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GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Principal Investment Strategies and Risks

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

The Goldman Sachs Large Cap Value Fund invests primarily in large-capitalization U.S. equity investments. The Fund’s equity investments will be subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Different investment styles (e.g., “value”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Value Portfolio Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Large Cap Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2011 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of -7.05% and -7.27%, respectively. These returns compare to the 0.39% average annual total return of the Fund’s benchmark, the Russell 1000^{^®} Value Index (with dividends reinvested) (the “Russell Index”) during the same time period.

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

U.S. equity markets ended 2011 almost flat, despite dramatic ups and downs caused by shifting sentiment toward the domestic and global economies and the European sovereign debt crisis. Representing the U.S. equity market, the S&P^{^®} 500 Index returned 2.11% for 2011 with the help of dividends, as price returns themselves were virtually 0%, the smallest percentage change since 1947. Reflecting optimism that the U.S. economy was improving, the S&P 500 Index started the year with the best first quarter in more than a decade and ended with a fourth quarter gain of 11.82%, its best quarterly gain since the third quarter of 2009. However, the modest decline in the second quarter and the sharp drop in the third quarter mostly offset these gains.

Early in the Reporting Period, energy stocks made strong gains, as the benchmark Brent crude oil price reached almost $120 per barrel by March on supply disruption fears stemming from escalating unrest across North Africa and the Middle East. The U.S. equity market also benefited from investors shifting assets toward developed markets amidst concerns of high inflation and geopolitical unrest in many emerging market countries.

Despite some mixed economic indicators in March and April, U.S. equity performance continued to reflect optimism, as the S&P 500 Index reached a level nearly double its March 2009 lows, and stock market volatility, as measured by the VIX (the Chicago Board Options Exchange Market Volatility Index), hit its lowest level since June 2007. While corporate earnings reports were generally strong, a number of companies cautioned that the global economic outlook was still unclear. Furthermore, in a historic move, independent ratings agency Standard & Poor’s downgraded its outlook for U.S. sovereign debt in April from “stable” to “negative,” citing concerns regarding the lack of a credible deficit reduction plan. Brent crude oil prices peaked at $126 per barrel in April and then began to recede on concerns that demand might be slowing, prompting declines in the energy sector.

Increasing concern over the economy and sovereign debt dominated U.S. equity performance amidst a volatile third quarter during which much of the gains from earlier in the Reporting Period was lost. In August, following weeks of political brinksmanship in the U.S. over raising the debt ceiling to avoid default, Standard & Poor’s downgraded U.S. sovereign debt one notch from AAA to AA+ for the first time in history, sending a shock through the investment markets and particularly affecting stocks in the financials sector. Toward the end of September, markets were further shaken by the Federal Reserve Board’s (the Fed’s) announcement of a plan for additional monetary easing whereby it would attempt to “twist” the U.S. Treasury yield curve on the grounds of general weakness in the labor market and lackluster consumer spending growth. Through the program dubbed Operation Twist, the Fed intended to extend the maturity structure of its holdings through the sale of short-term securities and the purchase of long-term securities in an effort to support the economic recovery. In addition, the prospect of contagion from a Greek default and the lack of agreement on a solution amongst European leaders weighed on global equity markets during the third quarter.

U.S. equities rallied back forcefully in October on the hope of a plan for Europe’s sovereign debt crisis and on better prospects for the U.S. and global economies. It was reported that the U.S. economy had grown at a 2.5% annual rate in the third quarter, supported by better than expected consumer spending and business investment spending. Many companies reported good earnings results. The rally continued through the fourth quarter, during which all sectors made gains. The U.S. equity market was led during the fourth quarter by energy stocks, which rallied on rising oil prices, as tensions with Iran sparked fresh supply fears. Indeed, more economically-sensitive, cyclical sectors generally outperformed traditionally defensive sectors during the fourth quarter.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

For the Reporting Period overall, sector performance was widely dispersed. Financials stocks bore the brunt of the fallout from debt woes in the U.S. and Europe, including increased regulation. The economically-sensitive materials and industrials sectors also generated negative returns for the Reporting Period. Traditionally defensive sectors, such as utilities, consumer staples and health care, were the best performing sectors in the S&P 500 Index during the Reporting Period.

While the large-cap segment of the U.S. equity market advanced during the Reporting Period, mid-cap stocks and small-cap stocks, as measured by the Russell Midcap^{^®} Index and the Russell 2000^{^®} Index, respectively, posted negative returns for the Reporting Period. Large-cap stocks were most successful relative to small-cap stocks in the information technology sector. From a style perspective, growth-oriented stocks outpaced value-oriented stocks in the large-cap and small-cap segments of the U.S. equity market, but value-oriented stocks edged out growth-oriented stocks in the mid-cap segment of the U.S. equity market. In the large-cap segment of the U.S. equity market, growth stocks outperformed value stocks due to a smaller weight in the poorly performing financials sector. (All as measured by the Russell Investments indices.)

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

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

Which equity market sectors most significantly affected Fund performance?

Detracting most from the Fund’s relative results was stock selection and underweighted positions in the strongly-performing energy and health care sectors. Stock selection in the telecommunication services sector hurt performance as well. Only partially offsetting these detractors was effective stock selection in the industrials sector, the only sector to contribute positively to the Fund’s results during the Reporting Period.

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

Detracting most from the Fund’s results relative to its benchmark index were positions in wireless and wireline communications services company Sprint Nextel of the telecommunication services sector, diversified banking institution Bank of America of the financials sector and independent oil and gas exploration and production company Devon Energy of the energy sector.

In an environment in which turnaround stocks underperformed, shares of Sprint Nextel fell on concerns over the near-term controversy around whether the company had sufficient liquidity to fund two large investments — the iPhone and Network Vision, both of which we feel should be significant long-term drivers of value creation. In our view, the company’s recent debt deal, in which it raised $4 billion, should give Sprint Nextel more than ample funds for these investments. We also continued to believe, at the end of the Reporting Period, that improved competitive positioning from the iPhone and new handsets, better pricing and, improved network quality — in addition to cost improvements and margin expansion driven by shutting down iDEN (integrated enhanced digital network) and eliminating a significant portion of roaming charges — could drive significant cost savings and margin expansion as the company completes its upgrade to Network Vision.

Bank of America saw its shares decline during the Reporting Period, as the institution was negatively impacted by uncertainty surrounding mortgage litigation, capital level requirements and debit interchange fees. We chose to sell the Fund’s position in Bank of America during the second half of the Reporting Period, moving the proceeds into higher conviction names within the financials sector.

Devon Energy, a new position for the Fund, was also a top detractor during the Reporting Period. Devon Energy underperformed when energy prices decreased dramatically due to fears of a global recession. We, however, maintained strong conviction in this company. Devon Energy has a North American-focused asset base that we believe should provide solid organic production growth over the next several years. Devon Energy also has a deep inventory of oil and liquids-rich growth plays and significant exposure to emerging plays, including oil and liquids-rich opportunities through the Permian Basin and Canada. Additional exploratory success could provide further upside. In the oil and gas industry, plays are defined as those activities associated with petroleum development in a given area.

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

The Fund benefited most relative to the Russell Index from positions in two media companies within the consumer discretionary sector — DISH Network and CBS — as well as from a position in the health care sector’s Celgene.

DISH Network is a broadcast satellite subscription television service provider. It was a top contributor to the Fund’s relative results, as it continued to gain valuable spectrum assets, i.e. a set of property rights on a continuous range of electromagnetic radio frequencies used in the transmission of voice, data and television. Also, its customer attrition rate materially dropped during the Reporting Period, which positively surprised the market. DISH Network further benefited from a court ruling favoring the

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

company when it served as a defendant in TIVO’s patent infringement case. These factors, combined with an attractive valuation, drove DISH Network’s shares higher during the Reporting Period. Toward the end of the Reporting Period, we sold the Fund’s position in DISH Network, taking profits, and moved the proceeds into names that we believed had higher upside potential.

Multimedia giant CBS was also a top contributor to the Fund’s results during the Reporting Period. CBS consistently beat sell-side analysts’ estimates driven by the steady advertising recovery in the U.S. combined with a low growth, fixed cost structure that translated into strong, bottom-line leverage to earnings. Also, CBS’ management began to return capital to shareholders through share repurchases, causing investors to refocus on CBS’ strong free cash flow generation that leads its large-cap media peers. We continued to like CBS at the end of the Reporting Period, as we believe catalysts for further upside remain, including the possibility of divesting its European business, which is not core to its business, and the potential repurchase of additional shares.

Celgene, a global integrated biopharmaceutical company, was another strong performer during the Reporting Period. Shares of Celgene rose based on the company’s limited exposure to market cyclicality, as its primary drug, Revlimid, has minimal competition and steady demand. In addition, approval for Revlimid in Europe was on track, and we see the potential for front line approval in Europe, which would be a significant revenue driver for the company. (Front line approval means approval of a particular drug as the drug of choice, or the first normally used to treat a particular condition.) At the end of the Reporting Period, we continued to hold the Fund’s position in Celgene because we believe the company may well be able to increase revenue by selling its primary drug into new channels, driving longer drug usage through a positive change in its patient mix, and expanding internationally.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

As already indicated, we initiated a Fund position in Devon Energy, one of the largest independent oil and gas exploration and production companies in the world, during the Reporting Period. In our view, Devon Energy’s asset base, which is principally located in North America, should provide solid organic production growth over the next several years.

We established a Fund position in pharmaceuticals company Pfizer, as we felt, at the time of purchase, that the anticipated reduction in sales from the loss of its Lipitor cholesterol patent had already been factored into its stock price and that its other drugs should continue to generate significant free cash flow for the company. In addition, we believe that Pfizer has defensive characteristics that should allow it to perform well in a difficult macroeconomic environment while still providing good upside potential given its strong product cycle expected in 2012.

We also initiated a Fund position in integrated energy company Exxon Mobil during the Reporting Period. At a time of increasing uncertainty regarding global economic activity, Exxon Mobil provides, in our view, defensive attributes to the Fund’s energy exposure. The company has what we consider to be a strong balance sheet and superior free cash flow generation, supporting a share buyback program and rising dividends. Additionally, the company’s mix of business is increasingly shifting toward global natural gas, which we believe may drive future growth and sustain its industry-leading return on common equity.

In light of the Fed’s latest round of stress tests, we believe that the risk/reward profile of what constitutes a potentially attractive bank investment has changed. Also, it may be more difficult going forward for certain banks to return capital to shareholders given new capital requirements. Our original investment thesis on Bank of America was challenged during the Reporting Period given our concern that the diversified banking institution could possibly need to raise capital to meet new capital requirements. We thus decided to sell the Fund’s position in Bank of America and move the proceeds into higher conviction names within the financials sector.

We also eliminated the Fund’s position in independent oil and gas company Newfield Exploration during the Reporting Period. Shares of Newfield Exploration were affected during the Reporting Period by a combination of weaker oil prices and weather-related events that caused concerns over a negative impact on near-term production. Also, as a result of the company’s seeming evasiveness in its outlook for recent property purchases and its continued focus on international development instead of core competencies, we rotated our proceeds out of Newfield Exploration into higher conviction names.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

telecommunication services increased compared to the Russell Index. The Fund’s allocations compared to the benchmark index in consumer discretionary, consumer staples, financials, industrials, materials and utilities decreased.

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

At the end of December 2011, the Fund had overweighted positions relative to the Russell Index in the consumer discretionary and information technology sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in consumer staples, telecommunication services and utilities and was rather neutrally weighted to the Russell Index in energy, financials, health care, industrials and materials.

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

In 2011, exogenous concerns and swings in sentiment overshadowed the strength of individual company fundamentals, resulting in a volatile year and a challenging one for active managers. While risks remain over strains in Europe, emerging market inflation, slowing global economic growth and political uncertainty, we remain cautiously optimistic on the U.S. equity market going forward. In our view, company fundamentals were, at the end of the Reporting Period, stronger than ever, as well-capitalized corporations have over $1 trillion of cash on their balance sheets and are beginning to redeploy that cash, signaling confidence in the economy. We believe earnings should remain resilient given companies’ exposures to secular and global growth, as well as increased financial and operational flexibility, which should allow management to be better prepared and anticipatory regarding market conditions. We further believe that market conditions anticipated over the near term should favor our approach, as we believe high quality U.S. large-cap stocks are “on sale,” i.e. in our view, U.S. large-cap equities are attractively valued both relative to fixed income and relative to their own history. Finally, we believe that fundamentals should be rewarded more in coming months as there was more dispersion at the stock level at the end of the Reporting Period than seen through most of 2011, which should bode well for an active approach.

In short, while disappointed with the Fund’s performance in 2011, we are excited about the opportunities looking ahead and believe the Fund is soundly positioned to perform well. Many valuations within the Fund’s portfolio were, at the end of the Reporting Period, within generational lows. Going forward, we continue to favor companies with improving quality characteristics, such as cash flow, balance sheets, returns on invested capital and sustainability of earnings, rather than purely defensive characteristics, as we believe the U.S. economic recovery will continue, albeit slowly. Positive macroeconomic data released toward the end of the Reporting Period seems to support this view. As we look ahead into 2012, we maintain our discipline as we seek companies with strong or improving balance sheets, led by quality management teams and trading at discounted valuations, and we maintain our long-term perspective. As always, deep research resources, a forward-looking investment process and truly actively managed portfolios are keys, in our view, to both preserving capital and outperforming the market over the long term.

FUND BASICS

Large Cap Value Fund

as of December 31, 2011


STANDARDIZED TOTAL RETURNS¹

For the period ended 12/31/11

One Year

Five Years

Ten Years

Since Inception

Inception Date

Institutional

−7.05

−4.06

3.10

1.91

1/12/98

Service

−7.27

N/A

−5.90

7/24/07


¹		The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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


EXPENSE RATIOS²


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


Institutional		0.78	%		0.80	%
Service		1.03			1.05


²		The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least April 29, 2012, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.


TOP TEN HOLDINGS AS OF 12/31/11³


Holding	% of Net Assets			Line of Business


General Electric Co.		4.6	%	Capital Goods
JPMorgan Chase & Co.		4.0		Diversified Financials
Pfizer, Inc.		3.5		Pharmaceuticals, Biotechnology & Life Sciences
Exxon Mobil Corp.		3.3		Energy
Merck & Co., Inc.		2.7		Pharmaceuticals, Biotechnology & Life Sciences
Devon Energy Corp.		2.5		Energy
The Walt Disney Co.		2.4		Media
General Mills, Inc.		2.4		Food, Beverage & Tobacco
Prudential Financial, Inc.		2.3		Insurance
The Boeing Co.		2.2		Capital Goods


³		The top 10 holdings may not be representative of the Fund’s future investments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Performance Summary

December 31, 2011

The following graph shows the value, as of December 31, 2011, of a $10,000 investment made on January 1, 2002 in the Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000 Value Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. Performance of Service Shares will vary from Institutional Shares due to differences in class specific fees. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.


Large Cap Value Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2002 through December 31, 2011.

Average Annual Total Return through December 31, 2011

One Year

Five Years

Ten Years

Since Inception

Institutional (Commenced January 12, 1998)

–7.05%

–4.06%

3.10%

1.91%

Service (Commenced July 24, 2007)

–7.27%

N/A

–5.90%

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments

December 31, 2011

Shares Description Value

Common Stocks – 97.6%

Automobiles & Components – 0.8%

316,356 Johnson Controls, Inc. $ 9,889,289

Banks – 4.2%

1,421,684 Fifth Third Bancorp 18,083,821

691,916 SunTrust Banks, Inc. 12,246,913

857,219 U.S. Bancorp 23,187,774

53,518,508

Capital Goods – 9.3%

3,265,955 General Electric Co. 58,493,254

464,139 Honeywell International, Inc. 25,225,955

153,209 Illinois Tool Works, Inc. 7,156,392

390,415 The Boeing Co. 28,636,940

119,512,541

Consumer Services – 1.0%

273,374 Starwood Hotels & Resorts Worldwide, Inc. 13,113,751

Diversified Financials – 9.3%

244,579 Ameriprise Financial, Inc. 12,140,902

113,555 Franklin Resources, Inc. 10,908,093

570,553 Invesco Ltd. 11,462,410

1,528,753 JPMorgan Chase & Co. 50,831,037

1,150,016 Morgan Stanley 17,399,742

1,171,546 SLM Corp. 15,698,716

118,440,900

Energy – 11.6%

128,399 Baker Hughes, Inc. 6,245,327

246,962 Chevron Corp. 26,276,757

514,702 Devon Energy Corp. 31,911,524

492,357 Exxon Mobil Corp. 41,732,179

317,793 Halliburton Co. 10,967,037

208,595 Occidental Petroleum Corp. 19,545,352

288,547 Transocean Ltd. 11,077,319

147,755,495

Food, Beverage & Tobacco – 5.8%

748,958 General Mills, Inc. 30,265,393

294,607 PepsiCo, Inc. 19,547,174

721,430 Unilever NV 24,795,549

74,608,116

Health Care Equipment & Services – 2.3%

2,085,348 Boston Scientific Corp.* 11,135,758

360,757 UnitedHealth Group, Inc. 18,283,165

29,418,923

Household & Personal Products – 0.3%

55,043 Energizer Holdings, Inc.* 4,264,732

Insurance – 8.3%

291,828 Aflac, Inc. 12,624,479

179,332 Everest Re Group Ltd. 15,080,028

677,755 Hartford Financial Services Group, Inc. 11,013,519

382,486 Marsh & McLennan Companies, Inc. 12,094,207

583,788 Prudential Financial, Inc. 29,259,455

443,826 The Travelers Companies, Inc. 26,261,184

106,332,872

Materials – 2.5%

250,276 Freeport-McMoRan Copper & Gold, Inc. 9,207,654

455,068 LyondellBasell Industries NV Class A 14,785,159

168,612 The Mosaic Co. 8,503,103

32,495,916

Media – 5.0%

735,326 CBS Corp. Class B 19,956,748

310,489 Liberty Global, Inc. Class A* 12,739,364

815,825 The Walt Disney Co. 30,593,437

63,289,549

Pharmaceuticals, Biotechnology & Life Sciences – 10.7%

200,346 Celgene Corp.* 13,543,389

909,885 Merck & Co., Inc. 34,302,664

594,445 Mylan, Inc.* 12,756,790

2,054,745 Pfizer, Inc. 44,464,682

228,840 Teva Pharmaceutical Industries Ltd. ADR 9,235,982

338,679 Thermo Fisher Scientific, Inc.* 15,230,395

230,375 Vertex Pharmaceuticals, Inc.* 7,650,754

137,184,656

Real Estate Investment Trust – 2.1%

131,173 Boston Properties, Inc. 13,064,831

108,597 Simon Property Group, Inc. 14,002,497

27,067,328

Retailing – 4.2%

598,722 Liberty Interactive Corp. Class A* 9,708,277

488,399 Lowe’s Companies, Inc. 12,395,567

282,166 Macy’s, Inc. 9,080,102

532,757 The Home Depot, Inc. 22,397,104

53,581,050

Semiconductors & Semiconductor Equipment – 3.4%

396,650 Altera Corp. 14,715,715

432,659 Maxim Integrated Products, Inc. 11,266,440

746,326 NVIDIA Corp.* 10,344,078

255,160 Texas Instruments, Inc. 7,427,708

43,753,941

Software & Services – 3.0%

596,458 Adobe Systems, Inc.* 16,861,868

14,654 Google, Inc. Class A* 9,465,019

479,162 Microsoft Corp. 12,439,045

38,765,932

Technology Hardware & Equipment – 5.7%

1,216,015 Cisco Systems, Inc. 21,985,551

1,173,556 EMC Corp.* 25,278,396

771,213 Juniper Networks, Inc.* 15,740,457

259,535 NetApp, Inc.* 9,413,335

72,417,739

Telecommunication Services – 2.7%

640,254 AT&T, Inc. 19,361,281

6,422,534 Sprint Nextel Corp.* 15,028,730

34,390,011

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statement of Assets and Liabilities

December 31, 2011

Assets:

Investments, at value (cost $1,234,424,688)
$ 1,248,726,366

Cash
28,510,120

Receivables:

Dividends
2,850,675

Fund shares sold
1,424,557

Investments sold
454,810

Total assets
1,281,966,528

Liabilities:

Payables:

Investments purchased
1,321,277

Amounts owed to affiliates
966,325

Fund shares redeemed
353,036

Accrued expenses
106,898

Total liabilities
2,747,536

Net Assets:

Paid-in capital
1,356,679,228

Undistributed net investment income
2,713,616

Accumulated net realized loss
(94,475,530 )

Net unrealized gain
14,301,678

NET ASSETS
$ 1,279,218,992

Net Assets:

Institutional
$ 421,559,837

Service
857,659,155

Total Net Assets
$ 1,279,218,992

Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):

Institutional
44,904,251

Service
91,469,000

Net asset value, offering and redemption price per share:

Institutional
$9.39

Service
9.38

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statement of Operations

For the Fiscal Year Ended December 31, 2011

Investment income:

Dividends (net of foreign taxes withheld of $399,475)
$ 27,509,463

Expenses:

Management fees
9,107,113

Distribution and Service fees — Service Class
1,926,605

Transfer Agent fees^(a)
247,248

Printing and mailing costs
145,759

Professional fees
88,186

Custody and accounting fees
86,074

Trustee fees
18,744

Other
37,110

Total expenses
11,656,839

Less — expense reductions
(110,023 )

Net expenses
11,546,816

NET INVESTMENT INCOME
15,962,647

Realized and unrealized gain (loss):

Net realized gain from investments (including commissions recaptured of $254,718)
16,316,398

Net change in unrealized loss on investments
(116,886,486 )

Net realized and unrealized loss
(100,570,088 )

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS
$ (84,607,441 )


(a)		Institutional and Service Shares had Transfer Agent fees of $93,132 and $154,116, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statements of Changes in Net Assets

For the
For the

Fiscal Year Ended
Fiscal Year Ended

December 31, 2011 December 31, 2010

From operations:

Net investment income
$ 15,962,647 $ 8,805,701

Net realized gain
16,316,398 61,357,865

Net change in unrealized gain (loss)
(116,886,486 ) 51,676,161

Net increase (decrease) in net assets resulting from operations
(84,607,441 ) 121,839,727

Distributions to shareholders:

From net investment income

Institutional Shares
(5,580,091 ) (3,935,813 )

Service Shares
(9,437,060 ) (3,969,754 )

Total distributions to shareholders
(15,017,151 ) (7,905,567 )

From share transactions:

Proceeds from sales of shares
406,837,184 355,441,232

Reinvestment of distributions
15,017,151 7,905,567

Cost of shares redeemed
(222,396,415 ) (176,911,161 )

Net increase in net assets resulting from share transactions
199,457,920 186,435,638

TOTAL INCREASE
99,833,328 300,369,798

Net assets:

Beginning of year
1,179,385,664 879,015,866

End of year
$ 1,279,218,992 $ 1,179,385,664

Undistributed net investment income
$ 2,713,616 $ 1,795,970

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


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

FOR THE FISCAL YEARS ENDED DECEMBER 31,
2011 - Institutional	$	10.24	$	0.14	^(c)	$	(0.86	)	$	(0.72	)	$	(0.13	)	$	—		$	(0.13	)	$	9.39		(7.05	)%	$	421,560		0.78	%		0.79	%		1.39	%^(c)		91	%
2011 - Service		10.23		0.12	^(c)		(0.87	)		(0.75	)		(0.10	)		—			(0.10	)		9.38		(7.27	)		857,659		1.03			1.04			1.23	^(c)		91

2010 - Institutional		9.28		0.10			0.94			1.04			(0.08	)		—			(0.08	)		10.24		11.20			507,146		0.80			0.80			1.02			95
2010 - Service		9.28		0.07			0.94			1.01			(0.06	)		—			(0.06	)		10.23		10.89			672,239		1.05			1.05			0.78			95

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

2008 - Institutional		12.53		0.25			(4.59	)		(4.34	)		(0.22	)		—	^(e)		(0.22	)		7.97		(34.45	)		389,838		0.81			0.81			2.36			69
2008 - Service		12.52		0.19			(4.51	)		(4.32	)		(0.22	)		—	^(e)		(0.22	)		7.98		(34.32	)		67,200		1.06			1.06			2.15			69

2007 - Institutional		13.91		0.25			(0.03	)		0.22			(0.26	)		(1.34	)		(1.60	)		12.53		1.49			571,883		0.85			0.85			1.75			79
2007 - Service (Commenced July 24, 2007)		14.71		0.15			(0.74	)		(0.59	)		(0.26	)		(1.34	)		(1.60	)		12.52		(4.02	)		90		0.94	^(f)		1.09	^(f)		3.11	^(f)		79


(a)		Calculated based on the average shares outstanding methodology.
(b)		Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year. Total returns for periods less than one full year are not annualized.
(c)		Reflects income recognized from non-recurring special dividends which amounted to $0.02 per share and 0.19% of average net assets.
(d)		Reflects income recognized from non-recurring special dividends which amounted to $0.02 per share and 0.24% of average net assets.
(e)		Amount is less than $0.005 per share.
(f)		Annualized.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Notes to Financial Statements

December 31, 2011


1. ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs Large Cap Value Fund (the “Fund”). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service. Shares of the Trust are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.

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


2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Investment Valuation — The investment valuation policy of the Fund is to value investments at market value. Investments in equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. If accurate quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under valuation procedures approved 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.

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

B. Investment Income and Investments — Investment income is comprised of interest income and dividend income, and is recorded net of any foreign withholding taxes, less any amounts reclaimable. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date with realized gains and losses on sales calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Any foreign capital gains tax is accrued daily on net unrealized gains, and is payable upon sale of such investments. Distributions received from the Fund’s investments in U.S. real estate investment trusts

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Notes to Financial Statements (continued)

December 31, 2011


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

(“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost of the REIT.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agent fees. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

D. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.

Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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


3. FAIR VALUE OF INVESTMENTS

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

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

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, 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 levels used for classifying investments are not necessarily an indication of the risk associated with investing in those investments.

The following is a summary of the Fund’s investments categorized in the fair value hierarchy as of December 31, 2011:


Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments	$	1,248,726,366	$	—	$	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND


4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the fiscal year ended December 31, 2011, contractual and effective net management fees with GSAM were at the following rates:


Contractual Management Rate
First	Next			Next			Next			Over			Effective			Effective Net
$1 billion	$1 billion			$3 billion			$3 billion			$8 billion			Rate			Management Rate

0.75%		0.68	%		0.65	%		0.64	%		0.63	%		0.74	%		0.73%*


*		Effective June 30, 2011, GSAM agreed to waive a portion of its management fee in order to achieve an effective net management rate of 0.73% through at least April 29, 2012. Prior to such date GSAM may not terminate the arrangement without the approval of the trustees. For the fiscal year ended December 31, 2011, GSAM waived approximately $101,400 of the Fund’s management fee.

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

D. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expense” of the Fund (excluding management fees, distribution and service fees, transfer agent fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, 0.114% of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. These Other Expense reimbursements will remain in place through at least April 29, 2012, and prior to such date GSAM may not terminate the arrangement without the approval of the trustees. For the fiscal year ended December 31, 2011, GSAM did not make any reimbursements to the Fund. In addition, the Fund has entered into certain offset arrangements with the custodian, which may result in a reduction of the Fund’s expenses. For the fiscal year ended December 31, 2011, custody fee credits were approximately $8,600.

As of December 31, 2011, the amounts owed to affiliates were approximately $767,000, $178,000 and $21,300 for management, distribution and service, and transfer agent fees, respectively.

E. Line of Credit Facility — As of December 31, 2011, the Fund participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates (“Other Borrowers”). Pursuant to the terms of the facility, the Fund and Other Borrowers could increase the credit amount by an additional $340,000,000, for a total of up to $920,000,000. This facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2011, the Fund did not have any borrowings under the facility.

F. Other Transactions with Affiliates — For the fiscal year ended December 31, 2011, Goldman Sachs earned approximately $23,300 in brokerage commissions from portfolio transactions on behalf of the Fund.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Notes to Financial Statements (continued)

December 31, 2011


5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2011, were $1,295,272,283 and $1,107,297,212, respectively.


6. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2010 and December 31, 2011 was as follows:


	2010		2011

Distributions paid from ordinary income	$	7,905,567	$	15,017,151

As of December 31, 2011, the components of accumulated earnings (losses) on a tax-basis were as follows:


Undistributed ordinary income — net	$	2,656,342


Capital loss carryovers:⁽¹⁾⁽²⁾
Expiring 2017	$	(43,690,156	)


Timing differences (post October loss deferral and certain REIT dividends)	$	(35,454,889	)
Unrealized losses — net		(971,533	)


Total accumulated losses — net	$	(77,460,236	)


(1)		Under new tax rules, capital losses recognized in tax years beginning after December 22, 2010, that do not offset recognized capital gains, may be carried over to future years perpetually, and retain their character as either short-term or long-term that can offset recognized capital gains in such future years. Previously, all capital loss carryovers were treated as short-term and such carryovers generally expired eight years after the initial loss arose. Perpetual capital loss carryovers are required to be utilized prior to expiring capital loss carryovers.
(2)		Expiration occurs on December 31 of the year indicated. The Fund utilized $57,348,652 of capital losses in the current fiscal year.

As of December 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	$	1,249,697,899


Gross unrealized gain		78,774,949
Gross unrealized loss		(79,746,482	)


Net unrealized security loss	$	(971,533	)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.

In order to present certain components of the Fund’s capital accounts on a tax-basis, the Fund has reclassified $27,850 from undistributed net investment income to accumulated net realized gain (loss). These reclassifications have no impact on the net asset value of the Fund and result primarily from the difference in the tax treatment of underlying fund investments.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND


7. OTHER RISKS

The Fund’s risks include, but are not limited to, the following:

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

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


8. INDEMNIFICATIONS

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


9. SUBSEQUENT EVENTS

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


10. OTHER MATTERS

New Accounting Pronouncement — In May 2011, Accounting Standards Update 2011-04 (ASU 2011-04), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, was issued and is effective during interim and annual periods beginning after December 15, 2011. ASU 2011-04 amends Financial Accounting Standards Board (FASB) Topic 820, Fair Value Measurement. The amendments are the result of the work by the FASB and the International Accounting Standards Board to develop common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. Management is currently evaluating the application of ASU 2011-04 and its impact, if any, on the Fund’s financial statements.

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Goldman Sachs Large Cap Value Fund (the “Fund”) at December 31, 2011, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at December 31, 2011 by correspondence with the custodian, brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2012

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Fund Expenses — Six Month Period Ended December 31, 2011 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2011 through December 31, 2011.

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

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

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


						Expenses Paid
						for the
	Beginning		Ending			6 Months
	Account Value		Account Value			Ended
Share Class	7/01/11		12/31/11			12/31/11*
Institutional
Actual	$	1,000	$	898.80		$	3.69
Hypothetical 5% return		1,000		1,021.32	+		3.92

Service
Actual		1,000		898.40			4.88
Hypothetical 5% return		1,000		1,020.06	+		5.19


*		Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2011. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.77% and 1.02% for Institutional and Service Shares, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Trustees and Officers (Unaudited)

Independent Trustees


				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	with the Trust	Time Served²	During Past 5 Years	Trustee³	Held by Trustee⁴
Ashok N. Bakhru Age: 69	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	President, ABN Associates (1994-1996 and 1998-Present); Director, Apollo Investment Corporation (a business development company) (2008-Present); Member of Cornell University Council (1992-2004 and 2006-Present); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Mutual Fund Complex.	104	Apollo Investment Corporation (a business development company)

Donald C. Burke Age: 51	Trustee	Since 2010	Mr. Burke is retired (since 2010). He is a Director, Avista Corp. (2011-Present); and was formerly Director, BlackRock Luxembourg and Cayman Funds (2006-2010); President and Chief Executive Officer, BlackRock U.S. Funds (2007-2009); Managing Director, BlackRock, Inc. (2006-2009); Managing Director, Merrill Lynch Investment Managers, L.P. (“MLIM”) (2006); First Vice President, MLIM (1997-2005); Chief Financial Officer and Treasurer, MLIM U.S. Funds (1999-2006). Trustee — Goldman Sachs Mutual Fund Complex.	104	Avista Corp. (an energy company)

John P. Coblentz, Jr. Age: 70	Trustee	Since 2003	Partner, Deloitte & Touche LLP (1975-2003); Director, Emerging Markets Group, Ltd. (2004-2006); and Director, Elderhostel, Inc. (2006-Present). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Diana M. Daniels Age: 62	Trustee	Since 2007	Ms. Daniels is retired (since 2007). Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Vice Chairman of the Board of Trustees of Cornell University (2009-Present); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (since 2007), and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Joseph P. LoRusso Age: 54	Trustee	Since 2010	Mr. LoRusso is retired (since 2008). Formerly, he was President, Fidelity Investments Institutional Services Co. (“FIIS”) (2002-2008); Director, FIIS (2002-2008); Director, Fidelity Investments Institutional Operations Company (2003-2007); Executive Officer, Fidelity Distributors Corporation (2007-2008). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Jessica Palmer Age: 62	Trustee	Since 2007	Ms. Palmer is retired (since 2006). She is a Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Richard P. Strubel Age: 72	Trustee	Since 1987	Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); Trustee, Emeritus, The University of Chicago (1987-Present). Trustee — Goldman Sachs Mutual Fund Complex.	104	The Northern Trust Mutual Fund Complex (58 Portfolios) (Chairman of the Board of Trustees). Gildan Activewear Inc. (a clothing marketing and manufacturing company).

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustees


				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	with the Trust	Time Served²	During Past 5 Years	Trustee³	Held by Trustee⁴
James A. McNamara* Age: 49	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President — Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Mutual Fund Complex (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).	104	None

Alan A. Shuch* Age: 62	Trustee	Since 1990	Advisory Director — GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee — Goldman Sachs Mutual Fund Complex.	104	None


*		These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
¹		Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Peter V. Bonanno. Information is provided as of December 31, 2011.
²		Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the conclusion of the first Board meeting held subsequent to the day the Trustee attains the age of 74 years (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.
³		The Goldman Sachs Mutual Fund Complex consists of the Trust, Goldman Sachs Municipal Opportunity Fund, Goldman Sachs Credit Strategies Fund, and Goldman Sachs Trust. As of December 31, 2011, the Trust consisted of 12 portfolios (11 of which currently offer shares to the public). Goldman Sachs Trust consisted of 90 portfolios (83 of which currently offer shares to the public) and the Goldman Sachs Municipal Opportunity Fund and did not offer shares to the public.
⁴		This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


		Term of
		Office and
	Position(s) Held	Length of
Name, Address and Age	With the Trust	Time Served¹	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 49	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President — Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Mutual Fund Complex (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).

George F. Travers 30 Hudson Street Jersey City, NJ 07302 Age: 43	Senior Vice President and Principal Financial Officer	Since 2009	Managing Director, Goldman Sachs (2007-present); Managing Director, UBS Ag (2005-2007); and Partner, Deloitte & Touche LLP (1990-2005, partner from 2000-2005). Senior Vice President and Principal Financial Officer — Goldman Sachs Mutual Fund Complex.

Peter V. Bonanno 200 West Street New York, NY 10282 Age: 44	Secretary	Since 2003	Managing Director, Goldman Sachs (December 2006-Present); Associate General Counsel, Goldman Sachs (2002-Present); Vice President, Goldman Sachs (1999-2006); and Assistant General Counsel, Goldman Sachs (1999-2002). Secretary — Goldman Sachs Mutual Fund Complex (2006-Present); and Assistant Secretary — Goldman Sachs Mutual Fund Complex (2003-2006).

Scott M. McHugh 200 West Street New York, NY 10282 Age: 40	Treasurer and Senior Vice President	Since 2009	Vice President, Goldman Sachs (February 2007-Present); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer — Goldman Sachs Mutual Fund Complex (October 2009-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (November 2009-Present); and Assistant Treasurer — Goldman Sachs Mutual Fund Complex (May 2007-October 2009).


¹		Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. Information is provided as of December 31, 2011.
*		Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the fiscal year ended December 31, 2011, 100% of the dividends paid from net investment company taxable income by the Large Cap Value Fund qualify for the dividends received deduction available to corporations.


TRUSTEES		OFFICERS
Ashok N. Bakhru, Chairman Donald C. Burke John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel		James A. McNamara, President George F. Travers, Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer

GOLDMAN, SACHS & CO. Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York New York 10282

Visit our website at www.goldmansachsfunds.com/vit to obtain the most recent month-end returns.
The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2011 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) website at http://www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-621-2550.
Holdings and allocations shown are as of December 31, 2011 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.


This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling 1-800-621-2550.
Toll Free (in U.S.): 800-292-4726
This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Goldman Sachs Large Cap Value Fund.

^© 2012 Goldman Sachs. All rights reserved.

VITLCVAR12/67842.MF.MED.TMPL/2/2012

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

Principal Investment Strategies and Risks

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

The Goldman Sachs Structured U.S. Equity Fund invests primarily in a diversified portfolio of equity investments in U.S. issuers, including foreign issuers traded in the United States. The Fund’s equity investments will be subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The Investment Adviser’s use of quantitative models to execute investment strategy may fail to produce the intended result. Different investment styles (e.g., “quantitative”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes. The Fund may have a high rate of portfolio turnover, which involves correspondingly greater expenses which must be borne by the Fund, and is also likely to result in short-term capital gains taxable to shareholders.

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

INVESTMENT OBJECTIVE

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Structured U.S. Equity Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2011 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of 4.05% and 3.90%, respectively. These returns compare to the 2.11% average annual total return of the Fund’s benchmark, the Standard & Poor’s^® 500 Index (with dividends reinvested) (the “S&P 500 Index”) during the same time period.

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

U.S. equity markets ended 2011 almost flat, despite dramatic ups and downs caused by shifting sentiment toward the domestic and global economies and the European sovereign debt crisis. Representing the U.S. equity market, the S&P^® 500 Index returned 2.11% for 2011 with the help of dividends, as price returns themselves were virtually 0%, the smallest percentage change since 1947. Reflecting optimism that the U.S. economy was improving, the S&P 500 Index started the year with the best first quarter in more than a decade and ended with a fourth quarter gain of 11.82%, its best quarterly gain since the third quarter of 2009. However, the modest decline in the second quarter and the sharp drop in the third quarter mostly offset these gains.

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

During the Reporting Period as a whole, the S&P 500 Index, representing the U.S. large-cap equity market, advanced 2.11%. Seven of the ten sectors in the S&P 500 Index were up, with the utilities, consumer staples and health care sectors gaining the most. The consumer staples sector was also the biggest positive contributor (weight times performance) to S&P 500 Index returns. Within the S&P 500 Index, financials, materials and industrials generated negative returns during the Reporting Period.

While the large-cap segment of the U.S. equity market advanced during the Reporting Period, mid-cap and small-cap stocks, as measured by the Russell Midcap^® Index and the Russell 2000^® Index, respectively, posted negative returns for the Reporting Period. Large-cap stocks were most successful relative to small-cap stocks in the information technology sector. From a style perspective, growth-oriented stocks outpaced value-oriented stocks in the large-cap and small-cap segments of the U.S. equity market, but value-oriented stocks edged out growth-oriented stocks in the mid-cap segment of the U.S. equity market. In the large-cap segment of the U.S. equity market, growth stocks outperformed value stocks due to a smaller weight in the poorly performing financials sector. (All as measured by the Russell Investments indices.)

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

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

Overall, the Fund outperformed during the Reporting Period, with the Fund’s Profitability theme contributing the most, followed by Momentum and Sentiment, which also contributed positively to the Fund’s returns relative to the S&P 500 Index. The Profitability theme assesses whether a company is earning more than its cost of capital. The Momentum theme seeks to predict drifts in stock prices caused by under-reaction to company specific information. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Management theme also added value during the Reporting Period, albeit to a lesser extent. The Management theme assesses the characteristics, policies and strategic decisions of company managements.

The Valuation and Quality themes detracted from the Fund’s relative performance during the Reporting Period. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. The Quality theme evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than making industry or sector bets. Consequently, the Fund is similar to its benchmark, the S&P 500 Index, in terms of its sector allocation and style. We manage the Fund’s industry and sector exposure by including industry factors in our risk model and by explicitly penalizing industry and sector deviations from the benchmark index in optimization. Sector weights or changes in sector weights generally do not have a meaningful impact on relative performance.

Did stock selection help or hurt Fund performance during the Reporting Period?

We seek to outpace the S&P 500 Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. We also build positions based on our thematic views. For example, the Fund aims to hold a basket of stocks with more favorable Momentum characteristics than the benchmark index. During the Reporting Period, stock selection overall contributed positively to the Fund’s relative performance.

Stock selection in the financials, health care and consumer staples sectors made the biggest positive contribution to the Fund’s results relative to the S&P 500 Index. Only partially offsetting these positives was stock selection in the information technology, industrials and materials sectors, which detracted most from the Fund’s results relative to its benchmark index.

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

The Fund benefited most from overweight positions in tobacco company Lorillard, pharmaceuticals company Eli Lilly and broadcast satellite subscription television service provider DISH Network. We chose to overweight Lorillard due to our positive

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

views on Quality and Profitability. The overweights in Eli Lilly and DISH Network were the result of our positive views on Profitability and Management.

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

Detracting most from the Fund’s results relative to its benchmark index were underweight positions in personal computer, mobile communication device and peripherals behemoth Apple and diversified computer services giant International Business Machines (IBM) and an overweight position in agricultural chemicals company CF Industries Holdings. The Fund had an underweighted position in Apple because of our negative views on Quality and Value. Our negative views on Momentum and Value led us to underweight IBM. The overweight in CF Industries Holdings was due to our positive views on Quality and Sentiment.

How did the Fund use derivatives during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy to add value to the Fund’s results. However, we used equity index futures contracts, on an opportunistic basis, to equitize the Fund’s excess cash holdings. In other words, we put the Fund’s excess cash holdings to work by using them as collateral for the purchase of stock futures.

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

We continuously look for ways to improve our investment process. Accordingly, we continued our extensive ongoing research process but did not implement any significant model enhancements during the Reporting Period.

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

As of December 31, 2011, the Fund was overweight the consumer staples, information technology, health care and energy sectors relative to the S&P 500 Index. The Fund was underweight materials, financials, utilities, consumer discretionary and industrials and was rather neutrally weighted in telecommunication services compared to the benchmark index on the same date.

What is your strategy going forward for the Fund?

Looking ahead, we continue to believe that less expensive stocks should outpace more expensive stocks, and stocks with good momentum are likely to outperform those with poor momentum. We intend to maintain our focus on seeking companies with positive fundamentals, good profitability, sustainable earnings and a track record of using capital to enhance shareholder value. As such, we anticipate remaining fully invested with long-term performance likely to be the result of stock selection rather than sector or capitalization allocations.

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

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

CHANGES MADE TO THE TEAM’S MANAGEMENT

During the first quarter of 2011, we announced that Richard Vanecek, Managing Director and co-head of Quantitative Investment Strategies (QIS) Trading would become the sole head of QIS Trading. Richard has been a long-standing leader in QIS Trading, having originally joined the team in 1996 and subsequently leading the QIS Trading desk for 11 years. Jeff Bacidore, Managing Director and co-head of QIS Trading, left the firm. Terence Lim, a Managing Director based in New York who was focused on equity research, also left the firm.

In the second quarter of 2011, we announced Peter Zangari, Managing Director, would be leaving the firm at the end of July. Most recently, Peter led our QIS internal risk management efforts. Peter’s responsibilities will be assumed by Raj Garigipati, who was most recently the global team lead for the Internal Audit division.

During the third quarter of 2011, Katinka Domotorffy, CIO and head of QIS, announced her retirement from the firm at the end of 2011. We were pleased to announce that Armen Avanessians joined Goldman Sachs Asset Management (GSAM) as the head of QIS. He joined Goldman Sachs in 1985 as a foreign exchange strategist, was named partner in 1994 and became a member of the Securities Division Executive Committee in 2003. Prior to joining GSAM, Armen served as the head of Strats, a global group responsible for the application of mathematical, quantitative and algorithmic approaches to revenue activities in the Securities, Investment Management and Investment Banking divisions. In addition, we were pleased to announce that Ron Hua joined QIS as a partner to serve as the chief investment officer of our equity alpha strategies. Most recently, Ron was the chief investment officer and head of equity investments at PanAgora Asset Management.

FUND BASICS

Structured U.S. Equity Fund

as of December 31, 2011


STANDARDIZED TOTAL RETURNS¹


For the period ended 12/31/11	One Year			Five Years			Ten Years			Since Inception			Inception Date


Institutional		4.05	%		-2.49	%		2.11	%		2.44	%	02/13/98
Service		3.90			-2.66			N/A			-0.75		01/09/06


¹		The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized total Returns.

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


EXPENSE RATIOS²


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


Institutional		0.64	%		0.70	%
Service		0.85			0.95


²		The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least April 29, 2012, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

Portfolio Composition


TOP 10 HOLDINGS AS OF 12/31/11³


Holding	% of Total Net Assets			Line of Business


Lorillard, Inc.		4.1	%	Food, Beverage & Tobacco
Microsoft Corp.		3.6		Software & Services
Apple, Inc.		3.3		Technology Hardware & Equipment
ConocoPhillips		3.0		Energy
Pfizer, Inc.		2.9		Pharmaceuticals, Biotechnology & Life Sciences
Eli Lilly & Co.		2.9		Pharmaceuticals, Biotechnology & Life Sciences
Berkshire Hathaway, Inc. Class B		2.7		Insurance
AT&T, Inc.		2.4		Telecommunication Services
The Procter & Gamble Co.		2.3		Household & Personal Products
Valero Energy Corp.		2.1		Energy


³		The top 10 holdings may not be representative of the Fund’s future investments.

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

Performance Summary

December 31, 2011

The following graph shows the value, as of December 31, 2011, of a $10,000 investment made on January 1, 2002 in the Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the S&P 500 Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. Performance of Service Shares will vary from Institutional Shares due to differences in class specific fees. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.


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

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2002 through December 31, 2011.

Average Annual Total Return through December 31, 2011

One Year

Five Years

Ten Years

Since Inception

Institutional (Commenced February 13, 1998)

4.05%

–2.49%

2.11%

2.44%

Service (Commenced January 9, 2006)

3.90%

–2.66%

N/A

–0.75%

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

Schedule of Investments

December 31, 2011

Shares Description Value

Common Stocks – 97.8%

Automobiles & Components – 0.1%

11,280 Thor Industries, Inc. $ 309,410

Banks – 2.2%

29,234 Associated Banc-Corp. 326,544

3,462 Bank of Hawaii Corp. 154,024

31,440 BB&T Corp. 791,345

10,360 City National Corp. 457,705

4,796 Cullen/Frost Bankers, Inc. 253,756

10,981 East West Bancorp, Inc. 216,875

19,045 First Niagara Financial Group, Inc. 164,358

38,173 KeyCorp 293,550

7,462 M&T Bank Corp. 569,649

20,619 PNC Financial Services Group, Inc. 1,189,098

16,989 U.S. Bancorp 459,553

116,671 Wells Fargo & Co. 3,215,453

8,091,910

Capital Goods – 7.5%

15,361 AGCO Corp.* 660,062

13,473 Alliant Techsystems, Inc. 770,117

34,065 BE Aerospace, Inc.* 1,318,656

5,405 Dover Corp. 313,760

54,353 Emerson Electric Co. 2,532,306

15,122 Exelis, Inc. 136,854

2,702 Fluor Corp. 135,776

22,803 Fortune Brands Home & Security, Inc.* 388,335

14,444 General Dynamics Corp. 959,226

323,175 General Electric Co. 5,788,064

10,289 Harsco Corp. 211,748

3,987 Huntington Ingalls Industries, Inc.* 124,713

2,790 Illinois Tool Works, Inc. 130,321

23,649 L-3 Communications Holdings, Inc. 1,576,915

3,953 Lockheed Martin Corp. 319,798

19,406 MSC Industrial Direct Co. Class A 1,388,499

73,975 Northrop Grumman Corp. 4,326,058

8,744 Parker Hannifin Corp. 666,730

10,930 Rockwell Automation, Inc. 801,934

47,216 The Toro Co. 2,864,123

11,908 Trinity Industries, Inc. 357,955

16,757 Tyco International Ltd. 782,719

8,671 W.W. Grainger, Inc. 1,623,125

28,177,794

Commercial & Professional Services – 0.5%

10,746 Copart, Inc.* 514,626

33,882 Manpower, Inc. 1,211,282

1,725,908

Consumer Durables & Apparel – 1.5%

11,617 Fossil, Inc.* 921,925

37,383 Harman International Industries, Inc. 1,422,049

6,936 Leggett & Platt, Inc. 159,806

25,444 Mohawk Industries, Inc.* 1,522,823

32,302 Tempur-Pedic International, Inc.* 1,696,824

5,723,427

Consumer Services – 0.8%

9,917 Apollo Group, Inc. Class A* 534,229

14,691 Carnival Corp. 479,514

4,924 Marriott International, Inc. Class A 143,633

17,280 Weight Watchers International, Inc. 950,573

7,848 Wynn Resorts Ltd. 867,125

2,975,074

Diversified Financials – 4.5%

9,896 Ares Capital Corp. 152,893

205,394 Bank of America Corp. 1,141,991

75,538 Capital One Financial Corp. 3,194,502

32,570 CBOE Holdings, Inc. 842,260

20,333 Citigroup, Inc. 534,961

14,896 CME Group, Inc. 3,629,708

8,430 Franklin Resources, Inc. 809,786

16,558 JPMorgan Chase & Co. 550,553

22,290 Leucadia National Corp. 506,875

37,963 MSCI, Inc. Class A* 1,250,122

99,874 SEI Investments Co. 1,732,814

122,575 The Bank of New York Mellon Corp. 2,440,468

16,786,933

Energy – 12.5%

2,224 Apache Corp. 201,450

5,699 Chesapeake Energy Corp. 127,031

62,373 Chevron Corp. 6,636,487

11,858 Cimarex Energy Co. 734,010

155,088 ConocoPhillips 11,301,263

4,712 Core Laboratories NV 536,932

32,629 Devon Energy Corp. 2,022,998

79,429 Exxon Mobil Corp. 6,732,402

9,052 Forest Oil Corp.* 122,655

12,704 Halliburton Co. 438,415

37,309 Hess Corp. 2,119,151

24,016 HollyFrontier Corp. 561,974

34,348 Marathon Petroleum Corp. 1,143,445

9,760 Murphy Oil Corp. 544,023

17,348 Occidental Petroleum Corp. 1,625,508

29,836 Southwestern Energy Co.* 952,962

127,012 Tesoro Corp.* 2,967,000

369,448 Valero Energy Corp. 7,776,880

46,544,586

Food & Staples Retailing – 1.4%

6,438 Costco Wholesale Corp. 536,414

6,294 CVS Caremark Corp. 256,669

5,352 Safeway, Inc. 112,606

133,266 SUPERVALU, Inc.^(a) 1,082,120

6,375 The Kroger Co. 154,403

72,729 Walgreen Co. 2,404,421

7,773 Whole Foods Market, Inc. 540,845

5,087,478

Food, Beverage & Tobacco – 7.9%

6,338 Bunge Ltd. 362,534

5,695 ConAgra Foods, Inc. 150,348

85,347 Dean Foods Co.* 955,886

The accompanying notes are an integral part of these financial statements. 9

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

Schedule of Investments (continued)

December 31, 2011

Shares Description Value

Common Stocks – (continued)

Food, Beverage & Tobacco – (continued)

15,287 Dr. Pepper Snapple Group, Inc. $ 603,531

8,711 Hansen Natural Corp.* 802,631

6,711 Hormel Foods Corp. 196,565

132,667 Lorillard, Inc. 15,124,038

3,541 Molson Coors Brewing Co. Class B 154,175

72,777 Philip Morris International, Inc. 5,711,539

12,776 Reynolds American, Inc. 529,182

17,086 Smithfield Foods, Inc.* 414,848

210,631 Tyson Foods, Inc. Class A 4,347,424

29,352,701

Health Care Equipment & Services – 3.4%

225,385 Boston Scientific Corp.* 1,203,556

39,365 Cardinal Health, Inc. 1,598,613

54,199 CareFusion Corp.* 1,377,197

14,923 Coventry Health Care, Inc.* 453,211

8,464 DENTSPLY International, Inc. 296,155

5,001 Health Net, Inc.* 152,130

47,951 Humana, Inc. 4,200,987

3,423 McKesson Corp. 266,686

8,538 UnitedHealth Group, Inc. 432,706

39,683 WellPoint, Inc. 2,628,999

12,610,240

Household & Personal Products – 3.1%

21,761 Colgate-Palmolive Co. 2,010,499

16,590 Herbalife Ltd. 857,205

2,889 The Clorox Co. 192,292

130,687 The Procter & Gamble Co. 8,718,130

11,778,126

Insurance – 4.2%

5,528 American Financial Group, Inc. 203,928

130,828 Berkshire Hathaway, Inc. Class B* 9,982,176

8,930 Everest Re Group Ltd. 750,924

5,916 HCC Insurance Holdings, Inc. 162,690

25,699 Loews Corp. 967,567

7,038 MetLife, Inc. 219,445

162,916 Unum Group 3,432,640

15,719,370

Materials – 1.8%

5,940 Air Products & Chemicals, Inc. 506,029

14,175 Airgas, Inc. 1,106,784

14,227 Ashland, Inc. 813,215

19,456 CF Industries Holdings, Inc. 2,820,731

5,258 Domtar Corp. 420,430

12,217 Eastman Chemical Co. 477,196

5,111 Intrepid Potash, Inc.* 115,662

5,381 Nucor Corp. 212,926

10,677 The Dow Chemical Co. 307,070

2,901 The Scotts Miracle-Gro Co. Class A 135,448

6,915,491

Media – 3.5%

13,368 Cablevision Systems Corp. Class A 190,093

58,097 DIRECTV Class A* 2,484,228

180,828 DISH Network Corp. Class A 5,149,981

72,395 News Corp. Class A 1,291,527

19,458 Pandora Media, Inc.*^(a) 194,774

101,913 Time Warner, Inc. 3,683,136

12,993,739

Pharmaceuticals, Biotechnology & Life Sciences – 8.4%

11,370 Amgen, Inc. 730,068

9,001 Biogen Idec, Inc.* 990,560

11,481 Celgene Corp.* 776,116

260,427 Eli Lilly & Co. 10,823,346

5,679 Forest Laboratories, Inc.* 171,846

99,520 Gilead Sciences, Inc.* 4,073,354

64,915 Merck & Co., Inc. 2,447,295

507,160 Pfizer, Inc. 10,974,942

5,283 United Therapeutics Corp.* 249,622

31,237,149

Real Estate Investment Trust – 2.3%

93,536 Rayonier, Inc. 4,174,512

34,706 Simon Property Group, Inc. 4,474,991

8,649,503

Retailing – 4.1%

4,709 Aaron’s, Inc. 125,636

13,737 Amazon.com, Inc.* 2,377,875

522 AutoZone, Inc.* 169,634

37,507 Best Buy Co., Inc. 876,538

42,363 Big Lots, Inc.* 1,599,627

36,378 Dick’s Sporting Goods, Inc. 1,341,621

27,997 Dollar Tree, Inc.* 2,326,831

37,860 Family Dollar Stores, Inc. 2,183,008

14,812 Foot Locker, Inc. 353,118

59,127 Limited Brands, Inc. 2,385,774

22,015 Lowe’s Companies, Inc. 558,741

10,274 PetSmart, Inc. 526,953

5,318 The Home Depot, Inc. 223,569

6,485 Ulta Salon Cosmetics & Fragrance, Inc.* 421,006

15,469,931

Semiconductors & Semiconductor Equipment – 1.4%

204,856 Intel Corp. 4,967,758

35,090 Marvell Technology Group Ltd.* 485,997

5,453,755

Software & Services – 9.6%

119,292 Accenture PLC Class A 6,349,913

27,237 Amdocs Ltd.* 777,072

34,091 Computer Sciences Corp. 807,957

14,754 Fidelity National Information Services, Inc. 392,309

28,583 Fortinet, Inc.* 623,395

9,191 Google, Inc. Class A* 5,936,467

1,669 International Business Machines Corp. 306,896

512,035 Microsoft Corp. 13,292,428

239,549 Oracle Corp. 6,144,432

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

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

Shares Description Value

Common Stocks – (continued)

Software & Services – (continued)

16,829 VeriFone Systems, Inc.* $ 597,766

16,731 VeriSign, Inc. 597,631

35,826,266

Technology Hardware & Equipment – 8.4%

30,041 Apple, Inc.* 12,166,605

261,280 Cisco Systems, Inc. 4,723,942

309,803 Dell, Inc.* 4,532,418

90,817 Flextronics International Ltd.* 514,024

74,672 Hewlett-Packard Co. 1,923,551

135,734 Ingram Micro, Inc. Class A* 2,469,001

9,502 Juniper Networks, Inc.* 193,936

14,889 NetApp, Inc.* 540,024

52,787 QLogic Corp.* 791,805

13,889 Riverbed Technology, Inc.* 326,392

69,450 Tellabs, Inc. 280,578

109,983 Vishay Intertechnology, Inc.* 988,747

63,866 Western Digital Corp.* 1,976,653

31,427,676

Telecommunication Services – 2.8%

302,070 AT&T, Inc.^(b) 9,134,597

412,684 Sprint Nextel Corp.* 965,681

9,835 Telephone & Data Systems, Inc. 254,628

10,354,906

Transportation – 2.2%

52,832 FedEx Corp. 4,412,001

2,456 Norfolk Southern Corp. 178,944

48,717 United Parcel Service, Inc. Class B 3,565,597

8,156,542

Utilities – 3.7%

2,721 Alliant Energy Corp. 120,023

17,841 Ameren Corp. 591,072

131,047 Duke Energy Corp. 2,883,034

11,130 Entergy Corp. 813,047

10,405 Great Plains Energy, Inc. 226,621

50,378 Integrys Energy Group, Inc. 2,729,480

3,664 ITC Holdings Corp. 278,024

23,762 NiSource, Inc. 565,773

12,133 Northeast Utilities 437,637

3,794 NSTAR 178,166

13,087 NV Energy, Inc. 213,973

18,855 Pepco Holdings, Inc. 382,757

8,456 PG&E Corp. 348,556

2,637 Progress Energy, Inc. 147,725

42,517 Sempra Energy 2,338,435

33,017 The Southern Co. 1,528,357

13,782,680

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE

(Cost $314,620,875)
$ 365,150,595


Shares		Rate			Value

Securities Lending Reinvestment Vehicle^(c)(d) – 0.3%
Goldman Sachs Financial Square Money Market Fund — FST Shares
	1,105,850		0.199	%	$	1,105,850
(Cost $1,105,850)


TOTAL INVESTMENTS – 98.1%
(Cost $315,726,725)					$	366,256,445


OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%						7,009,241


NET ASSETS – 100.0%					$	373,265,686

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)		Represents an affiliated issuer.

