to its benchmark index at the end of the Reporting Period?

As of December 31, 2009, the Fund was overweight the health care, materials, and information technology sectors relative to the S&P 500 Index. The Fund was underweight the utilities, financials, consumer staples and telecommunication services sectors compared to the benchmark index on the same date. The Fund was relatively neutral in the energy, industrials and consumer discretionary sectors at the end of the Reporting Period.

What is your strategy going forward for the Fund?

In the coming months, we believe that less expensive stocks should outpace more expensive stocks, and that stocks with good momentum are likely to outperform those with poor momentum. Our focus will remain on companies with increasingly strong fundamentals, good profitability, sustainable earnings and a track record of using capital to enhance shareholder value. As such, we anticipate remaining fully invested with long-term performance likely to be the result of stock selection rather than sector or size allocations.

We stand behind our investment philosophy that sound economic investment principles, coupled with a disciplined quantitative approach, can provide strong, uncorrelated returns over the long run. Our research agenda is robust, and we continue to enhance our existing models, add new proprietary forecasting signals, and improve our trading execution as we seek to provide the most value to our shareholders.

CHANGES MADE TO THE TEAM’S MANAGEMENT

Mark Carhart and Ray Iwanowski, formerly co-heads of Quantitative Investment Strategies (QIS), have retired, each to pursue separate personal and professional objectives. Giorgio De Santis, co-head of QIS Research, also decided to retire.

Carolina Minio-Paluello, Managing Director, has accepted a new opportunity within the firm. Gary Chropuvka, Managing Director, has assumed Carolina’s responsibilities and has become the Head of Global Client Portfolio Management and Product Strategy for QIS. Gary has been with the QIS team for more than 10 years and has extensive experience with the team’s U.S. client effort. Additionally, Michael Cooper, Vice President and research analyst on our equity research team, has left the firm. Michael joined the QIS team in January 2008 and has returned to the David Eccles School of Business at the University of Utah, where he was previously an Associate Professor of Finance. Michael’s research responsibilities have been assumed by the existing QIS equity research team.

In November 2009, Claira Kim joined the QIS team as a Vice President and will assist Veronica Foo, who is our Chief Operating Officer. We were also pleased to welcome six new analysts and an associate to the team during the Reporting Period. They will assume various functions within the QIS team.

After 23 years of distinguished service, Robert B. Litterman, the chairman of GSAM’s QIS Group, retired from the firm at the end of 2009. Additionally, Bob Jones, previously co-CIO of the QIS equity business, decided to become an advisory director of QIS. After running our equity business for almost 20 years, Bob stepped away from actively managing portfolios in 2007. In his new role as advisory director, he spends his time focusing on special research projects, particularly in the quantitative equity space. Katinka Domotorffy will remain as Chief Investment Officer and the Head of QIS, continuing to work alongside Kent Daniel and Bill Fallon, co-CIOs of our equity and macro-fixed income businesses, respectively. The QIS team of over 120 professionals and 30-plus information technologists remains dedicated to research excellence as we enter 2010.

3 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

Portfolio Composition

TOP TEN PORTFOLIO HOLDINGS AS OF 12/31/09*

Holding	% of Net Assets			Line of Business
Microsoft Corp.		4.5	%	Software & Services
Exxon Mobil Corp.		3.4		Energy
Eli Lilly & Co.		3.1		Pharmaceuticals, Biotechnology & Life Sciences
Devon Energy Corp.		2.7		Energy
Pfizer, Inc.		2.4		Pharmaceuticals, Biotechnology & Life Sciences
United Parcel Service, Inc. Class B		2.2		Transportation
Lorillard, Inc.		2.2		Food, Beverage & Tobacco
Seagate Technology		2.1		Technology Hardware & Equipment
Intel Corp.		2.0		Semiconductors & Semiconductor Equipment
Wells Fargo & Co.		2.0		Banks

* Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained by the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of securities should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise.

FUND vs. BENCHMARK SECTOR ALLOCATION AS OF 12/31/09¹

¹ The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Underlying industry sector allocations of exchange traded funds (“ETFs”) held by the Fund are not reflected in the graph above. Consequently, the Fund’s overall industry sector allocations may differ from the percentages contained in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investment in the securities lending reinvestment vehicle represented 7.4% of the Fund’s net assets at December 31, 2009.

 4

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

Performance Summary

December 31, 2009

The following graph shows the value, as of December 31, 2009, of a $10,000 investment made on January 1, 2000 in the Institutional Shares at net asset value per share. For comparative purposes, the performance of the Fund’s benchmark, the S&P 500 Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. Performance of Service Shares will vary from Institutional Shares due to differences in fees. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.

Structured U.S. Equity Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2000 through December 31, 2009.

Average Annual Total Return through December 31, 2009	One Year		Five Years		Ten Years		Since Inception
Institutional (Commenced February 13, 1998)		21.15%		−2.02%		−1.78%		1.48%
Service (Commenced January 9, 2006)		20.89%		n/a		n/a		−4.95%

5

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

Schedule of Investments

December 31, 2009

	Shares		Description	Value
Common Stocks – 98.1%
	Automobiles & Components – 0.8%
		102,281	Ford Motor Co.*	$	1,022,810
		98,650	Johnson Controls, Inc.		2,687,226
					3,710,036
	Banks – 3.1%
		72,982	BB&T Corp.		1,851,553
		17,565	Hudson City Bancorp, Inc.		241,168
		137,085	U.S. Bancorp		3,085,783
		334,669	Wells Fargo & Co.		9,032,716
					14,211,220
	Capital Goods – 7.0%
		11,446	Armstrong World Industries, Inc.*		445,593
		13,887	Caterpillar, Inc.		791,420
		27,969	Cummins, Inc.		1,282,658
		23,869	Eaton Corp.(a)		1,518,546
		84,411	Emerson Electric Co.		3,595,909
		448,336	General Electric Co.		6,783,324
		31,065	Honeywell International, Inc.		1,217,748
		30,138	Ingersoll-Rand PLC		1,077,132
		51,894	Lockheed Martin Corp.		3,910,213
		4,750	Navistar International Corp.*		183,587
		65,358	Northrop Grumman Corp.		3,650,244
		9,355	Rockwell Automation, Inc.(a)		439,498
		8,556	Timken Co.		202,863
		47,216	Toro Co.(a)		1,974,101
		67,486	United Technologies Corp.		4,684,203
					31,757,039
	Commercial & Professional Services – 0.4%
		31,539	Manpower, Inc.(a)		1,721,399
	Consumer Durables & Apparel – 0.3%
		32,479	Harman International Industries, Inc.(a)		1,145,859
	Consumer Services – 0.8%
		14,111	Apollo Group, Inc. Class A*(a)		854,844
		78,694	Carnival Corp.*		2,493,813
		13,042	Marriott International, Inc. Class A(a)		355,395
					3,704,052
	Diversified Financials – 4.6%
		14,758	AmeriCredit Corp.*(a)		280,992
		297,703	Bank of America Corp.		4,483,407
		72,827	Capital One Financial Corp.		2,792,187
		757,883	Citigroup, Inc.		2,508,593
		55,963	Discover Financial Services		823,216
		132,907	JPMorgan Chase & Co.		5,538,235
		85,343	SEI Investments Co.(a)		1,495,209
		103,587	The Bank of New York Mellon Corp.		2,897,329
					20,819,168
	Energy – 11.5%
		17,048	Baker Hughes, Inc.		690,103
		101,674	Chevron Corp.		7,827,881
		10,243	Cimarex Energy Co.		542,572
		135,497	ConocoPhillips		6,919,832
		165,699	Devon Energy Corp.		12,178,877
		3,673	Ensco International PLC ADR		146,700
		38,047	Exterran Holdings, Inc.*(a)		816,108
		223,373	Exxon Mobil Corp.		15,231,805
		92,112	Halliburton Co.		2,771,650
		33,247	Schlumberger Ltd.		2,164,047
		106,983	Valero Energy Corp.		1,791,965
		16,929	XTO Energy, Inc.		787,706
					51,869,246
	Food & Staples Retailing – 2.0%
		8,436	Costco Wholesale Corp.		499,158
		61,926	CVS Caremark Corp.		1,994,637
		58,140	SUPERVALU, Inc.(a)		738,959
		43,457	Walgreen Co.		1,595,741
		80,343	Wal-Mart Stores, Inc.		4,294,333
					9,122,828
	Food, Beverage & Tobacco – 6.4%
		26,929	Altria Group, Inc.		528,616
		172,334	Archer-Daniels-Midland Co.		5,395,777
		11,952	Campbell Soup Co.		403,978
		46,836	Hansen Natural Corp.*		1,798,502
		121,733	Lorillard, Inc.		9,766,639
		71,572	PepsiCo, Inc.		4,351,578
		76,615	Philip Morris International, Inc.		3,692,077
		23,197	The Coca-Cola Co.		1,322,229
		136,853	Tyson Foods, Inc. Class A(a)		1,679,186
					28,938,582
	Health Care Equipment & Services – 3.8%
		4,816	Aetna, Inc.		152,667
		6,242	Becton, Dickinson and Co.		492,244
		198,599	Boston Scientific Corp.*		1,787,391
		65,807	Cardinal Health, Inc.		2,121,618
		72,112	CareFusion Corp.*(a)		1,803,521
		38,978	Coventry Health Care, Inc.*		946,776
		14,893	Humana, Inc.*		653,654
		19,077	McKesson Corp.		1,192,312
		10,159	Medco Health Solutions, Inc.*		649,262
		16,580	Stryker Corp.		835,134
		111,747	UnitedHealth Group, Inc.		3,406,048
		51,454	WellPoint, Inc.*		2,999,254
					17,039,881
	Household & Personal Products – 2.2%
		23,278	Colgate-Palmolive Co.		1,912,288
		3,976	Herbalife Ltd.		161,306
		132,931	The Procter & Gamble Co.		8,059,607
					10,133,201
	Insurance – 2.4%
		69,284	MBIA, Inc.*(a)		275,750
		81,551	MetLife, Inc.		2,882,828
		37,199	Prudential Financial, Inc.		1,851,022

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

 6

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

	Shares		Description	Value
Common Stocks – (continued)
	Insurance – (continued)
		28,143	The Travelers Companies, Inc.	$	1,403,210
		224,969	Unum Group		4,391,395
					10,804,205
	Materials – 4.2%
		76,002	E.I. du Pont de Nemours & Co.		2,558,987
		22,396	Eastman Chemical Co.		1,349,135
		38,157	Freeport-McMoRan Copper & Gold, Inc.*		3,063,626
		133,054	International Paper Co.		3,563,186
		15,425	Monsanto Co.		1,260,994
		51,010	Newmont Mining Corp.		2,413,283
		6,806	Reliance Steel & Aluminum Co.(a)		294,155
		15,278	Schnitzer Steel Industries, Inc. Class A(a)		728,761
		131,721	The Dow Chemical Co.		3,639,451
					18,871,578
	Media – 3.5%
		174,637	Comcast Corp. Class A		2,944,380
		147,424	DISH Network Corp. Class A		3,061,996
		31,491	News Corp. Class A		431,112
		6,923	Time Warner Cable, Inc.		286,543
		300,299	Time Warner, Inc.		8,750,713
		12,413	Viacom, Inc. Class B*		369,038
					15,843,782
	Pharmaceuticals, Biotechnology & Life Sciences – 9.7%
		119,232	Amgen, Inc.*		6,744,954
		7,738	Celgene Corp.*		430,852
		393,476	Eli Lilly & Co.		14,051,028
		63,409	Forest Laboratories, Inc.*		2,036,063
		140,123	Gilead Sciences, Inc.*		6,064,523
		58,146	Johnson & Johnson		3,745,184
		607,925	Pfizer, Inc.		11,058,156
					44,130,760
	Real Estate Investment Trust – 3.2%
		14,719	AvalonBay Communities, Inc.(a)		1,208,577
		5,789	Nationwide Health Properties, Inc.(a)		203,657
		17,911	Plum Creek Timber Co., Inc.(a)		676,319
		32,915	Public Storage, Inc.(a)		2,680,927
		69,045	Rayonier, Inc.(a)		2,910,937
		84,688	Simon Property Group, Inc.(a)		6,758,103
					14,438,520
	Retailing – 3.8%
		24,686	Amazon.com, Inc.*		3,320,761
		32,028	Best Buy Co., Inc.		1,263,825
		13,734	Dollar Tree, Inc.*		663,352
		86,046	Expedia, Inc.*(a)		2,212,243
		16,397	J.C. Penney Co., Inc.		436,324
		49,959	Macy’s, Inc.		837,313
		20,514	Nordstrom, Inc.(a)		770,916
		46,462	Office Depot, Inc.*		299,680
		88,983	Ross Stores, Inc.(a)		3,800,464
		35,263	The Gap, Inc.		738,760
		67,637	The TJX Companies, Inc.		2,472,132
		28,966	Williams-Sonoma, Inc.(a)		601,913
					17,417,683
	Semiconductors & Semiconductor Equipment – 3.6%
		451,098	Intel Corp.		9,202,399
		42,754	LSI Corp.*		256,952
		255,105	Texas Instruments, Inc.		6,648,036
					16,107,387
	Software & Services – 8.4%
		101,105	Accenture PLC Class A		4,195,857
		26,242	AOL, Inc.*		610,914
		7,662	Google, Inc. Class A*		4,750,287
		669,191	Microsoft Corp.		20,403,633
		165,594	Oracle Corp.		4,063,677
		180,910	Symantec Corp.*		3,236,480
		40,083	VeriSign, Inc.*(a)		971,612
					38,232,460
	Technology Hardware & Equipment – 8.1%
		14,070	Arrow Electronics, Inc.*		416,613
		15,425	Avnet, Inc.*(a)		465,218
		271,802	Cisco Systems, Inc.*		6,506,940
		397,162	Dell, Inc.*		5,703,246
		96,398	EMC Corp.*		1,684,073
		61,312	Flextronics International Ltd.*		448,191
		152,664	Ingram Micro, Inc. Class A*		2,663,987
		188,337	Motorola, Inc.*		1,461,495
		17,844	SanDisk Corp.*(a)		517,297
		515,603	Seagate Technology(a)		9,378,819
		198,399	Sun Microsystems, Inc.*		1,858,999
		90,480	Tellabs, Inc.*		513,926
		86,274	Tyco Electronics Ltd.		2,118,027
		64,109	Western Digital Corp.*		2,830,412
					36,567,243
	Telecommunication Services – 2.8%
		320,722	AT&T, Inc.(b)		8,989,838
		7,820	CenturyTel, Inc.		283,162
		566,674	Sprint Nextel Corp.*		2,074,027
		34,442	Verizon Communications, Inc.		1,141,063
					12,488,090
	Transportation – 2.9%
		18,690	FedEx Corp.		1,559,681
		135,043	Southwest Airlines Co.		1,543,541
		175,972	United Parcel Service, Inc. Class B		10,095,514
					13,198,736
	Utilities – 2.6%
		5,998	Consolidated Edison, Inc.		272,489
		35,126	Dominion Resources, Inc.		1,367,104
		259,042	Duke Energy Corp.		4,458,113
		2,156	Entergy Corp.		176,447

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

7

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

Schedule of Investments (continued)

December 31, 2009

	Shares		Description	Value
Common Stocks – (continued)
	Utilities – (continued)
		92,714	Exelon Corp.	$	4,530,933
		5,524	Integrys Energy Group, Inc.		231,953
		13,254	NiSource, Inc.		203,847
		22,446	Public Service Enterprise Group, Inc.		746,329
					11,987,215
	TOTAL COMMON STOCKS
	(Cost $396,165,990)			$	444,260,170

	Shares		Rate	Value
Short-term Investment(c) – 2.4%
	JPMorgan U.S. Government Money Market Fund –   Capital Shares
		10,774,190	0.049%	$	10,774,190
	(Cost $10,774,190)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $406,940,180)			$	455,034,360
Securities Lending Reinvestment Vehicle(c)(d) – 7.4%
	Boston Global Investment Trust – Enhanced Portfolio II
		33,609,228	0.155%	$	33,642,837
	(Cost $33,609,227)
	TOTAL INVESTMENTS – 107.9%
	(Cost $440,549,407)			$	488,677,197
	LIABILITIES IN EXCESS OF   OTHER ASSETS – (7.9)%				(35,611,274	)
	NET ASSETS – 100.0%			$	453,065,923

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

*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009.
(d)	Represents an affiliated issuer.

Investment Abbreviation:
ADR	—	American Depositary Receipt

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2009, the following futures contracts were open:

	Number of		Expiration				Unrealized
Type	Contracts Long		Date		Value		Gain
S&P 500 E-mini		170		March 2010	$	9,440,950	$	17,035

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

 8

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

Statement of Assets and Liabilities

December 31, 2009

Assets:
Investments in securities of unaffiliated issuers, at value (identified cost $406,940,180)(a)	$	455,034,360
Investments in affiliated securities lending reinvestment vehicle, at value (identified cost $33,609,227)		33,642,837
Receivables:
Dividends		307,207
Reimbursement from investment adviser		20,669
Fund shares sold		19,720
Securities lending income		2,260
Total assets		489,027,053
Liabilities:
Payables:
Payable upon return of securities loaned		34,273,825
Fund shares redeemed		688,839
Amounts owed to affiliates		267,587
Due to broker — variation margin		96,900
Accrued expenses and other liabilities		633,979
Total liabilities		35,961,130
Net Assets:
Paid-in capital		680,488,224
Accumulated undistributed net investment income		273,625
Accumulated net realized loss from investment and futures transactions		(275,840,751	)
Net unrealized gain on investments and futures		48,144,825
NET ASSETS	$	453,065,923
Net Assets:
Institutional	$	340,535,687
Service		112,530,236
Total Net Assets	$	453,065,923
Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):
Institutional		35,835,320
Service		11,827,385
Net asset value, offering and redemption price per share:
Institutional	$	9.50
Service		9.51

(a) Includes loaned securities having a market value of $32,973,335.

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

9

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

Statement of Operations

For the Fiscal Year Ended December 31, 2009

Investment income:
Dividends	$	9,527,834
Securities lending income — affiliated issuer		749,671
Total investment income		10,277,505
Expenses:
Management fees		2,688,744
Distribution and Service fees — Service Shares		255,400
Printing fees		95,293
Transfer Agent fees(a)		84,795
Professional fees		77,302
Custody and accounting fees		55,468
Trustee fees		16,663
Other		29,484
Total expenses		3,303,149
Less — expense reductions		(221,493	)
Net expenses		3,081,656
NET INVESTMENT INCOME		7,195,849
Realized and unrealized gain (loss) from investment and futures transactions:
Net realized gain (loss) from:
Investment transactions — unaffiliated issuers		(77,589,893	)
Securities lending reinvestment vehicle transactions — affiliated issuer		599,888
Futures transactions		1,615,725
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		149,192,180
Securities lending reinvestment vehicle — affiliated issuer		(75,561	)
Futures		(197,718	)
Net realized and unrealized gain from investment and futures transactions		73,544,621
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	80,740,470

(a) Institutional and Service Shares had Transfer Agent fees of $64,366 and $20,429, respectively.

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

 10

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

Statements of Changes in Net Assets

	For the Fiscal			For the Fiscal
	Year Ended			Year Ended
	December 31, 2009			December 31, 2008
From operations:
Net investment income	$	7,195,849		$	10,381,685
Net realized loss from investment and futures		(75,374,280	)		(164,162,633	)
Net change in unrealized gain (loss) on investments and futures		148,918,901			(147,574,697	)
Net increase (decrease) in net assets resulting from operations		80,740,470			(301,355,645	)
Distributions to shareholders:
From net investment income
Institutional Shares		(6,370,564	)		(7,626,004	)
Service Shares		(1,887,246	)		(2,046,496	)
From net realized gains
Institutional Shares		—			(4,278,205	)
Service Shares		—			(1,333,264	)
Total distributions to shareholders		(8,257,810	)		(15,283,969	)
From share transactions:
Proceeds from sales of shares		10,818,239			12,580,702
Reinvestment of distributions		8,257,810			15,283,969
Cost of shares redeemed		(89,222,749	)		(218,640,245	)
Net decrease in net assets resulting from share transactions		(70,146,700	)		(190,775,574	)
TOTAL INCREASE (DECREASE)		2,335,960			(507,415,188	)
Net assets:
Beginning of year		450,729,963			958,145,151
End of year	$	453,065,923		$	450,729,963
Accumulated undistributed net investment income	$	273,625		$	1,333,285

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

11

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from
			investment operations								Distributions to shareholders
					Net																									Ratio of			Ratio of
	Net asset				realized									From						Net asset					Net assets,		Ratio of			total			net investment
	value,		Net		and			Total from			From net			net						value,					end of		net expenses			expenses			income			Portfolio
	beginning		investment		unrealized			investment			investment			realized			Total			end of		Total			year		to average			to average			to average			turnover
Year - Share Class	of year		income(a)		gain (loss)			operations			income			gains			distributions			year		return(b)			(in 000s)		net assets			net assets			net assets			rate
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2009 - Institutional	$	7.99	$	0.15	$	1.54		$	1.69		$	(0.18	)	$	—		$	(0.18	)	$	9.50		21.15	%	$	340,536		0.68	%		0.72	%		1.75	%		136	%
2009 - Service		8.00		0.13		1.54			1.67			(0.16	)		—			(0.16	)		9.51		20.89			112,530		0.89			0.97			1.53			136
2008 - Institutional		13.16		0.17		(5.06	)		(4.89	)		(0.18	)		(0.10	)		(0.28	)		7.99		(36.92	)		344,144		0.71			0.72			1.53			110
2008 - Service		13.16		0.14		(5.04	)		(4.90	)		(0.16	)		(0.10	)		(0.26	)		8.00		(37.05	)		106,586		0.92			0.97			1.34			110
2007 - Institutional		14.67		0.15		(0.37	)		(0.22	)		(0.16	)		(1.13	)		(1.29	)		13.16		(1.63	)		752,148		0.71	(c)		0.72	(c)		1.02	(c)		125
2007 - Service		14.67		0.14		(0.37	)		(0.23	)		(0.15	)		(1.13	)		(1.28	)		13.16		(1.72	)		205,997		0.79	(c)		0.97	(c)		0.94	(c)		125
2006 - Institutional		13.13		0.14		1.55			1.69			(0.15	)		—			(0.15	)		14.67		12.89			910,345		0.72			0.72			1.01			99
2006 - Service (Commenced January 9, 2006)		13.54		0.13		1.14			1.27			(0.14	)		—			(0.14	)		14.67		9.38			261,814		0.80	(d)		0.97	(d)		0.92	(d)		99
2005 - Institutional		12.42		0.13		0.68			0.81			(0.10	)		—			(0.10	)		13.13		6.51			820,394		0.74			0.76			1.00			109

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the year. Total returns for periods less than one full year are not annualized.
(c)	Includes non-recurring expense for a special shareholder meeting which amounted to approximately 0.02% of average net assets.
(d)	Annualized.

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

12

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

Notes to Financial Statements

December 31, 2009

1. ORGANIZATION

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 Trust includes the Goldman Sachs Structured U.S. Equity Fund (the “Fund”). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service. Goldman, Sachs & Co. (“Goldman Sachs” or the “Distributor”) serves as Distributor of the shares of the Fund pursuant to a Distribution Agreement.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Fund. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect the amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

A. FASB Financial Accounting Standards Codification — In July 2009, the Financial Accounting Standards Board (“FASB”) launched its “Financial Accounting Standards Codification” (the “Codification”) as the single source of GAAP. While the Codification does not change GAAP, it introduces a new structure to the accounting literature and changes references to accounting standards and other authoritative accounting guidance that have been reflected in the Notes to Financial Statements.

B. Investment Valuation — The investment valuation policy of the Fund is to value investments at market value. Investments in equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the trustees or provided by securities dealers. 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 bond dealers to determine current value. If accurate quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the trustees. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. In the absence of market quotations, broker quotes will be utilized or the security will be fair valued. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share (“NAV”) on the valuation date. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates market value.

GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; government actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.

13

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

Notes to Financial Statements (continued)

December 31, 2009

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

C. Security and Fund Share Transactions, and Investment Income — Security and Fund share transactions are reflected for financial reporting purposes as of the trade date, which may cause the NAV as stated in the accompanying financial statements to be different than the NAV applied to Fund share transactions. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Dividend income is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Fund, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. In addition, it is the Fund’s policy to accrue for foreign capital gains taxes, if applicable, on certain foreign securities held by the Fund. An estimated foreign capital gains tax is recorded daily on net unrealized gains on these securities and is payable upon the sale of such securities when a gain is realized.

Net investment income (other than class specific expenses) and unrealized and realized gains or losses are allocated daily to each class of shares of the Fund based upon the relative proportion of net assets of each class.

In addition, distributions received from the Fund’s investments in U.S. real estate investment trusts (“REITs”) often include a “return of capital”, which is recorded by the Fund as a reduction of the cost basis of the securities held. The Internal Revenue Code of 1986, as amended (the “Code”) requires a REIT to distribute at least 95% of its taxable income to investors. In many cases, however, because of “non-cash” expenses such as property depreciation, a REIT’s cash flow will exceed its taxable income. The REIT may distribute this excess cash to offer a more competitive yield. This portion of the Fund’s distributions is deemed a return of capital and is generally not taxable to shareholders.

D. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Fund on a straight-line and/or pro-rata basis depending upon the nature of the expense and are accrued daily.

E. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Code applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal income tax provisions are required. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually. Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. 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 the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. The Fund’s capital accounts on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character, but do not reflect temporary differences.

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

F. Futures Contracts — The Fund may purchase or sell futures contracts to hedge against changes in interest rates, securities prices, currency exchange rates, or to seek to increase total return. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when a contract is closed or expires.

The use of futures contracts involves, to varying degrees, elements of market and counterparty risk which may exceed the amounts recognized in the Statement of Assets and Liabilities. Futures contracts may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day. Changes in the value of a futures contract may not directly correlate with changes in the value of the underlying securities. These risks may decrease the effectiveness of the Fund’s

 14

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

strategies and potentially result in a loss. The Fund must set aside liquid assets, or engage in other appropriate measures, to cover their obligations under these contracts.

3. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Fund, 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 Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee computed daily and payable monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the fiscal year ended December 31, 2009, contractual management fees with GSAM were at the following rates:

	Contractual Management Rate
	First			Next			Next			Next			Over
	$1 billion			$1 billion			$3 billion			$3 billion			$8 billion
For the period July 1, 2009 to December 31, 2009		0.62	%		0.59	%		0.56	%		0.55	%		0.54	%
For the period January 1, 2009 to June 30, 2009		0.65			0.59			0.56			0.55			0.54

Effective July 1, 2009, GSAM contractually reduced its management fee rates for the Fund to those specified above. As a result, the effective management fee rate for the fiscal year ended December 31, 2009 was 0.64%.

B. Distribution Agreement and Service Plan — The Trust, on behalf of the Service Shares of the Fund, has adopted a Distribution and Service Plan (the “Plan”). Under the Plan, Goldman Sachs and/or authorized dealers are entitled to a fee accrued daily and paid monthly for distribution services equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares. Goldman Sachs has voluntarily agreed to waive distribution and service fees so as not to exceed an annual rate of 0.21% of the Fund’s average daily net assets attributable to Service Shares. This waiver may be modified or terminated at any time at the option of Goldman Sachs. For the fiscal year ended December 31, 2009, Goldman Sachs waived approximately $40,900 in distribution and service fees for the Fund’s Service Shares.

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

D. Other Agreements — GSAM has voluntarily agreed to limit certain “Other Expenses” (excluding management fees, distribution and service fees, transfer agent fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, 0.004% of the average daily net assets of the Fund. Prior to July 1, 2009, this fee as a percentage of average daily net assets was 0.044% of the Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. This expense limitation may be modified or terminated at any time at the option of GSAM. For the fiscal year ended December 31, 2009, GSAM reimbursed approximately $177,400 to the Fund. In addition, the Fund has entered into certain offset arrangements with the transfer agent resulting in a reduction of the Fund’s expenses. For the fiscal year ended December 31, 2009, transfer agent fees were reduced by approximately $3,200.

As of December 31, 2009, amounts owed to affiliates were approximately $239,800, $20,100 and $7,700 for management, distribution and service, and transfer agent fees, respectively.

E. Line of Credit Facility — The Fund participates in a $660,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management

15

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

Notes to Financial Statements (continued)

December 31, 2009

3. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

agreements with GSAM or its affiliates. Pursuant to the terms of the facility, the Fund and other borrowers may increase the credit amount by an additional $340,000,000, for a total of up to $1 billion. The facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. This facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2009, the Fund did not have any borrowings under the facility. Prior to May 12, 2009, the amount available through the facility was $700,000,000.

F. Other Transactions with Affiliates — For the fiscal year ended December 31, 2009, Goldman Sachs earned approximately $4,200 in brokerage commissions from portfolio transactions including futures transactions executed with Goldman Sachs as Futures Commission merchant, on behalf of the Fund.

4. FAIR VALUE OF INVESTMENTS

The fair value of a financial instrument is 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). 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 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 all significant inputs are observable, either directly or indirectly;

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The following is a summary of the Fund’s investments categorized in the fair value hierarchy:

	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	444,260,170	$	—	$	—
Securities Lending Reinvestment Vehicle		—		33,642,837		—
Short-term Investments		10,774,190		—		—
Derivatives		17,035		—		—
Total	$	455,051,395	$	33,642,837	$	—

5. INVESTMENTS IN DERIVATIVES

The Fund may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over the counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivatives also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment

 16

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

5. INVESTMENTS IN DERIVATIVES (continued)

may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument.

GAAP requires enhanced disclosures about the Fund’s derivatives and hedging activities. The following table sets forth the gross value of the Fund’s derivative contracts for trading activities by certain risk types as of December 31, 2009. The values in the table below exclude the effects of cash received or posted pursuant to derivative contracts, and therefore are not representative of the Fund’s net exposure.

	Statement of			Average
	Assets and Liabilities	Derivative		Number of
Risk	Location	Assets		Contracts(b)
Equity	Unrealized gain on futures(a)	$	17,035		174

(a)	Includes cumulative appreciation (depreciation) of futures contracts described in the Additional Investment Information section of the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
(b)	Average number of contracts is based on the average of quarter end balances for the period ended December 31, 2009.

The following table sets forth by certain risk types the Fund’s gains (losses) related to derivative activities for the fiscal year ended December 31, 2009. These gains (losses) should be considered in the context that derivative contracts may have been executed to economically hedge securities and accordingly, gains or losses on derivative contracts may offset losses or gains attributable to securities. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” in the Statement of Operations:

				Net Change in
		Net Realized Gain		Unrealized Gain
Risk	Statement of Operations Location	(Loss)		(Loss)
Equity	Net realized gain (loss) from futures transactions/
	Net change in unrealized gain (loss) on futures	$	1,615,725	$	(197,718	)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2009, were $563,876,786 and $632,380,795, respectively.

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission and the terms and conditions contained therein, the Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.

The Fund invests the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio II of Boston Global Investment Trust (“Enhanced Portfolio II”), a Delaware statutory trust. The Enhanced Portfolio II, deemed an affiliate of the Trust, is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM,

17

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

Notes to Financial Statements (continued)

December 31, 2009

7. SECURITIES LENDING (continued)

for which GSAM may receive an investment advisory fee of up to 0.10% on an annualized basis of the average daily net assets of the Enhanced Portfolio II. The Enhanced Portfolio II invests primarily in short-term investments, but is not a “money market fund” subject to the requirements of Rule 2a-7 of the Act. The Fund’s investment of cash collateral in the Enhanced Portfolio II is subject to a net asset value that may fall or rise due to market and credit conditions.

