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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

March 31, 2012 (Unaudited)


Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Obligations — 21.1%
Banks — 5.2%
Abbey National Treasury Services PLC
$	175,000		2.875	%	04/25/14	$	173,916
Bank of America Corp.
	200,000		5.750		12/01/17		213,958
	50,000		5.000		05/13/21		49,930
	525,000		5.700		01/24/22		554,497
Capital One Bank NA
	300,000		8.800		07/15/19		365,428
CBA Capital Trust II^(a)(b)(c)
	325,000		6.024		03/29/49		308,750
Citigroup Capital XXI^(a)(c)
	383,000		8.300		12/21/57		386,351
Citigroup, Inc.
	600,000		5.000		09/15/14		620,469
	275,000		4.450		01/10/17		287,049
	200,000		4.500		01/14/22		200,143
JPMorgan Chase Capital XXV Series Y
	275,000		6.800		10/01/37		276,375
Merrill Lynch & Co., Inc.
	325,000		6.400		08/28/17		353,589
Mizuho Corporate Bank Ltd.^(b)
	200,000		2.550		03/17/17		199,980
Morgan Stanley & Co.
	275,000		5.750		08/31/12		280,415
	300,000		5.950		12/28/17		309,577
National City Preferred Capital Trust I^(a)(c)
	350,000		12.000		12/29/49		372,764
Regions Financial Corp.
	325,000		5.750		06/15/15		340,438
Resona Bank Ltd.^(a)(b)(c)
	650,000		5.850		09/29/49		676,000
Santander Holdings USA, Inc.
	165,000		4.625		04/19/16		166,995
The Bear Stearns Companies LLC
	500,000		7.250		02/01/18		604,110
The Royal Bank of Scotland Group PLC^(b)
	425,000		4.875		08/25/14		441,670
Wachovia Bank NA
	300,000		6.600		01/15/38		354,707

							7,537,111

Captive Auto — 0.3%
FUEL Trust^(b)
	525,000		3.984		06/15/16		521,830

Chemicals — 0.8%
Ecolab, Inc.
	325,000		3.000		12/08/16		337,306
	325,000		4.350		12/08/21		342,902
The Dow Chemical Co.
	420,000		7.600		05/15/14		474,854

							1,155,062

Diversified Manufacturing — 0.2%
Xylem, Inc.^(b)
	250,000		3.550		09/20/16		260,003

Electric — 0.5%
PPL WEM Holdings PLC^(b)(c)
	220,000		5.375		05/01/21		237,299
Progress Energy, Inc.
	350,000		7.000		10/30/31		449,923

							687,222


Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Obligations — (continued)
Energy — 3.8%
Anadarko Petroleum Corp.
$	325,000		6.375	%	09/15/17	$	386,049
	125,000		6.450		09/15/36		144,638
BP Capital Markets PLC
	225,000		3.200		03/11/16		238,035
	500,000		4.500		10/01/20		548,874
Dolphin Energy Ltd.^(b)
	202,296		5.888		06/15/19		216,293
	200,000		5.500		12/15/21		210,750
Gazprom OAO Via Gaz Capital SA^(d)
	350,000		9.250		04/23/19		431,812
Nexen, Inc.
	125,000		5.875		03/10/35		129,464
	205,000		6.400		05/15/37		226,178
Noble Energy, Inc.^(c)
	200,000		6.000		03/01/41		222,344
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		44,314
	320,000		5.375		01/27/21		343,832
Phillips 66^(b)
	225,000		4.300		04/01/22		228,870
PTTEP Canada International Finance Ltd.^(b)
	240,000		5.692		04/05/21		256,079
Ras Laffan Liquefied Natural Gas Co. Ltd. III^(b)
	250,000		5.500		09/30/14		269,125
TNK-BP Finance SA
	140,000		7.875		03/13/18		162,925
Transocean, Inc.
	100,000		4.950		11/15/15		106,777
	325,000		6.000		03/15/18		360,385
	450,000		6.500		11/15/20		502,828
Weatherford International Ltd.
	275,000		9.625		03/01/19		359,512

							5,558,959

Food & Beverage — 1.5%
Heineken NV^(b)
	375,000		3.400		04/01/22		372,236
Kraft Foods, Inc.
	275,000		6.125		08/23/18		331,355
	200,000		6.500		02/09/40		246,107
Pernod-Ricard SA^(b)
	425,000		4.450		01/15/22		431,116
SABMiller Holdings, Inc.^(b)
	275,000		2.450		01/15/17		278,449
	475,000		3.750		01/15/22		483,247

							2,142,510

Healthcare — 0.9%
Cigna Corp.
	150,000		2.750		11/15/16		152,638
DENTSPLY International, Inc.
	125,000		2.750		08/15/16		127,085
Express Scripts, Inc.
	300,000		3.125		05/15/16		309,725
Life Technologies Corp.
	225,000		6.000		03/01/20		258,252
	150,000		5.000	^(c)	01/15/21		162,239
PerkinElmer, Inc.^(c)
	275,000		5.000		11/15/21		285,018

							1,294,957

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Obligations — (continued)
Life Insurance — 0.8%
MetLife Capital Trust X^(b)(c)
$	300,000		9.250	%	04/08/38	$	361,500
Prudential Financial, Inc.
	575,000		3.875		01/14/15		604,769
The Northwestern Mutual Life Insurance Co.^(b)
	200,000		6.063		03/30/40		235,461

							1,201,730

Media Cable — 0.2%
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.^(b)
	325,000		3.800		03/15/22		323,961

Media Non Cable — 0.6%
NBCUniversal Media LLC
	175,000		2.875		04/01/16		180,886
News America, Inc.
	375,000		6.150		02/15/41		429,579
WPP Finance UK
	275,000		8.000		09/15/14		314,795

							925,260

Metals and Mining — 0.6%
Newcrest Finance Pty Ltd.^(b)
	275,000		4.450		11/15/21		277,820
Newmont Mining Corp.^(c)
	375,000		3.500		03/15/22		362,453
Teck Resources Ltd.^(c)
	150,000		10.750		05/15/19		186,000

							826,273

Noncaptive-Financial — 1.1%
Capital One Capital III
	125,000		7.686		08/15/36		125,469
Capital One Capital IV^(a)(c)
	350,000		6.745		02/17/37		350,000
Discover Bank
	250,000		8.700		11/18/19		311,102
General Electric Capital Corp.
	300,000		5.875		01/14/38		328,788
International Lease Finance Corp.
	375,000		5.750		05/15/16		374,580
SLM Corp.
AUD	150,000		6.000		05/10/12		154,973

							1,644,912

Pipelines — 1.0%
Energy Transfer Partners LP
$	375,000		5.950		02/01/15		411,806
	75,000		5.200		02/01/22		78,652
Enterprise Products Operating LLC Series A^(a)(c)
	250,000		8.375		08/01/66		272,187
Enterprise Products Operating LLC Series I
	175,000		5.000		03/01/15		190,810
Tennessee Gas Pipeline Co.
	200,000		8.375		06/15/32		243,453
TransCanada Pipelines Ltd.^(a)(c)
	325,000		6.350		05/15/67		334,750

							1,531,658

Property/Casualty Insurance — 0.7%
Mitsui Sumitomo Insurance Co. Ltd.^(a)(b)(c)
	150,000		7.000		03/15/72		151,225
Transatlantic Holdings, Inc.
	175,000		8.000		11/30/39		195,207


Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Obligations — (continued)
Property/Casualty Insurance — (continued)
ZFS Finance USA Trust IV^(a)(b)(c)
$	675,000		5.875	%	05/09/32	$	674,156

							1,020,588

Real Estate Investment Trusts — 1.8%
Developers Diversified Realty Corp.
	375,000		7.500		04/01/17		425,177
ERP Operating LP
	275,000		4.625		12/15/21		289,406
HCP, Inc.
	275,000		6.000		01/30/17		304,061
Healthcare Realty Trust, Inc.
	350,000		5.750		01/15/21		358,499
Kilroy Realty LP
	275,000		5.000		11/03/15		292,976
ProLogis LP^(d)
	100,000		2.250		04/01/17		100,454
	175,000		1.875		01/15/13		175,000
Simon Property Group LP
	350,000		10.350		04/01/19		481,468
WEA Finance LLC^(b)
	125,000		7.500		06/02/14		138,041

							2,565,082

Technology — 0.3%
Hewlett-Packard Co.
	250,000		3.000		09/15/16		257,949
	125,000		2.600		09/15/17		124,520

							382,469

Tobacco — 0.2%
Altria Group, Inc.
	175,000		9.700		11/10/18		238,558

Transportation — 0.3%
Transnet Ltd.^(b)
	400,000		4.500		02/10/16		414,626

Wirelines Telecommunications — 0.3%
AT&T, Inc.
	425,000		2.950		05/15/16		448,041

TOTAL CORPORATE OBLIGATIONS						$	30,680,812


Mortgage-Backed Obligations — 42.5%
Adjustable Rate Non-Agency^(a) — 2.0%
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1
$	23,507		2.572	%	04/25/34	$	20,412
Countrywide Alternative Loan Trust Series 2005-38, Class A1
	254,698		1.659		09/25/35		160,227
Countrywide Home Loan Mortgage Pass-Through Trust Series 2003-52, Class A1
	97,027		2.668		02/19/34		86,471
Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB6, Class A2
	18,662		2.726		11/20/34		15,180
Indymac Index Mortgage Loan Trust Series 2005-AR15, Class A1
	443,976		4.848		09/25/35		335,213

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate Non-Agency^(a) — (continued)
Indymac Index Mortgage Loan Trust Series 2006-AR4, Class A1A
$	927,007		0.452	%	05/25/46	$	544,491
J.P. Morgan Mortgage Trust Series 2007-A1, Class 2A2
	320,655		2.761		07/25/35		293,971
Lehman XS Trust Series 2005-7N, Class 1A1A
	364,201		0.512		12/25/35		243,625
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	661,448		1.009		12/25/46		189,010
Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2
	22,233		2.722		09/25/34		20,103
Structured Adjustable Rate Mortgage Loan Trust Series 2004-5, Class 3A1
	47,318		2.530		05/25/34		44,255
Washington Mutual Mortgage Pass-Through Certificates Series 2004-AR3, Class A2
	25,529		2.550		06/25/34		25,037
Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA2, Class 1A
	573,344		0.859		03/25/47		333,282
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR10, Class 5A3
	736,288		2.721		07/25/36		558,808

							2,870,085

Collateralized Mortgage Obligations — 8.0%
Agency Multi-Family — 3.9%
FHLMC REMIC Structured Pass-Through Certificates Series K703, Class A2
$	600,000		2.699	%	05/25/18	$	621,561
FHLMC REMIC Structured Pass-Through Certificates Series K705, Class A2
	500,000		2.303		09/25/18		505,173
FNMA
	392,402		2.800		03/01/18		408,124
	1,087,951		3.740		05/01/18		1,183,815
	320,000		3.840		05/01/18		347,831
	800,000		4.506		06/01/19		889,832
	196,962		3.416		10/01/20		208,840
	197,056		3.632		12/01/20		210,924
	985,848		3.763		12/01/20		1,060,816
GNMA
	182,762		3.950		07/15/25		194,384

							5,631,300

Covered Bonds^(b) — 3.0%
Bank of Nova Scotia
	600,000		1.050		03/20/15		599,480
	300,000		1.750		03/22/17		299,661
Bank of Scotland PLC
	300,000		5.250		02/21/17		325,948
Caisse Centrale Desjardins du Quebec
	400,000		1.600		03/06/17		396,301


Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Covered Bonds^(b) — (continued)
Sparebank 1 Boligkreditt AS
$	1,200,000		2.625	%	05/27/16	$	1,199,336
	700,000		2.300		06/30/17		699,258
The Toronto-Dominion Bank
	400,000		1.500		03/13/17		395,738
UBS AG
	400,000		2.250		03/30/17		399,024

							4,314,746

Planned Amortization Class — 0.5%
FNMA REMIC Series 2003-92, Class PD
	721,858		4.500		03/25/17		729,067

Regular Floater^(a)(b) — 0.4%
Silverstone Master Issuer PLC Series 2012-1A, Class 2A1
	600,000		1.892		01/21/55		602,772

Sequential Fixed Rate — 0.2%
National Credit Union Administration Guaranteed Notes Series A4
	300,000		3.000		06/12/19		317,283

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	12,054,756

Commercial Mortgage-Backed Securities — 2.3%
Sequential Fixed Rate — 2.3%
Commercial Mortgage Pass-Through Certificates Series 2012-LC4, Class AM
$	150,000		4.063	%	12/10/44	$	153,295
Commercial Mortgage Pass-Through Certificates Series 2012-LC4, Class B
	125,000		4.934		12/10/44		128,377
Commercial Mortgage Pass-Through Certificates Series 2012-LC4, Class C
	100,000		5.825		12/10/44		101,304
FREMF Mortgage Trust Series 2012-K17, Class B
	125,000		4.498		12/25/44		120,439
FREMF Mortgage Trust Series 2012-K706, Class B^(a)(b)
	200,000		4.023		11/25/44		198,447
FREMF Mortgage Trust Series 2012-K706, Class C^(a)(b)
	150,000		4.023		11/25/44		140,702
Morgan Stanley Dean Witter Capital I Series 2003-TOP9, Class A2
	2,509,683		4.740		11/13/36		2,551,564

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	3,394,128

Federal Agencies — 30.2%
Adjustable Rate FHLMC^(a) — 1.2%
$	1,602,890		2.375	%	09/01/35	$	1,705,284

Adjustable Rate FNMA^(a) — 1.6%
	509,640		2.091		05/01/33		531,904
	829,224		2.457		05/01/35		876,672
	903,998		2.656		09/01/35		963,323

							2,371,899

FHLMC — 1.8%
	21,523		7.500		06/01/15		23,013
	44,925		7.000		07/01/16		47,487
	387,534		5.500		02/01/18		420,010
	34,214		5.500		04/01/18		37,081
	13,408		4.500		09/01/18		14,301
	57,790		5.500		09/01/18		62,632
	5,084		9.500		08/01/19		5,559
	125		9.500		08/01/20		127

