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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Principal Investment Strategies and Risks

Shares of the Goldman Sachs Variable Insurance Trust Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Funds are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you realize with respect to your investments. Ask your representative for more complete information. Please consider a Fund’s objective, risks and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about a Fund.

The Goldman Sachs Variable Insurance Trust — Core Fixed Income Fund’s investments in fixed income securities are subject to the risks associated with debt securities, including credit and interest rate risk. The guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. The Fund’s investments in mortgage-backed securities are subject to prepayment risks. These risks may result in greater share price volatility. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, option on swaps, structured securities and other derivative investments. Derivative instruments may involve a high degree of financial risk. These risks include 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; risks of default by a counterparty, and the risks that transactions may not be liquid.

Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and will be subject to the risks of currency fluctuations and political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The Fund may also engage in foreign currency transactions for hedging purposes including cross hedging or for speculative purposes. Forward foreign currency exchange contracts are subject to the risk that the counterparty to the contract will default on its obligations.

The Goldman Sachs Variable Insurance Trust — Equity Index Fund invests in a broadly diversified portfolio of large-cap U.S. equity investments and is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The Fund’s performance may vary substantially from the performance of the benchmark it tracks (S&P 500 Index) as a result of share purchases and redemptions, transaction costs, expenses and other factors. The Fund may make investments in derivative instruments, including options, futures, swaps, structured securities and other derivative investments. Derivative instruments may involve a high degree of financial risk. These risks include 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; risks of default by a counterparty, and the risks that transactions may not be liquid.

The Goldman Sachs Variable Insurance Trust — Government Income Fund’s net asset value and yield are not guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises. Investments in fixed income securities are subject to the risks associated with debt securities, including credit and interest rate risk. The guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. The Fund’s investments in mortgage-backed securities are subject to prepayment risks. These risks may result in greater share price volatility. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, option on swaps, structured securities and other derivative investments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty, and the risks that transactions may not be liquid.

The Goldman Sachs Variable Insurance Trust — Growth Opportunities Fund invests in U.S. equity investments with a primary focus on mid-cap companies. The Fund is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions.

The securities of mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements.

The Fund may invest in foreign securities, which may be more volatile and less liquid than investments in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all.

MARKET REVIEW

Market Review

Investor sentiment shifted from optimism about a global economic recovery to heightened uncertainty during the six months ended June 30, 2010 (the “Reporting Period”).

U.S. consumer spending increased steadily during the first quarter of 2010, and European confidence in the economic outlook improved. As a sign of a more sustained U.S. economic recovery, the Federal Reserve (the “Fed”) began to scale back the support programs it had established to enhance liquidity in the credit markets and also raised the discount rate, which is the rate it charges to banks for short-term loans. Still, concerns over Greece’s debt troubles hung over first quarter financial markets.

In late April, concerns over Europe’s sovereign debt issues intensified. The U.S. economy continued its recovery, but growth momentum appeared to be stalling as the boost from fiscal stimulus and inventory restocking began to fade. Additionally, investors increasingly focused on the potential impact of a growing government appetite for regulation and mounting evidence that the global economic recovery might be losing steam. The Fed suggested that “financial conditions have become less supportive of economic growth,” while first quarter Gross Domestic Product (“GDP”) was revised down slightly from 3.0% to 2.7%. Consumer confidence fell sharply in June, and private sector payroll growth was weaker than expected.

EQUITY MARKETS

U.S. equities advanced during the first quarter of 2010, overcoming a weak start in January with modest gains in February and strong performance in March. While this marked the fourth consecutive quarter of gains for U.S. equities, underlying economic data and sentiment were less encouraging. Stronger personal spending and retail sales figures released during the quarter jump-started consumer-related stocks. Continued positive numbers from several key manufacturing surveys lifted industrial stocks. Indeed, increasing cash flow, high productivity and significant cost cutting fueled expectations of forthcoming business spending and corporate profits across a wide spectrum of equity market sectors.

Investor sentiment, however, turned sharply in April. Particularly hard hit were financial stocks. In the U.S., significant financial reform legislation neared final stages, leading investors to contemplate the possible effect on earnings multiples of a number of large banks that might be forced to spin off or limit ownership in highly profitable businesses. To add pressure to an already volatile backdrop, U.S. equity markets were doused with a number of disappointing economic readings at the end of June. Fears that Chinese, and therefore global, demand might be slowing hit commodity prices and their stocks, while high crude oil inventory levels and BP’s disastrous oil spill in the Gulf of Mexico further pressured energy stocks.

FIXED INCOME MARKETS

During the first quarter of 2010, interest rates rose as market participants priced in a more optimistic outlook on global growth. The trend reversed itself in the second quarter. Rates declined sharply in May on worries about fiscal conditions in peripheral European countries, uncertainties about financial regulation reform and the outlook for China’s economic growth, which all contributed to a flight to quality and an increase in global risk premiums. The 10-year Treasury yield, which began the Reporting Period at 3.83%, fell to 2.93% — its lowest level in more than a year. Short-term rates remained anchored.

MARKET REVIEW

Within spread, or non-Treasury, sectors, performance was mixed. Because of relatively strong economic growth during the first quarter, risk premiums declined temporarily and most sectors underperformed Treasuries during the second quarter. During the Reporting Period as a whole, however, agency mortgage-backed securities (MBS) outperformed duration-equivalent Treasuries by more than 70 basis points. (A basis point is equal to 1/100^th of a percentage point.) Despite heightened volatility driven by the buyback of delinquent loans by government-sponsored agencies and the Fed’s exit from the agency MBS purchase program, the sector continued to perform well amid strong technicals and subdued prepayments. Commercial mortgage-backed securities (CMBS) outperformed duration-equivalent Treasuries during the Reporting Period by more than 700 basis points, while investment grade corporate bonds underperformed by approximately 110 basis points. Within the corporate bond sector, financials underperformed the Barclays Capital U.S. Aggregate Bond Index during the second half of the Reporting Period, driven primarily by the banking industry amid heightened uncertainties surrounding financial regulation reform.

High yield corporate bonds had a strong first quarter, characterized by subdued defaults and strong inflows. In May, however, these bonds experienced a significant correction, and the fixed income sector slightly underperformed duration-equivalent Treasuries during the Reporting Period as a whole.

Similarly, non-agency MBS, which experienced strong performance during the first quarter, weakened in May in response to broad risk aversion. Nevertheless, in our view, their loss-adjusted valuations remained the most compelling among non-Treasury sectors.

Looking Ahead

EQUITY MARKETS

We maintained, at the end of the Reporting Period, a cautiously optimistic view ahead on the U.S. economy, though we recognized that the path to recovery may occur at an uneven pace. Further, many of the headwinds to recovery had already been discounted in the U.S. equity market by the end of the Reporting Period, so we believe the risk/reward trade-off is an overall positive over the longer term. Amidst a challenging macroeconomic backdrop that includes earnings volatility, regulatory uncertainty and high unemployment, we remained encouraged by data points at the company level. Whereas earnings improvements during the Reporting Period were primarily driven by cost cutting, we believe revenues are beginning to stabilize. In our view, corporate profits appear to be improving, and management teams are more positive. High cash levels and strong balance sheets bode well, in our view, for capital expenditures — the fuel for longer-term growth.

FIXED INCOME MARKETS

Although we expect the U.S. economic recovery to continue, we have reduced our forecast for 2010 GDP growth from 3.3% to an annualized rate of approximately 3% . Inventories and fiscal stimulus have provided much of the support for growth to date, and both are nearing the point where their positive growth impact may begin to lessen. Meanwhile, consumer and business confidence have fallen. In addition, companies continue to hold significant amounts of cash on their balance sheets, which could drive sustainable growth only if the corporate sector has the confidence to increase investment and hiring. As fiscal stimulus and inventory replacement fade as sources of growth, we think business

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 Reporting Period.

How did the Goldman Sachs Variable Insurance Trust — Core Fixed Income Fund (the “Fund”) perform during the Reporting Period?

During the Reporting Period, the Fund’s Service Shares generated a cumulative total return, without sales charges, of 5.54%. These returns compare to the 5.33% cumulative total return of the Fund’s benchmark, the Barclays Capital U.S. Aggregate Bond Index (the “Barclays Index”), during the same time period.

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

The Fund benefited from our cross-sector, currency and country strategies. Also particularly advantageous was our issue selection among collateralized debt and government and agency bonds. The Fund’s overweighted exposure, relative to the Barclays Index, to non-agency mortgage backed securities (MBS) further added to returns. However, an underweighted exposure to commercial mortgage-backed securities (CMBS) was a slight detractor.

Which fixed income market sectors contributed the most to Fund performance?

The Fund’s overweighted exposure to non-agency MBS was a significant contributor to its relative performance. Issue selection within the sector also added value. Despite the high volatility and weakness in the housing markets typical of the winter season, non-agency MBS rallied during the first quarter of 2010 on supportive technicals and improving fundamentals. A proposed modification of the Home Affordable Modification Program (HAMP), which could help restore homeowner equity and reduce foreclosures, also helped support non-agency residential MBS prices. Although prices softened when risk aversion broadened during May, fundamental credit trends continued to improve and technical factors remained highly supportive.

What sectors detracted from the Fund’s performance?

The Fund’s spread widening position in U.S. Treasury swaps was the largest detractor from relative results. Spreads, or the difference in yields between these securities and duration-equivalent Treasuries, tightened significantly during March, largely because of market technicals. An underweighted position in CMBS relative to the Barclays Index was also a drag on performance.

How did duration positioning decisions affect the Fund’s performance?

The Fund’s shorter duration position compared to the Barclays Index detracted from its relative results. The position, which resulted from the Fund’s underweighted position in medium- to longer-term maturities on the yield curve, or spectrum of maturities, hampered relative results as interest rates declined during the second quarter. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

What changes did you make to the Fund’s weightings during the Reporting Period and why?

Based on our view of interest rates, we tactically shifted the Fund’s duration position from shorter than the Barclays Index at the beginning of the Reporting Period to longer than the Barclays Index in March and then back again to a comparatively shorter duration by the end of the Reporting Period. Also, we moved from a neutral position relative to the Barclays Index to an underweighted position in CMBS. In response to the market stress sparked by the European debt crisis, we decreased the Fund’s corporate basis exposure, which is generally defined as an investment position that bets on spread tightening between cash bonds and their synthetic counterparts.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight government and agency securities relative to the Barclays Index. The Fund was more modestly overweight collateralized mortgage obligations (CMOs) and investment-grade corporate bonds. The Fund was significantly underweight residential MBS, particularly mortgage pass-throughs. Pass-through mortgages consist of a pool of residential mortgage loans, where homeowners’ monthly payments of principal, interest and prepayments pass from the original bank through a government agency or investment bank to investors. The Fund was slightly underweight emerging markets debt compared to the Barclays Index at the end of the Reporting Period.

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

We are targeting a shorter duration than the Barclays Index for the Fund. In our opinion, the market has priced in an overly pessimistic outlook for U.S. growth. That said, we do believe moderately-paced economic growth is likely to push bond yields higher. We expect to maintain an underweighted position in agency MBS, as we believe their valuations are expensive relative to Treasuries. Market prepayment expectations have also remained muted, and we see risk to the upside.

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 adjustable-rate mortgages (ARMs), which give borrowers payment options. We believe these securities remain attractively priced, even under extremely conservative default and recovery assumptions.

FUND BASICS

Core Fixed Income Fund

as of June 30, 2010

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS¹


For the period ended 6/30/10	One Year			Since Inception			Inception Date


Service		15.05	%		4.72	%	1/09/06

¹ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. The Standardized Total Returns are calculated by computing the annual percentage change in the value of $1,000 invested at the maximum public offering price for specified periods, assuming reinvestment of all distributions at net asset value (NAV). These returns are required by securities industry regulations and are designed to establish a standard method of showing mutual fund performance. Because VIT Funds do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above chart represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above chart. Please visit www.goldmansachsfunds.com/vit to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced.

EXPENSE RATIOS²


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)


Service		0.67	%		0.79	%

² The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable waivers and expense limitations may be modified or terminated in the future, consistent with the terms of any agreements in place. If this occurs, the expense ratios may change without shareholder approval.

FUND BASICS

FUND COMPOSITION³

³ The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent investments in investment companies other than those that are exchange traded. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

⁴ 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.

⁵ “Government Guarantee Obligations” are guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program or a foreign government guarantee program and are backed by the full faith and credit of the United States or the 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 and the expiration date of a foreign country guarantee is the maturity date of the debt.

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, State Street Funds Management, Inc. (“SSgA”), the Fund’s Sub-adviser, discusses the Fund’s performance and positioning for the Reporting Period.

How did the Goldman Sachs Variable Insurance Trust — Equity Index Fund (the “Fund”) perform during the Reporting Period?

During the Reporting Period, the Fund’s Service Shares generated a cumulative total return of, without sales charges, −6.58%. This return compares to the −6.65% cumulative total return of the Fund’s benchmark, the Standard & Poor’s^® 500 Index (the “S&P 500 Index”) (with dividends reinvested), during the same time period.

During the Reporting 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 lost ground during the Reporting Period. That said, the three sectors that declined least were information technology, financials and energy. The industries that held up best were diversified financial services, computers and peripherals, pharmaceuticals, software and oil, gas and consumable fuels.

Which sectors and industries in the S&P 500 Index were the weakest contributors to the Fund’s performance?

The telecommunication services, materials and utilities sectors were weakest. The industries that declined most were diversified consumer services, life sciences tools and services, construction materials, real estate management and development and thrifts and mortgage finance.

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 18.75%, and it provided all three of the Reporting Period’s top performers — Microsoft, Cisco Systems and Oracle. Other contributors were Exxon Mobil and JPMorgan Chase.

Detractors from S&P 500 Index and Fund returns included Newmont Mining, Berkshire Hathaway, The Gap, H&R Block and Intercontinental Exchange.

What changes were made to the makeup of the S&P 500 Index during the Reporting Period?

Nine stocks were removed from the S&P 500 Index during the Reporting Period. They included Questar, XTO Energy, BJ Services, Black & Decker, IMS Health, Pepsi Bottling Group, Burlington Northern Santa Fe, Affiliated Computer Services and Sun Microsystems.

There were also nine additions to the S&P 500 Index during the Reporting Period. They were QEP Resources, CarMax, Cerner, ONEOK, Helmerich & Payne, Discovery Communications, Berkshire Hathaway B, Urban Outfitters and NRG Energy.

What is your Fund strategy for the months ahead?

In keeping with 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.

FUND BASICS

Equity Index Fund

as of June 30, 2010

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS¹

For the period ended 6/30/10

One Year

Since Inception

Inception Date

Service

14.18

-2.96

1/09/06

EXPENSE RATIOS²


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)


Service		0.54	%		0.68	%

FUND BASICS

TOP TEN HOLDINGS AS OF 6/30/10³


Holding	% of Net Assets			Line of Business


Exxon Mobil Corp.		3.1	%	Energy
Apple, Inc.		2.4		Technology Hardware & Equipment
Microsoft Corp.		1.9		Software & Services
The Procter & Gamble Co.		1.8		Household & Personal Products
Johnson & Johnson		1.7		Pharmaceuticals, Biotechnology & Life Sciences
International Business Machines Corp.		1.7		Technology Hardware & Equipment
General Electric Co.		1.6		Capital Goods
JPMorgan Chase & Co.		1.5		Diversified Financials
Bank of America Corp.		1.5		Diversified Financials
AT&T, Inc.		1.5		Telecommunication Services

³ 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 ALLOCATIONS AS OF 6/30/10⁴

⁴ 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 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. Short-term investments represent investments in investment companies other than those that are exchange traded.

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 Reporting Period.

How did the Goldman Sachs Variable Insurance Trust — Government Income Fund (the “Fund”) perform during the Reporting Period?

During the Reporting Period, the Fund’s Service Shares generated a cumulative total return of, without sales charges, 4.76%. These returns compare to the 4.96% cumulative total return of the Fund’s benchmark, the Barclays Capital Government/Mortgage Index (the “Barclays Index”) during the same time period.

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

The Fund’s shorter duration position compared to the Barclays Index detracted from its relative results. The position, which resulted from the Fund’s underweighted position in medium to longer-term maturities on the yield curve, or spectrum of maturities, hampered relative results as interest rates declined during the second quarter. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

Which fixed income market sectors contributed the most to Fund performance?

Issue selection within agency mortgage-backed securities (MBS) added to the Fund’s relative results. We believed that the implementation of new accounting rules would create incentives for government-sponsored enterprises (GSE) to accelerate their buyouts of delinquent loans, negatively impacting the higher coupon Fannie Mae and Freddie Mac MBS that generally have less creditworthy borrowers. The Fund benefited from its underweighted position in these higher coupon Fannie Mae and Freddie Mac MBS in the heightened prepayment volatility that followed the February announcement of the GSE purchase program.

The Fund’s overweighted exposure relative to the Barclays Index to non-agency MBS was also a contributor to its relative performance. Issue selection within the sector also added value. Despite the high volatility and weakness in the housing markets typical of the winter season, non-agency MBS rallied during the first quarter on supportive technicals and improving fundamentals. A proposed modification of the Home Affordable Modification Program (HAMP), which could help restore homeowner equity and reduce foreclosures, also helped support non-agency residential MBS prices. Although prices softened when risk aversion broadened during May, fundamental credit trends continued to improve and technical factors remained highly supportive.

The Fund’s exposure to commercial mortgage-backed securities (CMBS) also contributed to relative performance during the Reporting Period.

What sectors detracted from the Fund’s performance?

The Fund’s spread widening position in U.S. Treasury swaps was the largest detractor from its relative results. Spreads, or the difference in yields between these securities and duration-equivalent Treasuries, tightened significantly during March, largely because of market technicals. Issue selection among asset-backed securities (ABS) also hampered relative progress.

How did duration positioning decisions affect the Fund’s performance?

As mentioned, the Fund’s short duration positioning compared to the Barclays Index, through a modest position in the medium- to long-term end of the yield curve, detracted from performance.

What changes did you make to the Fund’s weightings during the Reporting Period and why?

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

The Fund maintained a significantly underweighted allocation to U.S. Treasuries relative to the Barclays Index because we expect these securities to underperform spread, or non-Treasury, sectors in the near term. The Fund had an overweighted exposure to agency securities compared to the Barclays Index but an underweighted position in mortgage pass-throughs. Pass-through mortgages consist of a pool of residential mortgage loans, where homeowners’ monthly payments of principal, interest and prepayments pass from the original bank through a government agency or investment bank to investors. The Fund also had small allocations to non-agency adjustable-rate mortgages (ARMs), collateralized mortgage obligations (CMOs) and ABS, which are not represented in the benchmark.

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

We are targeting a short duration position compared to the Barclays Index. In our opinion, the market has priced in an overly pessimistic outlook for U.S. growth. That said, we do believe moderately-paced economic growth is likely to push bond yields higher. We expect to maintain an underweighted position in agency MBS, as we believe their valuations are expensive relative to Treasuries. Market prepayment expectations have also remained muted, and we see risk to the upside.

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 continue to remain attractively priced, even under extremely conservative default and recovery assumptions.

FUND BASICS

Government Income Fund

as of June 30, 2010

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS¹


For the period ended 6/30/10	One Year			Since Inception			Inception Date


Service		9.10	%		5.71	%	1/09/06

EXPENSE RATIOS²


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)


Service		0.81	%		1.05	%

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 Reporting Period.

How did the Goldman Sachs Variable Insurance Trust — Growth Opportunities Fund (the “Fund”) perform during the Reporting Period?

During the Reporting Period, the Fund’s Service Shares generated a cumulative total return of, without sales charges, −4.97%. This compares to the −3.31% cumulative 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?

The Fund’s underperformance relative to the Russell Index was largely the result of stock selection.

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, stock selection in the energy sector and an underweighted position in utilities relative to the Russell Index added to Fund results. Positions in the information technology and consumer staples sectors detracted.

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

Netflix was the top contributor to the Fund’s relative performance, as it reported better-than-expected earnings. The company announced that it added more than 1.5 million subscribers and subsequently raised its full- year earnings guidance. The company’s “watch instantly” service that can stream movies and TV shows from the Internet directly to subscribers’ computers continued to drive new business. The service is available via a Roku receiver box and Sony’s BRAVIA line of Internet capable high-definition televisions, as well as the Microsoft Xbox 360, Sony Playstation 3, and Nintendo Wii video game consoles.

Shares of Amylin Pharmaceuticals rose during the Reporting Period as investors gained confidence that the Federal Drug Administration (FDA) would approve diabetes drug Byetta Long-Acting-Release (LAR). A competing drug, liraglutide, also received FDA approval, suggesting that Byetta LAR — which has shown fewer negative side effects — could also be approved.

Core Laboratories also contributed to the Fund’s relative performance. The company provides field analytics to the oil and gas industry, including fracturing analysis and simulation technologies used to determine the quality and size of natural gas formations. Its shares rose after Congress increased the regulation of fracturing, boosting the importance of effective pre-fracturing analysis. Core Laboratories has been a leading provider of these services and, in our view, was well positioned to benefit from growth of the U.S. natural gas exploration industry.

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

A top detractor during the Reporting Period was FormFactor, which designs and manufactures wafer probe cards used for testing semiconductor chips. Although the company has consistently generated revenue in line with market expectations, its shares traded down on concern that higher-than-expected supply chain costs could push margins lower. In response to these near-term challenges and in order to return to profitability, FormFactor has reorganized its management team. We believe the company has a strong balance sheet with a significant amount of cash, which should help it engineer a turnaround and reduce its long-term cost structure.

Electronic payments processor Global Payments also hampered the Fund’s relative results. Although the company reported higher-than-expected earnings, its revenues from Canada — an important market — were weak. The company also provided lower 2010 earnings guidance. On the positive side, its U.S. sales stabilized following the recession, and the company’s Asian operations experienced strong volume growth. We continue to have significant conviction in Global Payments and

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

expect it to use its solid balance sheet to continue its international growth. We took advantage of weakness in its stock price to add to the Fund’s position.

Shares of Equinix sold off during the Reporting Period, as investors were nervous about the company’s exposure to Europe. In our view, this was short-term “noise.” The company’s core data center business remained robust and should continue to strengthen with its recent acquisition of Switch & Data, a company that provides network-neutral data centers and Internet exchange services to network-centric businesses. At the end of the Reporting Period, we believed Equinix remained well-positioned to benefit from a number of secular trends, including cloud computing (that is, Internet-based computing, whereby shared resources, software, and information are provided to computers and other devices on demand, like the electricity grid), demand for optimized network performance and mobile data.

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

During the Reporting Period, the Fund purchased NetApp, which develops data storage hardware and software for enterprise clients. We believe NetApp has a strong competitive position in an industry benefiting from several growth trends such as virtualization. We expect these trends to increase demand for the company’s storage products. NetApp specializes in external networked storage, which has taken — and in our view, will continue to take — market share from direct attached products. We also think the company’s storage devices are easier to buy, install and manage than competing products. As a result, we believe NetApp is poised to gain market share as companies increase corporate information technology spending.

In the consumer discretionary sector, the Fund bought apparel company Phillips-Van Heusen. We believe the company has a high quality brand portfolio, including Calvin Klein, IZOD and Tommy Hilfiger, and licenses for other brands such as NAUTICA and Timberland. Recently, the company has increased its focus on international expansion. Many international apparel markets are less consolidated than those in the U.S., which, in our view, should provide Phillips-Van Heusen with opportunities to expand its margins and grow revenue.

The Fund sold Apollo, which provides private education programs at the undergraduate, graduate and doctoral levels through the Internet and on campuses. We continue to believe that Apollo is a high-quality growth business that can benefit from the increasing demand for online courses. However, we decided to sell the position because of near-term uncertainty about potential government regulations that could affect Apollo’s long-term business.

The Fund also eliminated its position in Coach. Shares of Coach have meaningfully appreciated since 2009, reducing the stock’s valuation discount. With the stock price reflecting a better fundamental outlook for Coach, we decided to sell the name in favor of positions with higher potential upside.

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 the Reporting Period?

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. From that perspective, then, at the end of the Reporting Period, the Fund’s portfolio was broadly diversified with overweighted positions compared to the Russell Index in the financials, energy, telecommunication services and consumer staples sectors. The Fund had smaller weightings relative to the Russell Index in the industrials, materials, information technology, health care, utilities and consumer discretionary sectors at the end of the Reporting Period.