Both the Fund and GSAL receive compensation relating to the lending of the Fund’s securities. The amount earned by the Fund for the fiscal year ended December 31, 2009, is reported as securities lending income. A portion of this amount, $43,818, represents compensation earned by the Fund from lending its securities to Goldman Sachs. For the fiscal year ended December 31, 2009, GSAL earned $83,210 in fees as securities lending agent. The amount payable to Goldman Sachs upon return of securities loaned as of December 31, 2009 was $9,427,823.

The following table provides information about the Fund’s investment in the Enhanced Portfolio II for the fiscal year ended December 31, 2009 (in thousands):

Number of						Number of
Shares Held Beginning						Shares Held End of		Value at End
of Fiscal Year	Shares Bought		Shares Sold			Fiscal Year		of Fiscal Year
24,237		266,064		(256,692	)		33,609	$	33,643

8. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2008 and December 31, 2009 was as follows:

	2008		2009
Distributions paid from:
Ordinary income	$	9,672,537	$	8,257,810
Net long-term capital gains		5,611,432		—
Total taxable distributions	$	15,283,969	$	8,257,810

As of December 31, 2009, the components of accumulated earnings (losses) on a tax basis were as follows:

Undistributed ordinary income — net	$	260,087
Capital loss carryforward:1
Expiring 2010	$	(31,739,316	)
Expiring 2016		(100,034,314	)
Expiring 2017		(139,411,293	)
Total capital loss carryforward	$	(271,184,923	)
Unrealized gain — net		43,502,535
Total accumulated losses — net	$	(227,422,301	)

¹ Expiration occurs on December 31 of the year indicated. Utilization of these losses may be substantially limited under the Code. The Fund had capital loss carryforwards of approximately $6,902,000 that expired in the current fiscal year.

 18

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

8. TAX INFORMATION (continued)

As of December 31, 2009, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Tax cost	$	445,174,662
Gross unrealized gain		50,795,959
Gross unrealized loss		(7,293,424	)
Net unrealized security gain	$	43,502,535

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains on regulated futures contracts and differences related to the tax treatment of partnership investments.

In order to present certain components of the Fund’s capital accounts on a tax basis, the Fund has reclassified $2,301 and $6,900,090 to accumulated undistributed net investment income and accumulated net realized loss from investment transactions, respectively, from paid-in capital. These reclassifications have no impact on the net asset value of the Fund and result primarily from expired capital loss carryforwards and the difference in the tax treatment of partnership investments.

9. OTHER RISKS

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Fund has unsettled or open transaction defaults.

Risks of Large Shareholder Redemptions — Certain participating insurance companies, accounts, or Goldman Sachs affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Fund’s shares. Redemptions by these participating insurance companies or accounts in the Fund may impact the Fund’s liquidity and NAV. These redemptions may also force the Fund to sell securities, which may increase the Fund’s brokerage costs.

10. INDEMNIFICATIONS

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

11. OTHER MATTERS

New Accounting Pronouncement — In May 2009, the FASB issued FASB Accounting Standards Codification (“ASC”) 855 “Subsequent Events”. This standard requires disclosure in the financial statements to reflect the effects of subsequent events that provide additional information on conditions about the financial statements as of the balance sheet date (recognized subsequent events) and disclosure of subsequent events that provide additional information about conditions after the balance sheet date if the financial statements would otherwise be misleading (unrecognized subsequent events). ASC 855 is effective for interim and annual financial statements issued for fiscal years ending after June 15, 2009. For purposes of

19

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

Notes to Financial Statements (continued)

December 31, 2009

11. OTHER MATTERS (continued)

inclusion in the financial statements, GSAM has concluded that subsequent events after the balance sheet date have been evaluated through February 16, 2010, the date the financial statements were issued.

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Fiscal Year Ended						For the Fiscal Year Ended
	December 31, 2009						December 31, 2008
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		882,949		$	6,944,789			1,036,638		$	10,604,402
Reinvestment of distributions		668,475			6,370,564			1,564,285			11,904,209
Shares redeemed		(8,810,469	)		(71,712,860	)		(16,656,572	)		(186,803,202	)
		(7,259,045	)		(58,397,507	)		(14,055,649	)		(164,294,591	)
Service Shares
Shares sold		473,655			3,873,450			203,939			1,976,300
Reinvestment of distributions		197,825			1,887,246			442,956			3,379,760
Shares redeemed		(2,171,765	)		(17,509,889	)		(2,969,078	)		(31,837,043	)
		(1,500,285	)		(11,749,193	)		(2,322,183	)		(26,480,983	)
NET DECREASE		(8,759,330	)	$	(70,146,700	)		(16,377,832	)	$	(190,775,574	)

 20

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Goldman Sachs Variable Insurance Trust — Goldman Sachs Structured U.S. Equity Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Goldman Sachs Structured U.S. Equity Fund (the “Fund”) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at December 31, 2009 by correspondence with the custodian, brokers, and transfer agent, provides a reasonable basis for our opinion. The financial highlights of the Fund for the periods ended December 31, 2006 and prior were audited by another Independent Registered Public Accounting Firm whose report dated February 14, 2007 expressed an unqualified opinion on those financial highlights.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 16, 2010

21

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

Fund Expenses — Six Month Period Ended December 31, 2009 (Unaudited)

As a shareholder of Institutional or Service Shares of the Fund, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (with respect to Service Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Institutional Shares and Service Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2009 through December 31, 2009.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund, you do not incur any transaction costs, such as sales charges, redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

						Expenses
	Beginning		Ending			Paid for the
	Account Value		Account Value			6 Months Ended
Share Class	7/01/09		12/31/09			12/31/09*
Institutional
Actual	$	1,000	$	1,203.90		$	3.78
Hypothetical 5% return		1,000		1,021.78	+		3.47
Service
Actual		1,000		1,202.90			4.94
Hypothetical 5% return		1,000		1,020.72	+		4.53

*

Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2009. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.68% and 0.89% for Institutional and Service Shares, respectively.

+

Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

 22

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

Trustees and Officers (Unaudited)

Independent Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
Ashok N. Bakhru Age: 67	Chairman of the Board of Trustees	Since 1991	President, ANB Associates (July 1994-March 1996 and November 1998-Present); Director, Apollo Investment Corporation (a business development company) (October 2008-Present); Executive Vice President—Finance and Administration and Chief Financial Officer and Director, Coty Inc. (manufacturer of fragrances and cosmetics) (April 1996-November 1998); Director of Arkwright Mutual Insurance Company (1984-1999); Trustee of International House of Philadelphia (program center and residential community for students and professional trainees from the United States and foreign countries) (1989-2004); Member of Cornell University Council (1992-2004 and 2006-Present); Trustee of the Walnut Street Theater (1992-2004); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors—III and IV (November 1998-2007), and Equity-Limited Investors II (April 2002-2007); and Chairman, Lenders Service Inc. (provider of mortgage lending services) (2000-2003). Chairman of the Board of Trustees—Goldman Sachs Mutual Fund Complex.	96	Apollo Investment Corporation (a business development company)
John P. Coblentz, Jr. Age: 68	Trustee	Since 2003	Partner, Deloitte & Touche LLP (June 1975-May 2003); Director, Emerging Markets Group, Ltd. (2004-2006); and Director, Elderhostel, Inc. (2006-Present). Trustee—Goldman Sachs Mutual Fund Complex.	96	None
Diana M. Daniels Age: 60	Trustee	Since 2007	Ms. Daniels is retired (since January 2007). Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is Chairman of the Executive Committee, Cornell University (2006-Present); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (since 2007), and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee—Goldman Sachs Mutual Fund Complex.	96	None
Patrick T. Harker Age: 51	Trustee	Since 2000	President, University of Delaware (July 2007-Present); Dean and Reliance Professor of Operations and Information Management, The Wharton School, University of Pennsylvania (February 2000-June 2007); Interim and Deputy Dean, The Wharton School, University of Pennsylvania (July 1999-January 2000); and Professor and Chairman of Department of Operations and Information Management, The Wharton School, University of Pennsylvania (July 1997-August 2000). Trustee—Goldman Sachs Mutual Fund Complex.	96	Pepco Holdings, Inc. (an energy delivery company)
Jessica Palmer Age: 60	Trustee	Since 2007	Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer is a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-Present). Trustee—Goldman Sachs Mutual Fund Complex.	96	None

23

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

Trustees and Officers (Unaudited) (continued)

Independent Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
Richard P. Strubel Age: 70	Trustee	Since 1987	Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); President, COO and Director, Cardean Learning Group (1999-2003); Director, Cantilever Technologies, Inc. (a private software company) (1999-2005); Audit Committee Chairman, The University of Chicago (2006-Present); Trustee, The University of Chicago (1987-Present); and Managing Director, Tandem Partners, Inc. (management services firm) (1990-1999). Trustee—Goldman Sachs Mutual Fund Complex.	96	Gildan Activewear Inc. (a clothing marketing and manufacturing company); The Northern Trust Mutual Fund Complex (58 Portfolios) (Chairman of the Board of Trustees).

Interested Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
James A. McNamara* Age: 47	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President—Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President—Goldman Sachs Mutual Fund Complex (2001-2007). Trustee—Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).	96	None
Alan A. Shuch* Age: 60	Trustee	Since 1990	Advisory Director—GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee—Goldman Sachs Mutual Fund Complex.	96	None

*	These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
1	Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, One New York Plaza, 37th Floor, New York, New York, 10004, Attn: Peter V. Bonanno.
2	Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the conclusion of the first Board meeting held subsequent to the day the Trustee attains the age of 72 years (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.
3	The Goldman Sachs Mutual Fund Complex consists of the Trust, Goldman Sachs Municipal Opportunity Fund, Goldman Sachs Credit Strategies Fund, and Goldman Sachs Trust. As of December 31, 2009, the Trust consisted of 11 portfolios, Goldman Sachs Trust consisted of 83 portfolios (of which 82 offered shares to the public) and the Goldman Sachs Municipal Opportunity Fund did not offer shares to the public.
4	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-292-4726.

 24

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

		Term of
		Office and
	Position(s) Held	Length of
Name, Address and Age	With the Trust	Time Served1	Principal Occupation(s) During Past 5 Years
James A. McNamara 32 Old Slip New York, NY 10005 Age: 47	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President—Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President—Goldman Sachs Mutual Fund Complex (2001-2007). Trustee—Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).
George F. Travers 30 Hudson Street Jersey City, NJ 07032 Age: 42	Senior Vice President and Principal Financial Officer	Since 2009	Managing Director, Goldman Sachs (2007-present); Managing Director, UBS Ag (2005-2007); and Partner, Deloitte & Touche LLP (1990-2005, partner from 2000-2005) Senior Vice President and Principal Financial Officer—Goldman Sachs Mutual Fund Complex.
Peter V. Bonanno One New York Plaza New York, NY 10004 Age: 42	Secretary	Since 2003	Managing Director, Goldman Sachs (December 2006-Present); Associate General Counsel, Goldman Sachs (2002-Present); Vice President, Goldman Sachs (1999-2006); and Assistant General Counsel, Goldman Sachs (1999-2002). Secretary—Goldman Sachs Mutual Fund Complex (2006-Present); and Assistant Secretary—Goldman Sachs Mutual Fund Complex (2003-2006).
Scott M. McHugh 32 Old Slip New York, NY 10005 Age: 38	Treasurer and Senior Vice President	Since 2009	Vice President, Goldman Sachs (February 2007-Present); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer—Goldman Sachs Mutual Fund Complex (October 2009-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (November 2009-Present); and Assistant Treasurer—Goldman Sachs Mutual Fund Complex (May 2007-October 2009).

1	Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2009, 100% of the dividends paid from net investment company taxable income by the Goldman Sachs Structured U.S. Equity Fund qualify for the dividends received deduction available to corporations.

25

TRUSTEES	OFFICERS
Ashok N. Bakhru, Chairman John P. Coblentz, Jr. Diana M. Daniels Patrick T. Harker James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel	James A. McNamara, President George F. Travers, Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer
GOLDMAN, SACHS & CO. Distributor and Transfer Agent
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 32 Old Slip, New York, New York 10005
Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.
A prospectus for the Fund containing more complete information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). Please consider a fund’s objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.
The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) Web site at http://www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-621-2550.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus for the Fund. Please consider the Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Fund.
	Toll Free (in U.S.): 800-292-4726
This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Goldman Sachs Structured U.S. Equity Fund.
Copyright 2010 Goldman, Sachs & Co. All rights reserved.
VITUSAR10/32201.MF.TMPL/02-10

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Money Market Fund

Annual Report

December 31, 2009

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

INVESTMENT OBJECTIVE

The Fund seeks to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Fund’s performance and positioning for the twelve-months ended December 31, 2009.

How did the Goldman Sachs Money Market Fund (the “Fund”) perform during the annual period ended December 31, 2009 (the “Reporting Period”)?

The Fund’s Standardized 7-Day Current Yield was -0.02% and its Standardized 7-Day Effective Yield was -0.02% as of December 31, 2009. The Fund’s One-Month Simple Average Yield was +0.01% as of December 31, 2009. The Fund’s 7-Day Distribution Yield as of December 31, 2009 was +0.01%. The Fund’s One-Year Simple Average Yield as of December 31, 2009 was +0.15%.

In order to understand why the Fund’s Standardized 7-Day Current and Effective Yields as of December 31, were negative, we believe it is important to understand how the standardized yield is derived. To ensure that no money market fund manager was misrepresenting its yield and to provide a common basis for comparing the yields of different fund managers, the Securities and Exchange Commission (“SEC”) created specific guidelines for the standardized yield calculation methodology and mandated all money market funds to quote this yield to investors. This calculation does not fully reflect the actual distribution income generated by the Fund. The standardized yield calculation methodology does not allow for the inclusion of capital gains and/or losses that are realized in the course of our active trading strategy. However, the 7-Day Distribution Yield does include capital gains and/or losses, thereby providing the investor with a more accurate representation of the Fund’s actual distribution income, inclusive of both income and short-term capital gains. The Standardized 7-Day Effective Yield assumes reinvestment of dividends for one year. The 7-Day Distribution Yield is the average return over the previous seven days and is the Fund’s total income net of expenses, divided by the total number of outstanding shares. Looking at both standardized yields and distribution yields together should help investors understand the magnitude and composition of the Fund’s distributions.

What economic and market factors most influenced the money markets as a whole during the Reporting Period?

The Reporting Period can be divided into two distinct portions. During the first half of the year, dramatic action by the Federal Reserve Board (the “Fed”), increasing weakness and subsequent “green shoots” in economic growth, the global financial crisis and the resulting liquidity freeze had great effect on the money markets. The second half of the year was much less “exciting” and uneventful, with the Fed maintaining the targeted federal funds rate near zero throughout, thus driving the dominant theme in the money markets — that is, low yields.

At the start of the Reporting Period, shocks to the global financial system, which had peaked in September 2008, caused market participants to reduce risk in their investment portfolios in such dramatic fashion as to ultimately create credit, liquidity and confidence crises that lasted largely through the first quarter of 2009. In response to these crises and in an effort to revive confidence, the Fed, the U.S. Treasury Department and the Federal Deposit Insurance Corporation (“FDIC”), along with several global banking bodies, created a host of unprecedented programs and a new framework within which to improve liquidity and restart the flow of credit. For example, in an effort to restore confidence in retail and institutional money market funds, the U.S. Treasury Department created the U.S. Treasury Temporary Guarantee Program for money market funds. The Federal Reserve Bank of Boston implemented the Asset-Backed Commercial Paper Liquidity Facility (“AMLF”) to provide a source of liquidity for asset-backed securities held by money market funds. The Federal Reserve Bank of New York created a Commercial Paper Funding Facility (“CPFF”) to provide liquidity to U.S. issuers of both unsecured commercial paper and asset-backed commercial paper through what is known as a special purpose vehicle. In other words, the CPFF was designed to provide a backstop financing facility to ensure that corporations would have the ability to repay maturing debt and finance current operations by purchasing commercial paper directly. To further address credit and liquidity concerns, FDIC-insured depository institutions, such as banks, thrifts and certain holding companies, were given the ability to issue senior unsecured debt guaranteed under the Temporary Liquidity Guarantee Program (“TLGP”).

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

These temporary liquidity facilities, along with a streak of improving economic data, helped to stabilize demand for money market funds as the Reporting Period progressed. Indeed, as liquidity and confidence returned to the money markets during the second half of the year, some of these facilities expired with little effect on the asset class. Other facilities, including the CPFF and the AMLF, were extended until February 2010 in order to provide continued support to the money markets. The Fed announced the purchase of over $300 billion of Treasury securities would be completed by October 2009, months earlier than originally planned. Meanwhile, the European Central Bank (“ECB”) announced the start of a one-year repurchase operation, providing attractive, longer-term financing for eligible European banks, wherein the ECB would lend money at a 1% interest rate. The ECB’s first auction in June 2009 was met with strong demand, and it held a second auction in September 2009. Both auctions had the effect of reducing the need of Yankee banks, or foreign banks with operations in the U.S., to seek financing in the U.S. commercial paper market.

Although conditions in the economy and in the financial markets had generally improved during these months, the Fed expected economic activity to remain weak for some time and thus kept the 0% to 0.25% target range for the federal funds rate it had first established in December 2008. More specifically, the Fed stated, “Household spending appears to be expanding but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit.”

The combination of all of these factors led money markets to face declining yields throughout 2009. These factors also led the taxable money market yield curve, or spectrum of maturities, to flatten over the Reporting Period as a whole, meaning the difference between yields at the short-term end of the money market yield curve and the longer-term end narrowed.

What key factors were responsible for the Fund’s performance during the Reporting Period?

Fund yields moved lower over the course of the Reporting Period due primarily to the market factors discussed above. We also sacrificed some yield by emphasizing overnight liquidity and steering away from higher-yielding asset-backed commercial paper in favor of lower-yielding conservative investments, such as U.S. Treasury and agency securities. We implemented this strategy because the focus of the money markets broadly was on the global credit meltdown and uncertainties about which institution might be the next to fail. In seeking to provide a conservative vehicle for our shareholders amidst the massive uncertainties facing the nation’s financial system, we felt it prudent to manage the Fund with an eye not on interest rates, but rather on the credit markets. We thus managed the Fund with a short maturity and a high liquidity level.

How did you manage the Fund’s weighted average maturity during the Reporting Period?

At the start of the Reporting Period, the Fund’s weighted average maturity was 38 days, as we strategically maintained an extremely defensive stance. As market conditions shifted, especially regarding liquidity in the short-term markets, we adjusted the Fund’s weighted average maturity between 30 days and 55 days. The Fund reached a weighted average maturity of 49 days on June 30, as the Fed was proactively adding credit and liquidity facilities to address market concerns and credit conditions improved. The Fund’s weighted average maturity stayed within a range of 35 to 45 days for most of the second half of the year. The Fund’s weighted average maturity was 39 days on December 31, 2009. The weighted average maturity of a money market fund is a measure of its price sensitivity to changes in interest rates.

How was the Fund invested during the Reporting Period?

The Fund had investments in commercial paper, asset-backed commercial paper, Treasury securities, government agency securities, repurchase agreements, government guaranteed paper and certificates of deposit during the Reporting Period. Our focus was on securities with one- to three-month maturities, although we did make purchases with longer maturities when we saw backups, or falling prices, as we sought to lock in the higher yields then available.

Did you make any changes in the Fund’s portfolio during the Reporting Period?

As mentioned earlier, we made adjustments in the Fund’s weighted average maturity as market conditions shifted. We also steered away from credit products and invested more in government agency and Treasury securities. Throughout the Reporting Period, the Fund held a high concentration in overnight securities.

What is the Fund’s tactical view and strategy for the months ahead?

We expect the Fed to maintain its near-zero targeted federal funds rate for much of 2010. Indeed, in our view, the Fed is not likely to begin tightening policy until solid economic growth becomes apparent. This may take some time, as we believe anticipated costs of health care reform, a persistently high unemployment rate hovering around 10%, and consumer spending pressures weigh on economic growth prospects over the coming months. On the positive side, we continue to observe

 2

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

improvement in economic activity across a number of leading indicators. The long-term inflation outlook will be influenced, among other factors, by massive government credit creation and the U.S. Treasury Department’s borrowing needs.

Against this backdrop, we will continue to carefully watch market conditions and how they affect the performance of asset-backed commercial paper assets, especially the performance of underlying collateral, credit enhancement and liquidity agreements, and program ratings. We also intend to maintain a healthy liquidity position in the Fund for the near term and to seek opportunities to lengthen the Fund’s weighted average maturity when we see yields improve. Of course, we will continue to closely monitor economic data, Fed policy and any shifts in the money market yield curve, as we strive to strategically navigate the interest rate environment.

An investment in the Money Market Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in the Fund.

The yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above.

Yields will fluctuate as market conditions change. The yield quotations more closely reflect the current earnings of the Fund than total return quotations.

3 

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

MONEY MARKET FUND¹

Security Type
(Percentage of Net Assets)

¹ The Fund is actively managed and, as such, its composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the above chart may not sum to 100% due to the exclusion of other assets and liabilities.

 4

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Schedule of Investments

December 31, 2009

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Commercial Paper and Corporate Obligations – 37.7%
	Atlantis One Funding Corp.
	$	1,000,000		0.230	%		02/03/10	$	999,789
	Barton Capital LLC
		2,000,000		0.250			01/04/10		1,999,958
	Cafco LLC
		3,000,000		0.190			01/06/10		2,999,921
	Chariot Funding LLC
		1,000,000		0.170			01/19/10		999,915
	Clipper Receivables Co. LLC
		2,000,000		0.290			01/12/10		1,999,823
	CRC Funding LLC
		3,000,000		0.290			01/07/10		2,999,855
	Enterprise Funding Co. LLC
		4,000,000		0.250			01/11/10		3,999,722
	Galleon Capital LLC
		1,000,000		0.220			01/19/10		999,890
		2,000,000		0.215			02/16/10		1,999,451
	Govco LLC
		1,000,000		0.250			02/08/10		999,736
	Liberty Street Funding LLC
		1,000,000		0.180			01/04/10		999,985
	LMA Americas LLC
		1,000,000		0.220			02/16/10		999,719
	Matchpoint Master Trust
		4,000,000		0.190			01/20/10		3,999,599
	NRW. Bank
		1,000,000		0.230			02/19/10		999,687
	Regency Markets No. 1 LLC
		3,000,000		0.190			01/19/10		2,999,715
	Standard Chartered PLC
		1,000,000		0.220			01/21/10		999,878
	Straight-A Funding LLC
		4,000,000		0.180			02/23/10		3,998,940
	Tasman Funding, Inc.
		4,000,000		0.300			02/12/10		3,998,600
	Thunder Bay Funding, Inc.
		4,000,000		0.240			01/15/10		3,999,627
	Ticonderoga Funding LLC
		3,000,000		0.200			01/11/10		2,999,833
	Variable Funding Capital Corp.
		3,000,000		0.210			01/11/10		2,999,825
	Westpac Banking Corp.
		2,000,000		0.280			01/15/10		1,999,782
	Windmill Funding Corp.
		3,000,000		0.280			01/06/10		2,999,883
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS							$	53,993,133
Eurodollar Certificates of Deposit – 5.6%
	Banco Bilbao Vizcaya Argentaria SA
	$	1,000,000		0.260	%		03/31/10	$	1,000,025
	BNP Paribas SA
		1,000,000		0.250			01/15/10		1,000,000
	ING Bank NV
		3,000,000		0.255			03/12/10		3,000,000
	Societe Generale
		3,000,000		0.255			03/22/10		3,000,033
	TOTAL EURODOLLAR CERTIFICATES OF DEPOSIT							$	8,000,058
Government Guarantee Variable Rate Obligations(c) – 2.8%
	Bank of America N.A.(a)
	$	1,000,000		0.331	%		01/29/10	$	1,000,000
	Royal Bank of Scotland Group PLC(b)
		3,000,000		0.375			02/09/10		3,000,000
	TOTAL GOVERNMENT GUARANTEE VARIABLE RATE OBLIGATIONS							$	4,000,000
U.S. Government Agency Obligations – 19.6%
	Federal Home Loan Bank
	$	1,000,000		0.004	%(c)		01/09/10	$	999,973
		1,000,000		0.004	(c)		01/13/10		999,986
		900,000		0.181	(c)		01/25/10		899,623
		1,000,000		0.152	(c)		02/15/10		999,308
		2,000,000		0.116	(c)		03/01/10		1,999,670
		2,000,000		0.950			04/05/10		1,999,623
		700,000		0.600			06/21/10		699,690
		4,000,000		0.560			08/27/10		3,998,747
		300,000		0.500			10/22/10		300,000
	Federal Home Loan Mortgage Corp.
		5,740,000		0.334	(c)		01/07/10		5,741,256
		1,000,000		0.184	(c)		01/12/10		1,000,000
		300,000		0.208	(c)		02/05/10		299,904
		200,000		0.235	(c)		03/03/10		199,958
		3,000,000		0.180			05/18/10		2,997,945
	Federal National Mortgage Association
		1,000,000		0.174	(c)		01/13/10		999,841
		2,500,000		0.420			02/08/10		2,498,892
		1,500,000		0.540			07/12/10		1,495,680
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS							$	28,130,096
Variable Rate Obligations(c) – 5.9%
	Banco Bilbao Vizcaya Argentaria SA
	$	1,000,000		0.278	%		01/21/10	$	1,000,024
	JPMorgan Chase & Co.
		3,000,000		0.232			01/21/10		3,000,000
	Rabobank Nederland
		2,000,000		0.284			01/07/10		2,000,000
		1,000,000		0.273			02/16/10		1,000,000

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Schedule of Investments (continued)

December 31, 2009

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Variable Rate Obligations(c) – (continued)
	Westpac Banking Corp.
	$	1,500,000		0.277	%		03/09/10	$	1,500,000
	TOTAL VARIABLE RATE OBLIGATIONS							$	8,500,024
Yankee Certificates of Deposit – 9.8%
	Caixa Geral de Depositos SA
	$	1,000,000		0.200	%		01/14/10	$	1,000,000
	Calyon
		3,000,000		0.245			01/11/10		3,000,000
	Lloyds TSB Group PLC
		4,000,000		0.245			01/12/10		4,000,000
	Mitsubishi UFJ Financial Group, Inc.
		3,000,000		0.240			03/04/10		3,000,000
	Royal Bank of Scotland Group PLC
		1,000,000		0.275			03/29/10		1,000,000
	Svenska Handelsbanken AB
		2,000,000		0.230			01/25/10		2,000,012
	TOTAL YANKEE CERTIFICATES OF DEPOSIT							$	14,000,012
U.S. Treasury Obligations – 1.4%
	United States Treasury Bills
	$	1,000,000		0.540	%		06/10/10	$	997,600
		700,000		0.410			06/17/10		698,669
		300,000		0.443			06/17/10		299,384
	TOTAL U.S. TREASURY OBLIGATIONS							$	1,995,653
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT							$	118,618,976
Repurchase Agreement(d) – 17.8%
	Joint Repurchase Agreement Account II
	$	25,600,000		0.007	%		01/04/10	$	25,600,000
	Maturity Value: $25,600,020
	TOTAL INVESTMENTS – 100.6%							$	144,218,976
	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%								(871,750	)
	NET ASSETS – 100.0%							$	143,347,226

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

(a)	This debt is guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012. The total market value of this security amounts to $1,000,000, which represents approximately 0.7% of net assets as of December 31, 2009.
(b)	Represents a security which is guaranteed by a foreign government. Total market value of this security amounts to $3,000,000, which represents approximately 2.1% of net assets as of December 31, 2009.
(c)	Variable or floating rate security. Interest rate disclosed is that which is in effect at December 31, 2009.
(d)	Joint repurchase agreement was entered into on December 31, 2009. Additional information appears on page 7.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the stated date on the security or the next interest reset date for floating rate securities.

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

 6

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At December 31, 2009, the Fund had an undivided interest in the Joint Repurchase Agreement Account II which equaled $25,600,000 in principal amount.

REPURCHASE AGREEMENTS

	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value
Banc of America Securities LLC	$	700,000,000		0.01	%		01/04/10	$	700,000,778
Banc of America Securities LLC		1,150,000,000		0.02			01/04/10		1,150,002,556
Barclays Capital, Inc.		2,000,000,000		0.00			01/04/10		2,000,000,000
Citigroup Global Markets, Inc.		1,500,000,000		0.01			01/04/10		1,500,001,667
Credit Suisse Securities (USA) LLC		3,900,000,000		0.00			01/04/10		3,900,000,043
Deutsche Bank Securities, Inc.		500,000,000		0.00			01/04/10		500,000,000
Deutsche Bank Securities, Inc.		1,700,000,000		0.01			01/04/10		1,700,001,889
JPMorgan Securities		1,250,000,000		0.00			01/04/10		1,250,000,000
Merrill Lynch & Co., Inc.		850,000,000		0.01			01/04/10		850,000,944
Morgan Stanley & Co.		1,000,000,000		0.00			01/04/10		1,000,000,011
Morgan Stanley & Co.		3,075,000,000		0.01			01/04/10		3,075,003,417
RBS Securities, Inc.		1,500,000,000		0.01			01/04/10		1,500,001,667
UBS Securities LLC		207,900,000		0.00			01/04/10		207,900,002
UBS Securities LLC		550,000,000		0.01			01/04/10		550,000,611
Wachovia Capital Markets		2,550,000,000		0.01			01/04/10		2,550,002,833
TOTAL								$	22,432,916,418

At December 31, 2009, the Joint Repurchase Agreement Account II was fully collateralized by:

	Interest			Maturity
Issuer	Rates			Dates
Federal Farm Credit Bank		4.500% to 7.350	%		03/07/11 to 08/03/37
Federal Farm Credit Bank Principal-Only Stripped Security		0.000			12/16/15
Federal Home Loan Bank		0.000 to 8.290			01/04/10 to 09/14/35
Federal Home Loan Mortgage Corp.		0.000 to 14.000			02/01/10 to 01/01/40
Federal Home Loan Mortgage Corp. Interest-Only Stripped Securities		0.000			07/15/12 to 03/15/25
Federal National Mortgage Association		0.000 to 16.000			01/01/10 to 11/01/49
Federal National Mortgage Association Interest-Only Stripped Securities		0.000			11/15/12 to 10/08/27
Government National Mortgage Association		4.250 to 6.500			08/15/18 to 08/15/49
Tennessee Valley Authority		4.375 to 4.750			08/01/13 to 06/15/15
Tennessee Valley Authority Interest-Only Stripped Security		0.000			11/01/10
U.S. Treasury Interest-Only Stripped Securities		0.000			05/15/10 to 05/15/18
U.S. Treasury Notes		0.750 to 9.250			02/28/11 to 11/15/19
U.S. Treasury Principal-Only Stripped Securities		0.000			11/15/15 to 11/15/19

The aggregate market value of the collateral, including accrued interest, was $22,947,435,662.

