N-Q 1 e90881nvq.htm FORM N-Q nvq

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

     
Investment Company Act file number
  
811-08361
   

Goldman Sachs Variable Insurance Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices)                                                             (Zip code)
     
Peter V. Bonanno, Esq.
Goldman, Sachs & Co.
200 West Street
New York, NY 10208		   Copies to:
Geoffrey R.T. Kenyon, Esq.
Dechert LLP
200 Clarendon Street
27th Floor
Boston, MA 02116-5021
(Name and address of agent for service)
     
Registrant’s telephone number, including area code:
  
(312) 655-4400
   
     
Date of fiscal year end:
  
      December 31
   
     
Date of reporting period:
  
March 31, 2011
   

Item 1. Schedule of Investments.

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments
March 31, 2011 (Unaudited)

                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Corporate Obligations — 18.4%
Banks — 5.5%
Bank of America Corp.
$     375,000       3.625 %   03/17/16   $ 369,952  
      200,000       5.750     12/01/17     211,493  
      375,000       5.625     07/01/20     384,518  
BBVA Bancomer SA(a)
      425,000       7.250     04/22/20     429,423  
Capital One Bank NA
      300,000       8.800     07/15/19     376,468  
Citigroup, Inc.
      225,000       6.375     08/12/14     249,404  
      600,000       5.000     09/15/14     623,848  
      325,000       5.375     08/09/20     334,401  
Discover Bank
      250,000       8.700     11/18/19     298,578  
Fifth Third Bancorp
      150,000       3.625     01/25/16     149,136  
Fifth Third Bank(b)
      300,000       0.424     05/17/13     294,912  
HSBC Bank NA
      275,000       4.875     08/24/20     268,339  
JPMorgan Chase Capital XXV Series Y
      275,000       6.800     10/01/37     276,028  
Merrill Lynch & Co., Inc.
      325,000       6.400     08/28/17     353,334  
Morgan Stanley & Co.
      275,000       5.750     08/31/12     291,207  
      400,000       5.950     12/28/17     421,404  
      150,000       6.625     04/01/18     163,293  
PNC Bank NA
      225,000       6.875     04/01/18     256,734  
Regions Financial Corp.
      325,000       5.750     06/15/15     328,250  
Resona Bank Ltd.(a)(b)(c)
      650,000       5.850     09/29/49     642,730  
Santander Issuances SA(a)(b)
      200,000       5.805     06/20/16     196,241  
SunTrust Banks, Inc.(c)
      225,000       3.600     04/15/16     223,702  
The Bear Stearns Companies, LLC
      500,000       7.250     02/01/18     583,161  
The Royal Bank of Scotland Group PLC(a)
      425,000       4.875     08/25/14     441,288  
U.S. Bancorp
      375,000       3.442     02/01/16     371,134  
Wachovia Bank NA
      300,000       6.600     01/15/38     335,956  
       
    8,874,934  
 
Chemicals — 0.3%
The Dow Chemical Co.
      500,000       7.600     05/15/14     570,035  
 
Consumer Products — 0.1%
Whirlpool Corp.
      175,000       8.600     05/01/14     202,695  
 
Diversified Manufacturing — 0.2%
Valmont Industries, Inc.
      375,000       6.625     04/20/20     387,157  
 
                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Corporate Obligations — (continued)
Electric — 0.6%
Arizona Public Service Co.
$     250,000       6.375 %   10/15/11   $ 257,495  
Edison International
      325,000       3.750     09/15/17     318,786  
Progress Energy, Inc.
      350,000       7.000     10/30/31     403,788  
       
    980,069  
 
Energy — 2.5%
Anadarko Petroleum Corp.
      375,000       6.375     09/15/17     412,940  
BP Capital Markets PLC
      225,000       3.875     03/10/15     233,742  
      225,000       3.200     03/11/16     224,121  
      275,000       4.500     10/01/20     272,830  
Dolphin Energy Ltd.(a)
      221,496       5.888     06/15/19     229,928  
Gazprom OAO Via Gaz Capital SA
      350,000       9.250     04/23/19     435,312  
Nexen, Inc.
      120,000       6.400     05/15/37     119,235  
      200,000       7.500     07/30/39     225,144  
Noble Energy, Inc.
      250,000       6.000     03/01/41     248,613  
Pemex Project Funding Master Trust
      330,000       6.625     06/15/35     330,825  
Petrobras International Finance Co.
      170,000       5.375     01/27/21     170,834  
PTTEP Canada International Finance Ltd.(a)
      240,000       5.692     04/05/21     239,826  
Ras Laffan Liquefied Natural Gas Co. Ltd. III(a)
      250,000       5.500     09/30/14     268,540  
Transocean, Inc.
      100,000       4.950     11/15/15     105,584  
      450,000       6.500     11/15/20     495,483  
       
    4,012,957  
 
Food & Beverage — 0.7%
Anheuser-Busch InBev Worldwide, Inc.
      400,000       7.200     01/15/14     454,427  
Bunge Ltd. Finance Corp.
      150,000       4.100     03/15/16     150,225  
Kraft Foods, Inc.
      275,000       6.125     08/23/18     306,784  
      225,000       6.500     02/09/40     238,709  
       
    1,150,145  
 
Food & Drug Retail — 0.3%
CVS Caremark Corp.(b)
      500,000       6.302     06/01/37     489,896  
 
Healthcare — 0.7%
Boston Scientific Corp.
      525,000       4.500     01/15/15     540,670  
Laboratory Corp of America Holdings
      125,000       3.125     05/15/16     124,347  


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Corporate Obligations — (continued)
Healthcare — (continued)
Life Technologies Corp.
$     275,000       6.000 %   03/01/20   $ 299,666  
      175,000       5.000     01/15/21     175,602  
       
    1,140,285  
 
Life Insurance — 0.9%
MetLife Capital Trust X(a)(b)(c)
      300,000       9.250     04/08/38     362,250  
Prudential Financial, Inc.
      575,000       3.875     01/14/15     592,320  
The Northwestern Mutual Life Insurance Co.(a)
      425,000       6.063     03/30/40     448,752  
       
    1,403,322  
 
Media Cable — 0.3%
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
      425,000       3.500     03/01/16     425,073  
 
Media Non Cable — 0.6%
NBCUniversal Media LLC(a)
      400,000       4.375     04/01/21     383,447  
News America, Inc.(a)
      375,000       6.150     02/15/41     371,452  
WPP Finance UK
      206,000       8.000     09/15/14     239,478  
       
    994,377  
 
Metals and Mining — 0.5%
Freeport-McMoRan Copper & Gold, Inc.
      418,000       8.375     04/01/17     459,800  
Teck Resources Ltd.
      300,000       10.750     05/15/19     381,750  
       
    841,550  
 
Noncaptive-Financial — 0.6%
Capital One Capital III
      125,000       7.686     08/15/36     128,437  
Capital One Capital IV(b)(c)
      350,000       6.745     02/17/37     351,313  
SLM Corp.
AUD     150,000       6.000     05/10/12     150,662  
$     325,000       6.250     01/25/16     340,084  
       
    970,496  
 
Pharmaceuticals — 0.2%
Watson Pharmaceuticals, Inc.
      325,000       5.000     08/15/14     348,256  
 
Pipelines — 1.4%
Boardwalk Pipelines LP
      550,000       5.875     11/15/16     600,606  
El Paso Pipeline Partners Operating Co. LLC
      150,000       6.500     04/01/20     165,000  
Energy Transfer Partners LP
      450,000       5.950     02/01/15     492,882  
Enterprise Products Operating LLC
      175,000       5.000     03/01/15     187,566  
Tennessee Gas Pipeline Co.
      150,000       8.000     02/01/16     180,472  
      200,000       8.375     06/15/32     248,966  
                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Corporate Obligations — (continued)
Pipelines — (continued)
TransCanada Pipelines Ltd.(b)
$     325,000       6.350 %   05/15/67   $ 325,000  
       
    2,200,492  
 
Property/Casualty Insurance — 0.7%
QBE Insurance Group Ltd.(a)
      225,000       9.750     03/14/14     260,213  
Transatlantic Holdings, Inc.
      225,000       8.000     11/30/39     237,609  
ZFS Finance USA Trust IV(a)(b)(c)
      675,000       5.875     05/09/32     672,314  
       
    1,170,136  
 
Real Estate Investment Trusts — 2.0%
Brandywine Operating Partnership LP(c)
      325,000       4.950     04/15/18     321,736  
Developers Diversified Realty Corp.
      275,000       7.500     04/01/17     310,063  
      125,000       4.750     04/15/18     121,875  
Duke Realty LP
      350,000       5.950     02/15/17     378,082  
HCP, Inc.
      275,000       6.000     01/30/17     297,011  
      250,000       5.375     02/01/21     252,286  
Healthcare Realty Trust, Inc.
      350,000       5.750     01/15/21     356,446  
Kilroy Realty LP
      275,000       5.000     11/03/15     277,838  
ProLogis
      100,000       2.250     04/01/37     99,750  
      175,000       1.875     11/15/37     173,469  
Simon Property Group LP
      350,000       10.350     04/01/19     477,691  
WEA Finance LLC(a)
      125,000       7.500     06/02/14     143,078  
       
    3,209,325  
 
Transportation — 0.2%
Transnet Ltd.(a)
      400,000       4.500     02/10/16     408,343  
 
Wirelines Telecommunications — 0.1%
Qwest Corp.
      150,000       8.375     05/01/16     178,500  
 
TOTAL CORPORATE OBLIGATIONS $ 29,958,043  
 
 
Mortgage-Backed Obligations — 52.2%
Adjustable Rate Non-Agency(b) — 3.0%
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1
$     28,928       2.496 %   04/25/34   $ 26,013  
Countrywide Alternative Loan Trust Series 2005-38, Class A1
      276,090       1.812     09/25/35     179,828  
Countrywide Home Loan Mortgage Pass-Through Trust Series 2003-52, Class A1
      107,007       2.829     02/19/34     98,125  
Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB6, Class A2
      21,131       3.079     11/20/34     17,272  


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate Non-Agency(b) — (continued)
Indymac Index Mortgage Loan Trust Series 2005-AR15, Class A1
$     501,441       5.018 %   09/25/35   $ 429,043  
Indymac Index Mortgage Loan Trust Series 2006-AR4, Class A1A
      1,026,414       0.460     05/25/46     643,778  
J.P. Morgan Mortgage Trust Series 2007-A1, Class 2A2
      380,737       3.081     07/25/35     343,785  
Lehman XS Trust Series 2005-7N, Class 1A1A
      408,060       0.520     12/25/35     287,665  
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
      661,448       1.162     12/25/46     253,909  
Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2
      23,307       2.553     09/25/34     20,317  
Structured Adjustable Rate Mortgage Loan Trust Series 2004-5, Class 3A1
      51,930       2.588     05/25/34     47,558  
Thornburg Mortgage Securities Trust Series 2006-4, Class A2B
      1,452,091       0.370     07/25/36     1,438,628  
Washington Mutual Mortgage Pass-Through Certificates Series 2004-AR3, Class A2
      29,690       2.687     06/25/34     28,760  
Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA2, Class 1A
      633,569       1.012     03/25/47     423,398  
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR10, Class 5A3
      836,538       4.776     07/25/36     668,872  
       
    4,906,951  
 
Collateralized Mortgage Obligations — 14.5%
Agency Multi-Family — 1.8%
FHLMC Multifamily Structured Pass Through Certificates, Series K011, Class A2
$     300,000       4.084 %   11/25/20   $ 298,630  
FNMA
      800,000       4.506     06/01/19     831,156  
      200,000       3.416     10/01/20     190,666  
      300,000       3.375     11/01/20     284,906  
      997,830       3.763     12/01/20     976,030  
      200,000       3.632     12/01/20     193,232  
GNMA
      197,589       3.950     07/15/25     196,635  
       
    2,971,255  
 
Covered Bonds(a) — 9.2%
Bank of Montreal
      1,600,000       2.625     01/25/16     1,592,376  
Bank of Scotland PLC
      300,000       5.250     02/21/17     308,158  
Caisse Centrale Desjardins du Quebec
      500,000       2.550     03/24/17     493,413  
Companhia de Financement Foncier
      200,000       1.625     07/23/12     200,435  
      1,700,000       2.125     04/22/13     1,714,299  
                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Mortgage-Backed Obligations — (continued)
Covered Bonds(a) — (continued)
DnB NOR Boligkreditt
$     800,000       2.100 %   10/14/15   $ 774,272  
      1,300,000       2.900     03/29/16     1,292,174  
ING Bank NV
      700,000       2.500     01/14/16     671,502  
Nordea Eiendomskreditt AS
      800,000       1.875     04/07/15     798,358  
Sparebank 1 Boligkreditt AS
      1,400,000       1.250     10/25/13     1,385,657  
Stadshypotek AB
      450,000       1.450     09/30/13     448,961  
Swedbank Hypotek AB
      300,000 (b)     0.759     03/28/14     299,914  
      600,000       2.950     03/28/16     594,625  
The Bank of Nova Scotia
      1,800,000       1.450     07/26/13     1,804,271  
The Canadian Imperial Bank of Commerce
      700,000       2.000     02/04/13     712,342  
      300,000       2.600     07/02/15     301,664  
      1,000,000       2.750     01/27/16     1,001,278  
The Toronto-Dominion Bank
      600,000       2.200     07/29/15     592,886  
       
    14,986,585  
 
Interest Only(b)(d)(e) — 0.0%
FNMA REMIC Series 2004-71, Class DI
      317,953       0.000     04/25/34     3,185  
 
Planned Amortization Class — 1.2%
FNMA REMIC Series 2003-92, Class PD
      1,912,206       4.500     03/25/17     1,958,353  
 
Regular Floater(b) — 1.2%
Arkle Master Issuer PLC Series 2010-2A, Class 1A1(a)
      800,000       1.714     05/17/60     800,195  
FHLMC REMIC Series 2005-3038, Class XA(e)
      9,830       0.000     09/15/35     9,762  
Holmes Master Issuer PLC Series 2010-1A, Class A2(a)
      300,000       1.703     10/15/54     300,502  
Silverstone Master Issuer PLC Series 2010-1A, Class A1(a)
      800,000       1.703     01/21/55     801,614  
       
    1,912,073  
 
Sequential Fixed Rate — 1.1%
FNMA
      1,100,000       3.740     05/01/41     1,102,564  
National Credit Union Administration Guaranteed Notes Series 2010-C1, Class APT
      692,162       2.650     10/29/20     670,532  
       
    1,773,096  
 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS $ 23,604,547  
 
Commercial Mortgage-Backed Securities — 4.9%
Adjustable Rate Non-Agency(b) — 0.8%
Wachovia Bank Commercial Mortgage Trust Series 2006-C25, Class A5
$     1,200,000       5.739 %   05/15/43   $ 1,308,827  
 


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Mortgage-Backed Obligations — (continued)
Sequential Fixed Rate — 4.1%
CWCapital Cobalt Ltd. Series 2006-C1, Class A4
$     1,052,000       5.223 %   08/15/48   $ 1,099,282  
GE Capital Commercial Mortgage Corp. Series 2002-1A, Class A3
      2,595,381       6.269     12/10/35     2,677,579  
Morgan Stanley Dean Witter Capital I Series 2003-TOP9, Class A2
      2,700,000       4.740     11/13/36     2,807,323  
       
    6,584,184  
 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES $ 7,893,011  
 
Federal Agencies — 29.8%
Adjustable Rate FHLMC(b) — 1.6%
$     1,687,842       2.591 %   09/01/35   $ 1,778,919  
      782,434       4.775     10/01/35     826,719  
       
    2,605,638  
 
Adjustable Rate FNMA(b) — 1.6%
      594,934       2.202     05/01/33     614,898  
      854,561       2.583     05/01/35     896,333  
      1,059,520       2.829     09/01/35     1,121,129  
       
    2,632,360  
 
FHLMC — 4.1%
      2,758       7.000     11/01/11     2,802  
      1,723       7.000     12/01/11     1,751  
      31,158       7.500     06/01/15     34,074  
      137,997       7.000     07/01/16     147,989  
      596,124       5.500     02/01/18     646,985  
      45,950       5.500     04/01/18     49,870  
      16,928       4.500     09/01/18     17,878  
      84,207       5.500     09/01/18     91,391  
      9,475       9.500     08/01/19     10,616  
      688       9.500     08/01/20     773  
      181,766       6.500     10/01/20     200,568  
      33,850       4.500     07/01/24     35,727  
      186,896       4.500     11/01/24     197,205  
      42,875       4.500     12/01/24     45,239  
      62,949       6.000     03/01/29     69,170  
      880       6.000     04/01/29     967  
      39,559       7.500     12/01/29     44,575  
      370,988       7.000     05/01/32     418,210  
      1,163       6.000     08/01/32     1,278  
      204,488       7.000     12/01/32     230,517  
      38,337       5.000     12/01/35     40,180  
      42,862       6.000     09/01/37     47,043  
      70,701       6.000     02/01/38     77,664  
      169,516       6.000     07/01/38     186,316  
      50,218       6.000     10/01/38     55,242  
      893,867       4.500     09/01/39     913,106  
      90,750       4.500     10/01/39     92,703  
      842,046       5.500     01/01/40     898,127  
      1,000,000       4.500     TBA-30yr(f)     1,016,016  
      1,000,000       5.000     TBA-30yr(f)     1,043,906  
       
    6,617,888  
 
                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Mortgage-Backed Obligations — (continued)
FNMA — 16.1%
$     8,724       6.000 %   08/01/13   $ 9,491  
      83,301       7.500     08/01/15     91,440  
      38,039       6.000     04/01/16     41,536  
      72,033       6.500     05/01/16     78,632  
      109,833       6.500     09/01/16     119,895  
      138,483       6.500     11/01/16     151,170  
      40,366       6.000     12/01/16     44,077  
      287,942       6.000     02/01/17     314,793  
      37,446       7.500     04/01/17     40,268  
      440,811       6.000     10/01/17     481,917  
      570,287       5.500     02/01/18     616,222  
      505,937       5.000     05/01/18     538,698  
      45,677       6.500     08/01/18     50,280  
      215,779       7.000     08/01/18     245,722  
      1,877,870       4.000     09/01/18     1,964,781  
      8,756       5.000     06/01/23     9,309  
      618,445       5.500     09/01/23     669,973  
      124,496       5.500     10/01/23     134,952  
      28,119       4.500     07/01/24     29,695  
      416,307       4.500     11/01/24     439,643  
      148,307       4.500     12/01/24     156,620  
      290       7.000     07/01/25     332  
      6,543       7.000     11/01/25     7,478  
      42,602       9.000     11/01/25     50,043  
      184,766       7.000     08/01/26     212,935  
      1,826       7.000     08/01/27     2,087  
      11,454       7.000     09/01/27     13,090  
      60,686       6.000     12/01/27     66,065  
      476       7.000     01/01/28     544  
      354,111       6.000     02/01/29     389,524  
      329,425       6.000     06/01/29     362,403  
      62,584       8.000     10/01/29     73,048  
      22,992       7.000     12/01/29     26,275  
      1,543       8.500     04/01/30     1,811  
      7,670       8.000     05/01/30     8,743  
      425       8.500     06/01/30     500  
      25,390       7.000     05/01/32     28,964  
      188,150       7.000     06/01/32     214,285  
      245,776       7.000     08/01/32     279,915  
      50,992       8.000     08/01/32     59,702  
      22,477       5.000     08/01/33     23,661  
      3,155       5.500     09/01/33     3,392  
      4,265       5.500     02/01/34     4,584  
      678       5.500     04/01/34     729  
      40,721       5.500     12/01/34     43,733  
      92,688       5.000     04/01/35     97,423  
      268,778       6.000     04/01/35     295,749  
      13,007       5.000     09/01/35     13,679  
      5,484       5.500     09/01/35     5,887  
      606       5.500     02/01/37     651  
      986       5.500     04/01/37     1,059  
      1,016       5.500     05/01/37     1,091  
      91,849       6.000     12/01/37     100,948  
      1,485       5.500     03/01/38     1,595  


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$     43,975       6.000 %   05/01/38   $ 48,359  
      998       5.500     06/01/38     1,073  
      38,581       6.000     06/01/38     42,427  
      1,491       5.500     07/01/38     1,601  
      95,471       6.000     07/01/38     104,989  
      1,744       5.500     08/01/38     1,873  
      37,457       6.000     08/01/38     41,192  
      911       5.500     09/01/38     979  
      20,724       5.500     10/01/38     22,269  
      47,777       6.000     10/01/38     52,585  
      53,018       6.000     11/01/38     58,353  
      576       5.500     12/01/38     619  
      391,383       5.000     01/01/39     411,564  
      69,855       4.500     08/01/39     71,353  
      204,389       4.500     12/01/39     209,155  
      49,984       4.500     01/01/40     51,150  
      1,000,000       3.500     TBA-30yr(f)     941,719  
      2,000,000       4.000     TBA-30yr(f)     1,967,500  
      6,000,000       4.500     TBA-30yr(f)     6,106,406  
      2,000,000       5.000     TBA-30yr(f)     2,092,500  
      4,000,000       5.500     TBA-30yr(f)     4,278,125  
      1,000,000       6.000     TBA-30yr(f)     1,087,578  
       
    26,214,408  
 
GNMA — 6.4%
      2,667       7.000     03/15/12     2,689  
      11,688       7.000     10/15/25     13,467  
      15,942       7.000     11/15/25     18,369  
      2,943       7.000     02/15/26     3,396  
      11,573       7.000     04/15/26     13,350  
      6,720       7.000     03/15/27     7,749  
      111,505       7.000     11/15/27     128,596  
      5,287       7.000     01/15/28     6,099  
      40,850       7.000     02/15/28     47,129  
      15,630       7.000     03/15/28     18,032  
      4,124       7.000     04/15/28     4,757  
      652       7.000     05/15/28     752  
      12,032       7.000     06/15/28     13,882  
      24,211       7.000     07/15/28     27,932  
      15,270       7.000     08/15/28     17,617  
      38,380       7.000     09/15/28     44,279  
      4,390       7.000     11/15/28     5,065  
      5,210       7.500     11/15/30     5,993  
      631       7.000     12/15/31     728  
      25,990       7.500     10/15/32     30,410  
      702,861       6.000     08/20/34     772,257  
      997,506       3.500     11/15/40     952,867  
      5,000,000       4.500     TBA-30yr(f)     5,155,547  
                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Mortgage-Backed Obligations — (continued)
GNMA — (continued)
$     3,000,000       5.000 %   TBA-30yr(f)   $ 3,182,344  
       
    10,473,306  
 
TOTAL FEDERAL AGENCIES $ 48,543,600  
 
TOTAL MORTGAGE-BACKED OBLIGATIONS $ 84,948,109  
 
Agency Debenture — 0.6%
Tennessee Valley Authority(g)
$     900,000       5.375 %   04/01/56   $ 957,060  
 
 
Asset-Backed Securities — 2.0%
Home Equity — 0.2%
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
$     157,971       7.000 %   09/25/37   $ 115,116  
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
      202,411       7.000     09/25/37     141,705  
       
    256,821  
 
Student Loans(b) — 1.8%
Brazos Higher Education Authority Series 2011-1, Class A2
      1,000,000       1.109     02/25/30     986,515  
College Loan Corp. Trust Series 2006-1, Class A3
      1,000,000       0.393     10/25/25     987,160  
Goal Capital Funding Trust Series 2010-1, Class A(a)
      284,151       1.012     08/25/48     278,632  
Knowledgeworks Foundation Series 2010-1, Class A
      287,984       1.262     02/25/42     283,918  
Nelnet Student Loan Trust Series 2010-3A, Class A(a)
      378,191       1.083     07/27/48     378,541  
       