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FHLMC — (continued)
$	119,706		6.500	%	10/01/20	$	133,937
	26,123		4.500		07/01/24		28,282
	159,397		4.500		11/01/24		173,071
	31,643		4.500		12/01/24		34,358
	48,746		6.000		03/01/29		54,503
	518		6.000		04/01/29		579
	33,393		7.500		12/01/29		38,413
	306,462		7.000		05/01/32		351,484
	861		6.000		08/01/32		962
	173,346		7.000		12/01/32		198,812
	30,498		5.000		12/01/35		33,205
	34,870		6.000		09/01/37		39,157
	55,592		6.000		02/01/38		62,404
	142,028		6.000		07/01/38		158,688
	40,559		6.000		10/01/38		45,316
	622,862		5.500		01/01/40		676,580

							2,639,961

FNMA — 24.9%
	60,806		7.500		08/01/15		64,251
	28,699		6.000		04/01/16		30,973
	53,314		6.500		05/01/16		57,878
	77,043		6.500		09/01/16		83,640
	97,916		6.500		11/01/16		106,299
	24,419		7.500		04/01/17		26,215
	391,767		5.500		02/01/18		426,491
	371,271		5.000		05/01/18		400,784
	32,245		6.500		08/01/18		36,122
	171,547		7.000		08/01/18		193,345
	5,278		5.000		06/01/23		5,702
	441,456		5.500		09/01/23		482,653
	95,213		5.500		10/01/23		104,292
	22,764		4.500		07/01/24		24,763
	338,498		4.500		11/01/24		368,668
	129,840		4.500		12/01/24		141,444
	84		7.000		07/01/25		98
	5,594		7.000		11/01/25		6,523
	35,645		9.000		11/01/25		42,624
	159,339		7.000		08/01/26		184,378
	1,735		7.000		08/01/27		2,023
	9,933		7.000		09/01/27		11,583
	45,055		6.000		12/01/27		49,656
	394		7.000		01/01/28		460
	265,308		6.000		02/01/29		295,715
	246,513		6.000		06/01/29		274,824
	55,381		8.000		10/01/29		66,719
	18,405		7.000		12/01/29		21,459
	1,509		8.500		04/01/30		1,826
	7,488		8.000		05/01/30		8,533
	400		8.500		06/01/30		465
	20,375		7.000		05/01/32		23,757
	158,833		7.000		06/01/32		184,766
	216,322		7.000		08/01/32		251,642
	46,092		8.000		08/01/32		55,887
	15,348		5.000		08/01/33		16,655
	2,657		5.500		09/01/33		2,917
	3,475		5.500		02/01/34		3,819
	591		5.500		04/01/34		650
	33,642		5.500		12/01/34		36,947
	79,101		5.000		04/01/35		86,149
	203,967		6.000		04/01/35		227,313
	10,292		5.000		09/01/35		11,114


Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	4,862		5.500	%	09/01/35	$	5,344
	481		5.500		02/01/37		531
	774		5.500		04/01/37		854
	878		5.500		05/01/37		968
	77,482		6.000		12/01/37		87,106
	1,198		5.500		03/01/38		1,311
	37,627		6.000		05/01/38		42,301
	976		5.500		06/01/38		1,066
	33,224		6.000		06/01/38		37,351
	1,240		5.500		07/01/38		1,354
	83,254		6.000		07/01/38		93,075
	1,170		5.500		08/01/38		1,278
	33,785		6.000		08/01/38		37,770
	646		5.500		09/01/38		706
	15,892		5.500		10/01/38		17,364
	37,445		6.000		10/01/38		41,863
	44,437		6.000		11/01/38		49,679
	429		5.500		12/01/38		469
	333,660		5.000		01/01/39		363,911
	61,865		4.500		08/01/39		67,007
	1,723,695		4.000		11/01/40		1,807,937
	333,177		5.000		02/01/41		361,980
	283,082		5.000		05/01/41		306,182
	41,441		5.000		06/01/41		44,823
	955,705		4.500		09/01/41		1,019,140
	1,916,457		5.000		10/01/41		2,086,032
	2,000,000		3.500		TBA-30yr^(e)		2,053,750
	22,000,000		4.500		TBA-30yr^(e)		23,399,064

							36,352,238

GNMA — 0.7%
	10,717		7.000		10/15/25		12,427
	15,259		7.000		11/15/25		17,694
	2,742		7.000		02/15/26		3,200
	10,738		7.000		04/15/26		12,532
	4,146		7.000		03/15/27		4,868
	100,582		7.000		11/15/27		118,115
	5,084		7.000		01/15/28		6,003
	35,806		7.000		02/15/28		42,278
	14,865		7.000		03/15/28		17,552
	3,995		7.000		04/15/28		4,717
	562		7.000		05/15/28		663
	10,274		7.000		06/15/28		12,130
	21,105		7.000		07/15/28		24,920
	14,677		7.000		08/15/28		17,330
	37,210		7.000		09/15/28		43,936
	4,253		7.000		11/15/28		5,022
	4,902		7.500		11/15/30		5,623
	616		7.000		12/15/31		728
	563,587		6.000		08/20/34		639,041

							988,779

TOTAL FEDERAL AGENCIES						$	44,058,161

TOTAL MORTGAGE-BACKED OBLIGATIONS						$	61,917,542


Agency Debentures — 4.1%
FHLMC
$	800,000		0.700	%	11/04/13	$	799,826
	300,000		4.375		01/15/14		418,395
	1,000,000		1.000		03/08/17		988,764
	1,100,000		2.375		01/13/22		1,079,781

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Principal		Interest			Maturity
Amount		Rate			Date	Value
Agency Debentures — (continued)
FNMA
$	1,600,000		0.625	%	10/30/14	$	1,603,202
Tennessee Valley Authority^(f)
	900,000		5.375		04/01/56		1,115,181

TOTAL AGENCY DEBENTURES						$	6,005,149


Asset-Backed Securities — 3.0%
Home Equity — 0.2%
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
$	135,183		7.000	%	09/25/37	$	97,994
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	179,826		7.000		09/25/37		133,024

							231,018

Student Loans^(a) — 2.8%
Brazos Higher Education Authority Series 2011-1, Class A2
	1,000,000		1.291		02/25/30		987,880
Brazos Higher Education Authority Series 2011-2, Class A2
	800,000		1.410		07/25/29		791,325
College Loan Corp. Trust Series 2006-1, Class A3
	1,000,000		0.650		10/25/25		975,498
GCO Education Loan Funding Trust Series 2006-1, Class A10L
	100,000		0.681		02/27/28		85,428
GCO Education Loan Funding Trust Series 2006-1, Class A11L
	100,000		0.721		05/25/36		81,481
Goal Capital Funding Trust Series 2010-1, Class A^(b)
	253,931		1.191		08/25/48		243,241
Knowledgeworks Foundation Series 2010-1, Class A
	264,691		1.441		02/25/42		259,186
Missouri Higher Education Loan Authority Asset-Backed Notes Series 2010 A-1^(a)(g)
	753,903		1.441		05/25/12		742,205

							4,166,244

TOTAL ASSET-BACKED SECURITIES						$	4,397,262


Foreign Debt Obligations — 7.7%
Sovereign — 7.3%
Colombia Government International Bond
$	580,000		4.375	%	07/12/21	$	632,200
Federal Republic of Brazil
	220,000		8.250		01/20/34		331,650
	200,000		7.125		01/20/37		273,000
Indonesia Government International Bond
	230,000		8.500		10/12/35		340,975
Malaysia Government Bond Series 0211
MYR	1,220,000		3.434		08/15/14		401,065
United Kingdom Gilt
GBP	4,200,000		4.500		03/07/13		6,969,284
	1,000,000		2.750		01/22/15		1,697,789

							10,645,963

Supranational — 0.4%
North American Development Bank
$	600,000		4.375		02/11/20		658,757

TOTAL FOREIGN DEBT OBLIGATIONS						$	11,304,720


Principal		Interest			Maturity
Amount		Rate			Date	Value
Municipal Debt Obligations — 1.0%
California — 0.2%
California State Various Purpose GO Bonds Series 2010
$	140,000		7.950	%	03/01/36	$	162,290
	105,000		7.625		03/01/40		136,758

							299,048

Illinois — 0.2%
Illinois State GO Bonds for Build America Bonds Series 2010-5
	250,000		7.350		07/01/35		292,650

New York — 0.4%
Rensselaer Polytechnic Institute Taxable Bonds Series 2010
	475,000		5.600		09/01/20		532,038

Ohio — 0.2%
American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT
	250,000		6.270		02/15/50		275,560

TOTAL MUNICIPAL DEBT OBLIGATIONS						$	1,399,296


Government Guarantee Obligations^(h) — 5.0%
Achmea Hypotheekbank NV^(b)
$	791,000		3.200	%	11/03/14	$	826,839
BRFkredit AS^(b)
	1,700,000		2.050		04/15/13		1,722,010
Commonwealth Bank of Australia^(b)
	700,000		2.500		12/10/12		708,377
FIH Erhvervsbank A/S^(b)
	1,400,000		1.750		12/06/12		1,410,686
Landwirtschaftliche Rentenbank
	1,400,000		4.125		07/15/13		1,461,817
LeasePlan Corp. NV^(b)
	700,000		3.000		05/07/12		701,706
Swedbank AB^(b)
	200,000		2.900		01/14/13		203,405
Westpac Securities NZ Ltd.^(b)
	200,000		2.500		05/25/12		200,492

TOTAL GOVERNMENT GUARANTEE OBLIGATIONS						$	7,235,332


U.S. Treasury Obligations — 25.3%
United States Treasury Bonds
$	100,000		5.000	%	05/15/37	$	130,986
	500,000		4.250		11/15/40		588,635
	100,000		4.750		02/15/41		127,402
	400,000		4.375		05/15/41		480,720
	1,600,000		3.125		11/15/41		1,534,192
	800,000		3.125		02/15/42		766,688
United States Treasury Inflation-Protected Securities
	252,130		3.000		07/15/12		257,881
	107,238		0.625		04/15/13		110,070
	122,671		2.000		01/15/14		131,143
	949,656		1.625		01/15/15		1,035,125
	116,531		1.875		07/15/15		129,968

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Principal		Interest			Maturity
Amount		Rate			Date	Value
U.S. Treasury Obligations — (continued)
United States Treasury Notes
$	6,700,000		0.250	%	10/31/13	$	6,694,238
	2,900,000		0.125		12/31/13		2,890,082
	5,900,000		0.625		07/15/14		5,928,910
	1,200,000		0.375		11/15/14		1,197,048
	3,100,000		0.250		12/15/14		3,081,276
	1,000,000		0.250		01/15/15		993,590
	3,000,000		0.250		02/15/15		2,978,670
	1,500,000		1.000		10/31/16		1,503,645
	200,000		0.875		12/31/16		198,958
	2,000,000		0.875		01/31/17		1,987,620
	1,000,000		1.000		03/31/17		997,770
	800,000		1.500		03/31/19		793,872
	1,100,000		2.000		11/15/21		1,082,807
	1,300,000		2.000		02/15/22		1,274,910

TOTAL U.S. TREASURY OBLIGATIONS						$	36,896,206

TOTAL INVESTMENTS — 109.7%						$	159,836,319

LIABILITIES IN EXCESS OF OTHER ASSETS — (9.7)%							(14,190,469	)

NET ASSETS — 100.0%						$	145,645,850


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

(a) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2012.

(b) 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 $19,241,910, which represents approximately 13.2% of net assets as of March 31, 2012.

(c) Securities with ‘‘call’’ features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(d) Securities with ‘‘put’’ features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at March 31, 2012.

(e) 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 $25,452,814 which represents approximately 17.5% of net assets as of March 31, 2012.

(f) All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

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

(h) Guaranteed by a foreign government until maturity.



Investment Abbreviations:
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
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


For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2012, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


	Contracts to	Settlement		Current		Unrealized
Counterparty	Buy/Sell	Date		Value		Gain

Bank of America NA	EUR/CAD		06/20/12	$	102,823	$	1,593
	JPY/USD		06/20/12		184,739		739
Barclays Bank PLC	EUR/USD		06/20/12		193,136		3,433
Citibank NA	CAD/AUD		06/20/12		42,672		676
	EUR/JPY		06/20/12		94,732		1,180
	EUR/NZD		06/20/12		92,064		1,048
	EUR/USD		06/20/12		159,657		1,798
	JPY/USD		06/20/12		92,132		132
	USD/AUD		06/20/12		89,333		1,430
	USD/JPY		06/20/12		274,375		2,625
Credit Suisse International	CHF/USD		06/20/12		42,128		466
	EUR/CAD		06/20/12		81,481		1,200
	EUR/USD		06/20/12		197,395		1,288
	JPY/EUR		06/20/12		92,168		104
	USD/JPY		06/20/12		91,537		463
Deutsche Bank Securities, Inc.	CHF/USD		06/20/12		93,470		1,470
	EUR/JPY		06/20/12		104,424		2,131
	GBP/USD		06/20/12		92,721		717
	NZD/USD		06/20/12		64,421		565
HSBC Bank PLC	EUR/NOK		06/20/12		188,131		747
	NOK/EUR		06/20/12		92,622		558
	USD/CAD		06/20/12		91,716		284
JPMorgan Chase Bank NA	AUD/USD		06/20/12		91,387		275
	CHF/USD		06/20/12		85,448		643
	EUR/AUD		06/20/12		96,262		2,436
	GBP/USD		06/20/12		94,350		1,572
	JPY/USD		06/20/12		185,467		2,467
	USD/NZD		06/20/12		63,517		513
Morgan Stanley Co., Inc.	EUR/USD		06/20/12		122,765		2,069
	USD/CAD		06/20/12		80,553		447
	USD/JPY		06/20/12		368,814		186
Royal Bank of Canada	CAD/USD		06/20/12		93,296		296
	EUR/USD		06/20/12		106,454		1,295
	USD/CAD		06/20/12		272,048		1,952
Royal Bank of Scotland	JPY/AUD		06/20/12		91,992		1,632
	JPY/EUR		06/20/12		92,596		532
	JPY/USD		06/20/12		93,372		1,372
	NOK/EUR		06/20/12		554,483		2,099
	SEK/EUR		06/20/12		245,679		1,509
	USD/CAD		06/20/12		92,301		699
State Street Bank	CAD/USD		06/20/12		183,408		408
	CHF/AUD		06/20/12		111,841		4,025
	EUR/CHF		06/20/12		182,794		13
	EUR/USD		06/20/12		105,335		555
	JPY/USD		06/20/12		185,580		1,580
	USD/AUD		06/20/12		96,156		1,259
	USD/JPY		06/20/12		91,644		356
UBS AG	EUR/USD		06/20/12		91,110		1,174
	JPY/USD		06/20/12		185,929		1,929
	NOK/EUR		06/20/12		92,322		258
	SEK/NZD		06/20/12		75,255		1,967
	SEK/USD		06/20/12		114,018		3,618
	USD/AUD		06/20/12		57,502		1,175
	USD/JPY		06/20/12		91,262		1,426

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Contracts to

Settlement

Current

Unrealized

Counterparty

Buy/Sell

Date

Value

Gain

Westpac Banking Corp.