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

7

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Statement of Assets and Liabilities

December 31, 2009

Assets:
Investments in securities, at value based on amortized cost	$	118,618,976
Repurchase agreement, at value based on amortized cost		25,600,000
Cash		89,018
Receivables:
Fund shares sold		80,055
Interest		41,115
Reimbursement from investment adviser		10,801
Total assets		144,439,965
Liabilities:
Payables:
Fund shares redeemed		1,029,160
Amounts owed to affiliates		33,551
Accrued expenses		30,028
Total liabilities		1,092,739
Net Assets:
Paid-in capital		143,341,748
Accumulated undistributed net investment income		5,478
NET ASSETS	$	143,347,226
Total Service Shares of beneficial interest outstanding, $0.001 par value (unlimited shares authorized)		143,339,891
Net asset value, offering and redemption price per share	$	1.00

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

 8

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Statement of Operations

For the Fiscal Year Ended December 31, 2009

Investment income:
Interest	$	1,155,831
Expenses:
Management fees		589,957
Distribution and Service fees		421,398
Professional fees		88,768
U.S. Treasury Temporary Guarantee Program fees		60,176
Custody and accounting fees		44,969
Transfer Agent fees		33,712
Printing fees		28,959
Trustee fees		16,663
Other		15,594
Total expenses		1,300,196
Less — expense reductions		(400,805	)
Net expenses		899,391
NET INVESTMENT INCOME		256,440
NET REALIZED GAIN FROM INVESTMENT TRANSACTIONS		31,994
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	288,434

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

9

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Statements of Changes in Net Assets

	For the Fiscal			For the Fiscal
	Year Ended			Year Ended
	December 31, 2009			December 31, 2008
From operations:
Net investment income	$	256,440		$	4,529,922
Net realized gain (loss) from investment transactions		31,994			(8,445	)
Net increase in net assets resulting from operations		288,434			4,521,477
Distributions to shareholders:
From net investment income		(281,099	)		(4,521,477	)
From share transactions (at net asset value of $1.00 per share):
Proceeds from sales of shares		36,215,518			66,759,739
Reinvestment of distributions		281,099			4,521,524
Cost of shares redeemed		(88,027,845	)		(81,928,114	)
Net decrease in net assets resulting from share transactions		(51,531,228	)		(10,646,851	)
TOTAL DECREASE		(51,523,893	)		(10,646,851	)
Net assets:
Beginning of year		194,871,119			205,517,970
End of year	$	143,347,226		$	194,871,119
Accumulated undistributed net investment income	$	5,478		$	8,445

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

 10

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

																			Ratio of			Ratio of
	Net asset					Distributions			Net asset					Net assets,		Ratio of			total			net investment
	value,		Net			from net			value,					end of		net expenses			expenses			income
	beginning		investment			investment			end of		Total			year		to average			to average			to average
	of year		income			income			year		return(a)			(in 000s)		net assets			net assets			net assets
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2009	$	1.00	$	0.002	(b)(c)	$	(0.002	)(c)	$	1.00		0.15	%	$	143,347		0.53	%		0.77	%		0.15	%
2008		1.00		0.02	(b)		(0.02	)		1.00		2.25			194,871		0.63			0.71			2.27
2007		1.00		0.05	(b)		(0.05	)		1.00		4.98			205,518		0.48			0.71			4.87
2006(d)		1.00		0.05	(b)		(0.05	)		1.00		4.65			199,439		0.49			0.71			4.59
2005(d)		1.00		0.03	(e)		(0.03	)(f)		1.00		2.75			222,194		0.55			0.55			2.65

(a)	Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. The Goldman Sachs Money Market Fund first began operations as the Allmerica Money Market Fund (the “Predecessor AIT Fund”) of the Allmerica Investment Trust. On January 9, 2006, the Predecessor AIT Fund was reorganized as a new portfolio of the Goldman Sachs Variable Insurance Trust. Performance prior to January 9, 2006, is that of the Predecessor AIT Fund. The Predecessor AIT Fund was considered the accounting survivor of the reorganization and as such, the historical total return information of the Predecessor AIT Fund is provided.
(b)	Calculated based on the average shares outstanding methodology.
(c)	Net investment income and distributions from net investment income contain $0.0002 of net realized gains and distributions from net realized gains.
(d)	The Predecessor AIT Fund was the accounting survivor of the reorganization and as such, the prior years’ financial highlights reflect the financial information of the Predecessor AIT Fund through January 8, 2006. In connection with such reorganization, the Goldman Sachs Money Market Fund issued Service Shares to the former shareholders of the Predecessor AIT Fund.
(e)	Calculated based on the SEC methodology.
(f)	Distribution from net realized gain on investments and return of capital amounted to less than $0.0005.

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

11

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Notes to Financial Statements

December 31, 2009

1. ORGANIZATION

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 Trust includes the Goldman Sachs Money Market Fund (the “Fund”). The Fund is a diversified portfolio under the Act offering one class of shares — Service Shares. Goldman, Sachs & Co. (“Goldman Sachs” or the “Distributor”) serves as Distributor of the shares of the Fund pursuant to a Distribution Agreement.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Fund. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect the amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

A. FASB Financial Accounting Standards Codification — In July 2009, the Financial Accounting Standards Board (“FASB”) launched its “Financial Accounting Standards Codification” (the “Codification”) as the single source of GAAP. While the Codification does not change GAAP, it introduces a new structure to the accounting literature and changes references to accounting standards and other authoritative accounting guidance that have been reflected in the Notes to Financial Statements.

B. Investment Valuation — It is the Fund’s policy to use the amortized-cost method permitted by Rule 2a-7 under the Act, which approximates market value, for valuing portfolio securities. Under this method, all investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue over the period to maturity or reset date. Under procedures and tolerances established by the trustees, GSAM evaluates the difference between the Fund’s net asset value per share (“NAV”) based upon the amortized cost of the Fund’s securities and the NAV based upon available market quotations (or permitted substitutes) at least once a week.

C. Security and Fund Share Transactions, and Investment Income — Security and Fund share transactions are reflected for financial reporting purposes as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted.

D. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Fund on a straight-line and/or pro-rata basis depending upon the nature of the expense and are accrued daily.

E. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”) applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal income tax provisions are required. Distributions to shareholders are declared and recorded daily and paid monthly by the Fund. Long-term capital gains distributions, if any, are declared and paid annually.

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 the Fund’s distributions may be shown in accompanying financial statements as either from net investment income, net realized gain or capital. The Fund’s capital accounts on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character, but do not reflect temporary differences.

 12

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The tax character of distributions paid during the fiscal years ended December 31, 2009 and December 31, 2008, were as follows:

	2009		2008
Distributions paid from:
Ordinary income	$	279,019	$	4,521,477
Net long-term capital gains		2,080		—
Total taxable distributions	$	281,099	$	4,521,477

Capital loss carryforward amounts, if any, are available to be carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions. The Fund utilized $10,302 of capital losses in the current fiscal year.

The amortized cost for the Fund stated in the accompanying Statement of Assets and Liabilities also represents aggregate cost for federal income tax purposes.

In order to present certain components of the Fund’s capital accounts on a tax basis, the Fund has reclassified $21,692 from accumulated net realized gain on investments to accumulated undistributed net investment income. This reclassification has no impact on the net asset value of the Fund and result primarily from dividend redesignations.

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

F. Repurchase Agreements — The Fund may enter into repurchase agreements. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Fund, including accrued interest is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Fund may be delayed or limited and there may be a decline in the value of the collateral during the period while the Fund seeks to assert its rights. The underlying securities for all repurchase agreements are held at the Fund’s custodian or designated sub-custodians under tri-party repurchase agreements. Under these agreements, the Fund is permitted to deliver or re-pledge these securities.

Pursuant to exemptive relief granted by the Securities and Exchange Commission and terms and conditions contained therein, the Fund, together with other registered investment companies having management agreements with GSAM, or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Fund’s credit exposure is allocated to the underlying repurchase agreements counterparties on a pro-rata basis. With the exception of certain transaction fees, the Fund is not subject to any expenses in relation to these investments.

3. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Fund, 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 the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, computed daily and payable monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

B. Distribution and Service Plan — The Trust, on behalf of the Service Shares of the Fund, has adopted a Distribution and Service Plan (the “Plan”). Under the Plan, Goldman Sachs and/or authorized dealers are entitled to a fee accrued daily and paid monthly for distribution services. This fee is equal to an annual percentage rate of the average daily net assets, which may then be paid to authorized dealers.

13

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Notes to Financial Statements (continued)

December 31, 2009

3. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is calculated daily and payable monthly and is equal to an annual percentage rate of the Fund’s average daily net assets.

D. Other Agreements — GSAM has voluntarily agreed to limit certain “Other Expenses” of the Fund (excluding management fees, distribution and service fees, transfer agent fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent that such expenses exceed, on an annual basis, 0.004% of the average daily net assets of the Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. This expense limitation may be modified or terminated at any time at the option of GSAM. For the fiscal year ended December 31, 2009, GSAM voluntarily reimbursed approximately $188,000 to the Fund.

For the fiscal year ended December 31, 2009, the amounts owed to affiliates were approximately $34,000 for management fees.

E. Total Fund Expenses

During the fiscal year ended December 31, 2009, GSAM has voluntarily agreed to waive a portion of its management fee attributable to the Fund. Additionally, Goldman Sachs, as Distributor and Transfer Agent, has voluntarily agreed to waive all or a portion of distribution and service plan fees and transfer agency fees attributable to the Fund. The following table outlines: i) such fees, net of waivers and ii) Other Expenses, net of reimbursements, and custody and transfer agent fee credit reductions, if any, in order to determine the Fund’s net annualized expenses for the fiscal year ended December 31, 2009. The Fund is not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

	Ratio of net expenses
	to average net assets
Fee/Expense Type	for the fiscal year ended
(contractual rate, if any)	December 31, 2009
Management Fee (0.35%)		0.33	%
Distribution and Service Fees (0.25%)		0.15
Transfer Agency Fee (0.02%)		0.01
Other Expenses		0.04	*
Net Expenses		0.53	%

* Includes U.S. Treasury Temporary Guarantee Program fees.

For the fiscal year ended December 31, 2009, Goldman Sachs waived approximately $29,000, $175,000, and $9,000 in management, distribution and service, and transfer agent fees, respectively.

F. Line of Credit Facility — The Fund participates in a $660,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates. Pursuant to the terms of the facility, the Fund and other borrowers may increase the credit amount by an additional $340,000,000, for a total of up to $1 billion. The facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. This facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2009, the Fund did not have any borrowings under the facility. Prior to May 12, 2009, the amount available through the facility was $700,000,000.

 14

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

4. FAIR VALUE OF INVESTMENTS

The fair value of a financial instrument is 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). 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 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 all significant inputs are observable, either directly or indirectly;

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The following is a summary of the Fund’s investments categorized in the fair value hierarchy:

	Level 1		Level 2(a)		Level 3
Assets
U.S. Treasuries and/or Other U.S. Government Obligations and Agencies	$	1,995,653	$	32,130,096	$	—
Corporate Obligations (including repurchase agreements)		—		110,093,227		—
Total	$	1,995,653	$	142,223,323	$	—

(a) The Fund utilizes amortized cost which approximates fair value to value money market investments. This results in a Level 2 classification as amortized cost is considered a model-based price.

5. OTHER RISKS

Interest Rate Risk — In a declining interest rate environment, low yields on the Fund’s holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders. As a result, GSAM and/or Goldman Sachs may voluntarily agree to waive certain fees (such as distribution and service, transfer agency and management fees) which can fluctuate daily.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Fund has unsettled or open transaction defaults.

Risks of Large Shareholder Redemptions — Certain participating insurance companies, accounts, or Goldman Sachs affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Fund’s shares. Redemptions by these participating insurance companies or accounts in the Fund may impact the Fund’s liquidity and NAV. These redemptions may also force the Fund to sell securities, which may increase the Fund’s brokerage costs.

6. INDEMNIFICATIONS

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

15

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Notes to Financial Statements (continued)

December 31, 2009

7. OTHER MATTERS

Temporary Guarantee Program — On October 3, 2008, the trustees of the Fund approved participation in the U.S. Treasury Department’s (the “Treasury”) Temporary Guarantee Program (the “Program”) for the Fund and other Goldman Sachs registered money market funds. Each of these Funds paid the Treasury a fee based on the number of shares outstanding as of September 19, 2008 to participate in the Program for the initial 3-month term that expired on December 18, 2008. On December 3, 2008, the trustees approved participation in the extension of the program through April 30, 2009 on behalf of the Fund. Subsequently, on April 9, 2009, the trustees approved further participation in the Program through September 18, 2009 on behalf of the Fund. With each extension of the Program, the participating Funds paid the Treasury an additional fee based on the number of shares outstanding as of September 19, 2008.

Pursuant to its terms, the Program terminated on September 18, 2009, and therefore the guarantee of a $1.00 NAV price per share provided by the Program is no longer in effect for the Fund or any other money market fund. Under the Program, if a participating Fund’s market-based net asset value per share had dropped below $0.995 on any day while the Program was in effect, shareholders of record on that date who also held shares in the participating Fund on September 19, 2008 may have been eligible to receive a payment from the Treasury upon liquidation of that Fund. The fees were amortized over the length of the participation in the Program. The expense was borne by the Fund without regard to any expense limitation in effect for the Fund. Such amounts are represented in the U.S. Treasury Temporary Guarantee Program fees on the Statement of Operations.

New Accounting Pronouncement — In May 2009, the FASB issued FASB Accounting Standards Codification (“ASC”) 855 “Subsequent Events”. This standard requires disclosure in the financial statements to reflect the effects of subsequent events that provide additional information on conditions about the financial statements as of the balance sheet date (recognized subsequent events) and disclosure of subsequent events that provide additional information about conditions after the balance sheet date if the financial statements would otherwise be misleading (unrecognized subsequent events). ASC 855 is effective for interim and annual financial statements issued for fiscal years ending after June 15, 2009. For purposes of inclusion in the financial statements, GSAM has concluded that subsequent events after the balance sheet date have been evaluated through February 16, 2010, the date the financial statements were issued.

 16

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Goldman Sachs Variable Insurance Trust — Goldman Sachs Money Market Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Goldman Sachs Money Market Fund (the “Fund”) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers provide a reasonable basis for our opinion. The financial highlights of the Fund for the periods ended December 31, 2006 and prior were audited by another Independent Registered Public Accounting Firm whose report dated February 14, 2007 expressed an unqualified opinion on those financial highlights.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 16, 2010

17

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Fund Expenses — Six Month Period Ended December 31, 2009 (Unaudited)

As a shareholder of the Service Shares of the Fund, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2009 through December 31, 2009.

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

						Expenses Paid
						for the
	Beginning		Ending			6 Months
	Account Value		Account Value			Ended
	07/01/09		12/31/09			12/31/09*
Actual	$	1,000.00	$	1,000.10		$	1.93
Hypothetical 5% return		1,000.00		1,023.28	+		1.95

*

Expenses are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2009. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period was 0.53%.

+

Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

 18

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Trustees and Officers (Unaudited)

Independent Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
Ashok N. Bakhru Age: 66	Chairman of the Board of Trustees	Since 1991	President, ANB Associates (July 1994-March 1996 and November 1998-Present); Director, Apollo Investment Corporation (a business development company) (October 2008-Present); Executive Vice President—Finance and Administration and Chief Financial Officer and Director, Coty Inc. (manufacturer of fragrances and cosmetics) (April 1996-November 1998); Director of Arkwright Mutual Insurance Company (1984-1999); Trustee of International House of Philadelphia (program center and residential community for students and professional trainees from the United States and foreign countries) (1989-2004); Member of Cornell University Council (1992-2004 and 2006-Present); Trustee of the Walnut Street Theater (1992-2004; Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-Present); Director, Private Equity Investors—III and IV (November 1998-Present), and Equity-Limited Investors II (April 2002-Present); and Chairman, Lenders Service Inc. (provider of mortgage lending services) (2000-2003). Chairman of the Board of Trustees—Goldman Sachs Mutual Fund Complex.	96	Apollo Investment Corporation (a business development company)
John P. Coblentz, Jr. Age: 67	Trustee	Since 2003	Partner, Deloitte & Touche LLP (June 1975-May 2003); Director, Emerging Markets Group, Ltd. (2004-2006); and Director, Elderhostel, Inc. (2006-Present). Trustee—Goldman Sachs Mutual Fund Complex.	96	None
Diana M. Daniels Age: 59	Trustee	Since 2007	Ms. Daniels is retired (since January 2007). Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is Chairman of the Executive Committee, Cornell University (2006-Present); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (since 2007), and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee—Goldman Sachs Mutual Fund Complex.	96	None
Patrick T. Harker Age: 51	Trustee	Since 2000	President, University of Delaware (July 2007-Present); Dean and Reliance Professor of Operations and Information Management, The Wharton School, University of Pennsylvania (February 2000-June 2007); Interim and Deputy Dean, The Wharton School, University of Pennsylvania (July 1999-January 2000); and Professor and Chairman of Department of Operations and Information Management, The Wharton School, University of Pennsylvania (July 1997-August 2000). Trustee—Goldman Sachs Mutual Fund Complex.	96	Pepco Holdings, Inc. (an energy delivery company)
Jessica Palmer Age: 60	Trustee	Since 2007	Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer is a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-Present). Trustee—Goldman Sachs Mutual Fund Complex.	96	None

19

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Trustees and Officers (Unaudited) (continued)

Independent Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
Richard P. Strubel Age: 69	Trustee	Since 1987	Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); President, COO and Director, Cardean Learning Group (1999-2003); Director, Cantilever Technologies, Inc. (a private software company) (1999-2005); Audit Committee Chairman, The University of Chicago (2006-Present); Trustee, The University of Chicago (1987-Present); and Managing Director, Tandem Partners, Inc. (management services firm) (1990-1999). Trustee—Goldman Sachs Mutual Fund Complex.	96	Gildan Activewear Inc. (a clothing marketing and manufacturing company); Northern Mutual Fund Complex (58 Portfolios) (Chairman of the Board of Trustees).

Interested Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
James A. McNamara* Age: 46	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President—Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President—Goldman Sachs Mutual Fund Complex (2001-2007). Trustee—Goldman Sachs Mutual Fund Complex (November 2007-Present and December 2002-May 2004).	96	None
Alan A. Shuch* Age: 60	Trustee	Since 1990	Advisory Director—GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee—Goldman Sachs Mutual Fund Complex.	96	None

*	These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
1	Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, One New York Plaza, 37th Floor, New York, New York, 10004, Attn: Peter V. Bonanno.
2	Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the conclusion of the first Board meeting held subsequent to the day the Trustee attains the age of 72 years (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.
3	The Goldman Sachs Mutual Fund Complex consists of the Trust, Goldman Sachs Municipal Opportunity Fund, Goldman Sachs Credit Strategies Fund and Goldman Sachs Trust. As of December 31, 2009, the Trust consisted of 11 portfolios, Goldman Sachs Trust consisted of 83 portfolios (of which 82 offered shares to the public) and the Goldman Sachs Municipal Opportunity Fund did not offer shares to the public.
4	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-292-4726.

 20

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

		Term of
		Office and
	Position(s) Held	Length of
Name, Address and Age	With the Trust	Time Served1	Principal Occupation(s) During Past 5 Years
James A. McNamara 32 Old Slip New York, NY 10005 Age: 46	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President—Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President—Goldman Sachs Mutual Fund Complex (2001-2007). Trustee—Goldman Sachs Mutual Fund Complex (November 2007-Present and December 2002-May 2004).
George F. Travers 30 Hudson Street Jersey City, NJ 07302 Age: 42	Senior Vice President and Principal Financial Officer	Since 2009	Managing Director, Goldman Sachs (2007-Present); Managing Director, UBS Ag (2005-2007); and Partner, Deloitte & Touche LLP (1990-2005, partner from 2000-2005). Senior Vice President and Principal Financial Officer—Goldman Sachs Mutual Fund Complex.
Peter V. Bonanno One New York Plaza New York, NY 10004 Age: 41	Secretary	Since 2003	Managing Director, Goldman Sachs (December 2006-Present); Associate General Counsel, Goldman Sachs (2002-Present); Vice President, Goldman Sachs (1999-2006); and Assistant General Counsel, Goldman Sachs (1999-2002). Secretary—Goldman Sachs Mutual Fund Complex (2006-Present); and Assistant Secretary—Goldman Sachs Mutual Fund Complex (2003-2006).
Scott M. McHugh 32 Old Slip New York, NY 10005 Age: 38	Treasurer and Senior Vice President	Since 2009	Vice President, Goldman Sachs (February 2007-Present); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer—Goldman Sachs Mutual Fund Complex (October 2009-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (November 2009-Present); and Assistant Treasurer—Goldman Sachs Mutual Fund Complex (May 2007-October 2009).

1	Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

Pursuant to Section 852 of the Internal Revenue Code, the Goldman Sachs Money Market Fund designates $2,080 or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended December 31, 2009.

During the year ended December 31, 2009, the Goldman Sachs Money Market Fund, designates $19,612 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

21

TRUSTEES	OFFICERS
Ashok N. Bakhru, Chairman	James A. McNamara, President
John P. Coblentz, Jr.	George F. Travers, Principal Financial Officer
Diana M. Daniels	Peter V. Bonanno, Secretary
Patrick T. Harker	Scott M. McHugh, Treasurer
James A. McNamara
Jessica Palmer
Alan A. Shuch
Richard P. Strubel
GOLDMAN, SACHS & CO. Distributor and Transfer Agent
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 32 Old Slip, New York, NY 10005
Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.
A prospectus for the Fund containing more complete information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail — 1-800-526-7384) (institutional — 1-800-621-2550). Please consider a fund’s objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.
The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) Web site at http://www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-621-2550.
Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio,which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus for the Fund. Please consider the Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Fund.
	Toll Free (in U.S.): 800-292-4726
This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Goldman Sachs Money Market Fund.
Copyright 2010 Goldman, Sachs & Co. All rights reserved.
VITMMAR10/32207.MF.TMPL/02-10

Goldman

Sachs Variable Insurance Trust

Goldman Sachs Core Fixed Income Fund

Goldman Sachs Equity Index Fund

Goldman Sachs Government Income Fund

Goldman Sachs Growth Opportunities Fund

Annual Report

December 31, 2009

MARKET OVERVIEW

Market Review

U.S. financial markets oscillated between extremes of fear and exuberance during the 12 months ended December 31, 2009 (the “Reporting Period”). The credit crisis from 2008 spilled into the first quarter, as the nation’s financial system experienced an extremely challenging period. As governments around the world coordinated a response to the financial crisis, the likelihood of failure was reduced for many companies. The Federal Reserve Board (the “Fed”) left the federal funds rate unchanged at a range of between 0% and 0.25% and continued to pursue unconventional easing approaches, such as making verbal commitments to maintain low rates and buying assets to try to stimulate demand. The government also announced a number of programs, which received mixed reviews from investors. Perhaps most surprising was news during the second quarter that the Fed would purchase up to $300 billion in Treasury debt over six months, taking another massive step down the path of unconventional easing. Other major announcements included the Public-Private Investment Program, the Homeowner Affordability and Stability Plan, and the $787 billion American Recovery and Reinvestment Act.

The third quarter was characterized by a streak of improving economic data, including economic growth in the manufacturing sector as well as better than expected retail sales. Nevertheless, consumers remained burdened by high debt levels and a weak labor market. The economy continued to show encouraging signs of stabilization and improvement during the fourth quarter. However, despite some positive economic data, with non-farm payrolls, retail sales, consumer sentiment, and business inventories all posting higher than predicted increases, concerns about the elevated unemployment rate of 10%, the Federal Reserve’s stance on interest rates, and the strength of the U.S. dollar weighed on the markets during the final months of the year.

EQUITY MARKETS

Stocks rallied sharply off of a March 9th trough into the second and third quarters. Propelled by investors’ renewed appetite for risk, they were driven higher by the most battered names from the first quarter and on companies with greater growth prospects. The equity market continued to experience gains through the end of the year, though in a less pronounced manner.

The S&P 500 Index rose of 26.46% in the broad-based rally, its best annual gain since 2003, though it remained significantly down from its 2007 peak. Growth stocks overall were solid winners across the capitalization spectrum. Despite big rebounds for financial shares as credit conditions eased, technology stocks helped most growth-oriented benchmarks outpace their value-oriented counterparts.

FIXED INCOME MARKETS

All spread, or non-Treasury, sectors performed well during the Reporting Period. As investors continued to show a strong appetite for relatively risky assets, all spread sectors outperformed Treasuries and swaps. The best-performing sector within the Barclays U.S. Aggregate Bond Index was commercial mortgage-backed securities (CMBS), which outperformed duration-matched Treasuries by 29.60% for the period from December 31, 2008 to December 31, 2009. Spreads on the Barclays Capital Corporate Index (or the difference in yields between corporate bonds and duration-equivalent Treasury securities), which had widened significantly in 2008, narrowed by 3.83% during 2009.

1 

MARKET OVERVIEW

With short-term interest rates anchored by near-zero Fed funds rates, the yield curve steepened, meaning longer-term interest rates rose more than shorter-term interest rates. Long-term rates — controlled by the market, not by the Fed — rose during the first quarter, as investors positioned themselves for a glut of stimulus-related issuance, and inflationary concerns surfaced. Long-term rates continued to rise through the second quarter, as financial conditions improved and the economy showed signs of stabilization. They remained relatively stable during the third quarter, rising again into the year end, as the Fed maintained its commitment to low interest rates.

Looking Ahead

EQUITY MARKET

We expect equity market volatility to normalize, creating an environment with compelling investment opportunities at the individual stock level. In general, as economic stress subsides, stocks begin to trade more in concert with their underlying companies’ fundamentals. In our view, many quality stocks are inexpensive relative to their lower quality peers, a valuation gap we expect to narrow over time. We expect corporate earnings to accelerate as the economy strengthens and companies improve their operating leverage through aggressive cost cutting, and for low borrowing costs to be a further tailwind to earnings.

We believe that high-quality growth companies with established competitive advantages can take market share, capitalize on growth drivers, exert pricing power and self-finance their growth. As a result, these companies should be able to extend their competitive advantage, position themselves for superior future growth and command a premium valuation regardless of the market environment. We believe the market eventually recognizes the value of high quality, dominant growth franchises.

FIXED INCOME MARKETS

The U.S. economy appears to be moving in the right direction, and according to a number of forward-looking indicators, growth is likely to improve. In particular, the expansion in manufacturing activity suggests fourth quarter growth could approach 4%, which would be well above the 2.7% consensus estimate. In 2010, we believe U.S. growth will depend heavily on the cycle of low interest rates and rising asset prices discussed in our global outlook. Consumer spending accounts for two-thirds of U.S. economic growth, and we think future consumption will depend on what happens with employment and investment prices.

Over the next 12 months, we believe the U.S. economy could expand at an annualized rate of about 2.7%. We expect most of that growth to come from inventory restocking, modest consumer spending and an increase in business investment. With so much slack remaining in the economy, we anticipate an inflation rate of only about 1.3% in 2010, less than the consensus forecast of approximately 2%.

 2

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

INVESTMENT OBJECTIVE

The Fund seeks a total return consisting of capital appreciation and income that exceeds the total return of the Barclays Capital U.S. Aggregate Bond Index.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fixed Income Investment Management Team discusses the Fund’s performance and positioning for the year ended December 31, 2009.

How did the Goldman Sachs Core Fixed Income Fund (the “Fund”) perform during the annual period ended December 31, 2009 (the “Reporting Period”)?

During the Reporting Period, the Fund’s Service Shares generated an average annual total return of 14.68%. These returns compare to the 5.93% average annual total return of the Fund’s benchmark, the Barclays Capital U.S. Aggregate Bond Index (“Barclays Index”), during the same time period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund’s short duration position compared to the Barclays Index contributed to its relative outperformance, as interest rates rose during the Reporting Period. The Fund’s duration strategy was implemented by underweighting the long-term end of the yield curve, or spectrum of maturities. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

The portfolio also benefited from an overweighted position in non-agency residential mortgage-backed securities, which performed strong in anticipation of the government’s Public-Private Investment Program (PPIP), as well as indications the housing market was stabilizing. Also contributing was issue selection among government and agency bonds.

Which fixed income market sectors contributed the most to Fund performance?

As systemic risk decreased dramatically, the credit markets began a massive rally in mid-March. The Fund benefited from its overweighted position in non-agency adjustable-rate mortgages (ARMs), which performed well as supply and demand conditions improved and then continued to rally after the government’s announcement of the PPIP.

A modestly overweighted allocation to investment-grade corporate bonds also contributed to the Fund’s relative performance. Grave concern about the health of the financial system had pushed down the prices of many of these securities in 2008. To take advantage of a potential rebound, we had overweighted the sector within the Fund’s portfolio — a timely decision. The Fund’s allocation to these securities, especially to the debt of financial institutions, boosted its returns, as investors moved back into riskier assets and the government pledged to guarantee bank debt. During the Reporting Period, investment-grade corporate bonds as represented by the Barclays Capital Corporate Index outperformed similar duration Treasuries by 22.76%.

The Fund benefited from issue selection among non-agency ARM’s and commercial mortgage-backed securities (CMBS). Within government and agency bonds, our preference for Treasury Inflation Protected securities (TIPS) and the Fund’s complement of quasi-government bonds boosted results. Issue selection within investment grade corporate bonds, particularly among investment-grade financials, also added value.

What sectors detracted from the Fund’s performance?

The Fund’s underweighted exposure to emerging markets debt hampered its relative performance. The sector rallied as investors rediscovered their appetite for risk.

How did duration positioning decisions affect the Fund’s performance?

The Fund’s short duration positioning compared to the Barclays Index, through a modest position in the long-term end of the yield curve, contributed positively to its performance. In January, interest rates rose as market participants positioned themselves for a glut of stimulus-related issuance, and longer-term inflationary concerns surfaced. Because we believed the risk-return trade-off had diminished, we moved the Fund’s duration position to a neutral one as compared with the Barclays Index prior to the Fed’s announcement that it would be purchasing Treasuries. We subsequently reinitiated the Fund’s short duration stance during the second quarter, which added to returns, as interest rates moved higher with improved financial conditions and signs that macroeconomic data may be stabilizing. As interest rates rallied and supply diminished during the

3 

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

third quarter, this duration position dampened performance. However, it contributed to returns during the fourth quarter as spreads (or, the difference in yields) widened.

What changes did you make to the Fund’s weightings during the Reporting Period and why?

Heavy buying by the Fed drove agency mortgage spreads tighter during the Reporting Period, reducing their attractiveness relative to other low risk assets, such as agency securities. As a result, we reduced our allocation to mortgage pass-throughs. Because we saw more value in government and agency securities, we also added to the Fund’s holdings in these securities.

We reduced our underweighted position in agency mortgage-backed securities toward the end of the fourth quarter. In late December, the Treasury amended the terms of its agreements with Fannie Mae and Freddie Mac. We believe the amendments are favorable for agency mortgages because the Treasury has reiterated and solidified its support for the government-sponsored enterprises (GSEs). One of the amendment also allows the GSEs to purchase delinquent loans from existing MBS pools without having to make an offsetting sale from their own portfolios.

How was the Fund positioned relative to its benchmark index at the end of December 2009?

At the end of the Reporting Period, the Fund was modestly underweight agency mortgages. It had overweighted positions relative to the Barclays Index in agencies, non-agency ARMs and collateralized mortgage obligations (CMOs). Also, within the Fund, we moved to a neutral to slightly underweighted position in mortgage pass-throughs. The Fund had slightly overweighted allocations to investment-grade corporate bonds. We maintained a significantly underweighted position in Treasuries because we expect them to continue to underperform spread, or non-Treasury, sectors in the near term. The Fund had close to a neutral position in asset-backed securities compared to the Barclays Index at the end of December 2009.