(d)		Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2011.


ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 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

105

March 2012

6,576,150

174,799

The accompanying notes are an integral part of these financial statements. 11

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

Statement of Assets and Liabilities

December 31, 2011

Assets:

Investments in unaffiliated issuers, at value (cost $314,620,875)^(a)
$ 365,150,595

Investments in affiliated securities lending reinvestment vehicle, at value which equals cost
1,105,850

Cash
9,037,516

Receivables:

Dividends
287,598

Fund shares sold
90,268

Reimbursement from investment adviser
22,016

Securities lending income
7,921

Total assets
375,701,764

Liabilities:

Payables:

Payable upon return of securities loaned
1,105,850

Fund shares redeemed
420,334

Amounts owed to affiliates
219,630

Futures variation margin
27,556

Accrued expenses and other liabilities
662,708

Total liabilities
2,436,078

Net Assets:

Paid-in capital
533,983,657

Undistributed net investment income
643,207

Accumulated net realized loss
(212,065,697 )

Net unrealized gain
50,704,519

NET ASSETS
$ 373,265,686

Net Assets:

Institutional
$ 273,555,070

Service
99,710,616

Total Net Assets
$ 373,265,686

Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):

Institutional
25,324,914

Service
9,217,597

Net asset value, offering and redemption price per share:

Institutional
$10.80

Service
10.82


(a)		Includes loaned securities having a market value of $1,087,051.

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

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

Statement of Operations

For the Fiscal Year Ended December 31, 2011

Investment income:

Dividends (net of foreign taxes withheld of $1,814)
$ 9,473,195

Securities lending income — affiliated issuer
31,248

Total investment income
9,504,443

Expenses:

Management fees
2,524,975

Distribution and Service fees — Service Class
267,422

Printing and mailing costs
99,823

Professional fees
83,916

Transfer Agent fees^(a)
81,444

Custody and accounting fees
59,106

Trustee fees
16,734

Registration fees
1,246

Other
16,491

Total expenses
3,151,157

Less — expense reductions
(306,430 )

Net expenses
2,844,727

NET INVESTMENT INCOME
6,659,716

Realized and unrealized gain (loss):

Net realized gain from:

Investments
31,052,367

Futures contracts
525,707

Net change in unrealized gain (loss) on:

Investments
(21,150,679 )

Futures contracts
72,469

Net realized and unrealized gain
10,499,864

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$ 17,159,580


(a)		Institutional and Service Shares had Transfer Agent fees of $60,052 and $21,392, respectively.

The accompanying notes are an integral part of these financial statements. 13

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

Statements of Changes in Net Assets

For the
For the

Fiscal Year Ended
Fiscal Year Ended

December 31, 2011 December 31, 2010

From operations:

Net investment income
$ 6,659,716 $ 5,975,139

Net realized gain
31,578,074 21,165,168

Net change in unrealized gain (loss)
(21,078,210 ) 23,637,904

Net increase in net assets resulting from operations
17,159,580 50,778,211

Distributions to shareholders:

From net investment income

Institutional Shares
(4,875,179 ) (4,505,171 )

Service Shares
(1,550,818 ) (1,334,105 )

Total distributions to shareholders
(6,425,997 ) (5,839,276 )

From share transactions:

Proceeds from sales of shares
5,654,201 8,446,580

Reinvestment of distributions
6,425,997 5,839,276

Cost of shares redeemed
(80,667,735 ) (81,171,074 )

Net decrease in net assets resulting from share transactions
(68,587,537 ) (66,885,218 )

TOTAL DECREASE
(57,853,954 ) (21,946,283 )

Net assets:

Beginning of year
431,119,640 453,065,923

End of year
$ 373,265,686 $ 431,119,640

Undistributed net investment income
$ 643,207 $ 409,488

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

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

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


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

FOR THE FISCAL YEARS ENDED DECEMBER 31,
2011 - Institutional	$	10.57	$	0.18	^(c)	$	0.25		$	0.43		$	(0.20	)	$	—		$	(0.20	)	$	10.80		4.05	%	$	273,555		0.64	%		0.70	%		1.69	%^(c)		51	%
2011 - Service		10.58		0.16	^(c)		0.25			0.41			(0.17	)		—			(0.17	)		10.82		3.90			99,711		0.85			0.95			1.48	^(c)		51

2010 - Institutional		9.50		0.14			1.08			1.22			(0.15	)		—			(0.15	)		10.57		12.84			319,948		0.64			0.70			1.45			38
2010 - Service		9.51		0.12			1.08			1.20			(0.13	)		—			(0.13	)		10.58		12.60			111,171		0.85			0.95			1.25			38

2009 - Institutional		7.99		0.15			1.54			1.69			(0.18	)		—			(0.18	)		9.50		21.15			340,536		0.68			0.72			1.75			136
2009 - Service		8.00		0.13			1.54			1.67			(0.16	)		—			(0.16	)		9.51		20.89			112,530		0.89			0.97			1.53			136

2008 - Institutional		13.16		0.17			(5.06	)		(4.89	)		(0.18	)		(0.10	)		(0.28	)		7.99		(36.92	)		344,144		0.71			0.72			1.53			110
2008 - Service		13.16		0.14			(5.04	)		(4.90	)		(0.16	)		(0.10	)		(0.26	)		8.00		(37.05	)		106,586		0.92			0.97			1.34			110

2007 - Institutional		14.67		0.15			(0.37	)		(0.22	)		(0.16	)		(1.13	)		(1.29	)		13.16		(1.63	)		752,148		0.71	^(d)		0.72	^(d)		1.02	^(d)		125
2007 - Service		14.67		0.14			(0.37	)		(0.23	)		(0.15	)		(1.13	)		(1.28	)		13.16		(1.72	)		205,997		0.97	^(d)		0.97	^(d)		0.94	^(d)		125


(a)		Calculated based on the average shares outstanding methodology.
(b)		Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year.
(c)		Reflects income recognized from non-recurring special dividends which amounted to $0.02 per share and 0.17% of average net assets.
(d)		Includes non-recurring expense for a special shareholder meeting which amounted to approximately 0.02% of average net assets.

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

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

Notes to Financial Statements

December 31, 2011


1. ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs Structured U.S. Equity Fund (the “Fund”). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service. Shares of the Trust are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.


2. SIGNIFICANT ACCOUNTING POLICIES

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


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

(“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost of the REIT.

E. Futures Contracts — Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when a contract is closed or expires.

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


3. FAIR VALUE OF INVESTMENTS

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

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

Notes to Financial Statements (continued)

December 31, 2011


3. FAIR VALUE OF INVESTMENTS (continued)

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

The levels used for classifying investments are not necessarily an indication of the risk associated with investing in those investments.

The following is a summary of the Fund’s investments and derivatives categorized in the fair value hierarchy as of December 31, 2011:


Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments	$	365,150,595	$	—	$	—
Securities Lending Reinvestment Vehicle		1,105,850		—		—


Total	$	366,256,445	$	—	$	—


Derivatives Type


Assets
Futures Contracts^(a)	$	174,799	$	—	$	—


(a)		Amount shown represents unrealized gain (loss) at fiscal year end.


4. INVESTMENTS IN DERIVATIVES

The Fund 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 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/or 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.

During the fiscal year ended December 31, 2011, the Fund entered into futures contracts. These instruments were used to meet the Fund’s investment objectives and to obtain and/or manage exposure related to the risks below. The following table sets forth, by certain risk types, the gross value of these derivative contracts for trading activities as of December 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 Fund’s net exposure.


	Statement of
	Assets and Liabilities
Risk	Location		Assets

Equity		Payable for futures variation margin	$	174,799	^(a)


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

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


4. INVESTMENTS IN DERIVATIVES (continued)

derivative contracts may have been executed to economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:

Net

Net Change in

Average

Realized

Unrealized

Number of

Risk

Statement of Operations Location

Gain (Loss)

Contracts^(a)

Equity

Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts

525,707

72,469

122


(a)		Average number of contracts is based on the average of month end balances for the fiscal year ended December 31, 2011.


5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the trustees.

For the fiscal year ended December 31, 2011, contractual management fees with GSAM were at the following rates:


Contractual Management Rate
First	Next			Next			Next			Over			Effective
$1 billion	$1 billion			$3 billion			$3 billion			$8 billion			Rate

0.62%		0.59	%		0.56	%		0.55	%		0.54	%		0.62	%

B. Distribution and Service Plan — The Trust, on behalf of the Service Shares of the Fund, has adopted a Distribution and Service Plan (the “Plan”). Under the Plan, Goldman Sachs, which serves as distributor, is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares. Goldman Sachs has agreed to waive distribution and service fees so as not to exceed an annual rate of 0.21% of the Fund’s average daily net assets attributable to Service Shares. The distribution and service fee waiver will remain in place through at least April 29, 2012, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the trustees. For the fiscal year ended December 31, 2011, Goldman Sachs waived approximately $42,800 in distribution and service fees for the Fund’s Services Shares.

D. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expense” of the Fund (excluding management fees, distribution and service fees, transfer agent fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, 0.004% of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. These Other Expense reimbursements will remain in place through at least April 29, 2012, and prior to such date GSAM may not terminate the arrangement without the approval of the trustees. For the fiscal year ended December 31, 2011, GSAM reimbursed approximately $261,000 to the Fund. In addition, the Fund has entered into certain offset arrangements with the custodian, which may result in a reduction of the Fund’s expenses. For the fiscal year ended December 31, 2011, custody fee credits were approximately $2,600.

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

Notes to Financial Statements (continued)

December 31, 2011


5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of December 31, 2011, the amounts owed to affiliates were approximately $195,700, $17,600 and $6,300 for management, distribution and service, and transfer agent fees, respectively.

F. Other Transactions with Affiliates — For the fiscal year ended December 31, 2011, Goldman Sachs earned approximately $2,000 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Fund.


6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2011, were $202,787,020 and $268,094,115 respectively.


7. SECURITIES LENDING

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

The Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Money Market Fund (“Money Market Fund”), a series of the Goldman Sachs Trust, a Delaware statutory trust. The Money Market Fund, deemed an affiliate of the Trust, is registered under 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 Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amount earned by the Fund for the fiscal year ended December 31, 2011, is reported under Investment Income on the Statement of Operations. A portion of this amount, $18,234, represents compensation earned by the Fund from lending its securities to Goldman Sachs. For the fiscal year ended December 31, 2011, GSAL earned $3,470 in fees as securities lending agent.

The following table provides information about the Fund’s investment in the Money Market Fund for the fiscal year ended December 31, 2011 (in thousands):


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

644		8,342		(7,880	)		1,106	$	1,106

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


8. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2010 and December 31, 2011 was as follows:


	2010		2011

Distributions paid from ordinary income	$	5,839,276	$	6,425,997

As of December 31, 2011, the components of accumulated earnings (losses) on a tax-basis were as follows:


Undistributed ordinary income — net	$	643,207


Capital loss carryovers:⁽¹⁾⁽²⁾
Expiring 2016		(68,354,723	)
Expiring 2017		(139,998,215	)


Total capital loss carryovers	$	(208,352,938	)


Timing differences (post-October loss deferral)	$	(1,039,628	)
Unrealized gains — net		48,031,388


Total accumulated losses — net	$	(160,717,971	)


(1)		Under new tax rules, capital losses recognized in tax years beginning after December 22, 2010, that do not offset recognized capital gains, may be carried over to future years perpetually, and retain their character as either short-term or long-term that can offset recognized capital gains in such future years. Previously, all capital loss carryovers were treated as short-term and such carryovers generally expired eight years after the initial loss arose. Perpetual capital loss carryovers are required to be utilized prior to expiring capital loss carryovers.
(2)		Expiration occurs on December 31 of the year indicated. The Fund utilized $31,679,591 of capital losses in the current fiscal year.

As of December 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	$	318,225,057


Gross unrealized gain		58,930,864
Gross unrealized loss		(10,899,476	)


Net unrealized security gain	$	48,031,388

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and net mark to market gains (losses) on regulated futures contracts.


9. OTHER RISKS

The Fund’s risks include, but are not limited to, the following:

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

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

Notes to Financial Statements (continued)

December 31, 2011


9. OTHER RISKS (continued)

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.


10. INDEMNIFICATIONS


11. SUBSEQUENT EVENTS


12. OTHER MATTERS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of
Goldman Sachs Variable Insurance Trust — Goldman Sachs Structured U.S. Equity Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Goldman Sachs Structured U.S. Equity Fund (the “Fund”) at December 31, 2011, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at December 31, 2011 by correspondence with the custodian, transfer agent, brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2012

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

Fund Expenses — Six Month Period Ended December 31, 2011 (Unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2011 through December 31, 2011.


						Expenses Paid
	Beginning		Ending			for
	Account Value		Account Value			the 6 Months Ended
Share Class	7/01/11		12/31/11			12/31/11*
Institutional
Actual	$	1,000	$	961.30		$	3.16
Hypothetical 5% return		1,000		1,021.98	+		3.26

Service
Actual		1,000		960.90			4.20
Hypothetical 5% return		1,000		1,020.92	+		4.33


*		Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2011. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.64% and 0.85% for Institutional and Service Shares, respectively.

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

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

Trustees and Officers (Unaudited)

Independent Trustees


				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	with the Trust	Time Served²	During Past 5 Years	Trustee³	Held by Trustee⁴
Ashok N. Bakhru Age: 69	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	President, ABN Associates (1994-1996 and 1998-Present); Director, Apollo Investment Corporation (a business development company) (2008-Present); Member of Cornell University Council (1992-2004 and 2006-Present); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Mutual Fund Complex.	104	Apollo Investment Corporation (a business development company)

Donald C. Burke Age: 51	Trustee	Since 2010	Mr. Burke is retired (since 2010). He is a Director, Avista Corp. (2011-Present); and was formerly Director, BlackRock Luxembourg and Cayman Funds (2006-2010); President and Chief Executive Officer, BlackRock U.S. Funds (2007-2009); Managing Director, BlackRock, Inc. (2006-2009); Managing Director, Merrill Lynch Investment Managers, L.P. (“MLIM”) (2006); First Vice President, MLIM (1997-2005); Chief Financial Officer and Treasurer, MLIM U.S. Funds (1999-2006). Trustee — Goldman Sachs Mutual Fund Complex.	104	Avista Corp. (an energy company)

John P. Coblentz, Jr. Age: 70	Trustee	Since 2003	Partner, Deloitte & Touche LLP (1975-2003); Director, Emerging Markets Group, Ltd. (2004-2006); and Director, Elderhostel, Inc. (2006-Present). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Diana M. Daniels Age: 62	Trustee	Since 2007	Ms. Daniels is retired (since 2007). Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Vice Chairman of the Board of Trustees of Cornell University (2009-Present); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (since 2007), and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Joseph P. LoRusso Age: 54	Trustee	Since 2010	Mr. LoRusso is retired (since 2008). Formerly, he was President, Fidelity Investments Institutional Services Co. (“FIIS”) (2002-2008); Director, FIIS (2002-2008); Director, Fidelity Investments Institutional Operations Company (2003-2007); Executive Officer, Fidelity Distributors Corporation (2007-2008). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Jessica Palmer Age: 62	Trustee	Since 2007	Ms. Palmer is retired (since 2006). She is a Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Richard P. Strubel Age: 72	Trustee	Since 1987	Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); Trustee, Emeritus, The University of Chicago (1987-Present). Trustee — Goldman Sachs Mutual Fund Complex.	104	The Northern Trust Mutual Fund Complex (58 Portfolios) (Chairman of the Board of Trustees). Gildan Activewear Inc. (a clothing marketing and manufacturing company).

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

Trustees and Officers (Unaudited) (continued)

Interested Trustees


				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	with the Trust	Time Served²	During Past 5 Years	Trustee³	Held by Trustee⁴
James A. McNamara* Age: 49	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President — Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Mutual Fund Complex (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).	104	None

Alan A. Shuch* Age: 62	Trustee	Since 1990	Advisory Director — GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee — Goldman Sachs Mutual Fund Complex.	104	None


*		These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
¹		Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Peter V. Bonanno. Information is provided as of December 31, 2011.
²		Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the conclusion of the first Board meeting held subsequent to the day the Trustee attains the age of 74 years (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.
³		The Goldman Sachs Mutual Fund Complex consists of the Trust, Goldman Sachs Municipal Opportunity Fund, Goldman Sachs Credit Strategies Fund, and Goldman Sachs Trust. As of December 31, 2011, the Trust consisted of 12 portfolios (11 of which currently offer shares to the public). Goldman Sachs Trust consisted of 90 portfolios (83 of which currently offer shares to the public) and the Goldman Sachs Municipal Opportunity Fund and did not offer shares to the public.
⁴		This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

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

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


		Term of
		Office and
	Position(s) Held	Length of
Name, Address and Age	With the Trust	Time Served¹	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 49	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President — Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Mutual Fund Complex (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).

George F. Travers 30 Hudson Street Jersey City, NJ 07302 Age: 43	Senior Vice President and Principal Financial Officer	Since 2009	Managing Director, Goldman Sachs (2007-present); Managing Director, UBS Ag (2005-2007); and Partner, Deloitte & Touche LLP (1990-2005, partner from 2000-2005). Senior Vice President and Principal Financial Officer — Goldman Sachs Mutual Fund Complex.

Peter V. Bonanno 200 West Street New York, NY 10282 Age: 44	Secretary	Since 2003	Managing Director, Goldman Sachs (December 2006-Present); Associate General Counsel, Goldman Sachs (2002-Present); Vice President, Goldman Sachs (1999-2006); and Assistant General Counsel, Goldman Sachs (1999-2002). Secretary — Goldman Sachs Mutual Fund Complex (2006-Present); and Assistant Secretary — Goldman Sachs Mutual Fund Complex (2003-2006).

Scott M. McHugh 200 West Street New York, NY 10282 Age: 40	Treasurer and Senior Vice President	Since 2009	Vice President, Goldman Sachs (February 2007-Present); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer — Goldman Sachs Mutual Fund Complex (October 2009-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (November 2009-Present); and Assistant Treasurer — Goldman Sachs Mutual Fund Complex (May 2007-October 2009).


¹		Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. Information is provided as of December 31, 2011.
*		Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.


TRUSTEES Ashok N. Bakhru, Chairman Donald C. Burke John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel		OFFICERS James A. McNamara, President George F. Travers, Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer
GOLDMAN, SACHS & CO. Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282



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


The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.


A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2011 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) website at http://www.sec.gov.


The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-621-2550.


Holdings and allocations shown are as of December 31, 2011 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.


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


The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.


The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.


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


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


Toll Free (in U.S.): 800-292-4726


This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Goldman Sachs Structured U.S. Equity Fund.


^© 2012 Goldman Sachs. All rights reserved.
VITSTRUSAR12/67853.MF.MED.TMPL/2/2012

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Principal Investment Strategies and Risks

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

The Goldman Sachs Structured Small Cap Equity Fund invests primarily in a broadly diversified portfolio of equity investments in small-capitalization U.S. issuers, including foreign issuers traded in the United States. The Fund’s equity investments will be subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The securities of small- and mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. The Investment Adviser’s use of quantitative models to execute investment strategy may fail to produce the intended result. Different investment styles (e.g., “quantitative”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes. The Fund may have a high rate of portfolio turnover, which involves correspondingly greater expenses which must be borne by the Fund, and is also likely to result in short-term capital gains taxable to shareholders.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Structured Small Cap Equity Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2011 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of 0.67% and 0.41%, respectively. These returns compare to the -4.18% average annual total return of the Fund’s benchmark, the Russell 2000^® Index (with dividends reinvested) (the “Russell Index”) during the same time period.

What economic and market factors most influenced the equity markets as a whole during the annual period?

U.S. equity markets ended 2011 almost flat, despite dramatic ups and downs caused by shifting sentiment toward the domestic and global economies and the European sovereign debt crisis. Representing the U.S. equity market, the S&P^® 500 Index returned 2.11% for 2011 with the help of dividends, as price returns themselves were virtually 0%, the smallest percentage change since 1947. Reflecting optimism that the U.S. economy was improving, the S&P 500 Index started the year with the best first quarter in more than a decade and ended with a fourth quarter gain of 11.82%, its best quarterly gain since the third quarter of 2009. However, the modest decline in the second quarter and the sharp drop in the third quarter mostly offset these gains.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

During the Reporting Period as a whole, the Russell 2000^® Index, representing the U.S. small-cap equity market, declined 4.18%. Seven of the ten sectors in the Russell 2000^® Index were down, with the materials and telecommunication services sectors declining the most. The information technology sector was the biggest detractor (weight times performance) from Russell 2000^® Index returns. The three sectors in the Russell 2000^® Index that generated positive returns during the Reporting Period were utilities, consumer staples and health care.

While small-cap and mid-cap stocks, as measured by the Russell 2000^® Index and Russell Midcap^® Index, respectively, posted negative returns for the Reporting Period, the large-cap segment of the U.S. equity market advanced during the Reporting Period. Large-cap stocks were most successful relative to small-cap stocks in the information technology sector. From a style perspective, growth-oriented stocks outpaced value-oriented stocks in the large-cap and small-cap segments of the U.S. equity market, but value-oriented stocks edged out growth-oriented stocks in the mid-cap segment of the U.S. equity market. (All as measured by the Russell Investments indices.)

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

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

Overall, the Fund outperformed during the Reporting Period, with the Fund’s Profitability theme contributing by far the most positively to results. The Quality, Sentiment and Management themes also added value, albeit to a lesser extent. The Profitability theme assesses whether a company is earning more than its cost of capital. Quality evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Management theme assesses the characteristics, policies and strategic decisions of company management.

The Momentum and Valuation themes detracted from the Fund’s relative results during the Reporting Period. The Momentum theme seeks to predict drifts in stock prices caused by under-reaction to company-specific information. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than making industry or sector bets. Consequently, the Fund is similar to its benchmark, the Russell 2000^® Index, in terms of its sector allocation and style. We manage the Fund’s industry and sector exposure by including industry factors in our risk model and by explicitly penalizing industry and sector deviations from the benchmark index in optimization. Sector weights or changes in weights generally do not have a meaningful impact on relative performance.

Did stock selection help or hurt Fund performance during the Reporting Period?

We seek to outpace the Russell 2000^® Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. We also build positions based on our thematic views. For example, the Fund aims to hold a basket of stocks with more favorable Momentum characteristics than the benchmark index. During the Reporting Period, stock selection overall contributed positively to the Fund’s relative performance.

Stock selection in the consumer discretionary, financials and energy sectors made the biggest positive contribution to the Fund’s results relative to the Russell 2000^® Index. Only partially offsetting these positives was stock selection in the materials, industrials and telecommunication services sectors, which detracted most from the Fund’s results relative to its benchmark index.

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

The Fund benefited most from overweight positions in biomedical drug company Cubist Pharmaceuticals, forestry products company Rayonier and petroleum refiner Tesoro. We chose to overweight Cubist Pharmaceuticals because of our positive views on Profitability and Quality. The Fund was overweight Rayonier due to our positive views on Profitability and Momentum. Tesoro was an overweight position based on our positive views on Profitability and Sentiment.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

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

Detracting most from the Fund’s results relative to its benchmark index were overweight positions in specialty chemicals company Kraton Performance Polymers, passenger airline operator Allegiant Travel and therapeutics company Nabi Biopharmaceuticals. Our positive views on Management and Sentiment led us to overweight Kraton Performance Polymers and Allegiant Travel. The Fund was overweight Nabi Biopharmaceuticals due to our positive views on Momentum and Sentiment.

How did the Fund use derivatives during the Reporting Period?

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

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

As of December 31, 2011, the Fund was overweight the consumer staples, energy, consumer discretionary and financials sectors relative to the Russell 2000^® Index. The Fund was underweight information technology, industrials, utilities and materials and was rather neutrally weighted in telecommunication services and health care compared to the benchmark index on the same date.

What is your strategy going forward for the Fund?

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

CHANGES MADE TO THE TEAM’S MANAGEMENT

FUND BASICS

Structured Small Cap Equity Fund

as of December 31, 2011


STANDARDIZED TOTAL RETURNS¹


For the period ended 12/31/11	One Year			Five Years			Ten Years			Since Inception			Inception Date


Institutional		0.67	%		(1.62	)%		4.71	%		4.31	%	2/13/98
Service		0.41			N/A			N/A			0.62		8/31/07


¹		The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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


EXPENSE RATIOS²


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


Institutional		0.81	%		0.97	%
Service		1.06			1.22


²		The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least April 29, 2012, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.


TOP 10 HOLDINGS AS OF 12/31/11³


Holding	% of Total Net Assets			Line of Business


Rayonier, Inc.		2.2	%	Real Estate Investment Trust
Tesoro Corp.		1.6		Energy
Cubist Pharmaceuticals, Inc.		1.5		Pharmaceuticals, Biotechnology & Life Sciences
Lancaster Colony Corp.		1.4		Food, Beverage & Tobacco
Molina Healthcare, Inc.		1.2		Health Care Equipment & Services
W&T Offshore, Inc.		1.2		Energy
Lattice Semiconductor Corp.		1.1		Semiconductors & Semiconductor Equipment
Oasis Petroleum, Inc.		1.1		Energy
Equity Lifestyle Properties, Inc.		1.1		Real Estate Investment Trust
International Bancshares Corp.		1.1		Banks


³		The top 10 holdings may not be representative of the Fund’s future investments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Performance Summary

December 31, 2011

The following graph shows the value, as of December 31, 2011, of a $10,000 investment made on January 1, 2002 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2000 Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. Performance of Service Shares will vary from Institutional Shares due to differences in class specific fees. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.


Structured Small Cap Equity Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2002 through December 31, 2011.

Average Annual Total Return through December 31, 2011

One Year

Five Years

Ten Years

Since Inception

Institutional (Commenced February 13, 1998)

0.67%

–1.62%

4.71%

4.31%

Service (Commenced August 31, 2007)

0.41%

N/A

0.62%

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments

December 31, 2011

Shares Description Value

Common Stocks – 97.5%

Automobiles & Components – 0.8%

13,519 Modine Manufacturing Co.* $ 127,890

13,146 Spartan Motors, Inc. 63,232

9,222 Standard Motor Products, Inc. 184,901

17,769 Stoneridge, Inc.* 149,793

17,077 Superior Industries International, Inc. 282,454

2,157 Thor Industries, Inc. 59,166

867,436

Banks – 6.8%

3,894 1st Source Corp. 98,635

19,073 Astoria Financial Corp. 161,930

6,330 Banco Latinoamericano de Comercio Exterior SA Class E 101,596

5,694 BankUnited, Inc. 125,211

12,430 Cathay General Bancorp 185,580

1,525 City National Corp. 67,374

78,464 CVB Financial Corp. 786,994

4,548 East West Bancorp, Inc. 89,823

24,110 First Bancorp 268,826

6,132 First Bancorp, Inc. 94,249

11,406 First Financial Bancorp 189,796

12,553 First Interstate Bancsystem, Inc. 163,566

22,559 First Niagara Financial Group, Inc. 194,684

4,567 FirstMerit Corp. 69,099

5,555 FNB Corp. 62,827

38,007 Fulton Financial Corp. 372,849

3,265 Glacier Bancorp, Inc. 39,278

14,075 Great Southern Bancorp, Inc. 332,029

1,046 Iberiabank Corp. 51,568

64,629 International Bancshares Corp. 1,184,973

14,386 Investors Bancorp, Inc.* 193,923

5,116 National Penn Bancshares, Inc. 43,179

3,893 Northfield Bancorp, Inc.^(a) 55,125

2,449 PacWest Bancorp 46,408

11,286 People’s United Financial, Inc. 145,025

70,828 Popular, Inc.* 98,451

24,749 PrivateBancorp, Inc. 271,744

3,325 Prosperity Bancshares, Inc. 134,164

11,699 Renasant Corp. 175,485

12,721 SVB Financial Group* 606,664

19,977 Texas Capital Bancshares, Inc.* 611,496

3,023 Umpqua Holdings Corp. 37,455

5,832 Washington Federal, Inc. 81,590

2,074 Webster Financial Corp. 42,289

39,010 Wilshire Bancorp, Inc.* 141,606

6,413 Wintrust Financial Corp. 179,885

7,505,376

Capital Goods – 8.8%

3,591 AAR Corp. 68,839

11,526 Aerovironment, Inc.* 362,723

2,979 Aircastle Ltd. 37,893

1,857 Alamo Group, Inc. 50,009

11,114 Albany International Corp. Class A 256,956

1,168 Alliant Techsystems, Inc. 66,763

2,516 American Railcar Industries, Inc.* 60,208

6,857 American Woodmark Corp. 93,667

7,975 Applied Industrial Technologies, Inc. 280,481

9,365 Astec Industries, Inc.* 301,647

2,507 Astronics Corp.* 89,776

6,135 BE Aerospace, Inc.* 237,486

4,167 Beacon Roofing Supply, Inc.* 84,298

19,247 Briggs & Stratton Corp. 298,136

10,034 Ceradyne, Inc.* 268,711

2,791 Colfax Corp.*^(a) 79,488

5,987 Cubic Corp. 260,973

6,392 Curtiss-Wright Corp. 225,829

13,348 DigitalGlobe, Inc.* 228,384

9,498 Ducommun, Inc. 121,100

8,338 Encore Wire Corp. 215,954

1,956 EnPro Industries, Inc.* 64,509

6,642 Fortune Brands Home & Security, Inc.* 113,113

2,829 Franklin Electric Co., Inc. 123,231

3,446 Generac Holdings, Inc.* 96,591

5,472 General Cable Corp.* 136,855

2,558 H&E Equipment Services, Inc.* 34,328

5,032 Interline Brands, Inc.* 78,348

14,762 Kadant, Inc.* 333,769

2,566 Kaman Corp. 70,103

3,622 LMI Aerospace, Inc.* 63,566

43,981 LSI Industries, Inc. 263,886

8,267 Lydall, Inc.* 78,454

17,917 Miller Industries, Inc. 281,834

19,496 Mueller Industries, Inc. 749,036

8,408 NACCO Industries, Inc. Class A 750,162

9,940 Orbital Sciences Corp.* 144,428

1,010 Sauer-Danfoss, Inc.* 36,572

1,777 Simpson Manufacturing Co., Inc. 59,814

19,312 Tecumseh Products Co. Class A* 90,766

4,987 Tennant Co. 193,845

9,932 The Toro Co. 602,475

12,563 Universal Forest Products, Inc. 387,820

11,061 Vicor Corp. 88,046

15,669 Watsco, Inc. 1,028,827

5,741 Woodward, Inc. 234,979

9,794,678

Commercial & Professional Services – 3.0%

19,317 CDI Corp. 266,768

3,662 Copart, Inc.* 175,373

8,302 Heidrick & Struggles International, Inc. 178,825

23,393 HNI Corp. 610,557

11,199 Insperity, Inc. 283,895

48,423 Kelly Services, Inc. Class A 662,427

30,916 Kforce, Inc.* 381,194

25,263 Kimball International, Inc. Class B 128,083

3,146 Manpower, Inc. 112,470

10,824 Steelcase, Inc. Class A 80,747

12,564 United Stationers, Inc. 409,084

3,289,423

Consumer Durables & Apparel – 3.4%

11,311 Blyth, Inc. 642,465

7,840 Columbia Sportswear Co. 364,952

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

December 31, 2011

Shares Description Value

Common Stocks – (continued)

Consumer Durables & Apparel – (continued)

2,729 CSS Industries, Inc. $ 54,362

2,567 Ethan Allen Interiors, Inc. 60,864

2,126 Fossil, Inc.* 168,719

13,807 iRobot Corp.* 412,139

26,070 Kenneth Cole Productions, Inc. Class A* 276,081

6,040 Movado Group, Inc. 109,747

13,542 Oxford Industries, Inc. 611,015

19,424 Perry Ellis International, Inc.* 276,209

4,448 Polaris Industries, Inc. 248,999

10,423 Tempur-Pedic International, Inc.* 547,520

3,773,072

Consumer Services – 3.0%

9,497 Ascent Capital Group, Inc. Class A* 481,688

2,512 Biglari Holdings, Inc.* 925,019

15,928 Boyd Gaming Corp.* 118,823

6,031 Domino’s Pizza, Inc.* 204,752

15,900 Multimedia Games Holding Co., Inc.* 126,246

48,755 O’Charleys, Inc.* 267,665

22,693 Papa John’s International, Inc.* 855,072

1,389 Peet’s Coffee & Tea, Inc.* 87,063

3,023 Red Robin Gourmet Burgers, Inc.* 83,737

2,435 Regis Corp. 40,299

9,981 Texas Roadhouse, Inc. 148,717

3,339,081

Diversified Financials – 3.5%

83,156 Advance America, Cash Advance

Centers, Inc. 744,246

27,432 BlackRock Kelso Capital Corp. 223,845

8,652 Cash America International, Inc. 403,443

1,799 Cohen & Steers, Inc.^(a) 51,991

12,582 Compass Diversified Holdings 155,891

677 Diamond Hill Investment Group, Inc. 50,085

4,612 Financial Engines, Inc.* 102,986

7,909 GAMCO Investors, Inc. Class A 343,962

17,521 Gladstone Capital Corp. 133,685

3,595 Golub Capital BDC, Inc.^(a) 55,723

29,610 Hercules Technology Growth Capital, Inc. 279,518

5,467 Intl. FCStone, Inc.* 128,857

37,002 NGP Capital Resources Co. 266,044

50,984 Primus Guaranty Ltd.*^(a) 249,822

5,589 Safeguard Scientifics, Inc.* 88,250

4,200 SEI Investments Co. 72,870

38,290 TICC Capital Corp. 331,209

2,865 World Acceptance Corp.* 210,578

3,893,005

Energy – 7.2%

40,440 Alon USA Energy, Inc. 352,232

11,312 Complete Production Services, Inc.* 379,631

6,571 Contango Oil & Gas Co.* 382,301

3,969 Crosstex Energy, Inc. 50,168

21,903 CVR Energy, Inc.* 410,243

23,643 Delek US Holdings, Inc. 269,767

4,125 Dril-Quip, Inc.* 271,508

15,850 Exterran Holdings, Inc.* 144,235

11,023 Helix Energy Solutions Group, Inc.* 174,163

2,851 HollyFrontier Corp. 66,713

1,553 Northern Oil and Gas, Inc.* 37,241

41,911 Oasis Petroleum, Inc.* 1,219,191

11,401 Petroquest Energy, Inc.*^(a) 75,247

1,312 Rosetta Resources, Inc.* 57,072

2,076 Stone Energy Corp.* 54,765

2,922 Targa Resources Corp. 118,896

75,852 Tesoro Corp.*^(b) 1,771,903

35,286 USEC, Inc.*^(a) 40,226

61,359 W&T Offshore, Inc. 1,301,424

64,741 Western Refining, Inc.* 860,408

8,037,334

Food & Staples Retailing – 0.6%

9,018 SUPERVALU, Inc.^(a) 73,226

8,305 Susser Holdings Corp.* 187,859

44,857 Winn-Dixie Stores, Inc.* 420,759

681,844

Food, Beverage & Tobacco – 3.5%

42,484 Alliance One International, Inc.* 115,556

37,850 Dole Food Co., Inc.*^(a) 327,403

5,928 J&J Snack Foods Corp. 315,844

22,772 Lancaster Colony Corp. 1,579,011

32,278 National Beverage Corp.* 518,707

10,067 Pilgrim’s Pride Corp.* 57,986

7,106 The Boston Beer Co., Inc. Class A*^(a) 771,427

3,292 Universal Corp. 151,300

3,837,234

Health Care Equipment & Services – 6.6%

27,652 Align Technology, Inc.* 656,044

10,455 AMN Healthcare Services, Inc.* 46,316

21,232 Assisted Living Concepts, Inc. Class A 316,144

4,420 Centene Corp.* 174,988

1,740 Coventry Health Care, Inc.* 52,844

22,528 Health Net, Inc.* 685,302

4,227 Healthspring, Inc.* 230,541

6,245 Hill-Rom Holdings, Inc. 210,394

18,579 Invacare Corp. 284,073

27,543 Kindred Healthcare, Inc.* 324,181

7,501 Magellan Health Services, Inc.* 371,074

16,186 Masimo Corp.* 302,435

6,600 MedAssets, Inc.* 61,050

23,880 Medical Action Industries, Inc.* 124,892

2,220 Medidata Solutions, Inc.* 48,285

58,703 Molina Healthcare, Inc.* 1,310,838

33,485 PharMerica Corp.* 508,302

5,065 Sirona Dental Systems, Inc.* 223,063

28,604 Skilled Healthcare Group, Inc. Class A* 156,178

32,822 Universal American Corp. 417,168

12,622 Vascular Solutions, Inc.* 140,483

12,847 WellCare Health Plans, Inc.* 674,467

7,319,062

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Shares Description Value

Common Stocks – (continued)

Household & Personal Products – 1.1%

58,085 Central Garden and Pet Co. Class A* $ 483,267

2,440 Elizabeth Arden, Inc.* 90,378

16,223 Medifast, Inc.*^(a) 222,579

30,374 Prestige Brands Holdings, Inc.* 342,315

4,199 USANA Health Sciences, Inc.* 127,524

1,266,063

Insurance – 2.5%

4,022 Allied World Assurance Co. Holdings AG 253,104

17,877 American Equity Investment Life

Holding Co. 185,921

7,687 American Financial Group, Inc. 283,573

32,090 Aspen Insurance Holdings Ltd. 850,385

22,738 CNO Financial Group, Inc.* 143,477

25,354 Flagstone Reinsurance Holdings SA 210,185

4,129 Global Indemnity PLC* 81,878

33,139 Maiden Holdings Ltd. 290,298

2,930 Mercury General Corp. 133,667

4,705 OneBeacon Insurance Group Ltd.
Class A 72,410

11,579 Symetra Financial Corp. 105,022

1,699 Tower Group, Inc. 34,269

2,496 W.R. Berkley Corp. 85,837

175 White Mountains Insurance Group Ltd. 79,355

2,809,381

Materials – 4.0%

15,836 A. Schulman, Inc. 335,406

11,376 American Vanguard Corp. 151,756

10,054 Clearwater Paper Corp.* 358,023

34,028 Golden Star Resources Ltd.* 56,146

3,537 Innophos Holdings, Inc. 171,757

4,401 Kaiser Aluminum Corp. 201,918

29,287 KapStone Paper and Packaging Corp.* 460,977

1,526 Koppers Holdings, Inc. 52,433

30,380 Kraton Performance Polymers, Inc.* 616,714

15,635 Materion Corp.* 379,618

15,164 Noranda Aluminum Holding Corp. 125,103

22,098 PolyOne Corp. 255,232

48,974 Senomyx, Inc.* 170,430

20,667 Spartech Corp.* 97,755

7,970 Stepan Co. 638,875

8,373 TPC Group, Inc.* 195,342

6,519 Tredegar Corp. 144,852

4,412,337

Media – 0.5%

3,844 Digital Generation, Inc.* 45,820

7,679 Harte-Hanks, Inc. 69,802

59,889 Journal Communications, Inc. Class A* 263,512

12,775 Pandora Media, Inc.*^(a) 127,878

507,012

Pharmaceuticals, Biotechnology & Life Sciences – 5.6%

76,681 Affymetrix, Inc.* 313,625

25,361 Albany Molecular Research, Inc.* 74,308

7,061 AVEO Pharmaceuticals, Inc.* 121,449

1,224 Cepheid, Inc.* 42,118

42,428 Cubist Pharmaceuticals, Inc.* 1,680,997

22,458 Emergent Biosolutions, Inc.* 378,193

18,219 eResearchTechnology, Inc.* 85,447

10,774 Genomic Health, Inc.* 273,552

20,011 Jazz Pharmaceuticals, Inc.* 773,025

25,592 Maxygen, Inc.* 144,083

92,957 Nabi Biopharmaceuticals* 174,759

3,351 Optimer Pharmaceuticals, Inc.* 41,016

46,746 PDL BioPharma, Inc. 289,825

55,984 Progenics Pharmaceuticals, Inc.* 478,104

48,417 Sciclone Pharmaceuticals, Inc.* 207,709

4,650 The Medicines Co.* 86,676

39,584 Viropharma, Inc.* 1,084,206

6,249,092

Real Estate Investment Trust – 9.2%

10,812 Agree Realty Corp. 263,597

15,823 American Campus Communities, Inc. 663,933

7,460 Ashford Hospitality Trust, Inc. 59,680

9,266 CubeSmart 98,590

21,487 DuPont Fabros Technology, Inc. 520,415

18,276 Equity Lifestyle Properties, Inc. 1,218,826

4,700 Equity One, Inc. 79,806

12,279 Extra Space Storage, Inc. 297,520

5,505 Federal Realty Investment Trust 499,579

9,412 First Industrial Realty Trust, Inc.* 96,285

41,845 Franklin Street Properties Corp. 416,358

16,513 Getty Realty Corp. 230,356

29,006 Healthcare Realty Trust, Inc. 539,222

11,817 LTC Properties, Inc. 364,673

8,659 MFA Financial, Inc. 58,188

1,050 Mid-America Apartment Communities, Inc. 65,678

123,176 MPG Office Trust, Inc.*^(a) 245,120

6,345 National Health Investors, Inc. 279,053

1,981 National Retail Properties, Inc. 52,259

2,116 Pebblebrook Hotel Trust 40,585

9,721 Potlatch Corp. 302,420

11,863 PS Business Parks, Inc. 657,566

53,454 Rayonier, Inc. 2,385,652

13,105 Realty Income Corp. 458,151

5,584 Regency Centers Corp. 210,070

3,365 Urstadt Biddle Properties, Inc. Class A 60,839

10,164,421

Retailing – 5.5%

30,832 Asbury Automotive Group, Inc.* 664,738

9,144 Barnes & Noble, Inc.*^(a) 132,405

2,052 Big Lots, Inc.* 77,484

7,988 Core-Mark Holding Co., Inc. 316,325

36,640 Fred’s, Inc. Class A 534,211

21,538 Group 1 Automotive, Inc. 1,115,668

2,604 hhgregg, Inc.*^(a) 37,628

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

December 31, 2011

Shares Description Value

Common Stocks – (continued)

Retailing – (continued)

22,476 HOT Topic, Inc. $ 148,566

22,446 Lithia Motors, Inc. Class A 490,670

5,959 Lumber Liquidators Holdings, Inc.* 105,236

3,847 Select Comfort Corp.* 83,441

12,242 Shoe Carnival, Inc.* 314,619

14,498 Sonic Automotive, Inc. Class A 214,715

62,365 Stage Stores, Inc. 866,250

5,578 Ulta Salon Cosmetics & Fragrance, Inc.* 362,124

11,640 VOXX International Corp.* 98,358

24,345 Zale Corp.* 92,755

15,818 Zumiez, Inc.* 439,108

6,094,301

Semiconductors & Semiconductor Equipment – 2.0%

7,015 DSP Group, Inc.* 36,548

208,601 Lattice Semiconductor Corp.* 1,239,090

19,017 LTX-Credence Corp.* 101,741

28,994 Micrel, Inc. 293,129

31,248 Photronics, Inc.* 189,988

53,382 PLX Technology, Inc.* 153,206

9,655 RF Micro Devices, Inc.* 52,137

6,113 Standard Microsystems Corp.* 157,532

2,223,371

Software & Services – 9.2%

40,564 Accelrys, Inc.* 272,590

12,861 Acxiom Corp.* 157,033

6,292 Advent Software, Inc.*^(b) 153,273

23,168 Blackbaud, Inc. 641,754

17,947 Bottomline Technologies, Inc.* 415,832

91,755 Ciber, Inc.* 354,174

12,158 CommVault Systems, Inc.* 519,390

8,255 Convergys Corp.* 105,416

11,209 CSG Systems International, Inc.* 164,884

8,363 Fortinet, Inc.* 182,397

12,793 Kenexa Corp.* 341,573

121,557 Lionbridge Technologies, Inc.* 278,366

11,804 LivePerson, Inc.* 148,140

17,649 LogMeIn, Inc.* 680,369

83,711 Magma Design Automation, Inc.* 601,045

20,179 Manhattan Associates, Inc.* 816,846

55,638 Marchex, Inc. Class B 347,738

23,702 Mentor Graphics Corp.* 321,399

10,493 MicroStrategy, Inc. Class A* 1,136,602

5,863 Opnet Technologies, Inc. 214,996

2,352 Pegasystems, Inc.^(a) 69,149

15,125 PROS Holdings, Inc.* 225,060

7,511 QAD, Inc. Class A* 78,865

3,589 QLIK Technologies, Inc.* 86,854

18,863 Quest Software, Inc.* 350,852

24,977 RealNetworks, Inc. 187,327

15,437 Saba Software, Inc.* 121,798

8,794 TeleTech Holdings, Inc.* 142,463

13,969 Ultimate Software Group, Inc.* 909,661

4,548 VeriFone Systems, Inc.* 161,545

2,117 Websense, Inc.* 39,651

10,227,042

Technology Hardware & Equipment – 4.5%

16,911 Agilysys, Inc.* 134,442

5,573 Aruba Networks, Inc.* 103,212

4,781 Blue Coat Systems, Inc.* 121,676

41,074 Brightpoint, Inc.* 441,956

8,219 EchoStar Corp. Class A* 172,106

22,783 Electronics for Imaging, Inc.* 324,658

12,261 Emulex Corp.* 84,110

56,040 Extreme Networks* 163,637

38,302 Imation Corp.* 219,471

12,472 Ingram Micro, Inc. Class A* 226,866

19,606 Insight Enterprises, Inc.* 299,776

32,835 Methode Electronics, Inc. 272,202

4,602 National Instruments Corp. 119,422

1,408 Plantronics, Inc. 50,181

165,434 Quantum Corp.* 397,042

21,771 Radisys Corp.* 110,161

14,715 Riverbed Technology, Inc.* 345,803

36,456 ShoreTel, Inc.* 232,589

8,267 Silicon Graphics International Corp.* 94,740

13,508 Super Micro Computer, Inc.* 211,805

30,589 Symmetricom, Inc.* 164,875

1,131 Synaptics, Inc.* 34,100

32,503 Tellabs, Inc. 131,312

54,500 Vishay Intertechnology, Inc.* 489,955

5,848 Xyratex Ltd. 77,895

5,023,992

Telecommunication Services – 0.9%

25,148 Cbeyond, Inc.* 201,435

11,562 IDT Corp. Class B 108,452

48,482 USA Mobility, Inc. 672,445

982,332

Transportation – 2.5%

2,688 Allegiant Travel Co.* 143,378

5,362 Atlas Air Worldwide Holdings, Inc.* 206,062

4,303 Avis Budget Group, Inc.* 46,128

13,276 Celadon Group, Inc. 156,790

12,124 Heartland Express, Inc. 173,252

1,404 Landstar System, Inc. 67,280

93,345 Pacer International, Inc.* 499,396

10,771 RailAmerica, Inc.* 160,380

7,676 Saia, Inc.* 95,796

22,962 SkyWest, Inc. 289,092

7,243 Universal Truckload Services, Inc. 131,460

33,925 Werner Enterprises, Inc. 817,592

2,786,606

Utilities – 2.8%

5,816 Atmos Energy Corp. 193,964

5,717 El Paso Electric Co. 198,037

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Shares Description Value

Common Stocks – (continued)

Utilities – (continued)

14,319 Genie Energy Ltd. Class B $ 113,550

3,562 Great Plains Energy, Inc. 77,580

1,416 Integrys Energy Group, Inc. 76,719

2,201 New Jersey Resources Corp. 108,289

6,521 NorthWestern Corp. 233,386

36,518 PNM Resources, Inc. 665,723

25,020 Portland General Electric Co. 632,756

15,970 Southwest Gas Corp. 678,565

5,722 The Empire District Electric Co. 120,677

3,099,246

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE

(Cost $88,651,137)
$ 108,182,741


Shares		Rate			Value

Securities Lending Reinvestment Vehicle^(c)(d) – 1.9%
Goldman Sachs Financial Square Money Market Fund — FST Shares
	2,056,300		0.199	%	$	2,056,300
(Cost $2,056,300)


TOTAL INVESTMENTS – 99.4%
(Cost $90,707,437)					$	110,239,041


OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%						689,475


NET ASSETS – 100.0%					$	110,928,516

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)		Represents an affiliated issuer.

(d)		Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2011.


ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 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

March 2012

2,290,280

28,102

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Statement of Assets and Liabilities

December 31, 2011



Assets:

Investments in unaffiliated issuers, at value (cost $88,651,137)^(a)	$	108,182,741
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		2,056,300
Cash		2,918,441
Receivables:
Investments sold		396,635
Dividends		89,933
Fund shares sold		59,860
Reimbursement from investment adviser		39,919
Securities lending income		7,621
Foreign tax reclaims		302


Total assets		113,751,752




Liabilities:

Payables:
Payable upon return of securities loaned		2,056,300
Investments purchased		312,666
Fund shares redeemed		289,737
Amounts owed to affiliates		72,642
Futures variation margin		8,680
Accrued expenses		83,211


Total liabilities		2,823,236




Net Assets:

Paid-in capital		119,300,224
Undistributed net investment income		443,217
Accumulated net realized loss		(28,374,631	)
Net unrealized gain		19,559,706


NET ASSETS	$	110,928,516


Net Assets:
Institutional	$	87,955,847
Service		22,972,669


Total Net Assets	$	110,928,516


Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):
Institutional		7,716,426
Service		2,023,770


Net asset value, offering and redemption price per share:
Institutional		$11.40
Service		11.35


(a)		Includes loaned securities having a market value of $1,995,932.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Statement of Operations

For the Fiscal Year Ended December 31, 2011



Investment income:

Dividends (net of foreign taxes withheld of $226)	$	1,654,113
Securities lending income — affiliated issuer		38,699


Total investment income		1,692,812




Expenses:

Management fees		922,033
Printing and mailing costs		95,841
Professional fees		86,708
Distribution and Service fees — Service Class		61,957
Custody and accounting fees		54,335
Transfer Agent fees^(a)		24,585
Trustee fees		16,029
Registration fees		1,242
Other		9,762


Total expenses		1,272,492


Less — expense reductions		(190,997	)


Net expenses		1,081,495


NET INVESTMENT INCOME		611,317




Realized and unrealized gain (loss):

Net realized gain (loss) from:
Investments		13,814,709
Futures contracts		(268,013	)
Net change in unrealized loss on:
Investments		(13,393,109	)
Futures contracts		(6,606	)


Net realized and unrealized gain		146,981


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	758,298


(a)		Institutional and Service Shares had Transfer Agent fees of $19,629 and $4,956, respectively.