JPY/USD

06/20/12

92,360

360

USD/AUD

06/20/12

361,440

2,890

USD/JPY

06/20/12

1,069,857

17,894

TOTAL

87,528


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


	Contracts to	Settlement		Current		Unrealized
Counterparty	Buy/Sell	Date		Value		Loss

Bank of America NA	JPY/USD		06/20/12	$	91,195	$	(805	)
Barclays Bank PLC	USD/EUR		04/02/12		514,152		(3,300	)
	USD/EUR		05/11/12		514,244		(2,094	)
	USD/EUR		06/20/12		194,530		(1,862	)
	USD/JPY		06/20/12		92,096		(96	)
Citibank NA	AUD/USD		06/20/12		179,693		(1,291	)
	CAD/USD		06/20/12		90,495		(505	)
	JPY/EUR		06/20/12		92,269		(2,249	)
	JPY/USD		06/20/12		91,383		(617	)
	USD/EUR		06/20/12		67,395		(1,453	)
	USD/GBP		06/20/12		92,721		(793	)
	USD/NZD		06/20/12		109,933		(595	)
Credit Suisse International	USD/EUR		06/20/12		283,867		(4,742	)
	USD/GBP		06/20/12		94,319		(1,493	)
Deutsche Bank Securities, Inc.	CHF/NZD		06/20/12		91,826		(191	)
	JPY/CAD		06/20/12		91,229		(852	)
	JPY/EUR		06/20/12		100,013		(2,632	)
	NZD/USD		06/20/12		465,751		(1,992	)
HSBC Bank PLC	USD/EUR		06/20/12		192,091		(2,521	)
	USD/NOK		06/20/12		302,857		(2,857	)
JPMorgan Chase Bank NA	AUD/USD		06/20/12		90,360		(902	)
	JPY/USD		06/20/12		91,670		(1,330	)
	NOK/EUR		06/20/12		92,005		(59	)
	USD/CHF		06/20/12		92,076		(1,076	)
	USD/GBP		04/19/12		8,791,314		(156,188	)
	USD/GBP		06/20/12		94,320		(1,600	)
	USD/JPY		06/20/12		183,041		(41	)
Morgan Stanley Co., Inc.	EUR/SEK		06/20/12		545,625		(4,132	)
Royal Bank of Canada	CAD/EUR		06/20/12		91,995		(69	)
	CAD/USD		06/20/12		1,262,988		(7,291	)
	GBP/EUR		06/20/12		92,810		(588	)
Royal Bank of Scotland	AUD/CAD		06/20/12		90,360		(22	)
	AUD/USD		06/20/12		89,333		(1,501	)
	USD/JPY		06/20/12		48,494		(494	)
State Street Bank	JPY/USD		06/20/12		146,107		(893	)
	USD/CHF		06/20/12		560,026		(7,026	)
	USD/EUR		06/20/12		183,885		(3,704	)
	USD/GBP		06/20/12		94,320		(961	)
UBS AG	AUD/JPY		06/20/12		90,360		(157	)
	CAD/USD		06/20/12		90,737		(263	)
	NOK/USD		06/20/12		579,370		(5,724	)
	USD/CHF		06/20/12		87,241		(1,145	)
	USD/GBP		06/20/12		96,065		(1,895	)
Westpac Banking Corp.	AUD/USD		06/20/12		359,386		(2,996	)
	NZD/USD		06/20/12		141,691		(2,337	)
	USD/NZD		06/20/12		91,203		(324	)

TOTAL							$(235,658	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)


FORWARD SALES CONTRACTS — At March 31, 2012, the Fund had the following forward sales contracts:

Interest

Maturity

Settlement

Principal

Description

Rate

Date^(e)

Date

Amount

Value

FNMA (Proceeds Receivable: $8,493,750)

4.500

TBA-30yr

05/14/12

(8,000,000

)

(8,496,250

)


FUTURES CONTRACTS — At March 31, 2012, the Fund had the following futures contracts:


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

Euro-Bund		11		June 2012	$	2,031,745		$	13,147
Eurodollars		73		September 2014		18,039,213			(9,513	)
Eurodollars		(73	)	September 2015		(17,905,987	)		15,880
U.S. Long Bond		21		June 2012		2,892,750			22,045
U.S. Ultra Long Treasury Bonds		13		June 2012		1,962,594			(94,767	)
5 Year U.S. Treasury Notes		95		June 2012		11,641,211			(33,345	)
10 Year U.S. Treasury Notes		35		June 2012		4,531,953			5,591

TOTAL								$	(80,962	)


TAX INFORMATION — At March 31, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Tax cost	$	157,826,789

Gross unrealized gain		4,092,296
Gross unrealized loss		(2,082,766	)

Net unrealized security gain	$	2,009,530


Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — 99.1%
Automobiles & Components — 0.7%
	1,600	BorgWarner, Inc.^*	$	134,944
	54,513	Ford Motor Co.		680,867
	3,200	Harley-Davidson, Inc.		157,056
	9,785	Johnson Controls, Inc.		317,817
	3,800	The Goodyear Tire & Rubber Co.^*		42,636

				1,333,320

Banks — 2.9%
	9,900	BB&T Corp.		310,761
	2,850	Comerica, Inc.		92,226
	12,976	Fifth Third Bancorp		182,313
	3,534	First Horizon National Corp.		36,683
	7,800	Hudson City Bancorp, Inc.		57,018
	12,749	Huntington Bancshares, Inc.		82,231
	13,400	KeyCorp		113,900
	1,816	M&T Bank Corp.		157,774
	5,400	People’s United Financial, Inc.		71,496
	7,504	PNC Financial Services Group, Inc.		483,933
	17,798	Regions Financial Corp.		117,289
	7,572	SunTrust Banks, Inc.		183,015
	27,051	U.S. Bancorp		856,976
	75,009	Wells Fargo & Co.		2,560,807
	2,800	Zions Bancorporation		60,088

				5,366,510

Capital Goods — 8.2%
	9,933	3M Co.		886,123
	9,171	Caterpillar, Inc.		976,895
	2,254	Cooper Industries PLC		144,143
	2,739	Cummins, Inc.		328,790
	8,200	Danaher Corp.		459,200
	5,679	Deere & Co.		459,431
	2,601	Dover Corp.		163,707
	4,800	Eaton Corp.		239,184
	10,418	Emerson Electric Co.		543,611
	4,225	Fastenal Co.		228,573
	800	Flowserve Corp.		92,408
	2,482	Fluor Corp.		149,019
	5,106	General Dynamics Corp.		374,678
	150,491	General Electric Co.		3,020,354
	1,737	Goodrich Corp.		217,889
	11,008	Honeywell International, Inc.		672,039
	6,869	Illinois Tool Works, Inc.		392,357
	4,200	Ingersoll-Rand PLC		173,670
	1,800	Jacobs Engineering Group, Inc.^*		79,866
	1,500	Joy Global, Inc.		110,250
	1,400	L-3 Communications Holdings, Inc.		99,078
	3,768	Lockheed Martin Corp.		338,593
	5,400	Masco Corp.		72,198
	3,592	Northrop Grumman Corp.		219,399
	4,993	PACCAR, Inc.		233,822
	1,700	Pall Corp.		101,371
	2,154	Parker Hannifin Corp.		182,121
	2,049	Precision Castparts Corp.		354,272
	3,000	Quanta Services, Inc.^*		62,700
	4,876	Raytheon Co.		257,355
	2,000	Rockwell Automation, Inc.		159,400
	2,160	Rockwell Collins, Inc.		124,330
	1,400	Roper Industries, Inc.		138,824
	903	Snap-On, Inc.		55,056


Shares		Description	Value
Common Stocks — (continued)
Capital Goods — (continued)
	2,452	Stanley Black & Decker, Inc.	$	188,706
	3,939	Textron, Inc.		109,622
	10,667	The Boeing Co.		793,305
	6,562	Tyco International Ltd.		368,653
	13,006	United Technologies Corp.		1,078,718
	833	W.W. Grainger, Inc.		178,937
	2,800	Xylem, Inc.		77,700

				14,906,347

Commercial & Professional Services — 0.5%
	1,434	Avery Dennison Corp.		43,206
	1,600	Cintas Corp.		62,592
	700	Dun & Bradstreet Corp.		59,311
	1,750	Equifax, Inc.		77,455
	2,600	Iron Mountain, Inc.		74,880
	3,100	Pitney Bowes, Inc.		54,498
	2,800	R.R. Donnelley & Sons Co.		34,692
	4,610	Republic Services, Inc.		140,882
	1,957	Robert Half International, Inc.		59,297
	1,204	Stericycle, Inc.^*		100,703
	6,649	Waste Management, Inc.		232,449

				939,965

Consumer Durables & Apparel — 1.0%
	4,082	Coach, Inc.		315,457
	3,600	D.R. Horton, Inc.		54,612
	1,000	Harman International Industries, Inc.		46,810
	1,721	Hasbro, Inc.		63,195
	2,100	Leggett & Platt, Inc.		48,321
	2,200	Lennar Corp. Class A		59,796
	4,812	Mattel, Inc.		161,972
	4,133	Newell Rubbermaid, Inc.		73,609
	5,267	NIKE, Inc. Class B		571,153
	4,513	Pulte Group, Inc.^*		39,940
	900	Ralph Lauren Corp.		156,897
	1,242	VF Corp.		181,307
	1,059	Whirlpool Corp.		81,395

				1,854,464

Consumer Services — 2.1%
	1,600	Apollo Group, Inc. Class A^*		61,824
	6,600	Carnival Corp.		211,728
	450	Chipotle Mexican Grill, Inc.^*		188,100
	1,920	Darden Restaurants, Inc.		98,227
	900	DeVry, Inc.		30,483
	4,300	H&R Block, Inc.		70,821
	4,400	International Game Technology		73,876
	3,767	Marriott International, Inc. Class A		142,581
	14,419	McDonald’s Corp.		1,414,504
	10,656	Starbucks Corp.		595,564
	2,800	Starwood Hotels & Resorts Worldwide, Inc.		157,948
	2,126	Wyndham Worldwide Corp.		98,880
	1,100	Wynn Resorts Ltd.		137,368
	6,597	Yum! Brands, Inc.		469,575

				3,751,479

Diversified Financials — 6.3%
	14,417	American Express Co.		834,168
	3,223	Ameriprise Financial, Inc.		184,130

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Diversified Financials — (continued)
	153,326	Bank of America Corp.	$	1,467,330
	1,400	BlackRock, Inc.		286,860
	7,874	Capital One Financial Corp.		438,897
	41,581	Citigroup, Inc.		1,519,786
	939	CME Group, Inc.		271,681
	7,517	Discover Financial Services		250,617
	3,050	ETrade Financial Corp.^		33,397
	1,456	Federated Investors, Inc. Class B		32,629
	2,030	Franklin Resources, Inc.		251,781
	1,032	IntercontinentalExchange, Inc.^*		141,817
	6,400	Invesco Ltd.		170,688
	54,328	JPMorgan Chase & Co.		2,498,001
	1,900	Legg Mason, Inc.		53,067
	2,900	Leucadia National Corp.		75,690
	2,900	Moody’s Corp.		122,090
	21,447	Morgan Stanley		421,219
	3,500	Northern Trust Corp.		166,075
	3,800	NYSE Euronext		114,038
	7,171	SLM Corp.		113,015
	6,870	State Street Corp.		312,585
	3,600	T. Rowe Price Group, Inc.		235,080
	17,015	The Bank of New York Mellon Corp.		410,572
	14,642	The Charles Schwab Corp.		210,405
	7,025	The Goldman Sachs Group, Inc.^(a)		873,699
	1,900	The NASDAQ OMX Group, Inc.^*		49,210

				11,538,527

Energy — 11.1%
	3,300	Alpha Natural Resources, Inc.^*		50,193
	7,068	Anadarko Petroleum Corp.		553,707
	5,427	Apache Corp.		545,088
	6,291	Baker Hughes, Inc.		263,844
	2,949	Cabot Oil & Gas Corp.		91,920
	3,500	Cameron International Corp.^*		184,905
	9,417	Chesapeake Energy Corp.		218,192
	28,083	Chevron Corp.		3,011,621
	18,171	ConocoPhillips		1,381,178
	3,200	Consol Energy, Inc.		109,120
	5,700	Denbury Resources, Inc.^*		103,911
	5,732	Devon Energy Corp.		407,660
	969	Diamond Offshore Drilling, Inc.		64,681
	11,114	El Paso Corp.		328,419
	3,781	EOG Resources, Inc.		420,069
	2,200	EQT Corp.		106,062
	67,083	Exxon Mobil Corp.		5,818,108
	3,393	FMC Technologies, Inc.^*		171,075
	13,093	Halliburton Co.		434,557
	1,500	Helmerich & Payne, Inc.		80,925
	4,300	Hess Corp.		253,485
	10,148	Marathon Oil Corp.		321,692
	4,899	Marathon Petroleum Corp.		212,421
	2,800	Murphy Oil Corp.		157,556
	4,032	Nabors Industries Ltd.^*		70,520
	6,018	National Oilwell Varco, Inc.		478,250
	1,900	Newfield Exploration Co.^*		65,892
	3,700	Noble Corp.^*		138,639
	2,520	Noble Energy, Inc.		246,405
	11,509	Occidental Petroleum Corp.		1,096,002
	4,006	Peabody Energy Corp.		116,014
	1,700	Pioneer Natural Resources Co.		189,703
	2,476	QEP Resources, Inc.		75,518