What is the Fund’s tactical view and strategy for the months ahead?

We are targeting a neutral duration position compared to the Barclays Index through a modest position in the short-term end of the yield curve. We remain cautious on longer-date Treasury yields, maintaining an underweighted position, because we expect bond supply to continue to rise due to funding for continued economic stimulus.

Despite the strong rally in the non-agency mortgage market, we continue to see opportunities in the senior tranches of distressed securities backed by Alt-A mortgages, which are mortgages that fall between prime and subprime in terms of the credit quality of the underlying borrowers, and option ARMs, which give borrowers payment options. We believe these securities remain attractively priced, even under extremely conservative default and recovery assumptions.

 4

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

SECTOR ALLOCATION¹

¹ The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

² Federal Agencies are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the United States Government.

³ “Government Guarantee Obligations” are guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program or the Foreign Government Guarantee Program and are backed by the full faith and credit of the United States or the federal government of a foreign country. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012.

5 

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Performance Summary

December 31, 2009

The following graph shows the value, as of December 31, 2009, of a $10,000 investment made in the Fund on January 9, 2006 (commencement of operations). For comparative purposes, the performance of the Fund’s benchmark, the Barclays Capital U.S. Aggregate Bond Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses, but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. In addition to the investment adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Core Fixed Income Fund’s Performance

Performance of a $10,000 investment, with distributions reinvested, from January 9, 2006 through December 31, 2009.

Average Annual Total Return through December 31, 2009	One Year		Since Inception
Core Fixed Income Fund (Commenced January 9, 2006)		14.68%		3.91%

 6

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

INVESTMENT OBJECTIVE

The Fund seeks to achieve investment results that correspond to the aggregate price and yield performance of a benchmark index that measures the investment returns of large capitalization stocks.

Portfolio Management Discussion and Analysis

Below, SSgA Funds Management, Inc. the Fund’s Sub-Advisor, discusses the Fund’s performance and positioning for the 12 months ended December 31, 2009.

How did the Goldman Sachs Equity Index Fund (the “Fund”) perform during the annual period ended December 31, 2009 (the “Reporting Period”)?

During the Reporting Period, the Fund’s Service Shares generated an average annual total return of 26.28%. This compares to the 26.46% average annual total return of the Fund’s benchmark, the S&P 500 Index (with dividends reinvested) during the same period.

Which sectors and which industries in the S&P 500 Index were the strongest contributors to the Fund’s performance?

All ten sectors in the S&P 500 Index gained ground during the Reporting Period. Information technology was the strongest contributor within the S&P 500 Index and contributed the most to the Fund’s returns. The consumer discretionary, financials, health care, and industrials sectors also added to Fund’s performance.

The industries that contributed the most to the results of both the S&P 500 Index and the Fund were computers and peripherals; software; semiconductors and semiconductor equipment; communications equipment; and capital markets.

Which sectors and industries in the S&P 500 Index were the weakest contributors to the Fund’s performance?

Although they posted positive returns, the utilities, telecommunications services, energy, consumer staples and materials sectors were the weakest contributors to the Fund’s performance.

Industries generating a negative return were commercial banks; biotechnology; electric utilities; diversified consumer services; and construction materials.

Which individual stocks were the top performers, and which were the greatest detractors?

The largest sector by weighting in the S&P 500 Index at the end of the Reporting Period was information technology at a weighting of 19.85%, and it provided all five of the Reporting Period’s top performers — Apple, Microsoft, International Business Machines (IBM), Google and Cisco Systems.

Detractors from S&P 500 Index and Fund returns were Exxon Mobil, Citigroup, General Electric, Procter & Gamble and Gilead Sciences.

What changes were made to the makeup of the S&P 500 Index during the Reporting Period?

Twenty-six stocks were removed from the S&P 500 Index during the Reporting Period, including General Motors, which filed for bankruptcy protection. Other notable deletions included Wyeth Pharmaceuticals, Schering-Plough, Ingersoll-Rand, Tyco Electronics and MBIA. There were also twenty-six additions to the S&P 500 Index during the Reporting Period. Notable additions included Western Digital, Priceline.com, First Solar, Visa and DeVry.

What is your Fund strategy for the months ahead?

In keeping with our the Fund’s investment objective, we will seek to achieve investment results that correspond to the aggregate price and yield performance of the S&P 500 Index, which measures the investment returns of large capitalization stocks.

7 

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

TOP TEN PORTFOLIO HOLDINGS AS OF 12/31/09*

Holding	% of Net Assets			Line of Business
Exxon Mobil Corp.		3.2	%	Energy
Microsoft Corp.		2.3		Software & Services
Apple, Inc.		1.9		Technology Hardware & Equipment
Johnson & Johnson		1.8		Pharmaceuticals, Biotechnology & Life Sciences
The Procter & Gamble Co.		1.8		Household & Personal Products
International Business Machines Corp.		1.7		Technology Hardware & Equipment
AT&T, Inc.		1.6		Telecommunication Services
JPMorgan Chase & Co.		1.6		Diversified Financials
General Electric Co.		1.6		Capital Goods
Chevron Corp.		1.5		Energy

* Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained by the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of securities should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise.

FUND vs. BENCHMARK SECTOR ALLOCATION AS OF 12/31/09¹

¹ The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Underlying industry sector allocations of exchange traded funds (“ETF”) held by the Fund are not reflected in the graph above. Consequently, the Fund’s overall industry sector allocations may differ from the percentages contained in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value.

 8

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Performance Summary

December 31, 2009

The following graph shows the value, as of December 31, 2009, of a $10,000 investment made in the Fund on January 9, 2006 (commencement of operations). For comparative purposes, the performance of the Fund’s benchmark, the S&P 500 Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses, but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.

Equity Index Fund’s Performance

Performance of a $10,000 investment, with distributions reinvested, from January 9, 2006 through December 31, 2009.

Average Annual Total Return through December 31, 2009	One Year		Since Inception
Equity Index Fund (Commenced January 9, 2006)		26.28%		–1.65%

9 

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

INVESTMENT OBJECTIVE

The Fund seeks a high level of current income, consistent with safety of principal.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fixed Income Investment Management Team discusses the Fund’s performance and positioning for the one year ended December 31, 2009.

How did the Goldman Sachs Government Income Fund (the “Fund”) perform during the annual period ended December 31, 2009 (the “Reporting Period”)?

During the Reporting Period, the Fund’s Service Shares generated an average annual total return of 6.44%. These returns compare to the 1.96% average annual total return of the Fund’s benchmark, the Barclays Capital Government/Mortgage Index (“Barclays Index”) during the same time period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund’s short duration position compared to the Barclays Index contributed to its relative outperformance, as interest rates rose during the Reporting Period. The Fund’s duration strategy was implemented by underweighting the long-term end of the yield curve, or spectrum of maturities. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

The portfolio also benefited from an overweighted position in non-agency residential mortgage-backed securities, which performed strong in anticipation of the government’s Public-Private Investment Program (PPIP), as well as indications the housing market was stabilizing. Issue selection among government and agency bonds also added to relative performance.

Which fixed income market sectors contributed the most to Fund performance?

As systemic risk decreased dramatically, the credit markets began a massive rally in mid-March. The Fund benefited from its overweighted position in non-agency ARMs, which performed well as supply and demand conditions improved and then continued to rally after the government’s announcement of the PPIP.

Similarly, as investors became less risk averse, commercial mortgage-backed securities (CMBS) outperformed. The sector also benefited from the success of the Term Asset-backed Loan Facility (TALF). A modest overweighted allocation to the sector added to the Fund’s returns.

Within government and agency bonds, our preference for Treasury Inflation Protected Securities (TIPS) and the Fund’s complement of quasi-government bonds boosted results.

What sectors detracted from the Fund’s performance?

No sectors detracted meaningfully from the Fund’s performance during the Reporting Period.

How did duration positioning decisions affect the Fund’s performance?

The Fund’s short duration positioning compared to the Barclays Index, through a modest position in the long-term end of the yield curve, contributed positively to its performance. In January, interest rates rose as market participants positioned themselves for a glut of stimulus-related issuance, and longer-term inflationary concerns surfaced. Because we believed the risk-return trade-off had diminished, we moved the Fund’s duration position to a neutral one as compared with the Barclays Index prior to the Fed’s announcement that it would be purchasing Treasuries. We subsequently reinitiated the Fund’s short duration stance during the second quarter, which added to returns, as interest rates moved higher with improved financial conditions and signs that macroeconomic data may be stabilizing. As interest rates rallied and supply diminished during the third quarter, this duration position dampened performance. However, it contributed to returns during the fourth quarter as spreads (or, the difference in yields) widened.

What changes did you make to the Fund’s weightings during the Reporting Period and why?

Heavy buying by the Fed drove agency mortgage spreads tighter during the Reporting Period, reducing their attractiveness relative to other low risk assets, such as agency securities. As a result, we reduced the Fund’s overweighted allocation to agency mortgage-backed securities and reinvested the proceeds in agency securities.

 10

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

How was the Fund positioned relative to its benchmark index at the end of December 2009?

The Fund had overweighted positions relative to the Barclays Index in non-agency ARMs and collateralized mortgage obligations (CMOs) at the end of the Reporting Period. The Fund held a slightly underweighted position in mortgage pass-throughs. The Fund maintained a significantly underweighted allocation to Treasuries because we expect them to continue to underperform spread, or non-Treasury, sectors in the near term. The Fund had overweighted exposure to agency securities and a modest overweighted position in asset-backed securities compared to the Barclays Index at the end of December 2009.

What is the Fund’s tactical view and strategy for the months ahead?

We are targeting a neutral duration position compared to the Barclays Index through a modest position in the short-term end of the yield curve. We remain cautious on longer-date Treasury yields, maintaining an underweighted position, because we expect bond supply to continue to rise due to funding for continued economic stimulus.

Despite the strong rally in the non-agency mortgage market, we continue to see opportunities in the senior tranches of distressed securities backed by Alt-A mortgages, which are mortgages that fall between prime and subprime in terms of the credit quality of the underlying borrowers, and Option ARMs, which give borrowers payment options. We believe these securities remain attractively priced, even under extremely conservative default and recovery assumptions.

SECTOR ALLOCATION¹

1 The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

2 Federal Agencies are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the United States Government.

3 “Government Guarantee Obligations” are guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program or the Foreign Government Guarantee Program and are backed by the full faith and credit of the United States or the federal government of a foreign country. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012.

11 

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Performance Summary

December 31, 2009

The following graph shows the value, as of December 31, 2009, of a $10,000 investment made in the Fund on January 9, 2006 (commencement of operations). For comparative purposes, the performance of the Fund’s benchmark, the Barclays Capital Government/Mortgage Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses, but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Government Income Fund’s Performance

Performance of a $10,000 investment, with distributions reinvested, from January 9, 2006 through December 31, 2009.

Average Annual Total Return through December 31, 2009	One Year		Since Inception
Government Income Fund (Commenced January 9, 2006)		6.44%		5.21%

 12

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Management Team discusses the Fund’s performance and positioning for the 12 months ended December 31, 2009 (the “Reporting Period”).

How did the Goldman Sachs Growth Opportunities Fund (the “Fund”) perform during the Reporting Period?

During the Reporting Period, the Fund’s Service Shares generated an average annual total return of 58.59%. This compares to the 46.29% average annual total return of the Fund’s benchmark, the Russell Midcap Growth Index (with dividends reinvested) (the “Russell Index”), during the same time period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

In keeping with our investment approach, the Fund’s significant outperformance was primarily the result of stock selection. In addition, the Fund benefited during the broad market rally as investors became less risk averse in their investment decisions and sought out companies with attractive growth prospects.

Which equity market sectors most significantly affected Fund performance?

Our bottom-up approach focuses on security selection, and as a result, we do not make active sector-level investment decisions. That said, on a sector level, energy and consumer discretionary provided the strongest returns of the Reporting Period. Positions in the telecommunications services, financials and utilities sectors also enhanced the Fund’s relative returns.

What were some of the Fund’s best-performing individual stocks?

Gentex, a producer of auto-dimming rearview mirrors and commercial fire protection products, was a top performing stock during the Reporting Period. The company’s share price has been driven higher by a shift in its product mix, the automotive end-market recovery and related inventory restocking. Gentex focused its business on two new products, rear camera display (RCD), which helps drivers back up their vehicles, and SmartBeam, which automatically adjusts headlight high beams. Although we believe Gentex has the leading technology and plenty of room to grow, we locked in profits for the Fund by liquidating the position.

Shares of CME Group, the world’s largest futures and options exchange, also contributed to the Fund’s returns. In March, the company reported that trading volumes had increased since the beginning of 2009. We believe CME Group’s vertically integrated clearing house and exchanges and its unique product offering remains a competitive advantage. Furthermore, we think its over-the-counter clearing business, Clearport, provides a significant growth opportunity because it could meet customers’ demands for more transparency and less counterparty risk.

Another notable contributor was Weatherford International. The oil well services company announced at the end of May that it would acquire TNK-BP Oil Field Services, which is anticipated to greatly increase the company’s access to the critical Western Siberia and Volga-Urals regions in Russia. The company was also awarded a large drilling contract in the Buzurgan fields in Southern Iraq, which supports its strategy of developing its global business. In addition, Weatherford International benefited from rising oil prices.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Fortune Brands detracted from Fund performance, as its shares declined after the company reported weak earnings. The company experienced weakness in several product areas during the consumer spending slowdown. Nevertheless, we continue to believe Fortune Brands has a strong, diversified product portfolio that is likely to benefit when consumer spending increases.

Alliant Techsystems detracted from performance largely because of broader weakness within the defense and aerospace industries. The Obama Administration is reviewing all of the former Bush administration’s defense procurement plans and we expect to see both procurement reform and the elimination of some programs. In our view, Alliant Techsystems is well-

13 

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

positioned for this outcome because it delivers lower cost products. It also derives sales from areas other than defense, including commercial markets, such as autos and aviation, and civil markets, such as law enforcement.

Did the Fund make any significant purchases or sales during the Reporting Period?

We purchased shares in a number of retail companies, including Staples, Tiffany and Bed Bath & Beyond, during the first half of the fiscal year. Staples is a market share leader in the retail office products and delivery businesses. The company’s recent acquisition of Corporate Express changes the composition of its revenue base, and now over 50% of its revenues come from the high margin, high return delivery business. In addition, two competitors, Office Max and Office Depot, are closing stores in the U.S., which could lead to market share gains for Staples.

Jewelry business Tiffany remains a leader in one of the most fragmented segments of retailing. Recent bankruptcies of national chains and high-end boutiques have left Tiffany well-positioned, in our view, to gain market share. Further, Tiffany has a strong, global brand that we believe will get stronger as it continues to penetrate international markets. The company protects its brand by having a no-discount policy, ensuring stable profits relative to most of the retail industry.

Bed Bath & Beyond is a chain of retail stores with well-known subsidiaries, Christmas Tree Shops and buybuy BABY. We believe the company is likely to gain market share following the bankruptcy of its major competitor, Linens ’n Things.

Later in the fiscal year, we purchased Dril-Quip, which manufactures and sells engineered offshore deep water drilling and production equipment. In our view, the prospects in deep water drilling are attractive given the limited supply of onshore sources of oil. We believe Dril-Quip is fully well positioned to benefit from increased deepwater exploration. We also think the stock is attractively valued given the company’s dominant position in the deep water space and its long-term prospects in offshore drilling.

We also purchased Apollo Group, a provider of private education programs at the undergraduate, graduate and doctoral levels through the Internet and on campuses. Apollo meets our criteria for a high-quality growth business because it has high margins and a low market cap, giving it the potential to generate meaningful free cash flow. We also believe Apollo is benefiting from an increase in demand for online courses.

We sold Express Scripts, one of the three leading pharmacy benefits managers in the U.S. Shares of Express Scripts rose after the company announced its acquisition of WellPoint’s pharmacy benefits management business. While we believe the acquisition should increase Express Scripts’ purchasing power and administration efficiencies, we sold the position because we believed the stock price had reached a fair valuation, and the company no longer fit our definition of a mid cap company.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

There were no notable changes in the Fund’s weightings during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of December 2009?

As mentioned, the Fund’s sector positioning relative to its benchmark index is the result of our stock selection, as we take a pure bottom-up, research-intensive approach to investing. At the end of the Reporting Period, the Fund’s portfolio was broadly diversified with overweighted positions compared to the Russell Index in the consumer discretionary, energy, financials, health care, consumer staples and telecommunications services sectors. The Fund had smaller weightings relative to the Russell Midcap Growth Index in the industrials, information technology and utilities sectors at the end of December 2009.

What is the Fund’s tactical view and strategy for the months ahead?

As volatility returns to more reasonable levels, and stock prices are expected to be driven once again by fundamentals, we believe the Fund’s holdings are well-positioned. We intend to continue to focus on high-quality growth companies that maintain, in our view, a competitive advantage and generate meaningful free cash flow.

 14

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

TOP TEN PORTFOLIO HOLDINGS AS OF 12/31/09*

Holding	% of Net Assets			Line of Business
CB Richard Ellis Group, Inc. Class A		2.8	%	Real Estate
Chattem, Inc.		2.6		Household & Personal Products
St. Jude Medical, Inc.		2.6		Health Care Equipment & Services
Cameron International Corp.		2.6		Energy
Northern Trust Corp.		2.6		Diversified Financials
Equinix, Inc.		2.5		Software & Services
Broadcom Corp. Class A		2.5		Semiconductors & Semiconductor Equipment
Global Payments, Inc.		2.2		Software & Services
American Tower Corp. Class A		2.1		Telecommunication Services
People’s United Financial, Inc.		2.1		Banks

* Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained by the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of securities should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise.

FUND vs. BENCHMARK SECTOR ALLOCATION AS OF 12/31/09¹

¹ The fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Underlying industry sector allocations of exchange traded funds (“ETF”) held by the Fund are not reflected in the graph above. Consequently, the Fund’s overall industry sector allocations may differ from the percentages contained in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investment in the securities lending reinvestment vehicle represented 9.2% of the Fund’s net assets at December 31, 2009.

15 

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Performance Summary

December 31, 2009

The following graph shows the value, as of December 31, 2009, of a $10,000 investment made in the Fund on January 9, 2006 (commencement of operations). For comparative purposes, the performance of the Fund’s benchmark, the Russell Midcap Growth Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses, but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.

Growth Opportunities Fund’s Performance

Performance of a $10,000 investment, with distributions reinvested, from January 9, 2006 through December 31, 2009.

Average Annual Total Return through December 31, 2009	One Year		Since Inception
Growth Opportunities Fund (Commenced January 9, 2006)		58.59%		3.52%

 16

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

December 31, 2009

	Principal		Interest			Maturity
	Amount		Rate			Date		Value
Corporate Obligations – 19.2%
	Banks – 5.3%
	ANZ Capital Trust I(a)(b)
	$	500,000		4.484	%		01/29/49	$	500,015
	Bank of America Corp.
		200,000		5.750			12/01/17		206,505
		175,000		7.625			06/01/19		202,149
	Bear Stearns Companies, Inc.
		525,000		7.250			02/01/18		601,151
	Citigroup, Inc.
		425,000		6.375			08/12/14		444,495
		600,000		5.000			09/15/14		580,640
		300,000		5.875			05/29/37		266,122
		100,000		6.875			03/05/38		99,219
	Credit Agricole SA(a)(b)(c)
		200,000		8.375			12/31/49		212,000
	Discover Bank
		325,000		8.700			11/18/19		349,665
	JPMorgan Chase Bank NA
		400,000		6.000			10/01/17		425,616
	JPMorgan Chase Capital XXVII Series AA
		275,000		7.000			11/01/39		277,115
	Merrill Lynch & Co., Inc.
		450,000		5.450			02/05/13		473,602
	Morgan Stanley & Co.
		275,000		5.750			08/31/12		296,515
		400,000		5.950			12/28/17		411,721
		725,000		6.625			04/01/18		778,831
		100,000		5.625			09/23/19		100,609
	PNC Bank NA
		325,000		6.875			04/01/18		344,962
	Resona Bank Ltd.(a)(b)(c)
		1,250,000		5.850			09/29/49		1,090,973
	Royal Bank of Scotland Group PLC(a)
		425,000		4.875			08/25/14		430,816
	Santander Issuances SA(a)(c)
		200,000		5.805			06/20/16		186,000
	US Bank NA(c)
		250,000		4.375			02/28/17		346,218
	Wachovia Bank NA
		250,000		7.800			08/18/10		260,868
		675,000		6.600			01/15/38		716,510
	Wells Fargo Capital XIII(b)(c)
		125,000		7.700			12/29/49		120,625
									9,722,942
	Building Materials – 0.1%
	Holcim US Finance Sarl & Companhia SCS(a)
		175,000		6.000			12/30/19		182,156
	Chemicals – 0.6%
	Airgas, Inc.
		425,000		4.500			09/15/14		431,436
	Dow Chemical Co.
		500,000		7.600			05/15/14		569,075
		175,000		5.900			02/15/15		188,258
									1,188,769
	Consumer Products – 0.2%
	Whirlpool Corp.
		125,000		8.000			05/01/12		136,171
		175,000		8.600			05/01/14		198,211
									334,382
	Electric – 1.7%
	Arizona Public Service Co.
		250,000		6.375			10/15/11		266,358
		225,000		6.250			08/01/16		236,338
	CenterPoint Energy, Inc. Series B
		1,000,000		7.250			09/01/10		1,031,844
	Commonwealth Edison Co.
		250,000		5.875			02/01/33		252,755
	Enel Finance International SA(a)
		475,000		5.125			10/07/19		477,934
	FirstEnergy Corp. Series C
		275,000		7.375			11/15/31		301,637
	Progress Energy, Inc.
		200,000		5.625			01/15/16		211,324
		350,000		7.000			10/30/31		381,554
									3,159,744
	Energy – 0.4%
	Dolphin Energy Ltd.(a)
		237,600		5.888			06/15/19		239,976
	Ras Laffan Liquefied Natural Gas Co. Ltd. III(a)
		250,000		5.500			09/30/14		261,911
	Suncor Energy, Inc.
		250,000		6.100			06/01/18		269,013
									770,900
	Food & Beverage – 0.6%
	Anheuser-Busch InBev Worldwide, Inc.(a)
		400,000		7.200			01/15/14		453,664
		550,000		4.125			01/15/15		559,513
									1,013,177
	Healthcare – 0.9%
	Agilent Technologies, Inc.
		550,000		5.500			09/14/15		577,748
	Boston Scientific Corp.
		300,000		4.500			01/15/15		300,612
		200,000		6.000			01/15/20		204,355
	CareFusion Corp.(a)
		525,000		6.375			08/01/19		567,606
									1,650,321
	Life Insurance – 0.4%
	MetLife Capital Trust X(a)(b)(c)
		300,000		9.250			04/08/38		339,000
	Phoenix Life Insurance Co.(a)(b)
		325,000		7.150			12/15/34		156,000
	Symetra Financial Corp.(a)(c)
		325,000		8.300			10/15/37		263,456
									758,456

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

17

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2009

	Principal		Interest			Maturity
	Amount		Rate			Date		Value
Corporate Obligations – (continued)
	Media Cable – 1.2%
	Comcast Corp.
	$	625,000		6.450	%		03/15/37	$	642,220
	COX Communications, Inc.
		1,075,000		4.625			01/15/10		1,076,101
	Rogers Cable, Inc.
		200,000		7.875			05/01/12		224,264
	Time Warner Entertainment Co. LP
		225,000		8.375			03/15/23		267,809
									2,210,394
	Metals and Mining – 0.5%
	Anglo American Capital PLC(a)
		100,000		9.375			04/08/14		119,994
		225,000		9.375			04/08/19		285,797
	ArcelorMittal
		375,000		6.125			06/01/18		388,253
									794,044
	Noncaptive-Financial – 1.2%
	Bear Stearns Companies, Inc.
		550,000		6.400			10/02/17		601,077
	International Lease Finance Corp.
		275,000		4.950			02/01/11		255,750
	Merrill Lynch & Co., Inc.
		325,000		6.400			08/28/17		342,181
		600,000		6.875			04/25/18		648,508
	SLM Corp.
		450,000		5.400			10/25/11		449,575
									2,297,091
	Paper – 0.2%
	International Paper Co.
		325,000		7.500			08/15/21		361,249
	Pharmaceuticals – 0.2%
	Watson Pharmaceuticals, Inc.
		325,000		5.000			08/15/14		332,579
	Pipelines – 1.8%
	Boardwalk Pipelines LP
		575,000		5.875			11/15/16		588,357
	DCP Midstream LLC(a)
		280,000		9.750			03/15/19		344,527
	Energy Transfer Partners LP
		550,000		5.950			02/01/15		584,900
	Enterprise Products Operating LLC
		175,000		5.000			03/01/15		180,729
		550,000		6.650			04/15/18		599,820
	Tennessee Gas Pipeline Co.
		150,000		8.000			02/01/16		169,262
		200,000		8.375			06/15/32		237,665
	The Williams Companies, Inc.
		325,000		8.750			03/15/32		388,739
	TransCanada Pipelines Ltd.(c)
		325,000		6.350			05/15/67		302,250
									3,396,249
	Property/Casualty Insurance – 1.6%
	Arch Capital Group Ltd.
		350,000		7.350			05/01/34		329,727
	Aspen Insurance Holdings Ltd.
		350,000		6.000			08/15/14		353,729
	Endurance Specialty Holdings Ltd.
		175,000		6.150			10/15/15		182,659
	Marsh & McClennan Companies, Inc.
		600,000		5.150			09/15/10		613,490
	QBE Insurance Group Ltd.(a)
		225,000		9.750			03/14/14		254,539
	Transatlantic Holdings, Inc.
		225,000		8.000			11/30/39		227,858
	White Mountains Reinsurance Group Ltd.(a)
		600,000		6.375			03/20/17		544,142
	ZFS Finance USA Trust IV(a)(b)(c)
		675,000		5.875			05/09/32		546,352
									3,052,496
	Real Estate Investment Trusts – 0.9%
	Healthcare Realty Trust, Inc.
		300,000		6.500			01/17/17		295,093
	ProLogis
		100,000		2.250			04/01/37		92,750
		175,000		1.875			11/15/37		154,875
	Simon Property Group LP
		350,000		10.350			04/01/19		437,175
	Westfield Capital Corp. Ltd.(a)
		225,000		4.375			11/15/10		231,188
	Westfield Group(a)
		125,000		5.400			10/01/12		132,598
		125,000		7.500			06/02/14		140,662
									1,484,341
	Tobacco – 0.4%
	Altria Group, Inc.
		275,000		9.700			11/10/18		338,924
	BAT International Finance PLC(a)
		300,000		9.500			11/15/18		380,966
									719,890
	Wireless Telecommunications – 0.4%
	New Cingular Wireless Services, Inc.
		675,000		7.875			03/01/11		724,201
	Wirelines Telecommunications – 0.6%
	Telecom Italia Capital SA
		225,000		4.000			01/15/10		225,173
		300,000		4.875			10/01/10		307,049
	Telefonica Europe BV
		300,000		7.750			09/15/10		313,832
	Verizon Communications, Inc.
		150,000		6.400			02/15/38		158,356
									1,004,410
	TOTAL CORPORATE OBLIGATIONS
	(Cost $34,161,768)							$	35,157,791

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

 18

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

	Principal		Interest			Maturity
	Amount		Rate			Date		Value
Mortgage-Backed Obligations – 48.0%
	Adjustable Rate Non-Agency(c) – 3.3%
	Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1
	$	36,597		3.634	%		04/25/34	$	32,500
	Countrywide Alternative Loan Trust Series 2005-38, Class A1
		309,507		2.044			09/25/35		181,889
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2003-52, Class A1
		135,961		3.436			02/19/34		114,385
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB6, Class A2
		24,909		3.619			11/20/34		20,048
	Downey Savings & Loan Association Mortgage Loan Trust Series 2006-AR2, Class 2A1A
		1,339,798		0.433			11/19/37		680,777
	Indymac Index Mortgage Loan Trust Series 2005-AR15, Class A1
		568,668		5.263			09/25/35		445,355
	Indymac Index Mortgage Loan Trust Series 2006-AR4, Class A1A
		1,195,459		0.441			05/25/46		616,684
	J.P. Morgan Mortgage Trust Series 2007-A1, Class 2A2
		524,478		3.632			07/25/35		472,779
	Lehman XS Trust Series 2005-7N, Class 1A1A
		481,585		0.501			12/25/35		285,760
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
		698,578		1.394			12/25/46		220,668
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-5, Class 3A1
		57,356		2.963			05/25/34		48,418
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2
		26,117		3.249			09/25/34		22,423
	Thornburg Mortgage Securities Trust Series 2006-4, Class A2B
		1,835,010		0.351			07/25/36		1,609,558
	Washington Mutual Mortgage Pass-Through Certificates Series 2004-AR3, Class A2
		37,296		3.136			06/25/34		34,080
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA2, Class 1A
		723,659		1.244			03/25/47		394,023
	Wells Fargo Mortgage Backed Securities Trust Series 2006-AR10, Class 5A3
		1,028,874		5.589			07/25/36		853,230
									6,032,577
	Collateralized Mortgage Obligations – 3.8%
	Interest Only(c)(d) – 0.0%
	FNMA REMIC Series 2004-71, Class DI
		459,417		0.000			04/25/34		12,830
	Planned Amortization Class – 1.7%
	FNMA REMIC Series 2003-92, Class PD
		3,000,000		4.500			03/25/17		3,106,668
	Regular Floater(c) – 2.1%
	FHLMC REMIC Series 2005-3038, Class XA(e)
		45,345		0.000			09/15/35		38,946
	FHLMC REMIC Series 2006-3167, Class X(e)
		27,042		0.000			06/15/36		22,699
	FHLMC REMIC Series 2007-3275, Class UF(e)
		46,550		0.000			02/15/37		44,620
	FHLMC REMIC Series 2007-3342, Class FT
		1,559,703		0.683			07/15/37		1,543,131
	FNMA REMIC Series 2006-68, Class FM
		778,406		0.681			08/25/36		770,106
	FNMA REMIC Series 2006-81, Class LF(e)
		39,638		0.000			09/25/36		39,167
	FNMA REMIC Series 2007-4, Class DF
		1,245,492		0.676			02/25/37		1,219,634
	FNMA REMIC Series 2007-56, Class GY(e)
		59,245		0.000			06/25/37		58,070
									3,736,373
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	6,855,871
	Commercial Mortgage-Backed Securities – 6.6%
	Adjustable Rate Non-Agency(c) – 2.2%
	Wachovia Bank Commercial Mortgage Trust Series 2005-C21, Class A4
	$	3,000,000		5.209	%		10/15/44	$	2,994,190
	Wachovia Bank Commercial Mortgage Trust Series 2006-C25, Class A5
		1,200,000		5.740			05/15/43		1,181,183
									4,175,373
	Sequential Fixed Rate – 4.4%
	CWCapital Cobalt Ltd. Series 2006-C1, Class A4
		1,052,000		5.223			08/15/48		887,827
	GE Capital Commercial Mortgage Corp. Series 2002-1A, Class A3
		2,700,000		6.269			12/10/35		2,848,550
	J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2005-LDP2, Class A4
		1,500,000		4.738			07/15/42		1,445,331
	Morgan Stanley Dean Witter Capital I Series 2003-TOP9, Class A2
		2,700,000		4.740			11/13/36		2,756,340
									7,938,048
	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES							$	12,113,421
	Federal Agencies – 34.3%
	Adjustable Rate FHLMC(c) – 2.4%
	$	2,506,653		4.846	%		09/01/35	$	2,606,954
		1,710,573		4.690			10/01/35		1,783,980
									4,390,934
	Adjustable Rate FNMA(c) – 2.1%
		795,326		3.335			05/01/33		816,600