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

As we consider the U.S. equity market going forward, we believe stock prices will be driven by company-specific fundamentals, specifically free cash flow and margin structures. Further, in our view, the dramatic cost cutting that occurred in 2009 should provide certain companies with significant operating leverage. Our research efforts continue to be focused on companies that can grow revenue by gaining market share and on determining whether those companies’ cost cutting was sustainable or transient. We believe it will continue to be a stock-picker’s market and, therefore, that an investment manager’s ability to identify and purchase those companies best poised for earnings and free cash flow growth will be an important component of investment returns. 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.

FUND BASICS

Growth Opportunities Fund

as of June 30, 2010

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS¹


For the period ended 6/30/10	One Year			Since Inception			Inception Date


Service		22.71	%		1.96	%	1/09/06

EXPENSE RATIOS²


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)


Service		1.18	%		1.43	%

FUND BASICS

TOP TEN HOLDINGS AS OF 6/30/10³


Holding	% of Net Assets			Line of Business


St. Jude Medical, Inc.		2.5	%	Health Care Equipment & Services
Global Payments, Inc.		2.5		Software & Services
Ecolab, Inc.		2.4		Materials
American Tower Corp. Class A		2.3		Telecommunication Services
Polo Ralph Lauren Corp.		2.2		Consumer Durables & Apparel
Iron Mountain, Inc.		2.2		Commercial & Professional Services
Cameron International Corp.		2.2		Energy
Equinix, Inc.		2.2		Software & Services
Bed Bath & Beyond, Inc.		2.1		Retailing
Northern Trust Corp.		2.1		Diversified Financials

FUND vs. BENCHMARK SECTOR ALLOCATIONS AS OF 6/30/10⁴

⁴ 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 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. Short-term investments represent investments in investment companies other than those that are exchange traded.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

June 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date			Value

Corporate Obligations – 16.9%


	Banks – 4.5%
	Bank of America Corp.
	$	200,000		5.750	%		12/01/17		$	206,645
		150,000		5.625			07/01/20			150,809
	BBVA Bancomer SA^(a)
		425,000		7.250			04/22/20			429,619
	Citigroup, Inc.
		225,000		6.375			08/12/14			239,407
		600,000		5.000			09/15/14			600,060
	Credit Agricole SA^(a)(b)(c)
		200,000		8.375			12/31/49			189,000
	Discover Bank
		575,000		8.700			11/18/19			636,000
	Fifth Third Bank^(b)
		300,000		0.546			05/17/13			281,696
	JPMorgan Chase Capital XXV Series Y
		275,000		6.800			10/01/37			271,196
	Merrill Lynch & Co., Inc.
		325,000		6.400			08/28/17			339,099
		450,000		6.875			04/25/18			479,907
	Morgan Stanley & Co.
		275,000		5.750			08/31/12			288,273
		400,000		5.950			12/28/17			405,942
		450,000		6.625			04/01/18			471,331
		100,000		5.625			09/23/19			96,651
	PNC Bank NA
		225,000		6.875			04/01/18			254,066
	Resona Bank Ltd.^(a)(b)(c)
		775,000		5.850			09/29/49			732,426
	Santander Issuances SA^(a)(b)
		200,000		5.805			06/20/16			193,665
	The Bear Stearns Companies, LLC
		500,000		7.250			02/01/18			583,871
	The Royal Bank of Scotland Group PLC^(a)
		425,000		4.875			08/25/14			426,238
	US Bank NA^(b)
	EUR	250,000		4.375			02/28/17			302,958
	Wachovia Bank NA
	$	250,000		7.800			08/18/10			251,983
		300,000		6.600			01/15/38			327,874

										8,158,716


	Chemicals – 0.3%
	The Dow Chemical Co.
		500,000		7.600			05/15/14			575,490


	Consumer Products – 0.2%
	Whirlpool Corp.
		125,000		8.000			05/01/12			137,143
		175,000		8.600			05/01/14			206,700

										343,843


	Electric – 1.1%
	Arizona Public Service Co.
		250,000		6.375			10/15/11			263,823
		225,000		6.250			08/01/16			249,046
	CenterPoint Energy, Inc. Series B
		1,000,000		7.250			09/01/10			1,008,176


	Progress Energy, Inc.
		350,000		7.000	%		10/30/31			412,361

										1,933,406


	Energy – 1.1%
	Dolphin Energy Ltd.^(a)
		230,232		5.888			06/15/19			235,301
	Ras Laffan Liquefied Natural Gas Co. Ltd. III^(a)
		250,000		5.500			09/30/14			266,846
	Suncor Energy, Inc.
		250,000		6.100			06/01/18			282,716
	Talisman Energy, Inc.
		325,000		7.750			06/01/19			398,546
	Transocean, Inc. Series B
		975,000		1.500			12/15/37			865,313

										2,048,722


	Food & Beverage – 0.9%
	Anheuser-Busch InBev Worldwide, Inc.
		400,000		7.200			01/15/14	^(a)		459,934
		225,000		4.125			01/15/15			235,536
		150,000		7.750			01/15/19	^(a)		182,064
	Kraft Foods, Inc.
		275,000		6.125			08/23/18			310,703
		225,000		6.500			02/09/40			250,851
	Wm. Wrigley Jr. Co.^(a)
		150,000		3.700			06/30/14			151,718

										1,590,806


	Healthcare – 0.7%
	Agilent Technologies, Inc.
		550,000		5.500			09/14/15			591,972
	Boston Scientific Corp.
		225,000		4.500			01/15/15			221,025
		150,000		6.000			01/15/20			148,924
	Covidien International Finance SA
		225,000		4.200			06/15/20			230,089

										1,192,010


	Life Insurance – 1.0%
	MetLife Capital Trust X^(a)(b)(c)
		300,000		9.250			04/08/38			324,000
	Prudential Financial, Inc.
		575,000		3.875			01/14/15			579,271
	Symetra Financial Corp.^(a)(b)
		325,000		8.300			10/15/37			278,033
	The Northwestern Mutual Life Insurance Co.^(a)
		600,000		6.063			03/30/40			643,223

										1,824,527


	Media Cable – 0.3%
	Comcast Corp.
		425,000		6.450			03/15/37			458,456


	Media Non-Cable – 0.1%
	WPP Finance UK
		206,000		8.000			09/15/14			238,058

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Media Non-Cable – (continued)

	Metals and Mining – 0.7%
	Anglo American Capital PLC^(a)
	$	100,000		9.375	%		04/08/14	$	119,543
		225,000		9.375			04/08/19		289,394
	Freeport-McMoRan Copper & Gold, Inc.
		418,000		8.375			04/01/17		459,800
	Teck Resources Ltd.
		300,000		10.750			05/15/19		364,500

									1,233,237


	Non-Captive Financial – 0.1%
	General Electric Co.
		150,000		5.250			12/06/17		163,419


	Paper – 0.2%
	International Paper Co.
		325,000		7.500			08/15/21		378,413


	Pharmaceuticals – 0.2%
	Watson Pharmaceuticals, Inc.
		325,000		5.000			08/15/14		348,487


	Pipelines – 2.3%
	Boardwalk Pipelines LP
		575,000		5.875			11/15/16		625,412
	DCP Midstream LLC^(a)
		280,000		9.750			03/15/19		360,115
	El Paso Pipeline Partners Operating Co. LLC
		150,000		6.500			04/01/20		153,000
	Energy Transfer Partners LP
		450,000		5.950			02/01/15		481,229
	Enterprise Products Operating LLC
		175,000		5.000			03/01/15		185,697
		550,000		6.650			04/15/18		618,893
	Tennessee Gas Pipeline Co.
		150,000		8.000			02/01/16		174,351
		200,000		8.375			06/15/32		233,986
	The Williams Companies, Inc.
		325,000		8.750			03/15/32		383,360
	TransCanada Pipelines Ltd.^(b)
		325,000		6.350			05/15/67		289,250
	Valmont Industries, Inc.
		375,000		6.625			04/20/20		382,208
	Williams Partners Finance Corp.
		350,000		7.250			02/01/17		399,318

									4,286,819


	Property/Casualty Insurance – 1.4%
	Aspen Insurance Holdings Ltd.
		350,000		6.000			08/15/14		369,438
	Axis Specialty Finance LLC
		400,000		5.875			06/01/20		383,290
	Endurance Specialty Holdings Ltd.
		150,000		6.150			10/15/15		160,769
	Marsh & McClennan Companies, Inc.
		600,000		5.150			09/15/10		604,319
	QBE Insurance Group Ltd.^(a)
		225,000		9.750			03/14/14		271,990


	Transatlantic Holdings, Inc.
		225,000		8.000			11/30/39		227,216
	ZFS Finance USA Trust IV^(a)(b)(c)
		675,000		5.875			05/09/32		596,882

									2,613,904


	Real Estate Investment Trusts – 1.2%
	Developers Diversified Realty Corp.
		275,000		7.500			04/01/17		266,750
	Duke Realty LP
		350,000		5.950			02/15/17		362,007
	HCP, Inc.
		150,000		6.000			01/30/17		153,228
	Healthcare Realty Trust, Inc.
		300,000		6.500			01/17/17		322,542
	ProLogis
		100,000		2.250			04/01/37		94,125
		175,000		1.875			11/15/37		157,063
	Simon Property Group LP
		350,000		10.350			04/01/19		465,047
	Westfield Capital Corp. Ltd.^(a)
		225,000		4.375			11/15/10		227,442
	Westfield Group^(a)
		75,000		5.400			10/01/12		79,495
		125,000		7.500			06/02/14		141,658

									2,269,357


	Tobacco – 0.1%
	Altria Group, Inc.
		125,000		9.700			11/10/18		158,117


	Wireless Telecommunications – 0.1%
	Rogers Cable, Inc.
		200,000		7.875			05/01/12		222,297


	Wirelines Telecommunications – 0.4%
	Qwest Corp.
		150,000		8.375			05/01/16		163,875
	Telecom Italia Capital SA
		300,000		4.875			10/01/10		302,220
	Telefonica Europe BV
		300,000		7.750			09/15/10		303,752

									769,847


	TOTAL CORPORATE OBLIGATIONS
	(Cost $29,773,936)							$	30,807,931




Mortgage-Backed Obligations – 37.3%


	Adjustable Rate Non-Agency^(b) – 2.8%
	Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1
	$	34,374		2.613	%		04/25/34	$	31,182
	Countrywide Alternative Loan Trust Series 2005-38, Class A1
		294,281		1.921			09/25/35		170,716

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency^(b) – (continued)

	Countrywide Home Loan Mortgage Pass-Through Trust Series 2003-52, Class A1
	$	126,161		3.416	%		02/19/34	$	106,098
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB6, Class A2
		22,471		3.479			11/20/34		17,410
	Indymac Index Mortgage Loan Trust Series 2005-AR15, Class A1
		543,823		5.185			09/25/35		435,873
	Indymac Index Mortgage Loan Trust Series 2006-AR4, Class A1A
		1,122,947		0.557			05/25/46		589,548
	J.P. Morgan Mortgage Trust Series 2007-A1, Class 2A2
		463,197		3.547			07/25/35		421,030
	Lehman XS Trust Series 2005-7N, Class 1A1A
		446,959		0.617			12/25/35		267,368
	Mastr Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
		669,476		1.271			12/25/46		211,110
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-5, Class 3A1
		54,244		2.469			05/25/34		50,646
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2
		24,729		2.548			09/25/34		21,412
	Thornburg Mortgage Securities Trust Series 2006-4, Class A2B
		1,714,243		0.463			07/25/36		1,638,157
	Washington Mutual Mortgage Pass-Through Certificates Series 2004-AR3, Class A2
		33,989		2.709			06/25/34		33,111
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA2, Class 1A
		689,478		1.121			03/25/47		378,892
	Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR10, Class 5A3
		958,307		5.462			07/25/36		764,229

									5,136,782


	Collateralized Mortgage Obligations – 2.6%
	Interest Only^(b)(d) – 0.0%
	FNMA REMIC Series 2004-71, Class DI
		416,204		0.000			04/25/34		2,707


	Planned Amortization Class – 1.7%
	FNMA REMIC Series 2003-92, Class PD
		2,983,411		4.500			03/25/17		3,083,587


	Regular Floater^(b) – 0.9%
	FHLMC REMIC Series 2005-3038, Class XA^(e)
		31,224		0.000			09/15/35		30,746
	FHLMC REMIC Series 2007-3275, Class UF^(e)
		27,070		0.000			02/15/37		26,482
	FHLMC REMIC Series 2007-3342, Class FT
		1,067,930		0.800			07/15/37		1,063,802
	FNMA REMIC Series 2006-68, Class FM
		481,616		0.797			08/25/36		480,337


	FNMA REMIC Series 2007-56, Class GY^(e)
		14,489		0.000			06/25/37		14,129

									1,615,496


	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	4,701,790


	Commercial Mortgage-Backed Securities – 5.2%
	Adjustable Rate Non-Agency^(b) – 0.7%
	Wachovia Bank Commercial Mortgage Trust Series 2006-C25, Class A5
	$	1,200,000		5.924	%		05/15/43	$	1,265,836


	Sequential Fixed Rate – 4.5%
	CWCapital Cobalt Ltd. Series 2006-C1, Class A4
		1,052,000		5.223			08/15/48		1,021,135
	GE Capital Commercial Mortgage Corp. Series 2002-1A, Class A3
		2,700,000		6.269			12/10/35		2,833,246
	J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2005-LDP2, Class A4
		1,500,000		4.738			07/15/42		1,539,996
	Morgan Stanley Dean Witter Capital I Series 2003-TOP9, Class A2
		2,700,000		4.740			11/13/36		2,830,431

									8,224,808


	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES							$	9,490,644


	Federal Agencies – 26.7%
	Adjustable Rate FHLMC^(b) – 2.0%
	$	1,958,481		4.845	%		09/01/35	$	2,046,391
		1,487,403		4.677			10/01/35		1,564,924

									3,611,315


	Adjustable Rate FNMA^(b) – 1.8%
		658,328		2.216			05/01/33		680,296
		1,066,385		2.593			05/01/35		1,112,805
		1,340,090		4.040			09/01/35		1,406,096

									3,199,197


	FHLMC – 6.1%
		1,212		7.000			08/01/10		1,229
		5,709		7.000			11/01/11		5,915
		4,378		7.000			12/01/11		4,537
		37,421		7.500			06/01/15		40,626
		162,882		7.000			07/01/16		175,811
		722,821		5.500			02/01/18		785,004
		60,084		5.500			04/01/18		65,253
		44,019		4.500			05/01/18		46,924
		25,842		4.500			06/01/18		27,547
		63,262		4.500			09/01/18		67,437
		100,743		5.500			09/01/18		109,410
		80,555		4.500			10/01/18		85,871
		32,546		4.500			01/01/19		34,693
		29,112		4.500			03/01/19		31,033
		11,147		9.500			08/01/19		12,336

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Mortgage-Backed Obligations – (continued)
	FHLMC – (continued)

	$	761		9.500	%		08/01/20	$	844
		238,535		6.500			10/01/20		263,911
		37,481		4.500			07/01/24		39,747
		27,500		4.500			09/01/24		29,095
		367,281		4.500			11/01/24		388,900
		48,721		4.500			12/01/24		51,637
		69,329		6.000			03/01/29		76,454
		900		6.000			04/01/29		992
		47,942		7.500			12/01/29		53,472
		428,051		7.000			05/01/32		475,599
		1,563		6.000			08/01/32		1,718
		225,048		7.000			12/01/32		250,047
		47,935		5.000			12/01/35		50,862
		55,555		6.000			09/01/37		61,041
		82,125		6.000			02/01/38		90,363
		78,773		5.000			04/01/38		83,620
		323,876		6.000			07/01/38		356,106
		59,793		6.000			10/01/38		65,876
		19,664		6.000			11/01/38		21,553
		453,242		5.000			03/01/39		481,197
		1,208,902		5.000			04/01/39		1,283,467
		398,589		5.000			05/01/39		424,170
		2,213,283		5.000			06/01/39		2,353,005
		655,233		5.000			07/01/39		696,122
		62,429		5.000			08/01/39		66,435
		962,841		4.500			09/01/39		1,002,671
		292,654		4.500			10/01/39		304,364
		291,583		5.000			10/01/39		309,808
		292,649		5.000			12/01/39		311,431

									11,088,133


	FNMA – 15.9%
		18,592		6.000			08/01/13		20,153
		98,950		7.500			08/01/15		108,013
		45,018		6.000			04/01/16		49,006
		94,671		6.500			05/01/16		103,037
		141,229		6.500			09/01/16		153,710
		173,204		6.500			11/01/16		188,510
		45,893		6.000			12/01/16		49,959
		358,434		6.000			02/01/17		390,873
		48,855		7.500			04/01/17		52,122
		570,585		6.000			10/01/17		622,224
		670,064		5.500			02/01/18		727,047
		763,322		5.000			05/01/18		819,623
		56,302		6.500			08/01/18		61,899
		255,132		7.000			08/01/18		282,508
		2,481,223		4.000			09/01/18		2,627,059
		385,352		5.000			04/01/19		413,865
		697,289		4.500			05/01/23		736,728
		12,185		5.000			06/01/23		13,003
		838,398		5.500			09/01/23		907,940
		150,794		5.500			10/01/23		163,729
		30,212		4.500			07/01/24		32,052
		667,732		4.500			11/01/24		707,783
		160,827		4.500			12/01/24		170,571
		299		7.000			07/01/25		337


		7,935		7.000			11/01/25		8,948
		54,550		9.000			11/01/25		63,524
		192,325		7.000			08/01/26		217,508
		3,850		7.000			08/01/27		4,342
		14,043		7.000			09/01/27		15,840
		80,935		6.000			12/01/27		88,043
		546		7.000			01/01/28		616
		439,855		6.000			02/01/29		486,743
		404,153		6.000			06/01/29		447,280
		2,179		7.000			09/01/29		2,444
		68,582		8.000			10/01/29		79,469
		28,385		7.000			12/01/29		31,842
		1,566		8.500			04/01/30		1,824
		7,797		8.000			05/01/30		8,746
		443		8.500			06/01/30		516
		29,270		7.000			05/01/32		32,712
		211,283		7.000			06/01/32		235,784
		271,763		7.000			08/01/32		303,277
		53,899		8.000			08/01/32		62,479
		29,775		5.000			08/01/33		31,593
		3,757		5.500			09/01/33		4,046
		4,726		5.500			02/01/34		5,088
		758		5.500			04/01/34		816
		49,102		5.500			12/01/34		52,804
		113,233		5.000			04/01/35		120,058
		327,038		6.000			04/01/35		360,889
		16,303		5.000			09/01/35		17,258
		6,317		5.500			09/01/35		6,804
		810		5.500			02/01/37		871
		1,234		5.500			04/01/37		1,327
		1,490		5.500			05/01/37		1,603
		52,366		6.000			06/01/37		57,292
		14,543		6.000			07/01/37		15,918
		21,366		6.000			10/01/37		23,386
		22,073		6.000			11/01/37		24,159
		106,309		6.000			12/01/37		116,857
		165,807		6.000			02/01/38		181,404
		1,720		5.500			03/01/38		1,850
		105,788		6.000			03/01/38		115,855
		51,585		6.000			05/01/38		56,800
		1,210		5.500			06/01/38		1,302
		75,646		6.000			06/01/38		83,125
		1,733		5.500			07/01/38		1,865
		132,858		6.000			07/01/38		146,129
		2,301		5.500			08/01/38		2,476
		44,585		6.000			08/01/38		49,092
		1,181		5.500			09/01/38		1,271
		25,807		5.500			10/01/38		27,769
		61,069		6.000			10/01/38		67,243
		63,005		6.000			11/01/38		69,375
		761		5.500			12/01/38		818
		1,645,316		5.000			01/01/39		1,747,610
		255,930		5.000			02/01/39		271,755
		354,034		5.000			03/01/39		375,926
		298,610		5.000			04/01/39		317,821
		565,206		4.500			05/01/39		587,969

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date			Value

Mortgage-Backed Obligations – (continued)
	FNMA – (continued)

	$	601,805		5.000	%		05/01/39		$	639,786
		65,938		4.500			06/01/39			68,717
		180,053		5.000			06/01/39			191,369
		1,876,657		5.000			07/01/39			1,993,116
		126,127		4.500			08/01/39			131,261
		1,105,540		5.000			08/01/39			1,176,607
		46,496		5.000			09/01/39			49,487
		1,811,873		5.000			11/01/39			1,924,646
		304,707		4.500			12/01/39			317,515
		121,430		5.000			12/01/39			129,242
		661,461		4.500			01/01/40			688,342
		744,155		5.000			01/01/40			790,906
		184,791		4.500			02/01/40			192,522
		186,751		5.000			02/01/40			198,299
		320,056		4.500			03/01/40			333,446
		513,489		4.500			04/01/40			534,971
		3,000,000		6.500			TBA-30yr	^(f)		3,285,938

										29,088,082


	GNMA – 0.9%
		7,713		7.000			03/15/12			7,743
		12,268		7.000			10/15/25			13,899
		23,912		7.000			11/15/25			27,092
		4,068		7.000			02/15/26			4,614
		13,480		7.000			04/15/26			15,288
		6,892		7.000			03/15/27			7,738
		133,824		7.000			11/15/27			150,250
		6,653		7.000			01/15/28			7,473
		42,052		7.000			02/15/28			47,231
		16,167		7.000			03/15/28			18,158
		4,213		7.000			04/15/28			4,732
		673		7.000			05/15/28			756
		16,047		7.000			06/15/28			18,024
		30,818		7.000			07/15/28			34,614
		15,607		7.000			08/15/28			17,529
		39,209		7.000			09/15/28			44,039
		4,486		7.000			11/15/28			5,039
		5,425		7.500			11/15/30			5,978
		3,414		7.000			10/15/31			3,835
		641		7.000			12/15/31			720
		26,339		7.500			10/15/32			30,003
		834,617		6.000			08/20/34			916,160
		95,135		5.000			06/15/39			101,917
		195,267		5.000			10/15/39			209,188

										1,692,020


	TOTAL FEDERAL AGENCIES								$	48,678,747


	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $67,399,126)								$	68,007,963


Agency Debentures – 1.6%


	Tennessee Valley Authority
	$	700,000		4.375	%		06/15/15		$	774,014
		2,000,000		5.375			04/01/56	^(g)		2,272,080


	TOTAL AGENCY DEBENTURES
	(Cost $2,722,752)								$	3,046,094




Asset-Backed Securities – 1.2%


	Home Equity – 0.1%
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	$	186,492		7.000	%		09/25/37		$	102,869
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
		220,270		7.000			09/25/37			115,795

										218,664


	Student Loan – 1.1%
	College Loan Corp. Trust Series 2006-1, Class A3^(b)
		1,000,000		0.406			10/25/25			988,688
	Goal Capital Funding Trust Series 2010-1, Class A^(a)(b)
		1,000,000		1.238			08/25/48			998,259

										1,986,947


	TOTAL ASSET-BACKED SECURITIES
	(Cost $2,378,931)								$	2,205,611




Foreign Debt Obligations – 1.3%


	Sovereign – 0.9%
	Federal Republic of Brazil
	$	220,000		8.250	%		01/20/34		$	290,400
		200,000		7.125			01/20/37			237,600
	Province of Ontario, Canada
		300,000		4.100			06/16/14			323,628
	State of Qatar
		260,000		5.150			04/09/14			279,240
		560,000		5.250	^(a)		01/20/20			583,800

										1,714,668


	Supranational – 0.4%
	North American Development Bank
		700,000		4.375			02/11/20			731,930


	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $2,313,323)								$	2,446,598




Municipal Debt Obligations – 1.7%


	California – 0.9%
	California State Various Purpose GO Bonds Series 2009
	$	325,000		7.500	%		04/01/34		$	346,840
		450,000		7.550			04/01/39			482,873

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	California – (continued)

	California State Various Purpose GO Bonds Series 2010
	$	140,000		7.950	%		03/01/36	$	147,055
		575,000		7.625			03/01/40		621,270

									1,598,038


	Missouri – 0.5%
	Missouri Higher Education Loan Authority RB Asset-Backed Notes, Series 2010 A-1^(b)(h)
		971,131		1.447			11/26/32		984,206


	New York – 0.3%
	Rensselaer Polytechnic Institute Taxable Bonds, Series 2010
		475,000		5.600			09/01/20		514,767


	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $2,981,906)							$	3,097,011




Government Guarantee Obligations – 14.0%


	Achmea Hypotheekbank NV^(a)(i)
	$	1,300,000		3.200	%		11/03/14	$	1,343,104
	ANZ National (International) Ltd.^(a)(i)
		1,700,000		3.250			04/02/12		1,751,082
	BRFkredit AS^(a)(i)
		1,700,000		2.050			04/15/13		1,730,517
	Citigroup Funding, Inc.^(j)
		2,200,000		1.875			10/22/12		2,246,977
		200,000		1.875			11/15/12		204,302
	Commonwealth Bank of Australia^(a)(i)
		700,000		2.500			12/10/12		718,304
	Danske Bank A/S^(a)(i)
		400,000		2.500			05/10/12		409,297
	FIH Erhvervsbank A/S^(a)(i)
		400,000		2.000			06/12/13		402,525
	General Electric Capital Corp.^(j)
		2,400,000		2.000			09/28/12		2,457,302
	GMAC, Inc.^(j)
		3,000,000		1.750			10/30/12		3,056,459
	KfW Banengueppe⁽ⁱ⁾
		1,400,000		1.875			01/14/13		1,420,296
	Landwirtschaftliche Rentenbank⁽ⁱ⁾
		1,400,000		4.125			07/15/13		1,502,224
	LeasePlan Corp. NV^(a)(i)
		1,000,000		3.000			05/07/12		1,028,506
	Royal Bank of Scotland Group PLC^(a)(i)
		1,900,000		1.500			03/30/12		1,903,522
	Swedbank AB^(a)(i)
		900,000		2.800			02/10/12		923,087
	Swedish Housing Finance Corp.^(a)(i)
		300,000		3.125			03/23/12		310,434
	U.S. Central Federal Credit Union^(j)
		600,000		1.250			10/19/11		605,724
	Westpac Banking Corp.^(a)(i)
		2,000,000		3.250			12/16/11		2,057,180
		1,200,000		1.900			12/14/12		1,207,969


	Westpac Securities NZ Ltd.^(a)(i)
		200,000		2.500			05/25/12		204,576


	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $25,097,006)							$	25,483,387




U.S. Treasury Obligations – 14.8%


	United States Treasury Bonds
	$	500,000		4.625	%		02/15/40	$	562,165
		1,100,000		4.375			05/15/40		1,189,716
	United States Treasury Inflation-Protected Securities
		300,000		2.375			01/15/25		384,894
		200,000		3.625			04/15/28		348,874
	United States Treasury Notes
		2,500,000		0.750			05/31/12		2,507,200
		2,100,000		0.625			06/30/12		2,100,084
		1,800,000		1.375			03/15/13		1,823,382
		400,000		1.750			04/15/13		409,100
		1,300,000		1.125			06/15/13		1,305,174
		1,700,000		1.875			06/30/15		1,706,443
		3,200,000		2.375			03/31/16		3,247,264
		2,900,000		2.625			04/30/16		2,980,272
		200,000		3.125			01/31/17		209,180
		1,200,000		2.750			02/15/19		1,195,488
		4,450,000		3.625			08/15/19		4,705,029
	United States Treasury Principal-Only STRIPS^(k)
		3,400,000		0.000			11/15/21		2,275,655


	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $26,177,916)							$	26,949,920


	Shares		Rate	Value

Short-term Investment^(b) – 11.5%


	JPMorgan U.S. Government Money Market Fund – Capital Shares
		20,931,358	0.067%	$	20,931,358
	(Cost $20,931,358)


	TOTAL INVESTMENTS – 100.3%
	(Cost $179,776,254)			$	182,975,873


	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%				(561,487	)


	NET ASSETS – 100.0%			$	182,414,386

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


(a)		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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Rule 144A securities amounts to $22,170,748, which represents approximately 12.2% of net assets as of June 30, 2010.


