GOLDMAN SACHS VARIABLE

INSURANCE TRUST

Institutional and Service Shares of

Goldman Sachs Structured U.S. Equity Fund (the “Fund”)

Supplement dated March 10, 2010 to the

Prospectuses dated April 30, 2009 (the “Prospectuses”)

The following replaces the sixth sentence in the paragraph under the “Other Investment Practices and Securities” section of the Prospectuses for the Fund:

In addition, the Fund publishes on its website quarter-end top ten holdings subject to a fifteen calendar-day lag between the date of the information and the date on which the information is disclosed.

This Supplement should be retained with the Prospectus for future reference.

VITUSHLGSTK 3-10