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

19

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2009

	Principal		Interest			Maturity
	Amount		Rate			Date			Value
Mortgage-Backed Obligations – (continued)
	Adjustable Rate FNMA(c) – (continued)
	$	1,082,063		2.912	%		05/01/35		$	1,121,922
		1,808,027		5.088			09/01/35			1,870,105
										3,808,627
	FHLMC – 8.3%
		8,506		7.000			08/01/10			8,693
		7,586		7.000			11/01/11			7,941
		6,836		7.000			12/01/11			7,157
		42,930		7.500			06/01/15			46,762
		178,538		7.000			07/01/16			192,650
		834,626		5.500			02/01/18			893,263
		68,309		5.500			04/01/18			73,108
		49,247		4.500			05/01/18			51,415
		29,199		4.500			06/01/18			30,484
		70,777		4.500			09/01/18			73,891
		122,152		5.500			09/01/18			130,734
		92,155		4.500			10/01/18			96,211
		36,535		4.500			01/01/19			38,143
		33,537		4.500			03/01/19			35,013
		12,389		9.500			08/01/19			13,732
		806		9.500			08/01/20			896
		253,731		6.500			10/01/20			276,438
		38,991		4.500			07/01/24			40,225
		29,834		4.500			09/01/24			30,750
		380,898		4.500			11/01/24			392,790
		50,277		4.500			12/01/24			51,867
		71,523		6.000			03/01/29			76,652
		912		6.000			04/01/29			977
		52,797		7.500			12/01/29			58,060
		964		7.500			11/01/30			1,060
		483,434		7.000			05/01/32			532,194
		1,793		6.000			08/01/32			1,918
		287,016		7.000			12/01/32			315,965
		53,720		5.000			12/01/35			55,258
		20,451		6.000			11/01/36			21,838
		64,293		6.000			09/01/37			69,088
		21,385		6.000			11/01/37			22,806
		95,358		6.000			02/01/38			102,499
		84,494		5.000			04/01/38			86,887
		21,769		6.000			04/01/38			23,215
		355,639		6.000			07/01/38			381,708
		1,515,134		6.000			08/01/38			1,615,808
		18,492		6.000			09/01/38			19,715
		64,501		6.000			10/01/38			69,312
		22,196		6.000			11/01/38			23,781
		22,446		6.000			02/01/39			23,930
		476,640		5.000			03/01/39			490,139
		1,308,718		5.000			04/01/39			1,345,781
		420,444		5.000			05/01/39			432,877
		2,317,545		5.000			06/01/39			2,384,865
		685,540		5.000			07/01/39			705,199
		63,216		5.000			08/01/39			65,086
		988,003		4.500			09/01/39			988,312
		299,989		4.500			10/01/39			299,989
		498,771		5.000			10/01/39			512,772
		2,000,000		4.500			TBA-30yr	(f)		1,995,312
										15,215,166
	FNMA – 16.4%
		11		9.000			02/01/10			11
		22,061		6.000			08/01/13			23,644
		108,925		7.500			08/01/15			118,867
		49,159		6.000			04/01/16			52,837
		111,736		6.500			05/01/16			121,751
		165,244		6.500			09/01/16			180,056
		204,885		6.500			11/01/16			223,251
		52,134		6.000			12/01/16			56,035
		415,941		6.000			02/01/17			447,133
		58,576		7.500			04/01/17			62,589
		658,967		6.000			10/01/17			708,384
		733,204		5.500			02/01/18			784,163
		861,997		5.000			05/01/18			909,369
		63,656		6.500			08/01/18			68,998
		291,895		7.000			08/01/18			324,679
		2,785,498		4.000			09/01/18			2,862,836
		445,674		5.000			04/01/19			470,059
		795,456		4.500			05/01/23			819,320
		14,013		5.000			06/01/23			14,674
		989,695		5.500			09/01/23			1,051,585
		168,946		5.500			10/01/23			179,716
		32,245		4.500			07/01/24			33,298
		700,111		4.500			11/01/24			722,786
		167,643		4.500			12/01/24			173,117
		493		7.000			07/01/25			545
		8,236		7.000			11/01/25			9,102
		57,914		9.000			11/01/25			66,945
		226,675		7.000			08/01/26			251,971
		3,915		7.000			08/01/27			4,344
		18,380		7.000			09/01/27			20,393
		98,704		6.000			12/01/27			105,273
		613		7.000			01/01/28			680
		496,218		6.000			02/01/29			532,040
		457,236		6.000			06/01/29			490,232
		2,212		7.000			09/01/29			2,451
		75,020		8.000			10/01/29			86,126
		31,624		7.000			12/01/29			35,039
		1,581		8.500			04/01/30			1,823
		7,877		8.000			05/01/30			8,620
		454		8.500			06/01/30			524
		33,590		7.000			05/01/32			37,131
		233,777		7.000			06/01/32			258,125
		299,573		7.000			08/01/32			330,773
		72,735		8.000			08/01/32			83,407
		165,340		5.500			03/01/33			173,854
		137,022		5.500			05/01/33			144,077
		24,564		5.500			06/01/33			25,829
		281,614		5.500			07/01/33			296,114
		32,235		5.000			08/01/33			33,228

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

 20

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

	Principal		Interest			Maturity
	Amount		Rate			Date			Value
Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
	$	4,027		5.500	%		09/01/33		$	4,246
		5,153		5.500			02/01/34			5,433
		820		5.500			04/01/34			866
		142,954		5.500			06/01/34			150,315
		54,823		5.500			12/01/34			57,813
		375,090		6.000			04/01/35			401,235
		18,594		5.000			09/01/35			19,124
		6,851		5.500			09/01/35			7,227
		18,735		6.000			09/01/36			19,992
		17,905		6.000			10/01/36			19,106
		186,352		6.000			11/01/36			198,851
		2,642		5.500			12/01/36			2,781
		899		5.500			02/01/37			946
		4,563		5.500			03/01/37			4,799
		12,244		5.500			04/01/37			12,878
		3,749		5.500			05/01/37			3,943
		62,148		6.000			06/01/37			66,559
		40,384		5.500			07/01/37			42,338
		18,882		6.000			07/01/37			20,222
		59,779		5.500			08/01/37			62,634
		72,800		6.000			08/01/37			77,580
		86,135		6.000			09/01/37			91,791
		44,073		6.000			10/01/37			47,097
		64,895		6.000			11/01/37			69,300
		118,347		6.000			12/01/37			127,080
		104,163		5.500			02/01/38			109,133
		192,191		6.000			02/01/38			205,892
		1,876		5.500			03/01/38			1,973
		119,624		6.000			03/01/38			128,114
		85,178		5.500			05/01/38			90,097
		57,339		6.000			05/01/38			61,570
		178,250		5.500			06/01/38			188,645
		83,530		6.000			06/01/38			89,592
		480,039		5.500			07/01/38			508,034
		145,940		6.000			07/01/38			156,611
		2,667		5.500			08/01/38			2,805
		46,926		6.000			08/01/38			50,389
		123,747		5.500			09/01/38			130,326
		73,832		5.500			10/01/38			77,960
		67,480		6.000			10/01/38			72,460
		90,218		5.500			11/01/38			95,491
		69,020		6.000			11/01/38			74,113
		850		5.500			12/01/38			894
		1,717,890		5.000			01/01/39			1,769,590
		24,001		6.000			01/01/39			25,569
		271,047		5.000			02/01/39			278,935
		3,798		5.500			02/01/39			3,995
		488,193		6.000			02/01/39			520,250
		373,054		5.000			03/01/39			383,910
		622,545		5.000			05/01/39			641,057
		68,194		4.500			06/01/39			68,258
		113,540		5.000			06/01/39			116,844
		795,677		5.000			07/01/39			819,046
		129,120		4.500			08/01/39			129,194
		24,911		5.000			08/01/39			25,636
		298,551		5.000			10/01/39			306,866
		5,000,000		4.000			TBA-15yr	(f)		5,031,250
		3,000,000		4.500			TBA-30yr	(f)		2,994,844
										30,081,303
	GNMA – 5.1%
		12,628		7.000			03/15/12			12,738
		16,970		7.000			10/15/25			18,830
		24,358		7.000			11/15/25			27,028
		4,173		7.000			02/15/26			4,634
		16,270		7.000			04/15/26			18,066
		7,000		7.000			03/15/27			7,744
		8,263		7.000			10/15/27			9,142
		138,724		7.000			11/15/27			153,475
		6,758		7.000			01/15/28			7,479
		42,862		7.000			02/15/28			47,441
		16,508		7.000			03/15/28			18,271
		4,269		7.000			04/15/28			4,725
		877		7.000			05/15/28			971
		18,985		7.000			06/15/28			21,013
		31,399		7.000			07/15/28			34,753
		15,821		7.000			08/15/28			17,511
		39,735		7.000			09/15/28			43,980
		4,548		7.000			11/15/28			5,034
		5,562		7.500			11/15/30			6,051
		3,559		7.000			10/15/31			3,935
		648		7.000			12/15/31			716
		36,662		7.500			10/15/32			41,260
		942,605		6.000			08/20/34			1,006,072
		257,906		6.000			12/15/38			273,280
		82,714		5.000			05/15/39			85,402
		309,457		5.000			06/15/39			319,607
		99,713		4.500			10/15/39			100,025
		697,178		5.000			10/15/39			720,024
		6,000,000		6.000			TBA-30yr	(f)		6,341,250
										9,350,457
	TOTAL FEDERAL AGENCIES								$	62,846,487
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $89,300,671)								$	87,848,356
Agency Debentures – 1.5%
	FNMA(g)
	$	100,000		0.000	%		10/09/19		$	54,111
	Tennessee Valley Authority
		700,000		4.375			06/15/15			734,592
	Tennessee Valley Authority(h)
		2,000,000		5.375			04/01/56			1,997,858
	TOTAL AGENCY DEBENTURES
	(Cost $2,775,459)								$	2,786,561

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

21

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2009

	Principal		Interest			Maturity
	Amount		Rate			Date		Value
Asset-Backed Securities – 0.1%
	Home Equity – 0.1%
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	$	203,180		7.000	%		09/25/37	$	117,407
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
		233,572		7.000			09/25/37		95,527
	TOTAL ASSET-BACKED SECURITIES
	(Cost $437,570)							$	212,934
Foreign Debt Obligations – 4.3%
	Sovereign – 1.9%
	Bundesrepublik Deutschland
	EUR	1,200,000		4.250	%		07/04/39	$	1,759,482
	Federal Republic of Brazil
	$	220,000		8.250			01/20/34		279,950
		200,000		7.125			01/20/37		228,500
	Province of Ontario, Canada
		300,000		4.100			06/16/14		313,084
	State of Qatar
		260,000		5.150			04/09/14		272,974
		560,000		5.250	(a)		01/20/20		564,200
									3,418,190
	Supranational – 2.4%
	Asian Development Bank
		5,000,000		1.000			10/01/15		4,371,910
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $7,503,252)							$	7,790,100
Municipal Debt Obligations – 0.4%
	California – 0.4%
	California State Various Purpose GO Bonds Series 2009
	$	325,000		7.500	%		04/01/34	$	315,448
		450,000		7.550			04/01/39		436,082
									751,530
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $809,317)							$	751,530
Government Guarantee Obligations – 13.7%
	Achmea Hypotheekbank NV(a)(i)
	$	1,300,000		3.200	%		11/03/14	$	1,297,483
	ANZ National (International) Ltd.(a)(i)
		1,700,000		3.250			04/02/12		1,751,121
	Citigroup Funding, Inc.(j)
		2,000,000		1.875			10/22/12		1,996,339
	General Electric Capital Corp.(j)
		2,400,000		2.000			09/28/12		2,403,106
		1,800,000		2.625			12/28/12		1,832,803
	GMAC, Inc.(j)
		2,500,000		1.750			10/30/12		2,487,379
	Landwirtschaftliche Rentenbank(i)
		1,400,000		4.125			07/15/13		1,480,611
	LeasePlan Corp. NV(a) (i)
		1,000,000		3.000			05/07/12		1,023,919
	Royal Bank of Scotland Group PLC(a)(i)
		1,900,000		1.500			03/30/12		1,866,209
		1,800,000		2.625			05/11/12		1,825,771
	Societe Financement de l’Economie Francaise(a)(i)
		2,300,000		3.375			05/05/14		2,344,758
		2,100,000		2.875			09/22/14		2,083,658
	Svensk Exportkredit AB(i)
		400,000		3.250			09/16/14		401,086
	U.S. Central Federal Credit Union(j)
		600,000		1.250			10/19/11		599,836
		500,000		1.900			10/19/12		499,609
	Westpac Banking Corp.(a)(i)
		1,200,000		1.900			12/14/12		1,190,310
	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $25,027,179)							$	25,083,998
U.S. Treasury Obligations – 10.3%
	United States Treasury Bonds
	$	700,000		5.000	%		05/15/37	$	744,009
		700,000		4.375			11/15/39		670,138
	United States Treasury Inflation Protected Securities
		6,000,000		4.250			01/15/10		7,718,375
		1,600,000		0.875			04/15/10		1,831,909
		750,000		2.000			01/15/16		862,644
		600,000		2.500			07/15/16		699,415
		200,000		3.625			04/15/28		330,404
	United States Treasury Notes
		3,200,000		2.375			10/31/14		3,165,472
		900,000		4.000			08/15/18		919,062
	United States Treasury Principal-Only STRIPS(g)
		3,400,000		0.000			11/15/21		2,007,292
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $18,901,720)							$	18,948,720

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

 22

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

	Shares		Rate	Value
Short-term Investment(c) – 10.7%
	JPMorgan U.S. Government Money Market Fund – Capital Shares
		19,631,637	0.049%	$	19,631,637
	(Cost $19,631,637)
	TOTAL INVESTMENTS – 108.2%
	(Cost $198,548,573)			$	198,211,627
	LIABILITIES IN EXCESS OF OTHER ASSETS – (8.2)%				(15,033,554	)
	NET ASSETS – 100.0%			$	183,178,073

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

(a)	Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $22,849,214, which represents approximately 12.5% of net assets as of December 31, 2009.
(b)	Securities with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(c)	Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009.
(d)	Represents security with notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(e)	Security is issued with a zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.
(f)	TBA (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $16,362,656, which represents approximately 8.9% of net assets as of December 31, 2009.
(g)	Security issued with zero coupon. Income is recognized through the accretion of discount.
(h)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(i)	Represents securities which are guaranteed by a foreign government. Total market value of these securities amounts to $15,264,926, which represents approximately 8.3% of net assets as of December 31, 2009.
(j)	This debt is guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012. Total market value of the securities amounts to $9,819,072, which represents approximately 5.4% of net assets as of December 31, 2009.

Investment Abbreviations:
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
LIBOR	—	London Interbank Offered Rate
REMIC	—	Real Estate Mortgage Investment Conduit
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2009, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:

Open Forward Foreign Currency	Contract		Expiration		Value on		Current		Unrealized
Exchange Contracts with Unrealized Gain	Type		Date		Settlement Date		Value		Gain
Canadian Dollar		Purchase		3/17/10	$	861,183	$	865,592	$	4,409
Euro		Sale		1/13/10		2,238,180		2,140,901		97,279
Euro		Sale		3/17/10		2,879,889		2,833,365		46,524
Japanese Yen		Sale		3/17/10		814,000		782,442		31,558
New Zealand Dollar		Purchase		3/17/10		862,031		862,943		912
TOTAL									$	180,682

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

23

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2009

ADDITIONAL INVESTMENT INFORMATION (continued)

Open Forward Foreign Currency	Contract		Expiration		Value on		Current		Unrealized
Exchange Contracts with Unrealized Loss	Type		Date		Settlement Date		Value		Loss
Australian Dollar		Purchase		3/17/10	$	801,624	$	786,587	$	(15,037	)
British Pound		Sale		3/17/10		196,173		198,590		(2,417	)
Euro		Sale		3/17/10		1,184,392		1,186,866		(2,474	)
Euro		Purchase		3/17/10		761,977		747,294		(14,683	)
Japanese Yen		Purchase		3/17/10		691,999		666,406		(25,593	)
Norwegian Krone		Purchase		3/17/10		559,290		555,256		(4,034	)
TOTAL									$	(64,238	)

Open Forward Foreign Currency
Exchange Cross Contracts with	Expiration		Purchase		Sale		Unrealized
Unrealized Gain (Purchase/Sale)	Date		Current Value		Current Value		Gain
Australian Dollar/Euro		3/17/10	$	97,472	$	97,982	$	510
Canadian Dollar/Euro		3/17/10		749,676		772,552		22,876
Canadian Dollar/Japanese Yen		3/17/10		241,783		249,558		7,775
Euro/Japanese Yen		3/17/10		77,345		79,430		2,085
New Zealand Dollar/Euro		3/17/10		388,456		397,490		9,036
Swedish Krona/Euro		3/17/10		243,680		247,874		4,194
Swiss Franc/Japanese Yen		3/17/10		164,067		172,140		8,073
TOTAL							$	54,549

Open Forward Foreign Currency
Exchange Cross Contracts with	Expiration		Purchase		Sale		Unrealized
Unrealized Loss (Purchase/Sale)	Date		Current Value		Current Value		Loss
Euro/Australian Dollar		3/17/10	$	250,599	$	246,547	$	(4,052	)
Euro/British Pound		3/17/10		637,555		624,037		(13,518	)
Euro/Canadian Dollar		3/17/10		880,859		852,881		(27,978	)
Euro/New Zealand Dollar		3/17/10		623,689		607,767		(15,922	)
Euro/Swiss Franc		3/17/10		249,173		246,547		(2,626	)
TOTAL							$	(64,096	)

FORWARD SALES CONTRACTS — At December 31, 2009, the Fund had the following forward sales contracts:

	Interest			Maturity			Settlement		Principal
Description	Rate			Date			Date		Amount		Value
FHLMC		5.000	%		TBA-30yr(f	)		01/13/10	$	3,000,000	$	3,076,641
FNMA		5.000			TBA-30yr(f	)		01/13/10		2,000,000		2,052,656
TOTAL (Proceeds Receivable: $5,219,062)											$	5,129,297

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

 24

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At December 31, 2009, the following futures contracts were open:

	Number of
	Contracts			Expiration					Unrealized
Type	Long (Short)			Date		Value			Gain (Loss)
Eurodollars		15			January 2010	$	3,740,156		$	1,744
Eurodollars		1			March 2010		249,113			1,757
Eurodollars		1			June 2010		248,300			2,106
Eurodollars		1			December 2010		246,175			1,273
Eurodollars		1			March 2011		245,175			2,111
Eurodollars		1			June 2011		244,213			1,961
Eurodollars		1			September 2011		243,350			1,809
Eurodollars		1			December 2011		242,550			1,691
United States Treasury Bonds		12			March 2010		1,384,500			(20,456	)
2 Year U.S. Treasury Notes		93			March 2010		20,112,703			(106,467	)
5 Year U.S. Treasury Notes		(103	)		March 2010		(11,781,430	)		193,920
10 Year U.S. Treasury Notes		146			March 2010		16,856,156			(462,321	)
TOTAL									$	(380,872	)

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

25

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments

December 31, 2009

	Shares		Description	Value
Common Stocks – 98.6%
	Automobiles & Components – 0.6%
		63,813	Ford Motor Co.*	$	638,130
		4,600	Harley-Davidson, Inc.		115,920
		13,235	Johnson Controls, Inc.		360,521
		4,800	The Goodyear Tire & Rubber Co.*		67,680
					1,182,251
	Banks – 2.8%
		13,500	BB&T Corp.		342,495
		3,050	Comerica, Inc.		90,189
		15,905	Fifth Third Bancorp		155,074
		4,220	First Horizon National Corp.*		56,551
		9,700	Hudson City Bancorp, Inc.		133,181
		12,749	Huntington Bancshares, Inc.		46,534
		15,300	KeyCorp		84,915
		1,716	M&T Bank Corp.		114,783
		9,100	Marshall & Ilsley Corp.		49,595
		7,100	People’s United Financial, Inc.		118,570
		9,157	PNC Financial Services Group, Inc.		483,398
		23,325	Regions Financial Corp.		123,389
		9,900	SunTrust Banks, Inc.		200,871
		37,451	U.S. Bancorp		843,022
		100,539	Wells Fargo & Co.		2,713,548
		2,800	Zions Bancorporation		35,924
					5,592,039
	Capital Goods – 7.3%
		13,939	3M Co.		1,152,337
		12,171	Caterpillar, Inc.		693,625
		4,100	Cummins, Inc.		188,026
		5,200	Danaher Corp.		391,040
		8,379	Deere & Co.		453,220
		3,701	Dover Corp.		153,999
		3,300	Eaton Corp.		209,946
		14,696	Emerson Electric Co.		626,050
		2,500	Fastenal Co.		104,100
		980	First Solar, Inc.*		132,692
		1,100	Flowserve Corp.		103,983
		3,582	Fluor Corp.		161,333
		7,606	General Dynamics Corp.		518,501
		209,508	General Electric Co.		3,169,856
		2,437	Goodrich Corp.		156,577
		15,008	Honeywell International, Inc.		588,314
		7,600	Illinois Tool Works, Inc.		364,724
		3,600	ITT Corp.		179,064
		2,600	Jacobs Engineering Group, Inc.*		97,786
		2,300	L-3 Communications Holdings, Inc.		199,985
		6,251	Lockheed Martin Corp.		471,013
		7,400	Masco Corp.		102,194
		6,092	Northrop Grumman Corp.		340,238
		7,293	PACCAR, Inc.		264,517
		2,400	Pall Corp.		86,880
		3,148	Parker Hannifin Corp.		169,614
		2,800	Precision Castparts Corp.		308,980
		4,100	Quanta Services, Inc.*		85,444
		7,476	Raytheon Co.		385,163
		2,800	Rockwell Automation, Inc.		131,544
		3,060	Rockwell Collins, Inc.		169,402
		1,800	Roper Industries, Inc.		94,266
		1,103	Snap-On, Inc.		46,613
		5,100	Textron, Inc.		95,931
		14,167	The Boeing Co.		766,860
		18,414	United Technologies Corp.		1,278,116
		1,233	W.W. Grainger, Inc.		119,391
					14,561,324
	Commercial & Professional Services – 0.7%
		2,100	Avery Dennison Corp.		76,629
		2,800	Cintas Corp.		72,940
		1,100	Dun & Bradstreet Corp.		92,807
		2,450	Equifax, Inc.		75,680
		3,600	Iron Mountain, Inc.*		81,936
		2,600	Monster Worldwide, Inc.*		45,240
		4,100	Pitney Bowes, Inc.		93,316
		4,200	R.R. Donnelley & Sons Co.		93,534
		6,310	Republic Services, Inc.		178,636
		3,200	Robert Half International, Inc.		85,536
		1,600	Stericycle, Inc.*		88,272
		9,849	Waste Management, Inc.		332,995
					1,317,521
	Consumer Durables & Apparel – 1.0%
		1,261	Black & Decker Corp.		81,751
		6,300	Coach, Inc.		230,139
		5,800	D.R. Horton, Inc.		63,046
		5,000	Eastman Kodak Co.*		21,100
		3,000	Fortune Brands, Inc.		129,600
		1,100	Harman International Industries, Inc.		38,808
		2,521	Hasbro, Inc.		80,823
		3,100	Leggett & Platt, Inc.		63,240
		3,100	Lennar Corp. Class A		39,587
		7,351	Mattel, Inc.		146,873
		5,633	Newell Rubbermaid, Inc.		84,551
		7,659	NIKE, Inc. Class B		506,030
		1,200	Polo Ralph Lauren Corp.		97,176
		6,613	Pulte Homes, Inc.*		66,130
		1,600	The Stanley Works		82,416
		1,800	VF Corp.		131,832
		1,459	Whirlpool Corp.		117,683
					1,980,785
	Consumer Services – 1.6%
		2,600	Apollo Group, Inc. Class A*		157,508
		8,600	Carnival Corp.*		272,534
		2,720	Darden Restaurants, Inc.		95,390
		1,300	DeVry, Inc.		73,749
		6,500	H&R Block, Inc.		147,030
		5,700	International Game Technology		106,989
		5,163	Marriott International, Inc. Class A		140,692
		21,197	McDonald’s Corp.		1,323,541
		14,756	Starbucks Corp.*		340,273
		3,600	Starwood Hotels & Resorts Worldwide, Inc.		131,652
		3,426	Wyndham Worldwide Corp.		69,103

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

 26

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

	Shares		Description	Value
Common Stocks – (continued)
	Consumer Services – (continued)
		1,300	Wynn Resorts Ltd.	$	75,699
		9,397	Yum! Brands, Inc.		328,613
					3,262,773
	Diversified Financials – 7.7%
		23,331	American Express Co.		945,372
		5,180	Ameriprise Financial, Inc.		201,088
		195,492	Bank of America Corp.		2,944,110
		8,733	Capital One Financial Corp.		334,823
		382,940	Citigroup, Inc.		1,267,531
		1,339	CME Group, Inc.		449,837
		10,317	Discover Financial Services		151,763
		27,500	E*Trade Financial Corp.*		48,125
		1,656	Federated Investors, Inc. Class B		45,540
		2,830	Franklin Resources, Inc.		298,141
		1,500	IntercontinentalExchange, Inc.*		168,450
		8,400	Invesco Ltd.		197,316
		3,700	Janus Capital Group, Inc.		49,765
		77,534	JPMorgan Chase & Co.		3,230,842
		3,100	Legg Mason, Inc.		93,496
		3,800	Leucadia National Corp.*		90,402
		4,000	Moody’s Corp.		107,200
		26,647	Morgan Stanley		788,751
		4,800	Northern Trust Corp.		251,520
		5,200	NYSE Euronext		131,560
		9,671	SLM Corp.*		108,992
		9,567	State Street Corp.		416,547
		5,200	T. Rowe Price Group, Inc.		276,900
		23,915	The Bank of New York Mellon Corp.		668,903
		19,142	The Charles Schwab Corp.		360,252
		10,077	The Goldman Sachs Group, Inc.(a)		1,701,401
		2,800	The NASDAQ OMX Group, Inc.*		55,496
					15,384,123
	Energy – 11.3%
		9,618	Anadarko Petroleum Corp.		600,356
		6,616	Apache Corp.		682,573
		5,993	Baker Hughes, Inc.		242,597
		5,800	BJ Services Co.		107,880
		2,100	Cabot Oil & Gas Corp.		91,539
		4,500	Cameron International Corp.*		188,100
		12,817	Chesapeake Energy Corp.		331,704
		39,473	Chevron Corp.		3,039,026
		29,152	ConocoPhillips		1,488,793
		3,700	Consol Energy, Inc.		184,260
		4,900	Denbury Resources, Inc.*		72,520
		8,672	Devon Energy Corp.		637,392
		1,400	Diamond Offshore Drilling, Inc.		137,788
		13,630	El Paso Corp.		133,983
		4,881	EOG Resources, Inc.		474,921
		93,463	Exxon Mobil Corp.		6,373,242
		2,423	FMC Technologies, Inc.*		140,146
		17,917	Halliburton Co.		539,122
		5,800	Hess Corp.		350,900
		14,008	Marathon Oil Corp.		437,330
		1,700	Massey Energy Co.		71,417
		3,800	Murphy Oil Corp.		205,960
		5,800	Nabors Industries Ltd.*		126,962
		8,118	National-Oilwell Varco, Inc.		357,923
		3,500	Noble Energy, Inc.		249,270
		15,900	Occidental Petroleum Corp.		1,293,465
		5,406	Peabody Energy Corp.		244,405
		2,300	Pioneer Natural Resources Co.		110,791
		3,100	Range Resources Corp.		154,535
		2,300	Rowan Companies, Inc.*		52,072
		23,593	Schlumberger Ltd.		1,535,668
		4,600	Smith International, Inc.		124,982
		6,900	Southwestern Energy Co.*		332,580
		12,942	Spectra Energy Corp.		265,440
		2,300	Sunoco, Inc.		60,030
		3,000	Tesoro Corp.		40,650
		11,683	The Williams Companies, Inc.		246,278
		11,513	Valero Energy Corp.		192,843
		11,350	XTO Energy, Inc.		528,115
					22,447,558
	Food & Staples Retailing – 2.6%
		8,687	Costco Wholesale Corp.		514,010
		27,664	CVS Caremark Corp.		891,057
		8,200	Safeway, Inc.		174,578
		4,273	SUPERVALU, Inc.		54,310
		11,700	Sysco Corp.		326,898
		13,032	The Kroger Co.		267,547
		19,300	Walgreen Co.		708,696
		41,960	Wal-Mart Stores, Inc.		2,242,762
		3,000	Whole Foods Market, Inc.*		82,350
					5,262,208
	Food, Beverage & Tobacco – 5.7%
		40,626	Altria Group, Inc.		797,488
		12,833	Archer-Daniels-Midland Co.		401,801
		2,050	Brown-Forman Corp. Class B		109,818
		3,700	Campbell Soup Co.		125,060
		6,150	Coca-Cola Enterprises, Inc.		130,380
		8,900	ConAgra Foods, Inc.		205,145
		4,200	Constellation Brands, Inc. Class A*		66,906
		3,300	Dean Foods Co.*		59,532
		4,900	Dr. Pepper Snapple Group, Inc.		138,670
		6,362	General Mills, Inc.		450,493
		6,268	H.J. Heinz Co.		268,020
		1,500	Hormel Foods Corp.		57,675
		4,900	Kellogg Co.		260,680
		29,257	Kraft Foods, Inc. Class A		795,205
		3,116	Lorillard, Inc.		249,997
		2,700	McCormick & Co., Inc.		97,551
		3,100	Molson Coors Brewing Co. Class B		139,996
		2,725	Pepsi Bottling Group, Inc.		102,188
		30,676	PepsiCo, Inc.		1,865,101
		37,444	Philip Morris International, Inc.		1,804,426
		3,345	Reynolds American, Inc.		177,185
		14,000	Sara Lee Corp.		170,520
		45,580	The Coca-Cola Co.		2,598,060
		3,200	The Hershey Co.		114,528