(b)		Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2010.

(c)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(d)		Security with notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(e)		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 $3,285,938, which represents approximately 1.8% of net assets as of June 30, 2010.

(g)		A portion of this security is segregated as collateral for initial margin requirements on futures transactions.

(h)		Maturity date disclosed is the next interest reset date.

(i)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $16,912,623, which represents approximately 9.3% of net assets as of June 30, 2010.

(j)		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 $8,570,764, which represents approximately 4.7% of net assets as of June 30, 2010.

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




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
RB	—	Revenue Bond
REMIC	—	Real Estate Mortgage Investment Conduit
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities




Currency Abbreviations:
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
EUR	—	Euro
GBP	—	British Pound
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
SEK	—	Swedish Krona

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2010, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:

Forward Foreign Currency Exchange Contracts with Unrealized Gain

Contract

Expiration

Current

Unrealized

Counterparty

Currency

Type

Date

Value

Gain

Bank of America NA

EUR

Sale

9/15/10

211,631

108

JPY

Purchase

9/15/10

215,069

2,069

Citibank NA

GBP

Purchase

9/15/10

213,656

827

NZD

Purchase

9/15/10

155,370

354

Deutsche Bank Securities, Inc.

AUD

Sale

9/15/10

254,537

1,175

Royal Bank of Scotland

EUR

Purchase

9/15/10

212,854

SEK

Sale

9/15/10

212,695

305

UBS AG

EUR

Sale

9/15/10

211,631

713

SEK

Purchase

9/15/10

427,213

2,213

Westpac Banking Corp.

AUD

Sale

9/15/10

417,909

2,111

EUR

Sale

9/15/10

422,038

1,782

NZD

Sale

9/15/10

204,615

6,702

TOTAL

18,416

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2010 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

Forward Foreign Currency Exchange Contracts with Unrealized Loss


			Contract	Expiration		Current		Unrealized
Counterparty	Currency		Type	Date		Value		Loss

Barclays Bank PLC		SEK	Sale		9/15/10	$	220,223	$	(8,223	)
Citibank NA		EUR	Sale		9/15/10		422,039		(352	)
		NZD	Purchase		9/15/10		207,684		(3,754	)
Credit Suisse (International) Holding AG		EUR	Sale		7/15/10		203,400		(4,205	)
Deutsche Bank Securities, Inc.		AUD	Sale		9/15/10		217,714		(7,580	)
		AUD	Purchase		9/15/10		75,282		(401	)
HSBC Bank PLC		EUR	Sale		9/15/10		214,077		(2,874	)
		SEK	Purchase		9/15/10		209,339		(1,661	)
Royal Bank of Canada		CAD	Purchase		9/15/10		203,747		(8,253	)
		EUR	Purchase		9/15/10		842,854		(6,433	)
		EUR	Sale		9/15/10		509,079		(1,289	)
		JPY	Sale		9/15/10		219,593		(7,593	)
State Street Bank & Trust Co.		CAD	Purchase		9/15/10		362,105		(8,601	)
		SEK	Sale		9/15/10		330,790		(11,790	)
Westpac Banking Corp.		AUD	Purchase		9/15/10		200,196		(9,372	)
		NZD	Purchase		9/15/10		209,389		(147	)


TOTAL								$	(82,528	)

Forward Foreign Cross Currency Exchange Contracts with Unrealized Gain (Purchase/Sale)


			Expiration		Purchase		Sale		Unrealized
Counterparty	Currency		Date		Current Value		Current Value		Gain

Bank of America NA		GBP/EUR		9/15/10	$	217,747	$	220,107	$	2,360
Citibank NA		EUR/NOK		9/15/10		421,242		422,038		797
Credit Suisse (International) Holding AG		EUR/GBP		9/15/10		213,232		214,078		846
		GBP/EUR		9/15/10		214,078		214,973		896
JPMorgan Chase Bank NA		EUR/CAD		9/15/10		207,298		215,301		8,002
		JPY/EUR		9/15/10		214,078		219,782		5,704
UBS AG		CHF/EUR		9/15/10		777,496		824,821		47,325
Westpac Banking Corp.		CHF/AUD		9/15/10		212,708		226,396		13,688


TOTAL									$	79,618

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND


ADDITIONAL INVESTMENT INFORMATION (continued)

Forward Foreign Cross Currency Exchange Contracts with Unrealized Loss (Purchase/Sale)


			Expiration	Purchase		Sale		Unrealized
Counterparty	Currency		Date	Current Value		Current Value		Loss

Barclays Bank PLC		NOK/JPY	9/15/10	$	218,462	$	214,290	$	(4,172	)
		SEK/EUR	9/15/10		150,045		149,895		(150	)
Citibank NA		EUR/SEK	9/15/10		210,346		209,184		(1,161	)
Credit Suisse (International) Holding AG		AUD/CHF	9/15/10		223,983		211,874		(12,109	)
		EUR/CHF	9/15/10		432,565		422,039		(10,527	)
HSBC Bank PLC		EUR/NOK	9/15/10		211,818		211,631		(187	)
		EUR/SEK	9/15/10		211,617		210,408		(1,210	)
JPMorgan Chase Bank NA		CAD/EUR	9/15/10		210,408		206,928		(3,480	)
		NOK/EUR	9/15/10		404,297		399,664		(4,633	)
Royal Bank of Canada		CAD/EUR	9/15/10		217,747		210,577		(7,171	)
		EUR/JPY	9/15/10		220,308		216,524		(3,784	)
UBS AG		EUR/AUD	9/15/10		219,164		216,524		(2,639	)
		NOK/EUR	9/15/10		210,408		210,011		(396	)
Westpac Banking Corp.		AUD/CHF	9/15/10		212,967		208,538		(4,430	)


TOTAL								$	(56,049	)

FUTURES CONTRACTS — At June 30, 2010, the following futures contracts were open:


	Number of
	Contracts			Expiration	Current			Unrealized
Type	Long (Short)			Date	Value			Gain (Loss)

Euro-Bobl		71		September 2010	$	10,497,690		$	14,794
Eurodollars		1		December 2010		248,075			620
Eurodollars		1		March 2011		247,900			4,836
Eurodollars		1		June 2011		247,650			5,399
Eurodollars		1		September 2011		247,288			5,746
Eurodollars		1		December 2011		246,775			5,916
U.S. Treasury Bonds		69		September 2010		8,797,500			243,554
2 Year U.S. Treasury Notes		(2	)	September 2010		(437,656	)		(941	)
5 Year U.S. Treasury Notes		(1	)	September 2010		(118,352	)		(165	)
10 Year U.S. Treasury Notes		(20	)	September 2010		(2,450,938	)		(694	)


TOTAL								$	279,065

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments

June 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – 98.8%


	Automobiles & Components – 0.6%
		60,413	Ford Motor Co.*	$	608,963
		4,200	Harley-Davidson, Inc.		93,366
		12,135	Johnson Controls, Inc.		326,067
		4,800	The Goodyear Tire & Rubber Co.*		47,712

					1,076,108


	Banks – 3.2%
		12,600	BB&T Corp.		331,506
		3,050	Comerica, Inc.		112,332
		14,805	Fifth Third Bancorp		181,953
		4,336	First Horizon National Corp.*		49,650
		8,700	Hudson City Bancorp, Inc.		106,488
		12,749	Huntington Bancshares, Inc.		70,629
		15,300	KeyCorp		117,657
		1,516	M&T Bank Corp.		128,784
		9,100	Marshall & Ilsley Corp.		65,338
		7,100	People’s United Financial, Inc.		95,850
		9,257	PNC Financial Services Group, Inc.		523,021
		21,525	Regions Financial Corp.		141,634
		8,800	SunTrust Banks, Inc.		205,040
		34,651	U.S. Bancorp		774,450
		93,139	Wells Fargo & Co.		2,384,358
		2,800	Zions Bancorporation		60,396

					5,349,086


	Capital Goods – 7.7%
		12,739	3M Co.		1,006,254
		11,171	Caterpillar, Inc.		671,042
		3,700	Cummins, Inc.		240,981
		9,600	Danaher Corp.		356,352
		7,479	Deere & Co.		416,431
		3,401	Dover Corp.		142,128
		2,900	Eaton Corp.		189,776
		13,396	Emerson Electric Co.		585,271
		2,500	Fastenal Co.		125,475
		1,000	Flowserve Corp.		84,800
		3,282	Fluor Corp.		139,485
		7,006	General Dynamics Corp.		410,271
		190,908	General Electric Co.		2,752,893
		2,237	Goodrich Corp.		148,201
		13,808	Honeywell International, Inc.		538,926
		7,000	Illinois Tool Works, Inc.		288,960
		3,400	ITT Corp.		152,728
		2,300	Jacobs Engineering Group, Inc.*		83,812
		2,000	L-3 Communications Holdings, Inc.		141,680
		5,651	Lockheed Martin Corp.		421,000
		6,500	Masco Corp.		69,940
		5,392	Northrop Grumman Corp.		293,540
		6,593	PACCAR, Inc.		262,863
		2,100	Pall Corp.		72,177
		2,948	Parker Hannifin Corp.		163,496
		2,600	Precision Castparts Corp.		267,592
		4,100	Quanta Services, Inc.*		84,665
		6,676	Raytheon Co.		323,052
		2,500	Rockwell Automation, Inc.		122,725
		2,860	Rockwell Collins, Inc.		151,952
		1,800	Roper Industries, Inc.		100,728


		1,103	Snap-On, Inc.		45,124
		5,100	Textron, Inc.		86,547
		13,667	The Boeing Co.		857,604
		16,814	United Technologies Corp.		1,091,397
		1,133	W.W. Grainger, Inc.		112,677

					13,002,545


	Commercial & Professional Services – 0.6%
		2,100	Avery Dennison Corp.		67,473
		2,300	Cintas Corp.		55,131
		1,000	Dun & Bradstreet Corp.		67,120
		2,450	Equifax, Inc.		68,747
		3,000	Iron Mountain, Inc.		67,380
		3,500	Pitney Bowes, Inc.		76,860
		3,500	R.R. Donnelley & Sons Co.		57,295
		5,810	Republic Services, Inc.		172,732
		2,800	Robert Half International, Inc.		65,940
		1,600	Stericycle, Inc.*		104,928
		8,449	Waste Management, Inc.		264,369

					1,067,975


	Consumer Durables & Apparel – 1.0%
		5,300	Coach, Inc.		193,715
		4,700	D.R. Horton, Inc.		46,201
		5,000	Eastman Kodak Co.*		21,700
		2,700	Fortune Brands, Inc.		105,786
		1,100	Harman International Industries, Inc.*		32,879
		2,121	Hasbro, Inc.		87,173
		2,500	Leggett & Platt, Inc.		50,150
		3,100	Lennar Corp. Class A		43,121
		6,751	Mattel, Inc.		142,851
		4,733	Newell Rubbermaid, Inc.		69,291
		6,959	NIKE, Inc. Class B		470,081
		1,000	Polo Ralph Lauren Corp.		72,960
		5,413	Pulte Group, Inc.*		44,820
		2,952	Stanley Black & Decker, Inc.		149,135
		1,600	VF Corp.		113,888
		1,359	Whirlpool Corp.		119,347

					1,763,098


	Consumer Services – 1.8%
		2,400	Apollo Group, Inc. Class A*		101,928
		7,800	Carnival Corp.		235,872
		2,420	Darden Restaurants, Inc.		94,017
		1,100	DeVry, Inc.		57,739
		5,500	H&R Block, Inc.		86,295
		5,700	International Game Technology		89,490
		4,663	Marriott International, Inc. Class A		139,610
		19,297	McDonald’s Corp.		1,271,093
		13,556	Starbucks Corp.		329,411
		3,300	Starwood Hotels & Resorts Worldwide, Inc.		136,719
		3,426	Wyndham Worldwide Corp.		69,000
		1,300	Wynn Resorts Ltd.		99,151
		8,197	Yum! Brands, Inc.		320,011

					3,030,336

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND


	Shares		Description	Value

Common Stocks – (continued)

	Diversified Financials – 7.6%
		21,431	American Express Co.	$	850,811
		4,580	Ameriprise Financial, Inc.		165,475
		180,292	Bank of America Corp.		2,590,796
		8,333	Capital One Financial Corp.		335,820
		406,140	Citigroup, Inc.*		1,527,086
		1,139	CME Group, Inc.		320,685
		9,317	Discover Financial Services		130,252
		2,750	ETrade Financial Corp.		32,505
		1,656	Federated Investors, Inc. Class B		34,296
		2,730	Franklin Resources, Inc.		235,299
		1,300	IntercontinentalExchange, Inc.*		146,939
		7,700	Invesco Ltd.		129,591
		3,700	Janus Capital Group, Inc.		32,856
		71,134	JPMorgan Chase & Co.		2,604,216
		3,100	Legg Mason, Inc.		86,893
		3,200	Leucadia National Corp.*		62,432
		3,600	Moody’s Corp.		71,712
		25,247	Morgan Stanley		585,983
		4,200	Northern Trust Corp.		196,140
		4,700	NYSE Euronext		129,861
		8,571	SLM Corp.*		89,053
		8,867	State Street Corp.		299,882
		4,600	T. Rowe Price Group, Inc.		204,194
		21,815	The Bank of New York Mellon Corp.		538,612
		17,742	The Charles Schwab Corp.		251,581
		9,277	The Goldman Sachs Group, Inc.^(a)		1,217,792
		2,800	The NASDAQ OMX Group, Inc.*		49,784

					12,920,546


	Energy – 10.6%
		8,818	Anadarko Petroleum Corp.		318,242
		6,016	Apache Corp.		506,487
		7,715	Baker Hughes, Inc.		320,712
		1,700	Cabot Oil & Gas Corp.		53,244
		4,500	Cameron International Corp.*		146,340
		11,517	Chesapeake Energy Corp.		241,281
		35,873	Chevron Corp.		2,434,342
		26,752	ConocoPhillips		1,313,256
		4,000	Consol Energy, Inc.		135,040
		7,500	Denbury Resources, Inc.*		109,800
		8,072	Devon Energy Corp.		491,746
		1,200	Diamond Offshore Drilling, Inc.		74,628
		12,430	El Paso Corp.		138,097
		4,581	EOG Resources, Inc.		450,633
		91,680	Exxon Mobil Corp.		5,232,201
		2,223	FMC Technologies, Inc.*		117,063
		16,017	Halliburton Co.		393,217
		2,000	Helmerich & Payne, Inc.		73,040
		5,100	Hess Corp.		256,734
		12,708	Marathon Oil Corp.		395,092
		1,700	Massey Energy Co.		46,495
		3,300	Murphy Oil Corp.		163,515
		5,300	Nabors Industries Ltd.*		93,386
		7,418	National-Oilwell Varco, Inc.		245,313
		3,100	Noble Energy, Inc.		187,023
		14,500	Occidental Petroleum Corp.		1,118,675


		4,706	Peabody Energy Corp.		184,146
		2,100	Pioneer Natural Resources Co.		124,845
		2,800	Range Resources Corp.		112,420
		2,300	Rowan Companies, Inc.*		50,462
		21,393	Schlumberger Ltd.		1,183,889
		4,600	Smith International, Inc.		173,190
		6,100	Southwestern Energy Co.*		235,704
		11,742	Spectra Energy Corp.		235,662
		2,300	Sunoco, Inc.		79,971
		3,000	Tesoro Corp.		35,010
		10,383	The Williams Companies, Inc.		189,801
		10,113	Valero Energy Corp.		181,832

					17,842,534


	Food & Staples Retailing – 2.5%
		7,987	Costco Wholesale Corp.		437,927
		24,364	CVS Caremark Corp.		714,353
		7,000	Safeway, Inc.		137,620
		4,273	SUPERVALU, Inc.		46,319
		10,700	Sysco Corp.		305,699
		11,732	The Kroger Co.		231,003
		17,500	Walgreen Co.		467,250
		37,360	Wal-Mart Stores, Inc.		1,795,895
		3,100	Whole Foods Market, Inc.*		111,662

					4,247,728


	Food, Beverage & Tobacco – 6.1%
		37,326	Altria Group, Inc.		748,013
		11,433	Archer-Daniels-Midland Co.		295,200
		2,050	Brown-Forman Corp. Class B		117,322
		3,300	Campbell Soup Co.		118,239
		5,550	Coca-Cola Enterprises, Inc.		143,523
		7,800	ConAgra Foods, Inc.		181,896
		3,400	Constellation Brands, Inc. Class A*		53,108
		3,300	Dean Foods Co.*		33,231
		4,500	Dr. Pepper Snapple Group, Inc.		168,255
		11,924	General Mills, Inc.		423,540
		5,668	H.J. Heinz Co.		244,971
		1,200	Hormel Foods Corp.		48,576
		4,600	Kellogg Co.		231,380
		31,457	Kraft Foods, Inc. Class A		880,796
		2,816	Lorillard, Inc.		202,696
		2,400	McCormick & Co., Inc.		91,104
		3,602	Mead Johnson Nutrition Co. Class A		180,532
		2,800	Molson Coors Brewing Co. Class B		118,608
		28,962	PepsiCo, Inc.		1,765,234
		33,244	Philip Morris International, Inc.		1,523,905
		3,145	Reynolds American, Inc.		163,917
		11,500	Sara Lee Corp.		162,150
		41,380	The Coca-Cola Co.		2,073,966
		2,900	The Hershey Co.		138,997
		2,234	The J.M. Smucker Co.		134,531
		5,400	Tyson Foods, Inc. Class A		88,506

					10,332,196

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

June 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)

	Health Care Equipment & Services – 4.0%
		7,889	Aetna, Inc.	$	208,112
		4,960	AmerisourceBergen Corp.		157,480
		10,810	Baxter International, Inc.		439,318
		4,123	Becton, Dickinson and Co.		278,797
		26,906	Boston Scientific Corp.*		156,055
		1,767	C. R. Bard, Inc.		136,996
		6,432	Cardinal Health, Inc.		216,180
		3,416	CareFusion Corp.*		77,543
		1,200	Cerner Corp.*		91,068
		5,119	CIGNA Corp.		158,996
		2,600	Coventry Health Care, Inc.*		45,968
		1,900	DaVita, Inc.*		118,636
		2,500	DENTSPLY International, Inc.		74,775
		9,774	Express Scripts, Inc.*		459,573
		2,790	Hospira, Inc.*		160,285
		3,200	Humana, Inc.*		146,144
		651	Intuitive Surgical, Inc.*		205,469
		1,800	Laboratory Corp. of America Holdings*		135,630
		4,764	McKesson Corp.		319,950
		8,037	Medco Health Solutions, Inc.*		442,678
		19,558	Medtronic, Inc.		709,369
		1,681	Patterson Companies, Inc.		47,959
		2,700	Quest Diagnostics, Inc.		134,379
		5,980	St. Jude Medical, Inc.*		215,818
		5,000	Stryker Corp.		250,300
		8,150	Tenet Healthcare Corp.*		35,371
		20,170	UnitedHealth Group, Inc.		572,828
		2,300	Varian Medical Systems, Inc.*		120,244
		7,664	WellPoint, Inc.*		375,000
		3,517	Zimmer Holdings, Inc.*		190,094

					6,681,015


	Household & Personal Products – 2.8%
		7,500	Avon Products, Inc.		198,750
		8,848	Colgate-Palmolive Co.		696,869
		7,440	Kimberly-Clark Corp.		451,087
		2,600	The Clorox Co.		161,616
		2,200	The Estee Lauder Companies, Inc. Class A		122,606
		51,495	The Procter & Gamble Co.		3,088,670

					4,719,598


	Insurance – 3.9%
		8,292	Aflac, Inc.		353,820
		2,441	American International Group, Inc.*		84,068
		4,850	Aon Corp.		180,032
		2,100	Assurant, Inc.		72,870
		29,759	Berkshire Hathaway, Inc. Class B*		2,371,495
		3,068	Cincinnati Financial Corp.		79,369
		8,600	Genworth Financial, Inc. Class A*		112,402
		5,358	Lincoln National Corp.		130,146
		6,147	Loews Corp.		204,757
		9,788	Marsh & McLennan Companies, Inc.		220,719
		14,581	MetLife, Inc.		550,578
		6,032	Principal Financial Group, Inc.		141,390
		8,333	Prudential Financial, Inc.		447,149


		9,838	The Allstate Corp.		282,646
		5,749	The Chubb Corp.		287,507
		7,873	The Hartford Financial Services Group, Inc.		174,229
		11,882	The Progressive Corp.		222,431
		8,884	The Travelers Companies, Inc.		437,537
		1,441	Torchmark Corp.		71,344
		5,818	Unum Group		126,251
		6,200	XL Capital Ltd. Class A		99,262