Shares		Description	Value
Common Stocks — (continued)
Energy — (continued)
	2,300	Range Resources Corp.	$	133,722
	1,800	Rowan Companies, Inc.^*		59,274
	19,027	Schlumberger Ltd.		1,330,558
	5,100	Southwestern Energy Co.^*		156,060
	9,242	Spectra Energy Corp.		291,585
	1,500	Sunoco, Inc.		57,225
	1,900	Tesoro Corp.^*		50,996
	8,445	The Williams Companies, Inc.		260,190
	7,987	Valero Energy Corp.		205,825
	2,881	WPX Energy, Inc.^*		51,887

				20,364,654

Food & Staples Retailing — 2.2%
	6,174	Costco Wholesale Corp.		560,599
	18,573	CVS Caremark Corp.		832,070
	3,900	Safeway, Inc.		78,819
	3,373	SUPERVALU, Inc.		19,260
	8,200	Sysco Corp.		244,852
	8,075	The Kroger Co.		195,657
	12,310	Walgreen Co.		412,262
	24,858	Wal-Mart Stores, Inc.		1,521,310
	2,300	Whole Foods Market, Inc.		191,360

				4,056,189

Food, Beverage & Tobacco — 6.2%
	29,047	Altria Group, Inc.		896,681
	9,324	Archer-Daniels-Midland Co.		295,198
	2,200	Beam, Inc.		128,854
	1,450	Brown-Forman Corp. Class B		120,916
	2,500	Campbell Soup Co.		84,625
	4,439	Coca-Cola Enterprises, Inc.		126,955
	6,000	ConAgra Foods, Inc.		157,560
	2,400	Constellation Brands, Inc. Class A^*		56,616
	2,600	Dean Foods Co.^*		31,486
	3,000	Dr. Pepper Snapple Group, Inc.		120,630
	9,224	General Mills, Inc.		363,887
	4,606	H.J. Heinz Co.		246,651
	2,100	Hormel Foods Corp.		61,992
	3,542	Kellogg Co.		189,957
	25,250	Kraft Foods, Inc. Class A		959,752
	1,839	Lorillard, Inc.		238,114
	1,900	McCormick & Co., Inc.		103,417
	2,902	Mead Johnson Nutrition Co.		239,357
	2,300	Molson Coors Brewing Co. Class B		104,075
	22,430	PepsiCo, Inc.		1,488,231
	24,533	Philip Morris International, Inc.		2,173,869
	4,790	Reynolds American, Inc.		198,498
	8,600	Sara Lee Corp.		185,158
	32,174	The Coca-Cola Co.		2,381,198
	2,200	The Hershey Co.		134,926
	1,634	The J.M. Smucker Co.		132,942
	4,081	Tyson Foods, Inc. Class A		78,151

				11,299,696

Health Care Equipment & Services — 3.9%
	4,895	Aetna, Inc.		245,533
	3,660	AmerisourceBergen Corp.		145,229
	8,026	Baxter International, Inc.		479,794
	2,923	Becton, Dickinson and Co.		226,971
	20,746	Boston Scientific Corp.^*		124,061

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Health Care Equipment & Services — (continued)
	1,167	C. R. Bard, Inc.	$	115,206
	5,032	Cardinal Health, Inc.		216,929
	3,116	CareFusion Corp.^*		80,798
	2,070	Cerner Corp.^*		157,651
	3,919	Cigna Corp.		193,011
	2,100	Coventry Health Care, Inc.		74,697
	6,856	Covidien PLC		374,886
	1,300	DaVita, Inc.^*		117,221
	1,990	DENTSPLY International, Inc.		79,859
	1,594	Edwards Lifesciences Corp.^*		115,932
	6,974	Express Scripts, Inc.^*		377,851
	2,300	Humana, Inc.		212,704
	547	Intuitive Surgical, Inc.^*		296,337
	1,412	Laboratory Corp. of America Holdings^*		129,254
	3,464	McKesson Corp.		304,035
	5,587	Medco Health Solutions, Inc.^*		392,766
	14,782	Medtronic, Inc.		579,307
	1,381	Patterson Companies, Inc.		46,125
	2,300	Quest Diagnostics, Inc.		140,645
	4,502	St. Jude Medical, Inc.		199,484
	4,700	Stryker Corp.		260,756
	5,750	Tenet Healthcare Corp.^*		30,532
	14,870	UnitedHealth Group, Inc.		876,438
	1,586	Varian Medical Systems, Inc.^*		109,371
	4,717	WellPoint, Inc.		348,115
	2,517	Zimmer Holdings, Inc.		161,793

				7,213,291

Household & Personal Products — 2.3%
	6,400	Avon Products, Inc.		123,904
	6,868	Colgate-Palmolive Co.		671,553
	5,640	Kimberly-Clark Corp.		416,740
	1,900	The Clorox Co.		130,625
	3,200	The Estee Lauder Companies, Inc. Class A		198,208
	39,130	The Procter & Gamble Co.		2,629,927

				4,170,957

Insurance — 3.5%
	4,800	ACE Ltd.		351,360
	6,715	Aflac, Inc.		308,823
	7,741	American International Group, Inc.^*		238,655
	4,650	Aon Corp.		228,129
	1,200	Assurant, Inc.		48,600
	25,033	Berkshire Hathaway, Inc. Class B^*		2,031,428
	2,368	Cincinnati Financial Corp.		81,720
	6,800	Genworth Financial, Inc. Class A^*		56,576
	6,473	Hartford Financial Services Group, Inc.		136,451
	4,058	Lincoln National Corp.		106,969
	4,346	Loews Corp.		173,275
	7,739	Marsh & McLennan Companies, Inc.		253,762
	15,181	MetLife, Inc.		567,010
	4,273	Principal Financial Group, Inc.		126,096
	6,713	Prudential Financial, Inc.		425,537
	7,238	The Allstate Corp.		238,275
	3,841	The Chubb Corp.		265,451
	8,882	The Progressive Corp.		205,885
	5,684	The Travelers Companies, Inc.		336,493


Shares		Description	Value
Common Stocks — (continued)
Insurance — (continued)
	1,511	Torchmark Corp.	$	75,323
	4,118	Unum Group		100,809
	4,524	XL Group PLC		98,125

				6,454,752

Materials — 3.4%
	3,013	Air Products & Chemicals, Inc.		276,593
	1,000	Airgas, Inc.		88,970
	15,268	Alcoa, Inc.		152,985
	1,487	Allegheny Technologies, Inc.		61,220
	2,300	Ball Corp.		98,624
	1,600	Bemis Co., Inc.		51,664
	890	CF Industries Holdings, Inc.		162,559
	2,094	Cliffs Natural Resources, Inc.		145,030
	13,238	E.I. du Pont de Nemours & Co.		700,290
	2,000	Eastman Chemical Co.		103,380
	4,112	Ecolab, Inc.		253,793
	1,000	FMC Corp.		105,860
	13,536	Freeport-McMoRan Copper & Gold, Inc.		514,910
	1,200	International Flavors & Fragrances, Inc.		70,320
	6,359	International Paper Co.		223,201
	2,498	MeadWestvaco Corp.		78,912
	7,654	Monsanto Co.		610,483
	7,087	Newmont Mining Corp.		363,351
	4,600	Nucor Corp.		197,570
	2,500	Owens-Illinois, Inc.^*		58,350
	2,210	PPG Industries, Inc.		211,718
	4,222	Praxair, Inc.		484,010
	2,616	Sealed Air Corp.		50,515
	1,700	Sigma-Aldrich Corp.		124,202
	16,913	The Dow Chemical Co.		585,866
	4,100	The Mosaic Co.		226,689
	1,218	The Sherwin-Williams Co.		132,360
	1,500	Titanium Metals Corp.		20,340
	1,968	United States Steel Corp.		57,800
	1,800	Vulcan Materials Co.		76,914

				6,288,479

Media — 3.1%
	3,200	Cablevision Systems Corp. Class A		46,976
	9,164	CBS Corp. Class B		310,751
	38,398	Comcast Corp. Class A		1,152,324
	9,639	DIRECTV Class A^*		475,588
	3,700	Discovery Communications, Inc. Class A^*		187,220
	3,271	Gannett Co., Inc.		50,145
	30,586	News Corp. Class A		602,239
	3,894	Omnicom Group, Inc.		197,231
	1,300	Scripps Networks Interactive, Inc. Class A		63,297
	6,071	The Interpublic Group of Companies, Inc.		69,270
	3,960	The McGraw-Hill Companies, Inc.		191,941
	25,404	The Walt Disney Co.		1,112,187
	63	The Washington Post Co. Class B		23,535
	4,496	Time Warner Cable, Inc.		366,424
	13,771	Time Warner, Inc.		519,855

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Media — (continued)
	7,644	Viacom, Inc. Class B	$	362,784

				5,731,767

Pharmaceuticals, Biotechnology & Life Sciences — 7.4%
	22,340	Abbott Laboratories		1,369,219
	4,896	Agilent Technologies, Inc.		217,921
	4,305	Allergan, Inc.		410,826
	11,196	Amgen, Inc.		761,216
	3,355	Biogen Idec, Inc.^*		422,629
	23,926	Bristol-Myers Squibb Co.		807,503
	6,200	Celgene Corp.^*		480,624
	14,642	Eli Lilly & Co.		589,633
	3,900	Forest Laboratories, Inc.^*		135,291
	10,700	Gilead Sciences, Inc.^*		522,695
	2,290	Hospira, Inc.^*		85,623
	39,033	Johnson & Johnson		2,574,617
	2,470	Life Technologies Corp.^*		120,585
	43,288	Merck & Co., Inc.		1,662,259
	6,052	Mylan, Inc.^*		141,919
	1,500	PerkinElmer, Inc.		41,490
	1,319	Perrigo Co.		136,266
	107,188	Pfizer, Inc.		2,428,880
	5,168	Thermo Fisher Scientific, Inc.		291,372
	1,300	Waters Corp.^*		120,458
	1,800	Watson Pharmaceuticals, Inc.^*		120,708

				13,441,734

Real Estate — 2.0%
	5,640	American Tower Corp. (REIT)		355,433
	1,780	Apartment Investment & Management Co. Class A (REIT)		47,010
	1,291	AvalonBay Communities, Inc. (REIT)		182,483
	2,127	Boston Properties, Inc. (REIT)		223,314
	4,500	CBRE Group, Inc. Class A^*		89,820
	4,257	Equity Residential (REIT)		266,573
	5,900	HCP, Inc. (REIT)		232,814
	2,700	Health Care REIT, Inc. (REIT)		148,392
	10,052	Host Hotels & Resorts, Inc. (REIT)		165,054
	5,700	Kimco Realty Corp. (REIT)		109,782
	2,300	Plum Creek Timber Co., Inc. (REIT)		95,588
	6,565	ProLogis, Inc. (REIT)		236,471
	2,051	Public Storage (REIT)		283,387
	4,386	Simon Property Group, Inc. (REIT)		638,952
	4,200	Ventas, Inc. (REIT)		239,820
	2,622	Vornado Realty Trust (REIT)		220,772
	7,555	Weyerhaeuser Co. (REIT)		165,606

				3,701,271

Retailing — 3.9%
	1,277	Abercrombie & Fitch Co. Class A		63,352
	5,210	Amazon.com, Inc.^*		1,055,077
	672	AutoNation, Inc.^*		23,056
	379	AutoZone, Inc.^*		140,912
	3,424	Bed Bath & Beyond, Inc.^*		225,196
	3,850	Best Buy Co., Inc.		91,168
	900	Big Lots, Inc.^*		38,718
	3,200	CarMax, Inc.^*		110,880
	1,699	Dollar Tree, Inc.^*		160,539


Shares		Description	Value
Common Stocks — (continued)
Retailing — (continued)
	1,300	Expedia, Inc.	$	43,472
	1,700	Family Dollar Stores, Inc.		107,576
	1,900	GameStop Corp. Class A		41,496
	2,240	Genuine Parts Co.		140,560
	2,000	J.C. Penney Co., Inc.		70,860
	3,619	Kohl’s Corp.		181,059
	3,600	Limited Brands, Inc.		172,800
	17,541	Lowe’s Companies, Inc.		550,437
	6,013	Macy’s, Inc.		238,896
	800	Netflix, Inc.^*		92,032
	2,324	Nordstrom, Inc.		129,493
	1,800	O’Reilly Automotive, Inc.^*		164,430
	707	Priceline.com, Inc.^*		507,273
	3,156	Ross Stores, Inc.		183,364
	500	Sears Holdings Corp.^*		33,125
	9,897	Staples, Inc.		160,133
	9,639	Target Corp.		561,665
	4,650	The Gap, Inc.		121,551
	22,026	The Home Depot, Inc.		1,108,128
	1,800	Tiffany & Co.		124,434
	10,786	TJX Companies, Inc.		428,312
	1,200	TripAdvisor, Inc.^*		42,804
	1,600	Urban Outfitters, Inc.^*		46,576

				7,159,374

Semiconductors & Semiconductor Equipment — 2.4%
	8,100	Advanced Micro Devices, Inc.^*		64,962
	4,570	Altera Corp.		181,977
	4,200	Analog Devices, Inc.		169,680
	18,122	Applied Materials, Inc.		225,438
	7,050	Broadcom Corp. Class A^*		277,065
	780	First Solar, Inc.^*		19,539
	71,305	Intel Corp.		2,004,384
	2,366	KLA-Tencor Corp.		128,758
	3,200	Linear Technology Corp.		107,840
	7,900	LSI Corp.^*		68,572
	2,700	Microchip Technology, Inc.		100,440
	13,543	Micron Technology, Inc.^*		109,698
	965	Novellus Systems, Inc.^*		48,163
	8,450	NVIDIA Corp.^*		130,045
	2,800	Teradyne, Inc.^*		47,292
	16,272	Texas Instruments, Inc.		546,902
	3,700	Xilinx, Inc.		134,791