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Statements of Changes in Net Assets


	For the			For the
	Fiscal Year Ended			Fiscal Year Ended
	December 31, 2011			December 31, 2010

From operations:

Net investment income	$	611,317		$	937,448
Net realized gain		13,546,696			11,300,293
Net change in unrealized gain (loss)		(13,399,715	)		20,038,541


Net increase in net assets resulting from operations		758,298			32,276,282




Distributions to shareholders:

From net investment income
Institutional Shares		(744,918	)		(529,767	)
Service Shares		(133,842	)		(77,675	)


Total distributions to shareholders		(878,760	)		(607,442	)




From share transactions:

Proceeds from sales of shares		14,135,180			16,035,389
Reinvestment of distributions		878,760			607,442
Cost of shares redeemed		(38,039,237	)		(32,863,054	)


Net decrease in net assets resulting from share transactions		(23,025,297	)		(16,220,223	)


TOTAL INCREASE (DECREASE)		(23,145,759	)		15,448,617




Net assets:

Beginning of year		134,074,275			118,625,658


End of year	$	110,928,516		$	134,074,275


Undistributed net investment income	$	443,217		$	736,756

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


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

FOR THE FISCAL YEARS ENDED DECEMBER 31,
2011 - Institutional	$	11.42	$	0.06	^(b)(c)	$	0.02	^(d)	$	0.08		$	(0.10	)	$	—		$	(0.10	)	$	11.40		0.67	%	$	87,956		0.83	%		0.99	%		0.55	%^(c)		33	%
2011 - Service		11.37		0.03	^(b)(c)		0.02	^(d)		0.05			(0.07	)		—			(0.07	)		11.35		0.41			22,973		1.08			1.24			0.30	^(c)		33

2010 - Institutional		8.82		0.08	^(b)(e)		2.58			2.66			(0.06	)		—			(0.06	)		11.42		30.12			106,646		0.85			0.97			0.82	^(e)		63
2010 - Service		8.78		0.06	^(b)(e)		2.56			2.62			(0.03	)		—			(0.03	)		11.37		29.86			27,428		1.10			1.22			0.58	^(e)		63

2009 - Institutional		6.98		0.08	^(b)(f)		1.85			1.93			(0.09	)		—			(0.09	)		8.82		27.67			95,334		0.86			1.02			1.03	^(f)		212
2009 - Service		6.96		0.07	^(b)(f)		1.83			1.90			(0.08	)		—			(0.08	)		8.78		27.26			23,291		1.11			1.27			0.83	^(f)		212

2008 - Institutional		10.71		0.09	^(g)		(3.74	)		(3.65	)		(0.06	)		(0.02	)		(0.08	)		6.98		(33.95	)		86,253		0.86			1.06			0.85	^(g)		189
2008 - Service		10.71		0.06	^(g)		(3.73	)		(3.67	)		(0.06	)		(0.02	)		(0.08	)		6.96		(34.16	)		6,464		1.11			1.31			1.92	^(g)		189

2007 - Institutional		14.44		0.07	^(b)(h)		(2.42	)		(2.35	)		(0.05	)		(1.33	)		(1.38	)		10.71		(16.48	)		152,896		0.90	⁽ⁱ⁾		0.95	⁽ⁱ⁾		0.49	^(h)(i)		163
2007 - Service (Commenced August 31, 2007)		12.81		0.02	^(b)		(0.74	)		(0.72	)		(0.05	)		(1.33	)		(1.38	)		10.71		(5.86	)		10		0.96	^(j)		1.21	^(j)		0.56	^(j)		163


(a)		Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, and a complete redemption of the investment at the net asset value at the end of the year. Total returns for periods less than one full year are not annualized.
(b)		Calculated based on the average shares outstanding methodology.
(c)		Reflects income recognized from non-recurring special dividends which amounted to $0.02 per share and 0.21% of average net assets.
(d)		Reflects an increase of $0.02 due to payments received for class action settlements received this year.
(e)		Reflects income recognized from non-recurring special dividends which amounted to $0.04 per share and 0.43% of average net assets.
(f)		Reflects income recognized from non-recurring special dividends which amounted to $0.03 per share and 0.43% of average net assets.
(g)		Reflects income recognized from non-recurring special dividends which amounted to $0.01 per share and 0.14% of average net assets.
(h)		Reflects income recognized from non-recurring special dividends which amounted to $0.02 per share and 0.14% of average net assets.
(i)		Includes non-recurring expense for a special shareholder meeting, which amounted to approximately 0.03% of average net assets.
(j)		Annualized.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Notes to Financial Statements

December 31, 2011


1. ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs Structured Small Cap Equity Fund (the “Fund”). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service. Shares of the Trust are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.


2. SIGNIFICANT ACCOUNTING POLICIES

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Notes to Financial Statements (continued)

December 31, 2011


2. SIGNIFICANT ACCOUNTING POLICIES (continued)


3. FAIR VALUE OF INVESTMENTS

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

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

The levels used for classifying investments are not necessarily an indication of the risk associated with investing in those investments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND


3. FAIR VALUE OF INVESTMENTS (continued)

The following is a summary of the Fund’s investments and derivatives categorized in the fair value hierarchy as of December 31, 2011:


Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments	$	108,182,741	$	—	$	—
Securities Lending Reinvestment Vehicle		2,056,300		—		—


Total	$	110,239,041	$	—	$	—


Derivatives Type

Assets
Futures Contracts^(a)	$	28,102	$	—	$	—


(a)		Amount shown represents unrealized gain (loss) at fiscal year end.


4. INVESTMENTS IN DERIVATIVES

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Notes to Financial Statements (continued)

December 31, 2011


4. INVESTMENTS IN DERIVATIVES (continued)


	Statement of
	Assets and Liabilities
Risk	Location		Assets^(a)

Equity		Payable for futures variation margin	$	28,102


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

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended December 31, 2011. These gains (losses) should be considered in the context that these derivative contracts may have been executed to economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:

Net

Net Change in

Average

Realized

Unrealized

Number of

Risk

Statement of Operations Location

Gain (Loss)

Contracts^(a)

Equity

Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts

(268,013

)

(6,606

)


(a)		Average number of contracts is based on the average of month end balances for the fiscal year ended December 31, 2011.


5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the trustees.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND


5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended December 31, 2011, contractual and effective net management fees with GSAM were at the following rates:


Contractual Management Rate													Effective Net
First	Next			Next			Over			Effective			Management
$2 billion	$3 billion			$3 billion			$8 billion			Rate			Rate

0.75%		0.68	%		0.65	%		0.64	%		0.75	%		0.72	%*


*		Effective June 30, 2011, GSAM agreed to waive a portion of its management fee in order to achieve an effective net management rate of 0.70% through at least April 29, 2012. Prior to such date GSAM may not terminate the arrangement without the approval of the trustees. Prior to June 30, 2011, GSAM had agreed to waive a portion of its management fee in order to achieve an effective net management rate of 0.73%. For the fiscal year ended December 31, 2011, GSAM waived approximately $41,800 of the Fund’s management fee.

D. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expense” of the Fund (excluding management fees, distribution and service fees, transfer agent fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, 0.094% of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. These Other Expense reimbursements will remain in place through at least April 29, 2012, and prior to such date GSAM may not terminate the arrangement without the approval of the trustees. For the fiscal year ended December 31, 2011, GSAM reimbursed approximately $148,400 to the Fund. In addition, the Fund has entered into certain offset arrangements with the custodian, which may result in a reduction of the Fund’s expenses. For the fiscal year ended December 31, 2011, custody fee credits were approximately $800.

As of December 31, 2011, the amounts owed to affiliates were approximately $65,900, $4,800 and $1,900 for management, distribution and service, and transfer agent fees, respectively.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Notes to Financial Statements (continued)

December 31, 2011


5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F. Other Transactions with Affiliates — For the fiscal year ended December 31, 2011, Goldman Sachs earned approximately $500 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Fund.


6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2011, were $40,218,647 and $62,293,097, respectively.


7. SECURITIES LENDING

Both the Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amount earned by the Fund for the fiscal year ended December 31, 2011, is reported under Investment Income on the Statement of Operations. A portion of this amount, $10,125, represents compensation earned by the Fund from lending its securities to Goldman Sachs. For the fiscal year ended December 31, 2011, GSAL earned $4,280 in fees as securities lending agent.

The following table provides information about the Fund’s investment in the Money Market Fund for the fiscal year ended December 31, 2011 (in thousands):


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

3,893		33,793		(35,630	)		2,056	$	2,056

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND


8. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2010 and December 31, 2011 was as follows:


	2010		2011

Distributions paid from ordinary income	$	607,442	$	878,760

As of December 31, 2011, the components of accumulated earnings (losses) on a tax-basis were as follows:


Undistributed ordinary income — net	$	440,351


Capital loss carryovers:⁽¹⁾⁽²⁾
Expiring 2016	$	(10,064,202	)
Expiring 2017		(17,973,195	)


Total capital loss carryovers	$	(28,037,397	)


Timing differences (late year ordinary loss deferral and certain REIT dividends)		(56,852	)
Unrealized gains — net		19,282,190


Total accumulated losses — net	$	(8,371,708	)


(1)		Under new tax rules, capital losses recognized in tax years beginning after December 22, 2010, that do not offset recognized capital gains, may be carried over to future years perpetually, and retain their character as either short-term or long-term that can offset recognized capital gains in such future years. Previously, all capital loss carryovers were treated as short-term and such carryovers generally expired eight years after the initial loss arose. Perpetual capital loss carryovers are required to be utilized prior to expiring capital loss carryovers.
(2)		Expiration occurs on December 31 of the year indicated. The Fund utilized $13,468,006 of capital losses in the current fiscal year.

As of December 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	$	90,956,851


Gross unrealized gain		26,102,893
Gross unrealized loss		(6,820,703	)


Net unrealized security gain	$	19,282,190

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Notes to Financial Statements (continued)

December 31, 2011


8. TAX INFORMATION (continued)

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

In order to present certain components of the Fund’s capital accounts on a tax-basis, the Fund has reclassified $26,096 from undistributed net investment income to accumulated net realized gain (loss). These reclassifications have no impact on the net asset value of the Fund and result primarily from the difference in the tax treatment of passive foreign investment company investments and underlying fund investments.


9. OTHER RISKS

The Fund’s risks include, but are not limited to, the following:

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND


10. INDEMNIFICATIONS


11. SUBSEQUENT EVENTS


12. OTHER MATTERS

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Goldman Sachs Structured Small Cap Equity Fund (the “Fund”) at December 31, 2011, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at December 31, 2011 by correspondence with the custodian, transfer agent, brokers and the application of alternative auditing procedures where securities purchased confirmations had not been received, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2012

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Fund Expenses — Six Month Period Ended December 31, 2011 (Unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2011 through December 31, 2011.

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

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


						Expenses
						Paid for the
	Beginning		Ending			6 Months
	Account Value		Account Value			Ended
Share Class	7/01/11		12/31/11			12/31/11*
Institutional
Actual	$	1,000	$	926.40		$	3.93
Hypothetical 5% return		1,000		1,021.12	+		4.13

Service
Actual		1,000		925.20			5.14
Hypothetical 5% return		1,000		1,019.86	+		5.40


*		Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2011. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.81% and 1.06% for Institutional and Service Shares, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Trustees and Officers (Unaudited)

Independent Trustees


				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	with the Trust	Time Served²	During Past 5 Years	Trustee³	Held by Trustee⁴
Ashok N. Bakhru Age: 69	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	President, ABN Associates (1994-1996 and 1998-Present); Director, Apollo Investment Corporation (a business development company) (2008-Present); Member of Cornell University Council (1992-2004 and 2006-Present); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Mutual Fund Complex.	104	Apollo Investment Corporation (a business development company)

Donald C. Burke Age: 51	Trustee	Since 2010	Mr. Burke is retired (since 2010). He is a Director, Avista Corp. (2011-Present); and was formerly Director, BlackRock Luxembourg and Cayman Funds (2006-2010); President and Chief Executive Officer, BlackRock U.S. Funds (2007-2009); Managing Director, BlackRock, Inc. (2006-2009); Managing Director, Merrill Lynch Investment Managers, L.P. (“MLIM”) (2006); First Vice President, MLIM (1997-2005); Chief Financial Officer and Treasurer, MLIM U.S. Funds (1999-2006). Trustee — Goldman Sachs Mutual Fund Complex.	104	Avista Corp. (an energy company)

John P. Coblentz, Jr. Age: 70	Trustee	Since 2003	Partner, Deloitte & Touche LLP (1975-2003); Director, Emerging Markets Group, Ltd. (2004-2006); and Director, Elderhostel, Inc. (2006-Present). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Diana M. Daniels Age: 62	Trustee	Since 2007	Ms. Daniels is retired (since 2007). Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Vice Chairman of the Board of Trustees of Cornell University (2009-Present); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (since 2007), and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Joseph P. LoRusso Age: 54	Trustee	Since 2010	Mr. LoRusso is retired (since 2008). Formerly, he was President, Fidelity Investments Institutional Services Co. (“FIIS”) (2002-2008); Director, FIIS (2002-2008); Director, Fidelity Investments Institutional Operations Company (2003-2007); Executive Officer, Fidelity Distributors Corporation (2007-2008). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Jessica Palmer Age: 62	Trustee	Since 2007	Ms. Palmer is retired (since 2006). She is a Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Richard P. Strubel Age: 72	Trustee	Since 1987	Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); Trustee, Emeritus, The University of Chicago (1987-Present). Trustee — Goldman Sachs Mutual Fund Complex.	104	The Northern Trust Mutual Fund Complex (58 Portfolios) (Chairman of the Board of Trustees). Gildan Activewear Inc. (a clothing marketing and manufacturing company).

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustees


				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	with the Trust	Time Served²	During Past 5 Years	Trustee³	Held by Trustee⁴
James A. McNamara* Age: 49	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President — Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Mutual Fund Complex (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).	104	None

Alan A. Shuch* Age: 62	Trustee	Since 1990	Advisory Director — GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee — Goldman Sachs Mutual Fund Complex.	104	None


*		These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
¹		Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Peter V. Bonanno. Information is provided as of December 31, 2011.
²		Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the conclusion of the first Board meeting held subsequent to the day the Trustee attains the age of 74 years (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.
³		The Goldman Sachs Mutual Fund Complex consists of the Trust, Goldman Sachs Municipal Opportunity Fund, Goldman Sachs Credit Strategies Fund, and Goldman Sachs Trust. As of December 31, 2011, the Trust consisted of 12 portfolios (11 of which currently offer shares to the public). Goldman Sachs Trust consisted of 90 portfolios (83 of which currently offer shares to the public) and the Goldman Sachs Municipal Opportunity Fund and did not offer shares to the public.
⁴		This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


		Term of
		Office and
	Position(s) Held	Length of
Name, Address and Age	With the Trust	Time Served¹	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 49	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President — Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Mutual Fund Complex (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).

George F. Travers 30 Hudson Street Jersey City, NJ 07302 Age: 43	Senior Vice President and Principal Financial Officer	Since 2009	Managing Director, Goldman Sachs (2007-present); Managing Director, UBS Ag (2005-2007); and Partner, Deloitte & Touche LLP (1990-2005, partner from 2000-2005). Senior Vice President and Principal Financial Officer — Goldman Sachs Mutual Fund Complex.

Peter V. Bonanno 200 West Street New York, NY 10282 Age: 44	Secretary	Since 2003	Managing Director, Goldman Sachs (December 2006-Present); Associate General Counsel, Goldman Sachs (2002-Present); Vice President, Goldman Sachs (1999-2006); and Assistant General Counsel, Goldman Sachs (1999-2002). Secretary — Goldman Sachs Mutual Fund Complex (2006-Present); and Assistant Secretary — Goldman Sachs Mutual Fund Complex (2003-2006).

Scott M. McHugh 200 West Street New York, NY 10282 Age: 40	Treasurer and Senior Vice President	Since 2009	Vice President, Goldman Sachs (February 2007-Present); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer — Goldman Sachs Mutual Fund Complex (October 2009-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (November 2009-Present); and Assistant Treasurer — Goldman Sachs Mutual Fund Complex (May 2007-October 2009).


¹		Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. Information is provided as of December 31, 2011.
*		Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the fiscal year ended December 31, 2011, 100% of the dividends paid from net investment company taxable income by the Structured Small Cap Equity Fund qualify for the dividends received deduction available to corporations.


TRUSTEES		OFFICERS
Ashok N. Bakhru, Chairman Donald C. Burke John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel		James A. McNamara, President George F. Travers, Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer

GOLDMAN, SACHS & CO. Distributor and Transfer Agent


GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York New York 10282





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


The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.


A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2011 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) website at http://www.sec.gov.


The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-621-2550.


Holdings and allocations shown are as of December 31, 2011 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.


The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.


The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.


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


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


Toll Free (in U.S.): 800-292-4726


This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Goldman Sachs Structured Small Cap Equity Fund.


^© 2012 Goldman Sachs. All rights reserved.

VITSTRSCAR12/67947.MF.MED.TMPL/2/2012

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Principal Investment Strategies and Risks

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

The Goldman Sachs Strategic Growth Fund invests primarily in large-capitalization U.S. equity investments. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Different investment styles (e.g., “growth”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Portfolio Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Strategic Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2011 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of -2.62% and -2.86%, respectively. These returns compare to the 2.64% average annual total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same time period.

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

U.S. equity markets ended 2011 almost flat, despite dramatic ups and downs caused by shifting sentiment toward the domestic and global economies and the European sovereign debt crisis. Representing the U.S. equity market, the S&P^® 500 Index returned 2.11% for 2011 with the help of dividends, as price returns themselves were virtually 0%, the smallest percentage change since 1947. Reflecting optimism that the U.S. economy was improving, the S&P 500 Index started the year with the best first quarter in more than a decade and ended with a fourth quarter gain of 11.82%, its best quarterly gain since the third quarter of 2009. However, the modest decline in the second quarter and the sharp drop in the third quarter mostly offset these gains.

U.S. equities rallied back forcefully in October on the hope of a plan for Europe’s sovereign debt crisis and on better prospects for the U.S. and global economies. It was reported that the U.S. economy had grown at a 2.5% annual rate in the third quarter, supported by better consumer spending and business investment spending. Many companies reported good earnings results. The rally continued through the fourth quarter, during which all sectors made gains. The U.S. equity market was led during the fourth quarter by energy stocks, which rallied on rising oil prices, as tensions with Iran sparked fresh supply fears. Indeed, more economically-sensitive, cyclical sectors generally outperformed traditionally defensive sectors during the fourth quarter.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

While the large-cap segment of the U.S. equity market advanced during the Reporting Period, mid-cap stocks and small-cap stocks, as measured by the Russell Midcap^® Index and the Russell 2000^® Index, respectively, posted negative returns for the Reporting Period. Large-cap stocks were most successful relative to small-cap stocks in the information technology sector. From a style perspective, growth-oriented stocks outpaced value-oriented stocks in the large-cap and small-cap segments of the U.S. equity market, but value-oriented stocks edged out growth-oriented stocks in the mid-cap segment of the U.S. equity market. In the large-cap segment of the U.S. equity market, growth stocks outperformed value stocks due to a smaller weight in the poorly performing financials sector. (All as measured by the Russell Investments indices.)

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

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

Which equity market sectors most significantly affected Fund performance?

Detracting from the Fund’s relative results most during the Reporting Period was stock selection in the financials, energy and consumer staples sectors, where company-specific issues weighed on certain holdings. Only partially offsetting such detractors were an underweighted position in the lagging materials sector and effective stock selection in the information technology and telecommunication services sectors, which contributed positively to the Fund’s performance relative to the Russell Index during the Reporting Period.

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

Detracting most from the Fund’s results relative to its benchmark index were positions in office supply retailer Staples, beauty product manufacturer and marketer Avon Products and derivatives exchange operator CME Group.

Shares of Staples declined during the Reporting Period after the company reported earnings that were below consensus estimates and lowered guidance for 2011. Staples’ management indicated that the company has been facing margin pressure, an issue that we view as transitory. Indeed, at the end of the Reporting Period, we believed the company was aggressively pricing some of its products in the U.S., which may enable it to gain market share. It is also our belief that recent actions taken by Staples’ management may pressure competitors to lower their prices, which should, in our view, have the greatest impact on companies that have limited margin flexibility. In short, we believe Staples may be in a position to gain market share going forward if competitors are weakened and the industry becomes more consolidated. That said, while we continue to believe the recent macroeconomic headwinds impacting the company are cyclical in nature and not evidence of structural issues associated with the company’s business model, we felt it was prudent to eliminate the Fund’s position in Staples during the second half of the Reporting Period.

During the Reporting Period, shares of Avon Products declined, as its earnings were impacted by disappointing sales and softer margins due to higher input costs. In addition, its management lowered its sales guidance for 2011. Despite these headwinds, we continued to believe at the end of the Reporting Period that Avon Products was poised to deliver higher operating margins over the next few years as its broad geographic footprint, particularly in Latin America, provides exposure to numerous growing markets.

CME Group, the world’s largest futures and options exchange, detracted from the Fund’s relative performance during the Reporting Period due to uncertainty over volumes following the end of QE2, the Fed’s asset purchasing initiative referred to as quantitative easing. Despite these headwinds, we believed at the end of the Reporting Period that CME Group will likely benefit from the migration of over-the-counter (OTC) derivatives markets to exchanges. Furthermore, we believe CME Group’s interest rate OTC clearing platform may well be a long-term growth driver for the company as it meets its customers’ demand for more transparency and less counterparty risk.

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

The Fund benefited relative to the Russell Index from positions in MasterCard, a global payment services company; American Tower, a wireless tower company; and Costco Wholesale, a membership warehouse discount retailer.

MasterCard’s shares rose after the Fed announced its final decision on debit interchange rates (i.e. charges on debit card transactions) as part of the Durbin amendment, which was more favorable for the company than the market had anticipated. At the end of the Reporting Period, we believed that the company’s large payment network and robust global footprint will allow it to benefit from the secular growth in cashless payments over the long term.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

A position in American Tower also contributed to the Fund’s relative performance. Its shares rose when stockholders approved a merger agreement with American Tower REIT in connection with the company’s decision to reorganize itself as a real estate investment trust (REIT). This conversion would position the company to elect REIT status for federal income tax purposes as early as 2012, as the company already owns most of the land on which its towers stand. At the end of the Reporting Period, we continued to believe that the company is well positioned in a growing industry with high barriers to entry. As the wireless communication industry continues to evolve from primarily voice to data usage, demand on the networks increases, and carriers must make additional investments to build out their networks. In our view, this should lead to greater need for antennae to be placed on towers, thereby increasing leasing revenues. Furthermore, we believe the tower industry has an attractive business model, as the structure of contracts provides a predictable stream of revenue and recurring cash flow.

Shares of Costco Wholesale rose during the Reporting Period after the company reported strong earnings results and an increase in same-store sales. In our view, Costco Wholesale was well positioned given the inflationary environment during the Reporting Period, as it has the ability to pass through increases in food input prices while simultaneously benefiting from gasoline inflation in its fuel sales. In addition, we believe the potential for accelerated customer traffic and an uptick in renewals of membership rates may continue to drive strong earnings growth.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

We initiated a Fund position in American Express, a high quality global franchise with a strong brand name synonymous with credit cards and travel-related services. In our view, the stock was attractively valued at the time of purchase, as it was trading at a discount to its longer-term average multiple. Despite solid operating results, the stock had been pressured by uncertainty around the impact of financial regulation. We believed these conditions created an attractive entry point, as, in our view, American Express’ business prospects are still quite strong with high leverage to a turnaround in corporate hiring.

We established a Fund position in Amazon.com, a company that operates a retail website allowing customers to purchase products sold by Amazon and third parties. Over the course of 2011, Amazon.com’s margins were squeezed as the company ramped up its investment spending. In our view, the company will benefit from these capital expenditures going forward because they should lead to significant cash flow generation over the next few years. In addition, we believe Amazon.com may continue to gain share in its books segment as competitor Borders Books goes through the process of liquidation. Further, we believe the company’s recently released tablet, the Kindle Fire, may well be a secular growth driver for the company’s media business. In turn, we believe the company is well positioned to take market share of retail spending in the months ahead.

We exited the Fund’s position in Internet data networking products supplier Cisco Systems during the Reporting Period. After the company reported disappointing fiscal second quarter results, we became concerned about the sustainability of profit margins in its core switching and router businesses and increased competition. While we expect Cisco Systems to continue to be a leader in its markets over the long term, we believed there were other opportunities for investment with more attractive risk/return profiles.

As indicated earlier, we also eliminated the Fund’s position in office supply retailer Staples during the Reporting Period. In addition to disappointing results during 2011, we decided to sell out of Staples because we believe ongoing cyclical challenges it faces may continue to weigh on the business for longer than we originally thought.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in the Fund’s sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, there were no notable changes in the Fund’s sector weightings during the Reporting Period.

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

At the end of December 2011, the Fund had overweighted positions relative to the Russell Index in the financials, information technology and telecommunication services sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in industrials, consumer staples and health care and was rather neutrally weighted to the Russell Index in consumer discretionary, materials, energy and utilities.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

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

At the end of the Reporting Period, we saw a number of specific investment opportunities in the U.S. market for 2012, while acknowledging challenges that remain. On the positive side, we believe that domestic macroeconomic improvement should benefit U.S. companies going forward. U.S. Gross Domestic Product (GDP) is forecast at 2.2% for 2012, the strongest of the developed market countries. Employment trends, the housing market, consumer confidence and manufacturing have all shown signs of improvement. Additionally, the majority of deleveraging at the corporate and private levels has already occurred. We believe the key risks to U.S. equities — European economic weakness and policy challenges, political uncertainty, a high U.S. debt-to GDP ratio and a significant slowdown in China — are unlikely to derail the U.S. economic recovery under way.

In our view, U.S. large cap equity valuations at the end of the Reporting Period were attractive, with company balance sheets strong and increased capital redeployment likely. Although we believe U.S. corporate earnings should be resilient, the fragile state of the global economy may well make future margin expansion more difficult. This environment should bode well for a research intensive, fundamental, quality-oriented approach to investing in companies where margins are sustainable. In some cases, growing margins are, we believe, still possible.

We believe companies with secular growth drivers, particularly in the information technology sector, also present an opportunity. Importantly, the information technology sector boasts the healthiest balance sheets of any sector, making the companies well positioned to grow dividends, buy back shares and increase capital expenditure. At the same time, the sector was trading, at the end of the Reporting Period, at a discount to the S&P 500 Index for the first time since 1996.

All that said, the uncertainty in global markets is likely to present challenges in several areas of the U.S. equity market in the months ahead. We remain particularly cautious on financial companies with a notable degree of exposure to increased regulation, including higher capital restrictions and disposition of certain profitable businesses. We would also seek to minimize exposure to financial companies potentially more impacted by a low interest rate environment, European debt exposure and/or relatively weak capital markets. Additionally, we note that there was, at the end of the Reporting Period, a high price for safety, as the uncertain markets of 2011 drove investors to stocks with high dividend yields. As a result, the higher yielding stocks were trading at record high valuations, leading us to a cautious stance on utilities and other high yielding sectors, particularly in light of limited growth prospects. Finally, political uncertainty and spending cuts may be a more significant risk to equity markets in 2012. Increasing and heated partisan politics have already been seen to hinder the legislative process and stall agreements on spending cuts and taxes. In our view, any spending cuts enacted in the months ahead are most likely to hit selected areas of health care and defense. We believe political uncertainty should subside after the elections in November 2012.

Given this view, we believe the Fund was well positioned at the end of the Reporting Period. We intend going forward to maintain our focus on seeking to identify those companies that can provide a differentiated product or service and those that may benefit from secular tailwinds. Such factors, we believe, will enable these companies to sustain growth without sacrificing price. As always, deep research resources, a forward-looking investment process and truly actively managed portfolios are keys, in our view, to both preserving capital and outperforming the market over the long term.

FUND BASICS

Strategic Growth Fund

as of December 31, 2011


STANDARDIZED TOTAL RETURNS¹


For the period ended 12/31/11	One Year			Five Years			Ten Years			Since Inception			Inception Date


Institutional		-2.62	%		0.44	%		1.55	%		2.07	%	4/30/98
Service		-2.86			0.22			N/A			1.01		1/09/06


¹		The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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


EXPENSE RATIOS²


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


Institutional		0.82	%		0.86	%
Service		1.07	%		1.11


²		The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least April 29, 2012, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.


TOP TEN HOLDINGS AS OF 12/31/11³


Holding	% of Total Net Assets			Line of Business


Apple, Inc.		7.4	%	Technology Hardware & Equipment
QUALCOMM, Inc.		4.8		Technology Hardware & Equipment
Google, Inc. Class A		4.3		Software & Services
American Tower Corp. Class A		3.6		Telecommunication Services
Schlumberger Ltd.		3.6		Energy
Costco Wholesale Corp.		2.9		Food & Staples Retailing
Mastercard, Inc. Class A		2.9		Software & Services
Praxair, Inc.		2.6		Materials
NIKE, Inc. Class B		2.6		Consumer Durables & Apparel
Crown Castle International Corp.		2.5		Telecommunication Services


³		The top 10 holdings may not be representative of the Fund’s future investments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Performance Summary

December 31, 2011

The following graph shows the value, as of December 31, 2011, of a $10,000 investment made on January 1, 2002 in the Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. Performance of Service Shares will vary from Institutional Shares due to differences in class specific fees. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.


Strategic Growth Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2002 through December 31, 2011.

Average Annual Total Return through December 31, 2011

One Year

Five Years

Ten Years

Since Inception

Institutional (Commenced April 30, 1998)

−2.62%

0.44%

1.55%

2.07%

Service (Commenced January 9, 2006)

−2.86%

0.22%

N/A

1.01%

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments

December 31, 2011

Shares Description Value

Common Stocks – 98.7%

Capital Goods – 3.9%

117,287 Danaher Corp. $ 5,517,180

129,718 Emerson Electric Co. 6,043,562

26,445 Rockwell Automation, Inc. 1,940,270

13,501,012

Consumer Durables & Apparel – 3.9%

93,207 NIKE, Inc. Class B 8,982,358

63,832 PVH Corp. 4,499,518

13,481,876

Consumer Services – 3.0%

199,607 Marriott International, Inc. Class A 5,822,536

25,885 McDonald’s Corp. 2,597,042

36,300 Yum! Brands, Inc. 2,142,063

10,561,641

Diversified Financials – 6.7%

152,724 American Express Co. 7,203,991

24,708 CME Group, Inc. 6,020,598

14,396 IntercontinentalExchange, Inc.* 1,735,438

144,345 Northern Trust Corp. 5,724,723

49,335 T. Rowe Price Group, Inc. 2,809,628

23,494,378

Energy – 9.4%

78,035 Cameron International Corp.* 3,838,542

94,033 Devon Energy Corp. 5,830,046

180,802 Halliburton Co. 6,239,477

27,937 National Oilwell Varco, Inc. 1,899,437

28,853 Occidental Petroleum Corp. 2,703,526

181,821 Schlumberger Ltd. 12,420,192

32,931,220

Food & Staples Retailing – 2.9%

120,346 Costco Wholesale Corp. 10,027,229

Food, Beverage & Tobacco – 3.6%

125,129 PepsiCo, Inc. 8,302,309

60,700 The Coca-Cola Co. 4,247,179

12,549,488

Health Care Equipment & Services – 2.5%

68,583 Baxter International, Inc. 3,393,487

154,656 St. Jude Medical, Inc. 5,304,701

8,698,188

Household & Personal Products – 2.8%

231,852 Avon Products, Inc. 4,050,455

84,533 The Procter & Gamble Co. 5,639,196

9,689,651

Materials – 3.5%

53,493 Ecolab, Inc. 3,092,431

85,269 Praxair, Inc. 9,115,256

12,207,687

Media – 2.1%

44,100 Discovery Communications, Inc. Class A* 1,806,777

121,574 Viacom, Inc. Class B 5,520,675

7,327,452

Pharmaceuticals, Biotechnology & Life Sciences – 6.1%

130,992 Abbott Laboratories 7,365,680

105,753 Gilead Sciences, Inc.* 4,328,470

112,571 Teva Pharmaceutical Industries Ltd. ADR 4,543,366

109,621 Thermo Fisher Scientific, Inc.* 4,929,656

21,167,172

Real Estate – 1.3%

299,857 CBRE Group, Inc.* 4,563,824

Retailing – 6.5%

42,090 Amazon.com, Inc.* 7,285,779

348,278 Lowe’s Companies, Inc. 8,839,296

3,513 Priceline.com, Inc.* 1,643,065

176,172 Urban Outfitters, Inc.* 4,855,300

22,623,440

Semiconductors & Semiconductor Equipment – 3.4%

192,611 NVIDIA Corp.* 2,669,588

57,339 Texas Instruments, Inc. 1,669,138

232,060 Xilinx, Inc. 7,439,844

11,778,570

Software & Services – 14.7%

51,889 Equinix, Inc.* 5,261,544

23,113 Google, Inc. Class A* 14,928,687

26,729 Mastercard, Inc. Class A 9,965,106

195,157 Microsoft Corp. 5,066,276

309,874 Oracle Corp. 7,948,268

39,406 Salesforce.com, Inc.* 3,998,133

218,791 The Western Union Co. 3,995,123

51,163,137

Technology Hardware & Equipment – 15.6%

126,918 Amphenol Corp. Class A 5,760,808

63,210 Apple, Inc.* 25,600,050

173,470 NetApp, Inc.* 6,291,757

306,868 QUALCOMM, Inc. 16,785,680

54,438,295

Telecommunication Services – 6.2%

210,121 American Tower Corp. Class A 12,609,361

197,524 Crown Castle International Corp.* 8,849,075

21,458,436

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Statement of Assets and Liabilities

December 31, 2011

Assets:

Investments, at value (cost $302,184,009)
$ 343,655,322

Cash
5,805,388

Receivables:

Dividends
317,521

Fund shares sold
93,906

Total assets
349,872,137

Liabilities:

Payables:

Investments purchased
1,184,666

Amounts owed to affiliates
267,584

Fund shares redeemed
114,111

Accrued expenses
79,219

Total liabilities
1,645,580

Net Assets:

Paid-in capital
376,874,239

Undistributed net investment income
203,643

Accumulated net realized loss
(70,322,638 )

Net unrealized gain
41,471,313

NET ASSETS
$ 348,226,557

Net Assets:

Institutional
$ 102,018,196

Service
246,208,361

Total Net Assets
$ 348,226,557

Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):

Institutional
8,763,005

Service
21,173,587

Net asset value, offering and redemption price per share:

Institutional
$11.64

Service
11.63

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Statement of Operations

For the Fiscal Year Ended December 31, 2011

Investment income:

Dividends
$ 4,658,935

Expenses:

Management fees
2,686,875

Distribution and Service fees — Service Class
615,196

Printing and mailing costs
111,791

Professional fees
81,300

Transfer Agent fees^(a)
71,644

Custody and accounting fees
49,769

Trustee fees
15,834

Other
14,775

Total expenses
3,647,184

Less — expense reductions
(72,560 )

Net expenses
3,574,624

NET INVESTMENT INCOME
1,084,311

Realized and unrealized gain (loss):

Net realized gain from investments (including commissions recaptured of $24,337)
1,716,156

Net change in unrealized loss on investments
(12,855,759 )

Net realized and unrealized loss
(11,139,603 )

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS
$ (10,055,292 )


(a)		Institutional and Service Shares had Transfer Agent fees of $22,432 and $49,212, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Statements of Changes in Net Assets

For the
For the

Fiscal Year Ended
Fiscal Year Ended

December 31, 2011 December 31, 2010

From operations:

Net investment income
$ 1,084,311 $ 1,088,321

Net realized gain
1,716,156 21,832,558

Net change in unrealized gain (loss)
(12,855,759 ) 11,387,154

Net increase (decrease) in net assets resulting from operations
(10,055,292 ) 34,308,033

Distributions to shareholders:

From net investment income

Institutional Shares
(485,834 ) (490,173 )

Service Shares
(559,643 ) (435,824 )

Total distributions to shareholders
(1,045,477 ) (925,997 )

From share transactions:

Proceeds from sales of shares
51,059,219 37,422,641

Reinvestment of distributions
1,045,477 925,997

Cost of shares redeemed
(51,157,583 ) (58,517,681 )

Net increase (decrease) in net assets resulting from share transactions
947,113 (20,169,043 )

TOTAL INCREASE (DECREASE)
(10,153,656 ) 13,212,993

Net assets:

Beginning of year
358,380,213 345,167,220

End of year
$ 348,226,557 $ 358,380,213

Undistributed net investment income
$ 203,643 $ 164,809

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


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

FOR THE FISCAL YEARS ENDED DECEMBER 31,
2011 - Institutional	$	12.01	$	0.06		$	(0.37	)	$	(0.31	)	$	(0.06	)	$	11.64		(2.62	)%	$	102,018		0.83	%		0.85	%		0.47	%		35	%
2011 - Service		12.00		0.03			(0.37	)		(0.34	)		(0.03	)		11.63		(2.86	)		246,208		1.08			1.10			0.23			35

2010 - Institutional		10.89		0.05			1.12			1.17			(0.05	)		12.01		10.74			120,027		0.86			0.86			0.49			38
2010 - Service		10.88		0.03			1.11			1.14			(0.02	)		12.00		10.50			238,353		1.11			1.11			0.24			38

2009 - Institutional		7.40		0.03			3.50			3.53			(0.04	)^(c)		10.89		47.75			125,258		0.85			0.85			0.35			64
2009 - Service		7.39		0.01			3.50			3.51			(0.02	)^(c)		10.88		47.50			219,909		1.10			1.10			0.10			64

2008 - Institutional		12.73		0.02			(5.34	)		(5.32	)		(0.01	)		7.40		(41.67	)		95,218		0.81			0.81			0.20			44
2008 - Service		12.73		(0.01	)		(5.33	)		(5.34	)		—			7.39		(41.86	)		167,930		1.06			1.06			(0.05	)		44

2007 - Institutional		11.58		0.02	^(d)		1.15			1.17			(0.02	)		12.73		10.13			172,418		0.86	^(e)		0.86	^(e)		0.18	^(d)(e)		53
2007 - Service		11.58		0.01	^(d)		1.15			1.16			(0.01	)		12.73		10.01			343,100		0.96	^(e)		1.11	^(e)		0.08	^(d)(e)		53


(a)		Calculated based on the average shares outstanding methodology.
(b)		Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year.
(c)		Includes a return of capital amounting to less than $0.005 per share.
(d)		Reflects income recognized from non-recurring special dividends which amounted to $0.01 per share and 0.09% of average net assets.
(e)		Includes non-recurring expense for a special shareholder proxy meeting which amounted to approximately 0.02% of average net assets.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Notes to Financial Statements

December 31, 2011


1. ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs Strategic Growth Fund (the “Fund”). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service. Shares of the Trust are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.


2. SIGNIFICANT ACCOUNTING POLICIES

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Notes to Financial Statements (continued)

December 31, 2011


2. SIGNIFICANT ACCOUNTING POLICIES (continued)


3. FAIR VALUE OF INVESTMENTS

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

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

The levels used for classifying investments are not necessarily an indication of the risk associated with investing in those investments.

The following is a summary of the Fund’s investments categorized in the fair value hierarchy as of December 31, 2011:


Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments	$	343,655,322	$	—	$	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND


4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the trustees.

For the fiscal year ended December 31, 2011, contractual and effective net management fees with GSAM were at the following rates:


Contractual Management Rate
First	Next			Next			Next			Over			Effective			Effective Net
$1 billion	$1 billion			$3 billion			$3 billion			$8 billion			Rate			Management Rate

0.75%		0.68	%		0.65	%		0.64	%		0.63	%		0.75	%		0.73%	*


*		Effective June 30, 2011, GSAM agreed to waive a portion of its management fee in order to achieve an effective net management rate of 0.71% through at least April 29, 2012. Prior to such date GSAM may not terminate the arrangement without the approval of the trustees. For the fiscal year ended December 31, 2011, GSAM waived approximately $70,700 of the Fund’s management fee.

As of December 31, 2011, the amounts owed to affiliates were approximately $209,500, $52,200 and $5,900 for management, distribution and service, and transfer agent fees, respectively.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Notes to Financial Statements (continued)

December 31, 2011


5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2011, were $128,421,176 and $122,984,744, respectively.


6. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2010 and December 31, 2011 was as follows:


	2010		2011

Distributions paid from ordinary income	$	925,997	$	1,045,477

As of December 31, 2011, the components of accumulated earnings (losses) on a tax-basis were as follows:


Undistributed ordinary income — net	$	203,643


Capital loss carryovers:⁽¹⁾⁽²⁾
Expiring 2016	$	(23,475,963	)
Expiring 2017		(43,614,413	)


Total capital loss carryovers	$	(67,090,376	)


Timing differences (post October loss deferral)	$	(15,314	)
Unrealized gains — net		38,254,365


Total accumulated losses — net	$	(28,647,682	)


(1)		Under new tax rules, capital losses recognized in tax years beginning after December 22, 2010, that do not offset recognized capital gains, may be carried over to future years perpetually, and retain their character as either short-term or long-term that can offset recognized capital gains in such future years. Previously, all capital loss carryovers were treated as short-term and such carryovers generally expired eight years after the initial loss arose. Perpetual capital loss carryovers are required to be utilized prior to expiring capital loss carryovers.
(2)		Expiration occurs on December 31 of the year indicated. The Fund had capital loss carryforwards of $547,061 and $517,742 that were utilized and expired, respectively, in the current fiscal year.

As of December 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	$	305,400,957


Gross unrealized gain		58,779,418
Gross unrealized loss		(20,525,053	)


Net unrealized security gain	$	38,254,365

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.

In order to present certain components of the Fund’s capital accounts on a tax-basis, the Fund has reclassified $517,742 from paid-in capital to accumulated net realized gain (loss). These reclassifications have no impact on the net asset value of the Fund and result from expired capital loss carryforwards.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND


7. OTHER RISKS

The Fund’s risks include, but are not limited to, the following:


8. INDEMNIFICATIONS


9. SUBSEQUENT EVENTS


10. OTHER MATTERS

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Goldman Sachs Strategic Growth Fund (the “Fund”) at December 31, 2011, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at December 31, 2011 by correspondence with the custodian, brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2012

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Fund Expenses — Six month Period Ended December 31, 2011 (Unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2011 through December 31, 2011.


						Expenses Paid
						for the
	Beginning		Ending			6 Months
	Account Value		Account Value			Ended
Share Class	7/01/11		12/31/11			12/31/11*
Institutional
Actual	$	1,000	$	940.20		$	3.96
Hypothetical 5% return		1,000		1,021.12	+		4.13

Service
Actual		1,000		939.30			5.18
Hypothetical 5% return		1,000		1,019.86	+		5.40


*		Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2011. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.81% and 1.06% for Institutional and Service Shares, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Trustees and Officers (Unaudited)

Independent Trustees


				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	with the Trust	Time Served²	During Past 5 Years	Trustee³	Held by Trustee⁴
Ashok N. Bakhru Age: 69	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	President, ABN Associates (1994-1996 and 1998-Present); Director, Apollo Investment Corporation (a business development company) (2008-Present); Member of Cornell University Council (1992-2004 and 2006-Present); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Mutual Fund Complex.	104	Apollo Investment Corporation (a business development company)

Donald C. Burke Age: 51	Trustee	Since 2010	Mr. Burke is retired (since 2010). He is a Director, Avista Corp. (2011-Present); and was formerly Director, BlackRock Luxembourg and Cayman Funds (2006-2010); President and Chief Executive Officer, BlackRock U.S. Funds (2007-2009); Managing Director, BlackRock, Inc. (2006-2009); Managing Director, Merrill Lynch Investment Managers, L.P. (“MLIM”) (2006); First Vice President, MLIM (1997-2005); Chief Financial Officer and Treasurer, MLIM U.S. Funds (1999-2006). Trustee — Goldman Sachs Mutual Fund Complex.	104	Avista Corp. (an energy company)

John P. Coblentz, Jr. Age: 70	Trustee	Since 2003	Partner, Deloitte & Touche LLP (1975-2003); Director, Emerging Markets Group, Ltd. (2004-2006); and Director, Elderhostel, Inc. (2006-Present). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Diana M. Daniels Age: 62	Trustee	Since 2007	Ms. Daniels is retired (since 2007). Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Vice Chairman of the Board of Trustees of Cornell University (2009-Present); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (since 2007), and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Joseph P. LoRusso Age: 54	Trustee	Since 2010	Mr. LoRusso is retired (since 2008). Formerly, he was President, Fidelity Investments Institutional Services Co. (“FIIS”) (2002-2008); Director, FIIS (2002-2008); Director, Fidelity Investments Institutional Operations Company (2003-2007); Executive Officer, Fidelity Distributors Corporation (2007-2008). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Jessica Palmer Age: 62	Trustee	Since 2007	Ms. Palmer is retired (since 2006). She is a Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Richard P. Strubel Age: 72	Trustee	Since 1987	Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); Trustee, Emeritus, The University of Chicago (1987-Present). Trustee — Goldman Sachs Mutual Fund Complex.	104	The Northern Trust Mutual Fund Complex (58 Portfolios) (Chairman of the Board of Trustees). Gildan Activewear Inc. (a clothing marketing and manufacturing company).

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustees


				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	with the Trust	Time Served²	During Past 5 Years	Trustee³	Held by Trustee⁴
James A. McNamara* Age: 49	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President — Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Mutual Fund Complex (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).	104	None

Alan A. Shuch* Age: 62	Trustee	Since 1990	Advisory Director — GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee — Goldman Sachs Mutual Fund Complex.	104	None


*		These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
¹		Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Peter V. Bonanno. Information is provided as of December 31, 2011.
²		Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the conclusion of the first Board meeting held subsequent to the day the Trustee attains the age of 74 years (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.
³		The Goldman Sachs Mutual Fund Complex consists of the Trust, Goldman Sachs Municipal Opportunity Fund, Goldman Sachs Credit Strategies Fund, and Goldman Sachs Trust. As of December 31, 2011, the Trust consisted of 12 portfolios (11 of which currently offer shares to the public). Goldman Sachs Trust consisted of 90 portfolios (83 of which currently offer shares to the public) and the Goldman Sachs Municipal Opportunity Fund and did not offer shares to the public.
⁴		This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


		Term of
		Office and
	Position(s) Held	Length of
Name, Address and Age	With the Trust	Time Served¹	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 49	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President — Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Mutual Fund Complex (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).

George F. Travers 30 Hudson Street Jersey City, NJ 07302 Age: 43	Senior Vice President and Principal Financial Officer	Since 2009	Managing Director, Goldman Sachs (2007-present); Managing Director, UBS Ag (2005-2007); and Partner, Deloitte & Touche LLP (1990-2005, partner from 2000-2005). Senior Vice President and Principal Financial Officer — Goldman Sachs Mutual Fund Complex.

Peter V. Bonanno 200 West Street New York, NY 10282 Age: 44	Secretary	Since 2003	Managing Director, Goldman Sachs (December 2006-Present); Associate General Counsel, Goldman Sachs (2002-Present); Vice President, Goldman Sachs (1999-2006); and Assistant General Counsel, Goldman Sachs (1999-2002). Secretary — Goldman Sachs Mutual Fund Complex (2006-Present); and Assistant Secretary — Goldman Sachs Mutual Fund Complex (2003-2006).

Scott M. McHugh 200 West Street New York, NY 10282 Age: 40	Treasurer and Senior Vice President	Since 2009	Vice President, Goldman Sachs (February 2007-Present); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer — Goldman Sachs Mutual Fund Complex (October 2009-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (November 2009-Present); and Assistant Treasurer — Goldman Sachs Mutual Fund Complex (May 2007-October 2009).


¹		Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. Information is provided as of December 31, 2011.
*		Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the fiscal year ended December 31, 2011, 100% of the dividends paid from net investment company taxable income by the Strategic Growth Fund qualify for the dividends received deduction available to corporation.


TRUSTEES		OFFICERS
Ashok N. Bakhru, Chairman Donald C. Burke John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel		James A. McNamara, President George F. Travers, Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer

GOLDMAN, SACHS & CO. Distributor and Transfer Agent


GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York New York 10282





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


The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.


A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2011 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) website at http://www.sec.gov.


The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-621-2550.


Holdings and allocations shown are as of December 31, 2011 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.


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


The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.


The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.


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


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


Toll Free (in U.S.): 800-292-4726


This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Goldman Sachs Strategic Growth Fund.


^© 2012 Goldman Sachs. All rights reserved.

VITGRWAR12/67948.MF.MED.TMPL/2/2012

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Principal Investment Strategies and Risks

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

The Goldman Sachs Mid Cap Value Fund invests primarily in mid-capitalization U.S. equity investments. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The securities of mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Different investment styles (e.g., “value”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Value Portfolio Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Mid Cap Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2011 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of -6.38% and -6.59%, respectively. These returns compare to the -1.38% cumulative total return of the Fund’s benchmark, the Russell Midcap^® Value Index (with dividends reinvested) (the “Russell Index”), during the same time period.

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

U.S. equity markets ended 2011 almost flat, despite dramatic ups and downs caused by shifting sentiment toward the domestic and global economies and the European sovereign debt crisis. Representing the U.S. equity market, the S&P^® 500 Index returned 2.11% for 2011 with the help of dividends, as price returns themselves were virtually 0%, the smallest percentage change since 1947. Reflecting optimism that the U.S. economy was improving, the S&P 500 Index started the year with the best first quarter in more than a decade and ended with a fourth quarter gain of 11.82%, its best quarterly gain since the third quarter of 2009. However, the modest decline in the second quarter and the sharp drop in the third quarter mostly offset these gains.

Increasing concern over the economy and sovereign debt dominated U.S. equity performance amidst a volatile third quarter during which much of the gains from earlier in the Reporting Period was lost. In August, following weeks of political brinksmanship in the U.S. over raising the debt ceiling to avoid default, Standard & Poor’s downgraded U.S. sovereign debt one notch from AAA to AA+ for the first time in history, sending a shock through the investment markets and particularly affecting stocks in the financials sector. Toward the end of September, markets were further shaken by the Federal Reserve Board’s (“the Fed’s”) announcement of a plan for additional monetary easing whereby it would attempt to “twist” the U.S. Treasury yield curve on the grounds of general weakness in the labor market and lackluster consumer spending growth. Through the program dubbed Operation Twist, the Fed intended to extend the maturity structure of its holdings through the sale of short-term securities and the purchase of long-term securities in an effort to support the economic recovery. In addition, the prospect of contagion from a Greek default and the lack of agreement on a solution amongst European leaders weighed on global equity markets during the third quarter.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

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

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

Which equity market sectors most significantly affected Fund performance?

Detracting most from the Fund’s relative results was stock selection in the financials, materials and consumer discretionary sectors, where company-specific issues weighed on certain holdings. Such detractors were only partially offset by effective stock selection in the industrials and health care sectors, which helped the Fund’s performance relative to the Russell Index.

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

Detracting from the Fund’s results relative to its benchmark index were positions in wireless and wireline communications services company Sprint Nextel, oil and gas exploration and production company Newfield Exploration and platinum and palladium miner Stillwater Mining.

In an environment in which turnaround stocks underperformed, shares of Sprint Nextel fell on concerns over the near-term controversy around whether the company had sufficient liquidity to fund two large investments — the iPhone and Network Vision, both of which we feel should be significant long-term drivers of value creation. In our view, the company’s recent debt deal, in which it raised $4 billion, should give Sprint Nextel more than ample funds for these investments. We also continued to believe, at the end of the Reporting Period, that improved competitive positioning from the iPhone and new handsets, better pricing and improved network quality — in addition to cost improvements and margin expansion driven by shutting down iDEN (integrated enhanced digital network) and eliminating a significant portion of roaming charges — could drive significant cost savings and margin expansion as the company completes its upgrade to Network Vision.

Shares of Newfield Exploration were affected by a combination of weaker oil prices and weather-related events that caused concerns about a potentially negative impact on the company’s near-term production. The company’s shares were also negatively affected during the Reporting Period by concerns regarding flooding in the Williston Basin and the potential impact on near-term results. As the company’s share price was unable to recover from its large decline in August and September, we opted to sell the Fund’s position in Newfield Exploration by the end of the Reporting Period, moving the proceeds into higher conviction names.

Stillwater Mining was hurt during the Reporting Period by ongoing fears of a global economic slowdown. While we originally purchased the stock because we believed it would benefit from secular growth of auto sales in emerging markets, the company’s shares declined in 2011 as palladium prices dropped. We subsequently sold the Fund’s position in the company as our outlook on the company’s prospects changed.

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

The Fund benefited most relative to the Russell Index from two positions in the health care sector — medical technology company Kinetic Concepts and health maintenance organization (HMO) Aetna as well as a position in media company DISH Network within the consumer discretionary sector.

Kinetic Concepts, a U.S.-based multinational corporation that produces medical technology used to treat and prevent complications associated with patient immobility, such as pressure sores and buildup of fluid in the lungs, was a strong contributor to the Fund’s relative results during the Reporting Period. The company was acquired for nearly $5 billion by a group of private equity firms led by Apax Partners in late 2011. We since exited the Fund’s position in the stock, taking profits.

Aetna performed well during the Reporting Period as a result of its strong fundamentals combined with economic weakness. Because of its lower health care utilization rates during the tough economy, it was able to maintain its strong margins. At the end

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

of the Reporting Period, we continued to have a favorable view of the company because of its improving fundamentals, relatively modest impact by health care reform and potential divestiture of its pharmacy benefit management (PBM) business. In addition, toward the end of the Reporting Period, Aetna announced a dividend increase, its second of the year, which affirms its strong free cash flow and focus on increasing shareholder value.