					6,650,002


	Materials – 3.4%
		3,800	Air Products & Chemicals, Inc.		246,278
		1,500	Airgas, Inc.		93,300
		2,200	AK Steel Holding Corp.		26,224
		18,268	Alcoa, Inc.		183,776
		1,851	Allegheny Technologies, Inc.		81,796
		1,500	Ball Corp.		79,245
		1,900	Bemis Co., Inc.		51,300
		1,190	CF Industries Holdings, Inc.		75,506
		2,494	Cliffs Natural Resources, Inc.		117,617
		16,338	E.I. du Pont de Nemours & Co.		565,131
		1,400	Eastman Chemical Co.		74,704
		4,012	Ecolab, Inc.		180,179
		1,300	FMC Corp.		74,659
		8,518	Freeport-McMoRan Copper & Gold, Inc.		503,669
		1,400	International Flavors & Fragrances, Inc.		59,388
		7,859	International Paper Co.		177,849
		3,198	MeadWestvaco Corp.		70,996
		9,854	Monsanto Co.		455,452
		8,787	Newmont Mining Corp.		542,509
		5,600	Nucor Corp.		214,368
		3,000	Owens-Illinois, Inc.*		79,350
		2,200	Pactiv Corp.*		61,270
		3,000	PPG Industries, Inc.		181,230
		5,400	Praxair, Inc.		410,346
		2,616	Sealed Air Corp.		51,588
		2,200	Sigma-Aldrich Corp.		109,626
		20,713	The Dow Chemical Co.		491,312
		1,600	The Sherwin-Williams Co.		110,704
		1,500	Titanium Metals Corp.*		26,385
		2,720	United States Steel Corp.		104,856
		2,400	Vulcan Materials Co.		105,192
		3,892	Weyerhaeuser Co.		136,998

					5,742,803


	Media – 3.1%
		11,964	CBS Corp. Class B		154,694
		50,312	Comcast Corp. Class A		873,919
		16,192	DIRECTV Class A*		549,233
		5,000	Discovery Communications, Inc. Class A*		178,550
		4,271	Gannett Co., Inc.		57,488
		500	Meredith Corp.		15,565
		40,686	News Corp. Class A		486,605

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND


	Shares		Description	Value

Common Stocks – (continued)
	Media – (continued)

		5,648	Omnicom Group, Inc.	$	193,726
		1,700	Scripps Networks Interactive, Inc. Class A		68,578
		8,571	The Interpublic Group of Companies, Inc.*		61,111
		5,808	The McGraw-Hill Companies, Inc.		163,437
		2,200	The New York Times Co. Class A*		19,030
		34,829	The Walt Disney Co.		1,097,113
		133	The Washington Post Co. Class B		54,594
		6,196	Time Warner Cable, Inc.		322,688
		20,471	Time Warner, Inc.		591,817
		10,844	Viacom, Inc. Class B		340,176

					5,228,324


	Pharmaceuticals, Biotechnology & Life Sciences – 8.0%
		27,498	Abbott Laboratories		1,286,356
		5,600	Allergan, Inc.		326,256
		17,168	Amgen, Inc.*		903,037
		4,815	Biogen Idec, Inc.*		228,472
		30,826	Bristol-Myers Squibb Co.		768,800
		8,100	Celgene Corp.*		411,642
		1,400	Cephalon, Inc.*		79,450
		18,342	Eli Lilly & Co.		614,457
		5,600	Forest Laboratories, Inc.*		153,608
		4,825	Genzyme Corp.*		244,965
		15,800	Gilead Sciences, Inc.*		541,624
		49,294	Johnson & Johnson		2,911,304
		4,666	King Pharmaceuticals, Inc.*		35,415
		3,170	Life Technologies Corp.*		149,783
		55,669	Merck & Co., Inc.		1,946,745
		1,000	Millipore Corp.*		106,650
		5,900	Mylan, Inc.*		100,536
		2,300	PerkinElmer, Inc.		47,541
		144,456	Pfizer, Inc.		2,059,943
		7,468	Thermo Fisher Scientific, Inc.*		366,305
		1,600	Waters Corp.*		103,520
		1,800	Watson Pharmaceuticals, Inc.*		73,026

					13,459,435


	Real Estate – 1.4%
		2,080	Apartment Investment & Management Co. Class A (REIT)		40,290
		1,491	AvalonBay Communities, Inc. (REIT)		139,215
		2,427	Boston Properties, Inc. (REIT)		173,142
		4,300	CB Richard Ellis Group, Inc. Class A*		58,523
		223	Developers Diversified Realty Corp. (REIT)		2,208
		5,200	Equity Residential (REIT)		216,528
		5,200	HCP, Inc. (REIT)		167,700
		2,100	Health Care REIT, Inc. (REIT)		88,452
		11,652	Host Hotels & Resorts, Inc. (REIT)		157,069
		6,800	Kimco Realty Corp. (REIT)		91,392
		2,800	Plum Creek Timber Co., Inc. (REIT)		96,684
		8,100	ProLogis (REIT)		82,053
		2,351	Public Storage, Inc. (REIT)		206,676
		5,207	Simon Property Group, Inc. (REIT)		420,465


		2,900	Ventas, Inc. (REIT)		136,155
		2,922	Vornado Realty Trust (REIT)		213,160

					2,289,712


	Retailing – 3.4%
		1,777	Abercrombie & Fitch Co. Class A		54,536
		6,138	Amazon.com, Inc.*		670,638
		1,672	AutoNation, Inc.*		32,604
		479	AutoZone, Inc.*		92,552
		4,624	Bed Bath & Beyond, Inc.*		171,458
		6,250	Best Buy Co., Inc.		211,625
		1,300	Big Lots, Inc.*		41,717
		4,000	CarMax, Inc.*		79,600
		3,800	Expedia, Inc.		71,364
		2,400	Family Dollar Stores, Inc.		90,456
		2,600	GameStop Corp. Class A*		48,854
		2,740	Genuine Parts Co.		108,093
		4,100	J.C. Penney Co., Inc.		88,068
		5,419	Kohl’s Corp.*		257,402
		5,000	Limited Brands, Inc.		110,350
		25,536	Lowe’s Companies, Inc.		521,445
		7,534	Macy’s, Inc.		134,859
		2,924	Nordstrom, Inc.		94,124
		5,100	Office Depot, Inc.*		20,604
		2,500	O’Reilly Automotive, Inc.*		118,900
		860	Priceline.com, Inc.*		151,824
		2,300	RadioShack Corp.		44,873
		2,178	Ross Stores, Inc.		116,066
		900	Sears Holdings Corp.*		58,185
		13,197	Staples, Inc.		251,403
		13,139	Target Corp.		646,045
		8,350	The Gap, Inc.		162,491
		29,964	The Home Depot, Inc.		841,089
		7,293	The TJX Companies, Inc.		305,941
		2,400	Tiffany & Co.		90,984
		2,500	Urban Outfitters, Inc.*		85,975

					5,774,125


	Semiconductors & Semiconductor Equipment – 2.6%
		10,200	Advanced Micro Devices, Inc.*		74,664
		5,474	Altera Corp.		135,810
		5,400	Analog Devices, Inc.		150,444
		24,022	Applied Materials, Inc.		288,744
		7,850	Broadcom Corp. Class A		258,815
		880	First Solar, Inc.*		100,170
		99,680	Intel Corp.		1,938,776
		3,025	KLA-Tencor Corp.		84,337
		4,200	Linear Technology Corp.		116,802
		12,700	LSI Corp.*		58,420
		3,700	MEMC Electronic Materials, Inc.*		36,556
		3,100	Microchip Technology, Inc.		85,994
		15,643	Micron Technology, Inc.*		132,809
		4,400	National Semiconductor Corp.		59,224
		1,865	Novellus Systems, Inc.*		47,296
		9,550	NVIDIA Corp.*		97,506
		3,400	Teradyne, Inc.*		33,150

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

June 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)

		21,828	Texas Instruments, Inc.	$	508,156
		5,100	Xilinx, Inc.		128,826

					4,336,499


	Software & Services – 6.8%
		9,315	Adobe Systems, Inc.*		246,195
		3,000	Akamai Technologies, Inc.*		121,710
		4,100	Autodesk, Inc.*		99,876
		9,200	Automatic Data Processing, Inc.		370,392
		3,100	BMC Software, Inc.*		107,353
		7,104	CA, Inc.		130,714
		3,400	Citrix Systems, Inc.*		143,582
		5,335	Cognizant Technology Solutions Corp. Class A*		267,070
		2,700	Computer Sciences Corp.		122,175
		4,700	Compuware Corp.*		37,506
		20,144	eBay, Inc.*		395,024
		6,000	Electronic Arts, Inc.*		86,400
		5,800	Fidelity National Information Services, Inc.		155,556
		2,750	Fiserv, Inc.*		125,565
		4,349	Google, Inc. Class A*		1,935,088
		5,700	Intuit, Inc.*		198,189
		1,700	Mastercard, Inc. Class A		339,201
		2,900	McAfee, Inc.*		89,088
		136,747	Microsoft Corp.		3,146,548
		2,600	Monster Worldwide, Inc.*		30,290
		7,400	Novell, Inc.*		42,032
		70,063	Oracle Corp.		1,503,552
		6,009	Paychex, Inc.		156,054
		3,155	Red Hat, Inc.*		91,306
		4,933	SAIC, Inc.*		82,578
		1,900	Salesforce.com, Inc.*		163,058
		14,612	Symantec Corp.*		202,815
		12,019	The Western Union Co.		179,203
		3,200	Total System Services, Inc.		43,520
		3,402	VeriSign, Inc.*		90,323
		7,980	Visa, Inc. Class A		564,585
		21,300	Yahoo!, Inc.*		294,579

					11,561,127


	Technology Hardware & Equipment – 9.1%
		6,196	Agilent Technologies, Inc.*		176,152
		3,100	Amphenol Corp. Class A		121,768
		16,323	Apple, Inc.*		4,105,724
		102,058	Cisco Systems, Inc.*		2,174,856
		27,825	Corning, Inc.		449,374
		30,700	Dell, Inc.*		370,242
		36,872	EMC Corp.*		674,758
		2,900	FLIR Systems, Inc.*		84,361
		2,400	Harris Corp.		99,960
		41,933	Hewlett-Packard Co.		1,814,860
		22,947	International Business Machines Corp.		2,833,496
		3,783	Jabil Circuit, Inc.		50,314
		4,625	JDS Uniphase Corp.*		45,510
		9,600	Juniper Networks, Inc.*		219,072


		1,600	Lexmark International, Inc. Class A*		52,848
		2,725	Molex, Inc.		49,704
		42,482	Motorola, Inc.*		276,983
		6,011	NetApp, Inc.*		224,270
		2,300	QLogic Corp.*		38,226
		29,418	QUALCOMM, Inc.		966,087
		4,100	SanDisk Corp.*		172,487
		6,600	Tellabs, Inc.		42,174
		3,100	Teradata Corp.*		94,488
		4,200	Western Digital Corp.*		126,672
		24,276	Xerox Corp.		195,179

					15,459,565


	Telecommunication Services – 3.0%
		7,240	American Tower Corp. Class A*		322,180
		106,006	AT&T, Inc.		2,564,285
		5,427	CenturyTel, Inc.		180,773
		4,900	Frontier Communications Corp.		34,839
		5,400	MetroPCS Communications, Inc.*		44,226
		27,663	Qwest Communications International, Inc.		145,231
		54,510	Sprint Nextel Corp.*		231,123
		50,443	Verizon Communications, Inc.		1,413,413
		7,681	Windstream Corp.		81,111

					5,017,181


	Transportation – 1.9%
		2,830	C.H. Robinson Worldwide, Inc.		157,518
		6,962	CSX Corp.		345,524
		3,800	Expeditors International of Washington, Inc.		131,138
		5,700	FedEx Corp.		399,627
		6,635	Norfolk Southern Corp.		351,987
		1,100	Ryder System, Inc.		44,253
		12,918	Southwest Airlines Co.		143,519
		9,020	Union Pacific Corp.		626,980
		17,692	United Parcel Service, Inc. Class B		1,006,498

					3,207,044


	Utilities – 3.7%
		2,800	Allegheny Energy, Inc.		57,904
		4,477	Ameren Corp.		106,418
		8,691	American Electric Power Co., Inc.		280,719
		7,198	CenterPoint Energy, Inc.		94,726
		4,200	CMS Energy Corp.		61,530
		5,200	Consolidated Edison, Inc.		224,120
		3,477	Constellation Energy Group, Inc.		112,133
		10,547	Dominion Resources, Inc.		408,591
		3,100	DTE Energy Co.		141,391
		23,793	Duke Energy Corp.		380,688
		5,869	Edison International		186,165
		3,475	Entergy Corp.		248,879
		2,400	EQT Corp.		86,736
		11,681	Exelon Corp.		443,528
		5,411	FirstEnergy Corp.		190,630
		1,431	Integrys Energy Group, Inc.		62,592
		7,546	NextEra Energy, Inc.		367,943

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND


	Shares		Description	Value

Common Stocks – (continued)
	Utilities – (continued)

		700	Nicor, Inc.	$	28,350
		5,300	NiSource, Inc.		76,850
		3,290	Northeast Utilities		83,829
		4,300	NRG Energy, Inc.*		91,203
		2,000	Oneok, Inc.		86,500
		4,300	Pepco Holdings, Inc.		67,424
		6,731	PG&E Corp.		276,644
		2,000	Pinnacle West Capital Corp.		72,720
		8,651	PPL Corp.		215,842
		5,177	Progress Energy, Inc.		203,042
		9,242	Public Service Enterprise Group, Inc.		289,552
		3,050	Questar Corp.		138,745
		2,131	SCANA Corp.		76,205
		4,313	Sempra Energy		201,805
		14,741	Southern Co.		490,580
		3,600	TECO Energy, Inc.		54,252
		11,864	The AES Corp.*		109,623
		2,100	Wisconsin Energy Corp.		106,554
		8,510	Xcel Energy, Inc.		175,391

					6,299,804


	TOTAL COMMON STOCKS
	(Cost $173,262,892)			$	167,058,386

Principal

Interest

Maturity

Amount

Rate

Date

Value

U.S. Treasury Obligation^(b)(c) – 0.2%

United States Treasury Bill

355,000

0.000

10/14/10

354,839

(Cost $354,917)


	Shares		Rate			Value

Short-term Investment^(d) – 0.7%


	JPMorgan U.S. Government Money Market Fund – Capital Shares
		1,250,162		0.067	%	$	1,250,162
	(Cost $1,250,162)


	TOTAL INVESTMENTS – 99.7%
	(Cost $174,867,971)					$	168,663,387


	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%						484,899


	NET ASSETS – 100.0%					$	169,148,286

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

(c)		A portion of this 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 June 30, 2010.




Investment Abbreviation:
REIT	—	Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2010, the following futures contracts were open:

Number of

Contracts

Expiration

Current

Unrealized

Type

Long (Short)

Date

Value

Gain (Loss)

S&P 500 E-mini Index

September 2010

2,207,190

(125,470

)

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Schedule of Investments

June 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date			Value

Mortgage-Backed Obligations – 42.0%


	Adjustable Rate Non-Agency^(a) – 1.4%
	First Horizon Alternative Mortgage Securities Series 2005-AA7, Class 2A1
	$	463,818		5.357	%		09/25/35		$	299,018
	Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
		463,771		5.768			08/19/36			300,822
	J.P. Morgan Mortgage Trust Series 2007-A1, Class 2A2
		463,197		3.547			07/25/35			421,030

										1,020,870


	Collateralized Mortgage Obligations – 3.3%
	Interest Only^(a)(b) – 0.0%
	FNMA REMIC Series 2004-47, Class EI
		267,632		0.000			06/25/34			3,244
	FNMA REMIC Series 2004-62, Class DI
		121,420		0.000			07/25/33			927

										4,171


	Regular Floater^(a) – 1.1%
	FHLMC REMIC Series 2007-3325, Class SX^(c)
		26,296		0.000			06/15/37			25,807
	FNMA REMIC Series 2007-2, Class FM
		364,891		0.597			02/25/37			362,014
	FNMA REMIC Series 2007-20, Class FP
		455,006		0.647			03/25/37			450,869

										838,690


	Sequential Fixed Rate – 2.2%
	Banc of America Funding Corp. Series 2007-8, Class 2A1
		605,947		7.000			10/25/37			446,297
	FHLMC REMIC Series 2007-3284, Class CA
		469,411		5.000			10/15/21			504,021
	FNMA REMIC Series 2007-36, Class AB
		670,041		5.000			11/25/21			719,010

										1,669,328


	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS								$	2,512,189


	Federal Agencies – 37.3%
	Adjustable Rate FHLMC^(a) – 1.2%
	$	489,620		4.845	%		09/01/35		$	511,598
		371,851		4.677			10/01/35			391,231

										902,829


	Adjustable Rate FNMA^(a) – 1.5%
		219,443		2.216			05/01/33			226,766
		533,192		2.593			05/01/35			556,402
		383,818		5.102			12/01/35			402,980

										1,186,148


	FHLMC – 3.8%
		141,707		4.500			12/01/18			151,058
		5,229		10.000			03/01/21			5,814
		7,898		6.500			06/01/23			8,641
		182,568		5.000			05/01/39			194,286
		457,842		5.000			06/01/39			487,226
		94,890		5.000			07/01/39			100,980
		291,583		5.000			10/01/39			309,808


		292,649		5.000			12/01/39			311,430
		60,366		4.500			04/01/40			62,844
		139,105		4.500			05/01/40			144,816
		99,617		4.500			06/01/40			103,706
		1,000,000		5.000			TBA-30yr	^(d)		1,057,500

										2,938,109


	FNMA – 29.0%
		2,134		5.000			02/01/14			2,221
		39,087		5.000			11/01/17			41,952
		193,104		5.000			12/01/17			207,260
		151,072		5.000			01/01/18			162,147
		61,931		5.000			02/01/18			66,543
		173,223		5.000			03/01/18			186,125
		547,245		5.000			04/01/18			588,007
		273,774		5.000			05/01/18			294,166
		558,052		5.000			06/01/18			599,619
		15,910		5.000			07/01/18			17,095
		992,489		4.000			09/01/18			1,050,823
		152,624		4.500			09/01/18			162,902
		356,009		5.000			11/01/18			382,527
		345,131		4.500			12/01/18			368,373
		439,627		5.000			12/01/18			472,372
		33,930		5.000			01/01/19			36,457
		77,783		5.000			02/01/19			83,539
		372,459		5.000			03/01/19			400,018
		738,172		5.500			03/01/19			801,378
		330,302		5.000			04/01/19			354,741
		417,117		5.000			06/01/19			448,186
		254,312		6.000			09/01/19			277,327
		399,953		5.000			12/01/19			429,580
		363,660		4.500			03/01/20			388,150
		315,121		6.000			12/01/20			343,640
		11,889		8.000			09/01/21			13,626
		16,256		5.000			04/01/23			17,347
		77,948		5.000			06/01/23			83,178
		77		6.000			03/01/32			85
		5,100		6.000			05/01/33			5,601
		29,775		5.000			08/01/33			31,593
		2,305		6.000			12/01/33			2,530
		2,464		6.000			12/01/34			2,696
		49,351		5.000			04/01/35			52,326
		2,799		6.000			04/01/35			3,057
		19,072		6.000			07/01/35			20,809
		56,674		6.000			11/01/35			61,772
		67,548		6.000			01/01/36			73,786
		6,040		6.000			02/01/36			6,581
		18,551		6.500			03/01/36			20,343
		799,196		6.000			09/01/38			869,799
		170,620		5.000			02/01/39			181,170
		177,017		5.000			03/01/39			187,963
		1,130,411		4.500			05/01/39			1,175,937
		120,403		5.000			05/01/39			127,913
		65,938		4.500			06/01/39			68,717
		550,719		5.000			07/01/39			584,947
		29,024		4.500			08/01/39			30,247

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date			Value

Mortgage-Backed Obligations – (continued)
	FNMA – (continued)

	$	958,195		5.000	%		08/01/39		$	1,019,841
		97,002		4.500			09/01/39			101,060
		304,717		5.000			09/01/39			324,016
		290,619		4.500			10/01/39			302,413
		1,051,312		5.000			10/01/39			1,117,059
		53,738		5.000			11/01/39			57,061
		291,944		4.500			12/01/39			304,249
		1,667,706		5.000			01/01/40			1,772,301
		81,393		5.000			02/01/40			86,427
		2,000,000		4.000			TBA-30yr	^(d)		2,025,469
		1,000,000		5.000			TBA-30yr	^(d)		1,057,968
		2,000,000		6.500			TBA-30yr	^(d)		2,190,625

										22,145,660


	GNMA – 1.8%
		190,246		5.000			06/15/39			203,809
		97,929		5.000			10/15/39			104,910
		1,000,000		4.500			TBA-30yr	^(d)		1,041,641

										1,350,360


	TOTAL FEDERAL AGENCIES								$	28,523,106


	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $31,371,953)								$	32,056,165




Agency Debentures – 9.3%


	FFCB
	$	500,000		5.400	%		06/08/17		$	580,370
	FHLB
		800,000		1.750			12/14/12			814,308
	FHLMC
		1,500,000		4.500			04/02/14			1,655,939
	Private Export Funding Corp.
		2,000,000		3.550			04/15/13			2,128,679
		1,100,000		3.050			10/15/14			1,148,439
	Tennessee Valley Authority^(e)
		700,000		5.375			04/01/56			795,228


	TOTAL AGENCY DEBENTURES
	(Cost $6,790,276)								$	7,122,963




Asset-Backed Securities – 0.7%


	Credit Card – 0.6%
	Chase Issuance Trust Series 2005-A11, Class A^(a)
	$	500,000		0.420	%		12/15/14		$	497,191


	Home Equity – 0.1%
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
		53,284		7.000			09/25/37			29,391


	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
		62,934		7.000			09/25/37			33,085

										62,476


	TOTAL ASSET-BACKED SECURITIES
	(Cost $530,186)								$	559,667




Government Guarantee Obligations^(f) – 12.2%


	Citigroup, Inc.^(a)
	$	840,000		1.087	%		12/09/10		$	842,526
	Citigroup Funding, Inc.
		2,200,000		1.875			10/22/12			2,246,977
		600,000		1.875			11/15/12			612,905
	GMAC, Inc.
		1,100,000		1.750			10/30/12			1,120,701
	PNC Funding Corp.
		750,000		2.300			06/22/12			772,441
	U.S. Central Federal Credit Union
		3,300,000		1.250			10/19/11			3,331,483
		400,000		1.900			10/19/12			408,753


	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $9,209,402)								$	9,335,786




U.S. Treasury Obligations – 23.6%


	United States Treasury Bill^(g)
	$	1,000,000		0.000	%		08/05/10		$	999,840
	United States Treasury Bonds
		100,000		4.625			02/15/40			112,433
		100,000		4.375			05/15/40			108,156
	United States Treasury Inflation-Protected Securities
		100,000		2.375			01/15/25			128,298
		100,000		2.000			01/15/26			116,148
		50,000		3.625			04/15/28			87,219
	United States Treasury Notes
		1,800,000		1.000			04/30/12			1,813,482
		600,000		0.750			05/31/12			601,728
		700,000		0.625			06/30/12			700,028
		300,000		1.375			03/15/13			303,897
		1,500,000		1.125			06/15/13			1,505,970
		1,400,000		1.875			06/30/15			1,405,306
		600,000		2.375			03/31/16			608,862
		400,000		3.000			09/30/16			417,092
		1,600,000		3.125			10/31/16			1,678,560
		300,000		3.250			12/31/16			316,242
		200,000		3.125			01/31/17			209,180
		900,000		3.750			11/15/18			969,777
		200,000		2.750			02/15/19			199,248
		650,000		3.125			05/15/19			663,526
		2,100,000		3.625			08/15/19			2,220,351
		400,000		3.500			05/15/20			418,592

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Schedule of Investments (continued)

June 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

U.S. Treasury Obligations – (continued)

	United States Treasury Principal-Only STRIPS^(g)
	$	1,800,000		0.000	%		08/15/20	$	1,287,882
		300,000		0.000			08/15/26		161,124
		1,100,000		0.000			11/15/26		584,177
		800,000		0.000			11/15/27		404,704


	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $17,417,884)							$	18,021,822


	Shares		Rate	Value

Short-term Investment^(a) – 21.8%


	JPMorgan U.S. Government Money Market Fund – Capital Shares
		16,661,564	0.067%	$	16,661,564
	(Cost $16,661,564)


	TOTAL INVESTMENTS – 109.6%
	(Cost $81,981,265)			$	83,757,967


	LIABILITIES IN EXCESS OF OTHER ASSETS – (9.6)%				(7,345,001	)


	NET ASSETS – 100.0%			$	76,412,966

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 June 30, 2010.

