GOLDMAN SACHS VARIABLE INSURANCE TRUST

Institutional and Service Shares of the

Goldman Sachs Structured Small Cap Equity Fund (the “Fund”)

Supplement dated June 22, 2011 to the
Prospectuses dated April 29, 2011 (the “Prospectuses”)

Effective as of the start of business on July 1, 2011, Goldman Sachs Asset Management (the “Investment Adviser”) has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.70% as an annual percentage rate of the average daily net assets of the Fund.

Accordingly, effective July 1, 2011, the following replaces in its entirety the table and its accompanying footnotes in the “Goldman Sachs Structured Small Cap Equity Fund—Summary—Fees and Expenses of the Fund” section of the Institutional Shares Prospectus:

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees	0.75	%
Distribution and Service (12b-1) Fees	No	ne
Other Expenses	0.22	%
Total Annual Fund Operating Expenses	0.97	%
Fee Waiver and Expense Limitation1	(0.16	)%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation	0.81	%

¹ The Investment Adviser has agreed to (i) waive a portion of the management fee in order to achieve an effective net management fee rate of 0.70% of the Fund’s average daily net assets (effective July 1, 2011), and (ii) reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any custody and transfer agent fee credit reductions) to 0.094% of the Fund’s average daily net assets. These arrangements will remain in effect through at least April 29, 2012, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

Additionally, effective July 1, 2011, the following replaces the information in the management fee table in the “Service Providers—Management Fee and Other Expenses” section of the Institutional Shares Prospectus:

	Management				Actual Rate for the
	Fee Annual			Average Daily	Fiscal Year Ended
Fund	Rate			Net Assets	December 31, 2010
Structured Small Cap Equity		0	.75%	First $2 Billion		0	.73%*
		0	.68%	Next $3 Billion
		0	.65%	Next $3 Billion
		0	.64%	Over $8 Billion

* Effective July 1, 2011, the Investment Adviser has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.70% as an annual percentage rate of the Fund’s average daily net assets. This arrangement will remain in effect through at least April 29, 2012, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. The management fee waiver may be modified or terminated by the

Investment Adviser at its discretion and without shareholder approval after such date, although the Investment Adviser does not presently intend to do so.

Effective July 1, 2011, the following replaces in its entirety the table and its accompanying footnotes in the “Goldman Sachs Structured Small Cap Equity Fund—Summary—Fees and Expenses of the Fund” section of the Service Shares Prospectus:

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees	0.75	%
Distribution and Service (12b-1) Fees	0.25	%
Other Expenses	0.22	%
Total Annual Fund Operating Expenses	1.22	%
Fee Waiver and Expense Limitation1	(0.16	)%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation	1.06	%

¹ The Investment Adviser has agreed to (i) waive a portion of the management fee in order to achieve an effective net management fee rate of 0.70% of the Fund’s average daily net assets (effective July 1, 2011), and (ii) reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any custody and transfer agent fee credit reductions) to 0.094% of the Fund’s average daily net assets. These arrangements will remain in effect through at least April 29, 2012, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

Additionally, effective July 1, 2011, the following replaces the information in the management fee table in the “Service Providers—Management Fee and Other Expenses” section of the Service Shares Prospectus.

	Management				Actual Rate for the
	Fee Annual			Average Daily	Fiscal Year Ended
Fund	Rate			Net Assets	December 31, 2010
Structured Small Cap Equity		0	.75%	First $2 Billion		0	.73%*
		0	.68%	Next $3 Billion
		0	.65%	Next $3 Billion
		0	.64%	Over $8 Billion

* Effective July 1, 2011, Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.70% as an annual percentage rate of the Fund’s average daily net assets. This arrangement will remain in effect through at least April 29, 2012, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. The management fee waiver may be modified or terminated by the Investment Adviser at its discretion and without shareholder approval after such date, although the Investment Adviser does not presently intend to do so.

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

VITSCFEESTK