    2,914,766  
 
TOTAL ASSET-BACKED SECURITIES $ 3,171,587  
 
Foreign Debt Obligations — 6.5%
Sovereign — 6.1%
Federal Republic of Brazil
$     220,000       8.250 %   01/20/34   $ 289,850  
      200,000       7.125     01/20/37     236,000  
Republic of Peru
      40,000       5.625     11/18/50     36,100  
State of Qatar
      260,000       5.150     04/09/14     278,590  
      330,000 (a)     5.250     01/20/20     342,210  
United Kingdom Gilt
GBP     4,200,000       4.500     03/07/13     7,141,090  
      1,000,000       2.750     01/22/15     1,632,771  
       
    9,956,611  
 
Supranational — 0.4%
North American Development Bank
      600,000       4.375     02/11/20     609,742  
 
TOTAL FOREIGN DEBT OBLIGATIONS $ 10,566,353  
 


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Municipal Debt Obligations — 2.3%
California — 1.0%
California State Various Purpose GO Bonds Series 2009
$     325,000       7.500 %   04/01/34   $ 349,746  
      450,000       7.550     04/01/39     489,145  
California State Various Purpose GO Bonds Series 2010
      140,000       7.950     03/01/36     149,603  
      575,000       7.625     03/01/40     629,021  
       
    1,617,515  
 
Connecticut — 0.1%
Connecticut State Health & Educational Facility Authority RB Series 2007
      150,000       5.000     07/01/42     151,156  
 
Illinois — 0.2%
Illinois State GO Bonds for Build American Bonds Series 2010-5
      275,000       7.350     07/01/35     280,995  
 
Missouri — 0.5%
Missouri Higher Education Loan Authority RB Asset-Backed Notes Series 2010 A-1(b)(h)
      879,298       1.162     05/25/11     881,396  
 
New York — 0.4%
New York City Municipal Water Finance Authority Water and Sewer System RB Series 2005 A
      125,000       5.000     06/15/39     120,598  
Rensselaer Polytechnic Institute Taxable Bonds Series 2010
      475,000       5.600     09/01/20     497,605  
       
    618,203  
 
North Carolina — 0.1%
North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2006 A
      125,000       5.000     10/01/44     124,596  
 
Texas — 0.0%
Dallas Area Rapid Transit Sales Tax RB Senior Lien Series 2008 B2
      100,000       5.250     12/01/48     98,062  
 
TOTAL MUNICIPAL DEBT OBLIGATIONS $ 3,771,923  
 
 
Government Guarantee Obligations(i) — 9.3%
Achmea Hypotheekbank NV(a)
$     1,300,000       3.200 %   11/03/14   $ 1,346,249  
ANZ National (International) Ltd.(a)
      1,700,000       3.250     04/02/12     1,743,865  
BRFkredit AS(a)
      1,700,000       2.050     04/15/13     1,732,123  
Commonwealth Bank of Australia(a)
      700,000       2.500     12/10/12     718,200  
Danske Bank A/S(a)
      400,000       2.500     05/10/12     407,080  
FIH Erhvervsbank A/S(a)
      1,400,000       1.750     12/06/12     1,418,150  
      400,000       2.000     06/12/13     406,664  
Landwirtschaftliche Rentenbank
      1,400,000       4.125     07/15/13     1,492,365  
                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Government Guarantee Obligations(i) — (continued)
LeasePlan Corp. NV(a)
$     1,000,000       3.000 %   05/07/12   $ 1,024,737  
Royal Bank of Scotland Group PLC(a)
      1,900,000       1.500     12/31/49     1,917,558  
Swedbank AB(a)
      900,000       2.800     02/10/12     916,557  
      200,000       2.900     01/14/13     205,351  
Swedish Housing Finance Corp.(a)
      300,000       3.125     03/23/12     308,414  
Westpac Banking Corp.(a)
      1,200,000       1.900     12/14/12     1,223,455  
Westpac Securities NZ Ltd.(a)
      200,000       2.500     05/25/12     203,865  
 
TOTAL GOVERNMENT GUARANTEE OBLIGATIONS $ 15,064,633  
 
 
U.S. Treasury Obligations — 5.1%
United States Treasury Bonds
$     2,200,000       4.250 %   11/15/40   $ 2,103,640  
United States Treasury Inflation-Protected Securities
      503,360       1.125     01/15/21     511,383  
      934,648       2.375     01/15/25     1,049,582  
      873,624       2.375     01/15/27     972,859  
      100,563       2.125     02/15/41     106,440  
United States Treasury Notes
      1,275,000       2.250     03/31/16     1,276,441  
      1,000,000       2.625     11/15/20     933,210  
United States Treasury Principal-Only STRIPS(j)
      2,000,000       0.000     11/15/21     1,335,800  
 
TOTAL U.S. TREASURY OBLIGATIONS $ 8,289,355  
 
                 
Shares     Rate   Value  
Short-term Investment(b) — 20.2%
JPMorgan U.S. Government Money Market Fund — Capital Shares
  32,931,909     0.024%   $ 32,931,909  
 
TOTAL INVESTMENTS — 116.6%   $ 189,658,972  
 
LIABILITIES IN EXCESS OF OTHER ASSETS — (16.6)%     (26,990,530 )
 
NET ASSETS — 100.0%   $ 162,668,442  
 
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 Rule 144A securities amounts to $36,958,372, which represents approximately 22.7% of net assets as of March 31, 2011.
 
(b) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011.


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

(c) Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
 
(d) Represents security with notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
 
(e) Issued with 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 $26,871,641, which represents approximately 16.5% of net assets as of March 31, 2011.
 
(g) All or a portion of 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 under maturity.
 
(j) Issued with zero coupon. Income is recognized through the accretion of discount.
     
 
Investment Abbreviations:
EURIBOR
   — Euro Interbank Offered Rate
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
UK
   — United Kingdom
 
Currency Abbreviations:
AUD
   — Australian Dollar
CAD
   — Canadian Dollar
CHF
   — Swiss Franc
EUR
   — Euro Dollar
GBP
   — British Pound
JPY
   — Japanese Yen
NOK
   — Norwegian Krone
NZD
   — New Zealand dollar
SEK
   — Swedish Krona
USD
   — United States Dollar
 
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2011, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:
 
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
                                 
    Contracts   Expiration   Current   Unrealized
Counterparty   to Buy/Sell   Date   Value   Gain
 
Bank of America NA
   AUD/EUR     6/15/11     $ 199,956     $ 413  
 
   CAD/JPY     6/15/11       199,790       6,876  
 
   EUR/GBP     6/15/11       418,899       12,061  
Barclays Bank PLC
   SEK/USD     6/15/11       265,544       4,937  
Citibank NA
   AUD/CAD     6/15/11       226,496       5,888  
 
   AUD/CHF     6/15/11       217,272       2,068  
 
   NOK/EUR     6/15/11       577,898       1,590  
 
   NOK/JPY     6/15/11       221,338       4,817  
 
   NZD/USD     6/15/11       98,714       2,326  
 
   USD/GBP     6/15/11       301,293       2,643  
 
   USD/JPY     6/15/11       208,203       11,797  
Credit Suisse (International) Holding AG
   EUR/CHF     6/15/11       329,742       5,133  
Deutsche Bank Securities, Inc.
   EUR/USD     6/15/11       223,602       3,555  
HSBC Bank PLC
   EUR/GBP     6/15/11       222,186       6,004  
 
   NOK/USD     6/15/11       221,527       1,527  
 
   USD/GBP     6/15/11       77,446       598  
 
   USD/JPY     6/15/11       326,173       2,827  
JPMorgan Chase Bank NA
   EUR/GBP     6/15/11       152,842       492  
 
   EUR/USD     6/15/11       624,103       12,849  
 
   USD/GBP     4/04/11       9,013,830       36,646  
 
   USD/GBP     5/16/11       8,857,703       25,318  
Morgan Stanley Co., Inc.
   AUD/USD     6/15/11       220,347       4,128  
 
   NZD/USD     6/15/11       691,688       5,019  
Royal Bank of Canada
   CAD/GBP     6/15/11       61,735       835  
 
   EUR/CAD     6/15/11       199,543       3,082  
 
   EUR/CHF     6/15/11       108,970       2,120  
Royal Bank of Scotland
   CAD/USD     6/15/11       933,478       17,110  
 
   EUR/USD     6/15/11       199,543       6,234  
 
   NOK/USD     6/15/11       220,066       1,066  
UBS AG
   CAD/CHF     6/15/11       180,360       1,425  
 
   CHF/USD     6/15/11       727,811       2,811  
 
   EUR/CHF     6/15/11       200,958       2,482  
Westpac Banking Corp.
   AUD/USD     6/15/11       783,784       28,918  
 
   CHF/USD     6/15/11       134,759       1,759  
 
   EUR/USD     6/15/11       444,373       5,473  
 
   NZD/EUR     6/15/11       222,658       3,302  
 
   NZD/USD     6/15/11       551,281       18,465  
 
TOTAL
                           $ 254,594  
 

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION (continued)
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
                                 
    Contracts   Expiration   Current   Unrealized
Counterparty   to Buy/Sell   Date   Value   Loss
 
Bank of America NA
   GBP/EUR     6/15/11     $ 239,169     $ (7,076 )
 
   USD/JPY     6/15/11       999,290       (4,054 )
Citibank NA
   GBP/EUR     6/15/11       216,305       (3,051 )
 
   GBP/USD     6/15/11       216,354       (1,867 )
 
   USD/AUD     6/15/11       738,931       (23,131 )
 
   USD/CHF     6/15/11       312,971       (7,971 )
 
   USD/NZD     6/15/11       428,268       (13,370 )
Credit Suisse (International) Holding AG
   GBP/USD     4/04/11       151,597       (1,115 )
 
   JPY/EUR     6/15/11       115,831       (4,461 )
 
   USD/EUR     6/15/11       62,269       (1,134 )
Deutsche Bank Securities, Inc.
   EUR/NZD     6/15/11       222,186       (11,621 )
 
   JPY/NOK     6/15/11       217,807       (5,333 )
 
   USD/EUR     6/15/11       20,752       (892 )
HSBC Bank PLC
   EUR/NZD     6/15/11       157,087       (3,428 )
 
   EUR/SEK     6/15/11       111,801       (1,131 )
 
   GBP/CHF     6/15/11       216,354       (333 )
 
   GBP/USD     6/15/11       150,646       (3,235 )
 
   JPY/NOK     6/15/11       240,778       (7,575 )
 
   JPY/USD     6/15/11       219,310       (690 )
 
   NZD/AUD     6/15/11       133,489       (769 )
 
   SEK/EUR     6/15/11       306,773       (3,156 )
 
   USD/AUD     6/15/11       223,422       (5,024 )
 
   USD/EUR     6/15/11       353,800       (7,293 )
 
   USD/GBP     6/15/11       217,956       (1,280 )
 
   USD/NOK     6/15/11       225,280       (5,280 )
JPMorgan Chase Bank NA
   CHF/EUR     6/15/11       221,435       (752 )
 
   EUR/USD     6/15/11       435,882       (1,124 )
 
   JPY/USD     6/15/11       115,098       (902 )
 
   USD/EUR     4/01/11       90,235       (4,234 )
 
   USD/EUR     5/12/11       90,175       (464 )
 
   USD/EUR     6/15/11       410,461       (8,391 )
Morgan Stanley & Co.
   USD/NZD     6/15/11       145,793       (5,846 )
Royal Bank of Canada
   CAD/EUR     6/15/11       97,785       (1,279 )
 
   EUR/CAD     6/15/11       111,801       (587 )
 
   USD/CAD     6/15/11       377,234       (3,234 )
Royal Bank of Scotland
   EUR/USD     6/15/11       219,356       (261 )
 
   SEK/EUR     6/15/11       143,080       (1,270 )
State Street Bank and Trust Co.
   JPY/USD     6/15/11       422,656       (16,344 )
UBS AG
   CHF/EUR     6/15/11       644,376       (15,107 )
 
   CHF/USD     6/15/11       215,699       (4,301 )
 
   GBP/EUR     6/15/11       434,520       (12,683 )
 
   GBP/USD     6/15/11       314,114       (3,229 )
 
   JPY/CAD     6/15/11       95,681       (3,184 )
 
   JPY/USD     6/15/11       165,700       (2,300 )
 
   USD/AUD     6/15/11       227,521       (10,583 )
 
   USD/CHF     6/15/11       960,408       (25,852 )
Westpac Banking Corp.
   JPY/NZD     6/15/11       94,035       (6,198 )
 
   USD/AUD     6/15/11       113,760       (2,975 )
 
   USD/NZD     6/15/11       231,599       (12,615 )
 
TOTAL
                           $ (267,985 )
 

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION (continued)
FUTURES CONTRACTS — At March 31, 2011, the following futures contracts were open:
                                 
    Number of            
    Contracts   Expiration   Current   Unrealized
Type   Long (Short)   Date   Value   Gain (Loss)
 
Euro-Bobl
     9     June 2011   $ 1,461,317     $ (2,959 )
Euro-Bund
     49     June 2011     8,422,023       (38,054 )
Eurodollars
     (7 )   March 2012     (1,735,037 )     (5,732 )
3 Month EURIBOR
     7     June 2011     2,442,402       (4,178 )
3 Month EURIBOR
     6     December 2011     2,081,158       (7,693 )
U.S. Treasury Bonds
     (3 )   June 2011     (360,562 )     (272 )
U.S. Ultra Long Treasury Bonds
     18     June 2011     2,224,125       15,592  
2 Year U.S. Treasury Notes
     61     June 2011     13,305,625       10,454  
5 Year U.S. Treasury Notes
     102     June 2011     11,912,484       (71,054 )
10 Year U.S. Treasury Notes
     48     June 2011     5,713,500       (22,902 )
 
TOTAL
                           $ (126,798 )
 
TAX INFORMATION — At March 31, 2011, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
         
 
Tax Cost
   $ 187,877,944  
 
Gross unrealized gain
     3,974,755  
Gross unrealized loss
     (2,193,727 )
 
Net unrealized security gain
   $ 1,781,028  
 
Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND
Schedule of Investments
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — 98.8%
Automobiles & Components — 0.8%        
  60,613    
Ford Motor Co.*
   $ 903,740  
  4,000    
Harley-Davidson, Inc.
     169,960  
  10,835    
Johnson Controls, Inc.
     450,411  
  3,800    
The Goodyear Tire & Rubber Co.*
     56,924  
     
       
 
     1,581,035  
 
Banks — 2.9%        
  11,500    
BB&T Corp.
     315,675  
  3,050    
Comerica, Inc.
     111,996  
  15,005    
Fifth Third Bancorp
     208,269  
  4,486    
First Horizon National Corp.
     50,288  
  8,700    
Hudson City Bancorp, Inc.
     84,216  
  12,749    
Huntington Bancshares, Inc.
     84,653  
  14,300    
KeyCorp
     126,984  
  2,016    
M&T Bank Corp.
     178,356  
  9,100    
Marshall & Ilsley Corp.
     72,709  
  6,100    
People’s United Financial, Inc.
     76,738  
  8,457    
PNC Financial Services Group, Inc.
     532,706  
  20,825    
Regions Financial Corp.
     151,190  
  7,900    
SunTrust Banks, Inc.
     227,836  
  31,051    
U.S. Bancorp
     820,678  
  85,939    
Wells Fargo & Co.
     2,724,266  
  2,800    
Zions Bancorporation
     64,568  
     
       
 
     5,831,128  
 
Capital Goods — 8.6%        
  11,539    
3M Co.
     1,078,897  
  10,271    
Caterpillar, Inc.
     1,143,676  
  3,200    
Cummins, Inc.
     350,784  
  8,600    
Danaher Corp.
     446,340  
  6,979    
Deere & Co.
     676,195  
  3,101    
Dover Corp.
     203,860  
  5,600    
Eaton Corp.
     310,464  
  12,196    
Emerson Electric Co.
     712,612  
  2,500    
Fastenal Co.
     162,075  
  900    
Flowserve Corp.
     115,920  
  2,982    
Fluor Corp.
     219,654  
  6,106    
General Dynamics Corp.
     467,475  
  173,208    
General Electric Co.
     3,472,820  
  2,037    
Goodrich Corp.
     174,225  
  12,608    
Honeywell International, Inc.
     752,824  
  782    
Huntington Ingalls Industries, Inc.*
     32,453  
  8,200    
Illinois Tool Works, Inc.
     440,504  
  5,400    
Ingersoll-Rand PLC
     260,874  
  3,100    
ITT Corp.
     186,155  
  2,100    
Jacobs Engineering Group, Inc.*
     108,003  
  1,700    
Joy Global, Inc.
     167,977  
  1,900    
L-3 Communications Holdings, Inc.
     148,789  
  4,751    
Lockheed Martin Corp.
     381,980  
  6,100    
Masco Corp.
     84,912  
  4,692    
Northrop Grumman Corp.
     294,235  
  5,793    
PACCAR, Inc.
     303,264  
  2,000    
Pall Corp.
     115,220  
  2,648    
Parker Hannifin Corp.
     250,713  
  2,300    
Precision Castparts Corp.
     338,514  
  3,500    
Quanta Services, Inc.*
     78,505  
  5,976    
Raytheon Co.
     303,999  
  2,200    
Rockwell Automation, Inc.
     208,230  
                 
Shares     Description   Value  
Common Stocks — (continued)
Capital Goods — (continued)        
  2,660    
Rockwell Collins, Inc.
   $ 172,448  
  1,600    
Roper Industries, Inc.
     138,336  
  1,003    
Snap-On, Inc.
     60,240  
  4,500    
Textron, Inc.
     123,255  
  11,867    
The Boeing Co.
     877,327  
  7,700    
Tyco International Ltd.
     344,729  
  14,914    
United Technologies Corp.
     1,262,470  
  933    
W.W. Grainger, Inc.
     128,456  
     
       
 
     17,099,409  
 
Commercial & Professional Services — 0.6%        
  1,800    
Avery Dennison Corp.
     75,528  
  2,000    
Cintas Corp.
     60,540  
  800    
Dun & Bradstreet Corp.
     64,192  
  2,050    
Equifax, Inc.
     79,643  
  3,400    
Iron Mountain, Inc.
     106,182  
  3,500    
Pitney Bowes, Inc.
     89,915  
  3,500    
R.R. Donnelley & Sons Co.
     66,220  
  5,010    
Republic Services, Inc.
     150,500  
  2,500    
Robert Half International, Inc.
     76,500  
  1,400    
Stericycle, Inc.*
     124,138  
  7,849    
Waste Management, Inc.
     293,082  
     
       
 
     1,186,440  
 
Consumer Durables & Apparel — 1.0%        
  4,900    
Coach, Inc.
     254,996  
  4,700    
D.R. Horton, Inc.
     54,755  
  2,600    
Fortune Brands, Inc.
     160,914  
  1,100    
Harman International Industries, Inc.
     51,502  
  2,221    
Hasbro, Inc.
     104,032  
  2,500    
Leggett & Platt, Inc.
     61,250  
  2,500    
Lennar Corp. Class A
     45,300  
  5,951    
Mattel, Inc.
     148,359  
  4,733    
Newell Rubbermaid, Inc.
     90,542  
  6,159    
NIKE, Inc. Class B
     466,236  
  1,100    
Polo Ralph Lauren Corp.
     136,015  
  5,413    
Pulte Group, Inc.*
     40,056  
  2,752    
Stanley Black & Decker, Inc.
     210,803  
  1,400    
VF Corp.
     137,942  
  1,259    
Whirlpool Corp.
     107,468  
     
       
 
     2,070,170  
 
Consumer Services — 1.7%        
  2,100    
Apollo Group, Inc. Class A*
     87,591  
  7,100    
Carnival Corp.
     272,356  
  2,220    
Darden Restaurants, Inc.
     109,069  
  1,100    
DeVry, Inc.
     60,577  
  5,100    
H&R Block, Inc.
     85,374  
  4,900    
International Game Technology
     79,527  
  4,763    
Marriott International, Inc. Class A
     169,467  
  17,097    
McDonald’s Corp.
     1,300,911  
  11,856    
Starbucks Corp.
     438,079  
  3,100    
Starwood Hotels & Resorts Worldwide, Inc.
     180,172  
  2,926    
Wyndham Worldwide Corp.
     93,076  
  1,200    
Wynn Resorts Ltd.
     152,700  
  7,497    
Yum! Brands, Inc.
     385,196  
     
       
 
     3,414,095  
 


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Diversified Financials — 7.2%        
  16,931    
American Express Co.
   $ 765,281  
  4,080    
Ameriprise Financial, Inc.
     249,206  
  165,092    
Bank of America Corp.
     2,200,676  
  7,333    
Capital One Financial Corp.
     381,023  
  471,640    
Citigroup, Inc.*
     2,084,649  
  1,039    
CME Group, Inc.
     313,311  
  8,617    
Discover Financial Services
     207,842  
  3,050    
E*Trade Financial Corp.*
     47,672  
  1,656    
Federated Investors, Inc. Class B
     44,298  
  2,430    
Franklin Resources, Inc.
     303,945  
  1,200    
IntercontinentalExchange, Inc.*
     148,248  
  7,800    
Invesco Ltd.
     199,368  
  2,800    
Janus Capital Group, Inc.
     34,916  
  65,034    
JPMorgan Chase & Co.
     2,998,067  
  2,500    
Legg Mason, Inc.
     90,225  
  3,200    
Leucadia National Corp.
     120,128  
  3,300    
Moody’s Corp.
     111,903  
  24,747    
Morgan Stanley
     676,088  
  3,800    
Northern Trust Corp.
     192,850  
  4,300    
NYSE Euronext
     151,231  
  7,871    
SLM Corp.*
     120,426  
  8,067    
State Street Corp.
     362,531  
  4,200    
T. Rowe Price Group, Inc.
     278,964  
  20,215    
The Bank of New York Mellon Corp.
     603,822  
  16,342    
The Charles Schwab Corp.
     294,646  
  8,477    
The Goldman Sachs Group, Inc.(a)
     1,343,350  
  2,500    
The NASDAQ OMX Group, Inc.*
     64,600  
     
       
 
     14,389,266  
 
Energy — 13.1%        
  8,118    
Anadarko Petroleum Corp.
     665,027  
  6,216    
Apache Corp.
     813,799  
  7,115    
Baker Hughes, Inc.
     522,454  
  1,700    
Cabot Oil & Gas Corp.
     90,049  
  3,900    
Cameron International Corp.*
     222,690  
  10,517    
Chesapeake Energy Corp.
     352,530  
  32,673    
Chevron Corp.
     3,510,060  
  23,352    
ConocoPhillips
     1,864,891  
  3,700    
Consol Energy, Inc.
     198,431  
  6,700    
Denbury Resources, Inc.*
     163,480  
  6,972    
Devon Energy Corp.
     639,820  
  1,200    
Diamond Offshore Drilling, Inc.
     93,240  
  11,630    
El Paso Corp.
     209,340  
  4,181    
EOG Resources, Inc.
     495,490  
  2,400    
EQT Corp.
     119,760  
  80,880    
Exxon Mobil Corp.
     6,804,434  
  2,023    
FMC Technologies, Inc.*
     191,133  
  14,817    
Halliburton Co.
     738,479  
  1,700    
Helmerich & Payne, Inc.
     116,773  
  4,800    
Hess Corp.
     409,008  
  11,608    
Marathon Oil Corp.
     618,822  
  1,700    
Massey Energy Co.
     116,212  
  3,200    
Murphy Oil Corp.
     234,944  
  4,700    
Nabors Industries Ltd.*
     142,786  
  6,918    
National-Oilwell Varco, Inc.
     548,390  
  2,200    
Newfield Exploration Co.*
     167,222  
  4,200    
Noble Corp.
     191,604  
                 