(b)		Security with notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(c)		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 $7,373,203, which represents approximately 9.6% of net assets as of June 30, 2010.

(e)		A portion of this security is segregated as collateral for initial margin requirements on futures transactions.

(f)		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.

(g)		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

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At June 30, 2010, the Fund had the following forward sales contracts:


	Interest			Maturity			Settlement		Principal
Description	Rate			Date			Date		Amount		Value

FNMA		4.000	%		TBA-30yr^(d	⁾		08/12/10	$	1,000,000	$	(1,009,375	)
FNMA		4.000			TBA-30yr^(d	⁾		09/14/10		1,000,000		(1,005,586	)


TOTAL (Proceeds Receivable: $1,991,016)											$	(2,014,961	)

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments

June 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – 97.2%


	Banks – 1.8%
		151,600	People’s United Financial, Inc.	$	2,046,600


	Capital Goods – 5.6%
		23,700	Alliant Techsystems, Inc.*		1,470,822
		58,600	Kennametal, Inc.		1,490,198
		56,200	Quanta Services, Inc.*		1,160,530
		20,890	Rockwell Automation, Inc.		1,025,490
		22,200	Roper Industries, Inc.		1,242,312

					6,389,352


	Commercial & Professional Services – 3.0%
		110,800	Iron Mountain, Inc.		2,488,568
		32,300	Verisk Analytics, Inc. Class A*		965,770

					3,454,338


	Consumer Durables & Apparel – 6.8%
		35,210	Fortune Brands, Inc.		1,379,528
		145,100	Newell Rubbermaid, Inc.		2,124,264
		36,700	Phillips-Van Heusen Corp.		1,698,109
		34,600	Polo Ralph Lauren Corp.		2,524,416

					7,726,317


	Diversified Financials – 8.0%
		18,500	IntercontinentalExchange, Inc.*		2,091,055
		46,700	Lazard Ltd. Class A		1,247,357
		51,700	Northern Trust Corp.		2,414,390
		169,500	SLM Corp.*		1,761,105
		101,900	TD Ameritrade Holding Corp.*		1,559,070

					9,072,977


	Energy – 9.4%
		76,400	Cameron International Corp.*		2,484,528
		12,400	Core Laboratories NV		1,830,364
		32,300	Dril-Quip, Inc.*		1,421,846
		84,700	Petrohawk Energy Corp.*		1,437,359
		48,300	Southwestern Energy Co.*		1,866,312
		21,800	Whiting Petroleum Corp.*		1,709,556

					10,749,965


	Food, Beverage & Tobacco – 2.1%
		61,400	Hansen Natural Corp.*		2,401,354


	Health Care Equipment & Services – 7.5%
		26,705	C. R. Bard, Inc.		2,070,439
		36,100	CareFusion Corp.*		819,470
		74,800	Emdeon, Inc. Class A*		937,244
		34,000	Henry Schein, Inc.*		1,866,600
		78,500	St. Jude Medical, Inc.*		2,833,065

					8,526,818


	Household & Personal Products – 3.5%
		83,200	Avon Products, Inc.		2,204,800
		35,600	Energizer Holdings, Inc.*		1,789,968

					3,994,768
	Materials – 3.6%
		60,700	Ecolab, Inc.		2,726,037
		28,100	Schweitzer-Mauduit International, Inc.		1,417,645

					4,143,682


	Media – 1.1%
		48,900	Lamar Advertising Co. Class A*		1,199,028


	Pharmaceuticals, Biotechnology & Life Sciences – 5.3%
		91,800	Amylin Pharmaceuticals, Inc.*		1,725,840
		41,700	Biogen Idec, Inc.*		1,978,665
		38,590	Charles River Laboratories International, Inc.*		1,320,164
		46,100	Talecris Biotherapeutics Holdings Corp.*		972,710

					5,997,379


	Real Estate – 2.0%
		166,700	CB Richard Ellis Group, Inc. Class A*		2,268,787


	Retailing – 10.2%
		27,000	Advance Auto Parts, Inc.		1,354,860
		65,200	Bed Bath & Beyond, Inc.*		2,417,616
		43,300	Dick’s Sporting Goods, Inc.*		1,077,737
		117,500	GameStop Corp. Class A*		2,207,825
		5,431	Netflix, Inc.*		590,078
		61,400	PetSmart, Inc.		1,852,438
		112,800	Staples, Inc.		2,148,840

					11,649,394


	Semiconductors & Semiconductor Equipment – 5.7%
		58,700	Altera Corp.		1,456,347
		41,900	Broadcom Corp. Class A		1,381,443
		102,600	FormFactor, Inc.*		1,108,080
		40,500	Linear Technology Corp.		1,126,305
		55,900	Xilinx, Inc.		1,412,034

					6,484,209


	Software & Services – 10.4%
		32,700	Citrix Systems, Inc.*		1,380,921
		26,120	Cognizant Technology Solutions Corp. Class A*		1,307,567
		30,200	Equinix, Inc.*		2,452,844
		53,600	Genpact Ltd.*		832,408
		77,500	Global Payments, Inc.		2,831,850
		18,000	Salesforce.com, Inc.*		1,544,760
		95,800	The Western Union Co.		1,428,378

					11,778,728


	Technology Hardware & Equipment – 4.5%
		53,020	Amphenol Corp. Class A		2,082,625
		57,400	FLIR Systems, Inc.*		1,669,766
		37,400	NetApp, Inc.*		1,395,394

					5,147,785

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND


	Shares		Description	Value

Common Stocks – (continued)

	Telecommunication Services – 5.6%
		59,000	American Tower Corp. Class A*		2,625,500
		41,900	Crown Castle International Corp.*		1,561,194
		127,600	tw telecom, inc.*		2,128,368

					6,315,062


	Transportation – 1.1%
		22,700	C.H. Robinson Worldwide, Inc.		1,263,482


	TOTAL COMMON STOCKS
	(Cost $108,718,152)			$	110,610,025


	Shares		Rate	Value

Short-term Investment^(a) – 3.4%


	JPMorgan U.S. Government Money Market Fund – Capital Shares
		3,899,105	0.067%	$	3,899,105
	(Cost $3,899,105)


	TOTAL INVESTMENTS – 100.6%
	(Cost $112,617,257)			$	114,509,130


	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%				(720,311	)


	NET ASSETS – 100.0%			$	113,788,819

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)		Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2010.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Assets and Liabilities

June 30, 2010 (Unaudited)


										Growth
	Core Fixed			Equity Index			Government			Opportunities
	Income Fund			Fund			Income Fund			Fund


Assets:

Investments in securities of unaffiliated issuers, at value (identified cost $179,776,254, $174,867,971, $81,981,265 and $112,617,257, respectively)	$	182,975,873		$	168,663,387		$	83,757,967		$	114,509,130
Cash		189			—			190			—
Foreign currencies, at value (identified cost $2,729, $0, $0 and $0, respectively)		2,440			—			—			—
Receivables:
Investment securities sold		11,393,380			397,176			11,575,551			76,941
Interest and dividends, at value		1,102,478			230,017			241,464			57,221
Due from custodian		1,062,866			—			—			—
Forward foreign currency exchange contracts, at value		98,034			—			—			—
Reimbursement from investment adviser		25,536			32,080			16,525			23,200
Fund shares sold		10,339			49,003			202,372			35,049
Due from broker — variation margin, at value		9,871			—			—			—
Other assets		1,546			1,444			716			1,060


Total assets		196,682,552			169,373,107			95,794,785			114,702,601





Liabilities:

Payables:
Investment securities purchased		12,683,633			—			16,170,602			641,795
Due to custodian		1,096,973			—			1,053,411			—
Fund shares redeemed		159,674			49,368			12,037			81,530
Forward foreign currency exchange contracts, at value		138,577			—			—			—
Amounts owed to affiliates		100,052			79,637			50,253			116,773
Due to broker — variation margin, at value		—			18,705			1,330			—
Forward sale contracts, at value (proceeds receivable $0, $0, $1,991,016 and $0, respectively)		—			—			2,014,961			—
Accrued expenses		89,257			77,111			79,225			73,684


Total liabilities		14,268,166			224,821			19,381,819			913,782





Net Assets:

Paid-in capital		196,618,836			218,111,285			75,626,256			125,053,051
Accumulated undistributed (distribution in excess of) net investment income (loss)		(50,868	)		1,743,857			(62,105	)		(345,098	)
Accumulated net realized loss from investment, futures and foreign currency related transactions		(17,590,355	)		(44,376,802	)		(971,030	)		(12,811,007	)
Net unrealized gain (loss) on investments, futures and translation of assets and liabilities denominated in foreign currencies		3,436,773			(6,330,054	)		1,819,845			1,891,873


NET ASSETS	$	182,414,386		$	169,148,286		$	76,412,966		$	113,788,819


Total Service Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):		18,273,152			22,061,885			7,169,725			21,281,044
Net asset value, offering and redemption price per share:	$	9.98		$	7.67		$	10.66		$	5.35

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Operations

For the Six Months Ended June 30, 2010 (Unaudited)


										Growth
	Core Fixed			Equity Index			Government			Opportunities
	Income Fund			Fund			Income Fund			Fund


Investment income:

Interest	$	3,339,268		$	160		$	973,088		$	—
Dividends(net of foreign taxes withheld of $0, $0, $0 and $583, respectively)		7,037			1,878,999			4,933			383,202
Securities lending income — affiliated issuer		—			—			—			3,002


Total investment income		3,346,305			1,879,159			978,021			386,204





Expenses:

Management fees		361,404			288,563			200,757			625,014
Distribution and Service fees		225,877			240,468			92,943			156,252
Professional fees		41,395			37,713			35,919			34,992
Custody and accounting fees		40,915			32,320			33,309			28,164
Printing and mailing costs		23,361			23,398			17,715			20,889
Transfer Agent fees		18,069			19,236			7,435			12,499
Trustee fees		6,110			6,122			6,024			6,067
Other		5,713			24,472			4,689			5,005


Total expenses		722,844			672,292			398,791			888,882


Less — expense reductions		(113,880	)		(149,038	)		(96,168	)		(148,867	)


Net expenses		608,964			523,254			302,623			740,015


NET INVESTMENT INCOME (LOSS)		2,737,341			1,355,905			675,398			(353,811	)





Realized and unrealized gain (loss) from investment, futures and foreign currency related transactions:

Net realized gain from:
Investment transactions — unaffiliated issuers		2,173,938			1,501,717			953,428			10,261,777
Securities lending reinvestment vehicle transactions — affiliated issuer		—			—			—			8,345
Futures transactions		866,924			3,591			164,997			—
Foreign currency related transactions		220,286			—			—			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		3,446,800			(14,795,886	)		1,499,533			(15,843,438	)
Securities lending reinvestment vehicle — affiliated issuer		—			—			—			(11,661	)
Futures		659,937			(144,353	)		123,632			—
Translation of asset and liabilities denominated in foreign currencies		(147,362	)		—			—			—


Net realized and unrealized gain (loss) from investment, futures and foreign currency related transactions		7,220,523			(13,434,931	)		2,741,590			(5,584,977	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	9,957,864		$	(12,079,026	)	$	3,416,988		$	(5,938,788	)

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Changes in Net Assets


	Core Fixed Income Fund						Equity Index Fund
	For the						For the
	Six Months Ended			For the			Six Months Ended			For the
	June 30, 2010			Fiscal Year Ended			June 30, 2010			Fiscal Year Ended
	(Unaudited)			December 31, 2009			(Unaudited)			December 31, 2009


From operations:

Net investment income (loss)	$	2,737,341		$	7,690,617		$	1,355,905		$	3,551,567
Net realized gain (loss) from investment, futures and foreign currency related transactions		3,261,148			(14,302,215	)		1,505,308			(1,910,068	)
Net change in unrealized gain (loss) on investments, futures and translation of assets and liabilities denominated in foreign currencies		3,959,375			30,830,557			(14,940,239	)		40,904,634


Net increase (decrease) in net assets resulting from operations		9,957,864			24,218,959			(12,079,026	)		42,546,133





Distributions to shareholders:

From net investment income		(3,115,839	)		(8,665,024	)		—			(3,577,759	)
From net realized gains		—			—			—			—


Total distributions to shareholders		(3,115,839	)		(8,665,024	)		—			(3,577,759	)





From share transactions:

Proceeds from sales of shares		7,456,727			14,192,495			1,835,050			4,799,396
Reinvestment of distributions		3,115,839			8,665,024			—			3,577,759
Cost of shares redeemed		(18,178,278	)		(38,211,108	)		(19,195,242	)		(36,141,486	)


Net decrease in net assets resulting from share transactions		(7,605,712	)		(15,353,589	)		(17,360,192	)		(27,764,331	)


TOTAL INCREASE (DECREASE)		(763,687	)		200,346			(29,439,218	)		11,204,043





Net assets:

Beginning of period		183,178,073			182,977,727			198,587,504			187,383,461


End of period	$	182,414,386		$	183,178,073		$	169,148,286		$	198,587,504


Accumulated undistributed net investment income (loss)	$	(50,868	)	$	327,630		$	1,743,857		$	387,952





Summary of share transactions:

Shares sold		752,954			1,552,782			219,447			700,975
Shares issued on reinvestment of distributions		316,575			949,900			—			434,721
Shares redeemed		(1,846,014	)		(4,216,306	)		(2,303,805	)		(5,319,029	)


NET DECREASE		(776,485	)		(1,713,624	)		(2,084,358	)		(4,183,333	)

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS


Government Income Fund						Growth Opportunities Fund
For the						For the
Six Months Ended			For the			Six Months Ended			For the
June 30, 2010			Fiscal Year Ended			June 30, 2010			Fiscal Year Ended
(Unaudited)			December 31, 2009			(Unaudited)			December 31, 2009




$	675,398		$	2,415,372		$	(353,811	)	$	(533,107	)
	1,118,425			(275,170	)		10,270,122			(16,819,019	)
	1,623,165			2,872,208			(15,855,099	)		67,303,833


	3,416,988			5,012,410			(5,938,788	)		49,951,707







	(842,646	)		(2,806,892	)		—			—
	—			(931,782	)		—			—


	(842,646	)		(3,738,674	)		—			—







	8,220,625			8,043,563			4,956,474			3,924,032
	842,646			3,738,674			—			—
	(9,984,865	)		(25,345,776	)		(12,938,934	)		(21,402,568	)


	(921,594	)		(13,563,539	)		(7,982,460	)		(17,478,536	)


	1,652,748			(12,289,803	)		(13,921,248	)		32,473,171







	74,760,218			87,050,021			127,710,067			95,236,896


$	76,412,966		$	74,760,218		$	113,788,819		$	127,710,067


$	(62,105	)	$	105,143		$	(345,098	)	$	8,713







	782,815			786,658			867,167			878,935
	80,383			364,335			—			—
	(955,306	)		(2,474,817	)		(2,258,050	)		(5,044,394	)


	(92,108	)		(1,323,824	)		(1,390,883	)		(4,165,459	)

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from
			investment operations
						Net						Distributions													Ratio of			Ratio of
	Net asset					realized						to shareholders			Net asset					Net assets,		Ratio of			total			net investment
	value,		Net			and			Total from			from net			value,					end of		net expenses			expenses			income			Portfolio
	beginning		investment			unrealized			investment			investment			end of		Total			period		to average			to average			to average			turnover
	of period		income			gain (loss)			operations			income			period		return^(a)			(in 000s)		net assets			net assets			net assets			rate^(b)

FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)



2010	$	9.62	$	0.15	^(c)	$	0.38		$	0.53		$	(0.17	)	$	9.98		5.54	%	$	182,414		0.67	%^(d)		0.80	%^(d)		3.03	%^(d)		213	%


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			187	^(e)
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	^(f)		0.76	^(f)		4.82	^(f)		123
2006^(g)		9.98		0.44	^(c)		(0.03	)^(h)		0.41			(0.45	)		9.94		4.23	⁽ⁱ⁾		285,768		0.54			0.78			4.49			265
2005^(g)		10.29		0.42	^(j)		(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 period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. 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. Total returns for periods less than one full year are not annualized.
(b)		The portfolio turnover rate excluding the effect of mortgage dollar rolls is 259%, 92%, 105%, 159%^(e) and 172% for the fiscal years ended December 31, 2006, 2007, 2008, 2009, and for the six months ended June 30, 2010, respectively. The prior year ratio includes the effect of mortgage dollar roll transactions.
(c)		Calculated based on the average shares outstanding methodology.
(d)		Annualized.
(e)		The amount previously reported has been adjusted to exclude certain “To Be Announced” activity where a mortgage security was delivered.
(f)		Includes non-recurring expense for a special shareholder meeting, which amounted to approximately 0.02% of average net assets.
(g)		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.
(h)		Reflects an increase of $0.04 due to payments received for class action settlements received this year
(i)		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%.
(j)		Calculated based on the Securities and Exchange Commission (“SEC”) methodology.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			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			period		to average			to average			to average			turnover
	of period		income			gain (loss)			operations			income			gains			distributions			period		return^(a)			(in 000s)		net assets			net assets			net assets			rate

FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)



2010	$	8.22	$	0.06	^(b)	$	(0.61	)	$	(0.55	)	$	—		$	—		$	—		$	7.67		(6.58	)%	$	169,148		0.54	%^(c)		0.70	%^(c)		1.41	%^(c)		2	%


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	^(d)		0.68	^(d)		1.57	^(d)		8
2006^(e)		9.71		0.16	^(b)		1.34			1.50			(0.17	)		—			(0.17	)		11.04		15.49	^(f)		438,471		0.41			0.67			1.53			4
2005^(e)		9.43		0.13	^(g)(h)		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 period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. 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. Total returns for periods less than one full year are not annualized.
(b)		Calculated based on the average shares outstanding methodology.
(c)		Annualized.
(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 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.
(f)		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%.
(g)		Calculated based on the Securities and Exchange Commission (“SEC”) methodology.
(h)		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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			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			period		to average			to average			to average			turnover
	of period		income			gain (loss)			operations		income			gains			distributions			period		return^(a)			(in 000s)		net assets			net assets			net assets			rate^(b)

FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)



2010	$	10.29	$	0.09	^(c)	$	0.40		$	0.49	$	(0.12	)	$	—		$	(0.12	)	$	10.66		4.76	%	$	76,413		0.81	%^(d)		1.07	%^(d)		1.82	%^(d)		279	%


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			287	^(e)
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	^(f)		1.03	^(f)		4.19	^(f)		217
2006^(g)		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^(g)		10.19		0.32	^(h)		(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 period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. 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. Total returns for periods less than one full year are not annualized.
(b)		The portfolio turnover rate excluding the effect of mortgage dollar rolls is 447%, 146%, 184%, 231%^(e) and 191% for the fiscal years ended December 31, 2006, 2007, 2008, 2009, and for the six months ended June 30, 2010, respectively. The prior year ratio includes the effect of mortgage dollar roll transactions.
(c)		Calculated based on the average shares outstanding methodology.
(d)		Annualized.
(e)		The amount previously reported has been adjusted to exclude certain “To Be Announced” activity where a mortgage security was delivered.
(f)		Includes non-recurring expense for a special shareholder meeting, which amounted to approximately 0.03% of average net assets.
(g)		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.
(h)		Calculated based on the Securities and Exchange Commission (“SEC”) methodology.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from
			investment operations
						Net						Distributions													Ratio of			Ratio of
	Net asset					realized						to shareholders			Net asset					Net assets,		Ratio of			total			net investment
	value,		Net			and			Total from			from net			value,					end of		net expenses			expenses			loss to			Portfolio
	beginning		investment			unrealized			investment			realized			end of		Total			period		to average			to average			average			turnover
	of period		loss			gain (loss)			operations			gains			period		return^(a)			(in 000s)		net assets			net assets			net assets			rate

FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)



2010	$	5.63	$	(0.02	)^(b)	$	(0.26	)	$	(0.28	)	$	—		$	5.35		(4.97	)%	$	113,789		1.18	%^(c)		1.42	%^(c)		(0.57	)%^(c)		27	%


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	^(d)		1.38	^(d)		(0.48	)^(d)		73
2006^(e)		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^(e)		10.90		(0.05	)^(f)(g)		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 period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. 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. Total returns for periods less than one full year are not annualized.
(b)		Calculated based on the average shares outstanding methodology.
(c)		Annualized.
(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 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.
(f)		Calculated based on the Securities and Exchange Commission (“SEC”) methodology.
(g)		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.

Notes to Financial Statements

June 30, 2010 (Unaudited)

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 management agreements (the “Agreements”) with the Trust.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Funds 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.

C. 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.

D. 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:


	Income Distributions		Capital Gains 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 Funds’ 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.

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.

E. 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2010 (Unaudited)


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 foreign currency 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.

F. Forward Foreign Currency Exchange Contracts — Certain Funds 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 Funds 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 Funds must set aside liquid assets, or engage in other appropriate measures to cover its obligations under these contracts.

G. 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 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.

H. 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 gains.

I. 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 accrue 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 other counterparty.

J. 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.

K. 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2010 (Unaudited)

3. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreements — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the trustees.

As compensation for the services rendered pursuant to the Agreements, 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 paid monthly, equal to an annual percentage rate of the Funds’ average daily net assets.

For the six months ended June 30, 2010, contractual and management fees with GSAM were at the following rates:


	Contractual Management Rate
	First			Next			Next			Next			Over			Effective
Fund	$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. GSAM has agreed to waive a portion of its management fee in order to achieve the following effective annual rates:


Management Rate
	Over $300 million -
$0 - $300 million	$400 million			Over $400 million			Effective Rate

0.27%		0.24	%		0.20	%		0.27	%

Effective July 1, 2010, GSAM has agreed to waive a portion of its management fees for the Equity Index Fund in order to achieve the following effective annual rates:


Management Rate
$0 - $400 million			Over $400 million

	0.21	%		0.20	%

As authorized by the Agreement, GSAM has entered into a Sub-advisory Agreement with 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 paid monthly by GSAM, at the following annual rates of the Fund’s average daily net assets: 0.03% on the first $50 million, 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 six months ended June 30, 2010.

B. Distribution 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 is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares. For the Growth Opportunities Fund, Goldman Sachs has agreed to waive distribution and services fees so as not to exceed 0.16% of average daily net assets of the Fund.

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 paid monthly at an annual rate of 0.02% of the average daily net assets of the Funds.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS


3. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 each Fund. Such Other Expenses reimbursement, if any, is computed daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any.

For the six months ended June 30, 2010, these expense reductions, including any fee waivers and Other Expenses reimbursement, were as follows (in thousands):


			Distribution
	Management		and Service		Other Expenses		Total Expense
Fund	Fee Waiver		Fee Waiver		Reimbursement		Reductions

Core Fixed Income	$	—	$	—	$	114	$	114


Equity Index		29		—		120		149


Government Income		—		—		96		96


Growth Opportunities		—		56		93		149

As of June 30, 2010, 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	$	60	$	37	$	3	$	100


Equity Index		40		37		3		80


Government Income		33		16		1		50


Growth Opportunities		99		16		2		117

E. Line of Credit Facility — As of June 30, 2010, the Funds participated in a $580,000,000 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 could increase the credit amount by an additional $340,000,000, for a total of up to $920,000,000. This facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2010, the Funds did not have any borrowings under the facility. Prior to May 11, 2010, the amount available through the facility was $660,000,000.