				4,365,546

Software & Services — 9.5%
	9,200	Accenture PLC Class A		593,400
	7,015	Adobe Systems, Inc.^*		240,685
	2,600	Akamai Technologies, Inc.^*		95,420
	3,200	Autodesk, Inc.^*		135,424
	7,000	Automatic Data Processing, Inc.		386,330
	2,200	BMC Software, Inc.^*		88,352
	5,204	CA, Inc.		143,422
	2,700	Citrix Systems, Inc.^*		213,057
	4,335	Cognizant Technology Solutions Corp. Class A^*		333,578
	2,200	Computer Sciences Corp.		65,868
	16,444	eBay, Inc.^*		606,619
	4,900	Electronic Arts, Inc.^*		80,752
	3,200	Fidelity National Information Services, Inc.		105,984
	1,950	Fiserv, Inc.^*		135,311

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Software & Services — (continued)
	3,612	Google, Inc. Class A^*	$	2,316,159
	16,459	International Business Machines Corp.		3,434,170
	4,265	Intuit, Inc.		256,454
	1,520	Mastercard, Inc. Class A		639,221
	106,191	Microsoft Corp.		3,424,660
	55,735	Oracle Corp.		1,625,233
	4,709	Paychex, Inc.		145,932
	2,755	Red Hat, Inc.^*		164,997
	3,833	SAIC, Inc.^*		50,596
	1,900	Salesforce.com, Inc.^*		293,569
	10,612	Symantec Corp.^*		198,444
	2,378	Teradata Corp.^*		162,061
	9,019	The Western Union Co.		158,734
	2,500	Total System Services, Inc.		57,675
	2,206	VeriSign, Inc.		84,578
	7,080	Visa, Inc. Class A		835,440
	17,100	Yahoo!, Inc.^*		260,262

				17,332,387

Technology Hardware & Equipment — 8.5%
	2,355	Amphenol Corp. Class A		140,758
	13,300	Apple, Inc.^*		7,972,951
	76,821	Cisco Systems, Inc.		1,624,764
	21,525	Corning, Inc.		303,072
	22,044	Dell, Inc.^*		365,930
	29,109	EMC Corp.^*		869,777
	1,134	F5 Networks, Inc.^*		153,045
	2,100	FLIR Systems, Inc.		53,151
	1,700	Harris Corp.		76,636
	28,123	Hewlett-Packard Co.		670,171
	2,583	Jabil Circuit, Inc.		64,885
	3,425	JDS Uniphase Corp.^*		49,628
	7,500	Juniper Networks, Inc.^*		171,600
	970	Lexmark International, Inc. Class A		32,243
	2,025	Molex, Inc.		56,943
	3,860	Motorola Mobility Holdings, Inc.^*		151,466
	4,154	Motorola Solutions, Inc.		211,148
	5,122	NetApp, Inc.^*		229,312
	24,131	QUALCOMM, Inc.		1,641,391
	3,500	SanDisk Corp.^*		173,565
	6,060	TE Connectivity Ltd.		222,705
	3,312	Western Digital Corp.^*		137,084
	19,576	Xerox Corp.		158,174

				15,530,399

Telecommunication Services — 2.8%
	84,273	AT&T, Inc.		2,631,846
	8,909	CenturyLink, Inc.		344,333
	3,600	Crown Castle International Corp.^*		192,024
	13,831	Frontier Communications Corp.		57,675
	4,000	MetroPCS Communications, Inc.^*		36,080
	43,610	Sprint Nextel Corp.^*		124,288
	40,458	Verizon Communications, Inc.		1,546,709
	7,681	Windstream Corp.		89,945

				5,022,900

Transportation — 1.8%
	2,330	C.H. Robinson Worldwide, Inc.		152,592
	15,186	CSX Corp.		326,803


Shares		Description	Value
Common Stocks — (continued)
Transportation — (continued)
	3,014	Expeditors International of Washington, Inc.	$	140,181
	4,512	FedEx Corp.		414,923
	4,635	Norfolk Southern Corp.		305,122
	800	Ryder System, Inc.		42,240
	11,518	Southwest Airlines Co.		94,908
	6,820	Union Pacific Corp.		733,014
	13,658	United Parcel Service, Inc. Class B		1,102,474

				3,312,257

Utilities — 3.4%
	1,700	AGL Resources, Inc.		66,674
	3,477	Ameren Corp.		113,281
	6,891	American Electric Power Co., Inc.		265,855
	6,298	CenterPoint Energy, Inc.		124,197
	3,700	CMS Energy Corp.		81,400
	4,200	Consolidated Edison, Inc.		245,364
	8,100	Dominion Resources, Inc.		414,801
	2,500	DTE Energy Co.		137,575
	18,950	Duke Energy Corp.		398,139
	4,674	Edison International		198,692
	2,575	Entergy Corp.		173,040
	12,057	Exelon Corp.		472,740
	5,985	FirstEnergy Corp.		272,856
	1,131	Integrys Energy Group, Inc.		59,932
	5,899	NextEra Energy, Inc.		360,311
	4,000	NiSource, Inc.		97,400
	2,590	Northeast Utilities		96,141
	3,400	NRG Energy, Inc.^*		53,278
	1,500	Oneok, Inc.		122,490
	3,170	Pepco Holdings, Inc.		59,881
	5,831	PG&E Corp.		253,124
	1,534	Pinnacle West Capital Corp.		73,479
	8,266	PPL Corp.		233,597
	4,277	Progress Energy, Inc.		227,151
	7,242	Public Service Enterprise Group, Inc.		221,678
	1,731	SCANA Corp.		78,951
	3,385	Sempra Energy		202,965
	2,970	TECO Energy, Inc.		52,123
	9,464	The AES Corp.^*		123,694
	12,278	The Southern Co.		551,650
	3,400	Wisconsin Energy Corp.		119,612
	6,909	Xcel Energy, Inc.		182,881

				6,134,952

TOTAL COMMON STOCKS				$181,271,217


Principal		Interest			Maturity
Amount		Rate			Date	Value
U.S. Treasury Obligations^(b)(c) — 0.1%
United States Treasury Bills
$	65,000		0.000	%	05/17/12	$	64,996
	60,000		0.000		06/21/12		59,991

TOTAL U.S. TREASURY OBLIGATIONS						$	124,987

TOTAL INVESTMENTS — 99.2%						$	181,396,204

OTHER ASSETS IN EXCESS OF LIABILITIES — 0.8%							1,516,114

NET ASSETS — 100.0%						$	182,912,318

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Schedule of Investments

March 31, 2012 (Unaudited)


Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — 51.0%
Adjustable Rate Non-Agency^(a) — 1.1%
First Horizon Alternative Mortgage Securities Series 2005-AA7, Class 2A1
$	410,878		2.583	%	09/25/35	$	276,219
Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
	348,690		2.760		08/19/36		193,414
J.P. Morgan Mortgage Trust Series 2007-A1, Class 2A2
	320,655		2.761		07/25/35		293,971

							763,604

Collateralized Mortgage Obligations — 6.0%
Agency Multi-Family — 4.0%
FHLMC REMIC Structured Pass-Through Certificates Series K703, Class A2
$	300,000		2.699	%	05/25/18	$	310,781
FHLMC REMIC Structured Pass-Through Certificates Series K705, Class A2
	300,000		2.303		09/25/18		303,103
FNMA
	196,201		2.800		03/01/18		204,062
	494,523		3.740		05/01/18		538,098
	110,000		3.840		05/01/18		119,567
	400,000		4.506		06/01/19		444,916
	98,481		3.416		10/01/20		104,420
	98,528		3.632		12/01/20		105,462
	394,339		3.763		12/01/20		424,326
GNMA
	91,381		3.950		07/15/25		97,192

							2,651,927

Regular Floater — 0.6%
National Credit Union Administration Guaranteed Notes Series A1^(a)
	400,000		0.262		06/12/13		400,000

Sequential Fixed Rate — 1.4%
Banc of America Funding Corp. Series 2007-8, Class 2A1
	524,227		7.000		10/25/37		340,672
National Credit Union Administration Guaranteed Notes Series 2010-C1, Class APT
	287,790		2.650		10/29/20		297,503
National Credit Union Administration Guaranteed Notes Series A4
	300,000		3.000		06/12/19		317,283

							955,458

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$4,007,385

Federal Agencies — 43.9%
Adjustable Rate FHLMC^(a) — 0.7%
$	400,722		2.375	%	09/01/35	$	426,321

Adjustable Rate FNMA^(a) — 1.3%
	169,880		2.091		05/01/33		177,302
	414,612		2.458		05/01/35		438,336
	257,419		2.628		12/01/35		274,312

							889,950

FHLMC — 0.0%
	2,594		10.000		03/01/21		3,041

FNMA — 40.3%
	48,599		5.000		03/01/18		52,462
	21,935		5.000		06/01/18		23,678


Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	487,586		5.500	%	03/01/19	$	530,803
	10,147		8.000		09/01/21		11,717
	9,682		5.000		04/01/23		10,459
	33,766		5.000		06/01/23		36,476
	544,435		5.500		05/01/25		593,404
	286,031		4.000		10/01/31		304,062
	72		6.000		03/01/32		80
	2,577		6.000		05/01/33		2,872
	15,348		5.000		08/01/33		16,655
	1,336		6.000		12/01/33		1,491
	1,056		6.000		12/01/34		1,172
	34,475		5.000		04/01/35		37,547
	1,696		6.000		04/01/35		1,879
	3,690		6.000		02/01/36		4,075
	9,615		6.500		03/01/36		10,793
	114,391		5.000		02/01/41		124,280
	97,192		5.000		05/01/41		105,123
	657,985		5.000		10/01/41		716,206
	1,000,000		3.000		TBA-15yr^(b)		1,035,156
	1,000,000		3.500		TBA-15yr^(b)		1,048,594
	2,000,000		3.500		TBA-30yr^(b)		2,053,750
	17,000,000		4.500		TBA-30yr^(b)		18,081,095
	2,000,000		6.000		TBA-30yr^(b)		2,200,156

							27,003,985

GNMA — 1.6%
	1,000,000		4.000		TBA-30yr^(b)		1,073,047

TOTAL FEDERAL AGENCIES							$29,396,344

TOTAL MORTGAGE-BACKED OBLIGATIONS							$34,167,333


Agency Debentures — 17.3%
FFCB
$	500,000		5.400	%	06/08/17	$	596,133
FHLB
	800,000		1.750		12/14/12		808,358
	800,000		0.210		01/04/13		799,988
	200,000		5.625		06/11/21		250,301
FHLMC
	700,000		0.500		01/24/14		698,654
	1,000,000		1.375		02/25/14		1,018,620
	500,000		0.375		02/27/14		499,505
	1,500,000		4.500		04/02/14		1,618,600
	500,000		1.000		03/08/17		494,382
	500,000		2.375		01/13/22		490,810
FNMA
	2,700,000		0.600		11/14/13		2,706,904
	700,000		0.625		10/30/14		701,401
	500,000		1.125		04/27/17		496,039
Tennessee Valley Authority
	300,000		5.375	^(c)	04/01/56		371,727

TOTAL AGENCY DEBENTURES							$11,551,422

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Principal		Interest			Maturity
Amount		Rate			Date	Value
Asset-Backed Securities — 3.0%
Home Equity — 0.1%
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
$	38,624		7.000	%	09/25/37	$	27,999
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	51,379		7.000		09/25/37		38,007

							66,006

Student Loans^(a) — 2.9%
Brazos Higher Education Authority Series 2005-3, Class A14
	128,547		0.584		09/25/23		127,156
Brazos Higher Education Authority Series 2011-1, Class A2
	400,000		1.291		02/25/30		395,152
Brazos Higher Education Authority Series 2011-2, Class A2
	400,000		1.410		07/25/29		395,662
Educational Services of America, Inc. Series 2012-1, Class A1^(d)
	500,000		1.684		09/25/40		496,375
Knowledgeworks Foundation Series 2010-1, Class A
	264,691		1.441		02/25/42		259,186
SLM Student Loan Trust Series 2012-2, Class A
	275,000		0.942		01/25/29		276,825

							1,950,356

TOTAL ASSET-BACKED SECURITIES						$	2,016,362


Government Guarantee Obligations^(e) — 8.2%
Ally Financial, Inc.
$	1,100,000		1.750	%	10/30/12	$	1,109,748
Citigroup Funding, Inc.
	1,300,000		1.875		10/22/12		1,312,007
	600,000		1.875		11/15/12		606,070
Private Export Funding Corp.
	2,000,000		3.550		04/15/13		2,067,177
U.S. Central Federal Credit Union
	400,000		1.900		10/19/12		403,699

TOTAL GOVERNMENT GUARANTEE OBLIGATIONS						$	5,498,701


U.S. Treasury Obligations — 26.0%
United States Treasury Bonds
$	100,000		4.250	%	05/15/39	$	117,758
	100,000		4.375		11/15/39		120,102
	100,000		4.375		05/15/40		120,121
	100,000		4.750		02/15/41		127,402
	800,000		4.375		05/15/41		961,440
	300,000		3.125		02/15/42		287,508
United States Treasury Inflation-Protected Securities
	126,065		3.000		07/15/12		128,940
	107,238		0.625		04/15/13		110,070
	122,671		2.000		01/15/14		131,143
	360,747		2.000		07/15/14		393,045
	118,707		1.625		01/15/15		129,391
	233,062		1.875		07/15/15		259,936


Principal		Interest			Maturity
Amount		Rate			Date	Value
U.S. Treasury Obligations — (continued)
United States Treasury Notes
$	1,800,000		1.000	%	04/30/12	$	1,801,116
	1,500,000		0.250		11/30/13		1,498,425
	2,600,000		0.125		12/31/13		2,591,108
	1,600,000		0.625		07/15/14		1,607,840
	3,600,000		0.250		12/15/14		3,578,256
	200,000		0.250		01/15/15		198,718
	300,000		0.250		02/15/15		297,867
	700,000		1.000		10/31/16		701,701
	200,000		0.875		12/31/16		198,958
	200,000		0.875		02/28/17		198,584
	300,000		1.375		12/31/18		296,814
	500,000		1.500		03/31/19		496,170
	1,100,000		2.000		11/15/21		1,082,807

TOTAL U.S. TREASURY OBLIGATIONS						$	17,435,220

TOTAL INVESTMENTS — 105.5%						$	70,669,038

LIABILITIES IN EXCESS OF OTHER ASSETS — (5.5)%							(3,721,341	)

NET ASSETS — 100.0%						$	66,947,697


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

(a) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2012.