DISH Network, a broadcast satellite subscription television service provider, was a top contributor to the Fund’s relative results as it continued to gain valuable spectrum assets, i.e. a set of property rights on a continuous range of electromagnetic radio frequencies used in the transmission of voice, data and television. Also, its customer attrition rate materially dropped during the Reporting Period, which positively surprised the market. DISH Network further benefited from a court ruling favoring the company when it served as a defendant in TIVO’s patent infringement case. These factors, combined with an attractive valuation, drove DISH Network’s shares higher during the Reporting Period. Toward the end of the Reporting Period, we sold the Fund’s position in DISH Network, taking profits, and moved the proceeds into positions that we believed had higher upside potential.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

During the Reporting Period, we initiated a position in integrated energy company EQT. EQT has what we consider to be a strong midstream business with a high monetization value that can be used to generate cash and fund further exploration and production. Additionally, the company has diversified revenue exposure through its profitable natural gas business in the Marcellus Shale. EQT’s valuation is also supported by a management team that is focused on returning capital to shareholders. (Describing a certain segment of the energy sector, a midstream business is a company that provides assets or services that bridge energy producers and energy end users, helping to link the supply side of the value chain with the demand side for any type of energy commodity. Such businesses include but are not limited to those involved in the production, handling and distribution of energy products. Monetization value is a concept regarding the ability to build one’s pricing profitably.)

We established a Fund position in cable network company Scripps Networks Interactive, which operates six television channels focused on the home, food and travel/entertainment categories, including HGTV, the Food Network and the Travel Channel. In our view, the company benefits from an undervalued runway of affiliate fee growth, which it receives for its networks, as well as from several underappreciated value-enhancing capital deployment opportunities due to its strong balance sheet. We also favor the stock because of its strong ties to a continued advertising recovery, as cable television has been taking incremental share of advertising dollars both from broadcasters given shifts in viewership and from newsprint.

In addition to the sales of Newfield Exploration and Stillwater Mining already mentioned, we eliminated the Fund’s holding in Forest Oil during the Reporting Period. Forest Oil had missed expectations for earnings results, and we had grown increasingly concerned about continued operational missteps in drilling.

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

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

At the end of December 2011, the Fund had overweighted positions relative to the Russell Index in the consumer discretionary and information technology sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in consumer staples and materials and was rather neutrally weighted to the Russell Index in energy, financials, health care, industrials, telecommunication services and utilities.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

corporations have over $1 trillion of cash on their balance sheets and are beginning to redeploy that cash, signaling confidence in the economy. We believe earnings should remain resilient given companies’ exposures to secular and global growth, as well as increased financial and operational flexibility, which should allow management to be better prepared and anticipatory regarding market conditions. We further believe that market conditions anticipated over the near term should favor our approach, as we believe high quality U.S. mid-cap stocks are “on sale,” i.e. in our view, U.S. mid-cap equities are attractively valued both relative to fixed income and relative to their own history. Finally, we believe that fundamentals should be rewarded more in coming months as there was more dispersion at the stock level at the end of the Reporting Period than seen through most of 2011, which should bode well for an active approach.

FUND BASICS

Mid Cap Value Fund

as of December 31, 2011


STANDARDIZED TOTAL RETURNS¹


For the period ended 12/31/11	One Year			Five Years			Ten Years			Since Inception			Inception Date


Institutional		-6.38	%		0.25	%		7.41	%		7.14	%	5/01/98
Service		-6.59			0.03			N/A			2.08		1/09/06


¹		The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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


EXPENSE RATIOS²


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


Institutional		0.84	%		0.87	%
Service		1.09			1.12


²		The expense ratios of the Fund, both current (net of any fee waivers and/or expense limitations) and before waivers (gross of any fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights of this report. The Fund’s waivers and/or expense limitations will remain in place through at least April 29, 2012, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.


TOP TEN HOLDINGS AS OF 12/31/11³


Holding	% of Total Net Assets			Line of Business


Xcel Energy, Inc.		2.5	%	Utilities
The J.M. Smucker Co.		2.1		Food, Beverage & Tobacco
PPL Corp.		2.1		Utilities
Everest Re Group Ltd.		1.8		Insurance
Principal Financial Group, Inc.		1.7		Insurance
EQT Corp.		1.7		Energy
Liberty Interactive Corp. Class A		1.7		Retailing
Scripps Networks Interactive, Inc. Class A		1.6		Media
SCANA Corp.		1.6		Utilities
Sempra Energy		1.5		Utilities


³		The top 10 holdings may not be representative of the Fund’s future investments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Performance Summary

December 31, 2011

The following graph shows the value, as of December 31, 2011, of a $10,000 investment made on January 1, 2002 in the Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell Midcap Value Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. Performance of Service Shares will vary from Institutional Shares due to differences in class specific fees. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.


Mid Cap Value Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2002 through December 31, 2011.

Average Annual Total Return through December 31, 2011

One Year

Five Years

Ten Years

Since Inception

Institutional (Commenced May 1, 1998)

−6.38%

0.25%

7.41%

7.14%

Service (Commenced January 9, 2006)

−6.59%

0.03%

N/A

2.08%

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments

December 31, 2011

Shares Description Value

Common Stocks – 96.4%

Automobiles & Components – 2.0%

277,034 Lear Corp. $ 11,025,953

130,594 TRW Automotive Holdings Corp.* 4,257,365

15,283,318

Banks – 4.9%

192,642 CIT Group, Inc.* 6,717,426

206,205 Comerica, Inc. 5,320,089

631,866 Fifth Third Bancorp 8,037,335

140,152 First Republic Bank* 4,290,053

87,164 M&T Bank Corp. 6,654,100

366,778 SunTrust Banks, Inc. 6,491,971

37,510,974

Capital Goods – 8.2%

209,309 BE Aerospace, Inc.* 8,102,351

48,852 Chicago Bridge & Iron Co. NV 1,846,606

101,678 Cooper Industries PLC 5,505,864

53,386 Dover Corp. 3,099,057

170,321 Eaton Corp. 7,414,073

23,400 Gardner Denver, Inc. 1,803,204

411,637 Masco Corp. 4,313,956

67,778 Parker Hannifin Corp. 5,168,072

158,245 Pentair, Inc. 5,267,976

75,502 Rockwell Automation, Inc. 5,539,582

406,605 Spirit Aerosystems Holdings, Inc. Class A* 8,449,252

338,747 Textron, Inc. 6,263,432

62,773,425

Commercial & Professional Services – 0.8%

211,527 Republic Services, Inc. 5,827,569

Consumer Durables & Apparel – 2.1%

9,902 NVR, Inc.* 6,792,772

130,574 PVH Corp. 9,204,161

15,996,933

Consumer Services – 1.0%

155,791 Starwood Hotels & Resorts Worldwide, Inc. 7,473,294

Diversified Financials – 4.3%

362,395 Invesco Ltd. 7,280,516

126,984 Lazard Ltd. Class A 3,315,552

79,756 Legg Mason, Inc. 1,918,132

839,834 SLM Corp. 11,253,776

376,789 The NASDAQ OMX Group, Inc.* 9,235,098

33,003,074

Energy – 5.6%

184,796 Cameron International Corp.* 9,090,115

146,346 Energen Corp. 7,317,300

240,207 EQT Corp. 13,160,942

125,055 Pioneer Natural Resources Co. 11,189,921

37,193 Range Resources Corp. 2,303,735

43,062,013

Food, Beverage & Tobacco – 4.7%

135,051 Bunge Ltd. 7,724,917

152,490 Coca-Cola Enterprises, Inc. 3,931,192

65,969 Corn Products International, Inc. 3,469,310

228,980 Sara Lee Corp. 4,332,302

209,271 The J.M. Smucker Co. 16,358,714

35,816,435

Health Care Equipment & Services – 3.9%

223,540 Aetna, Inc. 9,431,153

1,786,975 Boston Scientific Corp.* 9,542,446

380,414 Hologic, Inc.* 6,661,049

129,384 Patterson Companies, Inc. 3,819,416

29,454,064

Household & Personal Products – 0.8%

79,005 Energizer Holdings, Inc.* 6,121,307

Insurance – 9.2%

165,748 Everest Re Group Ltd. 13,937,749

469,160 Genworth Financial, Inc. Class A* 3,072,998

190,086 Hartford Financial Services Group, Inc. 3,088,898

120,326 Lincoln National Corp. 2,336,731

173,432 Marsh & McLennan Companies, Inc. 5,483,920

106,278 PartnerRe Ltd. 6,824,110

537,883 Principal Financial Group, Inc. 13,231,922

285,446 W.R. Berkley Corp. 9,816,488

88,445 Willis Group Holdings PLC 3,431,666

448,921 XL Group PLC 8,875,168

70,099,650

Materials – 3.5%

153,735 Albemarle Corp. 7,918,890

78,842 Allegheny Technologies, Inc. 3,768,648

24,837 CF Industries Holdings, Inc. 3,600,868

425,228 Chemtura Corp.* 4,822,085

86,824 Cytec Industries, Inc. 3,876,692

60,326 Reliance Steel & Aluminum Co. 2,937,273

26,924,456

Media – 2.6%

187,666 Liberty Global, Inc. Class A* 7,699,936

291,973 Scripps Networks Interactive, Inc. Class A 12,385,495

20,085,431

Pharmaceuticals, Biotechnology & Life Sciences – 2.2%

220,618 Life Technologies Corp.* 8,584,247

552,710 Warner Chilcott PLC Class A* 8,362,502

16,946,749

Real Estate Investment Trust – 11.2%

102,923 Alexandria Real Estate Equities, Inc. 7,098,599

83,442 AvalonBay Communities, Inc. 10,897,525

85,505 Camden Property Trust 5,321,831

308,931 Douglas Emmett, Inc. 5,634,901

21,645 Essex Property Trust, Inc. 3,041,339

762,019 Host Hotels & Resorts, Inc. 11,255,021

451,248 Kimco Realty Corp. 7,328,267

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments (continued)

December 31, 2011

Shares Description Value

Common Stocks – (continued)

Real Estate Investment Trust – (continued)

176,570 Liberty Property Trust $ 5,452,482

900,441 MFA Financial, Inc. 6,050,964

231,603 Tanger Factory Outlet Centers, Inc. 6,790,600

106,656 Taubman Centers, Inc. 6,623,338

177,599 Ventas, Inc. 9,791,033

85,285,900

Retailing – 4.5%

791,295 Liberty Interactive Corp. Class A* 12,830,848

325,381 Macy’s, Inc. 10,470,760

119,048 PetSmart, Inc. 6,105,972

112,554 Ross Stores, Inc. 5,349,692

34,757,272

Semiconductors & Semiconductor Equipment – 3.3%

149,872 Cavium, Inc.* 4,260,861

263,556 Maxim Integrated Products, Inc. 6,862,998

456,392 NVIDIA Corp.* 6,325,593

235,351 Xilinx, Inc. 7,545,353

24,994,805

Software & Services – 2.9%

214,341 Adobe Systems, Inc.* 6,059,420

111,039 BMC Software, Inc.* 3,639,858

164,936 Electronic Arts, Inc.* 3,397,682

299,678 Parametric Technology Corp.* 5,472,120

145,780 QLIK Technologies, Inc.* 3,527,876

22,096,956

Technology Hardware & Equipment – 2.9%

120,563 Amphenol Corp. Class A 5,472,355

208,007 Juniper Networks, Inc.* 4,245,423

191,993 NetApp, Inc.* 6,963,586

330,901 Polycom, Inc.* 5,393,686

22,075,050

Telecommunication Services – 0.7%

2,376,253 Sprint Nextel Corp.* 5,560,432

Transportation – 0.6%

69,427 Kansas City Southern* 4,721,730

Utilities – 14.5%

277,816 CMS Energy Corp. 6,134,177

219,839 Edison International 9,101,335

863,806 GenOn Energy, Inc.* 2,254,534

127,327 Great Plains Energy, Inc. 2,773,182

194,667 Northeast Utilities 7,021,639

542,502 NV Energy, Inc. 8,869,908

37,781 OGE Energy Corp. 2,142,560

158,875 Pinnacle West Capital Corp. 7,654,597

537,930 PPL Corp. 15,825,901

134,633 Questar Corp. 2,673,811

265,957 SCANA Corp. 11,984,022

211,690 Sempra Energy 11,642,950

326,031 The AES Corp.* 3,860,207

691,476 Xcel Energy, Inc. 19,112,397

111,051,220

TOTAL INVESTMENTS – 96.4%

(Cost $713,252,251)
$ 736,922,057

OTHER ASSETS IN EXCESS OF LIABILITIES – 3.6%
27,513,695

NET ASSETS – 100.0%
$ 764,435,752

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.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Assets and Liabilities

December 31, 2011



Assets:

Investments, at value (cost $713,252,251)	$	736,922,057
Cash		27,130,279
Receivables:
Dividends		1,692,193
Investments sold		1,036,485
Fund shares sold		43,357
Due from broker		3,472


Total assets		766,827,843




Liabilities:

Payables:
Fund shares redeemed		1,048,302
Investments purchased		719,004
Amounts owed to affiliates		544,186
Accrued expenses		80,599


Total liabilities		2,392,091




Net Assets:

Paid-in capital		885,470,144
Undistributed net investment income		3,371,934
Accumulated net realized loss		(148,076,132	)
Net unrealized gain		23,669,806


NET ASSETS	$	764,435,752


Net Assets:
Institutional	$	604,797,364
Service		159,638,388


Total Net Assets	$	764,435,752


Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):
Institutional		46,192,216
Service		12,176,053


Net asset value, offering and redemption price per share:
Institutional		$13.09
Service		13.11

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Operations

For the Fiscal Year Ended December 31, 2011



Investment income:

Dividends (net of foreign taxes withheld of $366)	$	14,333,604




Expenses:

Management fees		6,881,096
Distribution and Service fees — Service Class		387,474
Transfer Agent fees^(a)		172,013
Printing and mailing costs		136,551
Professional fees		88,610
Custody and accounting fees		78,129
Trustee fees		17,263
Other		28,164


Total expenses		7,789,300


Less — expense reductions		(122,711	)


Net expenses		7,666,589


NET INVESTMENT INCOME		6,667,015




Realized and unrealized gain (loss):

Net realized gain from investments (including commissions recaptured of $209,614)		80,337,958
Net change in unrealized loss on investments		(139,903,556	)


Net realized and unrealized loss		(59,565,598	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(52,898,583	)


(a)		Institutional and Service Shares had Transfer Agent fees of $141,018 and $30,995, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statements of Changes in Net Assets


	For the			For the
	Fiscal Year Ended			Fiscal Year Ended
	December 31, 2011			December 31, 2010

From operations:

Net investment income	$	6,667,015		$	5,547,217
Net realized gain		80,337,958			140,485,737
Net change in unrealized gain (loss)		(139,903,556	)		51,064,556


Net increase (decrease) in net assets resulting from operations		(52,898,583	)		197,097,510




Distributions to shareholders:

From net investment income
Institutional Shares		(5,031,254	)		(4,764,554	)
Service Shares		(935,469	)		(592,691	)


Total distributions to shareholders		(5,966,723	)		(5,357,245	)




From share transactions:

Proceeds from sales of shares		87,019,443			52,232,265
Reinvestment of distributions		5,966,723			5,357,245
Cost of shares redeemed		(185,869,286	)		(289,923,397	)


Net decrease in net assets resulting from share transactions		(92,883,120	)		(232,333,887	)


TOTAL DECREASE		(151,748,426	)		(40,593,622	)




Net assets:

Beginning of year		916,184,178			956,777,800


End of year	$	764,435,752		$	916,184,178


Undistributed net investment income	$	3,371,934		$	2,729,154

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


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

FOR THE FISCAL YEARS ENDED DECEMBER 31,
2011 - Institutional	$	14.10	$	0.11		$	(1.01	)	$	(0.90	)	$	(0.11	)	$	—		$	(0.11	)	$	13.09		(6.38	)%	$	604,797		0.85	%		0.86	%		0.81	%		75	%
2011 - Service		14.12		0.08			(1.01	)		(0.93	)		(0.08	)		—			(0.08	)		13.11		(6.59	)		159,638		1.10			1.11			0.61			75

2010 - Institutional		11.35		0.08			2.76			2.84			(0.09	)		—			(0.09	)		14.10		25.00			769,552		0.87			0.87			0.65			88
2010 - Service		11.37		0.05			2.76			2.81			(0.06	)		—			(0.06	)		14.12		24.69			146,632		1.12			1.12			0.44			88

2009 - Institutional		8.66		0.14	^(c)		2.73			2.87			(0.18	)		—			(0.18	)		11.35		33.15			834,376		0.86			0.86			1.46	^(c)		111
2009 - Service		8.68		0.12	^(c)		2.73			2.85			(0.16	)		—			(0.16	)		11.37		32.78			122,402		1.11			1.11			1.21	^(c)		111

2008 - Institutional		14.02		0.14	^(d)		(5.34	)		(5.20	)		(0.14	)		(0.02	)		(0.16	)		8.66		(36.97	)		748,682		0.84			0.84			1.16	^(d)		93
2008 - Service		14.03		0.11	^(d)		(5.34	)		(5.23	)		(0.10	)		(0.02	)		(0.12	)		8.68		(37.13	)		111,437		1.09			1.09			0.91	^(d)		93

2007 - Institutional		16.09		0.14	^(e)		0.39			0.53			(0.13	)		(2.47	)		(2.60	)		14.02		3.20			1,559,013		0.87	^(f)		0.87	^(f)		0.85	^(e)(f)		84
2007 - Service		16.09		0.12	^(e)		0.40			0.52			(0.11	)		(2.47	)		(2.58	)		14.03		3.16			225,190		0.97	^(f)		1.12	^(f)		0.75	^(e)(f)		84


(a)		Calculated based on the average shares outstanding methodology.
(b)		Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the year.
(c)		Reflects income recognized from non-recurring special dividends which amounted to $0.03 per share and 0.37% of average net assets.
(d)		Reflects income recognized from non-recurring special dividends which amounted to $0.01 per share and 0.11% of average net assets.
(e)		Reflects income recognized from non-recurring special dividends which amounted to $0.01 per share and 0.06% of average net assets.
(f)		Includes non-recurring expense for a special shareholder proxy meeting which amounted to approximately 0.02% of average net assets.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements

December 31, 2011


1. ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs Mid Cap Value Fund (the “Fund”). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service. Shares of the Trust are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.


2. SIGNIFICANT ACCOUNTING POLICIES

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements (continued)

December 31, 2011


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

(“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost of the REIT.

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

D. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agent fees. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

E. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.


3. FAIR VALUE OF INVESTMENTS

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

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

The levels used for classifying investments are not necessarily an indication of the risk associated with investing in those investments.

The following is a summary of the Fund’s investments categorized in the fair value hierarchy as of December 31, 2011:


Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments	$	736,922,057	$	—	$	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND


4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the trustees.

For the fiscal year ended December 31, 2011, contractual and effective net management fees with GSAM were at the following rates:


Contractual Management Rate
First	Next			Next			Over			Effective			Effective Net
$2 billion	$3 billion			$3 billion			$8 billion			Rate			Management Rate

0.80%		0.72	%		0.68	%		0.67	%		0.80	%		0.79	%*


*		Effective June 30, 2011, GSAM agreed to waive a portion of its management fee in order to achieve an effective net management rate of 0.77% through at least April 29, 2012. Prior to such date GSAM may not terminate the arrangement without the approval of the trustees. For the fiscal year ended December 31, 2011, GSAM waived approximately $119,600 of the Fund’s management fee.

D. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expense” of the Fund (excluding management fees, distribution and service fees, transfer agent fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, 0.054% of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. These Other Expense reimbursements will remain in place through at least April 29, 2012, and prior to such date GSAM may not terminate the arrangement without the approval of the trustees. For the fiscal year ended December 31, 2011, GSAM did not make any reimbursements to the Fund. In addition, the Fund has entered into certain offset arrangements with the custodian, which may result in a reduction of the Fund’s expenses. For the fiscal year ended December 31, 2011, custody fee credits were approximately $3,100.

As of December 31, 2011, the amounts owed to affiliates were approximately $497,800, $33,400 and $13,000 for management, distribution and service, and transfer agent fees, respectively.

F. Other Transactions with Affiliates — For the fiscal year ended December 31, 2011, Goldman Sachs earned approximately $77,400 in brokerage commissions from portfolio transactions on behalf of the Fund.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements (continued)

December 31, 2011


5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2011, were $640,311,892 and $743,991,577, respectively.


6. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2010 and December 31, 2011 was as follows:


	2010		2011

Distributions paid from ordinary income	$	5,357,245	$	5,966,723

As of December 31, 2011, the components of accumulated earnings (losses) on a tax-basis were as follows:


Undistributed ordinary income — net	$	3,191,553


Capital loss carryovers:⁽¹⁾⁽²⁾
Expiring 2017	$	(129,955,252	)


Timing differences (post October loss deferral and certain REIT dividends)		(12,963,708	)
Unrealized gains — net		18,693,015


Total accumulated losses — net	$	(121,034,392	)


(1)		Under new tax rules, capital losses recognized in tax years beginning after December 22, 2010, that do not offset recognized capital gains, may be carried over to future years perpetually, and retain their character as either short-term or long-term that can offset recognized capital gains in such future years. Previously, all capital loss carryovers were treated as short-term and such carryovers generally expired eight years after the initial loss arose. Perpetual capital loss carryovers are required to be utilized prior to expiring capital loss carryovers.
(2)		Expiration occurs on December 31 of the year indicated. The Fund utilized $92,233,445 of capital losses in the current fiscal year.

As of December 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	$	718,229,042


Gross unrealized gain		66,350,507
Gross unrealized loss		(47,657,492	)


Net unrealized security gain	$	18,693,015

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

In order to present certain components of the Fund’s capital accounts on a tax-basis, the Fund has reclassified $57,512 from undistributed net investment income to accumulated net realized gain (loss). This reclassification has no impact on the net asset value of the Fund and result primarily from the difference in the tax treatment of real estate investment trust investments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND


7. OTHER RISKS

The Fund’s risks include, but are not limited to, the following:


8. INDEMNIFICATIONS


9. SUBSEQUENT EVENTS


10. OTHER MATTERS

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Goldman Sachs Mid Cap Value Fund (the “Fund”) at December 31, 2011, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at December 31, 2011 by correspondence with the custodian, brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2012

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Fund Expenses — Six Month Period Ended December 31, 2011 (Unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2011 through December 31, 2011.


						Expenses Paid
						for the
	Beginning		Ending			6 Months
	Account Value		Account Value			Ended
Share Class	7/01/11		12/31/11			12/31/11*
Institutional
Actual	$	1,000	$	882.40		$	3.99
Hypothetical 5% return		1,000		1,020.97	+		4.28

Service
Actual		1,000		881.60			5.17
Hypothetical 5% return		1,000		1,019.71	+		5.55


*		Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2011. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.84% and 1.09% for Institutional and Service Shares, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Trustees and Officers (Unaudited)

Independent Trustees


				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	with the Trust	Time Served²	During Past 5 Years	Trustee³	Held by Trustee⁴
Ashok N. Bakhru Age: 69	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	President, ABN Associates (1994-1996 and 1998-Present); Director, Apollo Investment Corporation (a business development company) (2008-Present); Member of Cornell University Council (1992-2004 and 2006-Present); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Mutual Fund Complex.	104	Apollo Investment Corporation (a business development company)

Donald C. Burke Age: 51	Trustee	Since 2010	Mr. Burke is retired (since 2010). He is a Director, Avista Corp. (2011-Present); and was formerly Director, BlackRock Luxembourg and Cayman Funds (2006-2010); President and Chief Executive Officer, BlackRock U.S. Funds (2007-2009); Managing Director, BlackRock, Inc. (2006-2009); Managing Director, Merrill Lynch Investment Managers, L.P. (“MLIM”) (2006); First Vice President, MLIM (1997-2005); Chief Financial Officer and Treasurer, MLIM U.S. Funds (1999-2006). Trustee — Goldman Sachs Mutual Fund Complex.	104	Avista Corp. (an energy company)

John P. Coblentz, Jr. Age: 70	Trustee	Since 2003	Partner, Deloitte & Touche LLP (1975-2003); Director, Emerging Markets Group, Ltd. (2004-2006); and Director, Elderhostel, Inc. (2006-Present). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Diana M. Daniels Age: 62	Trustee	Since 2007	Ms. Daniels is retired (since 2007). Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Vice Chairman of the Board of Trustees of Cornell University (2009-Present); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (since 2007), and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Joseph P. LoRusso Age: 54	Trustee	Since 2010	Mr. LoRusso is retired (since 2008). Formerly, he was President, Fidelity Investments Institutional Services Co. (“FIIS”) (2002-2008); Director, FIIS (2002-2008); Director, Fidelity Investments Institutional Operations Company (2003-2007); Executive Officer, Fidelity Distributors Corporation (2007-2008). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Jessica Palmer Age: 62	Trustee	Since 2007	Ms. Palmer is retired (since 2006). She is a Director, Emerson Center for the Arts and Culture (2011- Present); and was formerly a Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Richard P. Strubel Age: 72	Trustee	Since 1987	Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); Trustee, Emeritus, The University of Chicago (1987-Present). Trustee — Goldman Sachs Mutual Fund Complex.	104	The Northern Trust Mutual Fund Complex (58 Portfolios) (Chairman of the Board of Trustees). Gildan Activewear Inc. (a clothing marketing and manufacturing company).

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustees


				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	with the Trust	Time Served²	During Past 5 Years	Trustee³	Held by Trustee⁴
James A. McNamara* Age: 49	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President — Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Mutual Fund Complex (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).	104	None

Alan A. Shuch* Age: 62	Trustee	Since 1990	Advisory Director — GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee — Goldman Sachs Mutual Fund Complex.	104	None


*		These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
¹		Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Peter V. Bonanno. Information is provided as of December 31, 2011.
²		Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the conclusion of the first Board meeting held subsequent to the day the Trustee attains the age of 74 years (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.
³		The Goldman Sachs Mutual Fund Complex consists of the Trust, Goldman Sachs Municipal Opportunity Fund, Goldman Sachs Credit Strategies Fund, and Goldman Sachs Trust. As of December 31, 2011, the Trust consisted of 12 portfolios (11 of which currently offer shares to the public). Goldman Sachs Trust consisted of 90 portfolios (83 of which currently offer shares to the public) and the Goldman Sachs Municipal Opportunity Fund and did not offer shares to the public.
⁴		This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


		Term of
		Office and
	Position(s) Held	Length of
Name, Address and Age	With the Trust	Time Served¹	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 49	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President — Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Mutual Fund Complex (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).

George F. Travers 30 Hudson Street Jersey City, NJ 07302 Age: 43	Senior Vice President and Principal Financial Officer	Since 2009	Managing Director, Goldman Sachs (2007-present); Managing Director, UBS Ag (2005-2007); and Partner, Deloitte & Touche LLP (1990-2005, partner from 2000-2005). Senior Vice President and Principal Financial Officer — Goldman Sachs Mutual Fund Complex.

Peter V. Bonanno 200 West Street New York, NY 10282 Age: 44	Secretary	Since 2003	Managing Director, Goldman Sachs (December 2006-Present); Associate General Counsel, Goldman Sachs (2002-Present); Vice President, Goldman Sachs (1999-2006); and Assistant General Counsel, Goldman Sachs (1999-2002). Secretary — Goldman Sachs Mutual Fund Complex (2006-Present); and Assistant Secretary — Goldman Sachs Mutual Fund Complex (2003-2006).

Scott M. McHugh 200 West Street New York, NY 10282 Age: 40	Treasurer and Senior Vice President	Since 2009	Vice President, Goldman Sachs (February 2007-Present); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer — Goldman Sachs Mutual Fund Complex (October 2009-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (November 2009-Present); and Assistant Treasurer — Goldman Sachs Mutual Fund Complex (May 2007-October 2009).


¹		Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. Information is provided as of December 31, 2011.
*		Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the fiscal year ended December 31, 2011, 100% of the dividends paid from net investment company taxable income by the Mid Cap Value Fund qualify for the dividends received deduction available to corporations.


TRUSTEES Ashok N. Bakhru, Chairman Donald C. Burke John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel		OFFICERS James A. McNamara, President George F. Travers, Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer

GOLDMAN, SACHS & CO. Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York New York 10282



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



The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.


A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2011 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) website at http://www.sec.gov.


The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-621-2550.


Holdings and allocations shown are as of December 31, 2011 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.


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


The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital international Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.


The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.


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


Toll Free (in U.S.): 800-292-4726


This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Goldman Sachs Mid Cap Value Fund.


^© 2012 Goldman Sachs. All rights reserved.
VITMIDCAR12/67854.MF.MED.TMPL/2/2012

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Principal Investment Strategies and Risks

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

The Goldman Sachs Strategic International Equity Fund invests primarily in a diversified portfolio of equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Foreign and emerging market securities may be more volatile and less liquid than investments in U.S. securities and will be subject to the risks of currency fluctuations and adverse economic or political developments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

INVESTMENT OBJECTIVE

Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs International Equity Portfolio Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Strategic International Equity Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2011 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of -15.05% and -15.16%, respectively. These returns compare to the -12.14% average annual total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (net, unhedged) (the “MSCI EAFE Index”), during the same time period.

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

International equities, as measured by the MSCI EAFE Index, lost 12.14% in U.S. dollar terms during the Reporting Period. Despite gains in the first, second and fourth quarters of 2011, annual performance was defined by the steep decline in the third quarter as the European sovereign debt crisis worsened and the global economy looked at risk.

Early in the Reporting Period, energy stocks made strong gains as the benchmark Brent crude oil price reached almost $120 per barrel by March on supply disruption fears stemming from escalating unrest across North Africa and the Middle East. However, beginning in March, investor enthusiasm began to wane as the European sovereign debt crisis took a turn for the worse following an inconclusive Eurozone summit, a downgrade of Portugal’s debt by independent ratings agency Standard & Poor’s to BBB−, and news that Greece had failed to meet its deficit targets. In addition, the Japanese equity market suffered a sharp decline in March following the devastating earthquake and tsunami that caused a nuclear crisis in the country. Japanese production suffered its biggest fall in March since records began to be kept in 1953, and supply chains were heavily disrupted. In addition, the Bank of Japan reduced its growth forecast for the nation for the fiscal year by a percentage point to 0.6% on weaker economic data. Brent crude oil prices peaked at $126 per barrel in April and then began to recede on concerns that demand might be slowing, prompting declines in the energy sector.

Increasing concern over Europe’s sovereign debt crisis and a global economic slowdown dominated global equity performance during the third quarter of 2011. The prospect of a Greek default and the lack of agreement on a solution amongst European leaders weighed heavily on European equity markets. At the same time, Standard & Poor’s downgraded U.S. sovereign debt one notch from AAA to AA+ in August 2011 for the first time in history, and in September, the U.S. Federal Reserve Board (the Fed) announced a plan for additional monetary easing, which further fueled concerns over the economic outlook. Equity market weakness during the third quarter was broad based and pushed many equity indices into negative territory year to date. Expectations of weaker demand from a slowing global economy also knocked down many commodity prices, including oil. As a result, during the third quarter, the cyclically-oriented materials and energy sectors gave up earlier gains, and financials stocks, particularly banks, were heavily penalized for the sovereign debt issues in Europe and the U.S. More defensive sectors, such as consumer staples, utilities and telecommunication services, fared significantly better.

Following the steep declines of the third quarter, international equities rallied back forcefully in October, largely on optimism that European leaders would work out a solution for the sovereign debt crisis at a summit later in the month. An agreement was indeed reached, but on October 31, the Greek prime minster shocked other European leaders and the financial markets by calling for a referendum on the proposal, which could threaten the agreement. As a result, European equities retreated in November. Concern for the fate of the European Monetary Union intensified during the latter part of the fourth quarter as the Greek and Italian government leaders were replaced by technocrats, credit conditions tightened for banks, yields on Italian and Spanish government debt hovered near unsustainable levels, and Germany had a surprisingly disappointing bond auction. Japanese equities were also weak late in the fourth quarter because of production disruptions from the floods in Thailand and a corporate scandal that made headlines. Asia ex-Japan equities also retreated late in 2011, partially as a result of weakening currencies versus the U.S. dollar.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

During the Reporting Period overall, equity markets in all regions declined, although European equities outperformed Japanese and Asia ex-Japan equities. Sector performance within the MSCI EAFE Index was more varied. Economically-sensitive cyclical sectors, such as materials and financials, posted sharp losses, while traditionally defensive sectors, such as health care and consumer staples, made gains.

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

The Fund’s underperformance of the MSCI EAFE Index during the Reporting Period can be primarily attributed to individual stock selection.

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

The biggest detractors from Fund performance relative to the MSCI EAFE Index during the Reporting Period were Swiss-based information technology company Temenos, Netherlands-based Royal Dutch Shell and U.K. insurance company Admiral.

European system banking software specialist Temenos detracted from the Fund’s results during the Reporting Period. Its share price weakness was due primarily to investor concern that European banks would defer purchases given the uncertainty surrounding the European sovereign debt crisis. We maintained a modest position in the company, as we believe Temenos has compelling long-term prospects given its strong position in the structurally growing market of packaged software solutions for banks. The opportunity for margin expansion with low-margin implementation projects increasingly undertaken by partners and the company’s significant exposure to emerging market growth further support our positive view on the company.

Royal Dutch Shell detracted from the Fund’s results because the Fund was underweighted this strongly-performing stock in 2011. We favored positions in Total and ENI among the major oil companies as we had greater confidence in their production growth profiles, and both Total and ENI presented, in our view, more compelling valuation cases compared to their peers.

Admiral performed well during the first half of the Reporting Period. However, the company proved to be a major detractor from Fund results for the Reporting Period overall based on several factors. First, in October, investors’ perception that the stock was defensive hurt it in a less risk-averse market and a rallying financials sector. Admiral’s share price also experienced weakness in the latter part of the Reporting Period due to investor concerns of upward revisions to loss ratio estimates for the 2009 and 2010 underwriting years highlighted in the company’s half-year results. Further, there was some high profile political pressure on the U.K. motor insurance industry with regard to lawyer referral fees and industry price increases. Finally, in November, the company announced that its underwriting results relating to large bodily injury claims had deteriorated from the first half of the year. In the early stages of claims development, actuarial estimates of losses can vary significantly from where they ultimately settle, so it remained to be seen at the end of the Reporting Period whether Admiral’s recent poor claims experience is true deterioration or merely “noise.” Thus, despite the stock’s weakness, we continued to hold a favorable long-term view of the company as we believe it has a significant cost advantage in operating expenses and claims cost compared to its peers. That said, in light of the uncertainty surrounding the company, we began trimming the Fund’s position in Admiral and continue to monitor the situation.

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

The greatest contributors to Fund performance relative to the MSCI EAFE Index during the Reporting Period were French alcohol manufacturer Remy Cointreau, Italian integrated oil company ENI and U.K. oil and gas exploration and production company Tullow Oil.

Remy Cointreau was a strong individual contributor to the Fund’s results during the Reporting Period. The company posted results that surpassed expectations, as strong sales growth was driven by its premium products, most notably VSP and XO qualities of Remy Martin Cognac. At the end of the Reporting Period, we continued to favor this company as its products are becoming more popular and affordable in regions such as Asia, Russia and the Middle East.

In the early part of 2011, ENI was moderately impacted by production shut-downs and delays caused by the Arab spring. The company has a large footprint in the Middle East, particularly in Libya, and so it was more heavily impacted than many of the other major European oil companies. Then, as the European sovereign debt crisis dominated the markets in the middle part of the year, ENI suffered in line with the Italian equity market broadly, despite the resilience of oil prices. However, as sovereign debt concerns began to ease in the fourth quarter of 2011, ENI’s share price performance diverged from its local market, and the stock strongly outperformed, pushing it into the top contributors to Fund performance for the annual period overall. Further supporting the stock’s strong performance was positive news in October that ENI had made a large natural gas discovery off the coast of Mozambique.

Another strong contributor to the Fund’s performance during the Reporting Period was Tullow Oil. Shares of the company increased after the oil discovery made by its Zaedyus exploration well in offshore French Guiana. Tullow has built a strong and

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

unique acreage position in South America, and we believe this discovery could mark the start of a significant and potentially transformational long-term exploration and appraisal campaign in the region.

Which equity market sectors most significantly affected Fund performance?

The biggest detractors from the Fund’s relative results during the Reporting Period were information technology, health care and utilities, where stock selection in each of these sectors weighed negatively on performance.

Effective security selection within the consumer discretionary and telecommunication services sectors contributed positively to the Fund’s performance relative to the MSCI EAFE Index during the Reporting Period. The Fund’s overweighted position in the strongly-performing consumer discretionary sector and underweighted exposure to the weaker materials sector relative to the MSCI EAFE Index also added value.

Which countries or regions most affected the Fund’s performance during the Reporting Period?

Typically, the Fund’s individual stock holdings will significantly influence the Fund’s performance within a particular country or region relative to the MSCI EAFE Index. This effect may be even more pronounced in countries that represent only a modest proportion of the MSCI Index.

That said, the countries that detracted most from the Fund’s performance during the Reporting Period were the U.K., Japan and Sweden. The Fund’s overall positioning in France, Germany and Indonesia contributed most positively to the Fund’s returns relative to the MSCI EAFE Index.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we did not use derivatives to hedge positions or as part of an active management strategy, but we used index futures, on an opportunistic basis, to ensure the portfolio remained almost fully exposed to equities following cash inflows or stock sales.

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

During the Reporting Period, we established Fund positions in Unilever, Westpac Banking and BP, as we believe each is a quality company with an attractive valuation. More specifically, we favored U.K.-based consumer goods manufacturer Unilever because we believe the company has an impressive suite of quality products with pricing power, an improved business structure and exposure to high growth emerging markets.

A position in Westpac Banking, the second largest bank in Australia and New Zealand, was added to the Fund during the Reporting Period. The bank, conservatively run in our view, is purely focused on servicing Australia and New Zealand, unlike its peers, and on retail and commercial banking. Attributes of the company that we find compelling include a strong capital base and a good funding profile. In addition, its loan book has consistently experienced better asset quality versus its peers due, we believe, to its focus on safe mortgages. In our view, a strong cost discipline helps the bank earn a consistently high return on equity. Furthermore, we believe its valuation at the time of purchase was attractive for a bank of this quality in a global context.

We decided to initiate a position in U.K. integrated oil company BP based on what we believed to be its attractive relative valuation and our expectations for positive earnings revisions and strong cash flow generation. Furthermore, we thought that the risk of further Macondo provisioning requirements is reducing, and the company may possibly turn out to be over-provisioned. That is, BP has set aside a certain amount of finances to provide for ultimate fines, penalties and economic compensation related to its role in Macondo oil well spill, to be determined upon conclusion of a trial that may still last for years to come.” Macondo is the well involved in the Gulf of Mexico disaster in 2010.

We exited the Fund’s position in GlaxoSmithKline, KPN and Sony during the Reporting Period.

We eliminated the Fund’s position in U.K. pharmaceuticals company GlaxoSmithKline as it had been a strong performer, and the stock subsequently appeared to us to be expensive relative to its large-cap pharmaceutical peers.

We exited the Fund’s position in Dutch telecommunications company KPN due to news that impacted our original investment thesis on the company. More specifically, we sold the position in KPN based on announcements that the competitive landscape would be changing in the Dutch mobile phone market, a market in which KPN currently has a dominant market share. We were also concerned about pressures around KPN’s revenue as Dutch consumers seem to be moving away from “out of bundle” SMS (Short Message Service, i.e. the text communication service component of phone, web or mobile communication systems) and voice usage in favor of free smartphone applications, such as e-mail or instant messaging.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

We sold the Fund’s position in Japanese electric appliances company Sony during the Reporting Period based on our belief that there were potentially more attractive opportunities elsewhere.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making regional, country, sector or industry bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector or country weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, there were no notable changes in the Fund’s sector or country weightings during the Reporting Period.

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

At the end of December 2011, the Fund had greater weightings than the MSCI EAFE Index in the industrials, information technology and utilities sectors. The Fund had underweighted allocations to the financials, telecommunication services, consumer discretionary, consumer staples, materials and health care sectors and was rather neutrally weighted to the MSCI EAFE Index in the energy sector at the end of the Reporting Period.

From a country perspective, the Fund had greater positions in Switzerland and Finland relative to the MSCI EAFE Index at the end of December 2011. The Fund had less exposure to Japan than the MSCI EAFE Index at the end of the Reporting Period. On the same date, the Fund had rather neutral exposures to Italy and the Netherlands compared to the MSCI EAFE Index.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, but closely monitored, effect.

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

In our view, international equity performance will continue to be heavily influenced in the months ahead by the European sovereign debt crisis. After all, until a solution is found, these sovereign debt crises will likely continue to make it difficult for investors to assess risks with confidence, thus hindering equity market performance. On the other hand, resolution of the sovereign debt crisis would likely lift European and global equities broadly. While we believe that a solution will ultimately emerge, the process may take time. Until then, our challenge as investors is to seek ways in which we can use current conditions to optimal opportunity without taking undue risk. For example, we believe a number of high quality cyclical stocks were trading, at the end of the Reporting Period, at discounted valuations simply because the companies are based in Europe. Conversely, we find financial stocks, particularly banks, to have too much risk for the near term, despite their potential for significant outperformance on news of a solution. Stocks in many defensive industries were trading, at the end of the Reporting Period, at valuations we believe do not offer a compelling reward for risk and could have downside should a European plan indeed emerge.

Outside of the European sovereign debt crisis, we believe an improving global economy broadly should help international corporate earnings, as most regions should benefit from strong export trends. Even in Europe, over half of corporate revenues now come from outside of Europe and the U.S. We also expect a rebound in Japanese corporate earnings and economic growth in 2012, as issues from 2011 — including the Tohoku earthquake, the floods in Thailand and the record high levels of the yen — recede. Further supporting our view on Japanese corporate earnings is our belief that the 12 trillion yen fiscal stimulus package, the second largest in Japan’s history, should promote reconstruction demand in Tohoku and boost Japan’s overall economic growth. Finally, following the Tohoku earthquake, Japanese companies started to expand their overseas business more rapidly through local production and mergers and acquisitions. We believe this strategy may well benefit Japanese companies in the new year, as they seek to build market share in the faster growing Asian markets.

Individual stock selection, then, will be critical, in our view, to generating returns in this more challenging environment anticipated for the near term. Corporate margins in many regions are at historically high levels, which is a factor that concerned us in 2011 and remains a risk into 2012. With this in mind, as fundamental equity investors, we intend to look for companies that may be currently misunderstood or mispriced by the market — for example, due to a European domicile — but that we believe have the ability to sustain, or possibly increase, their profit margins through robust business models, market share gains or other distinct opportunities for growth.

As always, we continue to focus on building the Fund’s quality portfolio through intense bottom-up research and believe such a disciplined strategy will help us position the Fund effectively in these still uncertain times.

FUND BASICS

Strategic International Equity Fund

as of December 31, 2011


STANDARDIZED TOTAL RETURNS¹


For the period ended 12/31/11	One Year			Five Years			Ten Years			Since Inception			Inception Date


Institutional		-15.05	%		-6.79	%		2.06	%		1.95	%	1/12/98
Service		-15.16			-6.96			N/A			-3.53		1/09/06


¹		The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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


EXPENSE RATIOS²


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


Institutional		0.97	%		1.09	%
Service		1.22			1.34


²		The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least April 29, 2012, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

Portfolio Composition


TOP TEN HOLDINGS AS OF 12/31/11³


	% of Total
Holding	Net Assets			Line of Business	Country


HSBC Holdings PLC		3.0	%	Banks	United Kingdom
Novartis AG (Registered)		2.6		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
BASF SE		2.2		Materials	Germany
Unilever NV CVA		2.1		Food, Beverage & Tobacco	Netherlands
Bayer AG (Registered)		2.0		Pharmaceuticals, Biotechnology & Life Sciences	Germany
Vodafone Group PLC		2.0		Telecommunication Services	United Kingdom
Westpac Banking Corp.		1.9		Banks	Australia
Rio Tinto PLC		1.9		Materials	United Kingdom
Sumitomo Mitsui Financial Group, Inc.		1.9		Banks	Japan
BP PLC		1.9		Energy	United Kingdom


³		The top 10 holdings may not be representative of the Fund’s future investments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Performance Summary

December 31, 2011

The following graph shows the value, as of December 31, 2011, of a $10,000 investment made on January 1, 2002 in the Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI EAFE Index (unhedged, net, with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. Performance of Service Shares will vary from Institutional Shares due to differences in class specific fees. In addition to the investment adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.


Strategic International Equity Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2002 through December 31, 2011.


Average Annual Total Return through December 31, 2011	One Year			Five Years			Ten Years			Since Inception

Institutional (Commenced January 12, 1998)		−15.05	%		−6.79	%		2.06	%		1.95	%
Service (Commenced January 9, 2006)		−15.16	%		−6.96	%		N/A			−3.53	%

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

December 31, 2011

Shares Description Value

Common Stocks – (continued)

Netherlands – 3.1%

31,751 Royal Dutch Shell PLC Class B (Energy) $ 1,207,741

81,137 TNT Express NV (Transportation) 604,306

113,378 Unilever NV CVA (Food, Beverage & Tobacco) 3,898,338

5,710,385

South Korea – 0.7%

1,476 Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment) 1,357,681

Sweden – 4.0%

195,870 Scania AB Class B (Capital Goods) 2,891,267

70,382 Svenska Handelsbanken AB Class A (Banks) 1,844,401

246,004 Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment) 2,494,632

7,230,300

Switzerland – 13.1%

37,666 Aryzta AG (Food, Beverage & Tobacco) 1,817,131

35,833 Julius Baer Group Ltd. (Diversified Financials)* 1,395,782

7,077 Kuehne + Nagel International AG (Registered) (Transportation) 792,476

82,482 Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences) 4,709,151

8,080 Partners Group Holding AG (Diversified Financials) 1,407,631

12,725 Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) 2,152,031

7,572 Schindler Holding AG (Capital Goods) 880,169

15,265 Sulzer AG (Registered) (Capital Goods) 1,625,512

30,649 Temenos Group AG (Registered) (Software & Services)* 500,351

261,597 UBS AG (Registered) (Diversified Financials)* 3,103,243

62,512 Weatherford International Ltd. (Energy)* 881,792

35,694 Wolseley PLC (Capital Goods) 1,180,588

15,002 Zurich Financial Services AG (Insurance)* 3,380,061

23,825,918

United Kingdom – 22.3%

135,771 Admiral Group PLC (Insurance) 1,800,043

42,742 Anglo American PLC (Materials) 1,578,897

33,766 ASOS PLC (Retailing)* 647,922

112,242 BG Group PLC (Energy) 2,397,898

479,300 BP PLC (Energy) 3,414,192

706,169 HSBC Holdings PLC (Banks) 5,390,929

75,352 Imperial Tobacco Group PLC (Food, Beverage & Tobacco) 2,851,359

89,471 Inmarsat PLC (Telecommunication Services) 560,334

409,129 Marks & Spencer Group PLC (Retailing) 1,976,012

155,951 National Grid PLC (Utilities) 1,507,389

50,759 Reckitt Benckiser Group PLC (Household & Personal Products) 2,503,435

363,426 Reed Elsevier PLC (Media) 2,925,621

70,807 Rio Tinto PLC (Materials)^(a) 3,458,678

3,839,440 Royal Bank of Scotland Group PLC (Banks)* 1,210,221

98,378 Tullow Oil PLC (Energy) 2,137,576

155,437 Victrex PLC (Materials) 2,644,453

1,289,451 Vodafone Group PLC (Telecommunication Services) 3,595,127

40,600,086

TOTAL COMMON STOCKS

(Cost $181,522,869)
$ 169,525,134

Exchange Traded Fund – 4.7%

Australia – 4.7%

402,441 iShares MSCI Australia Index Fund $ 8,628,335

(Cost $6,730,763)

TOTAL INVESTMENTS – 97.9%

(Cost $188,253,632)
$ 178,153,469

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1%
3,791,838

NET ASSETS – 100.0%
$ 181,945,307

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.




Investment Abbreviations:
ADR	—	American Depositary Receipt
CVA	—	Dutch Certification

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Statement of Assets and Liabilities

December 31, 2011

Assets:

Investments, at value (cost $188,253,632)
$ 178,153,469

Cash
4,070,124

Foreign currencies, at value (cost $1,252,721)
1,251,849

Receivables:

Dividends
324,184

Investments sold
150,639

Foreign tax reclaims
101,858

Fund shares sold
660

Total assets
184,052,783

Liabilities:

Payables:

Investments purchased
1,722,759

Amounts owed to affiliates
161,337

Fund shares redeemed
112,850

Futures variation margin
3,941

Accrued expenses
106,589

Total liabilities
2,107,476

Net Assets:

Paid-in capital
324,804,958

Undistributed net investment income
90,361

Accumulated net realized loss
(132,762,236 )

Net unrealized loss
(10,187,776 )

NET ASSETS
$ 181,945,307

Net Assets:

Institutional
$ 55,954,095

Service
125,991,212

Total Net Assets
$ 181,945,307

Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):

Institutional
7,767,534

Service
17,460,430

Net asset value, offering and redemption price per share:

Institutional
$7.20

Service
7.22

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Statement of Operations

For the Fiscal Year Ended December 31, 2011

Investment income:

Dividends (net of foreign taxes withheld of $504,125)
$ 8,699,179

Interest
24,153

Total investment income
8,723,332

Expenses:

Management fees
1,836,944

Distribution and Service fees — Service Class
367,533

Custody and accounting fees
148,658

Professional fees
99,646

Printing and mailing costs
80,374

Transfer Agent fees^(a)
43,219

Trustee fees
16,285

Other
20,281

Total expenses
2,612,940

Less — expense reductions
(97,608 )

Net expenses
2,515,332

NET INVESTMENT INCOME
6,208,000

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments
5,593,393

Futures contracts
(2,087,880 )

Foreign currency transactions
(251,180 )

Net change in unrealized gain (loss) on:

Investments
(41,700,409 )

Futures contracts
11,977

Foreign currency translation
(43,210 )

Net realized and unrealized loss
(38,477,309 )

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS
$ (32,269,309 )


(a)		Institutional and Service Shares had Transfer Agent fees of $13,819 and $29,400, respectively.

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Statements of Changes in Net Assets

For the
For the

Fiscal Year Ended
Fiscal Year Ended

December 31, 2011 December 31, 2010

From operations:

Net investment income
$ 6,208,000 $ 2,768,882

Net realized gain
3,254,333 20,455,703

Net change in unrealized loss
(41,731,642 ) (929,246 )

Net increase (decrease) in net assets resulting from operations
(32,269,309 ) 22,295,339

Distributions to shareholders:

From net investment income

Institutional Shares
(2,178,755 ) (1,126,914 )

Service Shares
(4,515,597 ) (1,932,729 )

Total distributions to shareholders
(6,694,352 ) (3,059,643 )

From share transactions:

Proceeds from sales of shares
8,234,940 8,858,275

Reinvestment of distributions
6,694,352 3,059,643

Cost of shares redeemed
(30,792,473 ) (33,755,347 )

Net decrease in net assets resulting from share transactions
(15,863,181 ) (21,837,429 )

TOTAL DECREASE
(54,826,842 ) (2,601,733 )

Net assets:

Beginning of year
236,772,149 239,373,882

End of year
$ 181,945,307 $ 236,772,149

Undistributed net investment income
$ 90,361 $ 528,796

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


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

FOR THE FISCAL YEARS ENDED DECEMBER 31,
2011 - Institutional	$	8.82	$	0.26	^(c)	$	(1.59	)	$	(1.33	)	$	(0.29	)	$	—		$	(0.29	)	$	7.20		(15.05	)%	$	55,954		0.99	%		1.04	%		3.03	%^(c)		143	%
2011 - Service		8.83		0.24	^(c)		(1.58	)		(1.34	)		(0.27	)		—			(0.27	)		7.22		(15.16	)		125,991		1.24			1.29			2.80	^(c)		143

2010 - Institutional		8.11		0.11			0.73			0.84			(0.13	)		—			(0.13	)		8.82		10.36			77,558		1.02			1.05			1.38			112
2010 - Service		8.12		0.09			0.73			0.82			(0.11	)		—			(0.11	)		8.83		10.09			159,214		1.27			1.30			1.13			112

2009 - Institutional		6.41		0.13			1.71			1.84			(0.14	)		—			(0.14	)		8.11		28.69			82,015		1.07			1.07			1.80			118
2009 - Service		6.42		0.11			1.71			1.82			(0.12	)		—			(0.12	)		8.12		28.37			157,359		1.32			1.32			1.51			118

2008 - Institutional		13.76		0.32	^(d)		(6.69	)		(6.37	)		(0.33	)		(0.65	)		(0.98	)		6.41		(45.87	)		74,149		1.12			1.12			2.95	^(d)		165
2008 - Service		13.76		0.28	^(d)		(6.67	)		(6.39	)		(0.30	)		(0.65	)		(0.95	)		6.42		(46.00	)		113,836		1.37			1.37			2.64	^(d)		165

2007 - Institutional		14.49		0.20			0.92			1.12			(0.21	)		(1.64	)		(1.85	)		13.76		7.88			136,785		1.16	^(e)		1.16	^(e)		1.30	^(e)		134
2007 - Service		14.49		0.20			0.92			1.12			(0.21	)		(1.64	)		(1.85	)		13.76		7.86			225,901		1.18	^(e)		1.41	^(e)		1.30	^(e)		134


(a)		Calculated based on the average shares outstanding methodology.
(b)		Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year.
(c)		Reflects income recognized from a corporate action which amounted to $0.11 per share and 1.33% of average net assets.
(d)		Reflects income recognized from non-recurring special dividends which amounted to $0.12 per share and 1.12% of average net assets.
(e)		Includes non-recurring expense for a special shareholder proxy meeting which amounted to approximately 0.02% of average net assets.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Notes to Financial Statements

December 31, 2011


1. ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs Strategic International Equity Fund (the “Fund”). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service. Shares of the Trust are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.

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


2. SIGNIFICANT ACCOUNTING POLICIES

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

Investments in equity securities and investment companies traded on a U.S. securities exchange, the NASDAQ system, or those located on certain foreign exchanges including, but not limited to the Americas, 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 GSAMI believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under valuation procedures approved 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.