F. Other Transactions with Affiliates — For the six months ended June 30, 2010, Goldman Sachs earned approximately $100, $100 and $1,000 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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2010 (Unaudited)


4. FAIR VALUE OF INVESTMENTS (continued)

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 significant inputs are observable (including but not limited to quoted prices for similar securities, interest rates, foreign exchange rates, prepayment speeds and credit risk), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The following is a summary of the Funds’ investments categorized in the fair value hierarchy, as of June 30, 2010:

Core Fixed Income


	Level 1			Level 2			Level 3

Assets
Fixed Income
U.S. Treasury and/or Other U.S. Government Obligations and Agencies	$	26,949,920		$	3,046,094		$	—
Municipal Debt Obligations		—			3,097,011			—
Corporate Obligations		—			30,807,931			—
Foreign Debt Obligations		323,628			2,122,970			—
Government Guarantee Obligations		—			25,483,387			—
Mortgage-Backed Obligations		—			68,007,963			—
Asset-Backed Securities		—			2,205,611			—
Short-term Investment		20,931,358			—			—
Derivatives		280,865			98,034			—


Total	$	48,485,771		$	134,869,001		$	—


Liabilities
Derivatives	$	(1,800	)	$	(138,577	)	$	—

Equity Index


	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments	$	167,058,386		$	—	$	—
U.S. Treasury and/or Other U.S. Government Obligations and Agencies		354,839			—		—
Short-term Investments		1,250,162			—		—


Total	$	168,663,387		$	—	$	—


Liabilities
Derivatives	$	(125,470	)	$	—	$	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS


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	$	18,021,822		$	7,122,963		$	—
Government Guarantee Obligations		—			9,335,786			—
Mortgage-Backed Obligations		—			32,056,165			—
Asset-Backed Securities		—			559,667			—
Short-term Investment		16,661,564			—			—
Derivatives		99,323			—			—


Total	$	34,782,709		$	49,074,581		$	—


Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(2,014,961	)	$	—
Derivatives		(32,235	)		—			—


Total	$	(32,235	)	$	(2,014,961	)	$	—

Growth Opportunities


	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments	$	110,610,025	$	—	$	—
Short-term Investment		3,899,105		—		—


Total	$	114,509,130	$	—	$	—

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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2010 (Unaudited)


5. INVESTMENTS IN DERIVATIVES (continued)

The following table sets forth the gross value of the Funds’ derivative contracts for trading activities by certain risk types as of June 30, 2010. The values in the table below exclude the effects of cash collateral received or posted pursuant to derivative contracts, and therefore are not representative of the Funds’ net exposure.

Core Fixed Income


	Statements of				Statements of
	Assets and Liabilities				Assets and Liabilities
Risk	Location	Assets			Location	Liabilities

Interest rate	Due from broker — variation margin, at value	$	280,865	^(a)	Due to broker — variation margin, at value	$	(1,800	)^(a)
Currency	Receivables for forward foreign currency exchange contracts, at value		98,034		Payables for forward foreign currency exchange contracts, at value		(138,577	)


Total		$	378,899			$	(140,377	)

Statements of

Assets and Liabilities

Risk

Fund

Location

Assets

Liabilities

Equity

Equity Index

Due to broker — variation margin, at value

—

(125,470

)^(a)

Interest rate

Government Income

Due from broker/Due to broker — variation margin, at value

99,323

(32,235

)^(a)


^(a)		Includes unrealized gain (loss) 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.

The following table sets forth by certain risk types the Funds’ gains (losses) related to derivative activities and their indicative volumes for the six months ended June 30, 2010. 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		Average
		Net Realized Gain		Unrealized Gain		Number of
Risk	Statements of Operations Location	(Loss)		(Loss)		Contracts^(a)

Interest rate	Net realized gain (loss) from futures transactions/Net change in unrealized gain (loss) on futures	$	866,924	$	659,937		238
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		430,548		147,440		120


		$	1,297,472	$	807,377		358

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS


5. INVESTMENTS IN DERIVATIVES (continued)

The following table represents gains (losses) which are included in “Net realized gain (loss) from future transactions” and “Net change in unrealized gain (loss) on futures” in the Statements of Operations.

Net Change in

Average

Net Realized Gain

Unrealized Gain

Number of

Risk

Fund

(Loss)

Contracts^(a)

Equity

Equity Index

3,591

(144,353

)

Interest rate

Government Income

164,997

123,632


^(a)		Average number of contracts is based on the average of month end balances for the six months ended June 30, 2010.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2010, 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	$	334,726,631	$	31,473,780	$	345,339,650	$	42,863,080


Equity Index		—		3,725,956		—		19,247,423


Government Income		194,852,940		987,656		204,930,055		3,336,463


Growth Opportunities		—		33,425,842		—		42,536,138

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) 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. Effective May 26, 2010, the Fund is no longer participating in the securities lending program.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2010 (Unaudited)


7. SECURITIES LENDING (continued)

Both the Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amounts earned by the Fund for the six months ended June 30, 2010, are reported under Investment Income on the Statements of Operations. A portion of this amount, $1,913, represents compensation earned by the Fund from lending its securities to Goldman Sachs. For the six months ended June 30, 2010, GSAL earned $325 in fees as securities lending agent for the Fund.

The following table provides information about the Fund’s investment in the Enhanced Portfolio for the six months ended June 30, 2010:

Number of

Shares Held

Value at

Fund

Beginning of Period

Shares Bought

Shares Sold

End of Period

Growth Opportunities

11,691

5,153

(16,844

)

—

8. TAX INFORMATION

As of the most recent fiscal year end, December 31, 2009, the Funds’ capital loss carryforwards and certain timing differences on a tax-basis were as follows:


	Core Fixed			Equity			Government			Growth
	Income			Index			Income			Opportunities

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	)


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

As of June 30, 2010, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:


	Core Fixed			Equity			Government			Growth
	Income			Index			Income			Opportunities

Tax cost	$	179,776,490		$	192,167,020		$	81,985,607		$	116,034,681


Gross unrealized gain		5,968,496			30,981,477			2,360,064			12,432,183
Gross unrealized loss		(2,769,113	)		(54,485,110	)		(587,704	)		(13,957,734	)


Net unrealized security gain (loss)	$	3,199,383		$	(23,503,633	)	$	1,772,360		$	(1,525,551	)

The difference between GAAP-basis and tax-basis unrealized gains (losses), as of the most recent fiscal year end, is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts and forward foreign currency exchange contracts and differences related to the tax treatment of partnership and underlying fund investments and securities on loan.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

9. OTHER RISKS

Funds’ Shareholder Concentration Risk — 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, accounts, or Goldman Sachs affiliates 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.

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.

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

Legal Proceedings — On April 16, 2010, the SEC brought an action under the U.S. federal securities laws in the U.S. District Court for the Southern District of New York against Goldman Sachs and one of its employees alleging that they made materially misleading statements and omissions in connection with a 2007 private placement of securities relating to a synthetic collateralized debt obligation sold to two institutional investors. On July 14, 2010, the SEC and Goldman Sachs entered into a consent agreement settling this action. On July 20, 2010, the U.S. District Court entered a final judgment approving the settlement.

Neither Goldman Sachs Asset Management, L.P. or Goldman Sachs Asset Management International (collectively “GSAM”, for purposes of this note only) nor any GSAM-managed funds were named in the complaint. Moreover, the SEC complaint did not seek any penalties against them or against any employee who is or has been part of GSAM.

GSAM, Goldman Sachs and certain of their affiliates have received temporary exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.-registered mutual funds. Due to a provision in the law governing the operation of mutual funds, they would otherwise have become ineligible to perform these activities as a result of the District Court’s final judgment. GSAM, Goldman Sachs and certain of their affiliates have applied for final exemptive relief. While there is no assurance that such an exemption would be granted, the SEC has granted this type of relief in the past.

Goldman Sachs and/or other affiliates of The Goldman Sachs Group, Inc. have received or may in the future receive notices and requests for information from various regulators, and have become or may in the future become involved in legal proceedings, based on allegations similar to those made by the SEC or other matters. In the view of Goldman Sachs and GSAM, neither the matters alleged in any such similar proceedings nor their eventual resolution are likely to have a material affect on the ability of Goldman Sachs, GSAM or their affiliates to provide services to GSAM-managed funds.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs Core Fixed Income, Goldman Sachs Government Income, Goldman Sachs Growth Opportunities and Goldman Sachs Equity Index Funds (the “Funds”) are investment portfolios of Goldman Sachs Variable Insurance Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held during the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreements (the “Management Agreements”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds and the sub-advisory agreement (the “Sub-Advisory Agreement”, and together with the Management Agreements, the “Agreements”) between the Investment Adviser and SSgA Funds Management, Inc. (the “Sub-Adviser”) on behalf of the Equity Index Fund.

The Agreements were most recently approved for continuation until June 30, 2011 by the Board of Trustees, including those Trustees who are not parties to the Agreements or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2010 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held three meetings over the course of the year, since last approving the Agreements. At those Committee meetings, regularly scheduled Board meetings and/or the Annual Meeting, the Board, or the Independent Trustees, as applicable, considered matters relating to the Management Agreements, including:

(a) the nature and quality of the advisory, administrative and other services provided to the Funds by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services and operations), controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, market risk analysis and finance and strategy), sales and distribution support groups and others (e.g., information technology and training);

(iii) trends in headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Funds, including comparisons to the performance of similar mutual funds, as provided by a third party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and benchmark performance indices, and general investment outlooks in the markets in which the Funds invest;

(c) the terms of the Management Agreements and agreements with affiliated service providers entered into by the Trust on behalf of the Funds;

(d) expense information for the Funds, including:

(i) the relative management fee and expense levels of the Funds as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) each Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(e) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Funds;

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

(f) the undertakings of the Investment Adviser to waive certain fees (with respect to the Equity Index Fund) and reimburse certain expenses of each of the Funds that exceed specified levels; the undertaking of Goldman, Sachs & Co. (“Goldman Sachs”), the Funds’ distributor, to waive a portion of the distribution and service fees paid by the Growth Opportunities Fund; and a summary of contractual fee reductions made by the Investment Adviser and its affiliates over the past several years with respect to the Funds;

(g) information relating to the profitability of the Management Agreements and the transfer agency and distribution and service arrangements of each of the Funds and the Trust as a whole to the Investment Adviser and its affiliates;

(h) potential economies of scale, if any, and the levels of breakpoints in the fees payable by the Core Fixed Income, Government Income and Growth Opportunities Funds under their Management Agreement;

(i) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds, including the fees received by the Investment Adviser’s affiliates from the Funds for transfer agency, securities lending (in the case of the Growth Opportunities Fund), portfolio brokerage (in the case of the Growth Opportunities and Equity Index Funds (the “Equity Funds”)), distribution and other services;

(j) a summary of potential benefits derived by the Funds as a result of their relationship with the Investment Adviser;

(k) commission rates paid by the Equity Funds, an update on the Investment Adviser’s soft dollars practices (in the case of the Equity Funds) and other portfolio trading related issues;

(l) the manner in which portfolio manager compensation is determined, the alignment of the interests of the Funds and of the portfolio managers and related potential conflicts of interest; and the number and types of accounts managed by the portfolio managers;

(m) the nature and quality of the services provided to the Funds by their unaffiliated service providers (including the Equity Index Fund’s Sub-Adviser), and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administration services provided under the Management Agreements; and

(n) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Funds’ compliance program; and compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity and the payment of Rule 12b-1 distribution and service fees by the Funds. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution and/or servicing of Fund shares.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual fund portfolios for which the Board of Trustees has responsibility. In evaluating the Management Agreements at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser, its affiliates, their services and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

Nature, Extent and Quality of the Services Provided Under the Management Agreements

As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services, and the other, non-advisory services, that are provided to the Funds by the Investment Adviser and its affiliates. The Independent Trustees concluded that the Investment Adviser had committed substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also observed that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

Investment Performance

The Trustees also considered the investment performance of the Funds and the Investment Adviser. In this regard, they compared the investment performance of each Fund to the performance rankings and ratings compiled by the Outside Data Provider. This information on each Fund’s investment performance relative to that of its peers was provided for the one-and three-year periods ended December 31, 2009. The Trustees also reviewed each Fund’s investment performance over time on a year-by-year basis relative to its performance benchmark. In addition, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions (and credit and duration parameters, in the case of the Core Fixed Income and Government Income Funds (the “Fixed Income Funds”)). The Trustees considered whether each Fund had operated within its investment policies and had complied with its investment limitations.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s Chief Investment Officer and portfolio management personnel, in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

With respect to the Fixed Income Funds, the Trustees believed that they were providing investment performance within a competitive range for long-term investors and noted that the Fixed Income Funds outperformed their respective benchmarks for the one-year period ended December 31, 2009. They also noted that the Fixed Income Funds ranked in the top half of their respective peer groups for the one-year period ended December 31, 2009. The Trustees recognized that despite a challenging track record over the three-year and five-year time period ended December 31, 2009 for the Core Fixed Income Fund, the recent performance of the Fixed Income Funds was generally strong. The Trustees concluded that the Investment Adviser’s continued management likely would benefit each Fixed Income Fund and its shareholders. The Trustees also concluded that the Growth Opportunities and Equity Index Funds each were providing investment performance within a competitive range for long-term investors, and noted that the Growth Opportunities Fund outperformed its benchmark and ranked in the top half of its peer group in 2009. The Trustees concluded that the Investment Adviser’s continued management likely would benefit each Equity Fund and its shareholders.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual fee rates payable by each Fund under its respective Management Agreement and payable by the Investment Adviser under the Sub-Advisory Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of the Funds’ management fees and breakpoints (as applicable) to those of relevant peer groups and category universes; an expense analysis which compared each Fund’s expenses to a peer group and a category universe; and a four-year history comparing each Fund’s expenses to the peer and category averages. The analyses also compared each Fund’s transfer agency fees, custody and accounting fees, distribution fees, other expenses and fee waivers/reimbursements to those of other funds in the peer group and the peer group median. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to limit the Funds’ “other expenses” ratios (excluding certain expenses) to certain specified levels and to waive a portion of the contractual management fees paid by the Equity Index Fund, as well as Goldman Sachs’ undertaking to waive a portion of the distribution and service fees paid by the Growth Opportunities Fund’s Service Shares. They also considered, to the extent that the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to institutional accounts, which generally operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, were less time-intensive and paid lower fees. By contrast, the Trustees noted that the Investment Adviser provides substantial administrative services to the Funds under the terms of the Management Agreements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if they believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed the Investment Adviser’s revenues and pre-tax profit margins with respect to the Trust and each of the Funds. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service) and the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also reviewed the report of the internal audit group within the Goldman Sachs organization, which included an assessment of the reasonableness and consistency of the Investment Adviser’s expense allocation methodology and an evaluation of the accuracy of the Investment Adviser’s profitability analysis calculations. Profitability data for the Trust and each Fund were provided for 2009 and 2008, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability. The Trustees considered the Investment Adviser’s revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Adviser’s profitability and (as applicable) the rationale for the Funds’ breakpoint structure. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Core Fixed Income, Government Income and Growth Opportunities Funds at the following annual percentage rates of the average daily net assets of the Funds:


							Growth
	Core Fixed			Government			Opportunities
	Income Fund			Income Fund			Fund

First $1 billion		0.40	%		0.54	%		1.00	%
Next $1 billion		0.36			0.49			1.00
Next $3 billion		0.34			0.47			0.90
Next $3 billion		0.33			0.46			0.86
Over $8 billion		0.32			0.45			0.84

The Trustees noted that the breakpoints at the $5 and $8 billion asset levels had been proposed by the Investment Adviser and approved by the Trustees in 2008 to further share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertakings to limit fees (with respect to Equity Index Fund) and other expenses (with respect to all of the Funds) to certain amounts. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability would be passed along to shareholders at the specified asset levels.

With respect to the Equity Index Fund, the Trustees noted that its Management Agreement did not have breakpoints. The Trustees considered the amounts of assets in the Fund; the Fund’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; and information comparing the contractual fee rate charged by the Investment Adviser with fee rates charged by other, unaffiliated investment managers to other variable annuity index funds. The Trustees noted that the fees actually paid by the Fund were reduced by the Investment Adviser’s undertakings to limit the management fee rate (with the amount of the waiver in percentage terms increasing as assets under management increase) and certain “other expenses” to certain amounts.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

The Trustees also considered and approved the following breakpoints in the contractual fee rate (paid by the Investment Adviser) in the Sub-Advisory Agreement:


	Equity Index Fund
	(Sub-Advisory Fee)

First $50 million		0.03	%
Next $200 million		0.02
Next $750 million		0.01
Over $1 billion		0.008

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationship with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing certain securities transactions (on behalf of the Equity Funds) and futures transactions (on behalf of all of the Funds); (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Growth Opportunities Fund; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) in the case of the Growth Opportunities Fund, fees earned during a portion of the year by Goldman Sachs Agency Lending, an affiliate of the Investment Adviser, as securities lending agent for the Fund (and fees earned by the Investment Adviser for managing the portfolio in which the Fund’s cash collateral was invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (j) the Investment Adviser’s ability to leverage relationships with the Funds’ third party service providers to attract more firmwide business. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of the fall-out benefits. In looking at the benefits to Goldman Sachs Agency Lending and the Investment Adviser from the securities lending program, they noted that the Growth Opportunities Fund also benefited from its participation in the securities lending program.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) improved servicing and pricing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) improved servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages gained from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary databases); and (h) the Funds’ access to certain affiliated distribution channels. The Trustees noted the competitive nature of the mutual fund marketplace, and noted further that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Approval of Sub-Advisory Agreement

The Trustees concluded that the Sub-Advisory Agreement with respect to the Equity Index Fund should be continued and approved. In reaching this determination, they relied on the information provided by the Investment Adviser and the Sub-Adviser. The Trustees noted that the Fund commenced operations in January 2006, and reviewed the Fund’s operations and investment performance since then. The Trustees reviewed the respective services provided to the Fund by the Investment Adviser under its Management Agreement and by the Sub-Adviser under its Sub-Advisory Agreement. They considered the Sub-Adviser’s strong record in tracking the performance of the Fund’s benchmark, in accordance with the investment objective of the Fund. They also considered the Sub-Adviser’s experience in index investing and its compliance policies and procedures and code of ethics. They considered the contractual management fee rate received by the

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

Sub-Adviser (along with the breakpoints in the fee schedule) and noted that the compensation paid to the Sub-Adviser was paid by the Investment Adviser, not by the Fund, and that the retention of the Sub-Adviser does not increase the fees incurred by the Fund for advisory services. After deliberation and consideration of the information provided, the Trustees concluded that the sub-advisory fee to be paid by the Investment Adviser to the Sub-Adviser with respect to the Equity Index Fund is reasonable in light of the services to be provided by the Sub-Adviser and the Fund’s reasonably foreseeable asset levels, and that the Sub-Advisory Agreement should be approved and continued until June 30, 2011.

Conclusion

In connection with their consideration of the Management Agreements, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees concluded that the Management Agreements should be approved and continued with respect to each applicable Fund until June 30, 2011.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Fund Expenses — Six Month Period Ended June 30, 2010 (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 January 1, 2010 through June 30, 2010.

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 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
	1/1/10		6/30/10			6/30/10*		1/1/10		6/30/10			6/30/10*		1/1/10		6/30/10			6/30/10*		1/1/10		6/30/10			6/30/10*
Actual	$	1,000	$	1,055.40		$	3.41	$	1,000	$	934.20		$	2.59	$	1,000	$	1,047.60		$	4.11	$	1,000	$	950.30		$	5.71
Hypothetical 5% return		1,000		1,021.47	+		3.36		1,000		1,022.12	+		2.71		1,000		1,020.78	+		4.06		1,000		1,018.94	+		5.91


*		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 June 30, 2010. 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	0.54
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.


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
200 West Street, New York, New York 10282




Visit our Web site at www.goldmansachsfunds.com/vit to obtain the most recent month-end returns.



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.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
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.



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This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling 1-800-621-2550.
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.

VITSVCSAR10/39374.MF.TMPL/08-10

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Principal Investment Strategies and Risks

Shares of the Goldman Sachs Variable Insurance Trust — Goldman Sachs Large Cap Value Fund are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you realize with respect to your investments. Ask your representative for more complete information. Please consider the Fund’s objective, risks and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Fund.

The Goldman Sachs Large Cap Value Fund invests primarily in large-capitalization U.S. equity investments and also invests in fixed income securities. The Fund’s equity investments will be subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Investments in fixed income securities are subject to the risks associated with debt securities, including credit and interest rate risk.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE 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 six months ended June 30, 2010.

How did the Goldman Sachs Variable Insurance Trust — Goldman Sachs Large Cap Value Fund (formerly, Goldman Sachs Growth and Income Fund) (the “Fund”) perform during the semi-annual period ended June 30, 2010?

During the six-month period ended June 30, 2010 (the “Reporting Period”), the Fund’s Institutional and Service Shares generated cumulative total returns, without sales charges, of -8.30% and -8.41%, respectively. These returns compare to the -5.12% cumulative total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Index”) during the same time period.

Were there any significant changes in the Fund’s investment approach during the Reporting Period?

Effective April 30, 2010, the Goldman Sachs VIT Growth and Income Fund was renamed “Goldman Sachs VIT Large Cap Value Fund”. The Fund’s performance benchmark and anticipated fees and expenses remained the same, but the investment objective and strategies of the Fund did change. The Fund’s objective is now long-term capital appreciation. The Fund seeks 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 (based upon shares available for trading on an unrestricted basis) within the range of the market capitalization of companies constituting the Russell Index at the time of investment. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not required to, sell the security. As of March 1, 2010, the capitalization range of the Russell Index was between $240 million and $309 billion. The Fund seeks 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.

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

U.S. equity markets, like the broader global equity markets, broke a four-quarter winning streak with a sharp drop in the second quarter of 2010 that erased gains from the first quarter of the year and sent most major indices into negative territory for the Reporting Period overall. The Standard & Poor’s^® 500 Index, which represents the US large-cap equity market, fell more than 11% during the second quarter, in line with the performance of the MSCI World Index, which is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. As of May 27, 2010 the MSCI World Index consisted of the following 24 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. Broad-based weakness produced negative returns for all sectors in the Standard & Poor’s^® 500 Index although more defensive sectors, such as consumer staples, telecommunication services and utilities fared slightly better than index averages.

While the performance of both U.S. and international equity markets largely reflected investor concern that Europe’s sovereign debt dilemma would spark another financial crisis, attention was also increasingly focused on evidence that the global economy was losing steam. In the U.S., the Federal Reserve (the Fed) remained cautious on economic growth. Consumers were wary, and private sector payroll growth was weaker than expected. Additionally, fears of slowing Chinese demand hit commodity prices, while high crude oil inventory levels and BP’s disastrous oil spill in the Gulf of Mexico further pressured energy stocks. The financials sector was among the weakest in the second quarter, as significant financial

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

reform legislation neared the final stages, and investors contemplated the impact to margins, earnings and multiples of banks.

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

Stock selection overall detracted most from the Fund’s performance relative to the Russell Index during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Effective stock selection in the materials, telecommunication services and industrials sectors helped the Fund’s performance most relative to the Russell Index. Detracting most from the Fund’s relative results was stock selection in the financials, health care and consumer discretionary sectors, where company-specific issues weighed on certain holdings.

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

The Fund benefited most relative to the Russell Index from positions in telecommunications giant Sprint Nextel and diversified mining and natural resources company Cliffs Natural Resources.

Shares of Sprint Nextel advanced modestly, as the company reported its first sequential increase in operating revenues in several years, as well as lower customer turnover, a key indicator for its turnaround story. After a positive earnings report in April, the company continued to gain momentum in May as investors grew more confident in its turnaround. We remained encouraged by the company’s progress, particularly in reducing churn and rolling out fourth generation (4G). By the end of the Reporting Period, we had trimmed the Fund’s position in Sprint Nextel, taking profits on strength.

Cliffs Natural Resources, the only public iron ore company in the U.S., performed well during the Reporting Period, benefiting from improved volume, lower fixed costs and higher pricing. The company’s shares also rose as it reported better-than-anticipated earnings and raised guidance. We trimmed the Fund’s position in Cliffs Natural Resources as it approached our price target.

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 independent oil and natural gas producer Range Resources and medical products company Baxter International.

Range Resources’ shares were negatively affected by weak natural gas prices. Also, there was investor concern over a possible moratorium on drilling in Pennsylvania that would hurt the company’s business. In a related manner, there were worries about potential headwinds from competitor accidents in the field and further regulation. We continued to like this position with a long-term perspective, as Range Resources has a high quality safety standard such that new regulation, in our view, would hurt them less on a cost basis than it would many of its competitors. Still, we trimmed the Fund’s position in Range Resources to reduce exposure over the near term.

Baxter International’s shares fell after the company trimmed its earnings guidance for 2010 due to a weaker outlook for its bioscience, or blood plasma, business. Competition in the blood plasma market had increased, making it more difficult for Baxter International to price its products at a premium. While we expected, at the end of the Reporting Period, uncertainty in the plasma business to remain an overhang in the near term, we continued to believe the company was trading at an attractive valuation due to its robust product pipeline and its market leading franchise.