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

27

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

December 31, 2009

	Shares		Description	Value
Common Stocks – (continued)
	Food, Beverage & Tobacco – (continued)
		2,434	The J.M. Smucker Co.	$	150,300
		6,200	Tyson Foods, Inc. Class A		76,074
					11,412,799
	Health Care Equipment & Services – 4.1%
		8,389	Aetna, Inc.		265,931
		5,460	AmerisourceBergen Corp.		142,342
		11,810	Baxter International, Inc.		693,011
		4,623	Becton, Dickinson and Co.		364,570
		30,506	Boston Scientific Corp.*		274,554
		1,967	C.R. Bard, Inc.		153,229
		7,232	Cardinal Health, Inc.		233,160
		3,416	CareFusion Corp.*		85,434
		5,519	CIGNA Corp.		194,655
		3,100	Coventry Health Care, Inc.*		75,299
		2,100	DaVita, Inc.*		123,354
		2,900	DENTSPLY International, Inc.		101,993
		5,437	Express Scripts, Inc.*		470,029
		3,290	Hospira, Inc.*		167,790
		3,500	Humana, Inc.*		153,615
		3,497	IMS Health, Inc.		73,647
		751	Intuitive Surgical, Inc.*		227,793
		2,000	Laboratory Corp. of America Holdings*		149,680
		5,364	McKesson Corp.		335,250
		9,437	Medco Health Solutions, Inc.*		603,119
		21,658	Medtronic, Inc.		952,519
		1,681	Patterson Companies, Inc.*		47,034
		3,000	Quest Diagnostics, Inc.		181,140
		6,480	St. Jude Medical, Inc.*		238,334
		5,600	Stryker Corp.		282,072
		8,150	Tenet Healthcare Corp.*		43,928
		22,770	UnitedHealth Group, Inc.		694,030
		2,600	Varian Medical Systems, Inc.*		121,810
		8,964	WellPoint, Inc.*		522,512
		4,217	Zimmer Holdings, Inc.*		249,267
					8,221,101
	Household & Personal Products – 2.8%
		8,400	Avon Products, Inc.		264,600
		9,748	Colgate-Palmolive Co.		800,798
		8,240	Kimberly-Clark Corp.		524,970
		3,402	Mead Johnson Nutrition Co. Class A		148,668
		2,800	The Clorox Co.		170,800
		2,400	The Estee Lauder Companies, Inc. Class A		116,064
		57,495	The Procter & Gamble Co.		3,485,922
					5,511,822
	Insurance – 2.4%
		9,292	Aflac, Inc.		429,755
		2,841	American International Group, Inc.*		85,173
		5,350	Aon Corp.		205,119
		2,500	Assurant, Inc.		73,700
		3,068	Cincinnati Financial Corp.		80,504
		8,600	Genworth Financial, Inc. Class A*		97,610
		7,573	Hartford Financial Services Group, Inc.		176,148
		5,858	Lincoln National Corp.		145,747
		6,947	Loews Corp.		252,524
		10,288	Marsh & McLennan Companies, Inc.		227,159
		16,281	MetLife, Inc.		575,533
		6,532	Principal Financial Group, Inc.		157,029
		9,033	Prudential Financial, Inc.		449,482
		10,738	The Allstate Corp.		322,570
		6,649	The Chubb Corp.		326,998
		13,282	The Progressive Corp.*		238,943
		10,684	The Travelers Companies, Inc.		532,704
		1,741	Torchmark Corp.		76,517
		6,418	Unum Group		125,280
		6,900	XL Capital Ltd. Class A		126,477
					4,704,972
	Materials – 3.6%
		4,200	Air Products & Chemicals, Inc.		340,452
		1,700	Airgas, Inc.		80,920
		2,200	AK Steel Holding Corp.		46,970
		19,368	Alcoa, Inc.		312,212
		1,851	Allegheny Technologies, Inc.		82,869
		1,800	Ball Corp.		93,060
		2,300	Bemis Co., Inc.		68,195
		1,090	CF Industries Holdings, Inc.		98,950
		2,494	Cliffs Natural Resources, Inc.		114,948
		17,638	E.I. du Pont de Nemours & Co.		593,872
		1,400	Eastman Chemical Co.		84,336
		4,712	Ecolab, Inc.		210,061
		1,500	FMC Corp.		83,640
		8,418	Freeport-McMoRan Copper & Gold, Inc.*		675,881
		1,700	International Flavors & Fragrances, Inc.		69,938
		8,459	International Paper Co.		226,532
		3,598	MeadWestvaco Corp.		103,011
		10,654	Monsanto Co.		870,965
		9,687	Newmont Mining Corp.		458,292
		6,200	Nucor Corp.		289,230
		3,400	Owens-Illinois, Inc.*		111,758
		2,700	Pactiv Corp.*		65,178
		3,200	PPG Industries, Inc.		187,328
		6,100	Praxair, Inc.		489,891
		3,316	Sealed Air Corp.		72,488
		2,500	Sigma-Aldrich Corp.		126,325
		22,313	The Dow Chemical Co.		616,508
		1,500	Titanium Metals Corp.*		18,780
		2,920	United States Steel Corp.		160,950
		2,400	Vulcan Materials Co.		126,408
		4,192	Weyerhaeuser Co.		180,843
					7,060,791

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

 28

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

	Shares		Description	Value
Common Stocks – (continued)
	Media – 2.9%
		13,764	CBS Corp. Class B	$	193,384
		56,012	Comcast Corp. Class A		944,362
		18,792	DIRECTV Class A*		626,713
		5,071	Gannett Co., Inc.		75,305
		900	Meredith Corp.		27,765
		44,686	News Corp. Class A		611,751
		6,048	Omnicom Group, Inc.		236,779
		1,900	Scripps Networks Interactive, Inc. Class A		78,850
		10,271	The Interpublic Group of Companies, Inc.*		75,800
		6,208	The McGraw-Hill Companies, Inc.		208,030
		2,200	The New York Times Co. Class A*		27,192
		36,629	The Walt Disney Co.		1,181,285
		133	The Washington Post Co. Class B		58,467
		7,096	Time Warner Cable, Inc.		293,704
		22,871	Time Warner, Inc.		666,461
		12,044	Viacom, Inc. Class B*		358,068
					5,663,916
	Pharmaceuticals, Biotechnology & Life Sciences – 8.3%
		30,398	Abbott Laboratories		1,641,188
		6,100	Allergan, Inc.		384,361
		19,868	Amgen, Inc.*		1,123,933
		5,815	Biogen Idec, Inc.*		311,102
		33,526	Bristol-Myers Squibb Co.		846,531
		9,100	Celgene Corp.*		506,688
		1,400	Cephalon, Inc.*		87,374
		20,042	Eli Lilly & Co.		715,700
		6,000	Forest Laboratories, Inc.*		192,660
		5,125	Genzyme Corp.*		251,176
		17,600	Gilead Sciences, Inc.*		761,728
		54,294	Johnson & Johnson		3,497,077
		4,666	King Pharmaceuticals, Inc.*		57,252
		3,470	Life Technologies Corp.*		181,238
		60,069	Merck & Co., Inc.		2,194,921
		1,000	Millipore Corp.*		72,350
		5,900	Mylan, Inc.*		108,737
		2,300	PerkinElmer, Inc.		47,357
		158,756	Pfizer, Inc.		2,887,772
		8,068	Thermo Fisher Scientific, Inc.*		384,763
		1,800	Waters Corp.*		111,528
		2,100	Watson Pharmaceuticals, Inc.*		83,181
					16,448,617
	Real Estate – 1.2%
		2,080	Apartment Investment & Management Co. Class A (REIT)		33,114
		1,591	AvalonBay Communities, Inc. (REIT)		130,637
		2,627	Boston Properties, Inc. (REIT)		176,193
		4,300	CB Richard Ellis Group, Inc. Class A*		58,351
		223	Developers Diversified Realty Corp. (REIT)		2,065
		5,600	Equity Residential (REIT)		189,168
		5,600	HCP, Inc. (REIT)		171,024
		2,400	Health Care REIT, Inc. (REIT)		106,368
		12,652	Host Hotels & Resorts, Inc. (REIT)*		147,653
		7,800	Kimco Realty Corp. (REIT)		105,534
		3,200	Plum Creek Timber Co., Inc. (REIT)		120,832
		9,300	ProLogis (REIT)		127,317
		2,651	Public Storage, Inc. (REIT)		215,924
		5,607	Simon Property Group, Inc. (REIT)		447,439
		3,200	Ventas, Inc. (REIT)		139,968
		3,122	Vornado Realty Trust (REIT)		218,364
					2,389,951
	Retailing – 3.4%
		1,777	Abercrombie & Fitch Co. Class A		61,928
		6,538	Amazon.com, Inc.*		879,492
		1,672	AutoNation, Inc.*		32,019
		579	AutoZone, Inc.*		91,523
		5,224	Bed Bath & Beyond, Inc.*		201,803
		6,850	Best Buy Co., Inc.		270,301
		1,700	Big Lots, Inc.*		49,266
		4,400	Expedia, Inc.*		113,124
		2,700	Family Dollar Stores, Inc.		75,141
		3,200	GameStop Corp. Class A*		70,208
		3,140	Genuine Parts Co.		119,194
		4,600	J.C. Penney Co., Inc.		122,406
		6,019	Kohl’s Corp.*		324,605
		5,000	Limited Brands, Inc.		96,200
		28,836	Lowe’s Companies, Inc.		674,474
		8,134	Macy’s, Inc.		136,326
		3,224	Nordstrom, Inc.		121,158
		5,100	Office Depot, Inc.*		32,895
		2,800	O’Reilly Automotive, Inc.*		106,736
		860	Priceline.com, Inc.*		187,910
		2,300	RadioShack Corp.		44,850
		2,378	Ross Stores, Inc.		101,564
		1,000	Sears Holdings Corp.*		83,450
		14,397	Staples, Inc.		354,022
		14,739	Target Corp.		712,925
		9,650	The Gap, Inc.		202,168
		33,364	The Home Depot, Inc.		965,221
		1,900	The Sherwin-Williams Co.		117,135
		8,093	The TJX Companies, Inc.		295,799
		2,400	Tiffany & Co.		103,200
					6,747,043
	Semiconductors & Semiconductor Equipment – 2.6%
		11,600	Advanced Micro Devices, Inc.*		112,288
		6,074	Altera Corp.		137,455
		5,800	Analog Devices, Inc.		183,164
		26,322	Applied Materials, Inc.		366,929
		8,250	Broadcom Corp. Class A*		259,462
		108,580	Intel Corp.		2,215,032
		3,425	KLA-Tencor Corp.		123,848
		4,600	Linear Technology Corp.		140,484
		12,700	LSI Corp.*		76,327
		4,800	MEMC Electronic Materials, Inc.*		65,376

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

29

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

December 31, 2009

	Shares		Description	Value
Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
		3,600	Microchip Technology, Inc.	$	104,616
		16,943	Micron Technology, Inc.*		178,918
		4,400	National Semiconductor Corp.		67,584
		1,865	Novellus Systems, Inc.*		43,529
		11,250	NVIDIA Corp.*		210,150
		3,400	Teradyne, Inc.*		36,482
		24,528	Texas Instruments, Inc.		639,200
		5,600	Xilinx, Inc.		140,336
					5,101,180
	Software & Services – 7.9%
		10,115	Adobe Systems, Inc.*		372,030
		1,900	Affiliated Computer Services, Inc. Class A*		113,411
		3,300	Akamai Technologies, Inc.*		83,589
		4,500	Autodesk, Inc.*		114,345
		10,100	Automatic Data Processing, Inc.		432,482
		3,500	BMC Software, Inc.*		140,350
		7,804	CA, Inc.		175,278
		3,700	Citrix Systems, Inc.*		153,957
		5,935	Cognizant Technology Solutions Corp. Class A*		268,855
		3,000	Computer Sciences Corp.*		172,590
		4,700	Compuware Corp.*		33,981
		22,344	eBay, Inc.*		525,978
		6,700	Electronic Arts, Inc.*		118,925
		6,400	Fidelity National Information Services, Inc.		150,016
		3,050	Fiserv, Inc.*		147,864
		4,749	Google, Inc. Class A*		2,944,285
		6,100	Intuit, Inc.*		187,331
		1,900	Mastercard, Inc. Class A		486,362
		3,200	McAfee, Inc.*		129,824
		152,047	Microsoft Corp.		4,635,913
		7,400	Novell, Inc.*		30,710
		76,863	Oracle Corp.		1,886,218
		6,409	Paychex, Inc.		196,372
		3,655	Red Hat, Inc.*		112,939
		5,833	SAIC, Inc.*		110,477
		2,100	Salesforce.com, Inc.*		154,917
		16,212	Symantec Corp.*		290,033
		13,819	The Western Union Co.		260,488
		4,100	Total System Services, Inc.		70,807
		3,902	VeriSign, Inc.*		94,584
		8,780	Visa, Inc. Class A		767,899
		23,100	Yahoo!, Inc.*		387,618
					15,750,428
	Technology Hardware & Equipment – 9.1%
		6,996	Agilent Technologies, Inc.*		217,366
		3,400	Amphenol Corp. Class A		157,012
		17,723	Apple, Inc.*		3,737,072
		113,158	Cisco Systems, Inc.*		2,709,002
		30,925	Corning, Inc.		597,162
		33,500	Dell, Inc.*		481,060
		40,072	EMC Corp.*		700,058
		2,900	FLIR Systems, Inc.*		94,888
		2,700	Harris Corp.		128,385
		46,633	Hewlett-Packard Co.		2,402,066
		25,847	International Business Machines Corp.		3,383,372
		3,783	Jabil Circuit, Inc.		65,711
		4,625	JDS Uniphase Corp.*		38,156
		10,600	Juniper Networks, Inc.*		282,702
		1,600	Lexmark International, Inc. Class A*		41,568
		2,725	Molex, Inc.		58,724
		46,282	Motorola, Inc.*		359,148
		6,811	NetApp, Inc.*		234,230
		2,300	QLogic Corp.*		43,401
		32,818	QUALCOMM, Inc.		1,518,161
		4,400	SanDisk Corp.*		127,556
		14,914	Sun Microsystems, Inc.*		139,744
		8,700	Tellabs, Inc.*		49,416
		3,500	Teradata Corp.*		110,005
		4,500	Western Digital Corp.*		198,675
		17,800	Xerox Corp.		150,588
					18,025,228
	Telecommunication Services – 3.1%
		7,940	American Tower Corp. Class A*		343,087
		116,106	AT&T, Inc.		3,254,451
		5,827	CenturyTel, Inc.		210,996
		6,600	Frontier Communications Corp.		51,546
		5,400	MetroPCS Communications, Inc.*		41,202
		30,363	Qwest Communications International, Inc.		127,828
		58,610	Sprint Nextel Corp.*		214,513
		55,843	Verizon Communications, Inc.		1,850,079
		8,981	Windstream Corp.		98,701
					6,192,403
	Transportation – 2.1%
		5,222	Burlington Northern Santa Fe Corp.		514,993
		3,330	C.H. Robinson Worldwide, Inc.		195,571
		7,862	CSX Corp.		381,228
		4,100	Expeditors International of Washington, Inc.		142,393
		6,200	FedEx Corp.		517,390
		7,235	Norfolk Southern Corp.		379,259
		1,100	Ryder System, Inc.		45,287
		15,218	Southwest Airlines Co.		173,942
		10,020	Union Pacific Corp.		640,278
		19,492	United Parcel Service, Inc. Class B		1,118,256
					4,108,597
	Utilities – 3.7%
		3,500	Allegheny Energy, Inc.		82,180
		4,477	Ameren Corp.		125,132
		9,491	American Electric Power Co., Inc.		330,192
		7,198	CenterPoint Energy, Inc.		104,443
		4,200	CMS Energy Corp.		65,772
		5,500	Consolidated Edison, Inc.		249,865
		3,877	Constellation Energy Group, Inc.		136,354

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

 30

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

	Shares		Description	Value
Common Stocks – (continued)
	Utilities – (continued)
		11,847	Dominion Resources, Inc.	$	461,085
		3,400	DTE Energy Co.		148,206
		25,693	Duke Energy Corp.		442,177
		6,569	Edison International		228,470
		3,675	Entergy Corp.		300,762
		2,700	EQT Corp.		118,584
		13,081	Exelon Corp.		639,268
		6,111	FirstEnergy Corp.		283,856
		8,146	FPL Group, Inc.		430,272
		1,431	Integrys Energy Group, Inc.		60,088
		1,000	Nicor, Inc.		42,100
		5,300	NiSource, Inc.		81,514
		3,690	Northeast Utilities		95,165
		4,300	Pepco Holdings, Inc.		72,455
		7,331	PG&E Corp.		327,329
		2,000	Pinnacle West Capital Corp.		73,160
		7,551	PPL Corp.		243,973
		5,477	Progress Energy, Inc.		224,612
		10,142	Public Service Enterprise Group, Inc.		337,221
		3,350	Questar Corp.		139,259
		2,131	SCANA Corp.		80,296
		4,913	Sempra Energy		275,030
		15,941	Southern Co.		531,154
		4,500	TECO Energy, Inc.		72,990
		13,164	The AES Corp.*		175,213
		2,400	Wisconsin Energy Corp.		119,592
		9,110	Xcel Energy, Inc.		193,314
					7,291,083
	TOTAL COMMON STOCKS
	(Cost $187,029,179)			$	195,620,513

	Principal		Interest			Maturity
	Amount		Rate			Date		Value
U.S. Treasury Obligation(b)(c) – 0.1%
	United States Treasury Bill
	$	355,000		0.000	%		03/11/10	$	354,956
	(Cost $354,988)

	Shares		Rate			Value
Short-term Investment(d) – 1.0%
	JPMorgan U.S. Government Money Market Fund – Capital Shares
		1,905,714		0.049	%	$	1,905,714
	(Cost $1,905,714)
	TOTAL INVESTMENTS – 99.6%
	(Cost $189,289,881)					$	197,881,183
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%						706,321
	NET ASSETS – 100.0%					$	198,587,504

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

*	Non-income producing security.
(a)	Represents an affiliated issuer.
(b)	Security issued with a zero coupon. Income is recognized through the accretion of discount.
(c)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(d)	Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009.

Investment Abbreviation:
REIT	—	Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2009, the following futures contracts were open:

	Number of		Expiration				Unrealized
Type	Contracts Long		Date		Value		Gain
S&P 500 E-mini		51		March 2010	$	2,832,285	$	18,883

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

31

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Schedule of Investments

December 31, 2009

	Principal		Interest			Maturity
	Amount		Rate			Date			Value
Mortgage-Backed Obligations – 52.5%
	Adjustable Rate Non-Agency(a) – 1.5%
	First Horizon Alternative Mortgage Securities  Series 2005-AA7, Class 2A1
	$	492,143		5.387	%		09/25/35		$	346,705
	Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
		501,482		5.907			08/19/36			321,716
	J.P. Morgan Mortgage Trust Series 2007-A1, Class 2A2
		524,478		3.632			07/25/35			472,779
										1,141,200
	Collateralized Mortgage Obligations – 5.6%
	Interest Only(a)(b) – 0.0%
	FNMA REMIC Series 2004-47, Class EI
		309,903		0.000			06/25/34			3,850
	FNMA REMIC Series 2004-62, Class DI
		139,815		0.000			07/25/33			1,044
										4,894
	Planned Amortization Class – 1.1%
	FHLMC REMIC Series 2003-2719, Class GC
		828,100		5.000			06/15/26			827,412
	Regular Floater(a) – 2.0%
	FHLMC REMIC Series 2007-3325, Class SX(c)
		48,766		0.000			06/15/37			44,560
	FNMA REMIC Series 2007-2, Class FM
		681,370		0.481			02/25/37			660,389
	FNMA REMIC Series 2007-20, Class FP
		704,503		0.531			03/25/37			692,783
	FNMA REMIC Series 2007-53, Class UF(c)
		51,864		0.000			06/25/37			48,682
										1,446,414
	Sequential Fixed Rate – 2.5%
	Banc of America Funding Corp. Series 2007-8, Class 2A1
		628,655		7.000			10/25/37			456,015
	FHLMC REMIC Series 2007-3284, Class CA
		555,551		5.000			10/15/21			583,872
	FNMA REMIC Series 2007-36, Class AB
		787,190		5.000			11/25/21			826,537
										1,866,424
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS								$	4,145,144
	Commercial Mortgage-Backed Security – 0.7%
	Adjustable Rate Non-Agency(a) – 0.7%
	Bear Stearns Commercial Mortgage Securities   Series 2006-PW12, Class A4
	$	500,000		5.719	%		09/11/38		$	489,874
	Federal Agencies – 44.7%
	Adjustable Rate FHLMC(a) – 1.5%
		626,663		4.846			09/01/35			651,739
		427,643		4.690			10/01/35			445,995
										1,097,734
	Adjustable Rate FNMA(a) – 1.8%
		265,109		3.335			05/01/33			272,200
		541,032		2.912			05/01/35			560,961
		500,469		5.106			12/01/35			525,929
										1,359,090
	FHLMC – 6.6%
		5,806		10.000			03/01/21			6,404
		13,079		6.500			06/01/23			13,999
		20,451		6.000			11/01/36			21,838
		9,979		5.500			03/01/37			10,564
		42,440		5.500			04/01/37			44,846
		4,647		5.500			06/01/37			4,920
		21,385		6.000			11/01/37			22,806
		46,699		5.500			12/01/37			49,316
		89,237		5.500			02/01/38			94,242
		103,201		5.500			04/01/38			108,991
		21,769		6.000			04/01/38			23,215
		60,092		5.500			05/01/38			63,463
		402,099		5.500			06/01/38			425,356
		18,492		6.000			09/01/38			19,715
		26,462		5.500			10/01/38			27,946
		22,446		6.000			02/01/39			23,930
		7,777		5.500			04/01/39			8,238
		192,724		5.000			05/01/39			198,423
		869,122		5.000			06/01/39			894,339
		293,471		5.000			07/01/39			301,905
		498,771		5.000			10/01/39			512,772
		1,000,000		4.500			TBA-30yr	(d)		997,656
		1,000,000		5.500			TBA-30yr	(d)		1,047,891
										4,922,775
	FNMA – 28.9%
		2,912		5.000			02/01/14			3,006
		45,885		5.000			11/01/17			48,458
		220,200		5.000			12/01/17			232,550
		175,319		5.000			01/01/18			185,152
		68,877		5.000			02/01/18			72,685
		197,628		5.000			03/01/18			208,552
		627,930		5.000			04/01/18			662,643
		309,130		5.000			05/01/18			326,219
		630,972		5.000			06/01/18			665,853
		18,022		5.000			07/01/18			19,019
		1,114,199		4.000			09/01/18			1,145,134
		411,486		5.000			11/01/18			434,233
		514,839		5.000			12/01/18			543,300
		38,688		5.000			01/01/19			40,827
		99,989		5.000			02/01/19			105,459
		422,276		5.000			03/01/19			445,382
		844,016		5.500			03/01/19			901,910
		382,006		5.000			04/01/19			402,907
		481,703		5.000			06/01/19			508,333
		297,713		6.000			09/01/19			320,039
		454,647		5.000			12/01/19			479,568
		371,368		6.000			12/01/20			399,218
		14,055		8.000			09/01/21			16,026
		22,043		5.000			04/01/23			23,082

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

 32

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

	Principal		Interest			Maturity
	Amount		Rate			Date			Value
Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
	$	89,642		5.000	%		06/01/23		$	93,867
		78		6.000			03/01/32			83
		165,340		5.500			03/01/33			173,854
		168,110		5.500			04/01/33			176,766
		137,022		5.500			05/01/33			144,077
		7,552		6.000			05/01/33			8,062
		24,564		5.500			06/01/33			25,829
		281,614		5.500			07/01/33			296,114
		32,235		5.000			08/01/33			33,228
		3,297		6.000			12/01/33			3,521
		240,812		5.500			01/01/34			253,211
		142,954		5.500			06/01/34			150,315
		2,484		6.000			12/01/34			2,651
		4,593		6.000			04/01/35			4,898
		29,614		6.000			07/01/35			31,559
		65,716		6.000			11/01/35			69,949
		85,654		6.000			01/01/36			91,279
		7,488		6.000			02/01/36			7,971
		28,350		6.500			03/01/36			30,383
		18,735		6.000			09/01/36			19,992
		196,414		6.000			10/01/36			209,587
		286,301		6.000			11/01/36			305,503
		319,768		5.500			07/01/37			335,040
		182,023		6.000			08/01/37			193,975
		271,853		6.000			09/01/37			289,704
		19,603		6.000			10/01/37			20,890
		37,690		6.000			11/01/37			40,164
		339,080		5.000			03/01/38			348,524
		405,031		6.000			08/01/38			431,500
		360,348		6.000			10/01/38			383,898
		63,999		6.000			11/01/38			68,182
		24,001		6.000			01/01/39			25,569
		180,698		5.000			02/01/39			185,956
		1,057,752		6.000			02/01/39			1,127,209
		186,527		5.000			03/01/39			191,955
		193,823		5.000			05/01/39			199,496
		68,194		4.500			06/01/39			68,258
		54,628		5.000			06/01/39			56,217
		141,102		5.000			07/01/39			145,298
		29,764		4.500			08/01/39			29,792
		99,137		4.500			09/01/39			99,230
		313,801		5.000			09/01/39			323,171
		298,108		4.500			10/01/39			298,294
		1,375,515		5.000			10/01/39			1,415,554
		5,000,000		4.500			TBA-30yr	(d)		4,991,406
										21,591,536
	GNMA – 5.9%
		524,731		6.000			12/15/38			556,009
		43,606		4.500			05/15/39			43,742
		110,285		5.000			05/15/39			113,869
		33,659		4.500			06/15/39			33,765
		477,842		5.000			06/15/39			493,556
		914,437		4.500			07/15/39			917,295
		199,417		5.000			10/15/39			205,992
		1,000,000		6.000			TBA-30yr	(d)		1,056,875
		1,000,000		5.500			TBA-30yr	(d)		1,047,890
										4,468,993
	TOTAL FEDERAL AGENCIES								$	33,440,128
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $38,938,405)								$	39,216,346
Agency Debentures – 17.9%
	FFCB
	$	500,000		5.400	%		06/08/17		$	544,497
	FHLB
		800,000		1.750			12/14/12			794,602
	FHLMC
		1,400,000		2.050			03/09/11			1,404,437
		3,500,000		1.750			07/27/11			3,514,313
		1,500,000		4.500			04/02/14			1,606,786
	FNMA
		1,500,000		2.050			04/01/11			1,506,337
		1,000,000		1.700			04/29/11			1,003,867
		1,200,000		4.600			06/05/18			1,227,134
	Private Export Funding Corp.
		1,100,000		3.050			10/15/14			1,094,967
	Tennessee Valley Authority(e)
		700,000		5.375			04/01/56			699,250
	TOTAL AGENCY DEBENTURES
	(Cost $13,316,646)								$	13,396,190
Asset-Backed Securities – 0.7%
	Credit Card – 0.6%
	Chase Issuance Trust Series 2005-A11, Class A(a)
	$	500,000		0.303	%		12/15/14		$	492,185
	Home Equity – 0.1%
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3,   Class 1A1
		58,052		7.000			09/25/37			33,545
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3,   Class 2A1
		66,735		7.000			09/25/37			27,293
										60,838
	TOTAL ASSET-BACKED SECURITIES
	(Cost $538,770)								$	553,023
Government Guarantee Obligations(f) – 14.2%
	Citigroup, Inc.(a)
	$	840,000		0.807	%		12/09/10		$	844,903
	Citigroup Funding, Inc.
		2,200,000		1.875			10/22/12			2,195,973
		300,000		1.875			11/15/12			299,437

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

33

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2009

	Principal		Interest			Maturity
	Amount		Rate			Date		Value
Government Guarantee Obligations(f) – (continued)
	General Electric Capital Corp.
	$	400,000		2.000	%		09/28/12	$	400,518
		500,000		2.125			12/21/12		502,304
		800,000		2.625			12/28/12		814,579
	GMAC, Inc.
		1,100,000		1.750			10/30/12		1,094,447
	PNC Funding Corp.
		750,000		2.300			06/22/12		763,152
	U.S. Central Federal Credit Union
		3,300,000		1.250			10/19/11		3,299,099
		400,000		1.900			10/19/12		399,687
	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $10,626,067)							$	10,614,099
U.S. Treasury Obligations – 16.4%
	United States Treasury Bond
	$	200,000		4.250	%		05/15/39	$	187,760
	United States Treasury Inflation Protected Securities
		1,200,000		0.875			04/15/10		1,373,931
		700,000		3.500			01/15/11		901,850
		200,000		2.375			04/15/11		224,259
		300,000		2.000			01/15/16		345,057
		300,000		2.500			07/15/16		349,708
		50,000		3.625			04/15/28		82,601
	United States Treasury Notes
		200,000		1.000			12/31/11		199,438
		1,500,000		2.375			10/31/14		1,483,815
		2,500,000		3.125			10/31/16		2,468,525
		1,400,000		3.625			08/15/19		1,376,466
		1,200,000		3.375			11/15/19		1,154,292
	United States Treasury Principal-Only STRIPS(g)
		1,800,000		0.000			08/15/20		1,147,356
		300,000		0.000			08/15/26		134,563
		1,100,000		0.000			11/15/26		487,245
		800,000		0.000			11/15/27		337,584
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $12,396,465)							$	12,254,450

	Shares		Rate			Value
Short-term Investment(a) – 10.3%
	JPMorgan U.S. Government Money Market Fund – Capital Shares
		7,716,385		0.049	%	$	7,716,385
	(Cost $7,716,385)
	TOTAL INVESTMENTS – 112.0%
	(Cost $83,532,738)					$	83,750,493
	LIABILITIES IN EXCESS OF OTHER ASSETS – (12.0)%						(8,990,274	)
	NET ASSETS – 100.0%					$	74,760,218

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

(a)	Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009.
(b)	Represents security with notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(c)	Security is issued with a zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.
(d)	TBA (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $9,141,718, which represents approximately 12.2% of net assets as of December 31, 2009.
(e)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(f)	This debt is guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012. Total market value of the securities amounts to $10,614,099, which represents approximately 14.2% of net assets as of December 31, 2009.
(g)	Security issued with zero coupon. Income is recognized through the accretion of discount.