Shares     Description   Value  
Common Stocks — (continued)
Energy — (continued)        
  2,900    
Noble Energy, Inc.
   $ 280,285  
  13,200    
Occidental Petroleum Corp.
     1,379,268  
  4,306    
Peabody Energy Corp.
     309,860  
  1,900    
Pioneer Natural Resources Co.
     193,648  
  2,950    
QEP Resources, Inc.
     119,593  
  2,600    
Range Resources Corp.
     151,996  
  1,800    
Rowan Companies, Inc.*
     79,524  
  22,118    
Schlumberger Ltd.
     2,062,725  
  5,700    
Southwestern Energy Co.*
     244,929  
  10,742    
Spectra Energy Corp.
     291,968  
  1,900    
Sunoco, Inc.
     86,621  
  2,200    
Tesoro Corp.*
     59,026  
  9,683    
The Williams Companies, Inc.
     301,916  
  9,013    
Valero Energy Corp.
     268,768  
     
       
 
     26,070,995  
 
Food & Staples Retailing — 2.2%        
  6,987    
Costco Wholesale Corp.
     512,287  
  21,964    
CVS Caremark Corp.
     753,804  
  5,800    
Safeway, Inc.
     136,532  
  3,373    
SUPERVALU, Inc.
     30,121  
  9,700    
Sysco Corp.
     268,690  
  10,132    
The Kroger Co.
     242,864  
  15,100    
Walgreen Co.
     606,114  
  31,760    
Wal-Mart Stores, Inc.
     1,653,108  
  2,500    
Whole Foods Market, Inc.
     164,750  
     
       
 
     4,368,270  
 
Food, Beverage & Tobacco — 5.7%        
  33,726    
Altria Group, Inc.
     877,888  
  10,233    
Archer-Daniels-Midland Co.
     368,490  
  1,750    
Brown-Forman Corp. Class B
     119,525  
  3,300    
Campbell Soup Co.
     109,263  
  5,550    
Coca-Cola Enterprises, Inc.
     151,515  
  7,200    
ConAgra Foods, Inc.
     171,000  
  2,900    
Constellation Brands, Inc. Class A*
     58,812  
  3,300    
Dean Foods Co.*
     33,000  
  3,800    
Dr. Pepper Snapple Group, Inc.
     141,208  
  10,224    
General Mills, Inc.
     373,687  
  5,368    
H.J. Heinz Co.
     262,066  
  2,400    
Hormel Foods Corp.
     66,816  
  4,000    
Kellogg Co.
     215,920  
  28,657    
Kraft Foods, Inc. Class A
     898,684  
  2,516    
Lorillard, Inc.
     239,045  
  2,300    
McCormick & Co., Inc.
     110,009  
  3,402    
Mead Johnson Nutrition Co. Class A
     197,078  
  2,700    
Molson Coors Brewing Co. Class B
     126,603  
  25,662    
PepsiCo, Inc.
     1,652,889  
  29,444    
Philip Morris International, Inc.
     1,932,410  
  5,690    
Reynolds American, Inc.
     202,166  
  10,600    
Sara Lee Corp.
     187,302  
  37,380    
The Coca-Cola Co.
     2,480,163  
  2,600    
The Hershey Co.
     141,310  
  2,034    
The J.M. Smucker Co.
     145,207  
  5,000    
Tyson Foods, Inc. Class A
     95,950  
     
       
 
     11,358,006  
 


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Health Care Equipment & Services — 4.0%        
  6,589    
Aetna, Inc.
   $ 246,626  
  4,560    
AmerisourceBergen Corp.
     180,394  
  9,610    
Baxter International, Inc.
     516,730  
  3,623    
Becton, Dickinson and Co.
     288,463  
  24,906    
Boston Scientific Corp.*
     179,074  
  1,367    
C. R. Bard, Inc.
     135,757  
  5,732    
Cardinal Health, Inc.
     235,757  
  3,816    
CareFusion Corp.*
     107,611  
  1,200    
Cerner Corp.*
     133,440  
  4,419    
CIGNA Corp.
     195,673  
  2,600    
Coventry Health Care, Inc.*
     82,914  
  8,000    
Covidien PLC
     415,520  
  1,600    
DaVita, Inc.*
     136,816  
  2,400    
DENTSPLY International, Inc.
     88,776  
  1,800    
Edwards Lifesciences Corp.*
     156,600  
  8,474    
Express Scripts, Inc.*
     471,239  
  2,700    
Humana, Inc.*
     188,838  
  651    
Intuitive Surgical, Inc.*
     217,083  
  1,700    
Laboratory Corp. of America Holdings*
     156,621  
  4,164    
McKesson Corp.
     329,164  
  6,637    
Medco Health Solutions, Inc.*
     372,734  
  17,458    
Medtronic, Inc.
     686,972  
  1,681    
Patterson Companies, Inc.
     54,111  
  2,400    
Quest Diagnostics, Inc.
     138,528  
  5,280    
St. Jude Medical, Inc.
     270,653  
  5,600    
Stryker Corp.
     340,480  
  8,150    
Tenet Healthcare Corp.*
     60,718  
  17,770    
UnitedHealth Group, Inc.
     803,204  
  2,000    
Varian Medical Systems, Inc.*
     135,280  
  6,164    
WellPoint, Inc.
     430,186  
  3,317    
Zimmer Holdings, Inc.*
     200,778  
     
       
 
     7,956,740  
 
Household & Personal Products — 2.2%        
  7,100    
Avon Products, Inc.
     191,984  
  8,048    
Colgate-Palmolive Co.
     649,956  
  6,740    
Kimberly-Clark Corp.
     439,920  
  2,300    
The Clorox Co.
     161,161  
  1,900    
The Estee Lauder Companies, Inc. Class A
     183,084  
  45,495    
The Procter & Gamble Co.
     2,802,492  
     
       
 
     4,428,597  
 
Insurance — 3.8%        
  5,400    
ACE Ltd.
     349,380  
  7,792    
Aflac, Inc.
     411,262  
  2,141    
American International Group, Inc.*
     75,235  
  5,450    
Aon Corp.
     288,632  
  1,700    
Assurant, Inc.
     65,467  
  28,059    
Berkshire Hathaway, Inc. Class B*
     2,346,574  
  2,668    
Cincinnati Financial Corp.
     87,510  
  7,900    
Genworth Financial, Inc. Class A*
     106,334  
  5,358    
Lincoln National Corp.
     160,954  
  5,047    
Loews Corp.
     217,475  
  8,988    
Marsh & McLennan Companies, Inc.
     267,932  
  16,981    
MetLife, Inc.
     759,560  
  5,432    
Principal Financial Group, Inc.
     174,422  
  7,833    
Prudential Financial, Inc.
     482,356  
                 
Shares     Description   Value  
Common Stocks — (continued)
Insurance — (continued)        
  8,938    
The Allstate Corp.
   $ 284,050  
  4,849    
The Chubb Corp.
     297,292  
  7,473    
The Hartford Financial Services Group, Inc.
     201,248  
  10,982    
The Progressive Corp.
     232,050  
  7,184    
The Travelers Companies, Inc.
     427,304  
  1,341    
Torchmark Corp.
     89,150  
  5,418    
Unum Group
     142,223  
  5,400    
XL Group PLC
     132,840  
     
       
 
     7,599,250  
 
Materials — 3.6%        
  3,400    
Air Products & Chemicals, Inc.
     306,612  
  1,200    
Airgas, Inc.
     79,704  
  1,900    
AK Steel Holding Corp.
     29,982  
  16,868    
Alcoa, Inc.
     297,720  
  1,651    
Allegheny Technologies, Inc.
     111,806  
  3,000    
Ball Corp.
     107,550  
  1,900    
Bemis Co., Inc.
     62,339  
  1,190    
CF Industries Holdings, Inc.
     162,780  
  2,094    
Cliffs Natural Resources, Inc.
     205,798  
  14,738    
E.I. du Pont de Nemours & Co.
     810,148  
  1,200    
Eastman Chemical Co.
     119,184  
  3,812    
Ecolab, Inc.
     194,488  
  1,200    
FMC Corp.
     101,916  
  15,236    
Freeport-McMoRan Copper & Gold, Inc.
     846,360  
  1,400    
International Flavors & Fragrances, Inc.
     87,220  
  7,359    
International Paper Co.
     222,095  
  2,798    
MeadWestvaco Corp.
     84,863  
  8,654    
Monsanto Co.
     625,338  
  7,887    
Newmont Mining Corp.
     430,472  
  5,200    
Nucor Corp.
     239,304  
  2,800    
Owens-Illinois, Inc.*
     84,532  
  2,700    
PPG Industries, Inc.
     257,067  
  4,900    
Praxair, Inc.
     497,840  
  2,616    
Sealed Air Corp.
     69,743  
  2,000    
Sigma-Aldrich Corp.
     127,280  
  18,713    
The Dow Chemical Co.
     706,416  
  1,500    
The Sherwin-Williams Co.
     125,985  
  1,500    
Titanium Metals Corp.*
     27,870  
  2,420    
United States Steel Corp.
     130,535  
  2,100    
Vulcan Materials Co.
     95,760  
     
       
 
     7,248,707  
 
Media — 3.3%        
  4,100    
Cablevision Systems Corp. Class A
     141,901  
  11,264    
CBS Corp. Class B
     282,050  
  45,212    
Comcast Corp. Class A
     1,117,641  
  12,992    
DIRECTV Class A*
     608,026  
  4,800    
Discovery Communications, Inc. Class A*
     191,520  
  4,271    
Gannett Co., Inc.
     65,047  
  36,786    
News Corp. Class A
     645,962  
  4,748    
Omnicom Group, Inc.
     232,937  
  1,500    
Scripps Networks Interactive, Inc. Class A
     75,135  


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Media — (continued)        
  8,071    
The Interpublic Group of Companies, Inc.
   $ 101,452  
  5,008    
The McGraw-Hill Companies, Inc.
     197,315  
  30,729    
The Walt Disney Co.
     1,324,113  
  83    
The Washington Post Co. Class B
     36,317  
  5,596    
Time Warner Cable, Inc.
     399,219  
  18,071    
Time Warner, Inc.
     645,135  
  9,744    
Viacom, Inc. Class B
     453,291  
     
       
 
     6,517,061  
 
Pharmaceuticals, Biotechnology & Life Sciences — 7.0%        
  24,998    
Abbott Laboratories
     1,226,152  
  5,496    
Agilent Technologies, Inc.*
     246,111  
  5,100    
Allergan, Inc.
     362,202  
  15,268    
Amgen, Inc.*
     816,075  
  3,815    
Biogen Idec, Inc.*
     279,983  
  27,626    
Bristol-Myers Squibb Co.
     730,155  
  7,800    
Celgene Corp.*
     448,734  
  1,200    
Cephalon, Inc.*
     90,936  
  16,342    
Eli Lilly & Co.
     574,748  
  4,800    
Forest Laboratories, Inc.*
     155,040  
  4,425    
Genzyme Corp.*
     336,964  
  13,100    
Gilead Sciences, Inc.*
     555,964  
  2,790    
Hospira, Inc.*
     154,008  
  44,594    
Johnson & Johnson
     2,642,195  
  3,170    
Life Technologies Corp.*
     166,171  
  49,969    
Merck & Co., Inc.
     1,649,477  
  7,300    
Mylan, Inc.*
     165,491  
  1,900    
PerkinElmer, Inc.
     49,913  
  130,056    
Pfizer, Inc.
     2,641,437  
  6,568    
Thermo Fisher Scientific, Inc.*
     364,852  
  1,500    
Waters Corp.*
     130,350  
  1,800    
Watson Pharmaceuticals, Inc.*
     100,818  
     
       
 
     13,887,776  
 
Real Estate Investment Trust — 1.6%        
  2,080    
Apartment Investment & Management Co. Class A
     52,978  
  1,391    
AvalonBay Communities, Inc.
     167,031  
  2,327    
Boston Properties, Inc.
     220,716  
  4,900    
CB Richard Ellis Group, Inc. Class A*
     130,830  
  4,500    
Equity Residential
     253,845  
  6,100    
HCP, Inc.
     231,434  
  2,900    
Health Care REIT, Inc.
     152,076  
  11,052    
Host Hotels & Resorts, Inc.
     194,626  
  6,800    
Kimco Realty Corp.
     124,712  
  2,800    
Plum Creek Timber Co., Inc.
     122,108  
  9,700    
ProLogis
     155,006  
  2,251    
Public Storage, Inc.
     249,658  
  4,807    
Simon Property Group, Inc.
     515,118  
  2,600    
Ventas, Inc.
     141,180  
  2,722    
Vornado Realty Trust
     238,175  
  8,809    
Weyerhaeuser Co.
     216,701  
     
       
 
     3,166,194  
 
Retailing — 3.5%        
  1,377    
Abercrombie & Fitch Co. Class A
     80,830  
  5,738    
Amazon.com, Inc.*
     1,033,586  
                 
Shares     Description   Value  
Common Stocks — (continued)
Retailing — (continued)        
  1,072    
AutoNation, Inc.*
   $ 37,917  
  379    
AutoZone, Inc.*
     103,679  
  4,124    
Bed Bath & Beyond, Inc.*
     199,065  
  5,450    
Best Buy Co., Inc.
     156,524  
  1,300    
Big Lots, Inc.*
     56,459  
  3,800    
CarMax, Inc.*
     121,980  
  3,400    
Expedia, Inc.
     77,044  
  2,100    
Family Dollar Stores, Inc.
     107,772  
  2,600    
GameStop Corp. Class A*
     58,552  
  2,540    
Genuine Parts Co.
     136,246  
  3,800    
J.C. Penney Co., Inc.
     136,458  
  4,619    
Kohl’s Corp.
     244,992  
  4,500    
Limited Brands, Inc.
     147,960  
  22,236    
Lowe’s Companies, Inc.
     587,698  
  7,034    
Macy’s, Inc.
     170,645  
  700    
Netflix, Inc.*
     166,131  
  2,724    
Nordstrom, Inc.
     122,253  
  2,400    
O’Reilly Automotive, Inc.*
     137,904  
  810    
Priceline.com, Inc.*
     410,216  
  1,700    
RadioShack Corp.
     25,517  
  1,978    
Ross Stores, Inc.
     140,675  
  700    
Sears Holdings Corp.*
     57,855  
  11,497    
Staples, Inc.
     223,272  
  11,439    
Target Corp.
     572,064  
  7,250    
The Gap, Inc.
     164,285  
  26,864    
The Home Depot, Inc.
     995,580  
  6,393    
The TJX Companies, Inc.
     317,924  
  2,100    
Tiffany & Co.
     129,024  
  2,100    
Urban Outfitters, Inc.*
     62,643  
     
       
 
     6,982,750  
 
Semiconductors & Semiconductor Equipment — 2.5%        
  9,100    
Advanced Micro Devices, Inc.*
     78,260  
  4,974    
Altera Corp.
     218,955  
  4,900    
Analog Devices, Inc.
     192,962  
  22,022    
Applied Materials, Inc.
     343,984  
  7,750    
Broadcom Corp. Class A
     305,195  
  880    
First Solar, Inc.*
     141,539  
  89,580    
Intel Corp.
     1,806,829  
  2,825    
KLA-Tencor Corp.
     133,820  
  3,800    
Linear Technology Corp.
     127,794  
  10,200    
LSI Corp.*
     69,360  
  3,700    
MEMC Electronic Materials, Inc.*
     47,952  
  3,100    
Microchip Technology, Inc.
     117,831  
  14,643    
Micron Technology, Inc.*
     167,809  
  3,800    
National Semiconductor Corp.
     54,492  
  1,465    
Novellus Systems, Inc.*
     54,395  
  9,550    
NVIDIA Corp.*
     176,293  
  2,800    
Teradyne, Inc.*
     49,868  
  18,928    
Texas Instruments, Inc.
     654,152  
  4,400    
Xilinx, Inc.
     144,320  
     
       
 
     4,885,810  
 
Software & Services — 8.5%        
  8,115    
Adobe Systems, Inc.*
     269,093  
  3,000    
Akamai Technologies, Inc.*
     114,000  
  3,800    
Autodesk, Inc.*
     167,618  
  7,900    
Automatic Data Processing, Inc.
     405,349  


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Software & Services — (continued)        
  2,900    
BMC Software, Inc.*
   $ 144,246  
  6,504    
CA, Inc.
     157,267  
  3,000    
Citrix Systems, Inc.*
     220,380  
  5,035    
Cognizant Technology Solutions Corp.
Class A*
     409,849  
  2,500    
Computer Sciences Corp.
     121,825  
  3,500    
Compuware Corp.*
     40,425  
  18,444    
eBay, Inc.*
     572,502  
  5,600    
Electronic Arts, Inc.*
     109,368  
  4,500    
Fidelity National Information Services, Inc.
     147,105  
  2,450    
Fiserv, Inc.*
     153,664  
  4,099    
Google, Inc. Class A*
     2,402,875  
  19,847    
International Business Machines Corp.
     3,236,450  
  4,400    
Intuit, Inc.*
     233,640  
  1,600    
Mastercard, Inc. Class A
     402,752  
  120,647    
Microsoft Corp.
     3,059,608  
  2,100    
Monster Worldwide, Inc.*
     33,390  
  5,300    
Novell, Inc.*
     31,429  
  63,463    
Oracle Corp.
     2,117,760  
  5,309    
Paychex, Inc.
     166,490  
  3,155    
Red Hat, Inc.*
     143,205  
  4,933    
SAIC, Inc.*
     83,466  
  1,900    
Salesforce.com, Inc.*
     253,802  
  12,312    
Symantec Corp.*
     228,265  
  2,800    
Teradata Corp.*
     141,960  
  10,719    
The Western Union Co.
     222,634  
  2,800    
Total System Services, Inc.
     50,456  
  2,902    
VeriSign, Inc.
     105,081  
  7,980    
Visa, Inc. Class A
     587,488  
  20,900    
Yahoo!, Inc.*
     347,985  
     
       
 
     16,881,427  
 
Technology Hardware & Equipment — 6.9%        
  2,900    
Amphenol Corp. Class A
     157,731  
  15,073    
Apple, Inc.*
     5,252,187  
  89,958    
Cisco Systems, Inc.
     1,542,780  
  25,125    
Corning, Inc.
     518,329  
  27,000    
Dell, Inc.*
     391,770  
  33,272    
EMC Corp.*
     883,371  
  1,300    
F5 Networks, Inc.*
     133,341  
  2,700    
FLIR Systems, Inc.
     93,447  
  2,100    
Harris Corp.
     104,160  
  35,433    
Hewlett-Packard Co.
     1,451,690  
  3,083    
Jabil Circuit, Inc.
     62,986  
  3,425    
JDS Uniphase Corp.*
     71,377  
  8,400    
Juniper Networks, Inc.*
     353,472  
  1,200    
Lexmark International, Inc. Class A*
     44,448  
  2,025    
Molex, Inc.
     50,868  
  4,860    
Motorola Mobility Holdings, Inc.*
     118,584  
  5,554    
Motorola Solutions, Inc.*
     248,208  
  6,011    
NetApp, Inc.*
     289,610  
  26,818    
QUALCOMM, Inc.
     1,470,431  
  3,900    
SanDisk Corp.*
     179,751  
  6,600    
Tellabs, Inc.
     34,584  
  3,800    
Western Digital Corp.*
     141,702  
                 
Shares     Description   Value  
Common Stocks — (continued)
Technology Hardware & Equipment — (continued)        
  21,976    
Xerox Corp.
   $ 234,044  
     
       
 
     13,828,871  
 
Telecommunication Services — 3.0%        
  6,440    
American Tower Corp. Class A*
     333,721  
  96,006    
AT&T, Inc.
     2,937,784  
  5,027    
CenturyLink, Inc.
     208,872  
  17,008    
Frontier Communications Corp.
     139,806  
  4,000    
MetroPCS Communications, Inc.*
     64,960  
  29,463    
Qwest Communications International, Inc.
     201,232  
  49,010    
Sprint Nextel Corp.*
     227,406  
  45,843    
Verizon Communications, Inc.
     1,766,789  
  7,681    
Windstream Corp.
     98,854  
     
       
 
     5,979,424  
 
Transportation — 2.0%        
  2,730    
C.H. Robinson Worldwide, Inc.
     202,375  
  6,062    
CSX Corp.
     476,473  
  3,600    
Expeditors International of Washington, Inc.
     180,504  
  5,200    
FedEx Corp.
     486,460  
  5,835    
Norfolk Southern Corp.
     404,191  
  800    
Ryder System, Inc.
     40,480  
  12,118    
Southwest Airlines Co.
     153,050  
  7,920    
Union Pacific Corp.
     778,774  
  15,992    
United Parcel Service, Inc. Class B
     1,188,525  
     
       
 
     3,910,832  
 
Utilities — 3.1%        
  3,977    
Ameren Corp.
     111,634  
  7,691    
American Electric Power Co., Inc.
     270,262  
  7,198    
CenterPoint Energy, Inc.
     126,397  
  4,200    
CMS Energy Corp.
     82,488  
  4,600    
Consolidated Edison, Inc.
     233,312  
  3,277    
Constellation Energy Group, Inc.
     102,013  
  9,347    
Dominion Resources, Inc.
     417,811  
  2,800    
DTE Energy Co.
     137,088  
  21,293    
Duke Energy Corp.
     386,468  
  5,469    
Edison International
     200,111  
  2,975    
Entergy Corp.
     199,950  
  10,681    
Exelon Corp.
     440,484  
  6,978    
FirstEnergy Corp.
     258,814  
  1,331    
Integrys Energy Group, Inc.
     67,229  
  6,846    
NextEra Energy, Inc.
     377,352  
  700    
Nicor, Inc.
     37,590  
  4,500    
NiSource, Inc.
     86,310  
  2,790    
Northeast Utilities
     96,534  
  4,300    
NRG Energy, Inc.*
     92,622  
  1,700    
Oneok, Inc.
     113,696  
  3,600    
Pepco Holdings, Inc.
     67,140  
  6,531    
PG&E Corp.
     288,540  
  1,800    
Pinnacle West Capital Corp.
     77,022  
  8,151    
PPL Corp.
     206,220  
  4,877    
Progress Energy, Inc.
     225,025  
  8,442    
Public Service Enterprise Group, Inc.
     266,007  
  1,831    
SCANA Corp.
     72,086  
  3,913    
Sempra Energy
     209,345  


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Utilities — (continued)        
  13,541    
Southern Co.
   $ 516,048  
  3,600    
TECO Energy, Inc.
     67,536  
  11,264    
The AES Corp.*
     146,432  
  4,000    
Wisconsin Energy Corp.
     122,000  
  7,210    
Xcel Energy, Inc.
     172,247  
     
       
 
     6,273,813  
 
TOTAL COMMON STOCKS   $ 196,916,066  
 
                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
U.S. Treasury Obligations(b)(c) — 0.2%
United States Treasury Bills
$     45,000       0.000 %   04/07/11   $ 45,000  
      210,000       0.000     05/19/11     209,984  
 
TOTAL U.S. TREASURY OBLIGATIONS $ 254,984  
 
                 
Shares     Rate   Value  
Short-term Investment(d) — 1.1%
JPMorgan U.S. Government Money Market Fund — Capital Shares
  2,250,097     0.024%   $ 2,250,097  
 
TOTAL INVESTMENTS — 100.1%   $ 199,421,147  
 
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%     (139,618 )
 
NET ASSETS — 100.0%   $ 199,281,529  
 
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) All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
 
(d) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011.
     