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

During the Reporting Period, we sought to take advantage of market volatility by opportunistically investing in strong franchises that were trading at historically low levels. As such, we added to the Fund’s position in diversified financial services company U.S. Bancorp due to its strong and stable management team and its highly diverse set of businesses that have continually enabled the company to earn a higher return-on-assets than many of its peers.

We also initiated a Fund position in BMC Software, a provider of management solutions for mainframes and a distributor of information technology systems. BMC Software’s shares were, at the time of purchase, trading well below historical averages on a price/earnings basis. We believe that BMC Software should benefit from a renewal cycle in the mainframe business, driven by catch-up spending that was deferred during the economic downturn. In our view, such a trend should lead to an improved pricing environment for BMC Software’s most profitable line of business.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

We eliminated the Fund’s position in computer products and information technology services company Hewlett-Packard, as we saw near-term uncertainty regarding a recent acquisition the company made. In our view, other names in the industry had more attractive risk/reward opportunities with similar valuations.

We sold out of the Fund’s position in integrated oil company BP after our investment thesis was challenged due to weaker-than-expected production growth as well as acquisition risk. Of course, BP’s shares had fallen rather precipitously in the wake of its disastrous oil spill in the Gulf of Mexico.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in the Fund’s sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to the consumer discretionary and industrials sectors increased compared to the Russell Index. The Fund’s allocations compared to the benchmark index in the health care and telecommunication services sectors decreased.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

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

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

We maintained, at the end of the Reporting Period, a cautiously optimistic view ahead on the U.S. economy, though we recognized that the path to recovery may occur at an uneven pace. Further, many of the headwinds to recovery had already been discounted in the U.S. equity market, and so we believe the risk/reward trade-off is an overall positive over the long term. Amidst a challenging macroeconomic backdrop that includes earnings volatility, regulatory uncertainty and high unemployment, we remained encouraged by data points at the company level. Whereas earnings improvements during the Reporting Period were primarily driven by cost cutting, we believe revenues are beginning to stabilize. Corporate profits appear to be improving, and management teams are more positive. High cash levels and strong balance sheets bode well, in our view, for capital expenditures — the fuel for longer-term growth.

As valuations and volatility normalize from extremes, we believe stocks should trade more on fundamentals and profitability going forward, creating a fertile environment for stock selection. We were excited, at the end of the Reporting Period, to find ourselves with ample opportunities to buy what we believe to be quality businesses at deeply discounted valuations. Drastic cost cutting during the downturn resulted in increased operating leverage for many companies, benefiting margins. With corporate balance sheets strengthened and flush with cash, we believe capital allocation decisions will distinguish winners and losers. We maintain our discipline as we seek companies with strong or improving fundamentals, led by quality management teams focused on creating shareholder value, 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.

FUND BASICS

Large Cap Value Fund

as of June 30, 2010

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS¹


For the period ended 6/30/10	One Year			Five Years			Ten Years			Since Inception			Inception Date

Institutional		10.72	%		-1.79	%		0.32	%		1.17	%	1/12/98
Service		10.31			N/A			N/A			-12.31		7/24/07

EXPENSE RATIOS²


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Institutional		0.81	%		0.81	%
Service		1.06			1.06

TOP TEN HOLDINGS AS OF 6/30/10³


Holding	% of Net Assets			Line of Business

JPMorgan Chase & Co.		4.4	%	Diversified Financials
Occidental Petroleum Corp.		4.1		Energy
Bank of America Corp.		3.9		Diversified Financials
Merck & Co., Inc.		3.7		Pharmaceuticals, Biotechnology & Life Sciences
General Electric Co.		3.0		Capital Goods
Honeywell International, Inc.		2.6		Capital Goods
General Mills, Inc.		2.4		Food, Beverage & Tobacco
Baxter International, Inc.		2.3		Health Care Equipment & Services
Johnson & Johnson		2.2		Pharmaceuticals, Biotechnology & Life Sciences
Entergy Corp.		2.1		Utilities

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments

June 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – 95.9%


	Automobiles & Components – 2.1%
		802,396	Ford Motor Co.*	$	8,088,152
		420,053	Johnson Controls, Inc.		11,286,824

					19,374,976


	Banks – 2.5%
		189,296	SunTrust Banks, Inc.		4,410,597
		808,681	U.S. Bancorp		18,074,020

					22,484,617


	Capital Goods – 10.1%
		104,751	Eaton Corp.		6,854,905
		428,434	Emerson Electric Co.		18,718,281
		1,871,909	General Electric Co.		26,992,928
		609,654	Honeywell International, Inc.		23,794,796
		253,499	The Boeing Co.		15,907,062

					92,267,972


	Consumer Durables & Apparel – 0.9%
		554,135	Newell Rubbermaid, Inc.		8,112,536


	Diversified Financials – 14.0%
		2,484,286	Bank of America Corp.		35,699,190
		104,751	Franklin Resources, Inc.		9,028,489
		610,701	Invesco Ltd.		10,278,098
		1,083,130	JPMorgan Chase & Co.		39,653,389
		1,276,800	SLM Corp.*		13,265,952
		238,833	State Street Corp.		8,077,332
		475,572	The Bank of New York Mellon Corp.		11,741,872

					127,744,322


	Energy – 10.2%
		92,181	EOG Resources, Inc.		9,067,845
		584,600	Halliburton Co.		14,351,930
		328,920	Newfield Exploration Co.*		16,071,031
		486,979	Occidental Petroleum Corp.		37,570,430
		403,293	Range Resources Corp.		16,192,214

					93,253,450


	Food & Staples Retailing – 2.7%
		464,049	CVS Caremark Corp.		13,605,917
		222,073	Wal-Mart Stores, Inc.		10,675,049

					24,280,966


	Food, Beverage & Tobacco – 6.8%
		527,947	Archer-Daniels-Midland Co.		13,631,592
		619,081	General Mills, Inc.		21,989,757
		295,399	PepsiCo, Inc.		18,004,569
		6,738	Philip Morris International, Inc.		308,870
		283,876	Unilever NV		7,755,492

					61,690,280


	Health Care Equipment & Services – 4.3%
		520,091	Baxter International, Inc.		21,136,498
		358,774	WellPoint, Inc.*		17,554,812

					38,691,310


	Insurance – 9.4%
		439,956	Aflac, Inc.		18,772,923
		141,938	Everest Re Group Ltd.		10,037,855
		431,576	Marsh & McLennan Companies, Inc.		9,732,039
		298,018	Prudential Financial, Inc.		15,991,646
		233,596	The Allstate Corp.		6,711,213
		431,576	The Hartford Financial Services Group, Inc.		9,550,777
		299,065	The Travelers Companies, Inc.		14,728,951

					85,525,404


	Materials – 2.8%
		102,656	Air Products & Chemicals, Inc.		6,653,135
		89,039	Newmont Mining Corp.		5,497,268
		368,725	The Dow Chemical Co.		8,746,157
		69,136	Walter Energy, Inc.		4,206,926

					25,103,486


	Media – 5.2%
		920,765	CBS Corp. Class B		11,905,491
		476,619	Comcast Corp. Class A		8,278,872
		853,724	DISH Network Corp. Class A		15,495,091
		370,820	Viacom, Inc. Class B		11,632,623

					47,312,077


	Pharmaceuticals, Biotechnology & Life Sciences – 7.8%
		349,870	Biogen Idec, Inc.*		16,601,332
		345,680	Johnson & Johnson		20,415,861
		968,951	Merck & Co., Inc.		33,884,216

					70,901,409


	Retailing – 2.1%
		69,500	Bed Bath & Beyond, Inc.*		2,577,060
		512,235	Staples, Inc.		9,758,077
		159,222	The TJX Companies, Inc.		6,679,363

					19,014,500


	Semiconductors & Semiconductor Equipment – 1.7%
		260,831	Broadcom Corp. Class A		8,599,598
		292,257	Texas Instruments, Inc.		6,803,743

					15,403,341


	Software & Services – 2.9%
		265,021	BMC Software, Inc.*		9,177,677
		19,484	Google, Inc. Class A*		8,669,406
		397,008	Oracle Corp.		8,519,792

					26,366,875


	Technology Hardware & Equipment – 2.5%
		443,099	Cisco Systems, Inc.*		9,442,440
		505,950	EMC Corp.*		9,258,885
		135,129	QUALCOMM, Inc.		4,437,636

					23,138,961


	Telecommunication Services – 2.0%
		4,330,849	Sprint Nextel Corp.*		18,362,800

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments (continued)

June 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)

	Utilities – 5.9%
		577,181	American Electric Power Co., Inc.	$	18,642,946
		263,450	Entergy Corp.		18,868,289
		311,740	FirstEnergy Corp.		10,982,600
		206,529	PPL Corp.		5,152,899

					53,646,734


	TOTAL COMMON STOCKS
	(Cost $919,680,523)			$	872,676,016


	Shares		Rate	Value

Short-term Investment^(a) – 3.0%


	JPMorgan U.S. Government Money Market Fund – Capital Shares
		27,414,033	0.067%	$	27,414,033
	(Cost $27,414,033)


	TOTAL INVESTMENTS – 98.9%
	(Cost $947,094,556)			$	900,090,049


	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%				9,833,154


	NET ASSETS – 100.0%			$	909,923,203

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)		Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2010.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statement of Assets and Liabilities

June 30, 2010 (Unaudited)



Assets:

Investments in securities, at value (identified cost $947,094,556)	$	900,090,049
Receivables:
Fund shares sold		56,281,131
Investment securities sold		17,803,166
Dividends		1,282,940
Other assets		5,420


Total assets		975,462,706





Liabilities:

Payables:
Investment securities purchased		60,834,999
Fund shares redeemed		3,926,520
Amounts owed to affiliates		662,606
Accrued expenses		115,378


Total liabilities		65,539,503





Net Assets:

Paid-in capital		1,080,467,386
Accumulated undistributed net investment income		6,522,588
Accumulated net realized loss from investment transactions		(130,062,264	)
Net unrealized loss on investments		(47,004,507	)


NET ASSETS	$	909,923,203


Net Assets:
Institutional	$	445,093,222
Service		464,829,981


Total Net Assets	$	909,923,203


Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):
Institutional		52,298,230
Service		54,692,826


Net asset value, offering and redemption price per share:
Institutional	$	8.51
Service		8.50

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statement of Operations

For the Six Months Ended June 30, 2010 (Unaudited)



Investment income:

Dividends	$	8,435,338
Securities lending income — affiliated issuer		6,110


Total investment income		8,441,448





Expenses:

Management fees		3,431,892
Distribution and Service fees — Service Shares		543,271
Transfer Agent fees^(a)		91,510
Printing and mailing costs		68,943
Professional fees		38,536
Custody and accounting fees		35,692
Trustee fees		7,894
Registration fees		1,234
Other		14,376


Total expenses		4,233,348


NET INVESTMENT INCOME		4,208,100





Realized and unrealized gain (loss) from investment transactions:

Net realized gain from:
Investment transactions — unaffiliated issuers		43,772,891
Securities lending reinvestment vehicle transactions — affiliated issuer		5,417
Net change in unrealized loss on:
Investments — unaffiliated issuer		(126,498,336	)
Securities lending reinvestment vehicle — affiliated issuer		(18,174	)


Net realized and unrealized loss from investment transactions		(82,738,202	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(78,530,102	)


(a)		Institutional and Service Shares had Transfer Agent fees of $48,052 and $43,458, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statements of Changes in Net Assets


	For the
	Six Months Ended			For the
	June 30, 2010			Fiscal Year Ended
	(Unaudited)			December 31, 2009


From operations:

Net investment income	$	4,208,100		$	12,981,115
Net realized gain (loss) from investment transactions		43,778,308			(99,361,706	)
Net change in unrealized gain (loss) on investments		(126,516,510	)		221,989,424


Net increase (decrease) in net assets resulting from operations		(78,530,102	)		135,608,833





Distributions to shareholders:

From net investment income
Institutional Shares		—			(7,802,114	)
Service Shares		—			(5,684,192	)


Total distributions to shareholders		—			(13,486,306	)





From share transactions:

Proceeds from sales of shares		193,700,532			407,132,916
Reinvestment of distributions		—			13,486,306
Cost of shares redeemed		(84,263,093	)		(120,763,642	)


Net increase in net assets resulting from share transactions		109,437,439			299,855,580


TOTAL INCREASE		30,907,337			421,978,107





Net assets:

Beginning of period		879,015,866			457,037,759


End of period	$	909,923,203		$	879,015,866


Accumulated undistributed net investment income	$	6,522,588		$	2,314,488

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from
			investment operations									Distributions to shareholders
						Net																									Ratio of
	Net asset					realized																				Net assets,		Ratio of			total			Ratio of
	value,		Net			and			Total from			From net			From net						Net asset					end of		net expenses			expenses			net investment			Portfolio
	beginning		investment			unrealized			investment			investment			realized			Total			value, end		Total			period		to average			to average			income to			turnover
Year — Share Class	of period		income^(a)			gain (loss)			operations			income			gains			distributions			of period		return^(b)			(in 000s)		net assets			net assets			average net assets			rate

FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)



2010 — Institutional	$	9.28	$	0.05		$	(0.82	)	$	(0.77	)	$	—		$	—		$	—		$	8.51		(8.30	)%	$	445,093		0.81	%^(c)		0.81	%^(c)		1.04	%^(c)		64	%
2010 — Service		9.28		0.04			(0.82	)		(0.78	)		—			—			—			8.50		(8.41	)		464,830		1.06	^(c)		1.06	^(c)		0.79	^(c)		64

FOR THE FISCAL YEARS ENDED DECEMBER 31,



2009 — Institutional		7.97		0.18	^(d)		1.28			1.46			(0.15	)		—			(0.15	)		9.28		18.32			487,962		0.81			0.81			2.18	^(d)		84
2009 — Service		7.98		0.16	^(d)		1.28			1.44			(0.14	)		—			(0.14	)		9.28		17.87			391,053		1.06			1.06			1.92	^(d)		84

2008 — Institutional		12.53		0.25			(4.59	)		(4.34	)		(0.22	)		—	^(e)		(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	)		—	^(e)		(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	^(c)		1.09	^(c)		3.11	^(c)		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 period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Total returns for periods less than one full year are not annualized.
(c)		Annualized.
(d)		Reflects income recognized from a special dividend which amounted to $0.02 per share and 0.24% of average net assets.
(e)		Amount is less than $0.005 per share.

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

Notes to Financial Statements

June 30, 2010 (Unaudited)

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 Large 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 to the Fund pursuant to a management agreement (the “Agreement”) with the Trust.

Effective April 30, 2010, the Fund’s name was changed from the Goldman Sachs Growth and Income Fund to Goldman Sachs Large Cap Value 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. 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Notes to Financial Statements (continued)

June 30, 2010 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

C. 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.

D. 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.

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 paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the six months ended June 30, 2010, 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	%

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE 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 paid monthly at an annual rate of 0.02% of the average daily net assets for Institutional and Service Shares.

D. Other Agreements — GSAM has 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 Other Expenses reimbursement, if any, is computed daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. For the six months ended June 30, 2010, GSAM did not make any reimbursements to the Fund.

As of June 30, 2010, amounts owed to affiliates were approximately $555,200, $92,600 and $14,800 for management, distribution and service, and transfer agent fees, respectively.

E. Line of Credit Facility — As of June 30, 2010, the Fund participated in a $580,000,000 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 could increase the credit amount by an additional $340,000,000, for a total of up to $920,000,000. This facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The 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 six months ended June 30, 2010, the Fund did not have any borrowings under the facility. Prior to May 11, 2010, the amount available through the facility was $660,000,000.

F. Other Transactions with Affiliates — For the six months ended June 30, 2010, Goldman Sachs earned approximately $62,800 in brokerage commissions from portfolio transactions 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 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Notes to Financial Statements (continued)

June 30, 2010 (Unaudited)


4. FAIR VALUE OF INVESTMENTS (continued)

The following is a summary of the Fund’s investments categorized in the fair value hierarchy, as of June 30, 2010:


	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments	$	872,676,016	$	—	$	—
Short-term Investment		27,414,033		—		—


Total	$	900,090,049	$	—	$	—

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2010, were $659,145,113 and $567,497,560, respectively.

6. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) 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.

Both the Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amount earned by the Fund for the six months ended June 30, 2010, is reported under Investment Income on the Statement of Operations. A portion of this amount, $310, represents compensation earned by the Fund from lending its securities to Goldman Sachs. For the six months ended June 30, 2010, GSAL earned $668 in fees as securities lending agent.

The following table provides information about the Fund’s investment in the Enhanced Portfolio for the six months ended June 30, 2010 (in thousands):


Number of							Number of
Shares Held							Shares Held		Value at End
Beginning of Period		Shares Bought		Shares Sold			End of Period		of Period

	18,298		24,498		(42,796	)		—	$	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

7. TAX INFORMATION

As of the most recent fiscal year end, December 31, 2009, the Fund’s capital loss carryforwards and certain timing differences on a tax-basis were as follows:


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	)


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

As of June 30, 2010, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:


Tax cost	$	957,223,515


Gross unrealized gain		25,832,437
Gross unrealized loss		(82,965,903	)


Net unrealized security loss	$	(57,133,466	)

The difference between GAAP-basis and tax-basis unrealized gains (losses), as of the most recent fiscal year end, is attributable primarily to wash sales and differences related to the tax treatment of partnership investments.

8. OTHER RISKS

Fund’s Shareholder Concentration Risk — 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, accounts, or Goldman Sachs affiliates 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.

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.

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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Notes to Financial Statements (continued)

June 30, 2010 (Unaudited)

10. OTHER MATTERS

11. SUBSEQUENT EVENT

Subsequent events after the balance sheet date have been evaluated through the date the financial statements were issued. GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Six Months Ended
	June 30, 2010						For the Fiscal Year Ended
	(Unaudited)						December 31, 2009
	Shares			Dollars			Shares			Dollars

Institutional Shares
Shares sold		4,862,461		$	43,454,776			12,672,731		$	99,803,020
Reinvestment of distributions		—			—			838,937			7,802,114
Shares redeemed		(5,167,534	)		(48,793,041	)		(9,817,931	)		(79,470,562	)


		(305,073	)		(5,338,265	)		3,693,737			28,134,572


Service Shares
Shares sold		16,299,954			150,245,756			38,032,724			307,329,896
Reinvestment of distributions		—			—			610,547			5,684,192
Shares redeemed		(3,761,085	)		(35,470,052	)		(4,906,729	)		(41,293,080	)


		12,538,869			114,775,704			33,736,542			271,721,008


NET INCREASE		12,233,796		$	109,437,439			37,430,279		$	299,855,580

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Large Cap Value Fund (formerly, “Goldman Sachs Growth and Income Fund”) (the “Fund”) is an investment portfolio of Goldman Sachs Variable Insurance Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held during the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

The Management Agreement was most recently approved for continuation until June 30, 2011 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2010 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held three meetings over the course of the year, since last approving the Management Agreement. At those Committee meetings, regularly scheduled Board meetings and/or the Annual Meeting, the Board, or the Independent Trustees, as applicable, considered matters relating to the Management Agreement, including:

(a) the nature and quality of the advisory, administrative and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff and capabilities of the Investment Adviser and its portfolio management teams;

(iii) trends in headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and its benchmark performance index, and general investment outlooks in the markets in which the Fund invests;

(c) the terms of the Management Agreement and agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(d) expense information for the Fund, including:

(i) the relative management fee and expense level of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(e) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(f) the undertaking of the Investment Adviser to reimburse certain expenses of the Fund that exceed a specified level, and a summary of contractual fee reductions made by the Investment Adviser and its affiliates over the past several years with respect to the Fund;

(g) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund and the Trust as a whole to the Investment Adviser and its affiliates;

(h) potential economies of scale, if any, and the levels of breakpoints in the fees payable by the Fund under the Management Agreement;

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(i) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, portfolio brokerage, distribution and other services;

(j) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(k) commission rates paid by the Fund, an update on the Investment Adviser’s soft dollars practices and other portfolio trading related issues;

(l) the manner in which portfolio manager compensation is determined, the alignment of the interests of the Fund and of the portfolio managers and related potential conflicts of interest; and the number and types of accounts managed by the portfolio managers;

(m) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administration services provided under the Management Agreement; and

The Trustees also received an overview of the Fund’s distribution arrangements. They received information regarding the Fund’s assets, share purchase and redemption activity and the payment of Rule 12b-1 distribution and service fees by the Fund’s Service Shares. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution and/or servicing of Fund shares.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other mutual fund portfolios for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser, its affiliates, their services and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

Nature, Extent and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services, and the other, non-advisory services, that are provided to the Fund by the Investment Adviser and its affiliates. The Independent Trustees concluded that the Investment Adviser had committed substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also observed that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser.

Investment Performance

The Trustees also considered the investment performance of the Fund and the Investment Adviser. In this regard, they compared the investment performance of the Fund to the performance rankings and ratings compiled by the Outside Data Provider. This information on the Fund’s investment performance relative to that of its peers was provided for the one-, three-, five- and ten-year periods ended December 31, 2009. The Trustees also reviewed the Fund’s investment performance over time on a year-by-year basis relative to its performance benchmark. In addition, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees considered whether the Fund had operated within its investment policies and had complied with its investment limitations.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s Chief Investment Officer and portfolio management personnel, in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

The Trustees observed that the Fund had been providing investment performance within a competitive range for long-term investors, notwithstanding the fact that the Fund’s performance over the one-year period ended December 31, 2009 fell from the top half of its peer group to the fourth quartile of its peer group. The Trustees concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual fee rates payable by the Fund under the Management Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as a registered mutual fund.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fees and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s expenses to a peer group and a category universe; and a three-year history comparing the Fund’s expenses to the peer and category averages. The analyses also compared the Fund’s transfer agency fees, custody and accounting fees, distribution fees, other expenses and fee waivers/reimbursements to those of other funds in the peer group and the peer group median. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertaking to limit the Fund’s “other expenses” ratio (excluding certain expenses) to a specified level. They also considered, to the extent that the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to institutional accounts, which generally operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, were less time-intensive and paid lower fees. By contrast, the Trustees noted that the Investment Adviser provides substantial administrative services to the Fund under the terms of the Management Agreement.

Profitability

The Trustees reviewed the Investment Adviser’s revenues and pre-tax profit margins with respect to the Trust and the Fund. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service) and the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also reviewed the report of the internal audit group within the Goldman Sachs organization, which included an assessment of the reasonableness and consistency of the Investment Adviser’s expense allocation methodology and an evaluation of the accuracy of the Investment Adviser’s profitability analysis calculations. Profitability data for the Trust and the Fund were provided for 2009 and 2008, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability. The Trustees considered the Investment Adviser’s revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Adviser’s profitability and the rationale for the Fund’s breakpoint structure. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Fund at the following annual percentage rates of the average daily net assets of the Fund:


First $1 billion	0.75	%
Next $1 billion	0.68
Next $3 billion	0.65
Next $3 billion	0.64
Over $8 billion	0.63

The Trustees noted that the breakpoints at the $5 and $8 billion asset levels had been proposed by the Investment Adviser and approved by the Trustees in 2008 to further share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertaking to limit other expenses to a certain amount. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationship with the Fund as stated above, including: (a) transfer agency fees received by Goldman, Sachs & Co. (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Fund; (d) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (e) fees earned during a portion of the year by Goldman Sachs Agency Lending, an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the portfolio in which the Fund’s cash collateral was invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (j) the Investment Adviser’s ability to leverage relationships with the Fund’s third party service providers to attract more firmwide business. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of the fall-out benefits. In looking at the benefits to Goldman Sachs Agency Lending and the Investment Adviser from the securities lending program, they noted that the Fund also benefited from its participation in the securities lending program.

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) improved servicing and pricing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) improved servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages gained from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (g) the Fund’s access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary databases); and (h) the Fund’s access to certain affiliated distribution channels. The Trustees noted the competitive nature of the mutual fund marketplace, and noted further that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Fund Expenses — Six Month Period Ended June 30, 2010 (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 Institutional or 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 January 1, 2010 through June 30, 2010.

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 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. 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	1/01/10		6/30/10			6/30/10*
Institutional
Actual	$	1,000	$	917.00		$	3.85
Hypothetical 5% return		1,000		1,020.78	⁺		4.06

Service
Actual		1,000		915.90			5.04
Hypothetical 5% return		1,000		1,019.54	⁺		5.31


*		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 June 30, 2010. 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.