Investment Abbreviations:
FFCB	—	Federal Farm Credit Bank
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
LIBOR	—	London Interbank Offered Rate
REMIC	—	Real Estate Mortgage Investment Conduit
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities

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

 34

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACT — At December 31, 2009, the Fund had the following forward sales contract:

Interest

Maturity

Settlement

Principal

Description

Rate

Date

Date

Amount

Value

FNMA (Proceeds Receivable: $2,088,125)

5.000

%

TBA-30 yr(d

)

01/13/10

$

2,000,000

$

2,052,656

FUTURES CONTRACTS — At December 31, 2009, the following futures contracts were open:

	Number of
	Contracts			Expiration					Unrealized
Type	Long (Short)			Date		Value			Gain (Loss)
Eurodollars		6			January 2010	$	1,496,063		$	697
Eurodollars		6			March 2010		1,494,675			9,360
U.S. Treasury Bonds		(1	)		March 2010		(115,375	)		6,688
2 Year U.S. Treasury Notes		21			March 2010		4,541,578			(24,585	)
5 Year U.S. Treasury Notes		25			March 2010		2,859,570			(45,320	)
10 Year U.S. Treasury Notes		1			March 2010		115,453			(3,384	)
TOTAL									$	(56,544	)

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

35

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments

December 31, 2009

	Shares		Description	Value
Common Stocks – 98.1%
	Banks – 2.1%
		162,400	People’s United Financial, Inc.	$	2,712,080
	Capital Goods – 5.4%
		19,900	Alliant Techsystems, Inc.*(a)		1,756,573
		70,400	Kennametal, Inc.		1,824,768
		42,100	Quanta Services, Inc.*		877,364
		26,990	Rockwell Automation, Inc.		1,267,990
		23,600	Roper Industries, Inc.		1,235,932
					6,962,627
	Commercial & Professional Services – 2.7%
		104,100	Iron Mountain, Inc.*		2,369,316
		35,000	Verisk Analytics, Inc. Class A*		1,059,800
					3,429,116
	Consumer Durables & Apparel – 5.3%
		50,500	Coach, Inc.		1,844,765
		38,610	Fortune Brands, Inc.		1,667,952
		89,700	Newell Rubbermaid, Inc.		1,346,397
		23,500	Polo Ralph Lauren Corp.(a)		1,903,030
					6,762,144
	Consumer Services – 3.0%
		27,500	Apollo Group, Inc. Class A*		1,665,950
		44,545	Marriott International, Inc. Class A(a)		1,213,851
		26,700	Starwood Hotels & Resorts Worldwide, Inc.		976,419
					3,856,220
	Diversified Financials – 7.0%
		23,000	IntercontinentalExchange, Inc.*		2,582,900
		62,500	Northern Trust Corp.		3,275,000
		132,900	SLM Corp.*		1,497,783
		79,500	TD Ameritrade Holding Corp.*		1,540,710
					8,896,393
	Energy – 7.3%
		78,500	Cameron International Corp.*		3,281,300
		33,800	Continental Resources, Inc.*(a)		1,449,682
		16,600	Core Laboratories NV(a)		1,960,792
		23,200	Dril-Quip, Inc.*		1,310,336
		19,300	Whiting Petroleum Corp.*		1,378,985
					9,381,095
	Food, Beverage & Tobacco – 1.9%
		62,100	Hansen Natural Corp.*		2,384,640
	Health Care Equipment & Services – 7.3%
		28,305	C.R. Bard, Inc.		2,204,960
		40,200	CareFusion Corp.*		1,005,402
		79,100	Emdeon, Inc. Class A*		1,206,275
		29,900	Henry Schein, Inc.*		1,572,740
		91,500	St. Jude Medical, Inc.*		3,365,370
					9,354,747
	Household & Personal Products – 6.4%
		76,500	Avon Products, Inc.		2,409,750
		36,200	Chattem, Inc.*(a)		3,377,460
		38,200	Energizer Holdings, Inc.*		2,340,896
					8,128,106
	Materials – 2.4%
		54,100	Ecolab, Inc.		2,411,778
		9,800	Schweitzer-Mauduit International, Inc.		689,430
					3,101,208
	Media – 1.0%
		41,500	Lamar Advertising Co. Class A*		1,290,235
	Pharmaceuticals, Biotechnology & Life Sciences – 8.4%
		126,700	Amylin Pharmaceuticals, Inc.*		1,797,873
		50,000	Biogen Idec, Inc.*		2,675,000
		55,990	Charles River Laboratories International, Inc.*		1,886,303
		22,300	Millipore Corp.*		1,613,405
		33,400	Shire PLC ADR		1,960,580
		33,200	Talecris Biotherapeutics Holdings Corp.*		739,364
					10,672,525
	Real Estate – 2.8%
		264,400	CB Richard Ellis Group, Inc. Class A*		3,587,908
	Retailing – 10.8%
		32,000	Bed Bath & Beyond, Inc.*		1,236,160
		59,200	Dick’s Sporting Goods, Inc.*		1,472,304
		56,100	GameStop Corp. Class A*		1,230,834
		41,331	Netflix, Inc.*(a)		2,278,991
		87,900	PetSmart, Inc.		2,346,051
		103,500	Staples, Inc.		2,545,065
		47,100	Tiffany & Co.		2,025,300
		19,200	Urban Outfitters, Inc.*		671,808
					13,806,513
	Semiconductors & Semiconductor Equipment – 6.0%
		56,000	Altera Corp.		1,267,280
		99,500	Broadcom Corp. Class A*		3,129,275
		87,800	FormFactor, Inc.*		1,910,528
		43,500	Linear Technology Corp.		1,328,490
					7,635,573
	Software & Services – 8.9%
		35,600	Citrix Systems, Inc.*		1,481,316
		27,620	Cognizant Technology Solutions Corp. Class A*		1,251,186
		30,300	Equinix, Inc.*(a)		3,216,345
		51,800	Global Payments, Inc.		2,789,948
		19,300	Salesforce.com, Inc.*(a)		1,423,761
		63,100	The Western Union Co.		1,189,435
					11,351,991

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

 36

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

	Shares		Description	Value
Common Stocks – (continued)
	Technology Hardware & Equipment – 3.6%
		56,220	Amphenol Corp. Class A	$	2,596,240
		60,800	FLIR Systems, Inc.*		1,989,376
					4,585,616
	Telecommunication Services – 5.3%
		63,000	American Tower Corp. Class A*		2,722,230
		44,900	Crown Castle International Corp.*		1,752,896
		135,200	tw telecom, inc.*		2,317,328
					6,792,454
	Transportation – 0.5%
		10,400	C.H. Robinson Worldwide, Inc.		610,792
	TOTAL COMMON STOCKS
	(Cost $107,566,672)			$	125,301,983

	Shares		Rate			Value
Short-term Investment(b) – 2.2%
	JPMorgan U.S. Government Money Market Fund – Capital Shares
		2,831,248		0.049	%	$	2,831,248
	(Cost $2,831,248)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $110,397,920)					$	128,133,231
Securities Lending Reinvestment Vehicle(b)(c) – 9.2%
	Boston Global Investment Trust – Enhanced Portfolio
		11,690,523		0.107			11,690,523
	(Cost $11,678,862)
	TOTAL INVESTMENTS – 109.5%
	(Cost $122,076,782)					$	139,823,754
	LIABILITIES IN EXCESS OF OTHER ASSETS – (9.5)%						(12,113,687	)
	NET ASSETS – 100.0%					$	127,710,067

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

*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009.
(c)	Represents an affiliated issuer.

Investment Abbreviation:
ADR	—	American Depositary Receipt

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

37

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Assets and Liabilities

December 31, 2009

										Growth
	Core Fixed			Equity Index			Government			Opportunities
	Income Fund			Fund			Income Fund			Fund
Assets:
Investments in securities of unaffiliated issuers, at value (identified cost $198,548,573, $189,289,881, $83,532,738 and $110,397,920, respectively)(a)	$	198,211,627		$	197,881,183		$	83,750,493		$	128,133,231
Investments in affiliated securities lending reinvestment vehicle, at value (identified cost $0, $0, $0 and $11,678,862, respectively)		—			—			—			11,690,523
Cash		—			173			—			—
Foreign currencies, at value (identified cost $960, $0, $0 and $0, respectively)		955			—			—			—
Receivables:
Investment securities sold		19,119,222			321,142			7,400,928			—
Interest and dividends, at value		1,341,919			265,145			299,550			52,486
Forward foreign currency exchange contracts, at value		235,231			—			—			—
Reimbursement from investment adviser		38,954			25,696			33,312			28,090
Fund shares sold		5,611			13,710			43			3,531
Securities lending income		—			—			—			2,245
Other assets		—			261,903			—			—
Total assets		218,953,519			198,768,952			91,484,326			139,910,106
Liabilities:
Payables:
Investment securities purchased		30,218,945			—			14,486,094			101,699
Forward sale contracts, at value (proceeds receivable $5,219,062, $0, $2,088,125 and $0, respectively)		5,129,297			—			2,052,656			—
Forward foreign currency exchange contracts, at value		128,334			—			—			—
Amounts owed to affiliates		105,140			67,091			52,126			125,578
Fund shares redeemed		103,860			43,890			88,978			153,480
Due to broker — variation margin		51,813			29,070			11,092			—
Payable upon return of securities loaned		—			—			—			11,789,754
Accrued expenses		38,057			41,397			33,162			29,528
Total liabilities		35,775,446			181,448			16,724,108			12,200,039
Net Assets:
Paid-in capital		204,224,548			235,471,477			76,547,850			133,035,511
Accumulated undistributed net investment income		327,630			387,952			105,143			8,713
Accumulated net realized loss from investment, futures and foreign currency related transactions		(20,851,503	)		(45,882,110	)		(2,089,455	)		(23,081,129	)
Net unrealized gain (loss) on investments, futures and translation of assets and liabilities denominated in foreign currencies		(522,602	)		8,610,185			196,680			17,746,972
NET ASSETS	$	183,178,073		$	198,587,504		$	74,760,218		$	127,710,067
Total Service Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):		19,049,637			24,146,243			7,261,833			22,671,927
Net asset value, offering and redemption price per share:	$	9.62		$	8.22		$	10.29		$	5.63

(a) Includes loaned securities having a market value of $11,438,736 for the Growth Opportunities Fund.

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

 38

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Operations

For the Fiscal Year Ended December 31, 2009

										Growth
	Core Fixed			Equity Index			Government			Opportunities
	Income Fund			Fund			Income Fund			Fund
Investment income:
Interest(a)	$	8,883,518		$	660		$	3,052,039		$	—
Dividends(b)		13,172			4,606,077			16,968			645,308
Securities lending income — affiliated issuer		—			—			—			94,316
Total investment income		8,896,690			4,606,737			3,069,007			739,624
Expenses:
Management fees		716,363			540,961			433,855			1,074,987
Distribution and Service fees		447,726			450,799			200,859			268,746
Professional fees		101,397			86,878			89,727			85,570
Custody and accounting fees		60,211			32,182			54,558			29,271
Transfer Agent fees		35,815			36,061			16,067			21,498
Printing fees		30,005			28,632			24,279			27,956
Trustee fees		16,663			16,663			16,663			16,663
Registration fees		1,249			1,249			1,249			1,249
Other		14,277			28,597			7,625			12,086
Total expenses		1,423,706			1,222,022			844,882			1,538,026
Less — expense reductions		(217,633	)		(166,852	)		(191,247	)		(265,295	)
Net expenses		1,206,073			1,055,170			653,635			1,272,731
NET INVESTMENT INCOME (LOSS)		7,690,617			3,551,567			2,415,372			(533,107	)
Realized and unrealized gain (loss) from investment, futures and foreign currency related transactions:
Net realized gain (loss) from:
Investment transactions — unaffiliated issuers		(16,029,357	)		(2,408,016	)		(1,485,744	)		(17,001,963	)
Securities lending reinvestment vehicle transactions — affiliated issuer		—			—			—			182,944
Futures transactions		1,778,578			497,948			1,210,574			—
Foreign currency related transactions		(51,436	)		—			—			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		32,203,063			40,988,445			3,734,598			67,315,361
Securities lending reinvestment vehicle — affiliated issuer		—			—			—			(11,528	)
Futures		(1,540,668	)		(83,811	)		(862,390	)		—
Translation of assets and liabilities denominated in foreign currencies		168,162			—			—			—
Net realized and unrealized gain from investment, futures and foreign currency related transactions		16,528,342			38,994,566			2,597,038			50,484,814
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	24,218,959		$	42,546,133		$	5,012,410		$	49,951,707

(a)	Foreign taxes withheld on interest were $2,639 for the Core Fixed Income Fund.
(b)	Foreign taxes withheld on dividends were $2,703 for the Growth Opportunities Fund.

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

39

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Changes in Net Assets

	Core Fixed Income Fund						Equity Index Fund
	For the Fiscal			For the Fiscal			For the Fiscal			For the Fiscal
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2009			December 31, 2008			December 31, 2009			December 31, 2008
From operations:
Net investment income (loss)	$	7,690,617		$	11,251,844		$	3,551,567		$	5,018,591
Net realized gain (loss) from investment, futures and foreign currency related transactions		(14,302,215	)		34,753			(1,910,068	)		3,965,893
Net change in unrealized gain (loss) on investments, futures and translation of assets and liabilities denominated in foreign currencies		30,830,557			(31,893,306	)		40,904,634			(131,012,113	)
Net increase (decrease) in net assets resulting from operations		24,218,959			(20,606,709	)		42,546,133			(122,027,629	)
Distributions to shareholders:
From net investment income		(8,665,024	)		(11,427,285	)		(3,577,759	)		(4,660,811	)
From net realized gains		—			—			—			(8,990,210	)
Total distributions to shareholders		(8,665,024	)		(11,427,285	)		(3,577,759	)		(13,651,021	)
From share transactions:
Proceeds from sales of shares		14,192,495			6,089,374			4,799,396			3,151,118
Reinvestment of distributions		8,665,024			11,427,285			3,577,759			13,651,021
Cost of shares redeemed		(38,211,108	)		(66,893,631	)		(36,141,486	)		(58,028,078	)
Net increase (decrease) in net assets resulting from share transactions		(15,353,589	)		(49,376,972	)		(27,764,331	)		(41,225,939	)
TOTAL INCREASE (DECREASE)		200,346			(81,410,966	)		11,204,043			(176,904,589	)
Net assets:
Beginning of year		182,977,727			264,388,693			187,383,461			364,288,050
End of year	$	183,178,073		$	182,977,727		$	198,587,504		$	187,383,461
Accumulated undistributed net investment income	$	327,630		$	805,021		$	387,952		$	420,640
Summary of share transactions:
Shares sold		1,552,782			621,878			700,975			413,869
Shares issued on reinvestment of distributions		949,900			1,216,339			434,721			2,163,395
Shares redeemed		(4,216,306	)		(7,184,850	)		(5,319,029	)		(6,144,617	)
NET INCREASE (DECREASE)		(1,713,624	)		(5,346,633	)		(4,183,333	)		(3,567,353	)

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

 40

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Government Income Fund						Growth Opportunities Fund
For the Fiscal			For the Fiscal			For the Fiscal			For the Fiscal
Year Ended			Year Ended			Year Ended			Year Ended
December 31, 2009			December 31, 2008			December 31, 2009			December 31, 2008
$	2,415,372		$	3,725,651		$	(533,107	)	$	(496,212	)
	(275,170	)		2,710,769			(16,819,019	)		(4,819,017	)
	2,872,208			(3,937,247	)		67,303,833			(65,335,820	)
	5,012,410			2,499,173			49,951,707			(70,651,049	)
	(2,806,892	)		(3,988,324	)		—			—
	(931,782	)		—			—			(2,928,225	)
	(3,738,674	)		(3,988,324	)		—			(2,928,225	)
	8,043,563			23,059,430			3,924,032			1,899,160
	3,738,674			3,988,324			—			2,928,225
	(25,345,776	)		(24,486,231	)		(21,402,568	)		(36,156,952	)
	(13,563,539	)		2,561,523			(17,478,536	)		(31,329,567	)
	(12,289,803	)		1,072,372			32,473,171			(104,908,841	)
	87,050,021			85,977,649			95,236,896			200,145,737
$	74,760,218		$	87,050,021		$	127,710,067		$	95,236,896
$	105,143		$	239,687		$	8,713		$	97,195
	786,658			2,254,712			878,935			479,778
	364,335			395,078			—			879,347
	(2,474,817	)		(2,435,845	)		(5,044,394	)		(6,819,813	)
	(1,323,824	)		213,945			(4,165,459	)		(5,460,688	)

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

41

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from
			investment operations
												Distributions													Ratio of			Ratio of
	Net asset					Net						to shareholders			Net asset					Net assets,		Ratio of			total			net investment
	value,		Net			realized and			Total from			from net			value,					end of		net expenses			expenses			income			Portfolio
	beginning		investment			unrealized			investment			investment			end of		Total			year		to average			to average			to average			turnover
	of year		income			gain (loss)			operations			income			year		return(a)			(in 000s)		net assets			net assets			net assets			rate(b)
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2009	$	8.81	$	0.39	(c)	$	0.87		$	1.26		$	(0.45	)	$	9.62		14.68	%	$	183,178		0.67	%		0.79	%		4.29	%		293	%
2008		10.13		0.47	(c)		(1.31	)		(0.84	)		(0.48	)		8.81		(8.56	)		182,978		0.67			0.77			4.92			140
2007		9.94		0.48	(c)		0.17			0.65			(0.46	)		10.13		6.81			264,389		0.54	(d)		0.76	(d)		4.82	(d)		123
2006(e)		9.98		0.44	(c)		(0.03	)(f)		0.41			(0.45	)		9.94		4.23	(g)		285,768		0.54			0.78			4.49			265
2005(e)		10.29		0.42	(h)		(0.24	)		0.18			(0.49	)		9.98		1.84			332,861		0.64			0.64			4.05			110

(a)	Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the year. The Goldman Sachs Core Fixed Income Fund first began operations as the Allmerica Select Investment Grade Fund (the “Predecessor AIT Fund”) of the Allmerica Investment Trust. On January 9, 2006, the Predecessor AIT Fund was reorganized as a new portfolio of the Goldman Sachs Variable Insurance Trust. Performance prior to January 9, 2006 is that of the Predecessor AIT Fund. The Predecessor AIT Fund was considered the accounting survivor of the reorganization and as such, the historical total return information of the Predecessor AIT Fund is provided.
(b)	The portfolio turnover rate excluding the effect of mortgage dollar rolls is 259%, 92%, 105% and 265% for the fiscal years ended December 31, 2006, 2007, 2008 and 2009, respectively. Prior year ratios include the effect of mortgage dollar roll transactions.
(c)	Calculated based on the average shares outstanding methodology.
(d)	Includes non-recurring expense for a special shareholder meeting, which amounted to approximately 0.02% of average net assets.
(e)	The Predecessor AIT Fund was the accounting survivor of the reorganization and as such, the prior years’ financial highlights reflect the financial information of the Predecessor AIT Fund through January 8, 2006. In connection with such reorganization, the Goldman Sachs Core Fixed Income Fund issued Service Shares to the former shareholders of the Predecessor AIT Fund at $10.00 per share. Historical per-share amounts prior to the Fund reorganization have been adjusted to reflect the conversion ratio utilized for the reorganization.
(f)	Reflects an increase of $0.04 due to payments received for class action settlements received this year.
(g)	Total return reflects the impact of payments received for class action settlements received this year. Excluding such payment, the total return would have been 3.81%.
(h)	Calculated based on the Securities and Exchange Commission (“SEC”) methodology.

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

42

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from									Distributions to
			investment operations									shareholders
						Net																									Ratio of			Ratio of
	Net asset					realized															Net asset					Net assets,		Ratio of			total			net investment
	value,		Net			and			Total from			From net			From net						value,					end of		net expenses			expenses			income			Portfolio
	beginning		investment			unrealized			investment			investment			realized			Total			end of		Total			year		to average			to average			to average			turnover
	of year		income			gain (loss)			operations			income			gains			distributions			year		return(a)			(in 000s)		net assets			net assets			net assets			rate
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2009	$	6.61	$	0.14	(b)	$	1.62		$	1.76		$	(0.15	)	$	—		$	(0.15	)	$	8.22		26.28	%	$	198,588		0.59	%		0.68	%		1.97	%		5	%
2008		11.42		0.17	(b)		(4.46	)		(4.29	)		(0.18	)		(0.34	)		(0.52	)		6.61		(37.18	)		187,383		0.60			0.69			1.81			4
2007		11.04		0.18	(b)		0.41			0.59			(0.21	)		—			(0.21	)		11.42		5.32			364,288		0.41	(c)		0.68	(c)		1.57	(c)		8
2006(d)		9.71		0.16	(b)		1.34			1.50			(0.17	)		—			(0.17	)		11.04		15.49	(e)		438,471		0.41			0.67			1.53			4
2005(d)		9.43		0.13	(f)(g)		0.28			0.41			(0.13	)		—			(0.13	)		9.71		4.38			489,587		0.52			0.52			1.35			7

(a)	Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the year. The Goldman Sachs Equity Index Fund first began operations as the Allmerica Equity Index Fund (the “Predecessor AIT Fund”) of the Allmerica Investment Trust. On January 9, 2006, the Predecessor AIT Fund was reorganized as a new portfolio of the Goldman Sachs Variable Insurance Trust. Performance prior to January 9, 2006 is that of the Predecessor AIT Fund. The Predecessor AIT Fund was considered the accounting survivor of the reorganization and as such, the historical total return information of the Predecessor AIT Fund is provided.
(b)	Calculated based on the average shares outstanding methodology.
(c)	Includes non-recurring expense for a special shareholder meeting, which amounted to approximately 0.02% of average net assets.
(d)	The Predecessor AIT Fund was the accounting survivor of the reorganization and as such, the prior years’ financial highlights reflect the financial information of the Predecessor AIT Fund through January 8, 2006. In connection with such reorganization, the Goldman Sachs Equity Index Fund issued Service Shares to the former shareholders of the Predecessor AIT Fund at $10.00 per share. Historical per-share amounts prior to the Fund reorganization have been adjusted to reflect the conversion ratio utilized for the reorganization.
(e)	Total return reflects the impact of a payment from previous investment manager of a merged fund to compensate for possible adverse effects of trading activity of certain contract holders of the merged fund prior to January 9, 2006 received this year. Excluding such payments, the total return would have been 15.39%.
(f)	Calculated based on the Securities and Exchange Commission (“SEC”) methodology.
(g)	Investment income per share reflects a special dividend of $0.028 for the Predecessor AIT Fund.

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

43

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from								Distributions to
			investment operations								shareholders
						Net																								Ratio of			Ratio of
	Net asset					realized														Net asset					Net assets,		Ratio of			total			net investment
	value,		Net			and			Total from		From net			From net						value,					end of		net expenses			expenses			income			Portfolio
	beginning		investment			unrealized			investment		investment			realized			Total			end of		Total			year		to average			to average			to average			turnover
	of year		income			gain (loss)			operations		income			gains			distributions			year		return(a)			(in 000s)		net assets			net assets			net assets			rate(b)
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2009	$	10.14	$	0.31	(c)	$	0.33		$	0.64	$	(0.36	)	$	(0.13	)	$	(0.49	)	$	10.29		6.44	%	$	74,760		0.81	%		1.05	%		3.01	%		474	%
2008		10.27		0.42	(c)		(0.11	)		0.31		(0.44	)		—			(0.44	)		10.14		3.14			87,050		0.81			1.04			4.12			244
2007		9.96		0.42	(c)		0.29			0.71		(0.40	)		—			(0.40	)		10.27		7.34			85,978		0.67	(d)		1.03	(d)		4.19	(d)		217
2006(e)		9.98		0.39	(c)		0.01			0.40		(0.42	)		—			(0.42	)		9.96		4.05			87,063		0.68			1.02			3.96			523
2005(e)		10.19		0.32	(f)		(0.16	)		0.16		(0.37	)		—			(0.37	)		9.98		1.55			102,769		0.74			0.74			3.18			44

(a)	Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the year. The Goldman Sachs Government Income Fund first began operations as the Allmerica Government Bond Fund (the “Predecessor AIT Fund”) of the Allmerica Investment Trust. On January 9, 2006, the Predecessor AIT Fund was reorganized as a new portfolio of the Goldman Sachs Variable Insurance Trust. Performance prior to January 9, 2006 is that of the Predecessor AIT Fund. The Predecessor AIT Fund was considered the accounting survivor of the reorganization and as such, the historical total return information of the Predecessor AIT Fund is provided.
(b)	The portfolio turnover rate excluding the effect of mortgage dollar rolls is 447%, 146%, 184% and 419% for the fiscal years ended December 31, 2006, 2007, 2008 and 2009, respectively. Prior year ratios include the effect of mortgage dollar roll transactions.
(c)	Calculated based on the average shares outstanding methodology.
(d)	Includes non-recurring expense for a special shareholder meeting, which amounted to approximately 0.03% of average net assets.
(e)	The Predecessor AIT Fund was the accounting survivor of the reorganization and as such, the prior years’ financial highlights reflect the financial information of the Predecessor AIT Fund through January 8, 2006. In connection with such reorganization, the Goldman Sachs Government Income Fund issued Service Shares to the former shareholders of the Predecessor AIT Fund at $10.00 per share. Historical per-share amounts prior to the Fund reorganization have been adjusted to reflect the conversion ratio utilized for the reorganization.
(f)	Calculated based on the Securities and Exchange Commission (“SEC”) methodology.

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

44

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from
			investment operations
												Distributions													Ratio of			Ratio of
	Net asset					Net						to shareholders			Net asset					Net assets,		Ratio of			total			net investment
	value,		Net			realized and			Total from			from net			value,					end of		net expenses			expenses			loss			Portfolio
	beginning		investment			unrealized			investment			realized			end of		Total			year		to average			to average			to average			turnover
	of year		loss			gain (loss)			operations			gains			year		return(a)			(in 000s)		net assets			net assets			net assets			rate
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2009	$	3.55	$	(0.02	)(b)	$	2.10		$	2.08		$	—		$	5.63		58.59	%	$	127,710		1.18	%		1.43	%		(0.50	)%		71	%
2008		6.20		(0.02	)(b)		(2.52	)		(2.54	)		(0.11	)		3.55		(40.72	)		95,237		1.18			1.37			(0.32	)		78
2007		6.07		(0.03	)(b)		1.22			1.19			(1.06	)		6.20		19.37			200,146		1.14	(c)		1.38	(c)		(0.48	)(c)		73
2006(d)		9.69		(0.06	)(b)		0.68			0.62			(4.24	)		6.07		5.74			215,251		1.15			1.37			(0.60	)		82
2005(d)		10.90		(0.05	)(e)(f)		1.54			1.49			(2.70	)		9.69		14.68			273,823		1.15			1.15			(0.50	)		27

(a)	Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the year. The Goldman Sachs Growth Opportunities Fund first began operations as the Allmerica Select Capital Appreciation Fund (the “Predecessor AIT Fund”) of the Allmerica Investment Trust. On January 9, 2006, the Predecessor AIT Fund was reorganized as a new portfolio of the Goldman Sachs Variable Insurance Trust. Performance prior to January 9, 2006 is that of the Predecessor AIT Fund. The Predecessor AIT Fund was considered the accounting survivor of the reorganization and as such, the historical total return information of the Predecessor AIT Fund is provided.
(b)	Calculated based on the average shares outstanding methodology.
(c)	Includes non-recurring expense for a special shareholder meeting, which amounted to approximately 0.02% of average net assets.
(d)	The Predecessor AIT Fund was the accounting survivor of the reorganization and as such, the prior years’ financial highlights reflect the financial information of the Predecessor AIT Fund through January 8, 2006. In connection with such reorganization, the Goldman Sachs Growth Opportunities Fund issued Service Shares to the former shareholders of the Predecessor AIT Fund at $10.00 per share. Historical per-share amounts prior to the Fund reorganization have been adjusted to reflect the conversion ratio utilized for the reorganization.
(e)	Calculated based on the Securities and Exchange Commission (“SEC”) methodology.
(f)	Investment income per share reflects a special dividend of $0.005 for the Predecessor AIT Fund.

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

45

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements

December 31, 2009

1. ORGANIZATION

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 Trust includes the Goldman Sachs Core Fixed Income Fund, Goldman Sachs Equity Index Fund, Goldman Sachs Government Income Fund and Goldman Sachs Growth Opportunities Fund (collectively, the “Funds” or individually a “Fund”). The Funds are diversified portfolios under the Act offering one class of shares — Service Shares. Goldman, Sachs & Co. (“Goldman Sachs” or the “Distributor”) serves as Distributor of the Funds pursuant to a Distribution Agreement.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Funds. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect the amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

A. FASB Financial Accounting Standards Codification — In July 2009, the Financial Accounting Standards Board (“FASB”) launched its “Financial Accounting Standards Codification” (the “Codification”) as the single source of GAAP. While the Codification does not change GAAP, it introduces a new structure to the accounting literature and changes references to accounting standards and other authoritative accounting guidance that have been reflected in the Notes to Financial Statements.

B. Investment Valuation — The investment valuation policy of the Funds is to value investments at market value. Investments in equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the trustees or provided by securities dealers. 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 bond dealers to determine current value. If accurate quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the trustees. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. In the absence of market quotations, broker quotes will be utilized or the security will be fair valued. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share (“NAV”) on the valuation date. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates market value.

GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Funds’ NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; government actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those

 46

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.

C. Security and Fund Share Transactions, and Investment Income — Security and Fund share transactions are reflected for financial reporting purposes as of the trade date, which may cause the NAV as stated in the accompanying financial statements to be different than the NAV applied to Fund share transactions. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Dividend income is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. Realized gains and losses resulting from principal paydowns on mortgage-backed and asset-backed securities are included in interest income. In addition, it is the Funds’ policy to accrue for foreign capital gains taxes, if applicable, on certain foreign securities held by the Funds. An estimated foreign capital gains tax is recorded daily on net unrealized gains on these securities and is payable upon the sale of such securities when a gain is realized.

Net investment income (other than class specific expenses) and unrealized and realized gains or losses are allocated daily to each class of shares of the respective Fund based upon the relative proportion of net assets of each class.

In addition, distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) often include a “return of capital”, which is recorded by the Funds as a reduction of the cost basis of the securities held. The Internal Revenue Code of 1986, as amended (the “Code”) requires a REIT to distribute at least 95% of its taxable income to investors. In many cases, however, because of “non-cash” expenses such as property depreciation, a REIT’s cash flow will exceed its taxable income. The REIT may distribute this excess cash to offer a more competitive yield. This portion of the Funds’ distributions is deemed a return of capital and is generally not taxable to shareholders.

D. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds on a straight-line and/or pro-rata basis depending upon the nature of the expense and are accrued daily.

E. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Code, applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal income tax provisions are required. 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:

			Capital Gains
	Income Distributions		Distributions
Fund	Declared/Paid		Declared/Paid
Core Fixed Income and Government Income		Quarterly		Annually
Equity Index and Growth Opportunities		Annually		Annually

Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. 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 net investment income, net realized gain or capital. The Fund’s capital accounts on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character, but do not reflect temporary differences.

47

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2009

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, 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.

F. Foreign Currency Translations — The books and records of the Funds are accounted for in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars based upon 4:00 p.m. Eastern Time exchange rates; and (ii) purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions as of 4:00 p.m. Eastern Time.

Net realized and unrealized gain (loss) on foreign currency transactions represents: (i) foreign exchange gains and losses from the sale and holdings of foreign currencies; (ii) currency gains and losses between trade date and settlement date on investment security transactions and forward exchange contracts; and (iii) gains and losses from the difference between amounts of dividends, interest and foreign withholding taxes recorded and the amounts actually received. The effect of changes in foreign currency exchange rates on equity securities and derivative instruments is included with the net realized and change in unrealized gain (loss) on investments on the Statements of Operations. The effect of changes in foreign currency exchange rates on fixed income securities sold during the period is included with the net realized gain (loss) on foreign currency related transactions, while the effect of changes in foreign currency exchange rates on fixed income securities held at period end is included with the net change in unrealized gain (loss) on investments on the Statements of Operations. Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities as a result of changes in foreign exchange rates are included as increases and decreases in unrealized gain (loss) on foreign currency related transactions.

Non U.S. currency symbols utilized throughout the report are defined as follows:

EUR = Euro

G. Forward Foreign Currency Exchange Contracts — The Core Fixed Income Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge or cross-hedge against either specific transactions, portfolio positions, or to seek to increase total return. All contracts are marked to market daily at the applicable forward rate. Unrealized gains or losses on forward foreign currency exchange contracts are recorded by the Fund on a daily basis and realized gains or losses are recorded on the settlement date of a contract.

Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

The contractual amounts of forward foreign currency contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. The Fund must set aside liquid assets, or engage in other appropriate measures to cover its obligations under these contracts.

H. Futures Contracts — The Funds may purchase or sell futures contracts to hedge against changes in interest rates, securities prices, currency exchange rates, or to seek to increase total return. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the Funds deposit cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Funds equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset in unrealized gains or losses. The Funds recognize a realized gain or loss when a contract is closed or expires.