(b) 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 $25,491,798 which represents approximately 38.1% of net assets as of March 31, 2012.

(c) All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(d) 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 $496,375, which represents approximately 0.7% of net assets as of March 31, 2012.

(e) 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
REMIC	—	Real Estate Mortgage Investment Conduit


For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION


FORWARD SALES CONTRACTS — At March 31, 2012, the Fund had the following forward sales contracts:

Interest

Maturity

Settlement

Principal

Description

Rate

Date^(a)

Date

Amount

Value

FNMA (Proceeds Receivable: $5,310,937)

4.500

TBA-30yr

05/14/12

(5,000,000

)

(5,310,156

)


FUTURES CONTRACTS — At March 31, 2012, the Fund had the following futures contracts:


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

Eurodollars		48		September 2014	$	11,861,400		$	(6,071	)
Eurodollars		(48	)	September 2015		(11,773,800	)		10,202
U.S. Long Bond		8		June 2012		1,102,000			7,268
U.S. Ultra Long Treasury Bonds		9		June 2012		1,358,719			(58,125	)
5 Year U.S. Treasury Notes		75		June 2012		9,190,429			(25,246	)
10 Year U.S. Treasury Notes		24		June 2012		3,107,625			(424	)

TOTAL								$	(72,396	)


TAX INFORMATION — At March 31, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Tax cost	$	70,469,500

Gross unrealized gain		827,912
Gross unrealized loss		(628,374	)

Net unrealized security gain	$	199,538


Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — 99.6%
Banks — 1.5%
	80,353	First Republic Bank^*	$	2,646,828

Capital Goods — 5.8%
	81,360	Kennametal, Inc.		3,622,961
	114,115	Quanta Services, Inc.^*		2,385,003
	17,182	Rockwell Automation, Inc.		1,369,405
	31,922	Roper Industries, Inc.		3,165,386

				10,542,755

Commercial & Professional Services — 1.2%
	94,393	Ritchie Bros Auctioneers, Inc.		2,242,778

Consumer Durables & Apparel — 6.0%
	31,843	Deckers Outdoor Corp.^*		2,007,701
	14,224	Lululemon Athletica, Inc.^*		1,062,249
	163,372	Newell Rubbermaid, Inc.		2,909,655
	48,161	PVH Corp.		4,302,222
	3,616	Ralph Lauren Corp.		630,377

				10,912,204

Consumer Services — 4.1%
	53,669	Coinstar, Inc.^*		3,410,665
	35,422	Dunkin’ Brands Group, Inc.		1,066,556
	80,974	Marriott International, Inc. Class A		3,064,866

				7,542,087

Diversified Financials — 7.6%
	24,586	IntercontinentalExchange, Inc.^*		3,378,608
	64,939	Lazard Ltd. Class A		1,854,658
	63,114	MSCI, Inc. Class A^*		2,323,226
	60,632	Northern Trust Corp.		2,876,988
	59,768	SLM Corp.		941,944
	36,335	T. Rowe Price Group, Inc.		2,372,676

				13,748,100

Energy — 10.6%
	72,183	Cameron International Corp.^*		3,813,428
	18,903	Core Laboratories NV		2,487,068
	42,218	Dril-Quip, Inc.^*		2,745,014
	28,445	Pioneer Natural Resources Co.		3,174,178
	44,914	Rosetta Resources, Inc.^*		2,190,007
	36,254	Southwestern Energy Co.^*		1,109,372
	68,081	Whiting Petroleum Corp.^*		3,696,798

				19,215,865

Food, Beverage & Tobacco — 1.4%
	18,217	The Hain Celestial Group, Inc.^*		798,087
	29,615	TreeHouse Foods, Inc.^*		1,762,092

				2,560,179

Health Care Equipment & Services — 8.8%
	42,449	C. R. Bard, Inc.		4,190,565
	93,905	CareFusion Corp.^*		2,434,957
	23,802	Edwards Lifesciences Corp.^*		1,731,119
	38,564	Henry Schein, Inc.^*		2,918,524
	1,002	Intuitive Surgical, Inc.^*		542,833
	96,393	St. Jude Medical, Inc.		4,271,174

				16,089,172

Household & Personal Products — 1.1%
	105,754	Avon Products, Inc.		2,047,397


Shares		Description	Value
Common Stocks — (continued)
Insurance — 1.3%
	79,035	Principal Financial Group, Inc.	$	2,332,323

Materials — 3.7%
	28,608	Airgas, Inc.		2,545,254
	53,859	Ecolab, Inc.		3,324,177
	15,601	International Flavors & Fragrances, Inc.		914,219

				6,783,650

Media — 2.7%
	28,184	Discovery Communications, Inc. Class A^*		1,426,110
	70,287	Scripps Networks Interactive, Inc. Class A		3,422,274

				4,848,384

Pharmaceuticals, Biotechnology & Life Sciences — 5.5%
	64,388	Agilent Technologies, Inc.		2,865,910
	20,982	Alexion Pharmaceuticals, Inc.^*		1,948,388
	68,712	Amylin Pharmaceuticals, Inc.^*		1,715,052
	9,715	BioMarin Pharmaceutical, Inc.^*		332,739
	7,140	Mettler-Toledo International, Inc.^*		1,319,115
	43,303	Vertex Pharmaceuticals, Inc.^*		1,775,856

				9,957,060

Real Estate — 1.8%
	166,726	CBRE Group, Inc. Class A^*		3,327,851

Retailing — 7.4%
	21,523	Bed Bath & Beyond, Inc.^*		1,415,568
	37,494	Dick’s Sporting Goods, Inc.		1,802,712
	43,766	Groupon, Inc.^*		804,419
	67,487	PetSmart, Inc.		3,861,606
	24,069	Tiffany & Co.		1,663,890
	135,039	Urban Outfitters, Inc.^*		3,930,985

				13,479,180

Semiconductors & Semiconductor Equipment — 3.9%
	24,814	Altera Corp.		988,093
	27,724	Linear Technology Corp.		934,299
	130,650	NVIDIA Corp.^*		2,010,704
	87,758	Xilinx, Inc.		3,197,024

				7,130,120

Software & Services — 12.8%
	25,746	Citrix Systems, Inc.^*		2,031,617
	27,224	Equinix, Inc.^*		4,286,419
	48,801	FleetCor Technologies, Inc.^*		1,892,015
	110,052	Genpact Ltd.^*		1,793,848
	51,597	Global Payments, Inc.		2,449,309
	27,200	MICROS Systems, Inc.^*		1,503,888
	41,714	Rackspace Hosting, Inc.^*		2,410,652
	37,890	Rovi Corp.^*		1,233,319
	18,190	Salesforce.com, Inc.^*		2,810,537
	54,357	VeriFone Systems, Inc.^*		2,819,498

				23,231,102

Technology Hardware & Equipment — 5.9%
	60,715	Amphenol Corp. Class A		3,628,936
	49,381	FLIR Systems, Inc.		1,249,833
	55,600	Juniper Networks, Inc.^*		1,272,128
	70,088	NetApp, Inc.^*		3,137,840

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Technology Hardware & Equipment — (continued)
	107,303	RealD, Inc.^*	$	1,448,590

				10,737,327

Telecommunication Services — 5.8%
	46,837	Crown Castle International Corp.^*		2,498,286
	103,297	SBA Communications Corp. Class A^*		5,248,520
	128,095	tw telecom, inc.^*		2,838,585

				10,585,391

Transportation — 0.7%
	18,742	C.H. Robinson Worldwide, Inc.		1,227,414

TOTAL INVESTMENTS — 99.6%			$	181,187,167

OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%				766,908

NET ASSETS — 100.0%			$	181,954,075


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.

For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — 97.6%
Automobiles & Components — 1.7%
	919,313	General Motors Co.^*	$	23,580,378

Banks — 3.5%
	972,014	SunTrust Banks, Inc.		23,493,579
	827,859	U.S. Bancorp		26,226,573

				49,720,152

Capital Goods — 9.4%
	3,354,370	General Electric Co.		67,322,206
	288,071	Honeywell International, Inc.		17,586,735
	687,348	Masco Corp.		9,189,843
	535,511	Textron, Inc.		14,903,271
	322,241	The Boeing Co.		23,965,063

				132,967,118

Consumer Services — 0.9%
	937,581	MGM Resorts International^*		12,769,853

Diversified Financials — 12.3%
	389,345	Ameriprise Financial, Inc.		22,243,280
	3,256,611	Bank of America Corp.		31,165,767
	679,059	Citigroup, Inc.		24,819,606
	283,152	Invesco Ltd.		7,551,664
	1,317,839	JPMorgan Chase & Co.		60,594,237
	673,043	Morgan Stanley		13,218,565
	869,041	SLM Corp.		13,696,086

				173,289,205

Energy — 10.0%
	147,849	Chevron Corp.		15,855,327
	384,393	Devon Energy Corp.		27,338,030
	475,600	Exxon Mobil Corp.		41,248,788
	709,200	Halliburton Co.		23,538,348
	390,937	Newfield Exploration Co.^*		13,557,695
	127,887	Occidental Petroleum Corp.		12,178,679
	130,372	Transocean Ltd.		7,131,348

				140,848,215

Food & Staples Retailing — 2.0%
	386,256	CVS Caremark Corp.		17,304,269
	304,542	Walgreen Co.		10,199,111

				27,503,380

Food, Beverage & Tobacco — 4.4%
	140,128	Diageo PLC ADR		13,522,352
	356,469	General Mills, Inc.		14,062,702
	205,530	Philip Morris International, Inc.		18,212,013
	198,601	The J.M. Smucker Co.		16,158,178

				61,955,245

Health Care Equipment & Services — 2.9%
	2,006,954	Boston Scientific Corp.^*		12,001,585
	488,209	UnitedHealth Group, Inc.		28,775,038

				40,776,623

Household & Personal Products — 1.5%
	313,486	The Procter & Gamble Co.		21,069,394

Insurance — 6.6%
	198,337	Everest Re Group Ltd.		18,350,139
	665,728	Hartford Financial Services Group, Inc.		14,033,546


Shares		Description	Value
Common Stocks — (continued)
Insurance — (continued)
	446,994	MetLife, Inc.	$	16,695,226
	331,629	Prudential Financial, Inc.		21,021,963
	388,801	The Travelers Companies, Inc.		23,017,019

				93,117,893

Materials — 0.6%
	179,319	LyondellBasell Industries NV Class A		7,827,274

Media — 4.2%
	479,613	CBS Corp. Class B		16,263,677
	275,064	Liberty Global, Inc. Class A^*		13,775,205
	667,121	The Walt Disney Co.		29,206,557

				59,245,439

Pharmaceuticals, Biotechnology & Life Sciences — 11.6%
	134,947	Celgene Corp.^*		10,461,091
	581,335	Johnson & Johnson		38,344,857
	500,442	Merck & Co., Inc.		19,216,973
	763,635	Mylan, Inc.^*		17,907,241
	1,985,353	Pfizer, Inc.		44,988,099
	284,455	Thermo Fisher Scientific, Inc.		16,037,573
	387,406	Vertex Pharmaceuticals, Inc.^*		15,887,520

				162,843,354

Real Estate Investment Trust — 1.1%
	107,224	Simon Property Group, Inc.		15,620,392

Retailing — 4.5%
	1,015,036	Lowe’s Companies, Inc.		31,851,830
	288,519	The Home Depot, Inc.		14,515,391
	465,559	Williams-Sonoma, Inc.		17,449,151

				63,816,372

Semiconductors & Semiconductor Equipment — 3.1%
	438,540	Altera Corp.		17,462,663
	279,118	Lam Research Corp.^*		12,454,245
	489,370	Maxim Integrated Products, Inc.		13,991,088

				43,907,996

Software & Services — 2.2%
	514,481	Adobe Systems, Inc.^*		17,651,843
	421,770	Microsoft Corp.		13,602,083

				31,253,926

Technology Hardware & Equipment — 5.1%
	1,727,616	Cisco Systems, Inc.		36,539,079
	713,022	EMC Corp.^*		21,305,097
	630,235	Juniper Networks, Inc.^*		14,419,777

				72,263,953

Telecommunication Services — 4.6%
	1,554,706	AT&T, Inc.		48,553,468
	5,456,423	Sprint Nextel Corp.^*		15,550,806

				64,104,274

Utilities — 5.4%
	682,510	American Electric Power Co., Inc.		26,331,236
	465,027	PG&E Corp.		20,186,822

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — 97.6%
Automobiles & Components — 1.9%
	210,415	Lear Corp.	$	9,782,194
	130,594	TRW Automotive Holdings Corp.^*		6,066,091

				15,848,285

Banks — 2.7%
	153,191	First Republic Bank^*		5,046,112
	108,382	M&T Bank Corp.		9,416,228
	347,424	SunTrust Banks, Inc.		8,397,238

				22,859,578

Capital Goods — 9.4%
	171,764	BE Aerospace, Inc.^*		7,981,873
	48,852	Chicago Bridge & Iron Co. NV		2,109,918
	125,515	Cooper Industries PLC		8,026,684
	112,255	Dover Corp.		7,065,330
	170,321	Eaton Corp.		8,487,096
	58,846	Gardner Denver, Inc.		3,708,475
	151,443	Lennox International, Inc.		6,103,153
	67,778	Parker Hannifin Corp.		5,730,630
	110,035	Pentair, Inc.		5,238,766
	75,502	Rockwell Automation, Inc.		6,017,509
	359,470	Spirit Aerosystems Holdings, Inc. Class A^*		8,792,636
	345,108	Textron, Inc.		9,604,356

				78,866,426

Commercial & Professional Services — 1.0%
	259,799	Republic Services, Inc.		7,939,457