 
Investment Abbreviation:
REIT —
  Real Estate Investment Trust
 
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At March 31, 2011, 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
     37     June 2011   $ 2,443,850     $ 81,779  
 
TAX INFORMATION — At March 31, 2011, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
         
 
Tax Cost
   $ 179,247,094  
 
Gross unrealized gain
     59,258,398  
Gross unrealized loss
     (39,084,345 )
 
Net unrealized security gain
   $ 20,174,053  
 
Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND
Schedule of Investments
March 31, 2011 (Unaudited)

                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Mortgage-Backed Obligations — 47.2%
Adjustable Rate Non-Agency(a) — 1.3%
First Horizon Alternative Mortgage Securities Series 2005-AA7, Class 2A1
$     433,699       2.368 %   09/25/35   $ 302,702  
Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
      402,919       3.642     08/19/36     252,890  
J.P. Morgan Mortgage Trust Series 2007-A1, Class 2A2
      380,737       3.081     07/25/35     343,784  
       
    899,376  
 
Collateralized Mortgage Obligations — 4.6%
Agency Multi-Family — 1.9%
FNMA
$     400,000       4.506 %   06/01/19   $ 415,578  
      100,000       3.416     10/01/20     95,333  
      200,000       3.375     11/01/20     189,937  
      399,132       3.763     12/01/20     390,412  
      100,000       3.632     12/01/20     96,616  
GNMA
      98,795       3.950     07/15/25     98,318  
       
    1,286,194  
 
Interest Only(a)(b)(c) — 0.0%
FNMA REMIC Series 2004-47, Class EI
      214,683       0.000     06/25/34     2,290  
FNMA REMIC Series 2004-62, Class DI
      91,602       0.000     07/25/33     1,014  
       
    3,304  
 
Regular Floater(a) — 1.0%
National Credit Union Administration Guaranteed Notes Series 2011-R3, Class 1A
      300,000       0.672     03/11/20     300,000  
National Credit Union Administration Guaranteed Notes Series 2011-R4, Class 1A
      400,000       0.626     04/06/20     400,000  
       
    700,000  
 
Sequential Fixed Rate — 1.7%
Banc of America Funding Corp. Series 2007-8, Class 2A1
      565,523       7.000     10/25/37     406,252  
FNMA
      500,000       3.740     05/01/41     501,166  
National Credit Union Administration Guaranteed Notes Series 2010-C1, Class APT
      296,641       2.650     10/29/20     287,371  
       
    1,194,789  
 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS $ 3,184,287  
 
Federal Agencies — 41.3%
Adjustable Rate FHLMC(a) — 0.9%
$     421,960       2.591 %   09/01/35   $ 444,730  
      195,609       4.775     10/01/35     206,679  
       
    651,409  
 
Adjustable Rate FNMA(a) — 1.4%
      198,311       2.202     05/01/33     204,966  
      427,280       2.583     05/01/35     448,167  
                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate FNMA(a) — (continued)
$     292,968       2.557 %   12/01/35   $ 306,827  
       
    959,960  
 
FHLMC — 5.7%
      3,152       10.000     03/01/21     3,502  
      4,628       6.500     06/01/23     5,175  
      842,046       5.500     01/01/40     898,127  
      2,000,000       4.500     TBA-30yr(d)     2,032,031  
      1,000,000       5.000     TBA-30yr(d)     1,043,906  
       
    3,982,741  
 
FNMA — 24.5%
      1,347       5.000     02/01/14     1,410  
      66,775       5.000     03/01/18     71,044  
      29,359       5.000     06/01/18     31,254  
      751,148       4.000     09/01/18     785,912  
      626,587       5.500     03/01/19     678,623  
      200,822       6.000     09/01/19     219,549  
      246,541       6.000     12/01/20     269,532  
      11,199       8.000     09/01/21     13,012  
      13,274       5.000     04/01/23     14,112  
      56,011       5.000     06/01/23     59,547  
      759,960       5.500     05/01/25     824,533  
      75       6.000     03/01/32     82  
      2,636       6.000     05/01/33     2,901  
      22,477       5.000     08/01/33     23,661  
      1,897       6.000     12/01/33     2,085  
      1,076       6.000     12/01/34     1,180  
      40,397       5.000     04/01/35     42,460  
      2,221       6.000     04/01/35     2,427  
      5,160       6.000     02/01/36     5,630  
      16,535       6.500     03/01/36     18,538  
      92,344       4.500     09/01/39     94,498  
      90,467       4.500     10/01/39     92,577  
      271,371       4.500     12/01/39     277,699  
      1,000,000       4.500     TBA-15yr(d)     1,047,969  
      2,000,000       4.000     TBA-30yr(d)     1,967,500  
      4,000,000       4.500     TBA-30yr(d)     4,070,938  
      2,000,000       5.000     TBA-30yr(d)     2,092,500  
      1,000,000       5.500     TBA-30yr(d)     1,069,531  
      3,000,000       6.000     TBA-30yr(d)     3,262,734  
       
    17,043,438  
 
GNMA — 8.8%
      900,188       3.500     11/15/40     859,904  
      105,698       3.500     12/15/40     100,968  
      995,212       3.500     01/15/41     950,675  
      2,000,000       4.500     TBA-30yr(d)     2,060,156  
      2,000,000       5.000     TBA-30yr(d)     2,121,562  
       
    6,093,265  
 
TOTAL FEDERAL AGENCIES $ 28,730,813  
 
TOTAL MORTGAGE-BACKED OBLIGATIONS $ 32,814,476  
 
Agency Debentures — 6.5%
FFCB
$     500,000       5.400 %   06/08/17   $ 565,020  


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Agency Debentures — (continued)
FHLB
$     800,000       1.750 %   12/14/12   $ 813,283  
      200,000       5.625     06/11/21     230,158  
FHLMC
      1,000,000       1.375     02/25/14     1,000,330  
      1,500,000       4.500     04/02/14     1,632,947  
Tennessee Valley Authority(e)
      300,000       5.375     04/01/56     319,020  
 
TOTAL AGENCY DEBENTURES $ 4,560,758  
 
Asset-Backed Securities — 2.6%
Credit Card(a) — 0.7%
Chase Issuance Trust Series 2005-A11, Class A
$     500,000       0.325 %   12/15/14   $ 498,878  
 
Home Equity — 0.1%
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
      45,135       7.000     09/25/37     32,890  
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
      57,832       7.000     09/25/37     40,488  
       
    73,378  
 
Student Loans(a) — 1.8%
Brazos Higher Education Authority Series 2005-3, Class A14
      191,421       0.418     09/25/23     189,886  
Brazos Higher Education Authority Series 2011-1, Class A2
      400,000       1.109     02/25/30     394,606  
Knowledgeworks Foundation Series 2010-1, Class A
      287,984       1.262     02/25/42     283,917  
Nelnet Student Loan Trust Series 2010-3A, Class A(f)
      378,191       1.083     07/27/48     378,541  
       
    1,246,950  
 
TOTAL ASSET-BACKED SECURITIES $ 1,819,206  
 
 
Government Guarantee Obligations(g) — 9.0%
Ally Financial, Inc.
$     1,100,000       1.750 %   10/30/12   $ 1,118,860  
Citigroup Funding, Inc.
      1,300,000       1.875     10/22/12     1,324,695  
      600,000       1.875     11/15/12     611,503  
General Electric Capital Corp.
      700,000       2.125     12/21/12     716,530  
Private Export Funding Corp.
      2,000,000       3.550     04/15/13     2,104,900  
U.S. Central Federal Credit Union
      400,000       1.900     10/19/12     407,487  
 
TOTAL GOVERNMENT GUARANTEE OBLIGATIONS $ 6,283,975  
 
 
U.S. Treasury Obligations — 28.1%
United States Treasury Bonds
$     200,000       5.000 %   05/15/37   $ 217,326  
      100,000       4.250     05/15/39     95,907  
      700,000       4.375     05/15/40     684,292  
      500,000       4.250     11/15/40     478,100  
                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
U.S. Treasury Obligations — (continued)
United States Treasury Inflation-Protected Securities
$     2,219,020       2.375 %   04/15/11   $ 2,225,966  
      100,672       1.125     01/15/21     102,277  
      408,909       2.375     01/15/25     459,192  
      327,609       2.375     01/15/27     364,822  
      100,563       2.125     02/15/41     106,440  
United States Treasury Notes
      1,800,000       1.000     04/30/12     1,812,654  
      1,900,000       1.250     03/15/14     1,899,335  
      400,000       2.125     02/29/16     398,772  
      2,675,000       2.250     03/31/16     2,678,022  
      900,000       3.125     10/31/16     931,923  
      700,000       3.625     08/15/19     723,667  
      3,900,000       3.625     02/15/21     3,955,458  
United States Treasury Principal-Only STRIPS(h)
      1,800,000       0.000     08/15/20     1,292,004  
      300,000       0.000     08/15/26     152,736  
      1,900,000       0.000     11/15/26     953,648  
 
TOTAL U.S. TREASURY OBLIGATIONS $ 19,532,541  
 
                 
Shares     Rate   Value  
Short-term Investment(a) — 37.0%
JPMorgan U.S. Government Money Market Fund — Capital Shares
  25,758,873     0.024%   $ 25,758,873  
 
TOTAL INVESTMENTS — 130.4%   $ 90,769,829  
 
LIABILITIES IN EXCESS OF OTHER ASSETS — (30.4)%     (21,185,449 )
 
NET ASSETS — 100.0%   $ 69,584,380  
 
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 March 31, 2011.
 
(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 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 $20,768,827 which represents approximately 29.8% of net assets as of March 31, 2011.
 
(e) All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

(f) Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $378,541, which represents approximately 0.5% of net assets as of March 31, 2011.
 
(g) 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.
 
(h) 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
REMIC
   — Real Estate Mortgage Investment Conduit
STRIPS
   — Separate Trading of Registered Interest and Principal of Securities
 
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At March 31, 2011, the following futures contracts were open:
                                 
    Number of            
    Contracts   Expiration   Current   Unrealized
Type   Long (Short)   Date   Value   Gain (Loss)
 
U.S. Treasury Bonds
     (43)     June 2011   $ (5,168,063 )   $ (8,609 )
U.S. Ultra Bonds
     14     June 2011     1,729,875       9,926  
2 Year U.S. Treasury Notes
     30     June 2011     6,543,750       4,787  
5 Year U.S. Treasury Notes
     50     June 2011     5,839,453       (36,369 )
10 Year U.S. Treasury Notes
     28     June 2011     3,332,875       (12,839 )
 
TOTAL
                           $ (43,104 )
 
TAX INFORMATION — At March 31, 2011, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
         
 
Tax Cost
   $ 90,634,982  
 
Gross unrealized gain
     836,938  
Gross unrealized loss
     (702,091 )
 
Net unrealized security gain
   $ 134,847  
 
Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND
Schedule of Investments
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — 97.3%
Banks — 2.1%        
  43,198    
First Republic Bank*
   $ 1,335,250  
  158,972    
People’s United Financial, Inc.
     1,999,868  
     
       
 
     3,335,118  
 
Capital Goods — 7.2%        
  27,447    
Alliant Techsystems, Inc.
     1,939,680  
  49,097    
DigitalGlobe, Inc.*
     1,376,189  
  49,916    
Kennametal, Inc.
     1,946,724  
  104,452    
Quanta Services, Inc.*
     2,342,858  
  36,262    
Raytheon Co.
     1,844,648  
  23,280    
Roper Industries, Inc.
     2,012,789  
     
       
 
     11,462,888  
 
Commercial & Professional Services — 4.1%
  89,899    
Iron Mountain, Inc.
     2,807,546  
  42,109    
Ritchie Bros Auctioneers, Inc.
     1,185,368  
  80,623    
Verisk Analytics, Inc. Class A*
     2,641,210  
     
       
 
     6,634,124  
 
Consumer Durables & Apparel — 5.5%        
  152,155    
Newell Rubbermaid, Inc.
     2,910,725  
  51,851    
Phillips-Van Heusen Corp.
     3,371,871  
  20,871    
Polo Ralph Lauren Corp.
     2,580,699  
     
       
 
     8,863,295  
 
Consumer Services — 2.2%        
  44,479    
Coinstar, Inc.*
     2,042,475  
  31,583    
Darden Restaurants, Inc.
     1,551,673  
     
       
 
     3,594,148  
 
Diversified Financials — 10.7%        
  10,601    
Affiliated Managers Group, Inc.*
     1,159,431  
  26,362    
Intercontinental Exchange, Inc.*
     3,256,762  
  43,391    
Invesco Ltd.
     1,109,074  
  59,142    
Lazard Ltd. Class A
     2,459,124  
  43,498    
MSCI, Inc. Class A*
     1,601,596  
  56,783    
Northern Trust Corp.
     2,881,737  
  150,570    
SLM Corp.*
     2,303,721  
  110,710    
TD Ameritrade Holding Corp.
     2,310,518  
     
       
 
     17,081,963  
 
Energy — 9.9%        
  66,906    
Cameron International Corp.*
     3,820,333  
  21,896    
Core Laboratories NV
     2,237,114  
  28,793    
Dril-Quip, Inc.*
     2,275,511  
  63,114    
Petrohawk Energy Corp.*
     1,548,818  
  11,609    
Pioneer Natural Resources Co.
     1,183,189  
  46,407    
Southwestern Energy Co.*
     1,994,109  
  38,794    
Whiting Petroleum Corp.*
     2,849,419  
     
       
 
     15,908,493  
 
Health Care Equipment & Services — 8.8%        
  31,633    
C. R. Bard, Inc.
     3,141,473  
  87,914    
CareFusion Corp.*
     2,479,175  
  81,376    
Emdeon, Inc. Class A*
     1,310,967  
  27,905    
Henry Schein, Inc.*
     1,958,094  
  4,024    
Intuitive Surgical, Inc.*
     1,341,843  
  75,073    
St. Jude Medical, Inc.
     3,848,242  
     
       
 
     14,079,794  
 
                 
Shares     Description   Value  
Common Stocks — (continued)
Household & Personal Products — 1.8%        
  105,958    
Avon Products, Inc.
   $ 2,865,104  
 
Insurance — 1.2%        
  57,956    
Principal Financial Group, Inc.
     1,860,967  
 
Materials — 1.7%        
  53,023    
Ecolab, Inc.
     2,705,233  
 
Media — 2.3%        
  59,666    
Lamar Advertising Co. Class A*
     2,204,062  
  29,162    
Scripps Networks Interactive, Inc. Class A
     1,460,725  
     
       
 
     3,664,787  
 
Real Estate — 2.5%        
  147,295    
CB Richard Ellis Group, Inc. Class A*
     3,932,777  
 
Retailing — 7.8%        
  57,208    
Bed Bath & Beyond, Inc.*
     2,761,430  
  45,406    
Dick’s Sporting Goods, Inc.*
     1,815,332  
  78,954    
GameStop Corp. Class A*
     1,778,044  
  82,183    
PetSmart, Inc.
     3,365,394  
  138,960    
Staples, Inc.
     2,698,603  
     
       
 
     12,418,803  
 
Semiconductors & Semiconductor Equipment — 5.1%        
  41,105    
Altera Corp.
     1,809,442  
  42,469    
Linear Technology Corp.
     1,428,232  
  82,622    
NVIDIA Corp.*
     1,525,202  
  105,247    
Xilinx, Inc.
     3,452,102  
     
       
 
     8,214,978  
 
Software & Services — 13.1%        
  29,333    
Citrix Systems, Inc.*
     2,154,802  
  22,778    
Equinix, Inc.*
     2,075,076  
  21,510    
FleetCor Technologies, Inc.*
     702,517  
  55,447    
Genpact Ltd.*
     802,873  
  80,295    
Global Payments, Inc.
     3,928,031  
  37,748    
GSI Commerce, Inc.*
     1,104,884  
  75,354    
RealD, Inc.*
     2,061,685  
  15,706    
Salesforce.com, Inc.*
     2,098,008  
  56,092    
SuccessFactors, Inc.*
     2,192,636  
  100,459    
The Western Union Co.
     2,086,533  
  30,214    
VeriFone Systems, Inc.*
     1,660,259  
     
       
 
     20,867,304  
 
Technology Hardware & Equipment — 5.9%        
  57,171    
Amphenol Corp. Class A
     3,109,531  
  17,874    
Dolby Laboratories, Inc. Class A*
     879,580  
  75,977    
FLIR Systems, Inc.
     2,629,564  
  58,136    
NetApp, Inc.*
     2,800,992  
     
       
 
     9,419,667  
 
Telecommunication Services — 4.8%*        
  43,937    
Crown Castle International Corp.
     1,869,519  
  91,426    
SBA Communications Corp. Class A
     3,627,784  
  112,379    
tw telecom, inc.
     2,157,677  
     
       
 
     7,654,980  
 


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Transportation — 0.6%        
  12,898    
C.H. Robinson Worldwide, Inc.
   $ 956,129  
 
TOTAL COMMON STOCKS   $ 155,520,552  
 
                 
Shares     Rate   Value  
Short-term Investment(a) — 2.9%
JPMorgan U.S. Government Money Market Fund — Capital Shares      
  4,567,524     0.024%   $ 4,567,524  
 
TOTAL INVESTMENTS — 100.2%   $ 160,088,076  
 
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%     (377,002 )
 
NET ASSETS — 100.0%   $ 159,711,074  
 
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 March 31, 2011.
 
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
TAX INFORMATION — At March 31, 2011, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
         
 
Tax Cost
   $ 129,703,128  
 
Gross unrealized gain
     33,441,915  
Gross unrealized loss
     (3,056,967 )
 
Net unrealized security gain
   $ 30,384,948  
 
Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND
Schedule of Investments
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — 98.6%
Automobiles & Components — 3.2%        
  900,474    
Ford Motor Co.*
   $ 13,426,068  
  340,911    
General Motors Co.*
     10,578,468  
  413,795    
Johnson Controls, Inc.
     17,201,458  
     
       
 
     41,205,994  
 
Banks — 5.6%        
  349,140    
PNC Financial Services Group, Inc.
     21,992,329  
  616,410    
SunTrust Banks, Inc.
     17,777,264  
  1,200,828    
U.S. Bancorp
     31,737,884  
     
       
 
     71,507,477  
 
Capital Goods — 10.1%        
  126,607    
Emerson Electric Co.
     7,397,647  
  2,610,200    
General Electric Co.
     52,334,510  
  485,739    
Honeywell International, Inc.
     29,003,476  
  208,191    
Illinois Tool Works, Inc.
     11,184,020  
  402,627    
The Boeing Co.
     29,766,214  
     
       
 
     129,685,867  
 
Consumer Durables & Apparel — 0.9%        
  621,868    
Newell Rubbermaid, Inc.
     11,896,335  
 
Consumer Services — 0.8%        
  191,145    
Yum! Brands, Inc.
     9,821,030  
 
Diversified Financials — 13.6%        
  51,416    
Ameriprise Financial, Inc.
     3,140,489  
  3,036,579    
Bank of America Corp.
     40,477,598  
  115,792    
Franklin Resources, Inc.
     14,483,263  
  576,626    
Invesco Ltd.
     14,738,561  
  1,328,141    
JPMorgan Chase & Co.
     61,227,300  
  1,279,586    
SLM Corp.*
     19,577,666  
  268,026    
State Street Corp.
     12,045,088  
  307,525    
The Bank of New York Mellon Corp.
     9,185,772  
     
       
 
     174,875,737  
 
Energy — 13.4%        
  209,836    
Cameron International Corp.*
     11,981,636  
  319,855    
ConocoPhillips
     25,543,620  
  438,717    
Devon Energy Corp.
     40,261,059  
  245,186    
Hess Corp.
     20,892,299  
  430,462    
Newfield Exploration Co.*
     32,719,417  
  280,109    
Occidental Petroleum Corp.
     29,268,589  
  120,801    
Schlumberger Ltd.
     11,265,901  
     
       
 
     171,932,521  
 
Food & Staples Retailing — 1.6%        
  598,945    
CVS Caremark Corp.
     20,555,792  
 
Food, Beverage & Tobacco — 6.0%        
  696,751    
General Mills, Inc.
     25,466,249  
  426,138    
PepsiCo, Inc.
     27,447,549  
  760,701    
Unilever NV
     23,855,583  
     
       
 
     76,769,381  
 
Health Care Equipment & Services — 3.9%        
  179,997    
Baxter International, Inc.
     9,678,439  
  1,654,420    
Boston Scientific Corp.*
     11,895,280  
  402,627    
WellPoint, Inc.
     28,099,338  
     
       
 
     49,673,057  
 
Household & Personal Products — 0.7%        
  136,364    
The Procter & Gamble Co.
     8,400,022  
 
                 
Shares     Description   Value  
Common Stocks — (continued)
Insurance — 8.7%        
  179,711    
Aflac, Inc.
   $ 9,485,147  
  159,288    
Everest Re Group Ltd.
     14,046,016  
  339,735    
Marsh & McLennan Companies, Inc.
     10,127,500  
  497,494    
Prudential Financial, Inc.
     30,635,680  
  491,029    
The Allstate Corp.
     15,604,902  
  602,001    
The Hartford Financial Services Group, Inc.
     16,211,887  
  271,083    
The Travelers Companies, Inc.
     16,124,017  
     
       
 
     112,235,149  
 
Materials — 2.8%        
  139,555    
Cliffs Natural Resources, Inc.
     13,715,465  
  601,356    
The Dow Chemical Co.
     22,701,189  
     
       
 
     36,416,654  
 
Media — 5.6%        
  751,526    
CBS Corp. Class B
     18,818,211  
  1,290,758    
Comcast Corp. Class A
     31,907,538  
  852,353    
DISH Network Corp. Class A*
     20,763,319  
     
       
 
     71,489,068  
 
Pharmaceuticals, Biotechnology & Life Sciences — 5.8%        
  250,043    
Celgene Corp.*
     14,384,974  
  998,398    
Merck & Co., Inc.
     32,957,118  
  550,982    
Teva Pharmaceutical Industries Ltd. ADR
     27,642,767  
     
       
 
     74,984,859  
 
Semiconductors & Semiconductor Equipment — 0.9%        
  344,437    
Texas Instruments, Inc.
     11,903,743  
 
Software & Services — 4.6%        
  509,530    
Adobe Systems, Inc.*
     16,896,015  
  37,408    
Google, Inc. Class A*
     21,928,943  
  631,508    
Microsoft Corp.
     16,015,043  
  115,557    
Oracle Corp.
     3,856,137  
     
       
 
     58,696,138  
 
Technology Hardware & Equipment — 2.2%        
  1,056,705    
EMC Corp.*
     28,055,518  
 
Telecommunication Services — 3.2%        
  290,597    
CenturyLink, Inc.
     12,074,305  
  6,325,774    
Sprint Nextel Corp.*
     29,351,592  
     
       
 
     41,425,897  
 
Utilities — 5.0%        
  530,057    
American Electric Power Co., Inc.
     18,626,203  
  274,609    
Entergy Corp.
     18,456,471  
  123,198    
NextEra Energy, Inc.
     6,790,674  
  452,941    
PG&E Corp.
     20,010,933  
     
       
 
     63,884,281  
 
TOTAL COMMON STOCKS   $ 1,265,414,520  
 


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                 
Shares     Rate   Value  
Short-term Investment(a) — 2.1%
JPMorgan U.S. Government Money Market Fund — Capital Shares
  26,752,083     0.024%   $ 26,752,083  
 
TOTAL INVESTMENTS — 100.7%   $ 1,292,166,603  
 
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)%     (8,373,312 )
 
NET ASSETS — 100.0%   $ 1,283,793,291  
 
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 March 31, 2011.
     