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 200 West Street, New York New York 10282


Visit our Web site at www.goldmansachsfunds.com/vit to obtain the most recent month-end returns.


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.


Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.


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 or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling 1-800-621-2550.


		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 Large Cap Value Fund.


Copyright 2010 Goldman, Sachs & Co. All rights reserved.
VITLCVSAR10/39467.MF.TMPL/08-10

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Principal Investment Strategies and Risks

Shares of the Goldman Sachs Variable Insurance Trust — Goldman Sachs Strategic Growth Fund are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you realize with respect to your investments. Ask your representative for more complete information. Please consider the Fund’s objective, risks and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Fund.

The Goldman Sachs Strategic Growth Fund invests primarily in large-capitalization U.S. equity investments and is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC 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 six months ended June 30, 2010.

How did the Goldman Sachs Variable Insurance Trust — Goldman Sachs Strategic Growth Fund (formerly, Goldman Sachs Capital Growth Fund) (the “Fund”) perform during the semi-annual period ended June 30, 2010?

During the six-month period ended June 30, 2010 (the “Reporting Period”), the Fund’s Institutional and Service Shares generated cumulative total returns, without sales charges, of −8.63% and −8.73%, respectively. These returns compare to the −7.65% cumulative total return of the Fund’s benchmark, the Russell 1000^{^®} Growth Index (with dividends reinvested) (the “Russell Index”), during the same time period.

Were there any significant changes in the Fund’s investment approach during the Reporting Period?

Effective April 30, 2010, the Goldman Sachs VIT Capital Growth Fund was renamed “Goldman Sachs VIT Strategic Growth Fund”. The Fund’s investment objective, performance benchmark and fees and expenses remained the same, but the investment strategies of the Fund did change. The investment focus is now on large-cap U.S. equity investments that are considered to be strategically positioned for consistent long-term growth. The Fund seeks 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.

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

U.S. equities, like the broader global equity markets, began 2010 with modest gains in the first quarter, overcoming a weak start in January with modest gains in February and strong performance in March. While this marked the fourth consecutive quarter of gains for U.S. equities, underlying economic data and sentiment offered less directional conviction. In the U.S., stronger personal spending and retail sales figures released during the quarter jump-started consumer-related stocks. Continued positive numbers from several key manufacturing surveys lifted industrial stocks. Indeed, increasing cash flow, high productivity and significant cost cutting fueled expectations of forthcoming business spending and corporate profits across a wide spectrum of equity market sectors. Still, concerns over Greece’s debt troubles hung over first quarter financial markets.

Investor sentiment turned sharply in late April, and U.S. equities broke their winning streak with a sharp drop in the second quarter of 2010, which erased gains from the first quarter and sent most major equity indices into negative territory for the Reporting Period overall. Concerns over Europe’s sovereign debt issues intensified and weighed heavily on equity markets worldwide. Additionally, investors increasingly focused on the potential impact of a growing government appetite for regulation and mounting evidence that the global economic recovery might be losing steam. Particularly hard hit were financial stocks. In the U.S., significant financial reform legislation neared final stages, leading investors to contemplate the possible effect on earnings multiples of a number of large banks that might be forced to spin off or limit ownership in highly profitable businesses.

To add pressure to an already volatile backdrop, U.S. equity markets were doused with a number of disappointing economic readings at the end of June. The Federal Reserve (the Fed) suggested that “financial conditions have become less supportive of economic growth,” while first quarter Gross Domestic Product (GDP) was revised down slightly to 2.7% from 3.0%. Consumer confidence fell sharply in June, and private sector payroll growth was weaker than expected. Fears that Chinese, and therefore global, demand might be slowing hit commodity prices and their stocks, while high crude oil inventory levels and BP’s disastrous oil spill in the Gulf of Mexico further pressured energy stocks. All told, broad-based weakness produced negative returns for all sectors in the Standard & Poor’s^{^®} 500 Index, which represents the U.S. large-cap equity market, during the second quarter and for the Reporting Period as a whole.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

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

Stock selection overall detracted most from the Fund’s performance relative to the Russell Index during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Effective stock selection in the telecommunication services and materials sectors helped the Fund’s performance most relative to the Russell Index. Detracting most from the Fund’s relative results was stock selection in the health care and consumer discretionary sectors, where company-specific issues weighed on certain holdings.

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

The Fund benefited relative to the Russell Index from positions in CB Richard Ellis Group, the world’s leading commercial real estate services firm; American Tower, a wireless tower company; and Broadcom, a global leader in semiconductors for wired and wireless communications.

Shares of CB Richard Ellis Group held up well during the Reporting Period due primarily to its reports of better-than-expected fourth quarter results. Sales and leasing revenues increased year-over-year, and margins showed significant improvement driven by well-executed cost-cutting efforts. Furthermore, the company’s management team expressed increasing optimism that the real estate markets were poised to improve.

American Tower was a top contributor, with its shares advancing as the company reported strong revenue and earnings growth. American Tower benefited from being well-positioned in a growing industry with high barriers to entry. In addition, the contracts used in its business model were attractive, as they provide a predictable stream of revenue and recurring cash flow.

A position in Broadcom also contributed to the Fund’s relative performance, as its shares outperformed the Russell Index. Broadcom reported first quarter earnings that beat consensus estimates and provided a better-than-expected second quarter outlook. The company’s results were driven by strength in its mobile/wireless and enterprise networking business segments. During the Reporting Period, Broadcom shipped to five of the six largest cellular handset manufacturers. Included among these were Samsung and Nokia, which recently signed agreements with Broadcom, thereby providing a tailwind to unit sales growth.

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 medical products company Baxter International, wireless chipmaker QUALCOMM and data center solutions company Equinix.

Baxter International’s shares fell after the company trimmed its guidance for 2010 due to a weaker outlook for its bioscience, or blood plasma, business. Competition in the blood plasma market had increased, making it more difficult for Baxter International to price its products at a premium. While we expected, at the end of the Reporting Period, uncertainty in the plasma business to remain an overhang in the near term, we continued to believe the company was trading at an attractive valuation due to its robust product pipeline and its market leading franchise.

Shares of QUALCOMM pulled back after the company reported its fiscal first quarter results. While the company’s earnings were ahead of consensus, this was overshadowed by a disappointing outlook based on continued uncertainty around handset pricing and pricing pressures in its chipset business. We maintained the position in the Fund as, in our view, QUALCOMM remained competitively well-positioned given its strong intellectual property portfolio of CDMA (Code Division Multiple Access) technologies and its dominant position in third and fourth generation (3G and 4G) wireless devices. Furthermore, we believed QUALCOMM had significant growth opportunities in emerging markets, new consumer products and 3G and 4G mobile phones.

Shares of Equinix sold off during the Reporting Period, as investors were nervous about the company’s exposure to Europe. In our view, this was short-term “noise.” The company’s core data center business remained robust and should continue to strengthen with its recent acquisition of Switch & Data, a company that provided network-neutral data centers and Internet exchange services to network-centric businesses. At the end of the Reporting Period, we believed Equinix remained well-positioned to benefit from a number of secular trends, including cloud computing (that is, Internet-based computing, whereby shared resources, software, and information are provided to computers and other devices on demand, like the electricity grid), demand for optimized network performance and mobile data.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

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

We initiated a position in Xilinx, a leader in programmable logic devices (PLDs), which are used by customers around the world in a variety of industries, including automotive, broadcast, consumer, medical and military. The company met our investment criteria based on its dominant market position and competitive edge in PLDs. Also, in our view, Xilinx should benefit from the secular trend of PLDs taking share from application-specific integrated circuits (ASICs), an alternative semiconductor chip. We believe the addressable market for PLDs should continue to expand as they offer significant benefits over ASICs, such as lower development costs, shorter development time and upgradability. Xilinx operates a duopoly in the PLD space, which provides pricing power. Its low fixed costs enable it to generate significant free cash flow. Furthermore, we believe the company’s innovative software serves as a barrier to entry. Finally, at the time of purchase, the company’s stock was trading at a historically low valuation and, in our view, offered significant upside potential.

We established a Fund position in Ecolab, a global leader in cleaning, sanitation and pest control services, which it provides to restaurants, hospitality, health care and other enterprises. We believe Ecolab has an effective business model in that it focuses on establishing relationships with clients by offering premium products specific to the consumer’s business, which can then be expanded to include additional services. For instance, the company may provide pest control services and expand the relationship to include floor polishing or machine sanitization. Ecolab’s suite of products focuses on reducing the time and energy required, thereby lowering costs and improving efficiency for its customers. Such a business model allows Ecolab to charge higher prices, which can be justified and offset by the savings to the consumer. We also liked the company because it is significantly larger than its competitors and has a multinational footprint, which we believe will provide Ecolab with sales growth opportunities around the world. At the time of purchase, we believed the company was trading at an attractive valuation.

We sold out of the Fund’s position in Suncor Energy, an integrated energy company focused on developing the Athabasca oil sands basin. Suncor Energy had some operational issues during the Reporting Period, leading our team to have lower confidence that it will be able to meet its production guidance. While we continue to like Suncor Energy over the longer term, we believed there were more attractive investment opportunities in the energy sector and so decided to exit the Fund’s position.

We exited the Fund’s position in C.R. Bard, a medical devices company that manufactures products for vascular, urology, oncology and surgical specialties. We continue to believe the company has an attractive lineup of consumable products that provides consistent, recurring revenue. In addition, the company has a strong management team with a proven history of innovation that has allowed it to drive earnings through organic growth. However, shares of C.R. Bard meaningfully appreciated during the Reporting Period, reducing the stock’s valuation discount. With the stock price reflecting a better fundamental outlook for C.R. Bard, it no longer met our investment criteria. Therefore, we decided to sell out of the Fund’s position in the company, redeploying proceeds to add to other medical device names that we believe offer more attractive risk/reward opportunities in the large-cap segment of the market.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to the consumer staples, information technology and materials sectors increased compared to the Russell Index. The Fund’s allocations compared to the benchmark index in the consumer discretionary, energy, and industrials sectors decreased.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund had overweighted positions relative to the Russell Index in the financials, health care, telecommunication services and consumer staples sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in industrials, consumer discretionary, energy, information technology and materials sectors.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

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

As we consider the U.S. equity market going forward, we believe stock prices will be driven by company-specific fundamentals, specifically free cash flow and margin structure. Further, in our view, the dramatic cost cutting that occurred in 2009 should provide certain companies with significant operating leverage. Our research efforts continue to be focused on companies that can grow revenue by gaining market share and on determining whether those companies’ cost cutting was sustainable or transient. We believe it will continue to be a stock-picker’s market and, therefore, that an investment manager’s ability to identify and purchase those companies best poised for earnings and free cash flow growth will be an important component of investment returns. 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.

FUND BASICS

Strategic Growth Fund

as of June 30, 2010

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS¹


For the period ended 6/30/10	One Year			Five Years			Ten Years			Since Inception			Inception Date

Institutional		11.00	%		-0.05	%		-2.68	%		0.95	%	4/30/98
Service		10.66			N/A			N/A			-2.26		1/09/06

EXPENSE RATIOS²


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Institutional		0.85	%		0.85	%
Service		1.10			1.10

TOP TEN HOLDINGS AS OF 6/30/10³


Holding	% of Net Assets			Line of Business

Apple, Inc.		5.3	%	Technology Hardware & Equipment
PepsiCo, Inc.		3.9		Food, Beverage & Tobacco
Microsoft Corp.		3.6		Software & Services
American Tower Corp. Class A		3.3		Telecommunication Services
Johnson & Johnson		3.2		Pharmaceuticals, Biotechnology & Life Sciences
Cisco Systems, Inc.		3.1		Technology Hardware & Equipment
Schlumberger Ltd.		3.0		Energy
The Procter & Gamble Co.		2.9		Household & Personal Products
QUALCOMM, Inc.		2.7		Technology Hardware & Equipment
Baxter International, Inc.		2.6		Health Care Equipment & Services

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments

June 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – 98.0%


	Banks – 0.9%
		213,800	People’s United Financial, Inc.	$	2,886,300


	Capital Goods – 2.6%
		92,500	Danaher Corp.		3,433,600
		66,730	United Technologies Corp.		4,331,444

					7,765,044


	Consumer Durables & Apparel – 2.0%
		87,700	NIKE, Inc. Class B		5,924,135


	Consumer Services – 1.9%
		89,000	McDonald’s Corp.		5,862,430


	Diversified Financials – 6.8%
		19,600	CME Group, Inc.		5,518,380
		79,400	JPMorgan Chase & Co.		2,906,834
		133,700	Morgan Stanley		3,103,177
		112,800	Northern Trust Corp.		5,267,760
		260,430	The Charles Schwab Corp.		3,692,897

					20,489,048


	Energy – 8.5%
		295,200	Halliburton Co.		7,247,160
		53,800	Occidental Petroleum Corp.		4,150,670
		164,140	Schlumberger Ltd.		9,083,508
		130,400	Southwestern Energy Co.*		5,038,656

					25,519,994


	Food & Staples Retailing – 2.5%
		136,000	Costco Wholesale Corp.		7,456,880


	Food, Beverage & Tobacco – 5.9%
		108,000	Kraft Foods, Inc. Class A		3,024,000
		190,500	PepsiCo, Inc.		11,610,975
		60,700	The Coca-Cola Co.		3,042,284

					17,677,259


	Health Care Equipment & Services – 5.8%
		194,000	Baxter International, Inc.		7,884,160
		63,200	Express Scripts, Inc.*		2,971,664
		181,800	St. Jude Medical, Inc.*		6,561,162

					17,416,986


	Household & Personal Products – 4.7%
		201,200	Avon Products, Inc.		5,331,800
		145,600	The Procter & Gamble Co.		8,733,088

					14,064,888


	Materials – 3.9%
		94,400	Ecolab, Inc.		4,239,504
		50,600	Monsanto Co.		2,338,732
		69,300	Praxair, Inc.		5,266,107

					11,844,343


	Media – 1.0%
		96,874	Viacom, Inc. Class B		3,038,937


	Pharmaceuticals, Biotechnology & Life Sciences – 9.9%
		43,600	Amgen, Inc.*		2,293,360
		94,600	Biogen Idec, Inc.*		4,488,770
		105,753	Gilead Sciences, Inc.*		3,625,213
		161,000	Johnson & Johnson		9,508,660
		96,700	Merck & Co., Inc.		3,381,599
		55,100	Teva Pharmaceutical Industries Ltd. ADR		2,864,649
		76,900	Thermo Fisher Scientific, Inc.*		3,771,945

					29,934,196


	Retailing – 7.6%
		105,200	Bed Bath & Beyond, Inc.*		3,900,816
		357,840	Lowe’s Companies, Inc.		7,307,093
		263,100	Staples, Inc.		5,012,055
		133,500	Target Corp.		6,564,195

					22,784,159


	Semiconductors & Semiconductor Equipment – 3.1%
		118,800	Broadcom Corp. Class A		3,916,836
		219,800	Xilinx, Inc.		5,552,148

					9,468,984


	Software & Services – 13.2%
		46,100	Equinix, Inc.*		3,744,242
		15,011	Google, Inc. Class A*		6,679,144
		25,800	Mastercard, Inc. Class A		5,147,874
		472,568	Microsoft Corp.		10,873,790
		346,400	Oracle Corp.		7,433,744
		218,791	The Western Union Co.		3,262,174
		38,100	Visa, Inc. Class A		2,695,575

					39,836,543


	Technology Hardware & Equipment – 12.1%
		63,400	Apple, Inc.*		15,947,002
		437,190	Cisco Systems, Inc.*		9,316,519
		78,500	NetApp, Inc.*		2,928,835
		250,291	QUALCOMM, Inc.		8,219,556

					36,411,912


	Telecommunication Services – 5.6%
		220,690	American Tower Corp. Class A*		9,820,705
		190,750	Crown Castle International Corp.*		7,107,345

					16,928,050


	TOTAL COMMON STOCKS
	(Cost $299,810,647)			$	295,310,088

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Statement of Assets and Liabilities

June 30, 2010 (Unaudited)



Assets:

Investments in securities, at value (identified cost $304,206,220)	$	299,705,661
Receivables:
Investment securities sold		1,220,597
Fund shares sold		916,440
Dividends		318,292
Other assets		2,298


Total assets		302,163,288





Liabilities:

Payables:
Investment securities purchased		323,351
Amounts owed to affiliates		242,078
Fund shares redeemed		201,048
Accrued expenses		116,614


Total liabilities		883,091





Net Assets:

Paid-in capital		424,784,169
Accumulated undistributed net investment income		496,050
Accumulated net realized loss from investment transactions		(119,499,463	)
Net unrealized loss on investments		(4,500,559	)


NET ASSETS	$	301,280,197


Net Assets:
Institutional	$	106,452,357
Service		194,827,840


Total Net Assets	$	301,280,197


Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):
Institutional		10,694,030
Service		19,614,907


Net asset value, offering and redemption price per share:
Institutional	$	9.95
Service		9.93

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Statement of Operations

For the Six Months Ended June 30, 2010 (Unaudited)



Investment income:

Dividends (net of foreign taxes withheld of $1,482)	$	2,192,168
Securities lending income — affiliated issuer		1,026


Total investment income		2,193,194





Expenses:

Management fees		1,251,063
Distribution and Service fees — Service Shares		267,524
Printing and mailing costs		59,200
Professional fees		42,811
Transfer Agent fees^(a)		33,359
Custody and accounting fees		33,127
Trustee fees		5,961
Other		6,584


Total expenses		1,699,629


NET INVESTMENT INCOME		493,565





Realized and unrealized gain (loss) from investment transactions:

Net realized gain from:
Investment transactions — unaffiliated issuers (including commissions recaptured of $19,969)		18,383,421
Securities lending reinvestment vehicle transactions — affiliated issuer		5,850
Net change in unrealized loss on:
Investments — unaffiliated issuers		(47,428,894	)
Securities lending reinvestment vehicle — affiliated issuer		(11,583	)


Net realized and unrealized loss from investment transactions		(29,051,206	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(28,557,641	)


(a)		Institutional and Service Shares had Transfer Agent fees of $11,959 and $21,400, respectively.

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


	For the
	Six Months Ended			For the
	June 30, 2010			Fiscal Year Ended
	(Unaudited)			December 31, 2009


From operations:

Net investment income	$	493,565		$	552,696
Net realized gain (loss) from investment transactions		18,389,271			(45,876,538	)
Net change in unrealized gain (loss) on investments		(47,440,477	)		160,768,884


Net increase (decrease) in net assets resulting from operations		(28,557,641	)		115,445,042





Distributions to shareholders:

From net investment income
Institutional Shares		—			(442,989	)
Service Shares		—			(360,499	)
From return of capital
Institutional Shares		—			(53,630	)
Service Shares		—			(43,643	)


Total distributions to shareholders		—			(900,761	)





From share transactions:

Proceeds from sales of shares		15,534,217			24,273,407
Reinvestment of distributions		—			900,761
Cost of shares redeemed		(30,863,599	)		(57,699,129	)


Net decrease in net assets resulting from share transactions		(15,329,382	)		(32,524,961	)


TOTAL INCREASE (DECREASE)		(43,887,023	)		82,019,320





Net assets:

Beginning of period		345,167,220			263,147,900


End of period	$	301,280,197		$	345,167,220


Accumulated undistributed net investment income	$	496,050		$	2,485

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			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			period		to average			to average			to average			turnover
Year — Share Class	of period		(loss)^(a)			gain (loss)			operations			income			period		return^(b)			(in 000s)		net assets			net assets			net assets			rate

FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)



2010 — Institutional	$	10.89	$	0.02		$	(0.96	)	$	(0.94	)	$	—		$	9.95		(8.63	)%	$	106,452		0.86	%^(c)		0.86	%^(c)		0.45	%^(c)		27	%
2010 — Service		10.88		0.01			(0.96	)		(0.95	)		—			9.93		(8.73	)		194,828		1.11	^(c)		1.11	^(c)		0.21	^(c)		27


FOR THE FISCAL YEARS ENDED DECEMBER 31,



2009 — Institutional		7.40		0.03			3.50			3.53			(0.04	)^(d)		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	)^(d)		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	^(e)		1.15			1.17			(0.02	)		12.73		10.13			172,418		0.86	^(f)		0.86	^(f)		0.18	^(e)(f)		53
2007 — Service		11.58		0.01	^(e)		1.15			1.16			(0.01	)		12.73		10.01			343,100		0.96	^(f)		0.11	^(f)		0.08	^(e)(f)		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		—	^(g)		0.55			0.55			—	^(g)		11.58		5.01			386,526		0.94	^(c)		1.10	^(c)		0.03	^(c)		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 period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Total returns for periods less than one full year are not annualized.
(c)		Annualized.
(d)		Includes a return of capital amounting to less than $0.005 per share.
(e)		Reflects income recognized from a special dividend which amounted to $0.01 per share and 0.09% 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)		Amount is less than $0.005 per share.

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

Notes to Financial Statements

June 30, 2010 (Unaudited)

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 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 to the Fund pursuant to a management agreement (the “Agreement”) with the Trust.

Effective April 30, 2010, the Fund’s name was changed from the Goldman Sachs Capital Growth Fund to Goldman Sachs Strategic Growth Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D. 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.

E. 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.

For the six months ended June 30, 2010, contractual management fees with GSAM were at the following rates:

Contractual Management Rate

First

Next

Over

Effective

$1 billion

$3 billion

$8 billion

Rate

0.75%

0.68%

0.65%

0.64%

0.63%

0.75%

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Notes to Financial Statements (continued)

June 30, 2010 (Unaudited)


3. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

distribution services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares.

As of June 30, 2010, amounts owed to affiliates were approximately $195,000, $41,900 and $5,200 for management, distribution and service, and transfer agent fees, respectively.

4. FAIR VALUE OF INVESTMENTS

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND


4. FAIR VALUE OF INVESTMENTS (continued)

The following is a summary of the Fund’s investments categorized in the fair value hierarchy, as of June 30, 2010:


	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments	$	295,310,088	$	—	$	—
Short-term Investment		4,395,573		—		—


Total	$	299,705,661	$	—	$	—

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2010, were $88,412,439 and $103,930,654, respectively.

6. SECURITIES LENDING

Both the Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amount earned by the Fund for the six months ended June 30, 2010, is reported under Investment Income on the Statement of Operations. A portion of this amount, $61, represents compensation earned by the Fund from lending its securities to Goldman Sachs. For the six months ended June 30, 2010, GSAL earned $111 in fees as securities lending agent.

The following table provides information about the Fund’s investment in the Enhanced Portfolio for the six months ended June 30, 2010 (in thousands):


Number of						Number of
Shares Held						Shares Held		Value at End
Beginning of Period	Shares Bought		Shares Sold			End of Period		of Period

11,689		6,373		(18,062	)		—	$	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Notes to Financial Statements (continued)

June 30, 2010 (Unaudited)

7. TAX INFORMATION

As of the most recent fiscal year end, December 31, 2009, the Fund’s capital loss carryforwards and certain timing differences 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	)


¹		Expiration occurs on December 31 of the year indicated.

As of June 30, 2010, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:


Tax cost	$	310,573,861


Gross unrealized gain		18,041,092
Gross unrealized loss		(28,909,292	)


Net unrealized security loss	$	(10,868,200	)

8. OTHER RISKS

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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

10. OTHER MATTERS

11. SUBSEQUENT EVENT

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Six Months Ended
	June 30, 2010						For the Fiscal Year Ended
	(Unaudited)						December 31, 2009
	Shares			Dollars			Shares			Dollars

Institutional Shares
Shares sold		364,606		$	3,919,112			1,185,929		$	10,504,936
Reinvestment of distributions		—			—			45,729			496,619
Shares redeemed		(1,173,189	)		(12,718,994	)		(2,600,340	)		(22,772,377	)


		(808,583	)		(8,799,882	)		(1,368,682	)		(11,770,822	)


Service Shares
Shares sold		1,079,074			11,615,105			1,508,421			13,768,471
Reinvestment of distributions		—			—			37,214			404,142
Shares redeemed		(1,677,664	)		(18,144,605	)		(4,046,698	)		(34,926,752	)


		(598,590	)		(6,529,500	)		(2,501,063	)		(20,754,139	)


NET DECREASE		(1,407,173	)	$	(15,329,382	)		(3,869,745	)	$	(32,524,961	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Strategic Growth Fund (formerly, “Goldman Sachs Capital Growth Fund”) (the “Fund”) is an investment portfolio of Goldman Sachs Variable Insurance Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held during the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.