Consumer Durables & Apparel — 2.8%
	6,964	NVR, Inc.^*		5,058,162
	133,142	PVH Corp.		11,893,575
	73,369	Tempur-Pedic International, Inc.^*		6,194,545

				23,146,282

Consumer Services — 1.8%
	635,659	MGM Resorts International^*		8,657,676
	113,666	Starwood Hotels & Resorts Worldwide, Inc.		6,411,899

				15,069,575

Diversified Financials — 7.4%
	211,740	Ameriprise Financial, Inc.		12,096,706
	377,548	Discover Financial Services		12,587,450
	522,147	Invesco Ltd.		13,925,661
	126,984	Lazard Ltd. Class A		3,626,663
	736,591	SLM Corp.		11,608,674
	322,971	The NASDAQ OMX Group, Inc.^*		8,364,949

				62,210,103

Energy — 5.1%
	169,140	Energen Corp.		8,313,231
	468,688	Key Energy Services, Inc.^*		7,241,230
	120,106	Pioneer Natural Resources Co.		13,402,628
	208,167	Sunoco, Inc.		7,941,571
	101,193	Whiting Petroleum Corp.^*		5,494,780

				42,393,440


Shares		Description	Value
Common Stocks — (continued)
Food, Beverage & Tobacco — 5.3%
	135,051	Bunge Ltd.	$	9,242,890
	211,170	Coca-Cola Enterprises, Inc.		6,039,462
	83,516	Corn Products International, Inc.		4,814,697
	267,656	Sara Lee Corp.		5,762,634
	228,732	The J.M. Smucker Co.		18,609,636

				44,469,319

Health Care Equipment & Services — 3.6%
	223,540	Aetna, Inc.		11,212,766
	1,786,975	Boston Scientific Corp.^*		10,686,111
	380,414	Hologic, Inc.^*		8,197,922

				30,096,799

Household & Personal Products — 0.6%
	69,068	Energizer Holdings, Inc.^*		5,123,464

Insurance — 9.6%
	165,748	Everest Re Group Ltd.		15,335,005
	296,012	Hartford Financial Services Group, Inc.		6,239,933
	120,326	Lincoln National Corp.		3,171,793
	132,460	Marsh & McLennan Companies, Inc.		4,343,363
	106,278	PartnerRe Ltd.		7,215,213
	537,883	Principal Financial Group, Inc.		15,872,927
	285,446	W.R. Berkley Corp.		10,310,310
	230,366	Willis Group Holdings PLC		8,058,203
	448,921	XL Group PLC		9,737,097

				80,283,844

Materials — 3.4%
	109,344	Albemarle Corp.		6,989,268
	35,259	Ball Corp.		1,511,906
	158,855	Chemtura Corp.^*		2,697,358
	64,691	Cliffs Natural Resources, Inc.		4,480,499
	71,111	Crown Holdings, Inc.^*		2,619,018
	47,558	Cytec Industries, Inc.		2,891,051
	131,012	Reliance Steel & Aluminum Co.		7,399,558

				28,588,658

Media — 2.7%
	150,786	Liberty Global, Inc. Class A^*		7,551,363
	306,435	Scripps Networks Interactive, Inc. Class A		14,920,320

				22,471,683

Pharmaceuticals, Biotechnology & Life Sciences — 3.2%
	220,618	Life Technologies Corp.^*		10,770,571
	269,696	Mylan, Inc.^*		6,324,371
	552,710	Warner Chilcott PLC Class A^*		9,291,055

				26,385,997

Real Estate Investment Trust — 9.6%
	118,397	Alexandria Real Estate Equities, Inc.		8,658,373
	83,442	AvalonBay Communities, Inc.		11,794,527
	85,505	Camden Property Trust		5,621,954
	240,608	Douglas Emmett, Inc.		5,488,268
	21,645	Essex Property Trust, Inc.		3,279,434
	762,019	Host Hotels & Resorts, Inc.		12,512,352
	451,248	Kimco Realty Corp.		8,691,036
	267,971	Liberty Property Trust		9,571,924

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Real Estate Investment Trust — (continued)
	1,008,281	MFA Financial, Inc.	$	7,531,859
	231,603	Tanger Factory Outlet Centers, Inc.		6,885,557

				80,035,284

Retailing — 5.1%
	701,692	Liberty Interactive Corp. Class A^*		13,395,300
	329,398	Macy’s, Inc.		13,086,983
	109,714	PetSmart, Inc.		6,277,835
	100,408	Ross Stores, Inc.		5,833,705
	150,610	Urban Outfitters, Inc.^*		4,384,257

				42,978,080

Semiconductors & Semiconductor Equipment — 2.9%
	106,179	Cavium, Inc.^*		3,285,178
	122,489	Lam Research Corp.^*		5,465,459
	237,962	Maxim Integrated Products, Inc.		6,803,334
	245,059	Xilinx, Inc.		8,927,499

				24,481,470

Software & Services — 3.1%
	166,883	Adobe Systems, Inc.^*		5,725,756
	219,391	Electronic Arts, Inc.^*		3,615,564
	252,739	Parametric Technology Corp.^*		7,061,527
	161,687	Paychex, Inc.		5,010,680
	145,780	QLIK Technologies, Inc.^*		4,664,960

				26,078,487

Technology Hardware & Equipment — 3.0%
	111,605	Amphenol Corp. Class A		6,670,631
	192,133	Juniper Networks, Inc.^*		4,396,003
	143,657	NetApp, Inc.^*		6,431,524
	382,957	Polycom, Inc.^*		7,302,990

				24,801,148

Telecommunication Services — 0.7%
	2,014,320	Sprint Nextel Corp.^*		5,740,812

Utilities — 12.7%
	152,822	CMS Energy Corp.		3,362,084
	207,111	Edison International		8,804,289
	863,806	GenOn Energy, Inc.^*		1,796,716
	142,305	Great Plains Energy, Inc.		2,884,522
	173,608	Northeast Utilities		6,444,329
	574,478	NV Energy, Inc.		9,260,585
	37,781	OGE Energy Corp.		2,021,283
	168,281	Pinnacle West Capital Corp.		8,060,660
	522,047	PPL Corp.		14,753,048
	134,633	Questar Corp.		2,593,032
	265,957	SCANA Corp.		12,130,299
	196,477	Sempra Energy		11,780,761
	191,593	The AES Corp.^*		2,504,121
	72,849	UGI Corp.		1,985,135
	656,751	Xcel Energy, Inc.		17,384,199

				105,765,063

TOTAL COMMON STOCKS			$	815,633,254


Shares		Description	Value
Exchange Traded Fund — 0.6%
	105,000	iShares Russell Midcap Value Index Fund	$	5,053,650

TOTAL INVESTMENTS — 98.2%			$	820,686,904

OTHER ASSETS IN EXCESS OF LIABILITIES — 1.8%				14,915,679

NET ASSETS — 100.0%			$	835,602,583


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.

For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Schedule of Investments

March 31, 2012 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Commercial Paper and Corporate Obligations — 22.5%
ABN Amro Funding USA LLC
$	2,000,000		0.501	%	05/01/12	$	1,999,167
Aspen Funding Corp.
	2,000,000		0.471		05/11/12		1,998,956
Atlantic Asset Securitization LLC
	2,000,000		0.470		04/10/12		1,999,765
Atlantis One Funding Corp.
	1,000,000		0.491		07/25/12		998,435
	1,000,000		0.652		08/02/12		997,779
	1,000,000		0.521		08/23/12		997,920
Barton Capital LLC
	2,000,000		0.450		05/01/12		1,999,250
Hannover Funding Co. LLC
	1,000,000		0.681		05/10/12		999,263
	1,000,000		0.550		05/11/12		999,389
Kells Funding LLC
	1,000,000		0.491		04/19/12		999,755
	1,000,000		0.511		07/10/12		998,583
LMA Americas LLC
	2,000,000		0.480		04/02/12		1,999,973
Matchpoint Master Trust
	1,000,000		0.480		04/04/12		999,960
	1,000,000		0.470		04/09/12		999,896
Nationwide Building Society
	2,000,000		0.641		05/02/12		1,998,898
Royal Park Investments Funding Corp.
	1,000,000		1.001		04/03/12		999,944
	1,000,000		0.951		04/19/12		999,525
	1,000,000		1.052		04/27/12		999,242
Tasman Funding, Inc.
	1,000,000		0.480		04/10/12		999,880
	1,000,000		0.470		04/16/12		999,804
Thames Asset Global Securitization No. 1, Inc.
	1,339,000		0.440		04/17/12		1,338,738
	1,000,000		0.450		04/17/12		999,800
Versailles Commercial Paper LLC
	2,000,000		0.480		04/02/12		1,999,973

TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	30,323,895


Fixed Rate Municipal Debt Obligations — 2.5%
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		1,003,870
State of Texas TRANS Series 2011 A
	2,000,000		2.500		08/30/12		2,018,558

TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS						$	3,322,428


U.S. Government Agency Obligations — 13.2%
Federal Farm Credit Bank
$	200,000		0.500	%^(a)	11/01/12	$	200,000
Federal Home Loan Bank
	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		999,981


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
U.S. Government Agency Obligations — (continued)
Federal Home Loan Bank — (continued)
$	1,000,000		0.230	%	10/24/12	$	999,751
	300,000		0.230		11/07/12		299,957
	100,000		0.200		12/06/12		99,963
	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		499,848
	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		799,754
	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		599,800
	600,000		0.210		12/21/12		599,810
	100,000		0.320		12/21/12		100,000
	300,000		0.200		12/28/12		299,880
	600,000		0.210		12/28/12		599,805
	200,000		0.300		01/11/13		200,000
	1,000,000		0.183	^(a)	07/08/13		999,358
	1,000,000		0.182	^(a)	07/15/13		999,348
Federal Home Loan Mortgage Corporation
	1,000,000		5.500		08/20/12		1,020,311
	1,000,000		0.193	^(a)	05/03/13		999,560
Federal National Mortgage Association
	1,000,000		0.271	^(a)	12/28/12		999,853
	1,500,000		0.405	^(a)	05/17/13		1,499,479

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	17,866,458


U.S. Treasury Obligations — 3.1%
United States Treasury Notes
$	1,000,000		0.625	%	02/28/13	$	1,003,810
	2,100,000		0.750		03/31/13		2,111,423
	1,000,000		2.500		03/31/13		1,022,413

TOTAL U.S. TREASURY OBLIGATIONS						$	4,137,646


Variable Rate Municipal Debt Obligations^(a) — 16.2%
BlackRock MuniEnhanced Fund, Inc. VRDN Tax-Exempt Preferred Series 2011 (Citibank N.A.)^(b)
$	300,000		0.330	%	06/01/41	$	300,000
BlackRock MuniHoldings Investment Quality Fund VRDN Tax-Exempt Preferred Series 2011 W-7-2746 (Bank of America N.A.)^(b)
	300,000		0.390		07/01/41		300,000
BlackRock MuniYield Fund, Inc. VRDN Tax-Exempt Preferred Series 2011 W-7-2514 (Bank of America N.A.)^(b)
	300,000		0.390		07/01/41		300,000
BlackRock MuniYield Investment Fund VRDN Tax-Exempt Preferred Series 2011 (Citibank N.A.)^(b)
	300,000		0.330		06/01/41		300,000
BlackRock MuniYield Quality Fund III, Inc. VRDN Tax-Exempt Preferred Series 2011 (Citibank N.A.)^(b)
	300,000		0.330		06/01/41		300,000

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Variable Rate Municipal Debt Obligations^(a) — (continued)
Cook County, Illinois GO VRDN Series 2002 B (Landesbank Hessen-Thueringen Girozentrale SPA)
$	2,000,000		0.340	%	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
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		0.260		11/15/40		1,100,000
Montgomery County, Virginia Industrial Development Authority VRDN RB for Virginia Tech Foundation Series 2009 B (Bank of New York Mellon SPA)
	1,120,000		0.320		02/01/39		1,120,000
New Jersey State Turnpike Authority VRDN RB Series 1991 D (NATL-RE FGIC) (Societe Generale LOC)
	1,000,000		1.150		01/01/18		1,000,000
New York City, New York Transitional Finance Authority VRDN RB for Future Tax Secured Series 1998 A-1 (WestLB AG SPA)
	1,000,000		0.230		11/15/28		1,000,000
Nuveen Municipal Market Opportunity Fund, Inc.VRDN Tax-Exempt Preferred Series 2010 1 (Deutsche Bank A.G.)^(b)
	500,000		0.360		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		0.320		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
St. James Parish VRDN RB for Nucor Steel LLC Project Series 2010 B-1 (GTY AGMT-Nucor Corp.)
	500,000		0.200		11/01/40		500,000
University of Alabama VRDN RB Series 1993 B
	1,300,000		0.330		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		0.260		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		0.230		08/15/40		795,000
Washington Suburban Sanitation District GO VRDN For Multi-Modal-BANs Series 2003 A (Landesbank Hessen-Thueringen Girozentrale SPA)
	1,200,000		0.260		06/01/23		1,200,000

TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$	21,795,000


Variable Rate Obligations^(a) — 11.1%
Bank of Nova Scotia
$	1,000,000		0.550	%	11/09/12	$	1,000,000
Commonwealth Bank of Australia
	2,000,000		0.500	^(b)	05/25/12		1,999,969
	2,000,000		0.580	^(b)	09/10/12		1,999,953
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	1,000,000		0.638	^(b)	09/14/12		1,000,000


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Variable Rate Obligations^(a) — (continued)
Deutsche Bank AG/New York, NY
$	2,000,000		0.474	%	03/15/13	$	2,000,000
JPMorgan Chase Bank N.A.
	1,000,000		0.595		03/18/13		1,000,000
	3,000,000		0.362		03/21/13		3,000,000
Royal Bank of Canada
	2,000,000		0.367		09/20/12		2,000,000
Westpac Banking Corp.
	1,000,000		0.623	^(b)	11/06/12		1,000,000

TOTAL VARIABLE RATE OBLIGATIONS						$	14,999,922


Yankee Certificates of Deposit — 4.4%
Industrial & Commercial Bank of China Ltd/New York
$	2,000,000		0.770	%	06/25/12	$	2,000,000
Mitsubishi UFJ Trust and Banking Corp.
	2,000,000		0.450		05/17/12		2,000,000
The Norinchukin Bank
	2,000,000		0.440		06/19/12		2,000,000

TOTAL YANKEE CERTIFICATES OF DEPOSIT						$	6,000,000

TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	98,445,349


Repurchase Agreements^(c) — 27.0%
Barclays Capital, Inc.
$	1,000,000		1.050	%^(d)	04/24/12	$	1,000,000
Maturity Value: $1,010,588
Settlement Date: 04/27/11
Collateralized by various corporate security issuers, 0.375% to 7.000%, due 02/01/13 to 05/15/38. The aggregate market value of the collateral, including accrued interest, was $1,101,157.
BNP Paribas Securities Corp.
	2,000,000		0.500		04/02/12		2,000,000
Maturity Value: $2,000,083
Collateralized by Federal National Mortgage Association, 1.847%, due 04/25/36, mortgage-backed security, 5.997%, due 01/25/35 and various corporate security issuers, 0.875% to 11.000%, due 08/15/12 to 05/15/40. The aggregate market value of the collateral, including accrued interest, was $2,200,001.
Deutsche Bank Securities, Inc.
	3,000,000		0.450		04/02/12		3,000,000
Maturity Value: $3,000,113
Collateralized by various corporate security issuers, 1.000% to 5.000%, due 12/15/14 to 05/15/26. The aggregate market value of the collateral, including accrued interest, was $3,300,001.
Joint Repurchase Account III
	27,500,000		0.130		04/02/12		27,500,000
RBS Securities, Inc.
	3,000,000		0.500		04/02/12		3,000,000
Maturity Value: $3,000,125
Collateralized by Federal National Mortgage Association, 4.500%, due 10/01/24. The market value of the collateral, including accrued interest, was $3,060,093.