 
Investment Abbreviation:
ADR
   — American Depositary Receipt
 
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
TAX INFORMATION — At March 31, 2011, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
         
 
Tax Cost
   $ 1,154,986,775  
 
Gross unrealized gain
     160,574,627  
Gross unrealized loss
     (23,394,799 )
 
Net unrealized security gain
   $ 137,179,828  
 
Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND
Schedule of Investments
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — 98.8%
Automobiles & Components — 2.6%        
  321,400    
Lear Corp.
   $ 15,706,818  
  162,393    
TRW Automotive Holdings Corp.*
     8,944,606  
     
       
 
     24,651,424  
 
Banks — 4.8%        
  213,890    
CIT Group, Inc.*
     9,101,020  
  883,676    
Fifth Third Bancorp
     12,265,423  
  73,658    
First Republic Bank*
     2,276,769  
  113,988    
M&T Bank Corp.
     10,084,518  
  407,941    
SunTrust Banks, Inc.
     11,765,018  
     
       
 
     45,492,748  
 
Capital Goods — 7.5%        
  190,654    
BE Aerospace, Inc.*
     6,773,937  
  116,774    
Cooper Industries PLC Class A
     7,578,633  
  88,446    
Eaton Corp.
     4,903,446  
  224,214    
GrafTech International Ltd.*
     4,625,535  
  798,421    
Masco Corp.
     11,114,020  
  109,212    
Parker Hannifin Corp.
     10,340,192  
  309,634    
Pentair, Inc.
     11,701,069  
  153,253    
Spirit Aerosystems Holdings, Inc. Class A*
     3,934,004  
  372,036    
Textron, Inc.
     10,190,066  
     
       
 
     71,160,902  
 
Commercial & Professional Services — 0.7%
  219,488    
Republic Services, Inc.
     6,593,420  
 
Consumer Durables & Apparel — 3.4%        
  213,122    
Hasbro, Inc.
     9,982,634  
  78,604    
Mohawk Industries, Inc.*
     4,806,635  
  580,995    
Newell Rubbermaid, Inc.
     11,114,434  
  8,321    
NVR, Inc.*
     6,290,676  
     
       
 
     32,194,379  
 
Consumer Services — 1.6%        
  186,644    
Royal Caribbean Cruises Ltd.*
     7,700,931  
  247,707    
Wyndham Worldwide Corp.
     7,879,560  
     
       
 
     15,580,491  
 
Diversified Financials — 6.0%        
  401,965    
Invesco Ltd.
     10,274,225  
  509,915    
Janus Capital Group, Inc.
     6,358,640  
  126,188    
Lazard Ltd. Class A
     5,246,897  
  323,898    
Legg Mason, Inc.
     11,689,479  
  922,365    
SLM Corp.*
     14,112,185  
  346,325    
The NASDAQ OMX Group, Inc.*
     8,949,038  
     
       
 
     56,630,464  
 
Energy — 11.9%        
  175,855    
Alpha Natural Resources, Inc.*
     10,440,511  
  204,735    
Cameron International Corp.*
     11,690,369  
  87,926    
Consol Energy, Inc.
     4,715,471  
  372,215    
Forest Oil Corp.*
     14,080,894  
  311,466    
Frontier Oil Corp.
     9,132,183  
  66,931    
Helmerich & Payne, Inc.
     4,597,490  
  389,271    
Newfield Exploration Co.*
     29,588,489  
  144,445    
Oil States International, Inc.*
     10,998,042  
  85,073    
Pioneer Natural Resources Co.
     8,670,640  
  206,381    
QEP Resources, Inc.
     8,366,686  
     
       
 
     112,280,775  
 
Food, Beverage & Tobacco — 3.6%        
  376,790    
ConAgra Foods, Inc.
     8,948,762  
                 
Shares     Description   Value  
Common Stocks — (continued)
Food, Beverage & Tobacco — (continued)        
  77,668    
H.J. Heinz Co.
   $ 3,791,752  
  75,773    
Hansen Natural Corp.*
     4,563,808  
  239,039    
The J.M. Smucker Co.
     17,064,994  
     
       
 
     34,369,316  
 
Health Care Equipment & Services — 4.8%        
  247,714    
Aetna, Inc.
     9,271,935  
  1,629,236    
Boston Scientific Corp.*
     11,714,207  
  383,564    
Hologic, Inc.*
     8,515,121  
  203,847    
Kinetic Concepts, Inc.*
     11,093,354  
  143,535    
Patterson Companies, Inc.
     4,620,391  
     
       
 
     45,215,008  
 
Household & Personal Products — 1.0%        
  135,799    
Energizer Holdings, Inc.*
     9,663,457  
 
Insurance — 10.9%        
  171,992    
Everest Re Group Ltd.
     15,166,255  
  730,642    
Genworth Financial, Inc. Class A*
     9,834,441  
  243,001    
Lincoln National Corp.
     7,299,750  
  189,890    
Marsh & McLennan Companies, Inc.
     5,660,621  
  18,910    
PartnerRe Ltd.
     1,498,428  
  590,742    
Principal Financial Group, Inc.
     18,968,726  
  403,702    
The Hartford Financial Services Group, Inc.
     10,871,695  
  360,328    
Unum Group
     9,458,610  
  371,976    
W.R. Berkley Corp.
     11,981,347  
  497,842    
XL Group PLC
     12,246,913  
     
       
 
     102,986,786  
 
Materials — 4.5%        
  36,196    
Albemarle Corp.
     2,163,435  
  59,970    
Cliffs Natural Resources, Inc.
     5,893,852  
  126,463    
Cytec Industries, Inc.
     6,875,793  
  621,324    
Huntsman Corp.
     10,798,611  
  131,052    
Owens-Illinois, Inc.*
     3,956,460  
  205,607    
Stillwater Mining Co.*
     4,714,569  
  220,703    
Temple-Inland, Inc.
     5,164,450  
  258,376    
Thompson Creek Metals Co., Inc.*
     3,240,035  
     
       
 
     42,807,205  
 
Media — 4.2%        
  330,743    
CBS Corp. Class B
     8,281,805  
  609,130    
DISH Network Corp. Class A*
     14,838,407  
  223,994    
Liberty Global, Inc. Class A*
     9,275,591  
  153,764    
Scripps Networks Interactive Class A
     7,702,039  
     
       
 
     40,097,842  
 
Pharmaceuticals, Biotechnology & Life Sciences — 1.6%        
  98,719    
Biogen Idec, Inc.*
     7,244,988  
  343,104    
Warner Chilcott PLC Class A
     7,987,461  
     
       
 
     15,232,449  
 
Real Estate Investment Trust — 6.9%        
  61,097    
Alexandria Real Estate Equities, Inc.
     4,763,733  
  60,794    
AvalonBay Communities, Inc.
     7,300,144  
  98,801    
Camden Property Trust
     5,613,873  
  137,602    
Douglas Emmett, Inc.
     2,580,038  
  23,970    
Essex Property Trust, Inc.
     2,972,280  
  521,505    
Host Hotels & Resorts, Inc.
     9,183,703  
  499,400    
Kimco Realty Corp.
     9,158,996  


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Real Estate Investment Trust — (continued)        
  988,927    
MFA Financial, Inc.
   $ 8,109,201  
  254,363    
Tanger Factory Outlet Centers, Inc.
     6,674,485  
  165,158    
Ventas, Inc.
     8,968,079  
     
       
 
     65,324,532  
 
Retailing — 1.4%        
  837,430    
Liberty Media Corp. — Interactive Class A*
     13,432,377  
 
Semiconductors & Semiconductor Equipment — 2.0%        
  43,525    
Maxim Integrated Products, Inc.
     1,114,240  
  843,441    
ON Semiconductor Corp.*
     8,324,763  
  282,802    
Xilinx, Inc.
     9,275,905  
     
       
 
     18,714,908  
 
Software & Services — 2.9%        
  141,598    
BMC Software, Inc.*
     7,043,085  
  101,626    
Check Point Software Technologies Ltd.*
     5,188,007  
  166,141    
Electronic Arts, Inc.*
     3,244,734  
  321,520    
Parametric Technology Corp.*
     7,230,985  
  184,696    
Quest Software, Inc.*
     4,689,431  
     
       
 
     27,396,242  
 
Technology Hardware & Equipment — 1.8%        
  120,011    
Amphenol Corp. Class A
     6,527,398  
  914,621    
Brocade Communications Systems, Inc.*
     5,624,919  
  100,440    
Polycom, Inc.*
     5,207,814  
     
       
 
     17,360,131  
 
Telecommunication Services — 3.2%        
  294,836    
CenturyLink, Inc.
     12,250,436  
  720,577    
Clearwire Corp. Class A*
     4,028,025  
  3,028,414    
Sprint Nextel Corp.*
     14,051,841  
     
       
 
     30,330,302  
 
Transportation — 1.9%        
  901,972    
JetBlue Airways Corp.*
     5,655,364  
  141,107    
Kansas City Southern*
     7,683,276  
  84,766    
Ryder System, Inc.
     4,289,160  
     
       
 
     17,627,800  
 
Utilities — 9.6%        
  510,629    
CMS Energy Corp.
     10,028,754  
  97,848    
DPL, Inc.
     2,682,014  
  112,137    
Edison International
     4,103,093  
  284,138    
Northeast Utilities
     9,831,175  
  490,125    
NV Energy, Inc.
     7,297,961  
  147,279    
Pinnacle West Capital Corp.
     6,302,068  
  462,490    
PPL Corp.
     11,700,997  
  251,748    
SCANA Corp.
     9,911,319  
  171,101    
Sempra Energy
     9,153,903  
  172,141    
Westar Energy, Inc.
     4,547,965  
  638,583    
Xcel Energy, Inc.
     15,255,748  
     
       
 
     90,814,997  
 
TOTAL COMMON STOCKS   $ 935,957,955  
 
                 
Shares     Rate   Value  
Short-term Investment(a) — 1.4%
JPMorgan U.S. Government Money Market Fund — Capital Shares      
  13,032,455     0.024%   $ 13,032,455  
 
TOTAL INVESTMENTS — 100.2%   $ 948,990,410  
 
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%     (2,205,979 )
 
NET ASSETS — 100.0%   $ 946,784,431  
 
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 March 31, 2011.
 
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
TAX INFORMATION — At March 31, 2011, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
         
 
Tax Cost
   $ 796,090,370  
 
Gross unrealized gain
     165,110,870  
Gross unrealized loss
     (12,210,830 )
 
Net unrealized security gain
   $ 152,900,040  
 
Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND
Schedule of Investments
March 31, 2011 (Unaudited)

                             
Principal   Interest   Maturity   Amortized
Amount   Rate   Date   Cost
Commercial Paper and Corporate Obligations — 29.4%
Amsterdam Funding Corp.
$     2,000,000       0.320 %   07/18/11   $ 1,998,080  
Atlantis One Funding Corp.
      1,000,000       0.300     04/25/11     999,800  
      2,000,000       0.280     06/09/11     1,998,927  
Barclays Bank PLC
      2,000,000       0.320     05/23/11     1,999,075  
BPCE SA
      2,000,000       0.400     04/26/11     1,999,444  
Charta LLC
      2,000,000       0.300     04/20/11     1,999,683  
CRC Funding LLC
      2,000,000       0.300     04/18/11     1,999,717  
Hannover Funding Co. LLC
      1,000,000       0.700     04/21/11     999,611  
Kells Funding LLC
      2,000,000       0.350     06/08/11     1,998,678  
Matchpoint Master Trust
      2,000,000       0.260     04/19/11     1,999,740  
Northern Pines Funding LLC
      2,000,000       0.360     07/21/11     1,997,780  
NRW.Bank
      1,000,000       0.300     04/07/11     999,950  
      2,000,000       0.350     05/09/11     1,999,261  
Regency Assets Ltd.
      2,000,000       0.260     04/26/11     1,999,639  
Royal Park Investments SA
      1,000,000       0.440     04/26/11     999,694  
Standard Chartered PLC
      2,000,000       0.300     04/06/11     1,999,917  
Tasman Funding, Inc.
      2,000,000       0.330     04/20/11     1,999,652  
      1,000,000       0.330     04/27/11     999,762  
Ticonderoga Funding LLC
      2,000,000       0.300     04/19/11     1,999,700  
Windmill Funding Corp.
      2,000,000       0.400     04/26/11     1,999,444  
 
TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS $ 34,987,554  
 
 
Eurodollar Certificate of Deposit — 1.7%
ING Bank NV
$     2,000,000       0.350 %   05/02/11   $ 2,000,000  
 
 
Municipal Debt Obligation — 0.6%
Texas State TRANS Series 2010
$     650,000       2.000 %   08/31/11   $ 654,393  
 
 
U.S. Government Agency Obligations — 19.9%
Federal Farm Credit Bank(a)
$     1,000,000       0.210 %   01/27/12   $ 999,686  
      200,000       0.330     11/01/12     200,000  
Federal Home Loan Bank
      1,000,000       0.192 (a)   05/13/11     999,942  
      900,000       0.200 (a)   05/25/11     899,960  
      500,000       0.158 (a)   07/11/11     499,915  
      1,000,000       0.310     10/05/11     999,980  
      700,000       0.300     10/21/11     700,000  
      1,000,000       0.213 (a)   01/26/12     999,750  
      1,000,000       0.174 (a)   01/30/12     999,699  
      1,000,000       0.181 (a)   02/03/12     999,736  
                             
Principal   Interest   Maturity   Amortized
Amount   Rate   Date   Cost
U.S. Government Agency Obligations — (continued)
Federal Home Loan Mortgage Corp.
$     5,740,000       0.353 %(a)   04/07/11   $ 5,740,016  
      300,000       0.241 (a)   08/05/11     299,979  
      4,000,000       0.290     09/13/11     3,994,683  
      1,400,000       0.178 (a)   01/11/12     1,399,455  
Federal National Mortgage Association
      3,000,000       0.430     07/07/11     2,996,524  
      1,000,000       0.278 (a)   12/28/12     999,654  
 
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS $ 23,728,979  
 
 
U.S. Treasury Obligation — 0.1%
United States Treasury Notes
$     100,000       0.750 %   11/30/11   $ 100,295  
 
 
Variable Rate Municipal Debt Obligations(a) — 2.1%
Colorado Educational & Cultural Facilities Authority VRDN RB Taxable-Nature Conservancy Series 2008 A (Bank of America N.A. SPA)
$     1,000,000       0.290 %   07/01/33   $ 1,000,000  
New York City GO VRDN Taxable Fiscal Series 2008 Subseries J-13 (Lloyds TSB Bank PLC SPA)
      1,500,000       0.280     08/01/19     1,500,000  
 
TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS $ 2,500,000  
 
 
Variable Rate Obligations(a) — 12.9%
BNP Paribas
$     1,000,000       0.508 %   09/09/11   $ 1,000,000  
JPMorgan Chase & Co.
      3,000,000       0.294     04/20/12     3,000,000  
Lloyds TSB Bank PLC
      2,000,000       0.411     11/07/11     2,000,000  
National Australia Bank Ltd.
      1,400,000       0.290     04/06/11     1,400,002  
Rabobank Nederland
      2,000,000       2.053     04/07/11     2,000,000  
      1,000,000       0.384     03/16/12     1,000,000  
Royal Bank of Scotland Group PLC
      1,000,000       0.453     08/16/11     1,000,000  
Societe Generale
      2,000,000       0.530     09/09/11     2,000,000  
Westpac Securities New Zealand Ltd.
      1,000,000       0.363     10/18/11     1,000,000  
      1,000,000       0.390     11/04/11     1,000,000  
 
TOTAL VARIABLE RATE OBLIGATIONS $ 15,400,002  
 
 
Yankee Certificates of Deposit — 7.1%
Cooperatieve Centrale Raiffeisen - Boerenleenbank BA
$     1,000,000       0.400 %   10/18/11   $ 1,000,000  
Lloyds TSB Bank PLC
      1,000,000       0.445     07/05/11     1,000,000  
Mitsubishi UFJ Financial Group, Inc.
      2,000,000       0.345     04/27/11     2,000,000  
Royal Bank of Scotland Group PLC
      2,500,000       0.480     04/11/11     2,500,000  
Sumitomo Mitsui Banking Corp.
      2,000,000       0.240     04/05/11     2,000,000  
 
TOTAL YANKEE CERTIFICATES OF DEPOSIT $ 8,500,000  
 
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS $ 87,871,223  
 


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                             
Principal   Interest   Maturity   Amortized
Amount   Rate   Date   Cost
Repurchase Agreements(b) — 25.9%
BNP Paribas Securities Co.
$     2,000,000       0.240 %   04/01/11   $ 2,000,000  
Maturity Value: $2,000,013
Collateralized by various corporate security issuers, 2.625% to 9.375%, due 05/01/12 to 09/01/20. The aggregate market value of the collateral, including accrued interest, was 2,100,001.
Deutsche Bank Securities, Inc.
      2,000,000       0.470 %   04/01/11     2,000,000  
Maturity Value: $2,000,026
Collateralized by various corporate security issuers, 1.500% to 8.500%, due 03/31/11 to 03/15/17. The aggregate market value of the collateral, including accrued interest, was 2,200,002.
Joint Repurchase Agreement Account II
      26,900,000       0.155 %   04/01/11     26,900,000  
Maturity Value: $26,900,116
 
TOTAL REPURCHASE AGREEMENTS $ 30,900,000  
 
TOTAL INVESTMENTS — 99.7% $ 118,771,223  
 
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%   310,793  
 
NET ASSETS — 100.0% $ 119,082,016  
 
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
 
(a) Variable or floating rate security. Interest rate disclosed is that which is in effect at March 31, 2011.
 
(b) Unless noted, all repurchase agreements were entered into on March 31, 2011. Additional information on Joint Repurchase Agreement Account II appears in the Notes to the Schedule of Investments section.
 
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or for floating rate securities, the current reset date, which is based upon current interest rate indices.
 
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities or the prerefunded date for those types of securities.
 
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.
     
 
Investment Abbreviations:
GO
  — General Obligation
RB
  — Revenue Bond
SPA
  — Stand-by Purchase Agreement
TRANS
  — Tax Revenue Anticipation Notes
VRDN
  — Variable Rate Demand Notes
 
      


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND
Schedule of Investments
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — 97.3%
Capital Goods — 2.6%
  92,500    
Danaher Corp.
   $ 4,800,750  
  91,337    
Raytheon Co.
     4,646,313  
     
       
 
     9,447,063  
 
Consumer Durables & Apparel — 1.9%
  93,207    
NIKE, Inc. Class B
     7,055,770  
 
Consumer Services — 1.7%
  58,279    
McDonald’s Corp.
     4,434,449  
  36,300    
Yum! Brands, Inc.
     1,865,094  
     
       
 
     6,299,543  
 
Diversified Financials — 8.3%
  138,458    
American Express Co.
     6,258,302  
  24,708    
CME Group, Inc.
     7,450,697  
  14,396    
IntercontinentalExchange, Inc.*
     1,778,482  
  163,506    
Morgan Stanley
     4,466,984  
  112,800    
Northern Trust Corp.
     5,724,600  
  260,430    
The Charles Schwab Corp.
     4,695,553  
     
       
 
     30,374,618  
 
Energy — 10.5%
  49,443    
Devon Energy Corp.
     4,537,384  
  138,155    
Halliburton Co.
     6,885,645  
  40,146    
Occidental Petroleum Corp.
     4,194,856  
  194,622    
Schlumberger Ltd.
     18,150,448  
  108,134    
Southwestern Energy Co.*
     4,646,518  
     
       
 
     38,414,851  
 
Food & Staples Retailing — 3.0%
  150,300    
Costco Wholesale Corp.
     11,019,996  
 
Food, Beverage & Tobacco — 4.4%
  190,500    
PepsiCo, Inc.
     12,270,105  
  60,700    
The Coca-Cola Co.
     4,027,445  
     
       
 
     16,297,550  
 
Health Care Equipment & Services — 4.1%
  95,250    
Baxter International, Inc.
     5,121,592  
  196,699    
St. Jude Medical, Inc.
     10,082,791  
     
       
 
     15,204,383  
 
Household & Personal Products — 2.8%
  244,458    
Avon Products, Inc.
     6,610,144  
  58,380    
The Procter & Gamble Co.
     3,596,208  
     
       
 
     10,206,352  
 
Materials — 3.4%
  77,900    
Ecolab, Inc.
     3,974,458  
  85,269    
Praxair, Inc.
     8,663,330  
     
       
 
     12,637,788  
 
Media — 1.5%
  121,574    
Viacom, Inc. Class B
     5,655,622  
 
Pharmaceuticals, Biotechnology & Life Sciences — 8.9%
  63,019    
Amgen, Inc.*
     3,368,366  
  38,281    
Biogen Idec, Inc.*
     2,809,443  
  105,753    
Gilead Sciences, Inc.*
     4,488,157  
  109,404    
Johnson & Johnson
     6,482,187  
  96,700    
Merck & Co., Inc.
     3,192,067  
  85,991    
Teva Pharmaceutical Industries Ltd. ADR
     4,314,168  
  141,080    
Thermo Fisher Scientific, Inc.*
     7,836,994  
     
       
 
     32,491,382  
 
                 
Shares     Description   Value  
Common Stocks — (continued)
Retailing — 8.1%
  105,200    
Bed Bath & Beyond, Inc.*
   $ 5,078,004  
  422,774    
Lowe’s Companies, Inc.
     11,173,917  
  452,914    
Staples, Inc.
     8,795,590  
  91,297    
Target Corp.
     4,565,763  
     
       
 
     29,613,274  
 
Semiconductors & Semiconductor Equipment — 2.9%
  72,925    
NVIDIA Corp.*
     1,346,195  
  277,556    
Xilinx, Inc.
     9,103,837  
     
       
 
     10,450,032  
 
Software & Services — 14.1%
  34,468    
Equinix, Inc.*
     3,140,035  
  22,487    
Google, Inc. Class A*
     13,182,104  
  31,965    
Mastercard, Inc. Class A
     8,046,230  
  332,847    
Microsoft Corp.
     8,441,000  
  346,400    
Oracle Corp.
     11,559,368  
  20,903    
Salesforce.com, Inc.*
     2,792,223  
  218,791    
The Western Union Co.
     4,544,289  
     
       
 
     51,705,249  
 
Technology Hardware & Equipment — 14.1%
  57,588    
Amphenol Corp. Class A
     3,132,211  
  56,600    
Apple, Inc.*
     19,722,270  
  313,568    
Cisco Systems, Inc.
     5,377,691  
  136,981    
NetApp, Inc.*
     6,599,745  
  306,868    
QUALCOMM, Inc.
     16,825,573  
     
       
 
     51,657,490  
 
Telecommunication Services — 5.0%
  210,121    
American Tower Corp. Class A*
     10,888,470  
  173,668    
Crown Castle International Corp.*
     7,389,574  
     
       
 
     18,278,044  
 
TOTAL COMMON STOCKS   $ 356,809,007  
 
                 
Shares     Rate   Value  
Short-term Investment(a) — 3.0%
JPMorgan U.S. Government Money Market Fund — Capital Shares
  11,000,834    
0.024%
   $ 11,000,834  
 
TOTAL INVESTMENTS — 100.3%   $ 367,809,841  
 
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%     (952,333 )
 
NET ASSETS — 100.0%   $ 366,857,508  
 
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 March 31, 2011.


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

     
 
Investment Abbreviation:
ADR
  — American Depositary Receipt
 
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.
      