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 a Fund’s NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; government actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations,

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; and trading halts or suspensions.

E. Foreign Currency Translation — The accounting records and reporting currency of the Fund are maintained in U.S. dollars. Investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within unrealized gain (loss) on foreign currency translations. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within realized gain (loss) on foreign currency transactions.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Notes to Financial Statements (continued)

December 31, 2011


3. FAIR VALUE OF INVESTMENTS

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

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

The levels used for classifying investments are not necessarily an indication of the risk associated with investing in those investments.

The following is a summary of the Fund’s investments and derivatives categorized in the fair value hierarchy as of December 31, 2011:


Investment Type	Level 1			Level 2			Level 3

Assets
Common Stock and/or Other Equity Investments	$	10,243,865		$	167,909,604	^(a)	$	—


Derivative Type


Liabilities
Futures Contracts^(b)	$	(68,165	)	$	—		$	—


(a)		To adjust for the time difference between local market close and the calculation of net asset value, the Fund utilizes fair value model prices for international equities provided by an independent service resulting in a Level 2 classification.
(b)		Amount shown represents unrealized gain (loss) at fiscal year end.


4. INVESTMENTS IN DERIVATIVES

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND


4. INVESTMENTS IN DERIVATIVES (continued)


	Statement of
	Assets and Liabilities
Risk	Location		Liabilities^(a)

Equity		Payable for futures variation margin	$	(68,165	)


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

Net

Net Change in

Average

Realized

Unrealized

Number of

Risk

Statement of Operations Location

Gain (Loss)

Contracts^(a)

Equity

Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts

(2,087,880

)

11,977

115


(a)		Average number of contracts is based on the average of month end balances for the fiscal year ended December 31, 2011.


5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAMI manages the Fund, subject to the general supervision of the trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAMI is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the fiscal year ended December 31, 2011, contractual and effective net management fees with GSAMI were at the following rates:


Contractual Management Rate
First	Next			Next			Next			Over			Effective			Effective Net
$1 billion	$1 billion			$3 billion			$3 billion			$8 billion			Rate			Management Rate

0.85%		0.77	%		0.73	%		0.72	%		0.71	%		0.85	%		0.83	%*


*		Effective June 30, 2011, GSAMI agreed to waive a portion of its management fee in order to achieve an effective net management rate of 0.81% through at least April 29, 2012. Prior to such date GSAMI may not terminate the arrangement without the approval of the trustees. For the fiscal year ended December 31, 2011, GSAMI waived approximately $39,500 of the Fund’s management fee.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Notes to Financial Statements (continued)

December 31, 2011


5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

D. Other Expense Agreements and Affiliated Transactions — GSAMI has agreed to limit certain “Other Expense” of the Fund (excluding management fees, distribution and service fees, transfer agent fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, 0.144% of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAMI for prior fiscal year expense reimbursements, if any. These Other Expense reimbursements will remain in place through at least April 29, 2012, and prior to such date GSAMI may not terminate the arrangement without the approval of the trustees. For the fiscal year ended December 31, 2011, GSAMI reimbursed approximately $54,300 to the Fund. In addition, the Fund has entered into certain offset arrangements with the custodian, which may result in a reduction of the Fund’s expenses. For the fiscal year ended December 31, 2011, custody fee credits were approximately $3,800.

As of December 31, 2011, the amounts owed to affiliates were approximately $131,500, $26,700 and $3,100 for management, distribution and service, and transfer agent fees, respectively.

E. Line of Credit Facility — As of December 31, 2011, the Fund participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAMI or its affiliates (“Other Borrowers”). Pursuant to the terms of the facility, the Fund and Other Borrowers could increase the credit amount by an additional $340,000,000, for a total of up to $920,000,000. This facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2011, the Fund did not have any borrowings under the facility.

F. Other Transactions with Affiliates — For the fiscal year ended December 31, 2011, Goldman Sachs earned approximately $6,000 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Fund.


6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2011, were $295,445,070 and $309,494,752, respectively.


7. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2010 and December 31, 2011 was as follows:


	2010		2011

Distributions paid from ordinary income	$	3,059,643	$	6,694,352

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND


7. TAX INFORMATION (continued)

As of December 31, 2011, the components of accumulated earnings (losses) on a tax-basis were as follows:


Undistributed ordinary income — net	$	468,658


Capital loss carryovers:⁽¹⁾⁽²⁾
Expiring 2016	$	(57,900,490	)
Expiring 2017		(63,558,058	)


Total capital loss carryovers	$	(121,458,548	)


Timing differences (late year ordinary loss and post October loss deferrals)		(8,578,118	)
Unrealized losses — net		(13,291,643	)


Total accumulated losses — net	$	(142,859,651	)


(1)		Under new tax rules, capital losses recognized in tax years beginning after December 22, 2010, that do not offset recognized capital gains, may be carried over to future years perpetually, and retain their character as either short-term or long-term that can offset recognized capital gains in such future years. Previously, all capital loss carryovers were treated as short-term and such carryovers generally expired eight years after the initial loss arose. Perpetual capital loss carryovers are required to be utilized prior to expiring capital loss carryovers.
(2)		Expiration occurs on December 31 of the year indicated. The Fund utilized $11,195,305 of capital losses in the current fiscal year.

As of December 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	$	191,357,499


Gross unrealized gain		6,534,682
Gross unrealized loss		(19,738,712	)


Net unrealized security loss	$	(13,204,030	)


Net unrealized loss on other investments		(87,613	)


Net unrealized loss	$	(13,291,643	)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.

In order to present certain components of the Fund’s capital accounts on a tax-basis, the Fund has reclassified $47,917 from accumulated net realized gain (loss) to undistributed net investment income. These reclassifications have no impact on the net asset value of the Fund and result primarily from the differences in the tax treatment of foreign currency transactions and passive foreign investment company investments.

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


8. OTHER RISKS

The Fund’s risks include, but are not limited to, the following:

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 a 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Notes to Financial Statements (continued)

December 31, 2011


8. OTHER RISKS (continued)

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.

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.


9. INDEMNIFICATIONS

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


10. SUBSEQUENT EVENTS

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


11. OTHER MATTERS

Report of Independent Registered Public
Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Goldman Sachs Strategic International Equity Fund (the “Fund”) at December 31, 2011, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at December 31, 2011 by correspondence with the custodian, brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2012

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Fund Expenses — Six Month Period Ended December 31, 2011 (Unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2011 through December 31, 2011.


						Expenses Paid
						for the
	Beginning		Ending			6 Months
	Account Value		Account Value			Ended
Share Class	7/01/11		12/31/11			12/31/11*
Institutional
Actual	$	1,000	$	811.80		$	4.43
Hypothetical 5% return		1,000		1,020.32	+		4.94

Service
Actual		1,000		811.60			5.57
Hypothetical 5% return		1,000		1,019.06	+		6.21


*		Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2011. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.97% and 1.22% for Institutional and Service Shares, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Trustees and Officers (Unaudited)

Independent Trustees


				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	with the Trust	Time Served²	During Past 5 Years	Trustee³	Held by Trustee⁴
Ashok N. Bakhru Age: 69	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	President, ABN Associates (1994-1996 and 1998-Present); Director, Apollo Investment Corporation (a business development company) (2008-Present); Member of Cornell University Council (1992-2004 and 2006-Present); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Mutual Fund Complex.	104	Apollo Investment Corporation (a business development company)

Donald C. Burke Age: 51	Trustee	Since 2010	Mr. Burke is retired (since 2010). He is a Director, Avista Corp. (2011-Present); and was formerly Director, BlackRock Luxembourg and Cayman Funds (2006-2010); President and Chief Executive Officer, BlackRock U.S. Funds (2007-2009); Managing Director, BlackRock, Inc. (2006-2009); Managing Director, Merrill Lynch Investment Managers, L.P. (“MLIM”) (2006); First Vice President, MLIM (1997-2005); Chief Financial Officer and Treasurer, MLIM U.S. Funds (1999-2006). Trustee — Goldman Sachs Mutual Fund Complex.	104	Avista Corp. (an energy company)

John P. Coblentz, Jr. Age: 70	Trustee	Since 2003	Partner, Deloitte & Touche LLP (1975-2003); Director, Emerging Markets Group, Ltd. (2004-2006); and Director, Elderhostel, Inc. (2006-Present). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Diana M. Daniels Age: 62	Trustee	Since 2007	Ms. Daniels is retired (since 2007). Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Vice Chairman of the Board of Trustees of Cornell University (2009-Present); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (since 2007), and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Joseph P. LoRusso Age: 54	Trustee	Since 2010	Mr. LoRusso is retired (since 2008). Formerly, he was President, Fidelity Investments Institutional Services Co. (“FIIS”) (2002-2008); Director, FIIS (2002-2008); Director, Fidelity Investments Institutional Operations Company (2003-2007); Executive Officer, Fidelity Distributors Corporation (2007-2008). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Jessica Palmer Age: 62	Trustee	Since 2007	Ms. Palmer is retired (since 2006). She is a Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Richard P. Strubel Age: 72	Trustee	Since 1987	Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); Trustee, Emeritus, The University of Chicago (1987-Present). Trustee — Goldman Sachs Mutual Fund Complex.	104	The Northern Trust Mutual Fund Complex (58 Portfolios) (Chairman of the Board of Trustees). Gildan Activewear Inc. (a clothing marketing and manufacturing company).

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustees


				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	with the Trust	Time Served²	During Past 5 Years	Trustee³	Held by Trustee⁴
James A. McNamara* Age: 49	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President — Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Mutual Fund Complex (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).	104	None

Alan A. Shuch* Age: 62	Trustee	Since 1990	Advisory Director — GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee — Goldman Sachs Mutual Fund Complex.	104	None


*		These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
¹		Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Peter V. Bonanno. Information is provided as of December 31, 2011.
²		Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the conclusion of the first Board meeting held subsequent to the day the Trustee attains the age of 74 years (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.
³		The Goldman Sachs Mutual Fund Complex consists of the Trust, Goldman Sachs Municipal Opportunity Fund, Goldman Sachs Credit Strategies Fund, and Goldman Sachs Trust. As of December 31, 2011, the Trust consisted of 12 portfolios (11 of which currently offer shares to the public). Goldman Sachs Trust consisted of 90 portfolios (83 of which currently offer shares to the public) and the Goldman Sachs Municipal Opportunity Fund and did not offer shares to the public.
⁴		This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


		Term of
		Office and
	Position(s) Held	Length of
Name, Address and Age	With the Trust	Time Served¹	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 49	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President — Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Mutual Fund Complex (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).

George F. Travers 30 Hudson Street Jersey City, NJ 07302 Age: 43	Senior Vice President and Principal Financial Officer	Since 2009	Managing Director, Goldman Sachs (2007-present); Managing Director, UBS Ag (2005-2007); and Partner, Deloitte & Touche LLP (1990-2005, partner from 2000-2005). Senior Vice President and Principal Financial Officer — Goldman Sachs Mutual Fund Complex.

Peter V. Bonanno 200 West Street New York, NY 10282 Age: 44	Secretary	Since 2003	Managing Director, Goldman Sachs (December 2006-Present); Associate General Counsel, Goldman Sachs (2002-Present); Vice President, Goldman Sachs (1999-2006); and Assistant General Counsel, Goldman Sachs (1999-2002). Secretary — Goldman Sachs Mutual Fund Complex (2006-Present); and Assistant Secretary — Goldman Sachs Mutual Fund Complex (2003-2006).

Scott M. McHugh 200 West Street New York, NY 10282 Age: 40	Treasurer and Senior Vice President	Since 2009	Vice President, Goldman Sachs (February 2007-Present); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer — Goldman Sachs Mutual Fund Complex (October 2009-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (November 2009-Present); and Assistant Treasurer — Goldman Sachs Mutual Fund Complex (May 2007-October 2009).


¹		Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. Information is provided as of December 31, 2011.
*		Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.


TRUSTEES		OFFICERS
Ashok N. Bakhru, Chairman Donald C. Burke John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel		James A. McNamara, President George F. Travers, Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer

GOLDMAN, SACHS & CO. Distributor and Transfer Agent


GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL Investment Adviser Christchurch Court, 10-15 Newgate Street London, EC1A 7HD, England, United Kingdom



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


The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.


A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the 12-month period ending June 30, 2011 is available (i) without charge, upon request by calling 1-800-621-2550, and (ii) on the Securities and Exchange Commission (“SEC”) website at http://www.sec.gov.


The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-621-2550.


Holdings and allocations shown are as of December 31, 2011 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.


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


The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.


The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.


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


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


Toll Free (in U.S.): 800-292-4726


This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Goldman Sachs Strategic International Equity Fund.


^© 2012 Goldman Sachs. All rights reserved.
VITINTLAR12/67839.MF.MED.TMPL/2/2012

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Principal Investment Strategies and Risks

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

The Goldman Sachs Money Market Fund seeks to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments. The Fund pursues its investment objective by investing in U.S. Government Securities (as defined in the Fund’s prospectus), obligations of U.S. banks, commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities and repurchase agreements. The Fund may also invest in U.S. dollar-denominated obligations of foreign banks, foreign companies and foreign governments.

An investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in the Fund.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

INVESTMENT OBJECTIVE

The Fund seeks to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Money Market Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2011 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

The Fund’s standardized 7-day current yield was 0.01% and its standardized 7-day effective yield was also 0.01% as of December 31, 2011. The Fund’s one-month simple average yield was 0.01% as of December 31, 2011. The Fund’s 7-day distribution yield as of December 31, 2011 was 0.01%.

The yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above.

Yields will fluctuate as market conditions change. The yield quotations more closely reflect the current earnings of the Fund than total return quotations.

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

The Reporting Period was one wherein mixed U.S. and international economic data, exogenous geopolitical events, Federal Reserve System (Fed) policy and supply/demand conditions within the repurchase agreement and Treasury securities markets combined to push money market yields lower.

Global economic growth remained positive, albeit modest, throughout the Reporting Period, but new challenges emerged. During the first quarter of 2011, political upheaval across the Middle East and North Africa drove oil prices higher, and Japan’s devastating earthquake and tsunami raised concerns about a disruption in the global supply chain. In response, defensive buying of benchmark government bonds interrupted the rise in yields seen at the end of 2010, though demand for riskier assets eased only slightly. Economic data remained robust, with manufacturing indices in the U.S., U.K. and Germany hitting new cyclical highs. Global investment began to respond to low interest rates and healthy corporate balance sheets with a revival in hiring and demand for credit from consumers and businesses. Meanwhile, inflation concerns intensified in several major developed economies. The European Central Bank surprised markets in March by signaling an imminent rate hike, as European Union leaders struggled for consensus on policies to address the Eurozone’s troubled peripheral economies. In the U.K., inflation reached more than double the nation’s official 2% target. By contrast, U.S. inflation remained modest, and the Fed indicated no intention to raise interest rates.

Against this backdrop, then, the money markets were focused on two competing themes during the first quarter — a better macroeconomic environment in the U.S. and uncertainty driven by the European sovereign debt crisis. These themes, in our view, should have ultimately helped to push U.S. Treasury yields higher. However, political unrest in the Middle East and North Africa, natural and nuclear disasters in Japan, the U.S. Treasury Department’s reduced borrowing of Supplemental Financing Program (SFP) bills, and the Fed’s asset repurchase or quantitative easing program known as QE2 combined instead to push yields at the short-term end of the U.S. Treasury yield curve, or spectrum of maturities, modestly lower. (The Supplementary Financing Program is a program enacted by the U.S. Treasury Department to provide supplementary funding to the Fed to offset the financial strain due to the creation of various liquidity programs and facilities during the financial crisis of 2008. The funds are acquired through the auction of Treasury bills and are placed into an account that the Fed may use for various initiatives.) Indeed, yields on three-month, six-month and one-year Treasury securities fell four basis points, two basis points and one basis point, respectively, during the first quarter. (A basis point is 1/100th of a percentage point.) Repurchase agreement (or repo) yields, on the other hand, ended the quarter softer than expected.

Despite economic data that pointed to ongoing growth in the world’s largest economies, economic activity slowed during the second quarter of 2011. Disruptions in the global supply chain following Japan’s earthquake and tsunami and higher energy costs contributed to declines in leading indicators. Consequent expectations for lower economic growth and renewed fears of a sovereign debt restructuring in the Eurozone’s troubled peripheries drove safe-haven trading in global markets. In turn, benchmark

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

government bond yields declined, and risk premiums rose across non-Treasury sectors. These trends reversed somewhat in late June, as oil prices eased from their April peak and markets scaled back interest rate hike expectations even as inflation pressures increased.

As U.S. Treasury yields declined during the second quarter overall, so, too, did money market yields. In April, a newly imposed change in the calculation of the FDIC (Federal Deposit Insurance Corporation) assessment fee for banks in the United States caused acute compression in the overnight markets, setting a tone that would carry throughout the quarter.

The Fed continued to reinforce similar rhetoric as had been in place for more than two years — that it intended to operate in an ultra-low interest rate environment for an “extended period.” Following both its April and June 2011 meetings, the Fed stated that it remained comfortable with increased inflation expectations and softer economic growth and that neither was outside of market expectations given muted reaction to these trends. The Fed decided to continue holding the targeted federal funds rate in a range between zero and 0.25%.

Toward the end of June, the traditional quarter-end collateral squeeze was exaggerated both by building supply pressures and by the market’s flight to quality as driven by the Eurozone debt crisis. Concerns about the potential fallout from Greece’s severe sovereign debt and fiscal problems dominated investor sentiment, driving yields on U.S. government securities lower. Further, investors’ heightened concerns with money market funds’ exposure to European sovereign debt and European banks caused a shift from prime money market funds (meaning those invested in corporate instruments in addition to U.S. government instruments) to government money market funds.

Yields on U.S. Treasuries remained at their lows through the third quarter given weak economic data in the U.S. and the ongoing European sovereign debt crisis. In July, the money market industry experienced outflows as investors grew wary that U.S. officials would come to an agreement on the U.S. debt ceiling, thus causing a disruption in the market. Yet in the eleventh hour, policymakers agreed to an extension of the debt ceiling. However, Congress did not cut the U.S. deficit by what independent ratings agency Standard & Poor’s (S&P) had suggested was necessary to prevent a downgrade. Subsequently, S&P downgraded U.S. sovereign debt one notch from AAA to AA+ in an unprecedented move. Still, Moody’s and Fitch did not change their ratings on U.S. sovereign debt.

With the uncertainty of the debt ceiling resolved, inflows came back to the money market industry, and mutual fund assets jumped back to where they had been prior to the political gridlock debacle. Investors refocused their attention on the European sovereign debt crisis and whether or not the European Central Bank could prevent contagion beyond the Eurozone’s peripheral countries. As the resulting demand for high quality, short-term assets overwhelmed supply, the imbalance caused the money market yield curve to flatten further, with U.S. Treasury bills offered at negative to 0.0% yields out to early 2012. September’s Fed meeting proved marginally positive for money market investors, as the interest on excess reserve (IOER) rate was not cut, and the Fed chose to engage in a $400 billion program, dubbed “Operation Twist.” (The IOER rate is the rate of interest the Fed pays banks on the reserves they hold with the Federal Reserve System.) “Operation Twist” is a plan wherein the Fed extends the maturity of its Treasury security holdings with the goal of lowering longer-term interest rates and thereby spurring spending and investment. The program was also expected to ultimately provide meaningful supply to the short-term end of the Treasury yield curve.

In the last months of the Reporting Period, continued uncertainty in Europe dominated the financial markets, though macroeconomic data, especially in the U.S., was better than anticipated. At the end of October, risk markets rallied in response to the European Union summit, as the outline of its plan met and, in some cases, exceeded expectations, though details were yet to be determined. At the end of November, the world’s major central banks collaborated to reduce the cost of dollar loans to 50 basis points over the overnight indexed swap (OIS) rate and the excess margin requirement was cut to 12% from 20%. (An overnight indexed swap is an interest rate swap involving the overnight rate being exchanged for some fixed interest rate. Generally short-term, the interest of the overnight rate portion of the swap is compounded and paid at maturity. The excess margin requirement is the cash or eligible securities that one must deposit in a margin account over and above the minimum maintenance requirement, as regulated by the Fed. The excess margin is available to be used as collateral for margin loans, or it may be withdrawn used for any other purpose.) While demand for high quality money market assets remained strong, the fact that the Fed is expected to keep the targeted federal funds rate unchanged at its 0% to 0.25% range until at least mid-2013 remained a major pressure on short-term yields.

The combination of all of these factors led the taxable money market yield curve to flatten, meaning that the difference between yields at the short-term end of the money market yield curve and the longer-term end narrowed.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

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

The Fund’s yields remained low during the Reporting Period due primarily to the market factors discussed above. During the first half of the year, we shortened the Fund’s weighted average maturity, as the money market yield curve was extremely flat and offered little value in extending further out the curve. Repurchase agreement yields were in the single-digit to low-teen range, LIBOR levels moved lower and yields on U.S. Treasury securities compressed. (LIBOR, or London interbank offered rates, are floating interest rates that are widely used as reference rates in bank, corporate and government lending agreements.) During the second half of the year, the Fund remained highly liquid and maintained short-duration average maturities as the stress in the Eurozone continued to create uncertainty in the market. Indeed, we kept a healthy portion of the Fund’s assets in overnight positions. Also, when the Fed made a historic move in August 2011 by announcing that it would maintain the targeted federal funds rate at its near-zero level through at least mid-2013, we began selectively buying agency paper with maturities in the six-month and one-year part of the yield curve. It was the first time the Fed had pegged its “exceptionally low” rates to a specific date.

We felt comfortable that the Fund was appropriately positioned given the interest rate environment during the Reporting Period. While conditions over the year did not provide bountiful opportunities to pick up yield, as interest rates remained near zero or at times securities were offered at negative rates, it should be noted that regardless of interest rate conditions, we manage the Fund consistently. Our investment approach has always been tri-fold — to seek preservation of capital, daily liquidity and maximization of yield potential. We manage interest and credit risk daily. Whether interest rates are historically low, high or in-between, we intend to continue to use our actively managed approach to provide the best possible return within the framework of the Fund’s guidelines and objectives.

How did you manage the Fund’s weighted average maturity during the Reporting Period?

On December 31, 2010, the Fund’s weighted average maturity was 49 days. We subsequently targeted a weighted average maturity for the Fund between 40 and 50 days through much of the first quarter of the Reporting Period. However, as yields at the short-term end of the U.S. Treasury yield curve compressed, we modestly shortened the weighted average maturity target range for the Fund to between 35 and 45 days, as we felt that buying longer-term securities did not offer a risk premium that justified increasing the Fund’s interest rate risk. As yields continued to compress during the third quarter, we shortened the weighted average maturity target range for the Fund even further to between 20 and 40 days. During the fourth quarter, as better economic data was reported and investor risk aversion eased, we modestly lengthened the Fund’s weighted average maturity to a 30 to 45 day range. The Fund’s weighted average maturity on December 31, 2011 was 45 days, which was in line with our target range and our outlook on interest rates, Fed policy and the shape of the yield curve over the near term. The weighted average maturity of a money market fund is a measure of its price sensitivity to changes in interest rates.

How did you manage the Fund’s weighted average life during the Reporting Period?

The weighted average life of the Fund was 86 days as of December 31, 2011. The weighted average life of a money market fund is a measure of a money market fund’s price sensitivity to changes in liquidity and/or credit risk.

Under amendments to SEC Rule 2a-7 that became effective in May 2010, the maximum allowable weighted average life of a money market fund is 120 days. While one of the goals of the Securities and Exchange Commission’s money market fund rule changes is to reinforce conservative investment practices across the money market fund industry, our security selection process has long emphasized conservative investment choices.

How was the Fund invested during the Reporting Period?

The Fund had investments in commercial paper, asset-backed commercial paper, U.S. Treasury securities, government agency securities, repurchase agreements, government guaranteed paper, tax-exempt municipal debt obligations and certificates of deposit during the Reporting Period. We focused on securities with one- to three-month maturities, overnight repurchase agreements and tax-exempt variable rate demand notes. During the second half of the Reporting Period, when prices declined and we had the opportunity to lock in the higher yields then available, we also made purchases in longer-dated agency securities.

With yields bound near zero, there was not a lot of dispersion in performance among securities available for purchase. Throughout, though, we stayed true to our investment discipline, favoring liquidity and high quality credits over added yield. The primary focal points for our management team are consistent interest rate risk and credit risk. We were able to navigate interest rate risk by adjusting the Fund’s weighted average maturity longer or shorter as market conditions shifted. We were able to mitigate potential credit risk by buying high quality, creditworthy names.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Did you make any changes in the Fund’s portfolio during the Reporting Period?

During the first half of the Reporting Period, we significantly increased the Fund’s exposure to tax-exempt municipal debt obligations as we considered these instruments to be attractive from a risk-adjusted return perspective. During the second half of the Reporting Period, when prices declined and we had the opportunity to lock in the higher yields then available, we made purchases in longer-dated agency securities. Overall, we reduced the Fund’s exposure to commercial paper and corporate obligations, repurchase agreements and U.S. government agency obligations during the course of the annual period.

Also, as indicated earlier, we made adjustments to the Fund’s weighted average maturity based on then-current market conditions, our near-term view, and anticipated and actual Fed monetary policy statements.

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

In our opinion, volatility may continue to be elevated in the months ahead in response to macroeconomic data and to events in Europe and elsewhere, but we believe interest rates are likely to remain low into 2013 with the Fed holding the targeted federal funds rate near zero. Although money market investment flows have stabilized, we expect to keep the Fund conservatively positioned as we continue to focus on preservation of capital and daily liquidity. We do not believe there is value in sacrificing liquidity in exchange for opportunities that only modestly increase yield potential. We will continue to use our actively managed approach to seek the best possible return within the framework of the Fund’s investment guidelines and objectives. In addition, we will continue to manage interest, liquidity and credit risk daily.

We will, of course, continue to closely monitor economic data, Fed policy, and any shifts in the money market yield curve, as we strive to strategically navigate the interest rate environment.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Schedule of Investments

December 31, 2011

Principal
Interest
Maturity
Amortized

Amount Rate Date Cost

Commercial Paper and Corporate Obligations – 20.1%

Argento Variable Funding Co., LLC

$ 1,000,000 0.310 % 01/13/12 $ 999,897

Aspen Funding Corp.

1,000,000 0.380 01/09/12 999,916

Atlantic Asset Securitization LLC

1,000,000 1.100 01/03/12 999,939

1,000,000 1.200 01/03/12 999,933

Atlantis One Funding Corp.

1,500,000 0.516 03/13/12 1,498,455

1,500,000 0.521 03/16/12 1,498,375

Barton Capital LLC

1,000,000 1.100 01/03/12 999,939

Gemini Securitization Corp. LLC

2,000,000 0.370 01/10/12 1,999,815

Grampian Funding LLC

1,000,000 0.310 01/12/12 999,905

1,000,000 0.310 01/17/12 999,862

Hannover Funding Co., LLC

2,000,000 0.550 01/13/12 1,999,633

LMA Americas LLC

1,000,000 1.150 01/03/12 999,936

1,000,000 1.200 01/03/12 999,933

Matchpoint Master Trust

1,000,000 1.000 01/03/12 999,945

1,000,000 1.200 01/03/12 999,933

Mizuho Funding LLC

2,000,000 0.300 01/18/12 1,999,717

Newport Funding Corp.

2,000,000 0.400 01/19/12 1,999,600

Nieuw Amsterdam Receivables Corp.

2,000,000 0.290 01/18/12 1,999,726

Royal Park Investments Funding Corp.

2,000,000 1.101 01/04/12 1,999,817

Thames Asset Global Securitization No. 1, Inc.

2,000,000 0.310 01/17/12 1,999,725

Versailles Commercial Paper LLC

1,000,000 1.150 01/03/12 999,936

TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS
$ 28,993,937

Fixed Rate Municipal Debt Obligations – 2.3%

Regents of the University of California Taxable RN Series 2011 AA-1

$ 300,000 0.480 % 07/01/12 $ 300,000

State of New Jersey TRANS Series 2011 C

1,000,000 2.000 06/21/12 1,008,218

State of Texas TRANS Series 2011 A

2,000,000 2.500 08/30/12 2,029,742

TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS
$ 3,337,960

U.S. Government Agency Obligations – 16.1%

Federal Farm Credit Bank

$ 1,000,000 0.256 %^(a) 01/27/12 $ 999,973

200,000 0.500 ^(a) 11/01/12 200,000

Federal Home Loan Bank

1,000,000 0.259 ^(a) 01/26/12 999,979

1,000,000 0.298 ^(a) 01/30/12 999,971

1,000,000 0.302 ^(a) 02/03/12 999,972

2,000,000 0.400 08/16/12 2,000,000

1,000,000 0.400 08/17/12 1,000,000

1,000,000 0.240 09/28/12 999,971

1,000,000 0.230 10/24/12 999,641

300,000 0.230 11/07/12 299,939

100,000 0.200 12/06/12 99,950

100,000 0.300 12/06/12 100,000

300,000 0.300 12/07/12 300,000

100,000 0.320 12/07/12 100,000

500,000 0.210 12/10/12 499,794

150,000 0.320 12/10/12 150,000

200,000 0.320 12/11/12 200,000

800,000 0.210 12/13/12 799,667

800,000 0.300 12/14/12 800,000

200,000 0.300 12/17/12 200,000

200,000 0.310 12/17/12 200,000

600,000 0.210 12/19/12 599,731

600,000 0.210 12/21/12 599,744

100,000 0.320 12/21/12 100,000

300,000 0.200 12/28/12 299,840

600,000 0.210 12/28/12 599,739

200,000 0.300 ^(b) 01/11/13 200,000

1,000,000 0.215 ^(a) 07/08/13 999,231

1,000,000 0.218 ^(a) 07/15/13 999,222

Federal Home Loan Mortgage Corp.

1,400,000 0.196 ^(a) 01/11/12 1,399,981

1,000,000 5.500 08/20/12 1,033,420

1,000,000 0.221 ^(a) 05/03/13 999,459

Federal National Mortgage Association

1,000,000 0.324 ^(a) 12/28/12 999,803

1,500,000 0.376 ^(a) 05/17/13 1,499,364

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
$ 23,278,391

Variable Rate Municipal Debt Obligations^(a) – 26.0%

Alaska Housing Finance Corp. VRDN RB for Home Mortgage Series 2002 A RMKT (GO of Corp.) (JPMorgan Chase Bank N.A. SPA)

$ 1,000,000 0.080 % 12/01/36 $ 1,000,000

BlackRock Municipal Bond Investment Trust VRDN Tax-Exempt Preferred Series 2011 W7-178 (Morgan Stanley Bank)^(c)

2,600,000 0.260 10/01/41 2,600,000

BlackRock MuniEnhanced Fund, Inc. VRDN Tax-Exempt Preferred Series 2011 (Citibank N.A.)^(c)

300,000 0.240 06/01/41 300,000

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Schedule of Investments (continued)

December 31, 2011

Principal
Interest
Maturity
Amortized

Amount Rate Date Cost

Variable Rate Municipal Debt Obligations^(a) – (continued)

BlackRock MuniHoldings Investment Quality Fund VRDN Tax-Exempt Preferred Series 2011 W-7-2746
(Bank of America N.A.)^(c)

$ 300,000 0.250 % 07/01/41 $ 300,000

BlackRock MuniYield Fund, Inc. VRDN Tax-Exempt Preferred Series 2011 W-7-2514 (Bank of America N.A.)^(c)

300,000 0.250 07/01/41 300,000

BlackRock MuniYield Investment Fund VRDN Tax-Exempt Preferred Series 2011 (Citibank N.A.)^(c)

300,000 0.240 06/01/41 300,000

BlackRock MuniYield Quality Fund III, Inc. VRDN Tax-Exempt Preferred Series 2011 (Citibank N.A.)^(c)

300,000 0.240 06/01/41 300,000

California State Housing Finance Agency VRDN RB MF Hsg. Series 2006 A (GO of Agency) (FHLMC LOC) (FNMA LOC)

800,000 0.070 02/01/41 800,000

California Statewide Communities Development Authority MF Hsg. VRDN RB for Hermosa Vista Apartments Series 2003 XX (FNMA)

700,000 0.100 05/15/36 700,000

Colorado Educational & Cultural Facilities Authority VRDN RB Taxable for Nature Conservancy Series 2008 A (Bank of America N.A. SPA)

900,000 0.310 07/01/33 900,000

Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Series 1997 T2 (Credit Local de France, Toronto Dominion Bank, and Landesbank Hessen-Thueringen Girozentrale)

1,000,000 0.010 07/01/29 1,000,000

Connecticut State Housing Finance Authority VRDN RB Housing Mortgage Finance Program Series 2008 E (GO of Authority) (Bank of America N.A. SPA)

1,000,000 0.090 05/15/39 1,000,000

Cook County, Illinois GO VRDN Series 2002 B (Landesbank Hessen-Thueringen Girozentrale SPA)

2,000,000 0.360 11/01/31 2,000,000

Dekalb County, Georgia Development Authority VRDN RB for Emory University Series 1995 B (GO of University)

4,200,000 0.230 11/01/25 4,200,000

Illinois State Finance Authority VRDN RB for Southern Illinois Healthcare Series 2008 (JPMorgan Chase Bank N.A. LOC)

1,000,000 0.110 03/01/38 1,000,000

Illinois State Finance Authority VRDN RB Refunding for University of Chicago Series 2004 C

1,000,000 0.070 07/01/39 1,000,000

Indiana State Finance Authority Hospital VRDN RB for Indiana University Health Series 2011 K (JPMorgan Chase Bank N.A. LOC)

960,000 0.090 03/01/33 960,000

Indiana State Finance Authority Lease Appropriation GO VRDN Series 2011-3977 (JPMorgan Chase & Co.)^(c)

490,000 0.070 04/03/13 490,000

Massachusetts State Health & Educational Facilities Authority VRDN RB for Partners Healthcare Series 1997 P-1 RMKT (JPMorgan Chase Bank N.A. SPA) (GTY AGMT-Brigham and Women’s/Faulkner Hospital, Inc., and The Massachusetts General Hospital)

1,000,000 0.060 07/01/27 1,000,000

Massachusetts State Water Resources Authority VRDN RB Refunding Series 2008 A3 RMKT (GO of Authority) (Wells Fargo Bank N.A. SPA)

1,300,000 0.070 08/01/37 1,300,000

Missouri State Health & Educational Facilities Authority VRDN RB for Saint Luke’s Health System Series 2008 A (Bank of America N.A. LOC)

1,100,000 0.130 11/15/40 1,100,000

New Jersey State Turnpike Authority VRDN RB Series 1991 D (NATL-RE FGIC) (Societe Generale LOC)

1,000,000 1.850 01/01/18 1,000,000

New York City, New York Transitional Finance Authority VRDN RB for Future Tax Secured Series 1998 A-1 (Westdeutsche Landesbank AG SPA)

1,000,000 0.160 11/15/28 1,000,000

New York City, New York Transitional Finance Authority VRDN RB Series 2002 Subseries 2F (Bayerische Landesbank)

1,085,000 0.110 11/01/22 1,085,000

Nuveen Municipal Market Opportunity Fund, Inc. VRDN Tax-Exempt Preferred Series 2010 1 (Deutsche Bank A.G.)^(c)

500,000 0.280 03/01/40 500,000

Port Authority of New York & New Jersey VRDN RB P-Floats-MT-783 Series 2011 (AGM GO of Authority) (Bank of America N.A.)

3,580,000 0.230 11/24/15 3,580,000

Regents of the University of California VRDN RB Taxable Series 2011 Z-1

1,000,000 0.140 07/01/41 1,000,000

Sonoma County GO VRDN Series 2011- 4000 (JPMorgan Chase & Co.)^(c)

1,000,000 0.070 10/25/12 1,000,000

St. James Parish VRDN RB for Nucor Steel LLC Project Series 2010 A-1 (GTY AGMT-Nucor Corp.)

1,000,000 0.120 11/01/40 1,000,000

St. James Parish VRDN RB for Nucor Steel LLC Project Series 2010 B-1 (GTY AGMT-Nucor Corp.)

500,000 0.110 11/01/40 500,000

University of Alabama VRDN RB Series 1993 B

1,300,000 0.260 10/01/13 1,300,000

University of Illinois VRDN COPS for Utility Infrastructure Series 2004 (Bank of America N.A. SPA)

1,000,000 0.130 08/15/21 1,000,000

Washington State Housing Finance Commission VRDN RB for Vintage at Spokane Senior Living Project Series 2006 A (FNMA)

795,000 0.140 08/15/40 795,000

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Principal
Interest
Maturity
Amortized

Amount Rate Date Cost

Variable Rate Municipal Debt Obligations^(a) – (continued)

Washington Suburban Sanitation District GO VRDN For Multi-Modal-BANs Series 2003 A (Landesbank Hessen-Thueringen Girozentrale SPA)

$ 1,200,000 0.240 % 06/01/23 $ 1,200,000

TOTAL VARIABLE RATE
MUNICIPAL DEBT OBLIGATIONS
$ 37,510,000

Variable Rate Obligations^(a) – 9.2%

Bank of Nova Scotia

$ 1,000,000 0.493 % 11/09/12 $ 1,000,000

Commonwealth Bank of Australia

2,000,000 0.547 ^(c) 05/25/12 1,999,917

2,000,000 0.638 ^(c) 09/10/12 1,999,926

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA

1,000,000 0.601 ^(c) 09/14/12 1,000,000

JPMorgan Chase Bank N.A.

3,000,000 0.327 01/18/13 3,000,000

1,000,000 0.435 01/18/13 1,000,000

Royal Bank of Canada

2,000,000 0.410 09/20/12 2,000,000

University of California VRDN RB Taxable Series 2011 Y-2

200,000 0.345 07/01/12 200,000

Westpac Banking Corp.

1,000,000 0.424 ^(c) 11/06/12 1,000,000

TOTAL VARIABLE RATE OBLIGATIONS
$ 13,199,843

Yankee Certificates of Deposit – 6.6%

Credit Suisse/New York, NY

$ 2,000,000 0.400 % 02/07/12 $ 2,000,000

Mitsubishi UFJ Trust and Banking Corp.

2,000,000 0.380 02/17/12 2,000,000

Nordea Bank Finland PLC

1,500,000 0.510 03/19/12 1,499,984

Norinchukin Bank

2,000,000 0.340 01/17/12 2,000,000

Sumitomo Mitsui Banking Corp.

2,000,000 0.300 01/24/12 2,000,000

TOTAL YANKEE CERTIFICATES OF DEPOSIT
$ 9,499,984

TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS
$ 115,820,115

Repurchase Agreements^(d) – 19.7%

Barclays Capital, Inc.

$ 1,000,000 1.050 %^(e) 04/24/12 $ 1,000,000

Maturity Value: $1,010,587

Settlement Date: 04/27/11

Collateralized by various corporate security issuers, 0.000% to 8.000%, due 05/15/12 to 01/01/49. The aggregate market value of the collateral, including accrued interest, was $1,123,105.

BNP Paribas Securities Corp.

2,000,000 0.440 01/03/12 2,000,000

Maturity Value: $2,000,098

Collateralized by Federal National Mortgage Association, 0.404% to 1.685%, due 09/17/27 to 03/25/36 and various corporate security issuers, 0.650% to 11.000%, due 11/29/13 to 08/17/40. The aggregate market value of the collateral, including accrued interest, was $2,080,349.

1,000,000 1.055 03/16/12 1,000,000

Maturity Value: $1,008,030

Settlement Date: 06/16/11

Collateralized by Federal National Mortgage Association, 0.844%, due 10/25/40, Government National Mortgage Association, 5.000%, due 04/15/41, U.S. Treasury Note, 0.500%, due 10/15/14 and various corporate security issuers, 3.875% to 12.250%, due 08/15/12 to 07/15/37. The aggregate market value of the collateral, including accrued interest, was $1,101,874.

Credit Suisse Securities LLC

2,000,000 0.200 01/05/12 2,000,000

Maturity Value: $2,000,689

Settlement Date: 11/04/11

Collateralized by Federal Home Loan Mortgage Corporation, 3.500%, due 09/01/26. The market value of the collateral, including accrued interest, was $2,043,352.

Deutsche Bank Securities, Inc.

3,000,000 0.390 01/03/12 3,000,000

Maturity Value: $3,000,130

Collateralized by various corporate security issuers, 0.250% to 5.000%, due 08/15/13 to 11/15/37. The aggregate market value of the collateral, including accrued interest, was $3,300,002.

Joint Repurchase Agreement Account III

13,400,000 0.069 01/03/12 13,400,000

Maturity Value: $13,400,103

Morgan Stanley & Co.

1,000,000 1.382 ^(e) 02/13/12 1,000,000

Maturity Value: $1,010,900

Settlement Date: 05/05/11

1,000,000 1.382 ^(e) 02/21/12 1,000,000

Maturity Value: $1,011,207

Settlement Date: 05/05/11

Shared collateral consisting of various asset-backed obligations, 0.000% to 6.750%, due 05/15/13 to 09/01/42 and various mortgage-backed obligations, 0.120% to 7.500%, due 12/15/20 to 12/18/49. The aggregate market value of the collateral, including accrued interest, was $2,493,095.

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Schedule of Investments (continued)

December 31, 2011

Principal
Interest
Maturity
Amortized

Amount Rate Date Cost

Repurchase Agreements^(d) – (continued)

RBS Securities, Inc.

$ 3,000,000 0.440 01/03/12 $ 3,000,000

Maturity Value: $3,000,146

Collateralized by Federal National Mortgage Association, 3.500%, due 12/01/26. The market value of the collateral, including accrued interest, was $3,064,561.

UBS Securities LLC

1,000,000 0.590 01/05/12 1,000,000

Maturity Value: $1,001,475

Settlement Date: 10/07/11

Collateralized by various corporate security issuers, 0.000% to 5.500%, due 05/01/13 to 08/01/39. The aggregate market value of the collateral, including accrued interest, was $1,100,002.

TOTAL REPURCHASE AGREEMENTS
$ 28,400,000

TOTAL INVESTMENTS – 100.0%
$ 144,220,115

LIABILITIES IN EXCESS OF OTHER ASSETS – 0.0%
(47,011 )

NET ASSETS – 100.0%
$ 144,173,104

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 December 31, 2011.

(b)		All or a portion represents a forward commitment.

(c)		Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At December 31, 2011, these securities amounted to $12,089,843 or approximately 8.4% of net assets.

(d)		Unless noted, all repurchase agreements were entered into on December 30, 2011. Additional information on the Joint Repurchase Agreement Account III appears on page 11.

(e)		Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be illiquid by the Investment Adviser. At December 31, 2011, these securities amounted to $3,000,000 or approximately 2.1% of net assets.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.




Investment Abbreviations:
AGM	—	Insured by Assured Guaranty Municipal Corp.
BANs	—	Bond Anticipation Notes
COPS	—	Certificates of Participation
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLMC	—	Insured by Federal Home Loan Mortgage Corp.
FNMA	—	Insured by Federal National Mortgage Association
GO	—	General Obligation
GTY AGMT	—	Guaranty Agreement
LOC	—	Letter of Credit
MF Hsg.	—	Multi-Family Housing
NATL-RE	—	National Reinsurance Corp.
RB	—	Revenue Bond
RN	—	Revenue Notes
RMKT	—	Remarketed
SPA	—	Stand-by Purchase Agreement
TRANS	—	Tax Revenue Anticipation Notes
VRDN	—	Variable Rate Demand Notes

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND


ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III — At December 31, 2011, the Fund had undivided interests in the Joint Repurchase Agreement Account III, which equaled $13,400,000 in principal amount and had a maturity value of $13,400,103.

REPURCHASE AGREEMENTS


	Interest			Principal
Counterparty	Rate			Amount

BNP Paribas Securities Corp.		0.060	%	$	1,988,131


Bank of Nova Scotia		0.080			1,136,075


Citibank, N.A.		0.080			2,840,186


Credit Agricole Corporate & Investment Bank		0.070			4,449,626


Deutsche Bank Securities, Inc.		0.080			903,179


Wells Fargo Securities LLC		0.050			2,082,803


TOTAL				$	13,400,000

At December 31, 2011, the Joint Repurchase Agreement Account III was fully collateralized by:


Issuer	Interest Rates			Maturity Dates

Federal Farm Credit Bank		4.500	%		10/17/12


Federal Home Loan Mortgage Corp.		1.000 to 8.000			01/15/12 to 05/01/48


Federal National Mortgage Association		0.000 to 8.000			03/01/12 to 09/01/50


Government National Mortgage Association		3.000 to 12.500			06/15/12 to 12/20/41

The aggregate market value of the collateral, including accrued interest, was $13,700,202.

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Statements of Changes in Net Assets

For the
For the

Fiscal Year Ended
Fiscal Year Ended

December 31, 2011 December 31, 2010

From operations:

Net investment income
$ 7,497 $ 1,313

Net realized gain from investment transactions
1,380 2,913

Net increase in net assets resulting from operations
8,877 4,226

Distributions to shareholders:

From net investment income
(7,497 ) (1,313 )

From net realized gains
(1,380 ) (8,391 )

From capital
(387 ) (1,451 )

Total distributions to shareholders
(9,264 ) (11,155 )

From share transactions (at net asset value of $1.00 per share):

Proceeds from sales of shares
77,973,255 49,250,147

Reinvestment of distributions
9,264 11,155

Cost of shares redeemed
(57,174,442 ) (69,236,185 )

Net increase (decrease) in net assets resulting from share transactions
20,808,077 (19,974,883 )

TOTAL INCREASE (DECREASE)
20,807,690 (19,981,812 )

Net assets:

Beginning of year
123,365,414 143,347,226

End of year
$ 144,173,104 $ 123,365,414

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


																						Ratio of
	Net asset													Net assets,		Ratio of			Ratio of			net investment
	value,		Net			Distributions			Net asset					end of		net expenses			total expenses			income
	beginning		investment			from net			value, end		Total			year		to average			to average			to average
	of year		income^(a)			investment income^(b)			of year		return^(c)			(in 000’s)		net assets			net assets			net assets

FOR THE FISCAL YEARS ENDED DECEMBER 31,
2011	$	1.00	$	—	^(d)	$	—	^(d)	$	1.00		0.01	%	$	144,173		0.30	%		0.66	%		0.01	%
2010		1.00		—	^(d)		—	^(d)		1.00		0.01			123,365		0.33			0.68			—	^(e)
2009		1.00		0.002	^(f)		(0.002	)^(f)		1.00		0.15			143,347		0.53			0.77			0.15
2008		1.00		0.02			(0.02	)		1.00		2.25			194,871		0.63			0.71			2.27
2007		1.00		0.05			(0.05	)		1.00		4.98			205,518		0.48			0.71			4.87


(a)		Calculated based on the average shares outstanding methodology.
(b)		Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.
(c)		Assumes reinvestment of all distributions.
(d)		Amount is less than $0.0001 per share.
(e)		Amount is less than 0.001% of average net assets.
(f)		Net investment income and distributions from net investment income contain $0.0002 of net realized capital gains and distributions from net realized gains.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Notes to Financial Statements

December 31, 2011


1. ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs Money Market Fund (the “Fund”). The Fund is a diversified portfolio under the Act offering one class of shares — Service Shares. Shares of the Trust are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.


2. SIGNIFICANT ACCOUNTING POLICIES

A. Investment Valuation — It is the Fund’s policy to use the amortized-cost method permitted by Rule 2a-7 under the Act, which approximates market value, for valuing portfolio securities. Under this method, all investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue, as an adjustment to interest income. Under procedures and tolerances approved by the trustees, GSAM evaluates the difference between the Fund’s net asset value per share (“NAV”) based upon the amortized cost of the Fund’s securities and the NAV based upon available market quotations (or permitted substitutes) at least once a week.

B. Investment Transactions, and Investment Income — Investment transactions are reflected for financial reporting purposes as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted.

C. Expenses — Expenses incurred by the Fund, which may not specifically relate to the Fund, may be shared with other registered investment companies having management agreements with GSAM or its affiliates, as appropriate. These expenses are allocated to the Fund on a straight-line and/or pro-rata basis depending upon the nature of the expenses and are accrued daily.

D. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Fund and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. The Fund’s capital accounts on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

The tax character of distributions paid during the fiscal years ended December 31, 2011 and December 31, 2010, were as follows:


	2011		2010

Distributions paid from:
Ordinary income	$	8,877	$	9,704


Tax return of capital	$	387	$	1,451

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The amortized cost for the Fund stated in the accompanying Statement of Assets and Liabilities also represents aggregate cost for federal income tax purposes.

E. Forward Commitment Transactions — The Fund may enter into forward commitment transactions which involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement. The purchased securities in the forward commitment transactions do not begin to accrue interest income until the settlement date of these securities. Losses may arise due to changes in the market value of the security or from the inability of counterparties to meet the terms of the transaction. The Fund must set aside liquid assets, or engage in other appropriate measures to cover their obligations when entering into a forward commitment.

F. Repurchase Agreements — The 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.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”)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 maintains pro rata credit exposure to the underlying repurchase agreements’ counter parties. With the exception of certain transaction fees, the Fund is not subject to any expenses in relation to these investments.


3. FAIR VALUE OF INVESTMENTS

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

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

The Levels used for classifying investments are not necessarily an indication of the risk associated with investing in those investments. The Levels previously based on valuation characteristics of the investments’ market value are currently reflective of assets based on amortized cost.

As of December 31, 2011, all investments are classified as Level 2. Please refer to the Schedule of Investments for further detail.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Notes to Financial Statements (continued)

December 31, 2011


4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the trustees.

C. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of the Fund’s average daily net assets.

D. Other Expense Agreements — GSAM has agreed to limit certain “Other Expense” of the Fund (excluding management fees, distribution and service fees, transfer agent fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent that such expenses exceed, on an annual basis, 0.004% of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. These Other Expense reimbursements will remain in place through at least April 29, 2012, and prior to such date GSAM may not terminate the arrangement without the approval of the trustees. For the fiscal year ended December 31, 2011, GSAM reimbursed approximately $257,000 to the Fund.

E. Contractual and Net Fund Expenses — During the fiscal year ended December 31, 2011, Goldman Sachs, as distributor and transfer agent, voluntarily agreed to waive a portion of distribution and service plan fees and transfer agency fees attributable to the Fund. These waivers may be modified or terminated at any time at the option of Goldman Sachs. The following table outlines such fees (net of waivers) and Other Expenses (net of reimbursements and custodian and transfer agent fee credit reductions) in order to determine the Fund’s net annualized expenses for the fiscal year. The Fund is not obligated to reimburse Goldman Sachs for prior fiscal year fee waivers, if any.


	Ratio of net expenses to
	average net assets
Fee/Expense Type	for the fiscal year ended
(contractual rate, if any)	December 31, 2011

Management Fee (0.205%)		0.21	%
Distribution and Service Fees (0.25%)		0.07
Transfer Agency Fee (0.02%)		0.02
Other Expenses		—	^(a)


Net Expenses		0.30	%


(a)		Amount is less than 0.005% of average net assets.

For the fiscal year ended December 31, 2011, Goldman Sachs waived approximately $244,000 and $2,000 in distribution and service, and transfer agent fees, respectively.

For the fiscal year ended December 31, 2011, the amounts owed to affiliates of the Fund were approximately $25,000, $16,000, and $2,000 for management, distribution and service fees, and transfer agent fees, respectively.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND


4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F. Line of Credit Facility — As of December 31, 2011, the Fund participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates (“Other Borrowers”). Pursuant to the terms of the facility, the Fund and Other Borrowers could increase the credit amount by an additional $340,000,000, for a total of up to $920,000,000. This facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2011, the Fund did not have any borrowings under the facility.


5. OTHER RISKS

The Fund’s risks include, but are not limited to, the following:

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

Interest Rate Risk — In a low interest rate environment, low yields on the Fund’s holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders. As a result, GSAM and/or Goldman Sachs may voluntarily agree to waive certain fees (such as distribution and service, transfer agency and management fees) which can fluctuate daily.


6. INDEMNIFICATIONS


7. SUBSEQUENT EVENTS


8. OTHER MATTERS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Goldman Sachs Variable Insurance Trust — Goldman Sachs Money Market Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Goldman Sachs Money Market Fund (the “Fund”) at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at December 31, 2011 by correspondence with the custodian, brokers, and the application of alternative auditing procedures where securities purchased confirmations have not been received, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2012

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Fund Expenses — Six Month Period Ended December 31, 2011 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2011 through December 31, 2011.

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expenses Paid

for the

Beginning

Ending

6 Months

Account Value

Ended

07/01/11

12/31/11

12/31/11*

Actual

1,000.00

1,000.03

1.56

Hypothetical 5% return

1,000.00

1,023.65

1.57


*		Expenses are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2011. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period was 0.31%.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Trustees and Officers (Unaudited)

Independent Trustees


				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	with the Trust	Time Served²	During Past 5 Years	Trustee³	Held by Trustee⁴
Ashok N. Bakhru Age: 69	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	President, ABN Associates (1994-1996 and 1998-Present); Director, Apollo Investment Corporation (a business development company) (2008-Present); Member of Cornell University Council (1992-2004 and 2006-Present); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Mutual Fund Complex.	104	Apollo Investment Corporation (a business development company)

Donald C. Burke Age: 51	Trustee	Since 2010	Mr. Burke is retired (since 2010). He is a Director, Avista Corp. (2011-Present); and was formerly Director, BlackRock Luxembourg and Cayman Funds (2006-2010); President and Chief Executive Officer, BlackRock U.S. Funds (2007-2009); Managing Director, BlackRock, Inc. (2006-2009); Managing Director, Merrill Lynch Investment Managers, L.P. (“MLIM”) (2006); First Vice President, MLIM (1997-2005); Chief Financial Officer and Treasurer, MLIM U.S. Funds (1999-2006). Trustee — Goldman Sachs Mutual Fund Complex.	104	Avista Corp. (an energy company)

John P. Coblentz, Jr. Age: 70	Trustee	Since 2003	Partner, Deloitte & Touche LLP (1975-2003); Director, Emerging Markets Group, Ltd. (2004-2006); and Director, Elderhostel, Inc. (2006-Present). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Diana M. Daniels Age: 62	Trustee	Since 2007	Ms. Daniels is retired (since 2007). Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Vice Chairman of the Board of Trustees of Cornell University (2009-Present); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (since 2007), and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Joseph P. LoRusso Age: 54	Trustee	Since 2010	Mr. LoRusso is retired (since 2008). Formerly, he was President, Fidelity Investments Institutional Services Co. (“FIIS”) (2002-2008); Director, FIIS (2002-2008); Director, Fidelity Investments Institutional Operations Company (2003-2007); Executive Officer, Fidelity Distributors Corporation (2007-2008). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Jessica Palmer Age: 62	Trustee	Since 2007	Ms. Palmer is retired (since 2006). She is a Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Richard P. Strubel Age: 72	Trustee	Since 1987	Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); Trustee, Emeritus, The University of Chicago (1987-Present). Trustee — Goldman Sachs Mutual Fund Complex.	104	The Northern Trust Mutual Fund Complex (58 Portfolios) (Chairman of the Board of Trustees). Gildan Activewear Inc. (a clothing marketing and manufacturing company).