The use of futures contracts involves, to varying degrees, elements of market and counterparty risk which may exceed the amounts recognized in the Statements of Assets and Liabilities. Futures contracts may be illiquid, and exchanges may

 48

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

limit fluctuations in futures contract prices during a single day. Changes in the value of a futures contract may not directly correlate with changes in the value of the underlying securities. These risks may decrease the effectiveness of the Funds’ strategies and potentially result in a loss. The Funds must set aside liquid assets, or engage in other appropriate measures, to cover their obligations under these contracts.

I. Mortgage-Backed and Asset-Backed Securities — The Core Fixed Income, Government Income and Growth Opportunities Funds may invest in mortgage-backed and/or asset-backed securities. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real property. These securities may include mortgage pass-through securities, collateralized mortgage obligations, real estate mortgage investment conduit pass-through or participation certificates and stripped mortgage-backed securities. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of assets such as auto loans, credit card receivables, leases, installment contracts and personal property. Asset-backed securities also include home equity line of credit loans and other second-lien mortgages.

The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers. Early repayment of principal on mortgage-backed or asset-backed securities may expose a Fund to the risk of earning a lower rate of return upon reinvestment of principal. Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral. In addition, while mortgage-backed and asset-backed securities may be supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers, if any, will meet their obligations.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all of the interest payments (the interest-only, or “IO” and/or the high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all of the principal payments (the principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, adjustments are made to the cost of the security on a daily basis until maturity. These adjustments are included in interest income. Payments received for PO’s are treated as a proportionate reduction to the cost basis of the securities and excess amounts are recorded as gains.

J. Mortgage Dollar Rolls — The Core Fixed Income and Government Income Funds may enter into mortgage dollar rolls (“dollar rolls”) in which the Funds sell securities in the current month for delivery and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Funds treat dollar rolls as two separate transactions: one involving the purchase of a security and a separate transaction involving a sale.

During the settlement period between sale and repurchase, the Funds will not be entitled to accrued interest and principal payments on the securities sold. Dollar roll transactions involve the risk that the market value of the securities sold by the Funds may decline below the repurchase price of those securities. In the event the buyer of the securities in a dollar roll transaction files for bankruptcy or becomes insolvent, the Funds’ use of proceeds from the transaction may be restricted pending a determination by, or with respect to, the counterparty.

K. Treasury Inflation-Protected Securities — The Core Fixed Income and Government Income Funds may invest in Treasury Inflation-Protected Securities (“TIPS”), including structured bonds in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost. Such adjustments may have a significant impact on the Funds’ distributions and may result in a return of capital to shareholders. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

49

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2009

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

L. When-Issued Securities and Forward Commitments — The Funds may purchase when-issued securities, including TBA (“To Be Announced”) securities and enter into contracts to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. When-issued securities are securities that have been authorized, but not yet issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although the Funds will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for their portfolios, the Funds may dispose of when-issued securities or forward commitments prior to settlement if GSAM deems it appropriate. When purchasing a security on a when-issued basis or entering into a forward commitment, the Funds must set aside liquid assets, or engage in other appropriate measures to cover their obligations under these contracts. The Funds may dispose of or renegotiate these contracts after they have been entered into and may sell these securities before they are delivered, which may result in a capital gain or loss.

3. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement applicable to each Fund, 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 computed daily and payable monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the fiscal year ended December 31, 2009, contractual management fees with GSAM were at the following rates:

	Contractual Management Rate
	First			Next			Next			Next			Over			Effective
	$1 billion			$1 billion			$3 billion			$3 billion			$8 billion			Rate
Core Fixed Income		0.40	%		0.36	%		0.34	%		0.33	%		0.32	%		0.40	%
Government Income		0.54			0.49			0.47			0.46			0.45			0.54
Growth Opportunities		1.00			1.00			0.90			0.86			0.84			1.00

The Agreement for the Equity Index Fund provides for a contractual management fee at an annual rate equal to 0.30% of the Fund’s average daily net assets. Effective July 1, 2009, GSAM has voluntarily agreed to waive a portion of its management fees in order to achieve the following effective annual rates:

Management Rate
	Over 300 million -
$0 - $300 million	$400 million	Over $400 million
0.27%	0.24%	0.20%

The effective fee was 0.28% for the fiscal year ended December 31, 2009. Prior to June 30, 2009, if the Fund’s average daily net assets were between $300 million and $400 million, 0.05% of the management fee was waived on a voluntary basis. If the Fund’s average daily net assets exceeded $400 million, 0.10% of the management fee was waived on a voluntary basis.

As authorized by the Agreement, GSAM has entered into a Sub-advisory Agreement with SSgA Funds Management, Inc. (“SSgA”) who serves as the sub-adviser to the Equity Index Fund and provides the day-to-day advice regarding the Fund’s portfolio transactions. As compensation for its services, SSgA is entitled to a fee, computed daily and payable monthly by GSAM, at the following annual rates of the Fund’s average daily net assets: 0.03% on the first $50 million,

 50

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

3. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

0.02% on the next $200 million, 0.01% on the next $750 million and 0.008% over $1 billion. The effective Sub-advisory fee was 0.02% for the fiscal year ended December 31, 2009.

B. Distribution Agreement and Service Plan — The Trust, on behalf of the Service Shares of the Funds, has adopted a Distribution and Service Plan (the “Plan”). Under the Plan, Goldman Sachs and/or authorized dealers are entitled to a fee accrued daily and paid monthly for distribution services equal to, on an annual basis, 0.25% of the Funds’ average daily net assets attributable to Service Shares. For the Growth Opportunities Fund, Goldman Sachs has voluntarily agreed to waive distribution and services fees so as not to exceed 0.16% of average daily net assets of the Fund. The waiver may be modified or terminated at any time at the option of Goldman Sachs.

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

D. Other Agreements — GSAM has voluntarily agreed to limit certain “Other Expenses” (excluding management fees, distribution and service fees, transfer agent fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such expense reimbursements, if any, are computed 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 for the Core Fixed Income, Equity Index, Government Income and Growth Opportunities Funds as an annual percentage rate of average daily net assets are 0.004%, 0.004% (effective July 1, 2009), 0.004% and 0.004%, respectively. Prior to July 1, 2009, the Other Expense limitation for Equity Index Fund was 0.064%. These expense limitations may be modified or terminated at any time at the option of GSAM. In addition, the Funds have entered into certain offset arrangements with the transfer agent resulting in a reduction of the Funds’ expenses.

For the fiscal year ended December 31, 2009, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows (in thousands):

			Distribution				Transfer
	Management		and Service		Other Expense		Agent Fee			Total Expense
Fund	Fee Waiver		Fee Waiver		Reimbursement		Credit			Reductions
Core Fixed Income	$	—	$	—	$	217	$	1		$	218
Equity Index		29		—		137		1			167
Government Income		—		—		191		—	*		191
Growth Opportunities		—		97		168		—	*		265

* Amount is less than $500.

As of December 31, 2009, the amounts owed to affiliates of the Funds were as follows (in thousands):

	Management		Distribution and		Transfer
Fund	Fees		Service Fees		Agent Fees		Total
Core Fixed Income		$63	$	39	$	3	$	105
Equity Index		22		42		3		67
Government Income		35		16		1		52
Growth Opportunities		107		17		2		126

51

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2009

3. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

E. Line of Credit Facility — The Funds participate in a $660,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates. Pursuant to the terms of the facility, the Funds and other borrowers may increase the credit amount by an additional $340,000,000, for a total of up to $1 billion. The facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. This 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, 2009, the Funds did not have any borrowings under the facility. Prior to May 12, 2009, the amount available through the facility was $700,000,000.

F. Other Transactions with Affiliates — For the fiscal year ended December 31, 2009, Goldman Sachs earned approximately $3,200, $1,000 and $1,500 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Core Fixed Income, Government Income and Growth Opportunities Funds, respectively.

4. FAIR VALUE OF INVESTMENTS

The fair value of a financial instrument is 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). 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 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 all significant inputs are observable, either directly or indirectly;

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

 52

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

4. FAIR VALUE OF INVESTMENTS (continued)

The following is a summary of the Funds’ investments categorized in the fair value hierarchy:

Core Fixed Income	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasuries and/or Other U.S. Government Obligations and Agencies	$	18,948,720		$	2,786,561		$	—
Municipal Debt Obligations		—			751,530			—
Corporate Obligations		—			35,157,791			—
Foreign Debt Obligations		2,072,566			5,717,534			—
Government Guarantee Obligations		—			25,083,998			—
Mortgage-Backed Obligations		—			87,848,356			—
Asset-Backed Securities		—			212,934			—
Short-term Investments		19,631,637			—			—
Derivatives		208,372			235,231			—
Total	$	40,861,295		$	157,793,935		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(5,129,297	)	$	—
Derivatives		(589,244	)		(128,334	)		—
Total	$	(589,244	)	$	(5,257,631	)	$	—

Equity Index	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	195,620,513	$	—	$	—
Short-term Investments		2,260,670		—		—
Derivatives		18,883		—		—
Total	$	197,900,066	$	—	$	—

53

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2009

4. FAIR VALUE OF INVESTMENTS (continued)

Government Income	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury and/or Other U.S. Government Obligations and Agencies	$	12,254,450		$	13,396,190		$	—
Government Guarantee Obligations		—			10,614,099			—
Mortgage-Backed Obligations		—			39,216,346			—
Asset-Backed Securities		—			553,023			—
Short-term Investments		7,716,385			—			—
Derivatives		16,745			—			—
Total	$	19,987,580		$	63,779,658		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(2,052,656	)	$	—
Derivatives		(73,289	)		—			—
Total	$	(73,289	)	$	(2,052,656	)	$	—

Growth Opportunities	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	125,301,983	$	—	$	—
Securities Lending Reinvestment Vehicle		—		11,690,523		—
Short-term Investments		2,831,248		—		—
Total	$	128,133,231	$	11,690,523	$	—

5. INVESTMENTS IN DERIVATIVES

The Funds may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over the counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivatives also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument.

 54

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

5. INVESTMENTS IN DERIVATIVES (continued)

GAAP requires enhanced disclosures about the Funds’ derivatives and hedging activities. The following tables set forth the gross value of the Funds’ derivative contracts for trading activities by certain risk types as of December 31, 2009. The values in the tables below exclude the effects of cash received or posted pursuant to derivative contracts, and therefore are not representative of the Funds’ net exposure.

Core Fixed Income

	Statements of			Statements of				Average
	Assets and Liabilities	Derivative		Assets and Liabilities	Derivative			Number of
Risk	Location	Assets		Location	Liabilities			Contracts(b)
Interest rate	Unrealized gain on futures(a)	$	208,372	Unrealized loss on futures(a)	$	(589,244	)		357
Currency	Forward foreign currency exchange contracts, at value		235,231	Forward foreign currency exchange contracts, at value		(128,334	)		46
Total		$	443,603		$	(717,578	)		403

Equity Index

	Statements of			Statements of			Average
	Assets and Liabilities	Derivative		Assets and Liabilities	Derivative		Number of
Risk	Location	Assets		Location	Liabilities		Contracts(b)
Equity	Unrealized gain on futures(a)	$	18,883	Unrealized loss on futures(a)	$	—		54

Government Income

	Statements of			Statements of				Average
	Assets and Liabilities	Derivative		Assets and Liabilities	Derivative			Number of
Risk	Location	Assets		Location	Liabilities			Contracts(b)
Interest rate	Unrealized gain on futures(a)	$	16,745	Unrealized loss on futures(a)	$	(73,289	)		127

(a)	Includes cumulative appreciation (depreciation) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.
(b)	Average number of contracts is based on the average of quarter end balances for the period ended December 31, 2009.

55

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2009

5. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth by certain risk types the Funds’ gains (losses) related to derivative activities and their indicative volumes for the fiscal year ended December 31, 2009. These gains (losses) should be considered in the context that derivative contracts may have been executed to economically hedge securities and accordingly, gains or losses on derivative contracts may offset losses or gains attributable to securities. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Core Fixed Income

					Net Change in
		Net Realized Gain			Unrealized Gain
Risk	Statements of Operations Location	(Loss)			(Loss)
Interest rate	Net realized gain (loss) from futures transactions/ Net change in unrealized gain (loss) on futures	$	1,778,578		$	(1,540,668	)
Currency	Net realized gain (loss) from foreign currency related transactions/Net change in unrealized gain (loss) on translation of assets and liabilities denominated in foreign currencies		(43,218	)		169,162
Total		$	1,735,360		$	(1,371,506	)

Equity Index

				Net Change in
		Net Realized Gain		Unrealized Gain
Risk	Statements of Operations Location	(Loss)		(Loss)
Equity	Net realized gain (loss) from futures transactions/ Net change in unrealized gain (loss) on futures	$	497,948	$	(83,811	)

Government Income

				Net Change in
		Net Realized Gain		Unrealized Gain
Risk	Statements of Operations Location	(Loss)		(Loss)
Interest Rate	Net realized gain (loss) from futures transactions/ Net change in unrealized gain (loss) on futures	$	1,210,574	$	(862,390	)

 56

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2009, were as follows:

							Sales and
			Purchases		Sales and		Maturities
	Purchases of U.S.		(Excluding U.S.		Maturities of U.S.		(Excluding U.S.
	Government and		Government and		Government and		Government and
Fund	Agency Obligations		Agency Obligations)		Agency Obligations		Agency Obligations)
Core Fixed Income	$	457,182,134	$	60,000,714	$	481,881,785	$	77,946,387
Equity Index		—		8,798,055		—		35,854,962
Government Income		359,404,428		5,704,295		373,359,716		14,270,724
Growth Opportunities		—		75,054,288		—		94,745,944

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission and the terms and conditions contained therein, the Growth Opportunities Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.

The Fund invests the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio of Boston Global Investment Trust (“Enhanced Portfolio”), a Delaware statutory trust. The Enhanced Portfolio, deemed an affiliate of the Trust, is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.10% on an annualized basis of the average daily net assets of the Enhanced Portfolio. The Enhanced Portfolio invests primarily in short-term investments, but is not a “money market fund” subject to the requirements of Rule 2a-7 of the Act. The Fund’s investment of cash collateral in the Enhanced Portfolio is subject to a net asset value that may fall or rise due to market and credit conditions.

Both the Fund and GSAL receive compensation relating to the lending of the Fund’s securities. The amounts earned by the Fund for the fiscal year ended December 31, 2009, are reported as securities lending income. A portion of this amount, $24,382, represents compensation earned by the Fund from lending its securities to Goldman Sachs. For the fiscal year ended December 31, 2009, GSAM earned $10,419 in fees as securities lending agent for the Fund. The amount payable to Goldman Sachs upon return of securities loaned as of December 31, 2009 was $1,525,399 for the Fund.

57

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2009

7. SECURITIES LENDING (continued)

The following table provides information about Fund’s investment in the Enhanced Portfolio for the fiscal year ended December 31, 2009 (in thousands):

	Number of
	Shares Held							Number of
	Beginning		Shares		Shares			Shares Held End		Value at End
Fund	of Fiscal Year		Bought		Sold			of Fiscal Year		of Fiscal Year
Growth Opportunities		11,271		93,241		(92,821	)		11,691	$	11,691

8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended December 31, 2009 was as follows:

	Core Fixed Income		Equity Index		Government Income		Growth Opportunities
Distributions paid from:
Ordinary income	$	8,665,024	$	3,577,759	$	3,389,319	$	—
Net long-term capital gains		—		—		349,355		—
Total taxable distributions	$	8,665,024	$	3,577,759	$	3,738,674	$	—

The tax character of distributions paid during the fiscal year ended December 31, 2008 was as follows:

	Core Fixed Income		Equity Index		Government Income		Growth Opportunities
Distributions paid from:
Ordinary income	$	11,427,285	$	4,660,991	$	3,988,324	$	558,507
Net long-term capital gains		—		8,990,030		—		2,369,718
Total taxable distributions	$	11,427,285	$	13,651,021	$	3,988,324	$	2,928,225

As of December 31, 2009, the components of accumulated earnings (losses) on a tax basis were as follows:

	Core Fixed Income			Equity Index			Government Income			Growth Opportunities
Undistributed ordinary income — net	$	441,412		$	344,613		$	106,011		$	—
Capital loss carryforward:1
Expiring 2010	$	—		$	(13,380,657	)	$	—		$	—
Expiring 2011		—			(8,097,717	)		—			—
Expiring 2012		—			(2,961,297	)		—			—
Expiring 2014		(4,813,823	)		—			—			—
Expiring 2017		(5,639,128	)		(4,082,503	)		—			(18,895,925	)
Total capital loss carryforward	$	(10,452,951	)	$	(28,522,174	)	$	—		$	(18,895,925	)
Timing differences (post — October losses and straddle loss deferral)		(10,779,188	)		1,318			(2,142,524	)		(718,959	)
Unrealized gains (losses) — net		(255,748	)		(8,707,730	)		248,881			14,289,440
Total accumulated losses — net	$	(21,046,475	)	$	(36,883,973	)	$	(1,787,632	)	$	(5,325,444	)

¹ Expiration occurs on December 31 of the year indicated. Utilization of these losses may be substantially limited under the Code. The Equity Index Fund had capital loss carryforwards of approximately $13,381,000 that expired in the current fiscal year.

 58

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

8. TAX INFORMATION (continued)

As of December 31, 2009, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Fund	Core Fixed Income			Equity Index			Government Income			Growth Opportunities
Tax cost	$	198,548,809		$	206,588,913		$	83,537,081		$	125,534,314
Gross unrealized gain		4,414,394			27,580,214			1,264,031			18,746,432
Gross unrealized loss		(4,751,576	)		(36,287,944	)		(1,050,619	)		(4,456,992	)
Net unrealized security gain (loss)	$	(337,182	)	$	(8,707,730	)	$	213,412		$	14,289,440
Net unrealized gain on other investments		81,434			—			35,469			—
Net unrealized gain (loss)	$	(255,748	)	$	(8,707,730	)	$	248,881		$	14,289,440

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 and forward foreign currency exchange contracts and differences related to the tax treatment of partnership and underlying fund investments and securities on loan.

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 expired capital loss carryforwards, and net investment losses and the difference in tax treatment of foreign currency transactions, underlying fund investments, inflation protected securities and paydown gains.

							Accumulated
				Accumulated Net			Undistributed Net
				Realized Gain			Investment Income
Fund	Paid-in Capital			(Loss)			(Loss)
Core Fixed Income	$	1,701		$	(498,717	)	$	497,016
Equity Index		(13,380,757	)		13,387,253			(6,496	)
Government Income		—			(256,976	)		256,976
Growth Opportunities		(444,625	)		—			444,625

9. OTHER RISKS

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Funds have unsettled or open transaction defaults.

Risks of Large Shareholder Redemptions — Certain participating insurance companies, accounts, or Goldman Sachs affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Funds’ shares. Redemptions by these participating insurance companies or accounts in the Funds may impact the Funds’ liquidity and NAV. These redemptions may also force the Funds to sell securities, which may increase the Funds’ brokerage costs.

59

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2009

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its trustees, officers, employees and agents are indemnified, to the extent permitted by the Act, 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.

11. OTHER MATTERS

New Accounting Pronouncement — In May 2009, the FASB issued FASB Accounting Standards Codification (“ASC”) 855 “Subsequent Events”. This standard requires disclosure in the financial statements to reflect the effects of subsequent events that provide additional information on conditions about the financial statements as of the balance sheet date (recognized subsequent events) and disclosure of subsequent events that provide additional information about conditions after the balance sheet date if the financial statements would otherwise be misleading (unrecognized subsequent events). ASC 855 is effective for interim and annual financial statements issued for fiscal years ending after June 15, 2009. For purposes of inclusion in the financial statements, GSAM has concluded that subsequent events after the balance sheet date have been evaluated through February 16, 2010, the date that the financial statements were issued.

 60

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Goldman Sachs Variable Insurance Trust:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Goldman Sachs Core Fixed Income Fund, Goldman Sachs Equity Index Fund, Goldman Sachs Government Income Fund and Goldman Sachs Growth Opportunities Fund (collectively the “Funds”), portfolios of Goldman Sachs Variable Insurance Trust, at December 31, 2009, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian, brokers and transfer agent, provide a reasonable basis for our opinion. The financial highlights of the Funds for the period ended December 31, 2006 and prior were audited by another Independent Registered Public Accounting Firm whose report dated February 14, 2007 expressed an unqualified opinion on those financial highlights.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 16, 2010

61

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Fund Expenses — Six Month Period Ended December 31, 2009 (Unaudited)

As a shareholder of the Service Shares of the Funds, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2009 through December 31, 2009.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Funds, you do not incur any transaction costs, such as sales charges, redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

	Core Fixed Income Fund							Equity Index Fund							Government Income Fund							Growth Opportunities Fund
						Expenses							Expenses							Expenses							Expenses
						Paid for the							Paid for the							Paid for the							Paid for the
	Beginning		Ending			6 Months		Beginning		Ending			6 Months		Beginning		Ending			6 Months		Beginning		Ending			6 Months
	Account Value		Account Value			Ended		Account Value		Account Value			Ended		Account Value		Account Value			Ended		Account Value		Account Value			Ended
	7/01/09		12/31/09			12/31/09*		7/01/09		12/31/09			12/31/09*		7/01/09		12/31/09			12/31/09*		7/01/09		12/31/09			12/31/09*
Actual	$	1,000	$	1,090.00		$	3.53	$	1,000	$	1,222.20		$	3.30	$	1,000	$	1,041.50		$	4.17	$	1,000	$	1,291.30		$	6.81
Hypothetical 5% return		1,000		1,021.83	+		3.41		1,000		1,022.23	+		3.01		1,000		1,021.12	+		4.13		1,000		1,019.26	+		6.01

*   Expenses are calculated using each Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2009. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund
Core Fixed Income	0.67	%
Equity Index	0.59
Government Income	0.81
Growth Opportunities	1.18

+  Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

62

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Trustees and Officers (Unaudited)

Independent Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
Ashok N. Bakhru Age: 67	Chairman of the Board of Trustees	Since 1991	President, ANB Associates (July 1994-March 1996 and November 1998-Present); Director, Apollo Investment Corporation (a business development company) (October 2008-Present); Executive Vice President—Finance and Administration and Chief Financial Officer and Director, Coty Inc. (manufacturer of fragrances and cosmetics) (April 1996-November 1998); Director of Arkwright Mutual Insurance Company (1984-1999); Trustee of International House of Philadelphia (program center and residential community for students and professional trainees from the United States and foreign countries) (1989-2004); Member of Cornell University Council (1992-2004 and 2006-Present); Trustee of the Walnut Street Theater (1992-2004); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors—III and IV (November 1998-2007), and Equity-Limited Investors II (April 2002-2007); and Chairman, Lenders Service Inc. (provider of mortgage lending services) (2000-2003). Chairman of the Board of Trustees—Goldman Sachs Mutual Fund Complex.	96	Apollo Investment Corporation (a business development company)
John P. Coblentz, Jr. Age: 68	Trustee	Since 2003	Partner, Deloitte & Touche LLP (June 1975-May 2003); Director, Emerging Markets Group, Ltd. (2004-2006); and Director, Elderhostel, Inc. (2006-Present). Trustee—Goldman Sachs Mutual Fund Complex.	96	None
Diana M. Daniels Age: 60	Trustee	Since 2007	Ms. Daniels is retired (since January 2007). Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is Chairman of the Executive Committee, Cornell University (2006-Present); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (since 2007), and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee—Goldman Sachs Mutual Fund Complex.	96	None
Patrick T. Harker Age: 51	Trustee	Since 2000	President, University of Delaware (July 2007-Present); Dean and Reliance Professor of Operations and Information Management, The Wharton School, University of Pennsylvania (February 2000-June 2007); Interim and Deputy Dean, The Wharton School, University of Pennsylvania (July 1999-January 2000); and Professor and Chairman of Department of Operations and Information Management, The Wharton School, University of Pennsylvania (July 1997-August 2000). Trustee—Goldman Sachs Mutual Fund Complex.	96	Pepco Holdings, Inc. (an energy delivery company)
Jessica Palmer Age: 60	Trustee	Since 2007	Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer is a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-Present). Trustee—Goldman Sachs Mutual Fund Complex.	96	None

63

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Trustees and Officers (Unaudited) (continued)

Independent Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
Richard P. Strubel Age: 70	Trustee	Since 1987	Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); President, COO and Director, Cardean Learning Group (1999-2003); Director, Cantilever Technologies, Inc. (a private software company) (1999-2005); Audit Committee Chairman, The University of Chicago (2006-Present); Trustee, The University of Chicago (1987-Present); and Managing Director, Tandem Partners, Inc. (management services firm) (1990-1999). Trustee—Goldman Sachs Mutual Fund Complex.	96	Gildan Activewear Inc. (a clothing marketing and manufacturing company); The Northern Trust Mutual Fund Complex (58 Portfolios) (Chairman of the Board of Trustees).

Interested Trustees

				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	with the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
James A. McNamara* Age: 47	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President—Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President—Goldman Sachs Mutual Fund Complex (2001-2007). Trustee—Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).	96	None
Alan A. Shuch* Age: 60	Trustee	Since 1990	Advisory Director—GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee—Goldman Sachs Mutual Fund Complex.	96	None

*	These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
1	Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, One New York Plaza, 37th Floor, New York, New York, 10004, Attn: Peter V. Bonanno.
2	Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the conclusion of the first Board meeting held subsequent to the day the Trustee attains the age of 72 years (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.
3	The Goldman Sachs Mutual Fund Complex consists of the Trust, Goldman Sachs Municipal Opportunity Fund, Goldman Sachs Credit Strategies Fund, and Goldman Sachs Trust. As of December 31, 2009, the Trust consisted of 11 portfolios, Goldman Sachs Trust consisted of 83 portfolios (of which 82 offered shares to the public) and the Goldman Sachs Municipal Opportunity Fund did not offer shares to the public.
4	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-292-4726.

 64

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

		Term of
		Office and
	Position(s) Held	Length of
Name, Address and Age	With the Trust	Time Served1	Principal Occupation(s) During Past 5 Years
James A. McNamara 32 Old Slip New York, NY 10005 Age: 47	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President—Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President—Goldman Sachs Mutual Fund Complex (2001-2007). Trustee—Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).
George F. Travers 30 Hudson Street Jersey City, NJ 07032 Age: 42	Senior Vice President and Principal Financial Officer	Since 2009	Managing Director, Goldman Sachs (2007-present); Managing Director, UBS Ag (2005-2007); and Partner, Deloitte & Touche LLP (1990-2005, partner from 2000-2005) Senior Vice President and Principal Financial Officer—Goldman Sachs Mutual Fund Complex.
Peter V. Bonanno One New York Plaza New York, NY 10004 Age: 42	Secretary	Since 2003	Managing Director, Goldman Sachs (December 2006-Present); Associate General Counsel, Goldman Sachs (2002-Present); Vice President, Goldman Sachs (1999-2006); and Assistant General Counsel, Goldman Sachs (1999-2002). Secretary—Goldman Sachs Mutual Fund Complex (2006-Present); and Assistant Secretary—Goldman Sachs Mutual Fund Complex (2003-2006).
Scott M. McHugh 32 Old Slip New York, NY 10005 Age: 38	Treasurer and Senior Vice President	Since 2009	Vice President, Goldman Sachs (February 2007-Present); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer—Goldman Sachs Mutual Fund Complex (October 2009-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (November 2009-Present); and Assistant Treasurer—Goldman Sachs Mutual Fund Complex (May 2007-October 2009).

1	Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2009, 100%, of the dividends paid from net investment company taxable income by the Equity Index Fund qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the Government Income Fund designates $349,355 or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended December 31, 2009.

During the year ended December 31, 2009, the Government Income Fund designates $582,427 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

65

TRUSTEES	OFFICERS
Ashok N. Bakhru, Chairman	James A. McNamara, President
John P. Coblentz, Jr.	George F. Travers, Principal Financial Officer
Diana M. Daniels	Peter V. Bonanno, Secretary
Patrick T. Harker	Scott M. McHugh, Treasurer
James A. McNamara
Jessica Palmer
Alan A. Shuch
Richard P. Strubel

GOLDMAN, SACHS & CO. Distributor and Transfer Agent
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser
32 Old Slip, New York, New York 10005
Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.
A prospectus for the Funds containing more complete information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail — 1-800-526-7384) (institutional — 1-800-621-2550). Please consider a fund’s objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Funds.
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) Web site at http://www.sec.gov.
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. When available, the Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-621-2550.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Funds’ entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.
	Toll Free (in U.S.): 800-292-4726
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus for the Fund. Please consider the Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Funds.
This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust Funds.
Copyright 2010 Goldman, Sachs & Co. All rights reserved.
VITSVCSAR10/32290.MF.TMPL/02-10

ITEM 2. CODE OF ETHICS.

(a)	As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).
(b)	During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.
(c)	During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.
(d)	A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT.
	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. John P. Coblentz, Jr. is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Item 4 — Principal Accountant Fees and Services for the Goldman Sachs Variable Insurance Trust:
Table 1 – Items 4(a) -4(d)

	2009		2008		Description of Services Rendered
Audit Fees:
• PricewaterhouseCoopers (“PwC”)	$	340,075	$	284,500	Financial statement audits.
Audit-Related Fees
PwC	$	5,158	$	10,000	Other attest services.
Tax Fees
PwC	$	75,700	$	76,450	Tax compliance services provided in connection with the preparation and review of the Registrant’s tax returns.

Items 4(b)(c) & (d) Table 2. Non-Audit Services to the Goldman Sachs Variable Insurance Trust’s service affiliates * that were pre-approved by the Goldman Sachs Variable Insurance Trust’s Audit Committee pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X

	2009		2008		Description of Services Rendered
Audit-Related Fees
PwC	$	1,509,000	$	1,259,000	Internal control review performed in accordance with Statement on Auditing Standards No. 70. These fees are borne by the Funds’ adviser.

* These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”).

Item 4(e)(1) – Audit Committee Pre Approval Policies and Procedures

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 Goldman Sachs Variable Insurance Trust (“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.

Item 4(f) — Not applicable.

Items 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GSVIT for the twelve months ended December 31, 2009 and December 31, 2008 by PricewaterhouseCoopers LLP (“PwC”) were approximately $80,858 and $86,450, respectively.

The aggregate non-audit fees billed to GSVIT’s adviser and service affiliates for non-audit services for the twelve months ended December 31, 2009 and December 31, 2008 by PwC were approximately $5.8 million and $5.8 million, respectively.

Items 4(h) — GSVIT’s Audit Committee has considered whether the provision of non-audit services to GSVIT’s investment advisor 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 auditor’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS

Schedule of Investments is included as part of the Reports to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11. CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1)		Goldman Sachs Variable Insurance Trust’s Code of Ethics for Principal Executive and Senior Financial officers is incorporated by reference to Exhibit 11(a)(1) of the Registrant’s Form N-CSR filed on March 8, 2004 (accession number 0000950123-04-002976)
(a)(2)	Exhibit 99.CERT     Exhibit 99.906CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith   Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith

SIGNATURES

     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.

Goldman Sachs Variable Insurance Trust

/s/ James A. McNamara

By: James A. McNamara

Chief Executive Officer of

Goldman Sachs Variable Insurance Trust

Date: February 25, 2010

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

/s/ James A. McNamara

By: James A. McNamara

Chief Executive Officer of

Goldman Sachs Variable Insurance Trust

Date: February 25, 2010

/s/ Geoge F. Travers

By: George F. Travers

Chief Financial Officer of

Goldman Sachs Variable Insurance Trust

Date: February 25, 2010