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
TAX INFORMATION — At March 31, 2011, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
         
 
Tax Cost
   $ 314,941,115  
 
Gross unrealized gain
     63,278,557  
Gross unrealized loss
     (10,409,831 )
 
Net unrealized security gain
   $ 52,868,726  
 
Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND
Schedule of Investments
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — 88.0%
Australia — 0.5%
  660,520    
CFS Retail Property Trust (REIT)
   $ 1,257,165  
 
Czech Republic — 0.4%
  16,402    
CEZ AS (Utilities)
     838,933  
 
Denmark — 1.6%
  34,305    
Carlsberg A/S Class B (Food, Beverage & Tobacco)
     3,688,941  
  2,672    
Tryg A/S (Insurance)
     156,894  
     
       
 
     3,845,835  
 
Finland — 0.4%
  15,148    
Outotec Oyj (Capital Goods)
     910,392  
 
France — 10.5%
  8,956    
Air Liquide SA (Materials)
     1,191,028  
  15,913    
Air Liquide SA — Prime De Fidelite (Materials)*
     2,116,217  
  51,930    
BNP Paribas (Banks)
     3,796,327  
  28,508    
Compagnie Generale de Geophysique — Veritas (Energy)*
     1,031,545  
  73,696    
GDF Suez SA (Utilities)
     3,005,438  
  31,191    
Remy Cointreau SA (Food, Beverage & Tobacco)
     2,349,583  
  122,805    
Safran SA (Capital Goods)
     4,343,087  
  21,886    
Societe Generale SA (Banks)
     1,421,590  
  89,270    
Total SA (Energy)
     5,439,542  
     
       
 
     24,694,357  
 
Germany — 6.2%
  67,600    
Bayer AG (Pharmaceuticals, Biotechnology & Life Sciences)
     5,222,975  
  36,170    
Daimler AG (Registered) (Automobiles & Components)*
     2,548,630  
  32,678    
Henkel AG & Co. KGaA Preference Shares (Household & Personal Products)
     2,022,653  
  48,952    
Kabel Deutschland Holding AG (Media)*
     2,579,773  
  13,274    
Volkswagen AG Preference Shares (Automobiles & Components)
     2,145,384  
     
       
 
     14,519,415  
 
Hong Kong — 2.3%
  348,000    
BOC Hong Kong (Holdings) Ltd. (Banks)
     1,134,565  
  339,000    
Hang Lung Properties Ltd. (Real Estate)
     1,486,845  
  494,000    
Lifestyle International Holdings Ltd. (Retailing)
     1,181,916  
  106,443    
Sun Hung Kai Properties Ltd. (Real Estate)
     1,685,634  
     
       
 
     5,488,960  
 
Indonesia — 1.2%
  304,000    
PT Gudang Garam Tbk (Food, Beverage & Tobacco)
     1,460,066  
  3,078,000    
PT Perusahaan Gas Negara (Utilities)
     1,376,985  
     
       
 
     2,837,051  
 
Israel — 0.9%
  43,112    
Teva Pharmaceutical Industries Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)
     2,162,929  
 
                 
Shares     Description   Value  
Common Stocks — (continued)
Italy — 7.6%
  139,447    
Azimut Holding SpA (Diversified Financials)
   $ 1,556,119  
  286,536    
Eni SpA (Energy)
     7,030,853  
  2,952,720    
Telecom Italia SpA (Telecommunication Services)
     3,966,427  
  1,683,952    
UniCredit SpA (Banks)
     4,150,686  
  121,276    
Unione di Banche Italiane ScpA (Banks)
     1,034,836  
     
       
 
     17,738,921  
 
Japan — 19.0%
  53,500    
Advantest Corp. (Semiconductors & Semiconductor Equipment)
     963,265  
  259,000    
Calsonic Kansei Corp. (Automobiles & Components)
     1,027,870  
  658,000    
DIC Corp. (Materials)
     1,530,415  
  10,900    
FANUC Corp. (Capital Goods)
     1,647,611  
  67,500    
FUJIFILM Holdings Corp. (Technology Hardware & Equipment)
     2,092,180  
  207,000    
Hitachi Ltd. (Technology Hardware & Equipment)
     1,077,555  
  48,700    
Honda Motor Co. Ltd. (Automobiles & Components)
     1,809,381  
  53,600    
JSR Corp. (Materials)
     1,074,948  
  237,600    
JX Holdings, Inc. (Energy)
     1,596,336  
  112,000    
Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)
     1,469,817  
  172,000    
Kubota Corp. (Capital Goods)
     1,618,528  
  11,500    
Kyocera Corp. (Technology Hardware & Equipment)
     1,165,496  
  116,000    
Mitsubishi Electric Corp. (Capital Goods)
     1,365,155  
  70,000    
Mitsubishi Estate Co. Ltd. (Real Estate)
     1,182,934  
  394,400    
Mitsubishi UFJ Financial Group, Inc. (Banks)
     1,817,262  
  162,900    
Mitsui & Co. Ltd. (Capital Goods)
     2,916,541  
  2,375    
Monex Group, Inc. (Diversified Financials)
     554,691  
  58,500    
MS&AD Insurance Group Holdings, Inc. (Insurance)
     1,334,945  
  7,400    
Nidec Corp. (Capital Goods)
     640,915  
  112,000    
Nippon Shokubai Co. Ltd. (Materials)
     1,401,552  
  36,100    
Nippon Telegraph & Telephone Corp. (Telecommunication Services)
     1,612,404  
  265,100    
Nissan Motor Co. Ltd. (Automobiles & Components)
     2,354,890  
  12,640    
ORIX Corp. (Diversified Financials)
     1,184,790  
  63,400    
Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)
     1,566,326  
  123,000    
Sekisui House Ltd. (Consumer Durables & Apparel)
     1,147,857  
  54,800    
Seven & I Holdings Co. Ltd. (Food & Staples Retailing)
     1,395,951  
  21,700    
Softbank Corp. (Telecommunication Services)
     864,622  
  69,700    
Sony Corp. (Consumer Durables & Apparel)
     2,223,154  


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Japan — (continued)
  102,000    
Sumitomo Metal Mining Co. Ltd. (Materials)
   $ 1,753,468  
  46,900    
Sumitomo Mitsui Financial Group, Inc. (Banks)
     1,455,087  
  87,000    
The Iyo Bank Ltd. (Banks)
     724,770  
  23,000    
Yamaguchi Financial Group, Inc. (Banks)
     213,010  
     
       
 
     44,783,726  
 
Luxembourg — 0.8%
  993,855    
Regus PLC (Commercial & Professional Services)
     1,832,763  
 
Netherlands — 3.1%
  199,415    
Koninklijke KPN NV (Telecommunication Services)
     3,400,455  
  155,066    
TNT NV (Transportation)
     3,981,644  
     
       
 
     7,382,099  
 
Sweden — 1.8%
  372,822    
Swedish Orphan Biovitrum AB (Pharmaceuticals, Biotechnology & Life Sciences)*
     1,702,565  
  191,422    
Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment)
     2,462,807  
     
       
 
     4,165,372  
 
Switzerland — 12.8%
  49,957    
Aryzta AG (Food, Beverage & Tobacco)
     2,551,972  
  50,401    
Compagnie Financiere Richemont SA Class A (Consumer Durables & Apparel)
     2,906,122  
  38,762    
Julius Baer Group Ltd. (Diversified Financials)
     1,678,142  
  13,616    
Kuehne + Nagel International AG (Registered) (Transportation)
     1,903,492  
  617    
Lindt & Spruengli AG (Food, Beverage & Tobacco)
     1,780,240  
  68,137    
Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)
     3,689,686  
  9,730    
Straumann Holding AG (Registered) (Health Care Equipment & Services)
     2,496,723  
  24,559    
Sulzer AG (Registered) (Capital Goods)
     3,689,853  
  8,958    
Syngenta AG (Registered) (Materials)
     2,914,271  
  46,109    
Temenos Group AG (Registered) (Software & Services)*
     1,744,955  
  183,737    
UBS AG (Registered) (Diversified Financials)*
     3,305,443  
  68,354    
Weatherford International Ltd. (Energy)*
     1,507,732  
     
       
 
     30,168,631  
 
United Kingdom — 18.9%
  204,021    
Admiral Group PLC (Insurance)
     5,082,610  
  168,654    
Amlin PLC (Insurance)
     1,032,841  
  66,274    
Anglo American PLC (Materials)
     3,405,500  
  47,485    
Autonomy Corp. PLC (Software & Services)*
     1,210,036  
  309,683    
Balfour Beatty PLC (Capital Goods)
     1,705,766  
  106,484    
GlaxoSmithKline PLC (Pharmaceuticals, Biotechnology & Life Sciences)
     2,029,018  
                 
Shares     Description   Value  
Common Stocks — (continued)
United Kingdom — (continued)
  506,662    
Halfords Group PLC (Retailing)
   $ 2,826,259  
  709,494    
HSBC Holdings PLC (Banks)
     7,328,442  
  196,050    
Inmarsat PLC (Telecommunication Services)
     1,896,931  
  44,014    
Reckitt Benckiser Group PLC (Household & Personal Products)
     2,259,259  
  483,007    
Reed Elsevier PLC (Media)
     4,180,954  
  63,825    
Rio Tinto PLC (Materials)(a)
     4,512,319  
  53,082    
Shire PLC (Pharmaceuticals, Biotechnology & Life Sciences)
     1,540,833  
  59,632    
Smiths Group PLC (Capital Goods)
     1,239,287  
  103,631    
The Capita Group PLC (Commercial & Professional Services)
     1,235,198  
  127,767    
Tullow Oil PLC (Energy)
     2,964,792  
     
       
 
     44,450,045  
 
TOTAL COMMON STOCKS   $ 207,076,594  
 
       
 
        
Exchange Traded Funds — 6.9%
Australia — 5.1%        
  446,367    
iShares MSCI Australia Index Fund
   $ 11,882,290  
 
Other — 1.8%        
  88,045    
iShares MSCI Emerging Markets Index Fund
     4,286,911  
 
TOTAL EXCHANGE TRADED FUNDS   $ 16,169,201  
 
                 
Shares     Rate   Value  
Short-term Investment(b) — 4.7%
JPMorgan U.S. Government Money Market Fund — Capital Shares
  11,143,389    
0.024%
   $ 11,143,389  
 
TOTAL INVESTMENTS — 99.6%   $ 234,389,184  
 
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%     897,029  
 
NET ASSETS — 100.0%   $ 235,286,213  
 
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
 
* Non-income producing security.
 
(a) All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
 
(b) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011.
     
 
Investment Abbreviations:
ADR —
  American Depositary Receipt
REIT —
  Real Estate Investment Trust
 
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At March 31, 2011, the following futures contracts were open:
                         
    Number of                
    Contracts   Expiration           Unrealized
Type   Long (Short)   Date   Current Value   Gain (Loss)
 
Hang Seng Index
   21   April 2011   $ 3,174,210     $ 64,443  
SPI 200 Index
   64   June 2011     8,051,380       482,390  
 
TOTAL
                   $ 546,833  
 
TAX INFORMATION — At March 31, 2011, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
         
 
Tax Cost
   $ 210,753,574  
 
Gross unrealized gain
     31,440,655  
Gross unrealized loss
     (7,805,045 )
 
Net unrealized security gain
   $ 23,635,610  
 
Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND
Schedule of Investments
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — 97.6%
Automobiles & Components — 1.0%
  4,736    
Amerigon, Inc.*
   $ 72,319  
  13,519    
Modine Manufacturing Co.*
     218,197  
  13,146    
Spartan Motors, Inc.
     90,181  
  13,479    
Standard Motor Products, Inc.
     186,415  
  22,346    
Stoneridge, Inc.*
     326,698  
  17,077    
Superior Industries International, Inc.
     437,854  
     
       
 
     1,331,664  
 
Banks — 4.7%
  3,894    
1st Source Corp.
     78,036  
  19,073    
Astoria Financial Corp.
     274,079  
  6,330    
Banco Latinoamericano de Comercio Exterior SA Class E
     110,522  
  4,778    
Commerce Bancshares, Inc.
     193,222  
  823    
Cullen/Frost Bankers, Inc.
     48,573  
  74,687    
CVB Financial Corp.(a)
     695,336  
  24,110    
First Bancorp
     319,699  
  6,132    
First Bancorp, Inc.(a)
     93,513  
  11,406    
First Financial Bancorp
     190,366  
  12,553    
First Interstate Bancsystem, Inc.
     170,721  
  4,567    
FirstMerit Corp.
     77,913  
  5,555    
FNB Corp.
     58,550  
  38,007    
Fulton Financial Corp.
     422,258  
  3,265    
Glacier Bancorp, Inc.
     49,138  
  14,075    
Great Southern Bancorp, Inc.
     301,909  
  64,629    
International Bancshares Corp.
     1,185,296  
  14,386    
Investors Bancorp, Inc.*
     214,208  
  28,832    
NewAlliance Bancshares, Inc.
     427,867  
  3,893    
Northfield Bancorp, Inc.
     53,723  
  70,828    
Popular, Inc.*
     206,109  
  1,364    
Prosperity Bancshares, Inc.
     58,338  
  11,699    
Renasant Corp.
     198,649  
  2,231    
SVB Financial Group*
     127,011  
  2,979    
TCF Financial Corp.
     47,247  
  19,977    
Texas Capital Bancshares, Inc.*
     519,202  
  50,591    
Wilshire Bancorp, Inc.*
     247,896  
     
       
 
     6,369,381  
 
Capital Goods — 8.4%
  1,857    
Alamo Group, Inc.
     50,975  
  11,114    
Albany International Corp. Class A
     276,739  
  751    
Alliant Techsystems, Inc.
     53,073  
  6,857    
American Woodmark Corp.
     143,174  
  5,369    
Applied Industrial Technologies, Inc.
     178,573  
  9,365    
Astec Industries, Inc.*
     349,221  
  2,507    
Astronics Corp.*
     63,101  
  2,987    
Belden, Inc.
     112,162  
  28,797    
Briggs & Stratton Corp.
     652,252  
  9,482    
Ceradyne, Inc.*
     427,449  
  4,177    
Cubic Corp.
     240,177  
  4,265    
DigitalGlobe, Inc.*
     119,548  
  4,623    
Ducommun, Inc.
     110,490  
  8,338    
Encore Wire Corp.
     202,947  
  7,773    
EnPro Industries, Inc.*
     282,315  
  2,829    
Franklin Electric Co., Inc.
     130,700  
  3,446    
Generac Holdings, Inc.*
     69,919  
  13,667    
General Cable Corp.*
     591,781  
  11,335    
Hexcel Corp.*
     223,186  
                 
Shares     Description   Value  
Common Stocks — (continued)
Capital Goods — (continued)
  977    
Hubbell, Inc. Class B
   $ 69,396  
  3,119    
II-VI, Inc.*
     155,170  
  14,762    
Kadant, Inc.*
     386,617  
  3,622    
LMI Aerospace, Inc.*
     73,201  
  43,981    
LSI Industries, Inc.
     318,422  
  8,267    
Lydall, Inc.*
     73,494  
  17,917    
Miller Industries, Inc.
     290,972  
  25,011    
Mueller Industries, Inc.
     915,903  
  8,408    
NACCO Industries, Inc. Class A
     930,513  
  1,755    
Polypore International, Inc.*
     101,053  
  2,702    
Quanex Building Products Corp.
     53,040  
  647    
Regal-Beloit Corp.
     47,768  
  7,062    
Sauer-Danfoss, Inc.*
     359,668  
  1,777    
Simpson Manufacturing Co., Inc.
     52,350  
  19,312    
Tecumseh Products Co. Class A*
     193,506  
  4,987    
Tennant Co.
     209,653  
  15,036    
Toro Co.(b)
     995,684  
  6,519    
Tredegar Corp.
     140,680  
  4,980    
TriMas Corp.*
     107,070  
  7,802    
United Rentals, Inc.*
     259,651  
  12,563    
Universal Forest Products, Inc.
     460,434  
  11,061    
Vicor Corp.
     182,396  
  8,898    
Watsco, Inc.
     620,280  
  5,741    
Woodward, Inc.
     198,409  
     
       
 
     11,473,112  
 
Commercial & Professional Services — 2.9%
  17,398    
CDI Corp.
     257,317  
  577    
Clean Harbors, Inc.*
     56,927  
  1,500    
Copart, Inc.*
     64,995  
  23,393    
HNI Corp.
     738,283  
  6,580    
Insperity, Inc.
     199,900  
  48,423    
Kelly Services, Inc. Class A*
     1,051,263  
  30,916    
Kforce, Inc.*
     565,763  
  25,263    
Kimball International, Inc. Class B
     176,841  
  19,607    
SFN Group, Inc.*
     276,263  
  10,824    
Steelcase, Inc. Class A
     123,177  
  6,282    
United Stationers, Inc.
     446,336  
     
       
 
     3,957,065  
 
Consumer Durables & Apparel — 3.8%
  9,389    
Blyth, Inc.
     305,049  
  7,091    
Columbia Sportswear Co.
     421,347  
  2,729    
CSS Industries, Inc.
     51,442  
  1,751    
Fossil, Inc.*
     163,981  
  8,198    
Harman International Industries, Inc.
     383,830  
  18,768    
iRobot Corp.*
     617,280  
  26,070    
Kenneth Cole Productions, Inc. Class A*
     338,128  
  5,880    
Mohawk Industries, Inc.*
     359,562  
  17,085    
Oxford Industries, Inc.
     584,136  
  19,424    
Perry Ellis International, Inc.*
     534,548  
  15,005    
Polaris Industries, Inc.
     1,305,735  
  867    
Under Armour, Inc. Class A*
     58,999  
     
       
 
     5,124,037  
 
Consumer Services — 2.7%
  2,512    
Biglari Holdings, Inc.*
     1,063,958  
  992    
Capella Education Co.*
     49,392  


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Consumer Services — (continued)
  34,361    
Domino’s Pizza, Inc.*
   $ 633,273  
  48,755    
O’Charleys, Inc.*
     291,067  
  1,110    
Panera Bread Co. Class A*
     140,970  
  22,693    
Papa John’s International, Inc.*
     718,687  
  1,389    
Peet’s Coffee & Tea, Inc.*
     66,797  
  7,245    
Pre-Paid Legal Services, Inc.*(a)
     478,170  
  9,981    
Texas Roadhouse, Inc.
     169,577  
     
       
 
     3,611,891  
 
Diversified Financials — 4.6%
  92,314    
Advance America, Cash Advance Centers, Inc.
     489,264  
  27,432    
BlackRock Kelso Capital Corp.
     277,886  
  6,023    
Cash America International, Inc.
     277,359  
  43,359    
Compass Diversified Holdings
     639,112  
  677    
Diamond Hill Investment Group, Inc.
     54,160  
  13,822    
Federated Investors, Inc. Class B(a)
     369,738  
  2,826    
Financial Engines, Inc.*
     77,885  
  9,011    
First Cash Financial Services, Inc.*
     347,825  
  7,909    
GAMCO Investors, Inc. Class A
     366,661  
  17,521    
Gladstone Capital Corp.
     198,163  
  3,595    
Golub Capital BDC, Inc.
     56,729  
  29,610    
Hercules Technology Growth Capital, Inc.
     325,710  
  5,467    
Intl. FCStone, Inc.*
     138,971  
  5,897    
Life Partners Holdings, Inc.(a)
     47,412  
  37,002    
NGP Capital Resources Co.
     356,699  
  13,762    
PHH Corp.*
     299,599  
  60,795    
Primus Guaranty Ltd.*
     308,839  
  5,589    
Safeguard Scientifics, Inc.*
     113,736  
  4,200    
SEI Investments Co.
     100,296  
  4,373    
Solar Capital Ltd.
     104,427  
  38,290    
TICC Capital Corp.
     416,212  
  13,522    
World Acceptance Corp.*
     881,634  
     
       
 
     6,248,317  
 
Energy — 8.3%
  1,431    
Bill Barrett Corp.*
     57,111  
  52,759    
Complete Production Services, Inc.*
     1,678,264  
  7,284    
Dril-Quip, Inc.*
     575,655  
  4,285    
Exterran Holdings, Inc.*
     101,683  
  33,920    
Frontier Oil Corp.
     994,534  
  1,403    
Oasis Petroleum, Inc.*
     44,363  
  2,682    
Oil States International, Inc.*
     204,207  
  15,162    
Petroquest Energy, Inc.*
     141,916  
  2,193    
Rosetta Resources, Inc.*
     104,255  
  12,658    
RPC, Inc.(a)
     320,501  
  3,926    
SM Energy Co.
     291,270  
  6,582    
Stone Energy Corp.*
     219,641  
  113,742    
Tesoro Corp.*
     3,051,698  
  46,923    
USEC, Inc.*
     206,461  
  78,040    
W&T Offshore, Inc.
     1,778,532  
  93,306    
Western Refining, Inc.*(a)
     1,581,537  
     
       
 
     11,351,628  
 
Food & Staples Retailing — 0.3%
  8,869    
PriceSmart, Inc.
     324,960  
                 
Shares     Description   Value  
Common Stocks — (continued)
Food & Staples Retailing — (continued)
  5,800    
Susser Holdings Corp.*
   $ 75,922  
     
       
 
     400,882  
 
Food, Beverage & Tobacco — 2.4%
  42,484    
Alliance One International, Inc.*
     170,786  
  6,291    
Boston Beer Co., Inc. Class A*
     582,672  
  35,928    
Dole Food Co., Inc.*(a)
     489,699  
  5,928    
J&J Snack Foods Corp.
     279,031  
  21,912    
Lancaster Colony Corp.
     1,327,867  
  32,278    
National Beverage Corp.
     443,177  
     
       
 
     3,293,232  
 
Health Care Equipment & Services — 7.0%
  20,886    
Align Technology, Inc.*
     427,745  
  3,494    
Amerigroup Corp.*
     224,490  
  10,455    
AMN Healthcare Services, Inc.*
     90,540  
  10,616    
Assisted Living Concepts, Inc. Class A*
     415,510  
  1,740    
Coventry Health Care, Inc.*
     55,489  
  24,807    
Health Net, Inc.*
     811,189  
  18,235    
Hill-Rom Holdings, Inc.
     692,565  
  821    
IDEXX Laboratories, Inc.*
     63,398  
  18,579    
Invacare Corp.
     578,178  
  35,753    
Kindred Healthcare, Inc.*
     853,782  
  1,685    
Lincare Holdings, Inc.
     49,977  
  6,235    
Magellan Health Services, Inc.*
     306,014  
  16,186    
Masimo Corp.
     535,757  
  9,734    
Medcath Corp.*
     135,789  
  23,880    
Medical Action Industries, Inc.*
     200,592  
  33,898    
Molina Healthcare, Inc.*
     1,355,920  
  33,485    
PharMerica Corp.*
     383,068  
  5,065    
Sirona Dental Systems, Inc.*
     254,060  
  31,532    
Skilled Healthcare Group, Inc. Class A*
     453,746  
  4,370    
STERIS Corp.
     150,940  
  5,323    
SXC Health Solutions Corp.*
     291,700  
  2,758    
Teleflex, Inc.
     159,909  
  32,822    
Universal American Corp.
     751,952  
  12,622    
Vascular Solutions, Inc.*
     137,706  
  4,564    
WellCare Health Plans, Inc.*
     191,460  
     
       
 
     9,571,476  
 
Household & Personal Products — 0.8%
  58,085    
Central Garden and Pet Co. Class A*
     534,963  
  34,661    
Prestige Brands Holdings, Inc.*
     398,602  
  2,032    
Spectrum Brands Holdings, Inc.*
     56,408  
  4,199    
USANA Health Sciences, Inc.*
     144,907  
     
       
 