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustees


				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	with the Trust	Time Served²	During Past 5 Years	Trustee³	Held by Trustee⁴
James A. McNamara* Age: 49	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President — Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Mutual Fund Complex (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).	104	None

Alan A. Shuch* Age: 62	Trustee	Since 1990	Advisory Director — GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee — Goldman Sachs Mutual Fund Complex.	104	None


*		These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor
¹		Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Peter V. Bonanno. Information is provided as of December 31, 2011.
²		Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the conclusion of the first Board meeting held subsequent to the day the Trustee attains the age of 74 years (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.
³		The Goldman Sachs Mutual Fund Complex consists of the Trust, Goldman Sachs Municipal Opportunity Fund, Goldman Sachs Credit Strategies Fund, and Goldman Sachs Trust. As of December 31, 2011, the Trust consisted of 12 portfolios (11 of which currently offer shares to the public). Goldman Sachs Trust consisted of 90 portfolios (83 of which currently offer shares to the public) and the Goldman Sachs Municipal Opportunity Fund and did not offer shares to the public.
⁴		This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


		Term of
		Office and
	Position(s) Held	Length of
Name, Address and Age	With the Trust	Time Served¹	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 49	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President — Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Mutual Fund Complex (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).

George F. Travers 30 Hudson Street Jersey City, NJ 07302 Age: 43	Senior Vice President and Principal Financial Officer	Since 2009	Managing Director, Goldman Sachs (2007-present); Managing Director, UBS Ag (2005-2007); and Partner, Deloitte & Touche LLP (1990-2005, partner from 2000-2005). Senior Vice President and Principal Financial Officer — Goldman Sachs Mutual Fund Complex.

Peter V. Bonanno 200 West Street New York, NY 10282 Age: 44	Secretary	Since 2003	Managing Director, Goldman Sachs (December 2006-Present); Associate General Counsel, Goldman Sachs (2002-Present); Vice President, Goldman Sachs (1999-2006); and Assistant General Counsel, Goldman Sachs (1999-2002). Secretary — Goldman Sachs Mutual Fund Complex (2006-Present); and Assistant Secretary — Goldman Sachs Mutual Fund Complex (2003-2006).

Scott M. McHugh 200 West Street New York, NY 10282 Age: 40	Treasurer and Senior Vice President	Since 2009	Vice President, Goldman Sachs (February 2007-Present); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer — Goldman Sachs Mutual Fund Complex (October 2009-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (November 2009-Present); and Assistant Treasurer — Goldman Sachs Mutual Fund Complex (May 2007-October 2009).


¹		Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. Information is provided as of December 31, 2011.
*		Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.


TRUSTEES Ashok N. Bakhru, Chairman Donald C. Burke John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel		OFFICERS James A. McNamara, President George F. Travers, Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer

GOLDMAN, SACHS & CO. Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York New York 10282



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



The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.


A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) Web site at http://www.sec.gov.


The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-621-2550.


Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio,which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.


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


The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.


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


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


Toll Free (in U.S.): 800-292-4726


This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Goldman Sachs Money Market Fund.


^© 2011 Goldman Sachs. All rights reserved.
VITMMAR12/67840.MF.MED.TMPL/2/2012

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Principal Investment Strategies and Risks

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

The Goldman Sachs Core Fixed Income Fund invests primarily in fixed income securities, including U.S. government securities, corporate debt securities, privately issued mortgage-backed securities and asset-backed securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Any guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. The Fund’s investments in mortgage-backed securities are also subject to prepayment risk (i.e., the risk that in a declining interest rate environment, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). The Fund may invest in foreign and emerging markets securities, which may be more volatile and less liquid than investments in U.S. securities and will be subject to the risks of currency fluctuations and adverse economic and political developments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and liquidity risk (i.e., the risk that an investment may not be able to be sold without a substantial drop in price, if at all).

The Goldman Sachs Equity Index Fund attempts to replicate the aggregate price and yield performance of a benchmark index (i.e., the Standard & Poor’s 500 Index) that measures the investment returns of large capitalization stocks. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/ or general economic conditions. The Fund is not actively managed, and therefore the Fund will not typically dispose of a security until the security is removed from the index. The Fund’s performance may vary substantially from the performance of the benchmark it tracks as a result of share purchases and redemptions, transaction costs, expenses and other factors.

The Government Income Fund invests primarily in U.S. government securities and in repurchase agreements collateralized by such securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The Fund’s net asset value and yield are not guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises. Any guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. The Fund’s investments in mortgage-backed securities are also subject to prepayment risk (i.e., the risk that in a declining interest rate environment, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and liquidity risk.

MARKET REVIEW

Goldman Sachs Variable Insurance Trust Funds

Market Review

Despite significant volatility, the U.S. financial markets recorded gains during the 12 months ended December 31, 2011 (the “Reporting Period”).

Equity Markets

U.S. equity markets ended 2011 almost flat, despite dramatic ups and downs based on shifting sentiment toward the domestic and global economies and the European sovereign debt crisis. The Standard & Poor’s^® 500 Index (“S&P 500 Index”) returned 2.11% with the help of dividends, as price returns themselves were virtually 0%, the smallest percentage change since 1947. Reflecting optimism that the U.S. economy was improving, the S&P 500 Index started the year with the best first quarter in more than a decade and ended with a fourth-quarter gain of 11.82%, its best quarterly gain since the third quarter of 2009. However, the modest decline in the second quarter and the sharp drop in the third quarter mostly offset these gains.

Early in the Reporting Period, energy stocks made strong gains as the benchmark Brent Crude oil price reached almost $120 per barrel by March on supply disruption fears stemming from escalating unrest across North Africa and the Middle East. The U.S. stock market also benefited from investors shifting assets toward developed markets in response to high inflation and geopolitical unrest in many emerging markets countries.

Despite some mixed economic indicators in March and April, U.S. equity performance remained strong. The S&P 500 Index reached a level nearly double its March 2009 lows, and stock market volatility, as measured by the VIX (the Chicago Board Options Exchange Market Volatility Index), hit its lowest level since June 2007. While corporate earnings reports were generally robust, a number of companies cautioned that the global economic outlook was still unclear. Furthermore, in a historic move, independent ratings agency Standard & Poor’s downgraded its outlook for U.S. sovereign debt from “stable” to “negative,” citing concerns regarding the lack of a credible deficit reduction plan. Brent crude oil prices peaked at $126 per barrel in April and then began to recede on concerns that demand might be slowing, prompting declines in the energy sector.

Increasing concern over the economy and sovereign debt dominated U.S. equity performance amidst a volatile third quarter during which much of the gains from earlier in the Reporting Period was lost. In August, following weeks of political brinksmanship in the U.S. over raising the debt ceiling to avoid default, Standard & Poor’s downgraded U.S. sovereign debt one notch from AAA to AA+ for the first time in history, sending a shock through the financial markets and particularly affecting stocks in the financials sector. Toward the end of September, markets were further shaken by the Federal Reserve Board’s (“the Fed”) announcement of a plan for additional monetary easing by attempting to “twist” the U.S. Treasury yield curve on the grounds of general weakness in the labor market and lackluster consumer spending growth. Through the program dubbed Operation Twist, the Fed intended to extend the maturity structure of its holdings through the sale of short-term securities and the purchase of long-term securities in an effort to support the economic recovery. In addition, the prospect of contagion from a Greek default and the lack of agreement on a solution amongst European leaders weighed on global equity markets during the third quarter.

U.S. equities rallied back forcefully in October on the hope of a plan for Europe’s sovereign debt crisis and on better prospects for the U.S. and global economies. It was reported that the U.S. economy had grown at a 2.5% annual rate in the third quarter, supported by better than expected consumer spending and business investment spending. Many companies reported good earnings results. The rally continued through the fourth-quarter, during which all sectors made gains. The U.S. equity market was led during the fourth quarter by energy stocks, which rallied on rising oil prices, as tensions with Iran sparked fresh supply fears. Indeed, more economically-sensitive, cyclical sectors generally outperformed traditionally defensive sectors during the fourth quarter.

For the Reporting Period as a whole, sector performance was widely dispersed. Financials stocks bore the brunt of the fallout from debt woes in the U.S. and Europe, including increased regulation. The economically-sensitive materials and industrials sectors also generated negative returns for the Reporting Period. Traditionally defensive sectors, such as utilities, consumer staples and health care, were the best performing sectors in the S&P 500 Index during the Reporting Period.

Fixed Income Markets

The U.S. fixed income market, as represented by the Barclays Capital U.S. Aggregate Bond Index (“Barclays Capital Index”), returned 7.84% during the Reporting Period.

MARKET REVIEW

Market conditions were volatile during the Reporting Period as investors grappled with a number of significant events, including the tragic earthquake and tsunami in Japan, a spike in oil prices amid anti-government protests in the Middle East and North Africa, and an escalation in the European sovereign debt crisis.

At the start of the Reporting Period, low interest rates on U.S. Treasuries and an improving economic outlook helped to drive investor demand for higher-yielding, non-Treasury sectors of the market, including corporate bonds, mortgage-backed securities and emerging market bonds. As a result, most higher-yielding sectors of the market outperformed U.S. Treasury bonds during the first three months of the Reporting Period. For example, high yield corporate bonds outperformed U.S. Treasury bonds by 3.87% during the first quarter of 2011, according to Barclays Capital Index data. Investor demand for higher-yielding sectors remained relatively strong into April, even as Japan worked to contain tsunami-related damage to the Fukushima nuclear power plant and crude oil prices spiked amid concerns that unrest in the Middle East would continue to spread.

Investor risk appetite began to decline in May, likely as a result of weaker U.S. economic data as higher oil prices cut into consumers’ disposable income and the disaster in Japan created disruptions in global supply chains. Economic data released in May revealed that U.S. auto production had plunged more than 10% in April compared to March and that consumer spending in April had grown at its slowest rate in eight months.

Between May and August, investor demand shifted sharply away from higher-yielding assets toward safe-haven U.S. Treasury bonds. In our view, two key factors contributed to this flight to quality. First, U.S. economic data broadly underperformed expectations as the effects of the disaster in Japan and higher oil prices continued to weigh on the industrial and consumer sectors. Second, investors became increasingly concerned about the growing sovereign debt crisis in Europe as it became clear that Greece would require additional assistance to avoid default on its debt.

During the May to August period, U.S. Treasury yields plunged and riskier sectors significantly underperformed U.S. Treasuries. The benchmark 10-year Treasury yield fell from 3.29% at the end of April to 2.22% at the end of August, according to Bloomberg data. Demand for U.S. Treasuries remained strong even after credit rating agency Standard & Poor’s downgraded the U.S.’s AAA credit rating to AA+ in early August, the first downgrade in history for the U.S.

August marked the start of a particularly volatile period in higher-yielding sectors. For example, relative to U.S. Treasuries, investment-grade corporate bonds returned –3.33% in August, –1.92% in September, +2.73% in October and –2.88% in November. Higher-yielding sectors generally followed a similar path, with sharp declines in August and September followed by a rebound in October and another decline in November. Most sectors ended the Reporting Period on a positive note, with investment-grade corporate bonds outperforming U.S. Treasuries by 0.99% in December.

In our view, a variety of factors contributed to the volatility during the last five months of the year. On the positive side, the Fed announced a new program dubbed Operation Twist intended to lower long-term interest rates, and U.S. economic data began to improve as Japan-related disruptions eased and oil prices fell. On the negative side, the European sovereign debt crisis continued to escalate, with government bond yields rising sharply in both Italy, the world’s third-largest bond market, and France.

During the Reporting Period as a whole, most higher-yielding sectors underperformed U.S. Treasuries. Emerging market bonds underperformed the most, declining more than 5% versus comparable-duration U.S. Treasuries, followed by high yield corporate bonds, which underperformed comparable-duration U.S. Treasuries by 3.67%. Asset-backed securities, which are bonds backed by credit card debt, auto loans, student loans and other forms of debt, was the best performing sector for the year, with an excess return of 0.52% over comparable-duration U.S. Treasuries.

Looking Ahead

Equity Markets

At the end of the Reporting Period, we saw a number of specific investment opportunities in the U.S. equity market, while acknowledging challenges that remain. On the positive side, we believe that domestic macroeconomic improvement should benefit U.S. companies going forward. U.S. Gross Domestic Product (GDP) is forecasted at 2.2% for 2012, the strongest of the developed market countries. Employment trends, the housing market, consumer confidence and manufacturing have all shown signs of

MARKET REVIEW

improvement. Additionally, the majority of deleveraging at the corporate and private levels has already occurred. We believe the key risks to U.S. equities — European economic weakness and policy challenges, political uncertainty, high U.S. debt-to-GDP ratio and a significant slowdown in China — are unlikely to derail the U.S. economic recovery under way.

All that said, the uncertainty in global markets is likely to present challenges in several areas of the U.S. equity market in the months ahead. We remain particularly cautious on financial companies with a notable degree of exposure to increased regulation, including higher capital restrictions and disposition of certain profitable businesses. We would also seek to minimize exposure to financial companies potentially more impacted by a low interest rate environment, European debt exposure, and/or relatively weak capital markets. Additionally, we note that there was, at the end of the Reporting Period, a high price for safety as the uncertain markets of 2011 drove investors to stocks with high dividend yields. As a result, the higher yielding stocks were trading at record high valuations, leading us to take a cautious stance on utilities and other high yielding sectors, particularly in light of limited growth prospects. Finally, political uncertainty and spending cuts may be a more significant risk to equity markets in 2012. Increasing and heated partisan politics have already been seen to hinder the legislative process and stall agreements on spending cuts and taxes. In our view, any spending cuts that are enacted in the months ahead are most likely to hit selected areas of health care and defense. We believe political uncertainty should subside after the elections in November 2012.

Fixed Income Markets

In our opinion, the U.S. economy will grow by about 2.2% in 2012, which is slightly above the 2.1% consensus. We base our view on three main factors. First, economic growth was relatively strong in the second half of 2011 despite a drop in confidence and increased market volatility. We expect this momentum to carry into 2012. Second, although the situation in Europe will probably get worse before it gets better, we think Eurozone policymakers can manage an orderly resolution to the crisis. Third, we think progress toward an orderly resolution in Europe would allow for further improvement in several areas of the U.S. domestic economy, including business investment, housing and employment.

While our base case (that is, what we expect) for the U.S. is relatively optimistic, we also think the risks to this view are significant. In our opinion, the U.S. can weather a recession in the Eurozone, as the region accounts for only about 13% of U.S. exports. However, if the sovereign debt crisis continues to escalate into a disorderly break-up of the currency union or a full-fledged financial crisis, we think the negative effect on U.S. economic growth could be much larger due to contagion via the financial system.

So far, contagion has been largely limited to European banks. We think the main contagion risk for the U.S. is the possibility that European banks attempt to reduce leverage by selling U.S. assets on a large scale, which would raise the risk of a broader deleveraging cycle and significant market volatility. A second risk for the U.S. is that European banks cut back on lending by their U.S. subsidiaries, reducing overall credit availability in the U.S.

We think the probability of contagion from the Eurozone to the U.S. has increased, as the situation has clearly been trending toward more contagion rather than less. However, policymakers have also taken increasingly aggressive steps to address European bank funding challenges and other signs of contagion to the financial system. Further, we believe the Fed would act aggressively to address any signs of contagion to the U.S. financial system, including another round of quantitative easing if necessary.

In our U.S. fixed income investment strategy, we are focused primarily on the risk scenarios rather than on our base case. In our base case, we would expect higher-yielding market sectors to outperform U.S. Treasuries, given low yields on U.S. Treasuries,

MARKET REVIEW

strong balance sheets in the corporate sector and our view that the U.S. housing market is close to a bottom. However, we also think the risk of a disorderly resolution in the Eurozone, combined with the possibility of large-scale European bank deleveraging, creates the potential for significant spread widening, whereby the yield differential between sectors would increase. As a result, we are currently neutral on most non-government sectors, and we anticipate that we will remain that way until risks decline or more attractive investment entry points arise.

While we are neutral on most sectors, we believe several aspects of our macroeconomic forecast favor maintaining exposure to housing-related credit risk in non-agency mortgage-backed securities. First, we believe non-agency mortgages are less exposed than corporate credit to tighter financial conditions. Unlike the corporate sector, credit availability in the U.S. housing sector remains highly constrained, and valuations on non-agency mortgage-backed securities have not recovered to the same extent as corporate bond valuations. As a result, we think the housing market and non-agency mortgage-backed securities are less susceptible to a credit crunch than the corporate sector. Second, U.S. policymakers appear to be increasingly focused on the housing market. The Obama administration has introduced changes to the Home Affordable Refinancing Program (HARP) that we believe will make the program more effective. HARP is made available to homeowners who have a good and solid payment history on an existing mortgage owned by Fannie Mae and Freddie Mac. Under this program, a homeowner who is regular on mortgage payments, but unable to refinance to a lower interest rate because of a decrease in home value, would be eligible to refinance their loan to take advantage of today’s lower mortgage rates.) We also believe that additional quantitative easing by the Fed would likely focus on mortgage-backed securities. Third, we think U.S. housing prices are close to a bottom and are relatively insulated from the situation in Europe.

In our base case scenario, we believe interest rates in the U.S. — and in developed economies generally — are likely to rise, while our risk scenario suggests the potential for even lower U.S. Treasury yields. As a result, at the end of the Reporting Period, we were cautious on duration exposure and were focused primarily on tactical opportunities as the risks to our base case rise and fall.

GOLDMAN SACHS VARIABLE INSURANCE TRUST — GOLDMAN SACHS CORE FIXED INCOME FUND

INVESTMENT OBJECTIVE

The Fund seeks a total return consisting of capital appreciation and income that exceeds the total return of the Barclays Capital U.S. Aggregate Bond Index.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fixed Income Investment Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Core Fixed Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2011 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Service Shares generated an average total return of 6.96%. This return compares to the 7.84% average annual total return of the Fund’s benchmark, the Barclays Capital U.S. Aggregate Bond Index (the “Barclays Capital Index”), during the same time period.

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

The primary detractor from the Fund’s relative performance was our top-down cross-sector strategy. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Barclays Capital Index. The Fund’s duration and U.S. yield curve positioning relative to the Barclays Capital Index also dampened relative performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates a spectrum of maturities.

Bottom-up individual issue selection among investment grade corporate bonds and collateralized securities contributed positively to the Fund’s relative returns during the Reporting Period.

Which fixed income market sectors most significantly affected Fund performance?

The Fund’s exposure to non-agency mortgage-backed securities detracted from its relative performance. Most spread, or non-Treasury, sectors underperformed U.S. Treasury securities during the Reporting Period amid increased volatility and overall investor risk aversion, driven by macroeconomic uncertainty and the escalation of the European sovereign debt crisis.

Issue selection among collateralized securities enhanced relative results. The Fund’s holdings of pass-through securities in both the agency and non-agency mortgage-backed securities sectors were particularly advantageous. (Pass-through mortgages consist of a pool of residential mortgage loans, where homeowners’ monthly payments of principal, interest and prepayments pass from the original bank through a government agency or investment bank to investors.)

In addition, the Fund benefited from issue selection among Treasury inflation-protected securities (“TIPS”) and from select holdings within the government/agency sector. Also contributing to results during the Reporting Period was individual issue selection within the corporate bond sector, especially the Fund’s bias toward lower quality investment grade credits.

Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

Tactical management of the Fund’s duration and yield curve positioning detracted from relative returns during the Reporting Period. Over the course of the Reporting Period, as economic growth expectations slowed and the European sovereign debt crisis and fears of contagion escalated, the yield on the 10-year U.S. Treasury note between peak and trough dropped by more than 200 basis points (a basis point is 1/100^th of a percentage point). Between January and August 2011, the Fund’s shorter duration position relative to that of the Barclays Capital Index dampened results as interest rates fell amid a continued slowdown in the global economy and investors’ overall flight to quality. In August, driven by the Fed’s announcement on its intention to leave interest rates on hold through mid-2013, we shifted the Fund to a longer duration bias relative to the Barclays Capital Index.

How did the Fund use derivatives and similar instruments during the Reporting Period?

As market conditions warranted during the Reporting Period, the Fund engaged in forward foreign currency exchange contracts to hedge currency exposure; Treasury futures to hedge interest rate exposure and facilitate specific duration and yield curve strategies; and Eurodollar futures to express our views on the direction of interest rates and facilitate specific duration and yield

GOLDMAN SACHS VARIABLE INSURANCE TRUST — GOLDMAN SACHS CORE FIXED INCOME FUND

curve strategies. Eurodollar futures are contracts which have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S.

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

As mentioned earlier, in implementing our active duration strategy, we shifted the Fund’s duration from a shorter position than that of the Barclays Capital Index to a comparatively longer duration position in response to the Fed’s commitment to keeping short-term interest rates low until mid-2013. In the process, the Fund’s allocation to U.S. Treasuries increased. In addition, we decreased the Fund’s overweighted positions in corporate bonds and covered bonds. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) As concern about prepayment risk increased during the Reporting Period, we reduced the Fund’s allocation to agency mortgage-backed securities. Prepayment means paying off a debt partially or entirely before the loan term expires. Prepayment is a risk for investors who hold mortgage-backed securities because it can deprive them of interest payments they might otherwise have received.

How was the Fund positioned relative to the Barclays Capital Index at the end of the Reporting Period?

Because we continued to see improvement in U.S. economic data and some stabilization in the global economy, the Fund was slightly underweight longer-term maturities relative to the Barclays Capital Index at the end of the Reporting Period. The Fund was overweight covered bonds (which are not represented in the Barclays Capital Index), asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities. The Fund had underweighted exposure to government securities, quasi-government bonds, pass-through mortgage-backed securities, investment grade corporate bonds, and emerging markets debt.

FUND BASICS

Core Fixed Income Fund

as of December 31, 2011


STANDARDIZED TOTAL RETURNS¹


For the period ended 12/31/2011	One Year			Five Year			Since Inception			Inception Date


Service		6.96	%		5.12	%		4.96	%	1/09/06


¹		The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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


EXPENSE RATIOS²


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


Service		0.69	%		0.83	%


²		The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least April 29, 2012, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

FUND BASICS


FUND COMPOSITION³


³		The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent investments in investment companies other than those that are exchange traded. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁴		“Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the United States Government.

⁵		“Government Guarantee Obligations” are guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program or a foreign government guarantee program and are backed by the full faith and credit of the United States or the government of a foreign country. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012 and the expiration date of a foreign country guarantee is the maturity date of the debt.

⁶		“Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Performance Summary

December 31, 2011

The following graph shows the value, as of December 31, 2011, of a $10,000 investment made in the Fund on January 9, 2006 (commencement of operations). For comparative purposes, the performance of the Fund’s benchmark, the Barclays Capital U.S. Aggregate Bond Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses, but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. In addition to the investment adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.


Core Fixed Income Fund’s Performance

Performance of a $10,000 investment, with distributions reinvested, from January 9, 2006 through December 31, 2011.

Average Annual Total Return through December 31, 2011

One Year

Five Years

Since Inception

Core Fixed Income Fund (Commenced January 9, 2006)

6.96%

5.12%

4.96%

GOLDMAN SACHS VARIABLE INSURANCE TRUST — GOLDMAN SACHS EQUITY INDEX FUND

INVESTMENT OBJECTIVE

The Fund seeks to achieve investment results that correspond to the aggregate price and yield performance of a benchmark index that measures the investment returns of large capitalization stocks.

Portfolio Management Discussion and Analysis

Below, SSgA Funds Management, Inc. (“SSgA”), the Fund’s Subadvisor, discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Equity Index Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2011 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Service Shares generated an average total return of 1.75%. This return compares to the 2.11% average annual total return of the Fund’s benchmark, the Standard & Poor’s^® 500 Index (with dividends reinvested) (the “S&P 500 Index”), during the same time period.

During the Reporting Period, which sectors and which industries in the S&P 500 Index were the strongest contributors to the Fund’s performance?

Seven of the 10 sectors in the S&P 500 Index advanced during the Reporting Period. In terms of total return, the sectors that made the strongest positive contributions to the S&P 500 Index — and to the Fund — were utilities, consumer staples and health care. The industries with the strongest performance in terms of total return were health care; technology; automobiles; airlines; computers and peripherals; and auto components.

On the basis of impact (which takes both total returns and weightings into account), the sectors that made the strongest positive contributions to the S&P 500 Index and to the Fund were consumer staples, health care and utilities. The industries with the strongest performance on the basis of impact were software, real estate investment trusts (REITs), specialty retail, airlines and consumer finance.

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

During the Reporting Period, three of the 10 sectors in the S&P 500 Index posted negative returns. Financials, materials and industrials were the weakest performing sectors both in terms of total return and on the basis of impact. The weakest performing industries in terms of total return were Internet software and services; communications equipment; wireless communication services; distributors; and leisure equipment and products. On the basis of impact, the weakest performing industries were communications equipment; distributors; semiconductors; containers and packaging; and Internet and catalog retail.

Which individual stocks were the top performers, and which were the greatest detractors?

The largest sector by weighting in the S&P 500 Index at the end of the Reporting Period was information technology at a weighting of 19.02%. On the basis of impact, information technology provided two of the Reporting Period’s top performers and one of its top detractors. The stocks that made the strongest positive contribution on the basis of impact were Apple, Exxon Mobil, IBM, Pfizer and Philip Morris International. The weakest performers were Bank of America, Citigroup, Goldman Sachs Group, Hewlett-Packard and JPMorgan Chase.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy to add value to the Fund’s results. However, we used equity index futures to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of equity index futures. We also used these equity index futures to provide liquidity for daily cash flow requirements.

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

Twenty-four stocks were removed from the S&P 500 Index during the Reporting Period. They were Compuware, Tellabs, AK Steel Holding, Monster Worldwide, MEMC Electronic Materials, NICOR, Janus Capital Group, ITT, Cephalon, National Semiconductor, Marshall & Ilsley, Radio Shack, Prologis, Massey Energy, Novell, Genzyme, Qwest Communications International, Campbell Soup, NYSE Euronext, Regions Financial, Sara Lee, McAfee, Allegheny Energy and QLogic.

FUND BASICS

Equity Index Fund

as of December 31, 2011


STANDARDIZED TOTAL RETURNS¹


For the period ended 12/31/11	One Year			Five Year			Since Inception			Inception Date


Service		1.75	%		-0.49	%		1.52	%	1/09/06


¹		The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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


EXPENSE RATIOS²


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


Service		0.48	%		0.71	%


²		The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least April 29, 2012, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.


TOP 10 HOLDINGS AS OF 12/31/11³


	% of Total Net
Holding	Assets			Line of Business


Exxon Mobil Corp.		3.5	%	Energy
Apple, Inc.		3.3		Technology Hardware & Equipment
International Business Machines Corp.		1.9		Software & Services
Chevron Corp.		1.8		Energy
Microsoft Corp.		1.7		Software & Services
General Electric Co.		1.7		Capital Goods
The Procter & Gamble Co.		1.6		Household & Personal Products
AT&T, Inc.		1.6		Telecommunication Services
Johnson & Johnson		1.6		Pharmaceuticals, Biotechnology & Life Sciences
Pfizer, Inc.		1.5		Pharmaceuticals, Biotechnology & Life Sciences


³		The top 10 holdings may not be representative of the Fund’s future investments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Performance Summary

December 31, 2011

The following graph shows the value, as of December 31, 2011, of a $10,000 investment made in the Fund on January 9, 2006 (commencement of operations). For comparative purposes, the performance of the Fund’s benchmark, the S&P 500 Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses, but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.


Equity Index Fund’s Performance

Performance of a $10,000 investment, with distributions reinvested, from January 9, 2006 through December 31, 2011.

Average Annual Total Return through December 31, 2011

One Year

Five Years

Since Inception

Equity Index Fund (Commenced January 9, 2006)

1.75%

-0.49%

1.52%

GOLDMAN SACHS VARIABLE INSURANCE TRUST — GOLDMAN SACHS GOVERNMENT INCOME FUND

INVESTMENT OBJECTIVE

The Fund seeks a high level of current income, consistent with safety of principal.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fixed Income Investment Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Government Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2011 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Service Shares generated an average total return of 6.35%. This return compares to the 7.74% average annual total return of the Fund’s benchmark, the Barclays Capital Government/Mortgage Index (the “Barclays Capital Index”) during the same time period.

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

The Fund’s duration and yield curve positioning detracted from its relative performance during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates a spectrum of maturities. Our top-down cross-sector strategy also hampered relative results. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Barclays Capital Index.

Bottom-up individual issue selection among collateralized securities and within the government/agency sector contributed positively to the Fund’s relative returns during the Reporting Period.

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

The Fund benefited from its investments in agency mortgage-backed securities, especially its “down in coupon” focus, or those securities with lower interest rates, as concern about prepayment risk increased during the Reporting Period. Prepayment means paying off a debt partially or entirely before the loan term expires. Prepayment is a risk for investors who hold mortgage-backed securities because it can deprive them of interest payments they might otherwise have received. The current lower rate environment has spurred economic incentives for eligible borrowers to refinance. Expectations of homeowner relief efforts have added to prepayment volatility in higher-coupon mortgage-backed securities, as government organizations have hinted at modifications to existing refinancing programs to help reduce mortgage costs for credit impaired borrowers.

Within the government/agency sector, issue selection among Treasury inflation-protected securities (“TIPS”) and exposure to select agency bonds contributed positively to the Fund’s results versus the Barclays Capital Index.

What sectors detracted from the Fund’s performance?

The Fund’s allocation to non-agency mortgage-backed securities, which are not represented in the Barclays Capital Index, detracted from relative performance. Most spread, or non-Treasury, sectors underperformed U.S. Treasuries during the Reporting Period amid heightened market volatility and investor risk aversion, driven by macroeconomic uncertainty and the escalation of the European sovereign debt crisis.

Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

Tactical management of the Fund’s duration and yield curve positioning detracted from relative returns during the Reporting Period. Over the course of the Reporting Period, as economic growth expectations slowed and the European sovereign debt crisis and fears of contagion escalated, the yield on the 10-year U.S. Treasury note between peak and trough dropped by more than 200 basis points (a basis point is 1/100^th of a percentage point) . Between January and August 2011, the Fund’s shorter duration position than that of the Barclays Capital Index dampened results as interest rates fell amid a continued slowdown in the global economy and an investors’ overall flight to quality. In August, driven by the Fed’s announcement on its intention to leave interest rates on hold at least through mid-2013, we shifted the Fund to a longer duration bias relative to the Barclays Capital Index.

GOLDMAN SACHS VARIABLE INSURANCE TRUST — GOLDMAN SACHS GOVERNMENT INCOME FUND

How did the Fund use derivatives and similar instruments during the Reporting Period?

As market conditions warranted during the Reporting Period, the Fund engaged in U.S. Treasury futures to hedge interest rate exposure and facilitate specific duration and yield curve strategies.

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

How was the Fund positioned relative to the Barclays Capital Index at the end of the Reporting Period?

Because we continued to see improvement in U.S. economic data and some stabilization in the global economy, the Fund was slightly underweight longer-term maturities relative to the Barclays Capital Index at the end of the Reporting Period. Relative to the Barclays Capital Index, the Fund was underweight government securities and residential mortgage-backed securities. It was underweight mortgage pass-throughs. (Pass-through mortgages consist of a pool of residential mortgage loans, where homeowners’ monthly payments of principal, interest and prepayments pass from the original bank through a government agency or investment bank to investors.) The Fund was overweight quasi-government securities, and it had exposure to asset-backed securities at the end of the Reporting Period.

FUND BASICS

Government Income Fund

as of December 31, 2011


STANDARDIZED TOTAL RETURNS¹


For the period ended 12/31/11	One Year			Five Year			Since Inception			Inception Date


Service		6.35	%		5.68	%		5.40	%	1/09/06


¹		The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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


EXPENSE RATIOS²


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


Service		0.85	%		1.12	%


²		The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least April 29, 2012, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

FUND BASICS


FUND COMPOSITION³


³		The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent investments in investment companies other than those that are exchange traded. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁴		“Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the United States Government.

⁵		“Government Guarantee Obligations” are guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program and are 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.

⁶		“Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Performance Summary

December 31, 2011

The following graph shows the value, as of December 31, 2011, of a $10,000 investment made in the Fund on January 9, 2006 (commencement of operations). For comparative purposes, the performance of the Fund’s benchmark, the Barclays Capital Government/Mortgage Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses, but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.


Government Income Fund’s Performance

Performance of a $10,000 investment, with distributions reinvested, from January 9, 2006 through December 31, 2011.

Average Annual Total Return through December 31, 2011

One Year

Five Years

Since Inception

Government Income Fund (Commenced January 9, 2006)

6.35%

5.68%

5.40%

GOLDMAN SACHS VARIABLE INSURANCE TRUST — GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Growth Opportunities Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2011 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Service Shares generated an average total return of –3.97%. This return compares to the –1.65% average annual total return of the Fund’s benchmark, the Russell Midcap^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same time period.

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

The Fund underperformed relative to the Russell Index because of stock selection.

Which equity market sectors most significantly affected Fund performance?

Our bottom-up approach focuses on security selection, and as a result, we do not make active sector-level investment decisions. That said, on a sector level, security selection in the consumer discretionary, consumer staples and financials sectors detracted from Fund returns. Stock picks in the health care, information technology and energy sectors contributed to relative performance.

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

RealD, a company that designs, manufactures and licenses 3D technology, was the top detractor from the Fund’s performance during the Reporting Period. The company reported disappointing earnings results as revenues from recently released 3D blockbuster movies lagged those of 3D films that had been released during the previous 12 months. Nevertheless, we maintain our opinion that RealD is a market leader in 3D technology and that it will benefit from continued 3D movie acceptance. In our view, RealD is well positioned for long-term growth as 3D movies begin to gain share of total box office revenues.

Office supply retailer Staples hampered relative returns during the Reporting Period. While we continue to see long-term opportunity for the company, we eliminated the stock from the Fund’s portfolio of securities because we believe ongoing cyclical challenges and macroeconomic headwinds may weigh on Staples’ business for a longer period of time than we previously believed. As a result, we felt it was prudent to exit the Fund’s position and reallocate the capital to investments in which we had higher conviction.

Avon Products, which markets cosmetic and beauty products, detracted from the Fund’s relative results during the Reporting Period. Its shares declined after the company lowered revenue guidance for its fiscal year 2011. Avon Products’ earnings were hurt by disappointing sales in select markets and softer margins as a result of higher input costs. In our opinion, Avon Products may be poised to deliver higher operating margins over the next few years as its broad geographic footprint, particularly in Latin America, provides exposure to numerous growing markets. However, we decided during the Reporting Period to trim the Fund’s position and allocate the capital to investments in which we had a higher conviction.

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

We believe that acquisitions demonstrate how quickly the valuation gap between a company’s stock price and the intrinsic worth of the franchise can close when other business buyers recognize a company’s long-term growth potential. A number of the Fund’s best-performing individual stocks provide evidence to support our thesis.

Nalco, a dominant market leader in water treatment services to industrial and institutional end markets, was the Fund’s top contributor during the Reporting Period. Shares rose after the company announced it was being acquired by Ecolab. The acquisition was executed in the fourth quarter of 2011, and we subsequently sold the Fund’s position.

Pharmasset, a clinical-state pharmaceutical company, enhanced the Fund’s relative returns after the company agreed to be acquired at a significant premium by Gilead Sciences. We liquidated the Fund’s position in Pharmasset during the Reporting Period.

GOLDMAN SACHS VARIABLE INSURANCE TRUST — GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

SuccessFactors, a market-leading provider of cloud-based human capital management solutions, contributed to the Fund’s relative performance after the company agreed to be bought out by SAP. (Cloud computing is Internet-based computing, whereby shared resources, software, and information are provided to computers and other devices on demand, like the electricity grid.) SAP agreed to acquire all outstanding shares at a significant premium. We exited the Fund’s position during the Reporting Period.

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

The Fund purchased Urban Outfitters during the Reporting Period. The specialty retailer operates numerous successful brands including Urban Outfitters, Anthropologie, Free People and Terrain. It has been rapidly expanding its retail store base and has been successful at introducing brands to the global marketplace. In our opinion, its management has a history of strong execution, demonstrating disciplined capital allocation and producing consistent sales growth over a multi-year period.

We also added MSCI to the Fund’s portfolio of securities. MSCI is a provider of investment decision support tools such as indices, portfolio risk and analytics tools. In our opinion, MSCI has an established brand and is well positioned to benefit from secular growth in these product areas. During the Reporting Period, MSCI’s shares underperformed after the company reported lower margins in its ISS business, an area that focuses on governance research and outsourced proxy voting and reporting services. We believe this issue is transitory and took advantage of the price weakness to initiate the Fund’s position.

In addition to those sales already mentioned, we exited the Fund’s position in Southwestern Energy, an oil and natural gas exploration and production company. During the Reporting Period, we became concerned with the company’s well productivity data and the trend at its core operation in the Fayetteville Shale. Based on new data on recently added acreage, we were cautious about the company’s ability to diversify its business away from Fayetteville and natural gas without incurring significant costs, the financing of which remains natural gas price dependent. Based on a deteriorated medium-term risk/reward profile, we liquidated the Fund’s position in the stock and reallocated the capital to investments in which we had a higher conviction.

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

There were no notable changes in the Fund’s weightings during the Reporting Period.

How did the Fund use derivatives and similar instruments during the Reporting Period?

The Fund does not use derivatives within its investment process.

How was the Fund positioned relative to the Russell Index at the end of the Reporting Period?

As mentioned, the Fund’s sector positioning relative to the Russell Index is the result of our stock selection, as we take a pure bottom-up, research-intensive approach to investing. From that perspective, then, at the end of the Reporting Period, the Fund’s portfolio was broadly diversified with overweighted positions compared to the Russell Index in the information technology, financials, telecommunication services and energy sectors. The Fund had smaller weightings in the materials, industrials, consumer staples, consumer discretionary and health care sectors. It was rather neutral compared to the Russell Index in utilities at the end of the Reporting Period.

FUND BASICS

Growth Opportunities Fund

as of December 31, 2011


STANDARDIZED TOTAL RETURNS¹


For the period ended 12/31/11	One Year			Five Year			Since Inception			Inception Date


Service		-3.97	%		5.13	%		4.69	%	1/09/06


¹		The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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


EXPENSE RATIOS²


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


Service		1.15	%		1.43	%


²		The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least April 29, 2012, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.


TOP 10 HOLDINGS AS OF 12/31/11³


	% of Total Net
Holding	Assets			Line of Business


SBA Communications Corp. Class A		2.8	%	Telecommunication Services
PVH Corp.		2.5		Consumer Durables & Apparel
C. R. Bard, Inc.		2.3		Health Care Equipment & Services
Cameron International Corp.		2.3		Energy
PetSmart, Inc.		2.2		Retailing
Global Payments, Inc.		2.2		Software & Services
Amphenol Corp. Class A		2.1		Technology Hardware & Equipment
Whiting Petroleum Corp.		2.1		Energy
Pioneer Natural Resources Co.		2.0		Energy
Ecolab, Inc.		2.0		Materials


³		The top 10 holdings may not be representative of the Fund’s future investments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Performance Summary

December 31, 2011

The following graph shows the value, as of December 31, 2011, of a $10,000 investment made in the Fund on January 9, 2006 (commencement of operations). For comparative purposes, the performance of the Fund’s benchmark, the Russell Midcap Growth Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects Fund level expenses, but does not reflect fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option for any contract or policy. Had performance reflected all of those fees and expenses, performance would have been reduced. Performance also would have been reduced had expense limitations not been in effect. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.


Growth Opportunities Fund’s Performance

Performance of a $10,000 investment, with distributions reinvested, from January 9, 2006 through December 31, 2011.

Average Annual Total Return through December 31, 2011

One Year

Five Years

Since Inception

Growth Opportunities Fund (Commenced January 9, 2006)

-3.97%

5.13%

4.69%

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

December 31, 2011

Principal
Interest
Maturity

Amount Rate Date Value

Corporate Obligations – 18.3%

Banks – 4.3%

Abbey National Treasury Services PLC

$ 175,000 2.875 % 04/25/14 $ 161,331

Bank of America Corp.

200,000 5.750 12/01/17 189,529

BBVA Bancomer SA^(a)

425,000 7.250 04/22/20 422,938

Capital One Bank NA

300,000 8.800 07/15/19 344,962

CBA Capital Trust II^(a)(b)(c)

325,000 6.024 03/29/49 300,441

Citigroup Capital XXI^(b)(c)

383,000 8.300 12/21/57 385,873

Citigroup, Inc.

600,000 5.000 09/15/14 590,854

JPMorgan Chase Capital XXV Series Y

275,000 6.800 10/01/37 275,000

Merrill Lynch & Co., Inc.

325,000 6.400 08/28/17 314,699

Morgan Stanley & Co.

275,000 5.750 08/31/12 278,530

300,000 5.950 12/28/17 284,243

100,000 6.625 04/01/18 97,751

National City Preferred Capital Trust I^(b)(c)

350,000 12.000 12/29/49 367,500

Regions Financial Corp.

325,000 5.750 06/15/15 312,000

Resona Bank Ltd.^(a)(b)(c)

650,000 5.850 09/29/49 645,919

Santander Holdings USA, Inc.

165,000 4.625 04/19/16 157,464

The Bear Stearns Companies LLC

500,000 7.250 02/01/18 584,790

The Royal Bank of Scotland Group PLC^(a)

425,000 4.875 08/25/14 415,854

Wachovia Bank NA

300,000 6.600 01/15/38 333,557

6,463,235

Captive Auto^(a) – 0.3%

FUEL Trust

525,000 3.984 06/15/16 521,521

Chemicals – 0.7%

Ecolab, Inc.

325,000 3.000 12/08/16 337,260

325,000 4.350 12/08/21 348,753

The Dow Chemical Co.

420,000 7.600 05/15/14 475,661

1,161,674

Diversified Manufacturing^(a) – 0.2%

Xylem, Inc.

250,000 3.550 09/20/16 255,565

Electric – 0.5%

PPL WEM Holdings PLC^(a)(c)

220,000 5.375 05/01/21 230,703

Progress Energy, Inc.

350,000 7.000 10/30/31 465,913

696,616

Energy – 3.1%

Anadarko Petroleum Corp.

325,000 6.375 09/15/17 376,236

BP Capital Markets PLC

225,000 3.200 03/11/16 236,369

500,000 4.500 10/01/20 550,300

Dolphin Energy Ltd.^(a)

202,296 5.888 06/15/19 217,527

Gazprom OAO Via Gaz Capital SA

350,000 9.250 04/23/19 415,625

Noble Energy, Inc.^(c)

200,000 6.000 03/01/41 231,708

Pemex Project Funding Master Trust

150,000 6.625 06/15/35 169,875

Petrobras International Finance Co.

40,000 5.750 01/20/20 42,722

320,000 5.375 01/27/21 332,828

PTTEP Canada International Finance Ltd.^(a)

240,000 5.692 04/05/21 251,016

Ras Laffan Liquefied Natural Gas Co. Ltd. III^(a)

250,000 5.500 09/30/14 267,500

TNK-BP Finance SA

140,000 7.875 03/13/18 149,625

Transocean, Inc.

100,000 4.950 11/15/15 101,881

325,000 6.000 03/15/18 335,561

225,000 6.500 11/15/20 232,242

175,000 6.375 12/15/21 184,886

Weatherford International Ltd.

275,000 9.625 03/01/19 356,110

4,452,011

Food & Beverage – 0.7%

Kraft Foods, Inc.

275,000 6.125 08/23/18 324,981

225,000 6.500 02/09/40 289,071

Pernod-Ricard SA^(a)

425,000 4.450 01/15/22 439,094

1,053,146

Healthcare – 0.8%

Cigna Corp.

150,000 2.750 11/15/16 150,410

DENTSPLY International, Inc.

125,000 2.750 08/15/16 125,868

Express Scripts, Inc.

300,000 3.125 05/15/16 301,649

Life Technologies Corp.

225,000 6.000 03/01/20 252,349

PerkinElmer, Inc.^(c)

275,000 5.000 11/15/21 279,826

1,110,102

The accompanying notes are an integral part of these financial statements. 27

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2011

Principal
Interest
Maturity

Amount Rate Date Value

Corporate Obligations – (continued)

Life Insurance – 0.8%

MetLife Capital Trust X^(a)(c)

$ 300,000 9.250 % 04/08/38 $ 342,750

Prudential Financial, Inc.

575,000 3.875 01/14/15 593,894

The Northwestern Mutual Life Insurance Co.^(a)

200,000 6.063 03/30/40 240,086

1,176,730

Media Non Cable – 0.6%

NBCUniversal Media LLC

175,000 2.875 04/01/16 179,124

News America, Inc.

375,000 6.150 02/15/41 430,301

WPP Finance UK

275,000 8.000 09/15/14 308,461

917,886

Metals and Mining – 0.7%

Freeport-McMoRan Copper & Gold, Inc.^(c)

418,000 8.375 04/01/17 442,558

Newcrest Finance Pty Ltd.^(a)

275,000 4.450 11/15/21 271,252

Teck Resources Ltd.^(c)

300,000 10.750 05/15/19 366,750

1,080,560

Noncaptive-Financial – 1.0%

Capital One Capital III

125,000 7.686 08/15/36 124,063

Capital One Capital IV^(b)(c)

350,000 6.745 02/17/37 343,000

Discover Bank

250,000 8.700 11/18/19 284,681

International Lease Finance Corp.

375,000 5.750 05/15/16 348,750

SLM Corp.

AUD 150,000 6.000 05/10/12 151,351

$ 325,000 6.250 01/25/16 317,696

1,569,541

Pipelines – 0.8%

Energy Transfer Partners LP

375,000 5.950 02/01/15 405,929

Enterprise Products Operating LLC

175,000 5.000 03/01/15 190,731

Tennessee Gas Pipeline Co.

200,000 8.375 06/15/32 252,754

TransCanada Pipelines Ltd.^(b)(c)

325,000 6.350 05/15/67 323,375

1,172,789

Property/Casualty Insurance – 0.6%

Transatlantic Holdings, Inc.

225,000 8.000 11/30/39 256,530

ZFS Finance USA Trust IV^(a)(b)(c)

675,000 5.875 05/09/32 634,500

891,030

Real Estate Investment Trusts – 2.2%

Brandywine Operating Partnership LP^(c)

300,000 4.950 04/15/18 296,118

Developers Diversified Realty Corp.

375,000 7.500 04/01/17 404,923

Duke Realty LP

350,000 5.950 02/15/17 376,154

ERP Operating LP

275,000 4.625 12/15/21 278,307

HCP, Inc.

275,000 6.000 01/30/17 296,911

Healthcare Realty Trust, Inc.

350,000 5.750 01/15/21 354,305

Kilroy Realty LP

275,000 5.000 11/03/15 285,020

ProLogis LP

100,000 2.250 04/01/37 99,750

175,000 1.875 ^(c) 11/15/37 171,500

Simon Property Group LP

350,000 10.350 04/01/19 485,325

WEA Finance LLC^(a)

125,000 7.500 06/02/14 137,030

3,185,343

Technology – 0.2%

Hewlett-Packard Co.

250,000 3.000 09/15/16 250,110

Tobacco – 0.2%

Altria Group, Inc.

175,000 9.700 11/10/18 236,510

Transportation^(a) – 0.3%

Transnet Ltd.

400,000 4.500 02/10/16 402,205

Wirelines Telecommunications – 0.3%

AT&T, Inc.