     1,134,880  
 
Insurance — 2.5%
  4,022    
Allied World Assurance Co. Holdings Ltd.
     252,139  
  17,877    
American Equity Investment Life Holding Co.
     234,546  
  38,486    
Aspen Insurance Holdings Ltd.
     1,060,674  
  18,577    
CNA Surety Corp.*
     469,255  
  25,354    
Flagstone Reinsurance Holdings SA
     228,440  
  4,129    
Global Indemnity PLC*
     90,756  
  1,436    
Kansas City Life Insurance Co.
     45,923  
  33,139    
Maiden Holdings Ltd.
     248,211  
  21,109    
Montpelier Re Holdings Ltd.
     372,996  


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Insurance — (continued)
  4,705    
OneBeacon Insurance Group Ltd. Class A
   $ 63,659  
  11,579    
Symetra Financial Corp.
     157,474  
  468    
White Mountains Insurance Group Ltd.
     170,446  
     
       
 
     3,394,519  
 
Materials — 5.5%
  15,836    
A. Schulman, Inc.
     391,466  
  11,376    
American Vanguard Corp.
     98,744  
  9,056    
Boise, Inc.
     82,953  
  14,542    
Clearwater Paper Corp.*
     1,183,719  
  7,050    
Domtar Corp.
     647,049  
  34,028    
Golden Star Resources Ltd.*
     101,063  
  18,211    
Hecla Mining Co.*
     165,356  
  3,537    
Innophos Holdings, Inc.
     163,091  
  6,779    
Kaiser Aluminum Corp.
     333,866  
  29,287    
KapStone Paper and Packaging Corp.*
     502,858  
  1,526    
Koppers Holdings, Inc.
     65,160  
  1,723    
Kraton Performance Polymers, Inc.*
     65,905  
  15,635    
Materion Corp.*
     637,908  
  20,916    
Noranda Aluminum Holding Corp.*
     335,702  
  13,541    
OM Group, Inc.*
     494,788  
  28,891    
PolyOne Corp.
     410,541  
  48,974    
Senomyx, Inc.*
     295,803  
  20,667    
Spartech Corp.*
     149,836  
  7,970    
Stepan Co.
     577,825  
  8,647    
STR Holdings, Inc.*(a)
     165,849  
  839    
The Scotts Miracle-Gro Co. Class A
     48,536  
  15,105    
Titanium Metals Corp.*
     280,651  
  8,373    
TPC Group, Inc.*
     241,728  
  416    
Walter Energy, Inc.
     56,339  
     
       
 
     7,496,736  
 
Media — 0.7%
  9,497    
Ascent Media Corp. Class A*
     463,929  
  7,679    
Harte-Hanks, Inc.
     91,380  
  59,889    
Journal Communications, Inc. Class A*
     359,334  
     
       
 
     914,643  
 
Pharmaceuticals, Biotechnology & Life Sciences — 5.2%
  40,564    
Accelrys, Inc.*
     324,512  
  89,357    
Affymetrix, Inc.*
     465,550  
  8,305    
Akorn, Inc.*
     47,920  
  25,361    
Albany Molecular Research, Inc.*
     108,038  
  1,649    
Alexion Pharmaceuticals, Inc.*
     162,723  
  905    
Bio-Rad Laboratories, Inc. Class A*
     108,727  
  7,189    
Codexis, Inc.*
     85,261  
  43,652    
Cubist Pharmaceuticals, Inc.*
     1,101,776  
  27,078    
Emergent Biosolutions, Inc.*
     654,204  
  18,219    
eResearchTechnology, Inc.*
     123,343  
  10,774    
Genomic Health, Inc.*
     265,040  
  38,437    
Maxygen, Inc.
     199,872  
  92,957    
Nabi Biopharmaceuticals*
     540,080  
  1,595    
Par Pharmaceutical Cos, Inc.*
     49,573  
  117,180    
PDL BioPharma, Inc.
     679,644  
  55,984    
Progenics Pharmaceuticals, Inc.*
     345,981  
  13,019    
Questcor Pharmaceuticals, Inc.*
     187,604  
  48,417    
Sciclone Pharmaceuticals, Inc.*
     195,605  
                 
Shares     Description   Value  
Common Stocks — (continued)
Pharmaceuticals, Biotechnology & Life Sciences — (continued)
  20,701    
Seattle Genetics, Inc.*
   $ 322,315  
  9,376    
The Medicines Co.*
     152,735  
  47,344    
Viropharma, Inc.*
     942,146  
     
       
 
     7,062,649  
 
Real Estate — 6.7%
  10,812    
Agree Realty Corp. (REIT)
     242,729  
  24,991    
American Campus Communities, Inc. (REIT)
     824,703  
  7,460    
Ashford Hospitality Trust, Inc. (REIT)
     82,209  
  8,471    
Chesapeake Lodging Trust (REIT)
     147,480  
  13,192    
Equity Lifestyle Properties, Inc. (REIT)
     760,519  
  12,279    
Extra Space Storage, Inc. (REIT)
     254,298  
  4,007    
Federal Realty Investment Trust (REIT)
     326,811  
  41,845    
Franklin Street Properties Corp. (REIT)
     588,759  
  6,406    
Invesco Mortgage Capital, Inc. (REIT)
     139,971  
  1,618    
Jones Lang LaSalle, Inc.
     161,379  
  11,817    
LTC Properties, Inc. (REIT)
     334,894  
  123,176    
MPG Office Trust, Inc. (REIT)*(a)
     456,983  
  6,345    
National Health Investors, Inc. (REIT)
     304,052  
  39,103    
Nationwide Health Properties, Inc. (REIT)
     1,663,051  
  1,604    
Potlatch Corp. (REIT)
     64,481  
  32,111    
Rayonier, Inc. (REIT)
     2,000,837  
  13,105    
Realty Income Corp. (REIT)
     458,020  
  8,079    
Starwood Property Trust, Inc. (REIT)
     180,162  
  3,365    
Urstadt Biddle Properties, Inc. Class A (REIT)
     64,002  
     
       
 
     9,055,340  
 
Retailing — 5.3%
  12,137    
ANN, Inc.*
     353,308  
  30,832    
Asbury Automotive Group, Inc.*
     570,084  
  11,640    
Audiovox Corp. Class A*
     93,120  
  25,221    
Brown Shoe Co., Inc.
     308,201  
  6,876    
Build-A-Bear Workshop, Inc. Class A*
     41,600  
  7,359    
Cabela’s, Inc.*
     184,048  
  7,988    
Core-Mark Holding Co., Inc.*
     264,003  
  14,869    
DSW, Inc. Class A*(a)
     594,165  
  33,394    
Fred’s, Inc. Class A
     444,808  
  4,823    
Genesco, Inc.*
     193,885  
  25,042    
Group 1 Automotive, Inc.
     1,071,797  
  22,446    
Lithia Motors, Inc. Class A
     327,263  
  12,242    
Shoe Carnival, Inc.*
     343,388  
  20,696    
Sonic Automotive, Inc. Class A
     289,951  
  62,365    
Stage Stores, Inc.
     1,198,655  
  10,862    
Ulta Salon Cosmetics & Fragrance, Inc.*
     522,788  
  15,818    
Zumiez, Inc.*
     418,070  
     
       
 
     7,219,134  
 
Semiconductors & Semiconductor Equipment — 3.8%
  18,897    
Applied Micro Circuits Corp.*
     196,151  
  7,015    
DSP Group, Inc.*
     54,016  
  9,778    
Integrated Device Technology, Inc.*
     72,064  
  5,217    
Intersil Corp. Class A
     64,952  
  249,889    
Lattice Semiconductor Corp.*
     1,474,345  
  28,760    
LTX-Credence Corp.*
     262,579  
  28,994    
Micrel, Inc.
     390,839  


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Semiconductors & Semiconductor Equipment — (continued)
  1,740    
MKS Instruments, Inc.
   $ 57,942  
  37,506    
Photronics, Inc.*
     336,429  
  53,382    
PLX Technology, Inc.*
     194,844  
  64,700    
RF Micro Devices, Inc.*
     414,727  
  113,222    
Silicon Image, Inc.*
     1,015,601  
  6,113    
Standard Microsystems Corp.*
     150,747  
  2,467    
Tessera Technologies, Inc.*
     45,047  
  1,545    
Veeco Instruments, Inc.*(a)
     78,548  
  32,155    
Zoran Corp.*
     334,090  
     
       
 
     5,142,921  
 
Software & Services — 9.9%
  6,292    
Advent Software, Inc.*(b)
     180,392  
  10,532    
AOL, Inc.*
     205,690  
  23,168    
Blackbaud, Inc.
     631,096  
  17,947    
Bottomline Technologies, Inc.*
     451,188  
  86,289    
Ciber, Inc.*
     578,136  
  21,929    
CommVault Systems, Inc.*
     874,529  
  11,209    
CSG Systems International, Inc.*
     223,507  
  16,745    
Kenexa Corp.*
     461,995  
  121,557    
Lionbridge Technologies, Inc.*
     416,940  
  6,352    
LivePerson, Inc.*
     80,289  
  17,649    
LogMeIn, Inc.*
     744,082  
  79,406    
Magma Design Automation, Inc.*
     541,549  
  20,179    
Manhattan Associates, Inc.*
     660,257  
  55,638    
Marchex, Inc. Class B
     437,871  
  23,702    
Mentor Graphics Corp.*
     346,760  
  10,493    
MicroStrategy, Inc. Class A*
     1,411,099  
  2,341    
NeuStar, Inc. Class A*
     59,883  
  5,863    
Opnet Technologies, Inc.
     228,598  
  15,125    
PROS Holdings, Inc.*
     220,371  
  7,428    
QAD, Inc. Class A*
     80,000  
  13,245    
Quest Software, Inc.*
     336,291  
  99,910    
RealNetworks, Inc.*
     371,665  
  25,007    
Renaissance Learning, Inc.
     293,832  
  15,437    
Saba Software, Inc.*
     151,437  
  5,221    
SolarWinds, Inc.*
     122,485  
  1,243    
Taleo Corp. Class A*
     44,313  
  8,794    
TeleTech Holdings, Inc.*
     170,428  
  13,969    
Ultimate Software Group, Inc.*
     820,679  
  40,179    
VeriFone Systems, Inc.*
     2,207,836  
  1,205    
VistaPrint NV*
     62,539  
  3,351    
Websense, Inc.*
     76,972  
     
       
 
     13,492,709  
 
Technology Hardware & Equipment — 5.8%
  1,465    
Acme Packet, Inc.*
     103,956  
  16,911    
Agilysys, Inc.*
     97,069  
  9,429    
Aruba Networks, Inc.*
     319,077  
  41,074    
Brightpoint, Inc.*
     445,242  
  3,844    
DG FastChannel, Inc.*
     123,854  
  9,838    
EchoStar Corp. Class A*
     372,368  
  22,783    
Electronics for Imaging, Inc.*
     335,138  
  3,145    
EMS Technologies, Inc.*
     61,815  
  8,031    
Emulex Corp.*
     85,691  
  56,040    
Extreme Networks*
     196,140  
  20,500    
Gerber Scientific, Inc.*
     191,880  
  18,417    
Hypercom Corp.*
     221,556  
                 
Shares     Description   Value  
Common Stocks — (continued)
Technology Hardware & Equipment — (continued)
  38,302    
Imation Corp.*
   $ 426,684  
  10,182    
Infinera Corp.*
     85,427  
  12,472    
Ingram Micro, Inc. Class A*
     262,286  
  19,606    
Insight Enterprises, Inc.*
     333,890  
  945    
IPG Photonics Corp.*
     54,508  
  32,835    
Methode Electronics, Inc.
     396,647  
  4,602    
National Instruments Corp.
     150,807  
  16,477    
Plantronics, Inc.
     603,388  
  39,900    
Powerwave Technologies, Inc.*
     179,949  
  165,434    
Quantum Corp.*
     416,894  
  21,771    
Radisys Corp.*
     188,537  
  36,456    
ShoreTel, Inc.*
     300,033  
  9,391    
Super Micro Computer, Inc.*
     150,632  
  30,589    
Symmetricom, Inc.*
     187,511  
  2,200    
Synaptics, Inc.*(a)
     59,444  
  32,503    
Tellabs, Inc.
     170,316  
  18,178    
Tollgrade Communications, Inc.*
     183,234  
  54,500    
Vishay Intertechnology, Inc.*
     966,830  
  5,085    
Vishay Precision Group, Inc.*
     79,682  
  17,799    
Xyratex Ltd.*
     198,993  
     
       
 
     7,949,478  
 
Telecommunication Services — 1.0%
  17,985    
Cbeyond, Inc.*
     209,885  
  15,884    
IDT Corp. Class B
     428,074  
  51,313    
USA Mobility, Inc.
     743,525  
     
       
 
     1,381,484  
 
Transportation — 2.4%
  10,860    
Alaska Air Group, Inc.*
     688,741  
  20,662    
Allegiant Travel Co.
     905,202  
  8,796    
Celadon Group, Inc.*
     142,847  
  83,110    
Pacer International, Inc.*
     437,159  
  7,676    
Saia, Inc.*
     125,810  
  20,077    
SkyWest, Inc.
     339,703  
  7,243    
Universal Truckload Services, Inc.*
     124,942  
  17,916    
Werner Enterprises, Inc.
     474,236  
     
       
 
     3,238,640  
 
Utilities — 1.9%
  8,674    
Atmos Energy Corp.
     295,783  
  6,901    
Energen Corp.
     435,591  
  8,815    
Integrys Energy Group, Inc.
     445,246  
  2,612    
Oneok, Inc.
     174,691  
  19,947    
PNM Resources, Inc.
     297,609  
  9,191    
Portland General Electric Co.
     218,470  
  15,970    
Southwest Gas Corp.
     622,351  
  1,656    
UIL Holdings Corp.
     50,541  
     
       
 
     2,540,282  
 
TOTAL COMMON STOCKS   $ 132,756,100  
 


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                 
Shares     Rate   Value  
Short-term Investment(c) — 2.4%
JPMorgan U.S. Government Money Market Fund — Capital Shares
  3,322,139    
0.024%
   $ 3,322,139  
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE   $ 136,078,239  
 
       
 
        
Securities Lending Reinvestment Vehicle(c)(d) — 3.7%
Goldman Sachs Financial Square Money Market Fund — FST Shares
  5,006,975    
0.163%
   $ 5,006,975  
 
TOTAL INVESTMENTS — 103.7%   $ 141,085,214  
 
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.7)%     (5,059,169 )
 
NET ASSETS — 100.0%   $ 136,026,045  
 
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
 
* Non-income producing security.
 
(a) All or a portion of security is on loan.
 
(b) All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
 
(c) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011.
 
(d) Represents an affiliated issuer.
     
 
Investment Abbreviation:
REIT —
  Real Estate Investment Trust
 
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.
      


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At March 31, 2011, the following futures contracts were open:
                         
    Number of            
    Contracts   Expiration   Current   Unrealized
Type   Long (Short)   Date   Value   Gain (Loss)
 
Russell 2000 Mini Index
   34   June 2011   $ 2,861,780     $ 183,442  
 
TAX INFORMATION — At March 31, 2011, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
         
 
Tax Cost
   $ 100,868,035  
 
Gross unrealized gain
     43,158,795  
Gross unrealized loss
     (2,941,616 )
 
Net unrealized security gain
   $ 40,217,179  
 
Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND
Schedule of Investments
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — 97.6%
Automobiles & Components — 0.8%
  12,207    
Autoliv, Inc.
   $ 906,126  
  8,855    
Johnson Controls, Inc.
     368,102  
  42,703    
TRW Automotive Holdings Corp.*
     2,352,081  
     
       
 
     3,626,309  
 
Banks — 2.5%
  17,565    
Hudson City Bancorp, Inc.
     170,029  
  14,470    
PNC Financial Services Group, Inc.
     911,465  
  97,416    
U.S. Bancorp
     2,574,705  
  227,431    
Wells Fargo & Co.
     7,209,563  
     
       
 
     10,865,762  
 
Capital Goods — 7.9%
  20,432    
AGCO Corp.*
     1,123,147  
  8,369    
CNH Global NV*
     406,315  
  20,163    
Cummins, Inc.
     2,210,268  
  45,288    
Eaton Corp.
     2,510,767  
  60,029    
Emerson Electric Co.
     3,507,494  
  323,175    
General Electric Co.
     6,479,659  
  51,371    
Honeywell International, Inc.
     3,067,362  
  12,623    
Huntington Ingalls Industries, Inc.*
     523,834  
  3,752    
MSC Industrial Direct Co., Inc. Class A
     256,899  
  75,735    
Northrop Grumman Corp.
     4,749,342  
  48,783    
Oshkosh Corp.*
     1,725,943  
  3,598    
Parker Hannifin Corp.
     340,659  
  10,930    
Rockwell Automation, Inc.
     1,034,524  
  2,999    
Rockwell Collins, Inc.
     194,425  
  18,852    
Timken Co.
     985,960  
  47,216    
Toro Co.
     3,126,644  
  16,757    
Tyco International Ltd.
     750,211  
  11,628    
United Technologies Corp.
     984,310  
  5,878    
W.W. Grainger, Inc.
     809,283  
     
       
 
     34,787,046  
 
Commercial & Professional Services — 0.3%
  21,388    
Manpower, Inc.
     1,344,877  
 
Consumer Durables & Apparel — 1.1%
  12,635    
Coach, Inc.
     657,525  
  5,970    
Fossil, Inc.*
     559,091  
  43,693    
Harman International Industries, Inc.
     2,045,706  
  25,444    
Mohawk Industries, Inc.*
     1,555,901  
     
       
 
     4,818,223  
 
Consumer Services — 1.7%
  11,170    
Apollo Group, Inc. Class A*
     465,901  
  65,343    
Carnival Corp.
     2,506,557  
  2,294    
Chipotle Mexican Grill, Inc. Class A*
     624,817  
  6,159    
McDonald’s Corp.
     468,638  
  92,702    
Starbucks Corp.
     3,425,339  
     
       
 
     7,491,252  
 
Diversified Financials — 5.7%
  205,394    
Bank of America Corp.
     2,737,902  
  72,983    
Capital One Financial Corp.
     3,792,197  
  484,904    
Citigroup, Inc.*
     2,143,276  
  3,145    
CME Group, Inc.
     948,375  
  15,939    
Franklin Resources, Inc.
     1,993,650  
  140,891    
JPMorgan Chase & Co.
     6,495,075  
  66,678    
Morgan Stanley
     1,821,643  
  85,343    
SEI Investments Co.
     2,037,991  
                 
Shares     Description   Value  
Common Stocks — (continued)
Diversified Financials — (continued)
  106,004    
The Bank of New York Mellon Corp.
   $ 3,166,339  
     
       
 
     25,136,448  
 
Energy — 14.4%
  2,705    
Cameron International Corp.*
     154,455  
  113,998    
Chevron Corp.
     12,246,805  
  10,132    
Cimarex Energy Co.
     1,167,612  
  150,176    
ConocoPhillips
     11,993,055  
  6,096    
Core Laboratories NV
     622,828  
  54,391    
Devon Energy Corp.
     4,991,462  
  18,779    
Exterran Holdings, Inc.*
     445,626  
  209,692    
Exxon Mobil Corp.
     17,641,388  
  12,275    
Halliburton Co.
     611,786  
  13,746    
Hess Corp.
     1,171,297  
  7,132    
Marathon Oil Corp.
     380,207  
  12,087    
Murphy Oil Corp.
     887,428  
  7,368    
Oil States International, Inc.*
     560,999  
  20,905    
Sunoco, Inc.
     953,059  
  63,349    
Tesoro Corp.*
     1,699,654  
  263,196    
Valero Energy Corp.
     7,848,505  
     
       
 
     63,376,166  
 
Food & Staples Retailing — 1.4%
  21,992    
Costco Wholesale Corp.
     1,612,453  
  11,245    
CVS Caremark Corp.
     385,928  
  36,298    
Walgreen Co.
     1,457,002  
  49,177    
Wal-Mart Stores, Inc.
     2,559,663  
     
       
 
     6,015,046  
 
Food, Beverage & Tobacco — 5.8%
  146,336    
Archer-Daniels-Midland Co.
     5,269,559  
  10,892    
Dr. Pepper Snapple Group, Inc.
     404,747  
  7,113    
H.J. Heinz Co.
     347,257  
  18,515    
Hansen Natural Corp.*
     1,115,158  
  2,627    
Kellogg Co.
     141,805  
  140,662    
Lorillard, Inc.
     13,364,297  
  5,737    
Molson Coors Brewing Co. Class B
     269,008  
  7,997    
Philip Morris International, Inc.
     524,843  
  16,905    
The Coca-Cola Co.
     1,121,647  
  155,542    
Tyson Foods, Inc. Class A
     2,984,851  
     
       
 
     25,543,172  
 
Health Care Equipment & Services — 2.9%
  1,805    
Becton, Dickinson and Co.
     143,714  
  198,599    
Boston Scientific Corp.*
     1,427,927  
  62,591    
Cardinal Health, Inc.
     2,574,368  
  72,112    
CareFusion Corp.*
     2,033,558  
  6,100    
DENTSPLY International, Inc.
     225,639  
  21,969    
Humana, Inc.*
     1,536,512  
  37,958    
UnitedHealth Group, Inc.
     1,715,702  
  3,305    
Varian Medical Systems, Inc.*
     223,550  
  39,683    
WellPoint, Inc.
     2,769,476  
  3,030    
Zimmer Holdings, Inc.*
     183,406  
     
       
 
     12,833,852  
 
Household & Personal Products — 2.3%
  16,755    
Colgate-Palmolive Co.
     1,353,134  
  8,295    
Herbalife Ltd.
     674,881  
  127,327    
The Procter & Gamble Co.
     7,843,343  
     
       
 
     9,871,358  
 


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Insurance — 3.2%
  11,604    
Aspen Insurance Holdings Ltd.
   $ 319,806  
  19,341    
Berkshire Hathaway, Inc. Class B*
     1,617,488  
  10,333    
Everest Re Group Ltd.
     911,164  
  51,292    
Loews Corp.
     2,210,172  
  62,774    
MetLife, Inc.
     2,807,881  
  10,529    
The Travelers Companies, Inc.
     626,265  
  209,546    
Unum Group
     5,500,583  
     
       
 
     13,993,359  
 
Materials — 3.3%
  14,227    
Ashland, Inc.
     821,751  
  10,806    
Domtar Corp.
     991,775  
  17,993    
Eastman Chemical Co.
     1,787,065  
  11,396    
Freeport-McMoRan Copper & Gold, Inc.
     633,048  
  60,070    
Huntsman Corp.
     1,044,017  
  10,455    
Monsanto Co.
     755,478  
  56,170    
Newmont Mining Corp.
     3,065,759  
  31,350    
Southern Copper Corp.
     1,262,464  
  5,858    
The Dow Chemical Co.
     221,139  
  13,067    
The Scotts Miracle-Gro Co. Class A
     755,926  
  18,073    
The Sherwin-Williams Co.
     1,517,951  
  15,969    
Titanium Metals Corp.*
     296,704  
  10,658    
Walter Energy, Inc.
     1,443,413  
     
       
 
     14,596,490  
 
Media — 3.8%
  9,487    
Cablevision Systems Corp. Class A
     328,345  
  67,865    
Comcast Corp. Class A
     1,677,623  
  118,177    
Comcast Corp. Special A Shares
     2,744,070  
  16,177    
DIRECTV Class A*
     757,084  
  180,828    
DISH Network Corp. Class A*
     4,404,970  
  64,638    
News Corp. Class A
     1,135,043  
  3,823    
The Walt Disney Co.
     164,733  
  154,726    
Time Warner, Inc.
     5,523,718  
     
       
 