425,000 2.950 05/15/16 442,916

TOTAL CORPORATE OBLIGATIONS

(Cost $26,198,539)
$ 27,039,490

Mortgage-Backed Obligations – 46.4%

Adjustable Rate Non-Agency^(b) – 1.8%

Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1

$ 25,511 2.447 % 04/25/34 $ 20,294

Countrywide Alternative Loan Trust Series 2005-38, Class A1

260,418 1.708 09/25/35 149,587

Countrywide Home Loan Mortgage Pass-Through Trust Series 2003-52, Class A1

98,408 2.667 02/19/34 81,418

Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB6, Class A2

19,214 2.716 11/20/34 14,555

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Principal
Interest
Maturity

Amount Rate Date Value

Mortgage-Backed Obligations – (continued)

Adjustable Rate Non-Agency^(b) – (continued)

Indymac Index Mortgage Loan Trust Series 2005-AR15, Class A1

$ 457,051 4.913 % 09/25/35 $ 318,599

Indymac Index Mortgage Loan Trust Series 2006-AR4, Class A1A

951,081 0.504 05/25/46 516,190

J.P. Morgan Mortgage Trust Series 2007-A1, Class 2A2

331,885 2.769 07/25/35 263,041

Lehman XS Trust Series 2005-7N, Class 1A1A

375,344 0.564 12/25/35 236,632

Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A

661,448 1.068 12/25/46 167,302

Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2

22,307 2.444 09/25/34 18,182

Structured Adjustable Rate Mortgage Loan Trust Series 2004-5, Class 3A1

48,195 2.505 05/25/34 42,634

Washington Mutual Mortgage Pass-Through Certificates Series 2004-AR3, Class A2

26,541 2.563 06/25/34 24,611

Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA2, Class 1A

586,854 0.908 03/25/47 302,986

Wells Fargo Mortgage Backed Securities Trust Series 2006-AR10, Class 5A3

756,927 2.730 07/25/36 539,589

2,695,620

Collateralized Mortgage Obligations – 10.1%

Agency Multi-Family – 3.5%

FHLMC REMIC Structured Pass-Through Certificates Series K703, Class A2

600,000 2.699 05/25/18 620,223

FNMA

394,327 2.800 03/01/18 411,092

1,091,701 3.740 05/01/18 1,190,017

320,000 3.840 05/01/18 346,674

800,000 4.506 06/01/19 889,187

197,748 3.416 10/01/20 209,544

197,818 3.632 12/01/20 212,151

988,958 3.763 12/01/20 1,067,834

GNMA

186,528 3.950 07/15/25 199,726

5,146,448

Covered Bonds^(a) – 5.6%

Bank of Scotland PLC

300,000 5.250 02/21/17 314,156

Companhia de Financement Foncier

100,000 2.125 04/22/13 98,926

DnB NOR Boligkreditt

1,700,000 2.100 10/14/15 1,686,225

1,100,000 2.900 03/29/16 1,118,255

ING Bank NV

700,000 2.500 01/14/16 687,385

Nordea Eiendomskreditt AS

1,300,000 1.875 04/07/14 1,300,358

Sparebank 1 Boligkreditt AS

1,400,000 1.250 10/25/13 1,390,037

1,200,000 2.625 05/27/16 1,207,030

Stadshypotek AB

450,000 1.450 09/30/13 449,210

8,251,582

Interest Only^(b)(d)(e) – 0.0%

FNMA REMIC Series 2004-71, Class DI

253,526 0.000 04/25/34 785

Planned Amortization Class – 0.7%

FNMA REMIC Series 2003-92, Class PD

996,272 4.500 03/25/17 1,009,585

Regular Floater^(b)(d) – 0.0%

FHLMC REMIC Series 2005-3038, Class XA

2,560 0.000 09/15/35 2,550

Sequential Fixed Rate – 0.3%

National Credit Union Administration Guaranteed Notes Series A4

500,000 3.000 06/12/19 530,445

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
$ 14,941,395

Commercial Mortgage-Backed Securities – 2.5%

Sequential Fixed Rate – 2.5%

GE Capital Commercial Mortgage Corp. Series 2002-1A, Class A3

$ 1,137,809 6.269 % 12/10/35 $ 1,142,340

Morgan Stanley Dean Witter Capital I Series 2003-TOP9, Class A2

2,546,886 4.740 11/13/36 2,600,464

3,742,804

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
$ 3,742,804

Federal Agencies – 32.0%

Adjustable Rate FHLMC^(b) – 1.6%

$ 1,603,959 2.375 % 09/01/35 $ 1,699,254

576,644 4.780 10/01/35 614,126

2,313,380

Adjustable Rate FNMA^(b) – 1.6%

544,829 2.083 05/01/33 569,083

835,644 2.457 05/01/35 880,018

928,331 2.664 09/01/35 980,515

2,429,616

FHLMC – 4.9%

23,104 7.500 06/01/15 24,757

48,761 7.000 07/01/16 51,922

463,535 5.500 02/01/18 501,603

37,312 5.500 04/01/18 40,376

14,516 4.500 09/01/18 15,426

The accompanying notes are an integral part of these financial statements. 29

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2011

Principal
Interest
Maturity

Amount Rate Date Value

Mortgage-Backed Obligations – (continued)

FHLMC – (continued)

$ 62,541 5.500 % 09/01/18 $ 67,677

7,154 9.500 08/01/19 7,851

123,790 6.500 10/01/20 138,260

30,053 4.500 07/01/24 32,173

166,685 4.500 11/01/24 179,277

33,737 4.500 12/01/24 36,285

54,359 6.000 03/01/29 60,574

665 6.000 04/01/29 741

35,026 7.500 12/01/29 39,451

325,810 7.000 05/01/32 366,941

924 6.000 08/01/32 1,029

180,905 7.000 12/01/32 203,743

32,600 5.000 12/01/35 35,366

36,807 6.000 09/01/37 40,685

58,709 6.000 02/01/38 64,968

150,857 6.000 07/01/38 167,221

45,064 6.000 10/01/38 50,038

8,324 4.500 07/01/39 8,821

1,167,313 4.500 09/01/39 1,254,998

84,071 4.500 10/01/39 90,915

303,217 4.500 11/01/39 321,312

936,693 4.500 12/01/39 992,591

32,237 4.500 01/01/40 34,161

683,053 5.500 01/01/40 741,078

46,662 4.500 04/01/40 49,548

111,186 4.500 07/01/40 118,063

288,110 4.000 12/01/40 302,609

20,219 4.500 04/01/41 21,513

17,462 4.500 05/01/41 18,579

91,584 4.500 06/01/41 97,445

14,525 4.500 09/01/41 15,455

996,735 4.000 10/01/41 1,054,164

7,247,616

FNMA – 21.7%

66,602 7.500 08/01/15 70,577

30,669 6.000 04/01/16 32,975

57,942 6.500 05/01/16 62,923

84,882 6.500 09/01/16 92,179

107,511 6.500 11/01/16 116,753

27,219 7.500 04/01/17 29,233

429,367 5.500 02/01/18 466,333

398,605 5.000 05/01/18 428,593

35,700 6.500 08/01/18 39,740

180,731 7.000 08/01/18 203,289

5,840 5.000 06/01/23 6,276

481,372 5.500 09/01/23 524,365

103,036 5.500 10/01/23 112,454

23,493 4.500 07/01/24 25,348

360,839 4.500 11/01/24 389,734

135,088 4.500 12/01/24 146,056

5,797 7.000 11/01/25 6,719

37,658 9.000 11/01/25 44,949

175,263 7.000 08/01/26 202,677

1,759 7.000 08/01/27 2,040

10,191 7.000 09/01/27 11,817

48,529 6.000 12/01/27 53,962

287,000 6.000 02/01/29 319,800

263,156 6.000 06/01/29 293,227

57,531 8.000 10/01/29 69,174

19,114 7.000 12/01/29 22,153

1,518 8.500 04/01/30 1,834

7,535 8.000 05/01/30 9,053

21,480 7.000 05/01/32 24,897

166,435 7.000 06/01/32 192,537

236,226 7.000 08/01/32 273,272

48,237 8.000 08/01/32 58,375

17,476 5.000 08/01/33 18,876

2,862 5.500 09/01/33 3,117

3,647 5.500 02/01/34 3,973

617 5.500 04/01/34 672

35,762 5.500 12/01/34 38,996

79,796 5.000 04/01/35 86,763

218,997 6.000 04/01/35 243,989

2,935,630 5.000 07/01/35 3,171,934

11,055 5.000 09/01/35 11,941

4,990 5.500 09/01/35 5,445

519 5.500 02/01/37 566

778 5.500 04/01/37 848

882 5.500 05/01/37 961

80,842 6.000 12/01/37 89,545

1,235 5.500 03/01/38 1,348

39,804 6.000 05/01/38 44,214

982 5.500 06/01/38 1,072

34,513 6.000 06/01/38 38,337

1,292 5.500 07/01/38 1,411

85,876 6.000 07/01/38 95,389

1,329 5.500 08/01/38 1,452

34,521 6.000 08/01/38 38,345

676 5.500 09/01/38 739

18,182 5.500 10/01/38 19,866

40,771 6.000 10/01/38 45,390

47,228 6.000 11/01/38 52,578

489 5.500 12/01/38 534

348,439 5.000 01/01/39 378,696

37,861 5.000 07/01/39 40,981

63,636 4.500 08/01/39 68,837

184,444 4.500 12/01/39 200,035

45,668 4.500 01/01/40 49,528

1,808,259 4.000 10/01/40 1,900,263

1,866,118 4.000 11/01/40 1,961,066

886,221 4.500 12/01/40 943,571

353,329 5.000 02/01/41 383,864

2,943,095 4.000 03/01/41 3,096,282

1,889,411 4.000 04/01/41 1,985,544

144,024 5.000 04/01/41 155,891

304,323 5.000 05/01/41 329,398

44,118 5.000 06/01/41 47,753

978,034 4.500 09/01/41 1,044,066

2,042,115 5.000 10/01/41 2,223,494

698,863 4.000 11/01/41 736,809

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Principal
Interest
Maturity

Amount Rate Date Value

Mortgage-Backed Obligations – (continued)

FNMA – (continued)

$ 5,000,000 3.500 % TBA-30yr ^(f) $ 5,142,969

3,000,000 3.000 TBA-15yr ^(f) 3,097,969

32,138,631

GNMA – 2.2%

10,940 7.000 10/15/25 12,780

15,432 7.000 11/15/25 17,849

2,795 7.000 02/15/26 3,241

11,010 7.000 04/15/26 12,768

4,183 7.000 03/15/27 4,923

101,722 7.000 11/15/27 119,720

5,138 7.000 01/15/28 6,047

39,587 7.000 02/15/28 46,588

15,062 7.000 03/15/28 17,726

4,028 7.000 04/15/28 4,740

569 7.000 05/15/28 669

10,393 7.000 06/15/28 12,231

22,329 7.000 07/15/28 26,279

14,802 7.000 08/15/28 17,420

37,510 7.000 09/15/28 44,143

4,288 7.000 11/15/28 5,046

4,981 7.500 11/15/30 5,821

620 7.000 12/15/31 730

25,620 7.500 10/15/32 27,609

599,703 6.000 08/20/34 680,662

2,000,000 4.000 TBA-30yr ^(f) 2,145,156

3,212,148

TOTAL FEDERAL AGENCIES
$ 47,341,391

TOTAL MORTGAGE-BACKED OBLIGATIONS

(Cost $68,897,290)
$ 68,721,210

Agency Debentures – 3.3%

FHLMC

$ 800,000 0.700 % 11/04/13 $ 798,614

1,200,000 0.625 12/29/14 1,200,863

FNMA

1,600,000 0.625 10/30/14 1,602,434

Tennessee Valley Authority^(g)

900,000 5.375 04/01/56 1,212,927

TOTAL AGENCY DEBENTURES

(Cost $4,491,077)
$ 4,814,838

Asset-Backed Securities – 2.5%

Home Equity – 0.2%

GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1

$ 140,887 7.000 % 09/25/37 $ 100,560

GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1

185,037 7.000 09/25/37 129,534

230,094

Student Loans^(b) – 2.3%

Brazos Higher Education Authority Series 2011-1, Class A2

1,000,000 1.306 02/25/30 971,440

Brazos Higher Education Authority Series 2011-2, Class A2

800,000 1.268 07/25/29 777,857

College Loan Corp. Trust Series 2006-1, Class A3

1,000,000 0.508 10/25/25 979,000

GCO Education Loan Funding Trust Series 2006-1, Class A10L

100,000 0.696 02/27/28 85,049

GCO Education Loan Funding Trust Series 2006-1, Class A11L

100,000 0.736 05/25/36 81,159

Goal Capital Funding Trust Series 2010-1, Class A^(a)

259,041 1.206 08/25/48 242,017

Knowledgeworks Foundation Series 2010-1, Class A

271,276 1.456 02/25/42 261,912

3,398,434

TOTAL ASSET-BACKED SECURITIES

(Cost $3,781,349)
$ 3,628,528

Foreign Debt Obligations – 7.5%

Sovereign – 7.0%

Colombia Government International Bond

$ 580,000 4.375 % 07/12/21 $ 620,600

Federal Republic of Brazil

220,000 8.250 01/20/34 331,650

200,000 7.125 01/20/37 277,000

Malaysia Government Bond

MYR 1,220,000 3.434 08/15/14 388,784

State of Qatar^(a)

$ 330,000 5.250 01/20/20 362,175

United Kingdom Gilt

GBP 4,200,000 4.500 03/07/13 6,843,316

1,000,000 2.750 01/22/15 1,660,312

10,483,837

Supranational – 0.5%

North American Development Bank

$ 600,000 4.375 02/11/20 667,041

TOTAL FOREIGN DEBT OBLIGATIONS

(Cost $10,952,784)
$ 11,150,878

Municipal Debt Obligations – 1.4%

California – 0.2%

California State Various Purpose GO Bonds Series 2010

$ 140,000 7.950 % 03/01/36 $ 158,309

105,000 7.625 03/01/40 129,187

287,496

Illinois – 0.2%

Illinois State GO Bonds for Build America Bonds Series 2010-5

250,000 7.350 07/01/35 275,780

The accompanying notes are an integral part of these financial statements. 31

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2011

Principal
Interest
Maturity

Amount Rate Date Value

Municipal Debt Obligations – (continued)

Missouri – 0.5%

Missouri Higher Education Loan Authority RB Asset-Backed Notes Series 2010 A-1^(b)(h)

$ 779,174 1.456 % 02/27/12 $ 755,444

New York – 0.3%

Rensselaer Polytechnic Institute Taxable Bonds Series 2010

475,000 5.600 09/01/20 534,570

Ohio – 0.2%

American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT

250,000 6.270 02/15/50 281,747

TOTAL MUNICIPAL DEBT OBLIGATIONS

(Cost $2,003,655)
$ 2,135,037

Government Guarantee Obligations⁽ⁱ⁾ – 4.4%

Achmea Hypotheekbank NV^(a)

$ 791,000 3.200 % 11/03/14 $ 830,113

BRFkredit AS^(a)

1,700,000 2.050 04/15/13 1,731,370

Commonwealth Bank of Australia^(a)

700,000 2.500 12/10/12 711,839

FIH Erhvervsbank A/S^(a)

1,400,000 1.750 12/06/12 1,410,312

Landwirtschaftliche Rentenbank

1,400,000 4.125 07/15/13 1,469,210

Swedbank AB^(a)

200,000 2.900 01/14/13 204,753

Westpac Securities NZ Ltd.^(a)

200,000 2.500 05/25/12 201,223

TOTAL GOVERNMENT GUARANTEE OBLIGATIONS

(Cost $6,424,594)
$ 6,558,820

U.S. Treasury Obligations – 19.8%

United States Treasury Bonds

$ 100,000 4.500 % 05/15/38 $ 131,794

500,000 4.250 11/15/40 637,515

100,000 4.750 02/15/41 137,829

400,000 4.375 05/15/41 521,192

2,400,000 3.125 11/15/41 2,514,552

United States Treasury Inflation-Protected Securities

755,574 3.000 07/15/12 772,340

123,280 1.875 07/15/13 129,002

United States Treasury Notes

7,700,000 0.250 10/31/13 7,701,925

3,000,000 0.250 11/30/13 3,000,360

5,900,000 0.625 07/15/14 5,945,666

1,200,000 0.375 11/15/14 1,200,840

1,500,000 1.000 10/31/16 1,514,490

1,600,000 0.875 11/30/16 1,604,832

1,000,000 2.125 08/15/21 1,025,580

2,500,000 2.000 11/15/21 2,528,325

TOTAL U.S. TREASURY OBLIGATIONS

(Cost $28,964,657)
$ 29,366,242

TOTAL INVESTMENTS – 103.6%

(Cost $151,713,945)
$ 153,415,043

LIABILITIES IN EXCESS OF OTHER ASSETS – (3.6)%
(5,300,568 )

NET ASSETS – 100.0%
$ 148,114,475

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 $19,941,285, which represents approximately 13.5% of net assets as of December 31, 2011.

(b)		Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2011.

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

(d)		Issued with a zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.

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

(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 $10,386,094 which represents approximately 7.0% of net assets as of December 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 until maturity.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND




Investment Abbreviations:
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
LIBOR	—	London Interbank Offered Rate
RB	—	Revenue Bond
REMIC	—	Real Estate Mortgage Investment Conduit
RMKT	—	Remarketed
UK	—	United Kingdom

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


ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 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 to		Expiration	Current		Unrealized
Counterparty	Buy/Sell		Date	Value		Gain

Barclays Bank PLC		SEK/NOK	3/21/12	$	99,196	$	2,158
		USD/EUR	3/21/12		97,136		2,782
Citibank NA		CHF/EUR	3/21/12		79,396		392
		JPY/EUR	3/21/12		101,065		2,633
		USD/CHF	3/21/12		140,863		255
Deutsche Bank Securities, Inc.		CAD/EUR	3/21/12		99,862		2,726
		NZD/USD	3/21/12		86,723		286
HSBC Bank PLC		JPY/USD	3/21/12		162,374		1,651
		USD/EUR	3/21/12		248,512		2,121
		USD/SEK	3/21/12		433,506		4,494
JPMorgan Chase Bank NA		USD/EUR	1/20/12		101,590		205
		USD/EUR	3/21/12		296,590		3,152
Morgan Stanley Co., Inc.		USD/EUR	3/21/12		99,727		679
Royal Bank of Canada		CAD/EUR	3/21/12		102,105		2,379
		CAD/USD	3/21/12		287,906		1,796
Royal Bank of Scotland		USD/EUR	3/21/12		196,863		1,908
State Street Bank		CAD/EUR	3/21/12		200,936		4,073
		USD/EUR	3/21/12		321,104		1,692
		USD/GBP	3/21/12		479,596		1,907
UBS AG		USD/CHF	3/21/12		43,455		545
Westpac Banking Corp.		NZD/USD	3/21/12		77,394		2,950


TOTAL						$	40,784

The accompanying notes are an integral part of these financial statements. 33

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2011


ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


	Contracts to		Expiration	Current		Unrealized
Counterparty	Buy/Sell		Date	Value		Loss

Barclays Bank PLC		EUR/GBP	3/21/12	$	106,208	$	(255	)
Citibank NA		EUR/JPY	3/21/12		98,431		(1,922	)
		USD/NOK	3/21/12		79,958		(132	)
Credit Suisse International		EUR/CHF	3/21/12		99,727		(680	)
		EUR/USD	3/21/12		99,727		(585	)
Deutsche Bank Securities, Inc.		EUR/CHF	3/21/12		99,727		(1,049	)
		EUR/SEK	3/21/12		99,727		(575	)
		EUR/USD	3/21/12		99,727		(209	)
HSBC Bank PLC		USD/SEK	3/21/12		312,727		(4,641	)
JPMorgan Chase Bank NA		EUR/CHF	3/21/12		178,731		(1,503	)
		EUR/USD	3/21/12		393,725		(5,839	)
		USD/GBP	1/31/12		8,555,854		(7,577	)
Morgan Stanley Co., Inc.		EUR/USD	3/21/12		98,431		(2,088	)
Royal Bank of Canada		CAD/USD	3/21/12		98,982		(18	)
		EUR/CAD	3/21/12		98,431		(358	)
Royal Bank of Scotland		EUR/SEK	3/21/12		192,977		(2,639	)
State Street Bank		USD/NZD	3/21/12		396,448		(5,386	)
UBS AG		EUR/CAD	3/21/12		97,136		(2,875	)
		EUR/USD	3/21/12		198,158		(2,745	)
Westpac Banking Corp.		USD/AUD	3/21/12		407,624		(12,567	)


TOTAL						$	(53,643	)

FORWARD SALES CONTRACTS — At December 31, 2011, the Fund had the following forward sales contracts:


	Interest			Maturity	Settlement		Principal
Description	Rate			Date^(f)	Date		Amount			Value

FNMA		4.000	%	TBA-30yr		01/12/12	$	(3,000,000	)	$	(3,150,938	)
FNMA		4.500		TBA-30yr		01/12/12		(1,000,000	)		(1,064,297	)
FNMA		5.000		TBA-30yr		01/12/12		(3,000,000	)		(3,241,406	)
FNMA		5.000		TBA-30yr		02/13/12		(2,000,000	)		(2,156,719	)


TOTAL (Proceeds Receivable: $9,583,047)										$	(9,613,360	)

FUTURES CONTRACTS — At December 31, 2011, the following futures contracts were open:


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

Eurodollars		(7	)	March 2012	$	(1,738,713	)	$	(9,407	)
U.S. Long Bond		19		March 2012		2,751,438			10,686
U.S. Ultra Long Treasury Bonds		13		March 2012		2,082,438			32,155
5 Year U.S. Treasury Notes		63		March 2012		7,765,242			23,879
10 Year U.S. Treasury Notes		45		March 2012		5,900,625			56,507


TOTAL								$	113,820

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments

December 31, 2011

Shares Description Value

Common Stocks – 99.4%

Automobiles & Components – 0.7%

1,600 BorgWarner, Inc.* $ 101,984

56,613 Ford Motor Co.* 609,156

3,400 Harley-Davidson, Inc. 132,158

10,035 Johnson Controls, Inc. 313,694

3,800 The Goodyear Tire & Rubber Co.* 53,846

1,210,838

Banks – 2.7%

10,200 BB&T Corp. 256,734

2,850 Comerica, Inc. 73,530

13,505 Fifth Third Bancorp 171,784

4,486 First Horizon National Corp. 35,888

7,800 Hudson City Bancorp, Inc. 48,750

12,749 Huntington Bancshares, Inc. 69,992

14,300 KeyCorp 109,967

1,916 M&T Bank Corp. 146,267

5,400 People’s United Financial, Inc. 69,390

7,757 PNC Financial Services Group, Inc. 447,346

19,425 Regions Financial Corp. 83,527

7,900 SunTrust Banks, Inc. 139,830

28,351 U.S. Bancorp 766,895

78,167 Wells Fargo & Co. 2,154,283

2,800 Zions Bancorporation 45,584

4,619,767

Capital Goods – 8.1%

10,439 3M Co. 853,179

9,571 Caterpillar, Inc. 867,133

2,400 Cooper Industries PLC 129,960

2,900 Cummins, Inc. 255,258

8,500 Danaher Corp. 399,840

6,179 Deere & Co. 477,946

2,701 Dover Corp. 156,793

5,000 Eaton Corp. 217,650

10,996 Emerson Electric Co. 512,304

4,400 Fastenal Co. 191,884

800 Flowserve Corp. 79,456

2,482 Fluor Corp. 124,721

5,306 General Dynamics Corp. 352,371

156,447 General Electric Co. 2,801,966

1,837 Goodrich Corp. 227,237

11,508 Honeywell International, Inc. 625,460

7,200 Illinois Tool Works, Inc. 336,312

4,500 Ingersoll-Rand PLC 137,115

2,000 Jacobs Engineering Group, Inc.* 81,160

1,600 Joy Global, Inc. 119,952

1,400 L-3 Communications Holdings, Inc. 93,352

3,951 Lockheed Martin Corp. 319,636

5,400 Masco Corp. 56,592

3,792 Northrop Grumman Corp. 221,756

5,393 PACCAR, Inc. 202,076

1,700 Pall Corp. 97,155

2,248 Parker Hannifin Corp. 171,410

2,100 Precision Castparts Corp. 346,059

3,000 Quanta Services, Inc.* 64,620

5,076 Raytheon Co. 245,577

2,100 Rockwell Automation, Inc. 154,077

2,260 Rockwell Collins, Inc. 125,136

1,400 Roper Industries, Inc. 121,618

903 Snap-On, Inc. 45,710

2,452 Stanley Black & Decker, Inc. 165,755

4,300 Textron, Inc. 79,507

11,067 The Boeing Co. 811,764

6,900 Tyco International Ltd. 322,299

13,414 United Technologies Corp. 980,429

833 W.W. Grainger, Inc. 155,929

2,800 Xylem, Inc. 71,932

13,800,086

Commercial & Professional Services – 0.5%

1,700 Avery Dennison Corp. 48,756

1,600 Cintas Corp. 55,696

700 Dun & Bradstreet Corp. 52,381

1,750 Equifax, Inc. 67,795

2,600 Iron Mountain, Inc. 80,080

3,100 Pitney Bowes, Inc. 57,474

2,800 R.R. Donnelley & Sons Co. 40,404

4,610 Republic Services, Inc. 127,005

2,200 Robert Half International, Inc. 62,612

1,300 Stericycle, Inc.* 101,296

6,949 Waste Management, Inc. 227,302

920,801

Consumer Durables & Apparel – 1.0%

4,300 Coach, Inc. 262,472

3,600 D.R. Horton, Inc. 45,396

1,100 Harman International Industries, Inc. 41,844

1,721 Hasbro, Inc. 54,883

2,100 Leggett & Platt, Inc. 48,384

2,500 Lennar Corp. Class A 49,125

5,051 Mattel, Inc. 140,216

4,133 Newell Rubbermaid, Inc. 66,748

5,459 NIKE, Inc. Class B 526,084

5,413 Pulte Group, Inc.* 34,156

900 Ralph Lauren Corp. 124,272

1,300 VF Corp. 165,087

1,159 Whirlpool Corp. 54,994

1,613,661

Consumer Services – 2.1%

1,600 Apollo Group, Inc. Class A* 86,192

6,600 Carnival Corp. 215,424

500 Chipotle Mexican Grill, Inc.* 168,870

1,920 Darden Restaurants, Inc. 87,514

900 DeVry, Inc. 34,614

4,300 H&R Block, Inc. 70,219

4,400 International Game Technology 75,680

3,963 Marriott International, Inc. Class A 115,601

15,197 McDonald’s Corp. 1,524,715

11,056 Starbucks Corp. 508,686

2,800 Starwood Hotels & Resorts Worldwide, Inc. 134,316

2,126 Wyndham Worldwide Corp. 80,426

The accompanying notes are an integral part of these financial statements. 35

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

December 31, 2011

Shares Description Value

Common Stocks – (continued)

Consumer Services – (continued)

1,100 Wynn Resorts Ltd. $ 121,539

6,897 Yum! Brands, Inc. 406,992

3,630,788

Diversified Financials – 5.2%

15,031 American Express Co. 709,012

3,380 Ameriprise Financial, Inc. 167,783

149,692 Bank of America Corp. 832,288

1,500 BlackRock, Inc. 267,360

6,833 Capital One Financial Corp. 288,968

43,351 Citigroup, Inc. 1,140,565

939 CME Group, Inc. 228,806

8,317 Discover Financial Services 199,608

3,050 E*Trade Financial Corp.* 24,278

1,456 Federated Investors, Inc. Class B 22,058

2,130 Franklin Resources, Inc. 204,608

1,100 IntercontinentalExchange, Inc.* 132,605

6,700 Invesco Ltd. 134,603

56,267 JPMorgan Chase & Co. 1,870,878

1,900 Legg Mason, Inc. 45,695

2,900 Leucadia National Corp. 65,946

2,900 Moody’s Corp. 97,672

22,047 Morgan Stanley 333,571

3,500 Northern Trust Corp. 138,810

3,800 NYSE Euronext 99,180

7,871 SLM Corp. 105,471

7,267 State Street Corp. 292,933

3,800 T. Rowe Price Group, Inc. 216,410

18,015 The Bank of New York Mellon Corp. 358,679

14,642 The Charles Schwab Corp. 164,869

7,282 The Goldman Sachs Group, Inc.^(a) 658,511

1,900 The NASDAQ OMX Group, Inc.* 46,569

8,847,736

Energy – 12.2%

3,300 Alpha Natural Resources, Inc.* 67,419

7,365 Anadarko Petroleum Corp. 562,170

5,716 Apache Corp. 517,755

6,460 Baker Hughes, Inc. 314,214

1,600 Cabot Oil & Gas Corp. 121,440

3,700 Cameron International Corp.* 182,003

9,717 Chesapeake Energy Corp. 216,592

29,493 Chevron Corp. 3,138,055

19,652 ConocoPhillips 1,432,041

3,400 Consol Energy, Inc. 124,780

6,200 Denbury Resources, Inc.* 93,620

5,972 Devon Energy Corp. 370,264

1,100 Diamond Offshore Drilling, Inc. 60,786

11,430 El Paso Corp. 303,695

3,981 EOG Resources, Inc. 392,168

2,200 EQT Corp. 120,538

70,990 Exxon Mobil Corp. 6,017,112

3,546 FMC Technologies, Inc.* 185,208

13,617 Halliburton Co. 469,923

1,500 Helmerich & Payne, Inc. 87,540

4,500 Hess Corp. 255,600

10,399 Marathon Oil Corp. 304,379

5,199 Marathon Petroleum Corp. 173,075

2,800 Murphy Oil Corp. 156,072

4,500 Nabors Industries Ltd.* 78,030

6,318 National Oilwell Varco, Inc. 429,561

1,900 Newfield Exploration Co.* 71,687

3,700 Noble Corp.* 111,814

2,600 Noble Energy, Inc. 245,414

11,995 Occidental Petroleum Corp. 1,123,931

4,006 Peabody Energy Corp. 132,639

1,700 Pioneer Natural Resources Co. 152,116

2,750 QEP Resources, Inc. 80,575

2,300 Range Resources Corp. 142,462

1,800 Rowan Companies, Inc.* 54,594

19,940 Schlumberger Ltd. 1,362,101

5,100 Southwestern Energy Co.* 162,894

9,542 Spectra Energy Corp. 293,417

1,500 Sunoco, Inc. 61,530

2,200 Tesoro Corp.* 51,392

8,645 The Williams Companies, Inc. 285,458

8,313 Valero Energy Corp. 174,989

20,681,053

Food & Staples Retailing – 2.4%

6,387 Costco Wholesale Corp. 532,165

19,364 CVS Caremark Corp. 789,664

5,100 Safeway, Inc. 107,304

3,373 SUPERVALU, Inc. 27,389

8,900 Sysco Corp. 261,037

8,932 The Kroger Co. 216,333

13,310 Walgreen Co. 440,028

25,960 Wal-Mart Stores, Inc. 1,551,370

2,300 Whole Foods Market, Inc. 160,034

4,085,324

Food, Beverage & Tobacco – 6.6%

30,626 Altria Group, Inc. 908,061

9,933 Archer-Daniels-Midland Co. 284,084

2,200 Beam, Inc. 112,706

1,450 Brown-Forman Corp. Class B 116,739

2,800 Campbell Soup Co. 93,072

4,750 Coca-Cola Enterprises, Inc. 122,455

6,000 ConAgra Foods, Inc. 158,400

2,400 Constellation Brands, Inc. Class A* 49,608

2,600 Dean Foods Co.* 29,120

3,200 Dr. Pepper Snapple Group, Inc. 126,336

9,424 General Mills, Inc. 380,824

4,768 H.J. Heinz Co. 257,663

2,100 Hormel Foods Corp. 61,509

3,700 Kellogg Co. 187,109

26,257 Kraft Foods, Inc. Class A 980,961

2,016 Lorillard, Inc. 229,824

2,000 McCormick & Co., Inc. 100,840

3,002 Mead Johnson Nutrition Co. Class A 206,327

2,300 Molson Coors Brewing Co. Class B 100,142

23,162 PepsiCo, Inc. 1,536,799

25,775 Philip Morris International, Inc. 2,022,822

4,990 Reynolds American, Inc. 206,686

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Shares Description Value

Common Stocks – (continued)

Food, Beverage & Tobacco – (continued)

8,600 Sara Lee Corp. $ 162,712

33,606 The Coca-Cola Co. 2,351,412

2,200 The Hershey Co. 135,916

1,734 The J.M. Smucker Co. 135,547

4,500 Tyson Foods, Inc. Class A 92,880

11,150,554

Health Care Equipment & Services – 3.9%

5,389 Aetna, Inc. 227,362

3,860 AmerisourceBergen Corp. 143,553

8,310 Baxter International, Inc. 411,179

3,223 Becton, Dickinson and Co. 240,823

22,006 Boston Scientific Corp.* 117,512

1,267 C. R. Bard, Inc. 108,328

5,032 Cardinal Health, Inc. 204,350

3,416 CareFusion Corp.* 86,801

2,200 Cerner Corp.* 134,750

3,919 CIGNA Corp. 164,598

2,100 Coventry Health Care, Inc.* 63,777

7,200 Covidien PLC 324,072

1,300 DaVita, Inc.* 98,553

2,200 DENTSPLY International, Inc. 76,978

1,700 Edwards Lifesciences Corp.* 120,190

7,274 Express Scripts, Inc.* 325,075

2,400 Humana, Inc. 210,264

617 Intuitive Surgical, Inc.* 285,677

1,500 Laboratory Corp. of America Holdings* 128,955

3,664 McKesson Corp. 285,462

5,737 Medco Health Solutions, Inc.* 320,698

15,582 Medtronic, Inc. 596,012

1,381 Patterson Companies, Inc. 40,767

2,400 Quest Diagnostics, Inc. 139,344

4,680 St. Jude Medical, Inc. 160,524

4,900 Stryker Corp. 243,579

5,750 Tenet Healthcare Corp.* 29,497

15,770 UnitedHealth Group, Inc. 799,224

1,700 Varian Medical Systems, Inc.* 114,121

5,217 WellPoint, Inc. 345,626

2,617 Zimmer Holdings, Inc.* 139,800

6,687,451

Household & Personal Products – 2.5%

6,400 Avon Products, Inc. 111,808

7,148 Colgate-Palmolive Co. 660,404

5,840 Kimberly-Clark Corp. 429,590

1,900 The Clorox Co. 126,464

1,700 The Estee Lauder Companies, Inc. Class A 190,944

40,787 The Procter & Gamble Co. 2,720,901

4,240,111

Insurance – 3.6%

5,000 ACE Ltd. 350,600

6,892 Aflac, Inc. 298,148

6,341 American International Group, Inc.* 147,111

4,850 Aon Corp. 226,980

1,400 Assurant, Inc. 57,484

26,115 Berkshire Hathaway, Inc. Class B* 1,992,574

2,368 Cincinnati Financial Corp. 72,129

7,900 Genworth Financial, Inc. Class A* 51,745

6,473 Hartford Financial Services Group, Inc. 105,186

4,458 Lincoln National Corp. 86,574

4,547 Loews Corp. 171,195

7,988 Marsh & McLennan Companies, Inc. 252,581

15,781 MetLife, Inc. 492,052

4,532 Principal Financial Group, Inc. 111,487

7,033 Prudential Financial, Inc. 352,494

7,638 The Allstate Corp. 209,358

4,149 The Chubb Corp. 287,194

9,382 The Progressive Corp. 183,043

6,184 The Travelers Companies, Inc. 365,907

1,511 Torchmark Corp. 65,562

4,418 Unum Group 93,087

4,900 XL Group PLC 96,873

6,069,364

Materials – 3.5%

3,100 Air Products & Chemicals, Inc. 264,089

1,000 Airgas, Inc. 78,080

16,168 Alcoa, Inc. 139,853

1,651 Allegheny Technologies, Inc. 78,918

2,300 Ball Corp. 82,133

1,600 Bemis Co., Inc. 48,128

990 CF Industries Holdings, Inc. 143,530

2,094 Cliffs Natural Resources, Inc. 130,561

13,638 E.I. du Pont de Nemours & Co. 624,348

2,000 Eastman Chemical Co. 78,120

4,512 Ecolab, Inc. 260,839

1,100 FMC Corp. 94,644

14,136 Freeport-McMoRan Copper & Gold, Inc. 520,063

1,200 International Flavors & Fragrances, Inc. 62,904

6,359 International Paper Co. 188,226

2,498 MeadWestvaco Corp. 74,815

7,954 Monsanto Co. 557,337

7,387 Newmont Mining Corp. 443,294

4,600 Nucor Corp. 182,022

2,500 Owens-Illinois, Inc.* 48,450

2,300 PPG Industries, Inc. 192,027

4,400 Praxair, Inc. 470,360

2,616 Sealed Air Corp. 45,021

1,800 Sigma-Aldrich Corp. 112,428

17,513 The Dow Chemical Co. 503,674

4,100 The Mosaic Co. 206,763

1,300 The Sherwin-Williams Co. 116,051

1,500 Titanium Metals Corp. 22,470

2,220 United States Steel Corp. 58,741

1,800 Vulcan Materials Co. 70,830

5,898,719

Media – 3.1%

3,200 Cablevision Systems Corp. Class A 45,504

9,864 CBS Corp. Class B 267,709

40,498 Comcast Corp. Class A 960,208

10,539 DIRECTV Class A* 450,648

The accompanying notes are an integral part of these financial statements. 37

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

December 31, 2011

Shares Description Value

Common Stocks – (continued)

Media – (continued)

3,900 Discovery Communications, Inc. Class A* $ 159,783

3,871 Gannett Co., Inc. 51,755

32,586 News Corp. Class A 581,334

4,048 Omnicom Group, Inc. 180,460

1,300 Scripps Networks Interactive, Inc. Class A 55,146

6,871 The Interpublic Group of Companies, Inc. 66,855

4,408 The McGraw-Hill Companies, Inc. 198,228

26,729 The Walt Disney Co. 1,002,337

83 The Washington Post Co. Class B 31,275

4,796 Time Warner Cable, Inc. 304,882

14,871 Time Warner, Inc. 537,438

8,244 Viacom, Inc. Class B 374,360

5,267,922

Pharmaceuticals, Biotechnology & Life Sciences – 7.9%

23,098 Abbott Laboratories 1,298,801

5,096 Agilent Technologies, Inc.* 178,003

4,500 Allergan, Inc. 394,830

11,796 Amgen, Inc. 757,421

3,615 Biogen Idec, Inc.* 397,831

25,226 Bristol-Myers Squibb Co. 888,964

6,600 Celgene Corp.* 446,160

15,142 Eli Lilly & Co. 629,302

3,900 Forest Laboratories, Inc.* 118,014

11,200 Gilead Sciences, Inc.* 458,416

2,590 Hospira, Inc.* 78,658

40,428 Johnson & Johnson 2,651,268

2,670 Life Technologies Corp.* 103,890

45,169 Merck & Co., Inc. 1,702,871

6,400 Mylan, Inc.* 137,344

1,900 PerkinElmer, Inc. 38,000

1,400 Perrigo Co. 136,220

113,873 Pfizer, Inc. 2,464,212

5,668 Thermo Fisher Scientific, Inc.* 254,890

1,300 Waters Corp.* 96,265

1,800 Watson Pharmaceuticals, Inc.* 108,612

13,339,972

Real Estate – 1.8%

1,780 Apartment Investment & Management Co. Class A (REIT) 40,780

1,291 AvalonBay Communities, Inc. (REIT) 168,605

2,227 Boston Properties, Inc. (REIT) 221,809

4,500 CBRE Group, Inc.* 68,490

4,400 Equity Residential (REIT) 250,932

6,100 HCP, Inc. (REIT) 252,723

2,700 Health Care REIT, Inc. (REIT) 147,231

10,752 Host Hotels & Resorts, Inc. (REIT) 158,807

6,300 Kimco Realty Corp. (REIT) 102,312

2,500 Plum Creek Timber Co., Inc. (REIT) 91,400

6,799 ProLogis, Inc. (REIT) 194,383

2,051 Public Storage (REIT) 275,777

4,307 Simon Property Group, Inc. (REIT) 555,345

4,200 Ventas, Inc. (REIT) 231,546

2,722 Vornado Realty Trust (REIT) 209,213

7,909 Weyerhaeuser Co. (REIT) 147,661

3,117,014

Retailing – 3.7%

1,277 Abercrombie & Fitch Co. Class A 62,369

5,338 Amazon.com, Inc.* 924,008

672 AutoNation, Inc.* 24,777

379 AutoZone, Inc.* 123,164

3,624 Bed Bath & Beyond, Inc.* 210,083

4,350 Best Buy Co., Inc. 101,659

900 Big Lots, Inc.* 33,984

3,500 CarMax, Inc.* 106,680

1,800 Dollar Tree, Inc.* 149,598

1,500 Expedia, Inc. 43,530

1,700 Family Dollar Stores, Inc. 98,022

1,900 GameStop Corp. Class A* 45,847

2,240 Genuine Parts Co. 137,088

2,000 J.C. Penney Co., Inc. 70,300

3,819 Kohl’s Corp. 188,468

3,600 Limited Brands, Inc. 145,260

18,736 Lowe’s Companies, Inc. 475,520

6,234 Macy’s, Inc. 200,610

800 Netflix, Inc.* 55,432

2,424 Nordstrom, Inc. 120,497

23 Orchard Supply Hardware Stores Corp. Class A* 200

1,900 O’Reilly Automotive, Inc.* 151,905

757 Priceline.com, Inc.* 354,056

3,356 Ross Stores, Inc. 159,511

500 Sears Holdings Corp.* 15,890

10,397 Staples, Inc. 144,414

10,039 Target Corp. 514,198

5,050 The Gap, Inc. 93,677

22,864 The Home Depot, Inc. 961,202

1,900 Tiffany & Co. 125,894

5,593 TJX Companies, Inc. 361,028

1,500 TripAdvisor, Inc.* 37,815

1,600 Urban Outfitters, Inc.* 44,096

6,280,782

Semiconductors & Semiconductor Equipment – 2.3%

9,100 Advanced Micro Devices, Inc.* 49,140

4,774 Altera Corp. 177,115

4,400 Analog Devices, Inc. 157,432

19,522 Applied Materials, Inc. 209,081

7,050 Broadcom Corp. Class A* 206,988

780 First Solar, Inc.* 26,333

75,480 Intel Corp. 1,830,390

2,525 KLA-Tencor Corp. 121,831

3,500 Linear Technology Corp. 105,105

7,900 LSI Corp.* 47,005

2,700 Microchip Technology, Inc. 98,901

13,543 Micron Technology, Inc.* 85,185

965 Novellus Systems, Inc.* 39,845

9,050 NVIDIA Corp.* 125,433

2,800 Teradyne, Inc.* 38,164

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Shares Description Value

Common Stocks – (continued)

Semiconductors & Semiconductor Equipment – (continued)

16,928 Texas Instruments, Inc. $ 492,774

3,900 Xilinx, Inc. 125,034

3,935,756

Software & Services – 9.3%

9,500 Accenture PLC Class A 505,685

7,415 Adobe Systems, Inc.* 209,622

2,600 Akamai Technologies, Inc.* 83,928

3,200 Autodesk, Inc.* 97,056

7,300 Automatic Data Processing, Inc. 394,273

2,500 BMC Software, Inc.* 81,950

5,504 CA, Inc. 111,263

2,700 Citrix Systems, Inc.* 163,944

4,535 Cognizant Technology Solutions Corp. Class A* 291,646

2,500 Computer Sciences Corp. 59,250

17,044 eBay, Inc.* 516,944

4,900 Electronic Arts, Inc.* 100,940

3,500 Fidelity National Information Services, Inc. 93,065

2,050 Fiserv, Inc.* 120,417

3,784 Google, Inc. Class A* 2,444,086

17,479 International Business Machines Corp. 3,214,039

4,400 Intuit, Inc. 231,396

1,547 Mastercard, Inc. Class A 576,753

110,900 Microsoft Corp. 2,878,964

58,337 Oracle Corp. 1,496,344

4,709 Paychex, Inc. 141,788

2,755 Red Hat, Inc.* 113,754

3,833 SAIC, Inc.* 47,108

2,000 Salesforce.com, Inc.* 202,920

11,112 Symantec Corp.* 173,903

2,500 Teradata Corp.* 121,275

9,019 The Western Union Co. 164,687

2,500 Total System Services, Inc. 48,900

2,402 VeriSign, Inc. 85,799

7,580 Visa, Inc. Class A 769,597

18,600 Yahoo!, Inc.* 300,018

15,841,314

Technology Hardware & Equipment – 7.3%

2,500 Amphenol Corp. Class A 113,475

13,752 Apple, Inc.* 5,569,560

79,681 Cisco Systems, Inc. 1,440,632

23,325 Corning, Inc. 302,758

22,600 Dell, Inc.* 330,638

30,372 EMC Corp.* 654,213

1,200 F5 Networks, Inc.* 127,344

2,400 FLIR Systems, Inc. 60,168

1,700 Harris Corp. 61,268

29,533 Hewlett-Packard Co. 760,770

2,583 Jabil Circuit, Inc. 50,782

3,425 JDS Uniphase Corp.* 35,757

7,800 Juniper Networks, Inc.* 159,198

1,200 Lexmark International, Inc. Class A 39,684

2,025 Molex, Inc. 48,317

3,860 Motorola Mobility Holdings, Inc.* 149,768

4,154 Motorola Solutions, Inc. 192,289

5,311 NetApp, Inc.* 192,630

24,985 QUALCOMM, Inc. 1,366,679

3,500 SanDisk Corp.* 172,235

6,300 TE Connectivity Ltd. 194,103

3,500 Western Digital Corp.* 108,325

20,476 Xerox Corp. 162,989

12,293,582

Telecommunication Services – 3.2%

5,840 American Tower Corp. Class A 350,458

87,974 AT&T, Inc. 2,660,334

9,129 CenturyLink, Inc. 339,599

15,608 Frontier Communications Corp. 80,381

4,000 MetroPCS Communications, Inc.* 34,720

43,610 Sprint Nextel Corp.* 102,048

42,043 Verizon Communications, Inc. 1,686,765

7,681 Windstream Corp. 90,175

5,344,480

Transportation – 2.0%

2,430 C.H. Robinson Worldwide, Inc. 169,565

15,586 CSX Corp. 328,241

3,200 Expeditors International of Washington, Inc. 131,072

4,700 FedEx Corp. 392,497

5,035 Norfolk Southern Corp. 366,850

800 Ryder System, Inc. 42,512

11,518 Southwest Airlines Co. 98,594

7,120 Union Pacific Corp. 754,293

14,292 United Parcel Service, Inc. Class B 1,046,032

3,329,656

Utilities – 3.8%

1,700 AGL Resources, Inc. 71,842

3,477 Ameren Corp. 115,193

7,091 American Electric Power Co., Inc. 292,929

6,298 CenterPoint Energy, Inc. 126,527

3,700 CMS Energy Corp. 81,696

4,300 Consolidated Edison, Inc. 266,729

2,877 Constellation Energy Group, Inc. 114,131

8,447 Dominion Resources, Inc. 448,367

2,500 DTE Energy Co. 136,125

19,793 Duke Energy Corp. 435,446

4,869 Edison International 201,577

2,575 Entergy Corp. 188,104

9,881 Exelon Corp. 428,539

6,178 FirstEnergy Corp. 273,685

1,131 Integrys Energy Group, Inc. 61,278

6,246 NextEra Energy, Inc. 380,256

4,000 NiSource, Inc. 95,240

2,590 Northeast Utilities 93,421

3,400 NRG Energy, Inc.* 61,608

1,500 Oneok, Inc. 130,035

3,600 Pepco Holdings, Inc. 73,080

5,831 PG&E Corp. 240,354

1,700 Pinnacle West Capital Corp. 81,906

8,551 PPL Corp. 251,570

The accompanying notes are an integral part of these financial statements. 39

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

December 31, 2011

Shares Description Value

Common Stocks – (continued)

Utilities – (continued)

4,277 Progress Energy, Inc. $ 239,598

7,442 Public Service Enterprise Group, Inc. 245,660

1,731 SCANA Corp. 77,999

3,513 Sempra Energy 193,215

3,400 TECO Energy, Inc. 65,076

9,464 The AES Corp.* 112,054

12,641 The Southern Co. 585,152

3,400 Wisconsin Energy Corp. 118,864

7,210 Xcel Energy, Inc. 199,284

6,486,540

TOTAL COMMON STOCKS

(Cost $144,599,517)
$ 168,693,271



Preferred Stock – 0%
Retailing – 0%
	23	Orchard Supply Hardware Stores Corp.*
		(Cost $100)	$	—


Principal		Interest			Maturity
Amount		Rate			Date		Value

U.S. Treasury Obligation^(b)(c) – 0.1%
United States Treasury Bill
$	120,000		0.000	%		02/23/12	$	119,997
(Cost $120,000)


TOTAL INVESTMENTS – 99.5%
(Cost $144,719,617)							$	168,813,268


OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%								897,849


NET ASSETS – 100.0%							$	169,711,117

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 a zero coupon. Income is recognized through the accretion of discount.

(c)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.




Investment Abbreviation:
REIT	—	Real Estate Investment Trust


ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 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

March 2012

1,064,710

3,069

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Schedule of Investments

December 31, 2011

Principal
Interest
Maturity

Amount Rate Date Value

Mortgage-Backed Obligations – 39.6%

Adjustable Rate Non-Agency^(a) – 1.0%

First Horizon Alternative Mortgage Securities Series 2005-AA7, Class 2A1

$ 416,800 2.250 % 09/25/35 $ 239,241

Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A

369,545 2.660 08/19/36 186,890

J.P. Morgan Mortgage Trust Series 2007-A1, Class 2A2

331,885 2.769 07/25/35 263,041

689,172

Collateralized Mortgage Obligations – 5.7%

Agency Multi-Family – 3.5%

FHLMC REMIC Structured Pass-Through Certificates Series K703, Class A2

$ 300,000 2.699 % 05/25/18 $ 310,111

FNMA

197,163 2.800 03/01/18 205,546

496,228 3.740 05/01/18 540,917

110,000 3.840 05/01/18 119,169

400,000 4.506 06/01/19 444,593

98,874 3.416 10/01/20 104,772

98,909 3.632 12/01/20 106,076

395,583 3.763 12/01/20 427,134

GNMA

93,264 3.950 07/15/25 99,863

2,358,181

Interest Only^(a)(b)(c) – 0.0%

FNMA REMIC Series 2004-47, Class EI

181,570 0.000 06/25/34 765

FNMA REMIC Series 2004-62, Class DI

73,428 0.000 07/25/33 217

982

Regular Floater – 0.6%

National Credit Union Administration Guaranteed Notes Series A1^(a)

400,000 0.296 06/12/13 399,568

Sequential Fixed Rate – 1.6%

Banc of America Funding Corp. Series 2007-8, Class 2A1

525,369 7.000 10/25/37 345,229

National Credit Union Administration Guaranteed Notes Series 2010-C1, Class APT

290,293 2.650 10/29/20 302,811

National Credit Union Administration Guaranteed Notes Series A4

400,000 3.000 06/12/19 424,356

1,072,396

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
$ 3,831,127

Federal Agencies – 32.9%

Adjustable Rate FHLMC^(a) – 0.9%

$ 400,990 2.375 % 09/01/35 $ 424,814

144,161 4.780 10/01/35 153,531

578,345

Adjustable Rate FNMA^(a) – 1.3%

181,610 2.083 05/01/33 189,694

417,822 2.457 05/01/35 440,009

263,661 2.561 12/01/35 279,723

909,426

FHLMC – 7.7%

2,731 10.000 03/01/21 3,201

399,652 5.500 02/01/38 433,887

83,854 5.500 04/01/38 91,037

466,047 5.500 08/01/38 505,969

8,324 4.500 07/01/39 8,821

337,834 4.500 09/01/39 357,995

303,217 4.500 11/01/39 321,312

936,693 4.500 12/01/39 992,591

32,237 4.500 01/01/40 34,161

683,053 5.500 01/01/40 741,078

46,662 4.500 04/01/40 49,548

111,186 4.500 07/01/40 118,063

288,110 4.000 12/01/40 302,609

20,219 4.500 04/01/41 21,513

17,462 4.500 05/01/41 18,579

91,584 4.500 06/01/41 97,445

14,525 4.500 09/01/41 15,455

996,735 4.000 10/01/41 1,054,164

5,167,428

FNMA – 18.2%

53,299 5.000 03/01/18 57,308

23,970 5.000 06/01/18 25,773

519,751 5.500 03/01/19 564,498

10,498 8.000 09/01/21 12,130

11,539 5.000 04/01/23 12,401

37,359 5.000 06/01/23 40,148

595,596 5.500 05/01/25 648,259

2,592 6.000 05/01/33 2,888

17,476 5.000 08/01/33 18,876

1,482 6.000 12/01/33 1,651

1,061 6.000 12/01/34 1,174

34,778 5.000 04/01/35 37,814

1,707 6.000 04/01/35 1,891

3,978 6.000 02/01/36 4,385

16,344 6.500 03/01/36 18,267

87,367 4.500 09/01/39 94,752

85,782 4.500 10/01/39 93,034

243,951 4.500 12/01/39 264,572

121,310 5.000 02/01/41 131,794

944,705 4.000 04/01/41 992,772

49,449 5.000 04/01/41 53,523

104,485 5.000 05/01/41 113,094

701,128 5.000 10/01/41 763,402

1,995,737 4.000 11/01/41 2,101,858

2,000,000 3.500 TBA-30yr ^(d) 2,057,188

3,000,000 3.000 TBA-15yr ^(d) 3,097,969

1,000,000 4.500 TBA-30yr ^(d) 1,064,297

12,275,718

The accompanying notes are an integral part of these financial statements. 41

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2011

Principal
Interest
Maturity

Amount Rate Date Value

Mortgage-Backed Obligations – (continued)

GNMA – 4.8%

$ 3,000,000 4.000 % TBA-30yr ^(d) $ 3,217,734

TOTAL FEDERAL AGENCIES
$ 22,148,651

TOTAL MORTGAGE-BACKED OBLIGATIONS

(Cost $26,657,416)
$ 26,668,950

Agency Debentures – 17.5%

FFCB

$ 500,000 5.400 % 06/08/17 $ 600,910

FHLB

800,000 1.750 12/14/12 811,474

800,000 0.210 01/04/13 798,365

1,300,000 0.375 11/27/13 1,299,849

300,000 5.375 05/15/19 370,700

200,000 5.625 06/11/21 254,903

FHLMC

700,000 0.375 10/30/13 700,126

1,000,000 1.375 02/25/14 1,019,249

1,500,000 4.500 04/02/14 1,633,320

500,000 0.625 12/29/14 500,360

FNMA

2,700,000 0.600 11/14/13 2,702,999

700,000 0.625 10/30/14 701,065

Tennessee Valley Authority

300,000 5.375 ^(e) 04/01/56 404,309

TOTAL AGENCY DEBENTURES

(Cost $11,414,320)
$ 11,797,629

Asset-Backed Securities – 1.9%

Home Equity – 0.1%

GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1

$ 40,253 7.000 % 09/25/37 $ 28,731

GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1

52,868 7.000 09/25/37 37,010

65,741

Student Loans^(a) – 1.8%

Brazos Higher Education Authority Series 2005-3, Class A14

143,456 0.684 09/25/23 141,647

Brazos Higher Education Authority Series 2011-1, Class A2

400,000 1.306 02/25/30 388,576

Brazos Higher Education Authority Series 2011-2, Class A2

400,000 1.268 07/25/29 388,929

Knowledgeworks Foundation Series 2010-1, Class A

271,276 1.456 02/25/42 261,912

1,181,064

TOTAL ASSET-BACKED SECURITIES

(Cost $1,292,330)
$ 1,246,805

Government Guarantee Obligations^(f) – 8.2%

Ally Financial, Inc.

$ 1,100,000 1.750 % 10/30/12 $ 1,114,188

Citigroup Funding, Inc.

1,300,000 1.875 10/22/12 1,317,888

600,000 1.875 11/15/12 608,638

Private Export Funding Corp.

2,000,000 3.550 04/15/13 2,083,623

U.S. Central Federal Credit Union

400,000 1.900 10/19/12 405,580

TOTAL GOVERNMENT GUARANTEE OBLIGATIONS

(Cost $5,447,327)
$ 5,529,917

U.S. Treasury Obligations – 24.8%

United States Treasury Bonds

$ 100,000 4.250 % 05/15/39 $ 127,190

100,000 4.375 11/15/39 129,807

100,000 4.375 05/15/40 129,880

100,000 4.750 02/15/41 137,829

800,000 4.375 05/15/41 1,042,384

300,000 3.125 11/15/41 314,319

United States Treasury Inflation-Protected Securities

503,716 3.000 07/15/12 514,893

246,560 1.875 07/15/13 258,003

240,238 2.000 07/15/14 258,818

United States Treasury Notes

1,800,000 1.000 04/30/12 1,805,490

2,700,000 0.375 06/30/13 2,706,615

700,000 0.250 11/30/13 700,084

1,600,000 0.625 07/15/14 1,612,384

2,500,000 0.250 12/15/14 2,491,800

100,000 1.000 09/30/16 101,028

700,000 1.000 10/31/16 706,762

800,000 0.875 11/30/16 802,416

200,000 3.625 02/15/21 232,186

100,000 2.125 08/15/21 102,558

2,500,000 2.000 11/15/21 2,528,325

TOTAL U.S. TREASURY OBLIGATIONS

(Cost $16,470,170)
$ 16,702,771

TOTAL INVESTMENTS – 92.0%

(Cost $61,281,563)
$ 61,946,072

OTHER ASSETS IN EXCESS OF LIABILITIES – 8.0%
5,380,604

NET ASSETS – 100.0%
$ 67,326,676

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


(a)		Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2011.

(b)		Issued with a zero coupon interest rate is contingent upon LIBOR reaching a predetermined level.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND


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

(d)		TBA (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $9,437,188 which represents approximately 14.0% of net assets as of December 31, 2011.

(e)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(f)		Guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012.