     16,735,586  
 
Pharmaceuticals, Biotechnology & Life Sciences — 8.5%
  1,492    
Alexion Pharmaceuticals, Inc.*
     147,231  
  115,652    
Amgen, Inc.*
     6,181,599  
  10,027    
Biogen Idec, Inc.*
     735,882  
  20,985    
Celgene Corp.*
     1,207,267  
  4,739    
Cephalon, Inc.*
     359,121  
  367,171    
Eli Lilly & Co.
     12,913,404  
  63,562    
Gilead Sciences, Inc.*
     2,697,571  
  37,699    
Johnson & Johnson
     2,233,666  
  18,246    
Merck & Co., Inc.
     602,300  
  507,160    
Pfizer, Inc.
     10,300,420  
     
       
 
     37,378,461  
 
Real Estate Investment Trust — 3.5%
  8,152    
AvalonBay Communities, Inc.
     978,892  
  6,558    
Plum Creek Timber Co., Inc.
     285,994  
  12,124    
Public Storage, Inc.
     1,344,673  
  65,818    
Rayonier, Inc.
     4,101,120  
  76,715    
Simon Property Group, Inc.
     8,220,779  
  2,865    
Ventas, Inc.
     155,570  
  7,281    
Weyerhaeuser Co.
     179,113  
     
       
 
     15,266,141  
 
                 
Shares     Description   Value  
Common Stocks — (continued)
Retailing — 3.0%
  14,127    
Advance Auto Parts, Inc.
   $ 927,014  
  28,889    
Amazon.com, Inc.*
     5,203,776  
  23,414    
AutoNation, Inc.*(a)
     828,153  
  711    
AutoZone, Inc.*
     194,501  
  3,850    
Dollar Tree, Inc.*
     213,752  
  64,132    
Limited Brands, Inc.
     2,108,660  
  2,472    
Netflix, Inc.*
     586,680  
  4,349    
O’Reilly Automotive, Inc.*
     249,893  
  8,638    
PetSmart, Inc.
     353,726  
  33,698    
Ross Stores, Inc.
     2,396,602  
  3,614    
The TJX Companies, Inc.
     179,724  
     
       
 
     13,242,481  
 
Semiconductors & Semiconductor Equipment — 2.3%
  361,278    
Intel Corp.
     7,286,977  
  50,781    
Marvell Technology Group Ltd.*
     789,645  
  53,596    
Texas Instruments, Inc.
     1,852,278  
     
       
 
     9,928,900  
 
Software & Services — 9.2%
  168,087    
Accenture PLC Class A
     9,239,742  
  7,509    
Amdocs Ltd.*
     216,635  
  12,086    
eBay, Inc.*
     375,149  
  8,204    
Google, Inc. Class A*
     4,809,267  
  657,549    
Microsoft Corp.
     16,675,443  
  171,223    
Oracle Corp.
     5,713,712  
  3,997    
Salesforce.com, Inc.*
     533,919  
  19,435    
Symantec Corp.*
     360,325  
  34,999    
Teradata Corp.*
     1,774,449  
  17,329    
VeriSign, Inc.
     627,483  
     
       
 
     40,326,124  
 
Technology Hardware & Equipment — 6.2%
  261,280    
Cisco Systems, Inc.
     4,480,952  
  309,803    
Dell, Inc.*
     4,495,242  
  52,373    
EMC Corp.*
     1,390,503  
  90,817    
Flextronics International Ltd.*
     678,403  
  30,995    
Hewlett-Packard Co.
     1,269,865  
  135,734    
Ingram Micro, Inc. Class A*
     2,854,486  
  6,952    
JDS Uniphase Corp.*
     144,880  
  4,263    
Juniper Networks, Inc.*
     179,387  
  26,905    
Motorola Solutions, Inc.*
     1,202,384  
  90,952    
NetApp, Inc.*
     4,382,067  
  46,605    
QLogic Corp.*
     864,523  
  46,605    
SanDisk Corp.*
     2,148,025  
  69,450    
Tellabs, Inc.
     363,918  
  109,983    
Vishay Intertechnology, Inc.*
     1,951,098  
  25,257    
Western Digital Corp.*
     941,834  
     
       
 
     27,347,567  
 
Telecommunication Services — 3.0%
  320,722    
AT&T, Inc.(b)
     9,814,093  
  412,684    
Sprint Nextel Corp.*
     1,914,854  
  42,263    
Verizon Communications, Inc.
     1,628,816  
     
       
 
     13,357,763  
 
Transportation — 2.0%
  2,908    
Expeditors International of Washington, Inc.
     145,807  
  6,809    
FedEx Corp.
     636,982  


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Transportation — (continued)
  5,491    
Norfolk Southern Corp.
   $ 380,362  
  1,388    
Union Pacific Corp.
     136,482  
  101,970    
United Parcel Service, Inc. Class B
     7,578,410  
     
       
 
     8,878,043  
 
Utilities — 2.8%
  8,905    
Dominion Resources, Inc.
     398,054  
  264,508    
Duke Energy Corp.
     4,800,820  
  2,156    
Entergy Corp.
     144,905  
  39,177    
Exelon Corp.
     1,615,659  
  41,280    
Integrys Energy Group, Inc.
     2,085,053  
  18,810    
NiSource, Inc.
     360,776  
  46,793    
Sempra Energy
     2,503,425  
  3,500    
Southern Co.
     133,385  
     
       
 
     12,042,077  
 
TOTAL COMMON STOCKS   $ 428,802,503  
 
                 
Shares     Rate   Value  
Short-term Investment(c) — 2.2%
JPMorgan U.S. Government Money Market Fund — Capital Shares        
  9,743,780    
0.024%
   $ 9,743,780  
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE   $ 438,546,283  
 
       
 
        
Securities Lending Reinvestment Vehicle(c)(d) — 0.2%
Goldman Sachs Financial Square Money Market Fund — FST Shares
  803,000     0.163%   $ 803,000  
 
TOTAL INVESTMENTS — 100.0%   $ 439,349,283  
 
LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%     (178,576 )
 
NET ASSETS — 100.0%   $ 439,170,707  
 
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
 
* Non-income producing security.
 
(a) All or a portion of security is on loan.
 
(b) All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
 
(c) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011.
 
(d) Represents an affiliated issuer.
 
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.
 
 
 


 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED U.S. EQUITY FUND
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At March 31, 2011, 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
   127   June 2011   $ 8,388,350     $ 290,290  
 
TAX INFORMATION — At March 31, 2011, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
         
 
Tax Cost
   $ 352,564,457  
 
Gross unrealized gain
     94,676,255  
Gross unrealized loss
     (7,891,429 )
 
Net unrealized security gain
   $ 86,784,826  
 
Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Schedule of Investments
March 31, 2011 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS
Investment Valuation — The investment valuation policy of the Funds (except VIT Money Market Fund) is to value investments at market value. Investments in equity securities and investment companies traded on a foreign securities exchange are valued daily at fair value determined by an independent fair value service (if available) under valuation procedures approved by the trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the United States (“U.S.”) securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchanges. While the independent fair value service may not take into account market or security specific information, under the valuation procedures, these securities might also be fair valued by Goldman Sachs Asset Management International (“GSAMI”) by taking into consideration market or security specific information as discussed below.
     Investments in equity securities and investment companies traded on a U.S. securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. Investments in equity securities and investment companies traded on a foreign securities exchange for which an independent fair value service cannot provide a quote are valued daily at their last sale price or official closing price on the principal exchange on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. If accurate quotations are not readily available, or if Goldman Sachs Asset Management, L.P. (“GSAM”) or GSAMI 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 the 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”) of the investment company 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.
     It is the Money Market Fund’s policy to use the amortized-cost method permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Act”), which approximates market value, for valuing portfolio securities. Under this method, all investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue, as an adjustment to interest income. Under procedures and tolerances established by the trustees, GSAM evaluates the difference between the Fund’s NAV based upon the amortized cost of the Fund’s securities and the NAV based upon available market quotations (or permitted substitutes) at least once a week.

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
     GSAM or GSAMI, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the 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.
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). Accounting principles generally accepted in the United States of America (“GAAP”) establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar securities, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
     The following is a summary of the Funds’ investments and derivatives categorized in the fair value hierarchy as of March 31, 2011. While assets for the VIT Money Market Fund are reported at amortized cost, the levels for the Fund are based on valuation characteristics of the investments market value:
                         
VIT CORE FIXED INCOME            
Investment Type   Level 1   Level 2   Level 3
 
Assets
                        
Fixed Income
                        
Corporate Obligations
   $ —     $ 29,958,043       —  
Mortgage-Backed Obligations
     —       84,948,109       —  
U.S Treasury Obligations and/or Other U.S. Government Agencies
     9,246,415       —       —  
Asset-Backed Securities
     —       3,171,587       —  
Foreign Debt Obligations
     —       10,566,353       —  
Municipal Debt Obligations
     —       3,771,923       —  
Government Guarantee Obligations
     —       15,064,633       —  
Short-term Investment
     32,931,909       —       —  
 
Total
   $ 42,178,324     $ 147,480,648     $ —  
 
 
Derivative Type
                        
 
Assets
                        
Futures Contracts
   $ 26,046     $ —     $ —  
Forward Foreign Currency Exchange Contracts
     —       254,594       —  
 
Total
   $ 26,046     $ 254,594     $ —  
 
 
Liabilities
                        
Futures Contracts
   $ (152,844 )   $ —     $ —  
Forward Foreign Currency Exchange Contracts
     —       (267,985 )     —  
 
Total
   $ (152,844 )   $ (267,985 )   $ —  
 

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
                         
VIT EQUITY INDEX
Investment Type		   Level 1   Level 2   Level 3
 
Assets
                        
Common Stock and/or Other Equity Investments
   $ 196,916,066     $ —     $ —  
U.S Treasury Obligations and/or Other U.S. Government Agencies
     254,984       —       —  
Short-term Investment
     2,250,097       —       —  
 
Total
   $ 199,421,147     $ —     $ —  
 
 
Derivative Type
                        
 
Assets
                        
Futures Contracts
   $ 81,779     $ —     $ —  
 
                         
VIT GOVERNMENT INCOME
Investment Type		   Level 1   Level 2   Level 3
 
Assets
                        
Fixed Income
                        
U.S Treasury Obligations and/or Other U.S. Government Agencies
   $ 19,851,561     $ 4,241,738     $ —  
Government Guarantee Obligations
     —       6,283,975       —  
Mortgage-Backed Obligations
     —       32,814,476       —  
Asset-Backed Securities
     —       1,819,206       —  
Short-term Investment
     25,758,873       —       —  
 
Total
   $ 45,610,434     $ 45,159,395     $ —  
 
 
Derivative Type
                        
 
Assets
                        
Futures Contracts
   $ 14,713     $ —     $ —  
 
 
Liabilities
                        
Futures Contracts
   $ (57,817 )   $ —     $ —  
 

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
                         
VIT GROWTH OPPORTUNITIES
Investment Type		   Level 1   Level 2   Level 3
 
Assets
                        
Common Stock and/or Other Equity Investments
   $ 155,520,552     $ —     $ —  
Short-term Investment
     4,567,524       —       —  
 
Total
   $ 160,088,076     $ —     $ —  
 
                         
VIT LARGE CAP VALUE
Investment Type		   Level 1   Level 2   Level 3
 
Assets
                        
Common Stock and/or Other Equity Investments
   $ 1,265,414,520     $ —     $ —  
Short-term Investment
     26,752,083       —       —  
 
Total
   $ 1,292,166,603     $ —     $ —  
 
                         
VIT MID CAP VALUE
Investment Type		   Level 1   Level 2   Level 3
 
Assets
                        
Common Stock and/or Other Equity Investments
   $ 935,957,955     $ —     $ —  
Short-term Investment
     13,032,455       —       —  
 
Total
   $ 948,990,410     $ —     $ —  
 
                         
VIT MONEY MARKET
Investment Type		   Level 1   Level 2   Level 3
 
Assets
                        
Corporate Obligations (including repurchase agreements)
   $ —     $ 91,787,556     $ —  
Municipal Debt Obligations
     —       3,154,393       —  
U.S Treasury Obligations and/or Other U.S. Government Agencies
     100,295       23,728,979       —  
 
Total
   $ 100,295     $ 118,670,928     $ —  
 
                         
VIT STRATEGIC GROWTH
Investment Type		   Level 1   Level 2   Level 3
 
Assets
                        
Common Stock and/or Other Equity Investments
   $ 356,809,007     $ —     $ —  
Short-term Investment
     11,000,834       —       —  
 
Total
   $ 367,809,841     $ —     $ —  
 

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
                         
VIT STRATEGIC INTERNATIONAL EQUITY
Investment Type		   Level 1   Level 2   Level 3
 
Assets
                        
Common Stock and/or Other Equity Investments
   $ 2,162,929     $ 204,913,665 (a)   $ —  
Exchange Traded Funds
     16,169,201                  
Short-term Investment
     11,143,389       —       —  
 
Total
   $ 29,475,519     $ 204,913,665     $ —  
 
 
Derivative Type
                        
 
Assets
                        
Futures Contracts
   $ 546,833     $ —     $ —  
 
(a) To adjust for the time difference between local market close and the calculation of net asset value, the Fund utilizes fair value model prices for international equities provided by an independent fair value service resulting in a Level 2 classification.
                         
VIT STRUCTURED SMALL CAP EQUITY
Investment Type		   Level 1   Level 2   Level 3
 
Assets
                        
Common Stock and/or Other Equity Investments
   $ 132,756,100     $ —     $ —  
Short-term Investment
     3,322,139       —       —  
Securities Lending Reinvestment Vehicle
     5,006,975       —       —  
 
Total
   $ 141,085,214     $ —     $ —  
 
 
Derivative Type
                        
 
Assets
                        
Futures Contracts
   $ 183,442     $ —     $ —  
 
                         
VIT STRUCTURED U.S. EQUITY
Investment Type		   Level 1   Level 2   Level 3
 
Assets
                        
Common Stock and/or Other Equity Investments
   $ 428,802,503     $ —     $ —  
Short-term Investment
     9,743,780       —       —  
Securities Lending Reinvestment Vehicle
     803,000       —       —  
 
Total
   $ 439,349,283     $ —     $ —  
 
 
Derivative Type
                        
 
Assets
                        
Futures Contracts
   $ 290,290     $ —     $ —  
 
Foreign Currency Translations — The books and records of the Funds are accounted for in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars based upon 4:00 p.m. Eastern Time exchange rates; and (ii) purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions as of 4:00 p.m. Eastern Time.
     Net realized and unrealized gain (loss) on foreign currency transactions represents: (i) foreign exchange gains and losses from the sale and holdings of foreign currencies; (ii) currency gains and losses between trade date and settlement date on investment security transactions and forward 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 securities and derivative instruments is included with the net realized and change in unrealized gain (loss) on investments on the Statements of Operations, however, the effect of changes in foreign currency exchange rates on fixed income securities sold during the period is included with the

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
net realized gain (loss) on foreign currency related transactions. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included as an increase or decrease to net change in unrealized gain (loss) on translation of assets and liabilities denominated in foreign currencies.
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 or 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 exchange 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 their obligations under these contracts.
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.
Investments in Derivatives — The Funds may make investments in derivative instruments, including, but not limited to options, futures, swaps, swaptions 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

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
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.
     As of March 31, 2011, the Funds held certain derivative contract types. These instruments were used to meet the Funds’ investment objectives and to manage exposure related to the risks below. The following table sets forth, by certain risk types, the gross value of the Funds’ derivative contracts for trading activities as of March 31, 2011. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.
                     
Fund   Risk   Assets   Liabilities   
     
VIT Core Fixed Income
   Currency   $ 254,594     $ (267,985 )
 
   Interest rate     26,046       (152,844 )
     
Total
       $ 280,640     $ (420,829 )
     
     
VIT Equity Index
   Equity   $ 81,779     $ —  
     
VIT Government Income
   Interest rate     14,713       (57,817 )
     
VIT Strategic International Equity
   Equity     546,833       —  
     
VIT Structured Small Cap Equity
   Equity     183,442       —  
     
VIT Structured U.S. Equity
   Equity     290,290       —  
 
Mortgage-Backed and Asset-Backed Securities — The Core Fixed Income, Government Income and Growth Opportunities Funds may invest in mortgage-backed and/or asset-backed securities. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real property. These securities may include mortgage pass-through securities, collateralized mortgage obligations, real estate mortgage investment conduit pass-through or participation certificates and stripped mortgage-backed securities. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of assets such as auto loans, credit card receivables, leases, installment contracts and personal property. Asset-backed securities also include home equity line of credit loans and other second-lien mortgages.
     The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers. Early repayment of principal on mortgage-backed or asset-backed securities may expose a Fund to the risk of earning a lower rate of return upon reinvestment of principal. Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral. In addition, while mortgage-backed and asset-backed securities may be supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers, if any, will meet their obligations.
     Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all of the interest payments (the interest-only, or “IO” and/or the high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all of the principal payments (the principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security through maturity. These adjustments are included in interest income. Payments received for PO’s are treated as a proportionate reduction to the cost basis of the securities and excess amounts are recorded as gains.

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
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 contract 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.
Repurchase Agreements — The VIT Money Market Fund may enter into repurchase agreements which involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Fund may be delayed or limited and there may be a decline in the value of the collateral during the period while the Fund seeks to assert its rights. The underlying securities for all repurchase agreements are held at the Fund’s custodian or designated sub-custodians under tri-party repurchase agreements. Under these agreements, the Fund is permitted to deliver or re-pledge these securities.
     Pursuant to exemptive relief granted by the Securities and Exchange Commission and terms and conditions contained therein, the Fund, together with other registered investment companies having management agreements with GSAM, or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Fund’s credit exposure is allocated to the underlying repurchase agreements counterparties on a pro-rata basis. With the exception of certain transaction fees, the Fund is not subject to any expenses in relation to these investments.
JOINT REPURCHASE AGREEMENT ACCOUNT II — At March 31, 2011, the Money Market Fund had an undivided interest in the Joint Repurchase Agreement Account II, with a maturity date of April 1, 2011, which equaled $26,900,000 in principal amount, $26,900,116 in maturity value and $27,470,677 in collateral value allocation.

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
REPURCHASE AGREEMENTS— At March 31, 2011, the Principal Amounts of the Fund’s interest in the Joint Repurchase Agreement Account II was as follows:
                 
    Interest        
Counterparty   Rate     Fund  
 
BNP Paribas Securities Co.
     0.100 %   $ 3,012,234  
 
BNP Paribas Securities Co.
     0.140       564,794  
 
BNP Paribas Securities Co.
     0.180       1,882,646  
 
Citibank N.A.
     0.190       470,662  
 
Citigroup Global Markets, Inc.
     0.190       2,353,308  
 
Credit Agricole Securities
     0.130       3,294,631  
 
Deutsche Bank Securities, Inc.
     0.200       376,529  
 
JPMorgan Securities
     0.190       442,422  
 
Merrill Lynch & Co., Inc.
     0.150       477,063  
 
RBS Securities, Inc.
     0.100       1,882,646  
 
RBS Securities, Inc.
     0.200       1,411,985  
 
UBS Securities LLC
     0.100       941,323  
 
UBS Securities LLC
     0.200       941,323  
 
Wells Fargo Securities LLC
     0.170       8,848,436  
 
TOTAL
                
 
At March 31, 2011, the Joint Repurchase Agreement Account II was fully collateralized by:
                 
Issuer   Interest Rates   Maturity Dates
 
Federal Farm Credit Bank
     2.625 to 7.350 %   04/21/11 to 09/22/38  
 
Federal Farm Credit Bank Principal-Only Stripped Security
     0.000       12/16/15  
 
Federal Home Loan Bank
     0.000 to 8.290     04/04/11 to 09/14/35  
 
Federal Home Loan Mortgage Corp.
     0.000 to 7.690     05/31/11 to 03/01/41  
 
Federal Home Loan Mortgage Corp. Interest-Only Stripped Securities
     0.000     01/15/13 to 01/15/28  
 
Federal Home Loan Mortgage Corp. Principal-Only Stripped Security
     0.000       11/15/13  
 
Federal National Mortgage Association
     0.000 to 10.350     04/25/11 to 04/01/41  
 
Federal National Mortgage Association Interest-Only Stripped Securities
     0.000     11/15/12 to 05/15/29  
 
Federal National Mortgage Association Principal-Only Stripped Security
     0.000       03/23/28  
 
Government National Mortgage Association
     3.500 to 5.500     09/15/24 to 03/20/41  
 
SLM Corp.
     0.000       10/03/22  
 
U.S. Treasury Bills
     0.000     04/07/11 to 12/15/11  
 
U.S. Treasury Bonds
     3.875 to 11.250     02/15/15 to 11/15/40  
 
U.S. Treasury Inflation Indexed Bonds
     0.625 to 2.125     04/15/13 to 02/15/41  
 
U.S. Treasury Interest-Only Stripped Securities
     0.000     05/15/11 to 11/15/26  
 
U.S. Treasury Notes
     0.375 to 5.125     04/30/11 to 02/15/21  
 
U.S. Treasury Principal-Only Stripped Securities
     0.000     08/15/11 to 09/30/13  
 
Securities Lending — Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs & Co. (“Goldman Sachs”), to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive 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 Funds, 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 Funds on the next business day. As with other extensions of credit, the Funds may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
     The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Money Market Fund (“Money Market Fund”), a separate series of the Trust. The Money Market Fund is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open end investment company, is subject to Rule 2a-7 under the Act and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.205% on an annualized basis of the average daily net assets of the Money Market Fund.
     Both the Funds and GSAL receive compensation relating to the lending of the Funds’ securities.
Treasury Inflation-Protected Securities — The 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.
When-Issued Securities and Forward Commitments — The Funds may purchase when-issued securities, including TBA (“To Be Announced”) securities that have been authorized, but not yet issued in the market. When-issued securities are purchased in order to secure what is considered to be an advantageous price or yield to the Fund at the time of entering into the transaction. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended delivery basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although the 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 which may result in a realized gain or loss. 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.
Foreign Custody Risk — A Fund that invests in foreign securities may hold such securities and foreign currency with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). In some countries, Foreign Custodians may be subject to little or no regulatory oversight or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters into bankruptcy. Investments in emerging markets may be subject to greater custody risks than investments in more developed markets. Custody services in emerging market countries are often undeveloped and may be less regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

 

 

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Schedule of Investments (continued)
March 31, 2011 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
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 entities of their holdings 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.
Interest Rate Risk — In a declining interest rate environment, low yields on the Money Market Fund’s holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders. As a result, GSAM and/or Goldman Sachs may voluntarily agree to waive certain fees (such as distribution and service, transfer agency and management fees) which can fluctuate daily.
Liquidity Risks — The Funds may make investments that may be illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.
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.
     Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, be subject to government ownership controls, have delayed settlements and their prices may be more volatile than those of comparable securities in the U.S.

 

 

Item 2. Controls and Procedures.

(a)   The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days of the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.

(b)   There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a)   Separate certifications for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are filed herewith.

 

 

SIGNATURES

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

             
(Registrant)
   Goldman Sachs Variable Insurance Trust  
   
By (Signature and Title)*   /s/ JAMES A. McNAMARA, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER    
     
   
Date                   May 27, 2011
            
   

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

             
By (Signature and Title)*   /s/ JAMES A. McNAMARA, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER    
     
   
Date             May 27, 2011
          
   
By (Signature and Title)*   /s/ GEORGE F. TRAVERS, PRINCIPAL FINANCIAL OFFICER    
     
   
Date             May 27, 2011
            
   

* Print the name and title of each signing officer under his or her signature.