Investment Abbreviations:
FFCB	—	Federal Farm Credit Bank
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
LIBOR	—	London Interbank Offered Rate
REMIC	—	Real Estate Mortgage Investment Conduit


ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At December 31, 2011, the Fund had the following forward sales contracts:

Interest

Maturity

Settlement

Principal

Description

Rate

Date^(d)

Date

Amount

Value

FHLMC (Proceeds Receivable: $1,077,656)

5.500%

TBA-30yr

01/12/12

(1,000,000

)

(1,084,375

)

FUTURES CONTRACTS — At December 31, 2011, the following futures contracts were open:


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

U.S. Ultra Long Treasury Bonds		7	March 2012	$	1,121,312	$	14,996
5 Year U.S. Treasury Notes		44	March 2012		5,423,344		20,991
10 Year U.S. Treasury Notes		21	March 2012		2,753,625		20,120


TOTAL						$	56,107

The accompanying notes are an integral part of these financial statements. 43

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments

December 31, 2011

Shares Description Value

Common Stocks – 96.7%

Banks – 1.5%

80,741 First Republic Bank* $ 2,471,482

Capital Goods – 6.6%

54,460 DigitalGlobe, Inc.* 931,811

82,604 Kennametal, Inc. 3,016,698

115,862 Quanta Services, Inc.* 2,495,667

17,445 Rockwell Automation, Inc. 1,279,940

32,993 Roper Industries, Inc. 2,866,102

10,590,218

Commercial & Professional Services – 1.9%

69,675 Ritchie Bros Auctioneers, Inc. 1,538,424

36,661 Verisk Analytics, Inc. Class A* 1,471,206

3,009,630

Consumer Durables & Apparel – 5.3%

14,442 Lululemon Athletica, Inc.* 673,864

168,777 Newell Rubbermaid, Inc. 2,725,748

57,515 PVH Corp. 4,054,232

6,884 Ralph Lauren Corp. 950,543

8,404,387

Consumer Services – 3.5%

61,834 Coinstar, Inc.* 2,822,104

94,220 Marriott International, Inc. Class A 2,748,397

5,570,501

Diversified Financials – 7.7%

24,963 IntercontinentalExchange, Inc.* 3,009,290

65,934 Lazard Ltd. Class A 1,721,537

64,080 MSCI, Inc. Class A* 2,110,154

62,986 Northern Trust Corp. 2,498,025

60,683 SLM Corp. 813,152

36,891 T. Rowe Price Group, Inc. 2,100,942

12,253,100

Energy – 10.8%

74,337 Cameron International Corp.* 3,656,637

19,192 Core Laboratories NV 2,186,929

43,585 Dril-Quip, Inc.* 2,868,765

36,294 Pioneer Natural Resources Co. 3,247,587

45,602 Rosetta Resources, Inc.* 1,983,687

70,383 Whiting Petroleum Corp.* 3,286,182

17,229,787

Food, Beverage & Tobacco – 0.5%

11,645 TreeHouse Foods, Inc.* 761,350

Health Care Equipment & Services – 8.4%

43,521 C. R. Bard, Inc. 3,721,046

97,517 CareFusion Corp.* 2,477,907

44,009 Henry Schein, Inc.* 2,835,500

3,233 Intuitive Surgical, Inc.* 1,496,911

82,075 St. Jude Medical, Inc. 2,815,172

13,346,536

Household & Personal Products – 1.2%

107,370 Avon Products, Inc. 1,875,754

Insurance – 1.2%

80,244 Principal Financial Group, Inc. 1,974,002

Materials – 3.1%

22,086 Airgas, Inc. 1,724,475

54,683 Ecolab, Inc. 3,161,224

4,885,699

Media – 2.1%

28,615 Discovery Communications, Inc. Class A* 1,172,356

52,938 Scripps Networks Interactive, Inc. Class A 2,245,630

3,417,986

Pharmaceuticals, Biotechnology & Life Sciences* – 3.6%

35,928 Agilent Technologies, Inc. 1,254,965

21,875 Alexion Pharmaceuticals, Inc. 1,564,063

9,864 BioMarin Pharmaceutical, Inc. 339,124

7,175 Mettler-Toledo International, Inc. 1,059,819

43,966 Vertex Pharmaceuticals, Inc. 1,460,111

5,678,082

Real Estate – 1.7%

173,926 CBRE Group, Inc.* 2,647,154

Retailing – 7.3%

21,853 Bed Bath & Beyond, Inc.* 1,266,818

38,068 Dick’s Sporting Goods, Inc. 1,403,948

44,435 Groupon, Inc.* 916,694

69,340 PetSmart, Inc. 3,556,449

24,437 Tiffany & Co. 1,619,196

107,204 Urban Outfitters, Inc.* 2,954,542

11,717,647

Semiconductors & Semiconductor Equipment – 4.1%

25,194 Altera Corp. 934,697

28,148 Linear Technology Corp. 845,285

136,130 NVIDIA Corp.* 1,886,762

89,102 Xilinx, Inc. 2,856,610

6,523,354

Software & Services – 14.0%

33,114 Citrix Systems, Inc.* 2,010,682

30,668 Equinix, Inc.* 3,109,735

23,860 FleetCor Technologies, Inc.* 712,698

111,736 Genpact Ltd.* 1,670,453

73,212 Global Payments, Inc. 3,468,785

16,932 MICROS Systems, Inc.* 788,693

42,860 Rackspace Hosting, Inc.* 1,843,409

38,470 Rovi Corp.* 945,593

25,293 Salesforce.com, Inc.* 2,566,228

137,282 The Western Union Co. 2,506,769

55,189 VeriFone Systems, Inc.* 1,960,313

78,008 Zynga, Inc. Class A* 734,055

22,317,413

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Shares Description Value

Common Stocks – (continued)

Technology Hardware & Equipment – 5.8%

74,523 Amphenol Corp. Class A $ 3,382,599

71,984 FLIR Systems, Inc. 1,804,639

27,901 Juniper Networks, Inc.* 569,459

71,162 NetApp, Inc.* 2,581,046

108,946 RealD, Inc.* 865,031

9,202,774

Telecommunication Services* – 5.6%

48,736 Crown Castle International Corp. 2,183,373

104,878 SBA Communications Corp. Class A 4,505,559

116,319 tw telecom, inc. 2,254,262

8,943,194

Transportation – 0.8%

19,028 C.H. Robinson Worldwide, Inc. 1,327,774

TOTAL COMMON STOCKS

(Cost $146,544,185)
$ 154,147,824

Exchange Traded Fund – 1.5%

42,350 iShares Russell Midcap Growth Index Fund $ 2,331,367

(Cost $2,375,259)

TOTAL INVESTMENTS – 98.2%

(Cost $148,919,444)
$ 156,479,191

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%
2,844,830

NET ASSETS – 100.0%
$ 159,324,021

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.

The accompanying notes are an integral part of these financial statements. 45

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Assets and Liabilities

December 31, 2011

Growth

Core Fixed
Equity
Government
Opportunities

Income Fund Index Fund Income Fund Fund

Assets:

Investments, at value (cost $151,713,945, $144,719,617, $61,281,563 and $148,919,444)
$ 153,415,043 $ 168,813,268 $ 61,946,072 $ 156,479,191

Cash
4,765,251 41,175 15,766,985 3,061,617

Foreign currencies, at value (cost $9,950 for the Core Fixed Income Fund)
10,037 — — —

Receivables:

Investments sold on an extended-settlement basis
32,458,105 — 10,432,207 —

Interest and dividends
915,441 256,414 167,729 75,201

Unrealized gain on forward foreign currency exchange contracts
40,784 — — —

Futures variation margin
35,245 — 17,406 —

Reimbursement from investment adviser
21,432 18,739 16,594 24,914

Fund shares sold
16,308 97,825 58,188 4,376

Investments sold
1,875 687,373 — —

Other assets
— 15,927 — —

Total assets
191,679,521 169,930,721 88,405,181 159,645,299

Liabilities:

Payables:

Investments purchased on an extended-settlement basis
33,121,523 — 18,683,789 —

Forward sale contracts, at value (proceeds received $9,583,047, $0, $1,077,656 and $0)
9,613,360 — 1,084,375 —

Fund shares redeemed
602,260 45,811 386,625 91,522

Amounts owed to affiliates
84,832 68,803 46,349 154,459

Unrealized loss on forward foreign currency exchange contracts
53,643 — — —

Investments purchased
— — 799,730 —

Futures variation margin
— 4,080 — —

Accrued expenses
89,428 100,910 77,637 75,297

Total liabilities
43,565,046 219,604 21,078,505 321,278

Net Assets:

Paid-in capital
155,080,314 167,387,542 66,136,426 148,607,378

Undistributed net investment income
363,935 288,397 65,636 37,967

Accumulated net realized gain (loss)
(9,099,658 ) (22,061,542 ) 410,717 3,118,929

Net unrealized gain
1,769,884 24,096,720 713,897 7,559,747

NET ASSETS
$ 148,114,475 $ 169,711,117 $ 67,326,676 $ 159,324,021

Total Service Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):
14,204,088 18,264,513 6,291,548 25,136,868

Net asset value, offering and redemption price per share:
$10.43 $9.29 $10.70 $6.34

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Operations

For the Fiscal Year Ended December 31, 2011

Growth

Core Fixed
Equity
Government
Opportunities

Income Fund Index Fund Income Fund Fund

Investment income:

Interest
$ 4,604,541 $ — $ 1,120,520 $ —

Dividends (net of foreign taxes withheld of $5,445 for the Growth Opportunities Fund)
3,299 3,810,000 2,928 1,101,214

Total Investment Income
4,607,840 3,810,000 1,123,448 1,101,214

Expenses:

Management fees
639,022 551,550 374,434 1,545,406

Distribution and Service fees
399,388 459,624 173,349 386,351

Professional fees
97,676 84,353 89,701 82,758

Custody and accounting fees
78,470 52,209 61,878 53,156

Printing and mailing costs
55,848 55,869 44,293 61,894

Transfer Agent fees
31,948 36,767 13,867 30,906

Trustee fees
16,238 16,309 16,022 16,238

Other
9,302 26,773 6,375 8,404

Total expenses
1,327,892 1,283,454 779,919 2,185,113

Less — expense reductions
(257,990 ) (394,332 ) (221,215 ) (379,751 )

Net expenses
1,069,902 889,122 558,704 1,805,362

NET INVESTMENT INCOME (LOSS)
3,537,938 2,920,878 564,744 (704,148 )

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments (including commissions recaptured of $24,504 for the Growth Opportunities Fund)
4,815,712 4,291,657 2,917,974 12,953,975

Futures contracts
2,133,938 419,266 606,087 —

Forward foreign currency exchange contracts
50,519 — — —

Foreign currency transactions
(70,120 ) — — —

Net change in unrealized gain (loss) on:

Investments
(323,898 ) (4,317,787 ) (105,628 ) (18,317,287 )

Futures contracts
464,504 (9,790 ) 285,056 —

Forward foreign currency exchange contracts
17,852 — — —

Foreign currency translation
1,081 — — —

Net realized and unrealized gain (loss)
7,089,588 383,346 3,703,489 (5,363,312 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$ 10,627,526 $ 3,304,224 $ 4,268,233 $ (6,067,460 )

The accompanying notes are an integral part of these financial statements. 47

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Changes in Net Assets

Core Fixed Income Fund

For the
For the

Fiscal Year Ended
Fiscal Year Ended

December 31, 2011 December 31, 2010

From operations:

Net investment income (loss)
$ 3,537,938 $ 5,067,283

Net realized gain
6,930,049 5,695,098

Net change in unrealized gain (loss)
159,539 2,132,947

Net increase (decrease) in net assets resulting from operations
10,627,526 12,895,328

Distributions to shareholders:

From net investment income
(3,977,951 ) (5,464,354 )

From net realized gains
— —

Total distributions to shareholders
(3,977,951 ) (5,464,354 )

From share transactions:

Proceeds from sales of shares
9,969,434 14,587,352

Reinvestment of distributions
3,977,951 5,464,354

Cost of shares redeemed
(43,202,836 ) (39,940,402 )

Net increase (decrease) in net assets resulting from share transactions
(29,255,451 ) (19,888,696 )

TOTAL INCREASE (DECREASE)
(22,605,876 ) (12,457,722 )

Net assets:

Beginning of year
170,720,351 183,178,073

End of year
$ 148,114,475 $ 170,720,351

Undistributed net investment income
$ 363,935 $ 409,365

Summary of share transactions:

Shares sold
972,726 1,456,328

Shares issued on reinvestment of distributions
391,617 549,659

Shares redeemed
(4,224,590 ) (3,991,289 )

NET INCREASE (DECREASE)
(2,860,247 ) (1,985,302 )

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Equity Index Fund Government Income Fund Growth Opportunities Fund

For the
For the
For the
For the
For the
For the

Fiscal Year Ended
Fiscal Year Ended
Fiscal Year Ended
Fiscal Year Ended
Fiscal Year Ended
Fiscal Year Ended

December 31, 2011 December 31, 2010 December 31, 2011 December 31, 2010 December 31, 2011 December 31, 2010

$ 2,920,878 $ 2,867,686 $ 564,744 $ 1,174,322 $ (704,148 ) $ (712,464 )

4,710,923 3,039,130 3,524,061 2,243,162 12,953,975 16,003,733

(4,327,577 ) 19,814,112 179,428 337,789 (18,317,287 ) 8,130,062

3,304,224 25,720,928 4,268,233 3,755,273 (6,067,460 ) 23,421,331

(2,889,650 ) (2,986,451 ) (645,189 ) (1,312,896 ) — —

— — (2,563,808 ) (523,731 ) (2,777,378 ) —

(2,889,650 ) (2,986,451 ) (3,208,997 ) (1,836,627 ) (2,777,378 ) —

3,698,155 4,058,717 14,330,295 16,983,366 42,131,646 19,089,330

2,889,650 2,986,451 3,208,997 1,836,627 2,777,378 —

(31,165,262 ) (34,493,149 ) (23,583,089 ) (23,187,620 ) (22,643,830 ) (24,317,063 )

(24,577,457 ) (27,447,981 ) (6,043,797 ) (4,367,627 ) 22,265,194 (5,227,733 )

(24,162,883 ) (4,713,504 ) (4,984,561 ) (2,448,981 ) 13,420,356 18,193,598

193,874,000 198,587,504 72,311,237 74,760,218 145,903,665 127,710,067

$ 169,711,117 $ 193,874,000 $ 67,326,676 $ 72,311,237 $ 159,324,021 $ 145,903,665

$ 288,397 $ 265,860 $ 65,636 $ 88,071 $ 37,967 $ 16,213

389,956 481,676 1,330,747 1,598,199 6,377,019 3,177,035

315,120 322,163 300,542 174,144 441,554 —

(3,306,547 ) (4,084,098 ) (2,190,027 ) (2,183,890 ) (3,395,728 ) (4,134,939 )

(2,601,471 ) (3,280,259 ) (558,738 ) (411,547 ) 3,422,845 (957,904 )

The accompanying notes are an integral part of these financial statements. 49

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from
			investment operations
											Distributions to													Ratio of			Ratio of			Portfolio			Portfolio
	Net asset										shareholders from			Net asset					Net assets,		Ratio of			total			net investment			turnover rate			turnover rate
	value,		Net		Net realized			Total from			net			value,					end of		net expenses			expenses			income to			(including the			(excluding the
	beginning		investment		and unrealized			investment			investment			end of		Total			year		to average			to average			average net			effect of mortgage			effect of mortgage
Year	of year		income^(a)		gain (loss)			operations			income			year		return^(b)			(in 000s)		net assets			net assets			assets			dollar rolls)			dollar rolls)

FOR THE FISCAL YEARS ENDED DECEMBER 31,
2011	$	10.00	$	0.23	$	0.46		$	0.69		$	(0.26	)	$	10.43		6.96	%	$	148,114		0.67	%		0.83	%		2.22	%		644	%		492	%
2010		9.62		0.28		0.41			0.69			(0.31	)		10.00		7.18			170,720		0.67			0.81			2.80			399			307
2009		8.81		0.39		0.87			1.26			(0.45	)		9.62		14.68			183,178		0.67			0.79			4.29			187			159
2008		10.13		0.47		(1.31	)		(0.84	)		(0.48	)		8.81		(8.56	)		182,978		0.67			0.77			4.92			140			105
2007		9.94		0.48		0.17			0.65			(0.46	)		10.13		6.81			264,389		0.54	^(c)		0.76	^(c)		4.82	^(c)		123			92


(a)		Calculated based on the average shares outstanding methodology.
(b)		Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the year.
(c)		Includes non-recurring expense for a special shareholder meeting which amounted to approximately 0.02% of average net assets.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


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

FOR THE FISCAL YEARS ENDED DECEMBER 31,
2011	$	9.29	$	0.15	$	0.01		$	0.16		$	(0.16	)	$	—		$	(0.16	)	$	9.29		1.75	%	$	169,711		0.48	%		0.70	%		1.59	%		3	%
2010		8.22		0.13		1.08			1.21			(0.14	)		—			(0.14	)		9.29		14.92			193,874		0.51			0.71			1.52			4
2009		6.61		0.14		1.62			1.76			(0.15	)		—			(0.15	)		8.22		26.28			198,588		0.59			0.68			1.97			5
2008		11.42		0.17		(4.46	)		(4.29	)		(0.18	)		(0.34	)		(0.52	)		6.61		(37.18	)		187,383		0.60			0.69			1.81			4
2007		11.04		0.18		0.41			0.59			(0.21	)		—			(0.21	)		11.42		5.32			364,288		0.41	^(c)		0.68	^(c)		1.57	^(c)		8


(a)		Calculated based on the average shares outstanding methodology.
(b)		Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the year.
(c)		Includes non-recurring expense for a special shareholder meeting which amounted to approximately 0.02% of average net assets.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from
			investment operations							Distributions to shareholders																												Portfolio
																													Ratio of			Ratio of			Portfolio			turnover rate
	Net asset																		Net asset					Net assets,		Ratio of			total			net investment			turnover rate			(excluding the
	value,		Net		Net realized			Total from		From net			From net						value,					end of		net expenses			expenses			income to			(including the			effect of
	beginning		investment		and unrealized			investment		investment			realized			Total			end of		Total			year		to average			to average			average net			effect of mortgage			mortgage
Year	of year		income^(a)		gain (loss)			operations		income			gains			distributions			year		return^(b)			(in 000s)		net assets			net assets			assets			dollar rolls)			dollar rolls)

FOR THE FISCAL YEARS ENDED DECEMBER 31,
2011	$	10.56	$	0.09	$	0.57		$	0.66	$	(0.10	)	$	(0.42	)	$	(0.52	)	$	10.70		6.35	%	$	67,327		0.81	%		1.13	%		0.81	%		960	%		673	%
2010		10.29		0.17		0.37			0.54		(0.19	)		(0.08	)		(0.27	)		10.56		5.19			72,311		0.81			1.08			1.56			614			416
2009		10.14		0.31		0.33			0.64		(0.36	)		(0.13	)		(0.49	)		10.29		6.44			74,760		0.81			1.05			3.01			287			231
2008		10.27		0.42		(0.11	)		0.31		(0.44	)		—			(0.44	)		10.14		3.14			87,050		0.81			1.04			4.12			244			184
2007		9.96		0.42		0.29			0.71		(0.40	)		—			(0.40	)		10.27		7.34			85,978		0.67	^(c)		1.03	^(c)		4.19	^(c)		217			146


(a)		Calculated based on the average shares outstanding methodology.
(b)		Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the year.
(c)		Includes non-recurring expense for a special shareholder meeting which amounted to approximately 0.03% of average net assets.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


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

FOR THE FISCAL YEARS ENDED DECEMBER 31,
2011	$	6.72	$	(0.03	)	$	(0.24	)	$	(0.27	)	$	(0.11	)	$	6.34		(3.97	)%	$	159,324		1.17	%		1.41	%		(0.46	)%		53	%
2010		5.63		(0.03	)		1.12			1.09			—			6.72		19.36			145,904		1.18			1.43			(0.56	)		57
2009		3.55		(0.02	)		2.10			2.08			—			5.63		58.59			127,710		1.18			1.43			(0.50	)		71
2008		6.20		(0.02	)		(2.52	)		(2.54	)		(0.11	)		3.55		(40.72	)		95,237		1.18			1.37			(0.32	)		78
2007		6.07		(0.03	)		1.22			1.19			(1.06	)		6.20		19.37			200,146		1.14	^(c)		1.38	^(c)		(0.48	)^(c)		73


(a)		Calculated based on the average shares outstanding methodology.
(b)		Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the year.
(c)		Includes non-recurring expense for a special shareholder meeting which amounted to approximately 0.02% of average net assets.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements

December 31, 2011


1. ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs Core Fixed Income Fund, Goldman Sachs Equity Index Fund, Goldman Sachs Government Income Fund and Goldman Sachs Growth Opportunities Fund (collectively, the “Funds” or individually a “Fund”). The Funds are diversified portfolios under the Act, each offering one class of shares — Service Shares. Shares of the Trust are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.

Goldman Sachs Asset Management, L.P (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (the “Agreements”) with the Trust.


2. SIGNIFICANT ACCOUNTING POLICIES

A. Investment Valuation — The investment valuation policy of the Funds is to value investments at market value. Investments in equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. If accurate quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under valuation procedures approved 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.

GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a 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; and trading halts or suspensions.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

B. Investment Income and Investments — Investment income is comprised of interest income and dividend income, and is recorded net of any foreign withholding taxes, less any amounts reclaimable. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date with realized gains and losses on sales calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Any foreign capital gains tax is accrued daily on net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost of the REIT.

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

D. Expenses — Expenses incurred by the Funds, which may not specifically relate to the Funds, may be shared with other registered investment companies having management agreements with GSAM or its affiliates, as appropriate. These expenses are allocated to the Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses and are accrued daily.

E. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:


	Income Distributions		Capital Gains Distributions
Fund	Declared/Paid		Declared/Paid

Core Fixed Income and Government Income		Quarterly		Annually


Equity Index and Growth Opportunities		Annually		Annually

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2011


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

F. Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in U.S. dollars. Investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within unrealized gain (loss) on foreign currency translations. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within realized gain (loss) on foreign currency transactions.

G. Forward Foreign Currency Exchange Contracts — All forward foreign currency exchange 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, and the overall risk at the portfolio level may be mitigated by any applicable related and offsetting transactions. The Funds must set aside liquid assets, or engage in other appropriate measures to cover their obligations under these contracts.

H. Futures Contracts — Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and the last ask price for short positions, 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

I. Mortgage-Backed and Asset-Backed Securities — The Core Fixed Income, Government Income and Growth Opportunities Funds may invest in mortgage-backed and/or asset-backed securities. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real property. These securities may include mortgage pass-through securities, collateralized mortgage obligations, real estate mortgage investment conduit pass-through or participation certificates and stripped mortgage-backed securities. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of assets such as auto loans, credit card receivables, leases, installment contracts and personal property. Asset-backed securities also include home equity line of credit loans and other second-lien mortgages.

The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers. Early repayment of principal on mortgage-backed or asset-backed securities may expose a Fund to the risk of earning a lower rate of return upon reinvestment of principal. Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral. In addition, while mortgage-backed and asset-backed securities may be supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers, if any, will meet their obligations.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all of the interest payments (the interest-only, or “IO” and/or the high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all of the principal payments (the principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, 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.

J. Mortgage Dollar Rolls — The Core Fixed Income and Government Income Funds may enter into mortgage dollar rolls (“dollar rolls”) in which the Funds sell securities in the current month for delivery and simultaneously 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2011


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

K. 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.

L. 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 settlement 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.


3. FAIR VALUE OF INVESTMENTS

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

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

The levels used for classifying investments are not necessarily an indication of the risk associated with investing in those investments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS


3. FAIR VALUE OF INVESTMENTS (continued)

The following is a summary of the Funds’ investments and derivatives categorized in the fair value hierarchy as of December 31, 2011:

CORE FIXED INCOME


Investment Type	Level 1			Level 2			Level 3

Assets
Fixed Income
Corporate Obligations	$	—		$	27,039,490		$	—
Mortgage-Backed Obligations		—			68,721,210			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		29,366,242			4,814,838			—
Asset-Backed Securities		—			3,628,528			—
Foreign Debt Obligations		8,503,628			2,647,250			—
Municipal Debt Obligations		—			2,135,037			—
Government Guarantee Obligations		—			6,558,820			—


Total	$	37,869,870		$	115,545,173		$	—


Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(9,613,360	)	$	—




Derivative Type

Assets^(a)
Futures Contracts	$	123,227		$	—		$	—
Forward Foreign Currency Exchange Contracts		—			40,784			—


Liabilities^(a)
Futures Contracts	$	(9,407	)	$	—		$	—
Forward Foreign Currency Exchange Contracts		—			(53,643	)		—

EQUITY INDEX


Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments	$	168,693,271	$	—	$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		119,997		—		—


Total	$	168,813,268	$	—	$	—




Derivative Type

Assets^(a)
Futures Contracts	$	3,069	$	—	$	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2011


3. FAIR VALUE OF INVESTMENTS (continued)

GOVERNMENT INCOME


Investment Type	Level 1		Level 2			Level 3

Assets
Fixed Income
Mortgage-Backed Obligations	$	—	$	26,668,950		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		16,702,771		11,797,629			—
Asset-Backed Securities		—		1,246,805			—
Government Guarantee Obligations		—		5,529,917			—


Total	$	16,702,771	$	45,243,301		$	—


Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(1,084,375	)	$	—




Derivative Type

Assets^(a)
Futures Contracts	$	56,107	$	—		$	—

GROWTH OPPORTUNITIES


Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments	$	156,479,191	$	—	$	—


(a)		Amount shown represents unrealized gain (loss) at fiscal year end.


4. 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 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/or 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.

During the fiscal year ended December 31, 2011, the Core Fixed Income, Government Income and Equity Index Funds entered into certain derivative contract types. These instruments were used to meet the Funds’ investment objectives and to obtain and/or manage exposure related to the risks below. The following tables set forth, by certain risk types, the gross value of these

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS


4. INVESTMENTS IN DERIVATIVES (continued)

derivative contracts for trading activities as of December 31, 2011. The values in the tables 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.

Core Fixed Income



	Statements of Assets				Statements of Assets
	and Liabilities				and Liabilities
Risk	Location	Assets			Location	Liabilities
Interest Rate	Receivable for futures variation margin	$	123,227	^(a)	Receivable for futures variation margin	$	(9,407	)^(a)

Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		40,784		Payable for unrealized loss on forward foreign currency exchange contracts		(53,643	)

Total		$	164,011			$	(63,050	)

Statements of Assets

and Liabilities

Fund

Risk

Location

Assets^(a)

Location

Liabilities^(a)

Equity Index

Equity

Payable for futures variation margin

3,069

—

Government Income

Interest Rate

Receivable for futures variation margin

56,107

—


(a)		Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended December 31, 2011. These gains (losses) should be considered in the context that these derivative contracts may have been executed to economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Core Fixed Income



		Net		Net Change in		Average
		Realized		Unrealized		Number of
Risk	Statements of Operations Location	Gain (Loss)		Gain (Loss)		Contracts^(a)
Interest Rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	2,133,938	$	464,504		225

Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		50,519		17,852		133

Total		$	2,184,457	$	482,356		358

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2011


4. INVESTMENTS IN DERIVATIVES (continued)

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

Net

Net Change in

Average

Realized

Unrealized

Number of

Risk

Fund

Gain (Loss)

Contracts^(a)

Equity

Equity Index

419,266

(9,790

)

Interest Rate

Government Income

606,087

285,056

114


(a)		Average number of contracts is based on the average of month end balances for the fiscal year ended December 31, 2011.


5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreements, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the fiscal year ended December 31, 2011, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate
	First			Next			Next			Next			Over			Effective			Effective Net
Fund	$1 billion			$1 billion			$3 billion			$3 billion			$8 billion			Rate			Management Rate

Core Fixed Income		0.40	%		0.36	%		0.34	%		0.33	%		0.32	%		0.40	%		0.40	%


Government Income		0.54			0.49			0.47			0.46			0.45			0.54			0.54


Growth Opportunities		1.00			1.00			0.90			0.86			0.84			1.00			0.99	*


*		Effective June 30, 2011, GSAM agreed to waive a portion of its management fee in order to achieve an effective net management rate of 0.97% through at least April 29, 2012. Prior to such date GSAM may not terminate the arrangement without the approval of the trustees.

The Agreement for the Equity Index Fund provides for a contractual management fee at an annual rate equal to 0.30% of the Fund’s average daily net assets. For the fiscal year ended December 31, 2011, GSAM agreed to waive a portion of its management fee in order to achieve the following effective annual rates which will remain in effect through at least April 29, 2012 and prior to such date GSAM may not terminate the arrangement without the approval of the trustees:


Management Rate
$0 — $400 million	Over $400 million			Effective Rate

0.21%		0.20	%		0.21	%

As authorized by the Agreement, GSAM has entered into a Sub-advisory Agreement with SSgA which serves as the sub-adviser to the Equity Index Fund and provides the day-to-day advice regarding the Fund’s portfolio transactions. As compensation for its services, SSgA is entitled to a fee, accrued daily and paid monthly by GSAM, at the following annual rates of the Fund’s average daily net assets: 0.03% on the first $50 million, 0.02% on the next $200 million, 0.01% on the next $750 million and 0.008% over $1 billion. The effective Sub-advisory fee was 0.02% for the fiscal year ended December 31, 2011.

B. Distribution and Service Plan — The Trust, on behalf of the Service Shares of the Funds, has adopted a Distribution and Service Plan (the “Plan”). Under the Plan, Goldman Sachs, which serves as distributor, is entitled to a fee accrued daily and paid

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS


5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares. For the Growth Opportunities Fund, Goldman Sachs agreed to waive distribution and services fees so as not to exceed an annual rate of 0.16% of average daily net assets of the Fund. This distribution and service fee waiver will remain in place through at least April 29, 2012, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the trustees.

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

D. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expense” of the Funds (excluding management fees, distribution and service fees, transfer agent fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, 0.004% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. These Other Expense reimbursements will remain in place through at least April 29, 2012, and prior to such date GSAM may not terminate the arrangement without the approval of the trustees. In addition, the Funds have entered into certain offset arrangements with the custodian, which may result in a reduction of the Funds’ expenses.

For the fiscal year ended December 31, 2011, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows (in thousands):


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

Core Fixed Income	$	—	$	—	$	7	$	251	$	258


Equity Index		165		—		1		228		394


Government Income		—		—		6		215		221


Growth Opportunities		23		139		1		217		380

As of December 31, 2011, the amounts owed to affiliates of the Funds were as follows (in thousands):


	Management		Distribution and		Transfer
Fund	Fees		Service Fees		Agent Fees		Total

Core Fixed Income	$	51	$	32	$	2	$	85


Equity Index		30		36		3		69


Government Income		31		14		1		46


Growth Opportunities		130		21		3		154

E. Line of Credit Facility — As of December 31, 2011, the Funds participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates (“Other Borrowers”). Pursuant to the terms of the facility, the Funds and Other Borrowers could increase the credit amount by an additional $340,000,000, for a total of up to $920,000,000. This facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2011, the Funds did not have any borrowings under the facility.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2011


6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2011, were as follows:


							Sales and
			Purchases		Sales and		Maturities
	Purchases of U.S.		(Excluding U.S.		Maturities of U.S.		(Excluding U.S.
	Government and		Government and		Government and		Government and
Fund	Agency Obligations		Agency Obligations)		Agency Obligations		Agency Obligations)

Core Fixed Income	$	970,714,419	$	50,702,676	$	968,091,867	$	79,001,976


Equity Index		—		5,150,281		—		29,463,239


Government Income		593,373,163		3,090,141		604,093,719		3,390,188


Growth Opportunities		—		102,683,411		—		81,035,457


7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended December 31, 2011 was as follows:


	Core Fixed		Equity		Government		Growth
	Income		Index		Income		Opportunities

Distributions paid from:
Ordinary income	$	3,977,951	$	2,889,650	$	2,816,793	$	—
Net long-term capital gains		—		—		392,204		2,777,378


Total taxable distributions	$	3,977,951	$	2,889,650	$	3,208,997	$	2,777,378

The tax character of distributions paid during the fiscal year ended December 31, 2010 was as follows:


	Core Fixed		Equity		Government		Growth
	Income		Index		Income		Opportunities

Distributions paid from:
Ordinary income	$	5,464,354	$	2,986,451	$	1,836,627	$	—


Total taxable distributions	$	5,464,354	$	2,986,451	$	1,836,627	$	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS


7. TAX INFORMATION (continued)

As of December 31, 2011 the components of accumulated earnings (losses) on a tax-basis were as follows:


	Core Fixed			Equity			Government			Growth
	Income			Index			Income			Opportunities

Undistributed ordinary income — net	$	358,653		$	256,836		$	372,344		$	—
Undistributed long-term capital gain		—			—			430,630			4,081,797


Capital loss carryovers:⁽¹⁾⁽²⁾
Expiring 2012	$	—		$	(2,961,297	)	$	—		$	—
Expiring 2017		(4,144,705	)		(4,133,732	)		—			—
Expiring 2018		(4,488,774	)		—			—			—


Total capital loss carryovers	$	(8,633,479	)	$	(7,095,029	)	$	—		$	—


Timing differences (Post October loss and straddle loss deferrals)		(296,873	)		(52,400	)		(255,283	)		—
Unrealized gains — net		1,605,860			9,214,168			642,559			6,634,846


Total accumulated gains (losses) — net	$	(6,965,839	)	$	2,323,575		$	1,190,250		$	10,716,643


(1)		Under new tax rules, capital losses recognized in tax years beginning after December 22, 2010, that do not offset recognized capital gains, may be carried over to future years perpetually, and retain their character as either short-term or long-term that can offset recognized capital gains in such future years. Previously, all capital loss carryovers were treated as short-term and such carryovers generally expired eight years after the initial loss arose. Perpetual capital loss carryovers are required to be utilized prior to expiring capital loss carryovers.
(2)		Expiration occurs on December 31 of the year indicated. The Equity Index Fund had capital loss carryforwards of $5,252,959 which expired in the current fiscal year. The Core Fixed Income, Equity Index and Growth Opportunities Funds utilized $6,304,104, $2,844,758 and $5,890,673, respectively, of capital losses in the current fiscal year.

As of December 31, 2011, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Core Fixed			Equity			Government			Growth
	Income			Index			Income			Opportunities

Tax cost	$	151,777,008		$	159,599,100		$	61,296,794		$	149,844,345


Gross unrealized gain		4,397,796			48,304,852			1,342,915			17,213,296
Gross unrealized loss		(2,759,761	)		(39,090,684	)		(693,637	)		(10,578,450	)


Net unrealized security gain	$	1,638,035		$	9,214,168		$	649,278		$	6,634,846


Net unrealized loss on other investments		(32,175	)		—			(6,719	)		—


Net unrealized gain	$	1,605,860		$	9,214,168		$	642,559		$	6,634,846

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

In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds’ and result primarily from expired capital loss carryforwards, net investment losses and the difference in tax treatment of foreign currency transactions, real estate investment trust investments, partnership investments, underlying fund investments and the recognition of income and gains/losses of certain bonds.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2011


7. TAX INFORMATION (continued)


				Accumulated Net Realized			Undistributed Net
Fund	Paid-in Capital			Gain (Loss)			Investment Income

Core Fixed Income	$	—		$	(394,583	)	$	394,583


Equity Index		(5,252,959	)		5,261,650			(8,691	)


Government Income		—			(58,010	)		58,010


Growth Opportunities		(745,630	)		19,728			725,902

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


8. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

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.

Liquidity Risk — 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.


9. INDEMNIFICATIONS

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of
Goldman Sachs Variable Insurance Trust:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Goldman Sachs Core Fixed Income Fund, Goldman Sachs Equity Index Fund, Goldman Sachs Government Income Fund and Goldman Sachs Growth Opportunities Fund (collectively the “Funds”), portfolios of Goldman Sachs Variable Insurance Trust, at December 31, 2011, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2011 by correspondence with the custodian, brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2012

Fund Expenses — Six Month Period Ended December 31, 2011 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2011 through December 31, 2011.

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

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

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


	Core Fixed Income Fund							Equity Index Fund							Government Income Fund							Growth Opportunities Fund
						Expenses							Expenses							Expenses							Expenses
						Paid for the							Paid for the							Paid for the							Paid for the
	Beginning		Ending			6 Months		Beginning		Ending			6 Months		Beginning		Ending			6 Months		Beginning		Ending			6 Months
	Account Value		Account Value			Ended		Account Value		Account Value			Ended		Account Value		Account Value			Ended		Account Value		Account Value			Ended
	7/01/11		12/31/11			12/31/11*		7/01/11		12/31/11			12/31/11*		7/01/11		12/31/11			12/31/11*		7/01/11		12/31/11			12/31/11*
Actual	$	1,000	$	1,042.00		$	3.45	$	1,000	$	960.60		$	2.37	$	1,000	$	1,044.40		$	4.12	$	1,000	$	921.90		$	5.57
Hypothetical 5% return		1,000		1,021.83	+		3.41		1,000		1,022.79	+		2.45		1,000		1,021.17	+		4.08		1,000		1,019.41	+		5.85


*		Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2011. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Service


Core Fixed Income		0.67	%
Equity Index		0.48
Government Income		0.80
Growth Opportunities		1.15


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Trustees and Officers (Unaudited)

Independent Trustees


				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	with the Trust	Time Served²	During Past 5 Years	Trustee³	Held by Trustee⁴
Ashok N. Bakhru Age: 69	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	President, ABN Associates (1994-1996 and 1998-Present); Director, Apollo Investment Corporation (a business development company) (2008-Present); Member of Cornell University Council (1992-2004 and 2006-Present); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Mutual Fund Complex.	104	Apollo Investment Corporation (a business development company)

Donald C. Burke Age: 51	Trustee	Since 2010	Mr. Burke is retired (since 2010). He is a Director, Avista Corp. (2011-Present); and was formerly Director, BlackRock Luxembourg and Cayman Funds (2006-2010); President and Chief Executive Officer, BlackRock U.S. Funds (2007-2009); Managing Director, BlackRock, Inc. (2006-2009); Managing Director, Merrill Lynch Investment Managers, L.P. (“MLIM”) (2006); First Vice President, MLIM (1997-2005); Chief Financial Officer and Treasurer, MLIM U.S. Funds (1999-2006). Trustee — Goldman Sachs Mutual Fund Complex.	104	Avista Corp. (an energy company)

John P. Coblentz, Jr. Age: 70	Trustee	Since 2003	Partner, Deloitte & Touche LLP (1975-2003); Director, Emerging Markets Group, Ltd. (2004-2006); and Director, Elderhostel, Inc. (2006-Present). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Diana M. Daniels Age: 62	Trustee	Since 2007	Ms. Daniels is retired (since 2007). Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Vice Chairman of the Board of Trustees of Cornell University (2009-Present); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (since 2007), and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Joseph P. LoRusso Age: 54	Trustee	Since 2010	Mr. LoRusso is retired (since 2008). Formerly, he was President, Fidelity Investments Institutional Services Co. (“FIIS”) (2002-2008); Director, FIIS (2002-2008); Director, Fidelity Investments Institutional Operations Company (2003-2007); Executive Officer, Fidelity Distributors Corporation (2007-2008). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Jessica Palmer Age: 62	Trustee	Since 2007	Ms. Palmer is retired (since 2006). She is a Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Trustee — Goldman Sachs Mutual Fund Complex.	104	None

Richard P. Strubel Age: 72	Trustee	Since 1987	Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); Trustee, Emeritus, The University of Chicago (1987-Present). Trustee — Goldman Sachs Mutual Fund Complex.	104	The Northern Trust Mutual Fund Complex (58 Portfolios) (Chairman of the Board of Trustees). Gildan Activewear Inc. (a clothing marketing and manufacturing company).

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustees


				Number of
		Term of		Portfolios in
		Office and		Fund Complex	Other
Name,	Position(s) Held	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	with the Trust	Time Served²	During Past 5 Years	Trustee³	Held by Trustee⁴
James A. McNamara* Age: 49	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President — Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Mutual Fund Complex (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).	104	None

Alan A. Shuch* Age: 62	Trustee	Since 1990	Advisory Director — GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee — Goldman Sachs Mutual Fund Complex.	104	None


*		These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
¹		Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Peter V. Bonanno. Information is provided as of December 31, 2011.
²		Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the conclusion of the first Board meeting held subsequent to the day the Trustee attains the age of 74 years (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.
³		The Goldman Sachs Mutual Fund Complex consists of the Trust, Goldman Sachs Municipal Opportunity Fund, Goldman Sachs Credit Strategies Fund, and Goldman Sachs Trust. As of December 31, 2011, the Trust consisted of 12 portfolios (11 of which currently offer shares to the public). Goldman Sachs Trust consisted of 90 portfolios (83 of which currently offer shares to the public) and the Goldman Sachs Municipal Opportunity Fund and did not offer shares to the public.
⁴		This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


		Term of
		Office and
	Position(s) Held	Length of
Name, Address and Age	With the Trust	Time Served¹	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 49	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President — Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Mutual Fund Complex (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).

George F. Travers 30 Hudson Street Jersey City, NJ 07302 Age: 43	Senior Vice President and Principal Financial Officer	Since 2009	Managing Director, Goldman Sachs (2007-present); Managing Director, UBS Ag (2005-2007); and Partner, Deloitte & Touche LLP (1990-2005, partner from 2000-2005). Senior Vice President and Principal Financial Officer — Goldman Sachs Mutual Fund Complex.

Peter V. Bonanno 200 West Street New York, NY 10282 Age: 44	Secretary	Since 2003	Managing Director, Goldman Sachs (December 2006-Present); Associate General Counsel, Goldman Sachs (2002-Present); Vice President, Goldman Sachs (1999-2006); and Assistant General Counsel, Goldman Sachs (1999-2002). Secretary — Goldman Sachs Mutual Fund Complex (2006-Present); and Assistant Secretary — Goldman Sachs Mutual Fund Complex (2003-2006).

Scott M. McHugh 200 West Street New York, NY 10282 Age: 40	Treasurer and Senior Vice President	Since 2009	Vice President, Goldman Sachs (February 2007-Present); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer — Goldman Sachs Mutual Fund Complex (October 2009-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (November 2009-Present); and Assistant Treasurer — Goldman Sachs Mutual Fund Complex (May 2007-October 2009).


¹		Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. Information is provided as of December 31, 2011.
*		Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.


TRUSTEES Ashok N. Bakhru, Chairman Donald C. Burke John P. Coblentz, Jr. Diana M. Daniels Joseph P. LaRusso James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel		OFFICERS James A. McNamara, President George F. Travers, Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer

GOLDMAN, SACHS & CO. Distributor and Transfer Agent




GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282



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



The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.


A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the 12-month period ended June 30, 2011 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) website at http://www.sec.gov.


The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. When available, the Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-621-2550.


Holdings and allocations shown are as of December 31, 2011 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.


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


The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.


The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.


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


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


Toll Free (in U.S.): 800-292-4726


This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust Funds.


^© 2012 Goldman Sachs. All rights reserved.
VITSVCAR12/67838.MF.TMPL/2/2012

Item 4 — Principal Accountant Fees and Services for the Goldman Sachs Variable Insurance Trust (“GSVIT”):
Table 1 – Items 4(a) -4(d)

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Variable Insurance Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of GSVIT sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GSVIT may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GSVIT at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to GSVIT’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GSVIT, the Audit Committee will pre-approve those non-audit services provided to GSVIT’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GSVIT) where the engagement relates directly to the operations or financial reporting of GSVIT.

Item 4(e)(2) — 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GSVIT’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GSVIT’s service affiliates listed in Table 2 were approved by GSVIT’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

The aggregate non-audit fees billed to GSVIT for the twelve months ended December 31, 2011 and December 31, 2010 by PwC were approximately $80,518 and $108,735, respectively.

The aggregate non-audit fees billed to GSVIT’s adviser and service affiliates for non-audit services for the twelve months ended December 31, 2010 and December 31, 2009 by PwC were approximately $10.3 million and $6.4 million, respectively. The figures for these entities are not yet available for the twelve months ended December 31, 2011.

Items 4(h) — GSVIT’s Audit Committee has considered whether the provision of non-audit services to GSVIT’s investment advisor and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditor’s independence.

Schedule of Investments is included as part of the Reports to Shareholders filed under Item 1.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

	(a)		The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

	(b)		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting.


Peter V. Bonanno		Copies to:
Goldman, Sachs & Co.		Geoffrey R.T. Kenyon, Esq.
200 West Street		Dechert LLP
New York, NY 10282		200 Clarendon Street
		27th Floor Boston, MA 02116-5021

(Name and address of agents for service)


Shares		Description	Value

Common Stocks – (continued)

Utilities – 5.4%
	475,628	American Electric Power Co., Inc.	$	19,648,193
	434,764	PG&E Corp.		17,920,972
	761,732	PPL Corp.		22,410,155
	323,654	Xcel Energy, Inc.		8,945,797

				68,925,117


TOTAL INVESTMENTS – 97.6%
(Cost $1,234,424,688)			$	1,248,726,366


OTHER ASSETS IN EXCESS OF LIABILITIES – 2.4%				30,492,626


NET ASSETS – 100.0%			$	1,279,218,992


	For the Fiscal Year Ended						For the Fiscal Year Ended
	December 31, 2011						December 31, 2010
	Shares			Dollars			Shares			Dollars

Institutional Shares
Shares sold		5,453,432		$	52,432,441			7,156,994		$	65,134,638
Reinvestment of distributions		604,560			5,580,091			386,622			3,935,813
Shares redeemed		(10,688,404	)		(108,271,184	)		(10,612,256	)		(100,508,688	)


		(4,630,412	)		(50,258,652	)		(3,068,640	)		(31,438,237	)


Service Shares
Shares sold		36,038,573			354,404,743			31,182,290			290,306,594
Reinvestment of distributions		1,023,542			9,437,060			390,340			3,969,754
Shares redeemed		(11,307,596	)		(114,125,231	)		(8,012,106	)		(76,402,473	)


		25,754,519			249,716,572			23,560,524			217,873,875


NET INCREASE		21,124,107		$	199,457,920			20,491,884		$	186,435,638


	For the Fiscal Year Ended						For the Fiscal Year Ended
	December 31, 2011						December 31, 2010
	Shares			Dollars			Shares			Dollars

Institutional Shares
Shares sold		353,442		$	3,800,085			635,836		$	5,898,249
Reinvestment of distributions		456,905			4,875,179			426,626			4,505,171
Shares redeemed		(5,760,949	)		(63,115,601	)		(6,622,266	)		(64,503,333	)


		(4,950,602	)		(54,440,337	)		(5,559,804	)		(54,099,913	)


Service Shares
Shares sold		171,780			1,854,116			264,407			2,548,331
Reinvestment of distributions		145,207			1,550,818			126,097			1,334,105
Shares redeemed		(1,606,493	)		(17,552,134	)		(1,710,786	)		(16,667,741	)


		(1,289,506	)		(14,147,200	)		(1,320,282	)		(12,785,305	)


NET DECREASE		(6,240,108	)	$	(68,587,537	)		(6,880,086	)	$	(66,885,218	)


ITEM 1.		REPORTS TO STOCKHOLDERS.

		The Annual Reports to Stockholders are filed herewith.


⁴		The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.



Assets:

Investments, at value (cost $1,234,424,688)	$	1,248,726,366
Cash		28,510,120
Receivables:
Dividends		2,850,675
Fund shares sold		1,424,557
Investments sold		454,810


Total assets		1,281,966,528




Liabilities:

Payables:
Investments purchased		1,321,277
Amounts owed to affiliates		966,325
Fund shares redeemed		353,036
Accrued expenses		106,898


Total liabilities		2,747,536




Net Assets:

Paid-in capital		1,356,679,228
Undistributed net investment income		2,713,616
Accumulated net realized loss		(94,475,530	)
Net unrealized gain		14,301,678


NET ASSETS	$	1,279,218,992


Net Assets:
Institutional	$	421,559,837
Service		857,659,155


Total Net Assets	$	1,279,218,992


Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):
Institutional		44,904,251
Service		91,469,000


Net asset value, offering and redemption price per share:
Institutional		$9.39
Service		9.38



Investment income:

Dividends (net of foreign taxes withheld of $399,475)	$	27,509,463




Expenses:

Management fees		9,107,113
Distribution and Service fees — Service Class		1,926,605
Transfer Agent fees^(a)		247,248
Printing and mailing costs		145,759
Professional fees		88,186
Custody and accounting fees		86,074
Trustee fees		18,744
Other		37,110


Total expenses		11,656,839



Less — expense reductions		(110,023	)


Net expenses		11,546,816


NET INVESTMENT INCOME		15,962,647




Realized and unrealized gain (loss):

Net realized gain from investments (including commissions recaptured of $254,718)		16,316,398
Net change in unrealized loss on investments		(116,886,486	)


Net realized and unrealized loss		(100,570,088	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(84,607,441	)



Investment income:

Dividends (net of foreign taxes withheld of $1,814)	$	9,473,195
Securities lending income — affiliated issuer		31,248


Total investment income		9,504,443




Expenses:

Management fees		2,524,975
Distribution and Service fees — Service Class		267,422
Printing and mailing costs		99,823
Professional fees		83,916
Transfer Agent fees^(a)		81,444
Custody and accounting fees		59,106
Trustee fees		16,734
Registration fees		1,246
Other		16,491


Total expenses		3,151,157


Less — expense reductions		(306,430	)


Net expenses		2,844,727


NET INVESTMENT INCOME		6,659,716




Realized and unrealized gain (loss):

Net realized gain from:
Investments		31,052,367
Futures contracts		525,707
Net change in unrealized gain (loss) on:
Investments		(21,150,679	)
Futures contracts		72,469


Net realized and unrealized gain		10,499,864


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,159,580



Assets:

Investments, at value (cost $302,184,009)	$	343,655,322
Cash		5,805,388
Receivables:
Dividends		317,521
Fund shares sold		93,906


Total assets		349,872,137




Liabilities:

Payables:
Investments purchased		1,184,666
Amounts owed to affiliates		267,584
Fund shares redeemed		114,111
Accrued expenses		79,219


Total liabilities		1,645,580




Net Assets:

Paid-in capital		376,874,239
Undistributed net investment income		203,643
Accumulated net realized loss		(70,322,638	)
Net unrealized gain		41,471,313


NET ASSETS	$	348,226,557


Net Assets:
Institutional	$	102,018,196
Service		246,208,361


Total Net Assets	$	348,226,557


Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):
Institutional		8,763,005
Service		21,173,587


Net asset value, offering and redemption price per share:
Institutional		$11.64
Service		11.63



Investment income:

Dividends	$	4,658,935




Expenses:

Management fees		2,686,875
Distribution and Service fees — Service Class		615,196
Printing and mailing costs		111,791
Professional fees		81,300
Transfer Agent fees^(a)		71,644
Custody and accounting fees		49,769
Trustee fees		15,834
Other		14,775


Total expenses		3,647,184


Less — expense reductions		(72,560	)


Net expenses		3,574,624


NET INVESTMENT INCOME		1,084,311




Realized and unrealized gain (loss):

Net realized gain from investments (including commissions recaptured of $24,337)		1,716,156
Net change in unrealized loss on investments		(12,855,759	)


Net realized and unrealized loss		(11,139,603	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,055,292	)



Assets:

Investments, at value (cost $188,253,632)	$	178,153,469
Cash		4,070,124
Foreign currencies, at value (cost $1,252,721)		1,251,849
Receivables:
Dividends		324,184
Investments sold		150,639
Foreign tax reclaims		101,858
Fund shares sold		660


Total assets		184,052,783




Liabilities:

Payables:
Investments purchased		1,722,759
Amounts owed to affiliates		161,337
Fund shares redeemed		112,850
Futures variation margin		3,941
Accrued expenses		106,589


Total liabilities		2,107,476




Net Assets:

Paid-in capital		324,804,958
Undistributed net investment income		90,361
Accumulated net realized loss		(132,762,236	)
Net unrealized loss		(10,187,776	)


NET ASSETS	$	181,945,307


Net Assets:
Institutional	$	55,954,095
Service		125,991,212


Total Net Assets	$	181,945,307


Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):
Institutional		7,767,534
Service		17,460,430


Net asset value, offering and redemption price per share:
Institutional		$7.20
Service		7.22



Investment income:

Dividends (net of foreign taxes withheld of $504,125)	$	8,699,179
Interest		24,153


Total investment income		8,723,332




Expenses:

Management fees		1,836,944
Distribution and Service fees — Service Class		367,533
Custody and accounting fees		148,658
Professional fees		99,646
Printing and mailing costs		80,374
Transfer Agent fees^(a)		43,219
Trustee fees		16,285
Other		20,281


Total expenses		2,612,940


Less — expense reductions		(97,608	)


Net expenses		2,515,332


NET INVESTMENT INCOME		6,208,000




Realized and unrealized gain (loss):

Net realized gain (loss) from:
Investments		5,593,393
Futures contracts		(2,087,880	)
Foreign currency transactions		(251,180	)
Net change in unrealized gain (loss) on:
Investments		(41,700,409	)
Futures contracts		11,977
Foreign currency translation		(43,210	)


Net realized and unrealized loss		(38,477,309	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(32,269,309	)



Assets:

Investments based on amortized cost	$	115,820,115
Repurchase agreements based on amortized cost		28,400,000
Cash		52,913
Receivables:
Fund shares sold		365,397
Interest		84,928
Reimbursement from investment adviser		19,671


Total assets		144,743,024




Liabilities:

Payables:
Fund shares redeemed		217,239
Investments purchased		200,000
Amounts owed to affiliates		44,299
Accrued expenses		108,382


Total liabilities		569,920




Net Assets:

Paid-in capital		144,173,104


NET ASSETS	$	144,173,104


Total Service Shares of beneficial interest outstanding, $0.001 par value (unlimited shares authorized)		144,173,085
Net asset value, offering and redemption price per share		$1.00


FUND vs. BENCHMARK SECTOR ALLOCATIONS⁴



Investment Income:

Interest	$	422,999




Expenses:

Distribution and Service fees		345,073
Management fees		282,960
Professional fees		123,037
Custody and accounting fees		71,892
Printing and mailing costs		42,862
Transfer Agent fees		27,606
Trustee fees		16,666
Other		7,610


Total expenses		917,706


Less — expense reductions		(502,204	)


Net expenses		415,502


NET INVESTMENT INCOME		7,497


NET REALIZED GAIN FROM INVESTMENT TRANSACTIONS		1,380


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,877


⁴		The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.


		(a)		As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

		(b)		During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

		(c)		During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

		(d)		A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.


ITEM 3.		AUDIT COMMITTEE FINANCIAL EXPERT.

		The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. John P. Coblentz, Jr. is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).


	2011		2010		Description of Services Rendered
Audit Fees:

• PricewaterhouseCoopers (“PwC”)	$	597,101	$	55,000	Financial statement audits.


Audit-Related Fees

PwC	$	—	$	28,610	Other attest services.


Tax Fees

PwC	$	80,518	$	80,125	Tax compliance services provided in connection with the preparation and review of the Registrant’s tax returns.

*Items 4(b)(c) & (d) Table 2. Non-Audit Services to the GSVIT’s that were pre-approved by the GSVIT’s Audit Committee pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X**

	2011		2010		Description of Services Rendered
Audit-Related Fees

PwC	$	852,000	$	1,333,000	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16. These fees are borne by the Funds’ adviser.


ITEM 7.		DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.


ITEM 8.		PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES


ITEM 9.		PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS


ITEM 10.		SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.


(a)(1)		Goldman Sachs Variable Insurance Trust’s Code of Ethics for Principal Executive and Senior Financial Officers filed herewith

(a)(2)	Exhibit 99.CERT Exhibit 99.906CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith


Goldman Sachs Variable Insurance Trust


/s/ James A. McNamara

By: James A. McNamara
Chief Executive Officer of
Goldman Sachs Variable Insurance Trust

Date: February 24, 2012


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


/s/ James A. McNamara
By: James A. McNamara
Chief Executive Officer of
Goldman Sachs Variable Insurance Trust

Date: February 24, 2012


/s/ George F. Travers
By: George F. Travers
Chief Financial Officer of
Goldman Sachs Variable Insurance Trust

Date: February 24, 2012