TOTAL REPURCHASE AGREEMENTS						$	36,500,000

TOTAL INVESTMENTS — 100.0%						$	134,945,349

LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%							(34,206	)

NET ASSETS — 100.0%						$	134,911,143

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


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

(a) Variable or floating rate security. Interest rate disclosed is that which is in effect at March 31, 2012.

(b) Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At March 31, 2012, these securities amounted to $7,999,922 or approximately 5.9% of net assets.

(c) Unless noted, all repurchase agreements were entered into on March 30, 2012. Additional information on Joint Repurchase Agreement Account III appears in the Notes to the Schedule of Investments section.

(d) Security has been determined to be illiquid by the Investment Adviser. At March 31, 2012, these securities amounted to $1,000,000 or approximately 0.7% 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.
FNMA		— Insured by Federal National Mortgage Association
GO		— General Obligation
GTY AGMT		— Guaranty Agreement
LOC		— Letter of Credit
NATL-RE		— National Reinsurance Corp.
RB		— Revenue Bond
RN		— Revenue Notes
SPA		— Stand-by Purchase Agreement
TRANS		— Tax Revenue Anticipation Notes
VRDN		— Variable Rate Demand Notes

For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — 97.8%
Capital Goods — 5.9%
	25,163	Caterpillar, Inc.	$	2,680,363
	116,177	Danaher Corp.		6,505,912
	92,331	Emerson Electric Co.		4,817,832
	126,027	Honeywell International, Inc.		7,693,948
	26,195	Rockwell Automation, Inc.		2,087,741

				23,785,796

Consumer Durables & Apparel — 3.2%
	66,927	NIKE, Inc. Class B		7,257,564
	63,228	PVH Corp.		5,648,157

				12,905,721

Consumer Services — 2.8%
	169,025	Marriott International, Inc. Class A		6,397,596
	25,640	McDonald’s Corp.		2,515,284
	35,957	Yum! Brands, Inc.		2,559,420

				11,472,300

Diversified Financials — 7.1%
	164,706	American Express Co.		9,529,889
	24,474	CME Group, Inc.		7,081,063
	14,260	IntercontinentalExchange, Inc.^*		1,959,609
	142,979	Northern Trust Corp.		6,784,354
	48,868	T. Rowe Price Group, Inc.		3,191,080

				28,545,995

Energy — 8.7%
	77,297	Cameron International Corp.^*		4,083,601
	81,010	Devon Energy Corp.		5,761,431
	179,091	Halliburton Co.		5,944,030
	27,673	National Oilwell Varco, Inc.		2,199,173
	28,580	Occidental Petroleum Corp.		2,721,674
	180,100	Schlumberger Ltd.		12,594,393
	56,347	Southwestern Energy Co.^*		1,724,218

				35,028,520

Food & Staples Retailing — 2.7%
	119,207	Costco Wholesale Corp.		10,823,996

Food, Beverage & Tobacco — 3.0%
	40,689	Diageo PLC ADR		3,926,488
	123,945	PepsiCo, Inc.		8,223,751

				12,150,239

Health Care Equipment & Services — 2.7%
	20,400	C. R. Bard, Inc.		2,013,888
	198,518	St. Jude Medical, Inc.		8,796,333

				10,810,221

Household & Personal Products — 2.6%
	229,660	Avon Products, Inc.		4,446,218
	87,598	The Procter & Gamble Co.		5,887,461

				10,333,679

Materials — 3.2%
	52,987	Ecolab, Inc.		3,270,357
	84,462	Praxair, Inc.		9,682,724

				12,953,081


Shares		Description	Value
Common Stocks — (continued)
Media — 2.0%
	43,683	Discovery Communications, Inc. Class A^*	$	2,210,360
	120,424	Viacom, Inc. Class B		5,715,323

				7,925,683

Pharmaceuticals, Biotechnology & Life Sciences — 6.5%
	147,366	Abbott Laboratories		9,032,062
	69,698	Agilent Technologies, Inc.		3,102,258
	120,239	Gilead Sciences, Inc.^*		5,873,675
	111,506	Teva Pharmaceutical Industries Ltd. ADR		5,024,460
	22,731	Thermo Fisher Scientific, Inc.		1,281,574
	52,294	Vertex Pharmaceuticals, Inc.^*		2,144,577

				26,458,606

Real Estate — 4.7%
	208,135	American Tower Corp. (REIT)		13,116,668
	297,019	CBRE Group, Inc. Class A^*		5,928,499

				19,045,167

Retailing — 7.4%
	50,529	Amazon.com, Inc.^*		10,232,628
	344,982	Lowe’s Companies, Inc.		10,825,535
	3,480	Priceline.com, Inc.^*		2,496,900
	223,696	Urban Outfitters, Inc.^*		6,511,791

				30,066,854

Semiconductors & Semiconductor Equipment — 2.8%
	190,789	NVIDIA Corp.^*		2,936,243
	229,864	Xilinx, Inc.		8,373,945

				11,310,188

Software & Services — 14.0%
	51,398	Equinix, Inc.^*		8,092,615
	25,801	Google, Inc. Class A^*		16,544,633
	20,692	Mastercard, Inc. Class A		8,701,814
	250,030	Microsoft Corp.		8,063,467
	306,941	Oracle Corp.		8,950,400
	39,033	Salesforce.com, Inc.^*		6,030,989

				56,383,918

Technology Hardware & Equipment — 15.9%
	99,438	Amphenol Corp. Class A		5,943,409
	55,224	Apple, Inc.^*		33,105,131
	171,830	NetApp, Inc.^*		7,692,829
	257,681	QUALCOMM, Inc.		17,527,462

				64,268,831

Telecommunication Services — 2.6%
	195,657	Crown Castle International Corp.^*		10,436,344

TOTAL COMMON STOCKS			$	394,705,139

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Schedule of Investments

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — 95.2%
Australia — 3.1%
	616,075	QR National Ltd. (Transportation)	$	2,385,563
	169,600	Westpac Banking Corp. (Banks)		3,849,718

				6,235,281

Belgium — 1.2%
	58,401	UCB SA (Pharmaceuticals,
		Biotechnology & Life Sciences)		2,520,707

Bermuda — 0.5%
	151,091	Hiscox Ltd. (Insurance)		957,448

Brazil — 1.0%
	300,679	Magazine Luiza SA (Retailing)^*		1,969,991

China — 0.5%
	1,563,000	China Citic Bank Corp. Ltd. Class H (Banks)		940,058

Czech Republic — 0.8%
	35,462	CEZ AS (Utilities)		1,523,571

Denmark — 0.6%
	43,637	Christian Hansen Holding A/S (Materials)		1,132,606

Finland — 1.3%
	24,671	Nokian Renkaat Oyj (Automobiles & Components)		1,202,267
	28,014	Outotec Oyj (Capital Goods)		1,420,727

				2,622,994

France — 7.4%
	7,969	Air Liquide SA (Materials)		1,062,730
	12,615	Air Liquide SA-Prime De Fidelite (Materials)^*		1,682,312
	37,477	Compagnie Generale de Geophysique-Veritas (Energy)^*		1,113,833
	67,274	EDF SA (Utilities)		1,535,829
	18,086	Remy Cointreau SA (Food, Beverage & Tobacco)		1,837,681
	63,501	Safran SA (Capital Goods)		2,333,756
	71,200	Societe Generale SA (Banks)		2,089,210
	63,167	Total SA (Energy)		3,226,544

				14,881,895

Germany — 5.5%
	49,750	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		3,498,864
	18,400	Brenntag AG (Capital Goods)		2,252,854
	60,070	Deutsche Bank AG (Registered) (Diversified Financials)		2,990,832
	14,664	Kabel Deutschland Holding AG (Media)^*		905,237
	54,562	ThyssenKrupp AG (Materials)		1,358,288

				11,006,075

Hong Kong — 1.4%
	329,795	AIA Group Ltd. (Insurance)		1,210,716


Shares		Description	Value
Common Stocks — (continued)
Hong Kong — (continued)
	853,000	Belle International Holdings Ltd. (Retailing)	$	1,535,148

				2,745,864

Ireland — 2.3%
	42,172	Kerry Group PLC Class A (Food, Beverage & Tobacco)		1,950,207
	84,409	Shire PLC (Pharmaceuticals, Biotechnology & Life Sciences)		2,700,782

				4,650,989

Italy — 2.1%
	176,098	Eni SpA (Energy)		4,126,885

Japan — 21.1%
	21,200	FANUC Corp. (Capital Goods)		3,797,242
	88,400	Hitachi High-Technologies Corp. (Technology Hardware & Equipment)		2,123,425
	132,300	JS Group Corp. (Capital Goods)		2,785,227
	175,000	Kikkoman Corp. (Food, Beverage & Tobacco)		2,033,001
	434,000	Kubota Corp. (Capital Goods)		4,200,982
	353,000	Mitsubishi Electric Corp. (Capital Goods)		3,152,145
	159,000	Mitsubishi Estate Co. Ltd. (Real Estate)		2,859,150
	255,000	Mitsui & Co. Ltd. (Capital Goods)		4,208,592
	25,000	Nidec Corp. (Capital Goods)		2,285,623
	13,300	Nintendo Co. Ltd. (Software & Services)		2,020,070
	57,500	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		2,606,138
	92,800	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)		2,767,246
	154,400	Sumitomo Mitsui Financial Group, Inc. (Banks)		5,110,291
	474,000	Tokyo Gas Co. Ltd. (Utilities)		2,236,878

				42,186,010

Netherlands — 2.5%
	293	Royal Dutch Shell PLC Class A (Energy)		10,248
	24,419	Royal Dutch Shell PLC Class B (Energy)		859,973
	83,219	Unilever NV CVA (Food, Beverage & Tobacco)		2,831,478
	42,600	Ziggo NV (Telecommunication Services)^*		1,328,917

				5,030,616

Russia — 0.5%
	15,570	OAO Lukoil ADR (Energy)		939,634

South Africa — 0.6%
	94,900	Barloworld Ltd. (Capital Goods)		1,236,675

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
South Korea — 2.4%
	49,070	Kia Motors Corp. (Automobiles & Components)	$	3,219,979
	1,476	Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,665,009

				4,884,988

Sweden — 5.0%
	195,870	Scania AB Class B (Capital Goods)		4,074,037
	70,382	Svenska Handelsbanken AB Class A (Banks)		2,243,860
	356,279	Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment)		3,686,565

				10,004,462

Switzerland — 13.0%
	37,666	Aryzta AG (Food, Beverage & Tobacco)^*		1,860,740
	61,212	Julius Baer Group Ltd. (Diversified Financials)^*		2,471,626
	121,002	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		6,698,389
	8,080	Partners Group Holding AG (Diversified Financials)		1,576,332
	12,725	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		2,214,536
	13,615	Schindler Holding AG (Capital Goods)		1,637,696
	11,480	Sulzer AG (Registered) (Capital Goods)		1,631,402
	50,496	Temenos Group AG (Registered) (Software & Services)^*		935,266
	261,597	UBS AG (Registered) (Diversified Financials)^*		3,666,221
	34,306	Wolseley PLC (Capital Goods)		1,310,725
	7,920	Zurich Financial Services AG (Insurance)^*		2,128,712

				26,131,645

United Kingdom — 22.4%
	168,086	Abcam PLC (Pharmaceuticals, Biotechnology & Life Sciences)		938,857
	41,080	Anglo American PLC (Materials)		1,539,820
	47,266	ASOS PLC (Retailing)^*		1,349,116
	104,460	BG Group PLC (Energy)		2,422,080
	661,700	BP PLC (Energy)		4,927,868
	734,524	HSBC Holdings PLC (Banks)		6,524,200
	85,582	Imperial Tobacco Group PLC (Food, Beverage & Tobacco)		3,471,699
	283,527	Inmarsat PLC (Telecommunication Services)		2,090,090
	393,217	Marks & Spencer Group PLC (Retailing)		2,383,042


Shares		Description	Value
Common Stocks — (continued)
United Kingdom — (continued)
	30,805	Reckitt Benckiser Group PLC (Household & Personal Products)	$	1,742,885
	384,099	Reed Elsevier PLC (Media)		3,404,635
	68,053	Rio Tinto PLC (Materials)		3,771,987
	3,690,120	Royal Bank of Scotland Group PLC (Banks)^*		1,630,901
	101,651	Tullow Oil PLC (Energy)		2,484,514
	112,215	Victrex PLC (Materials)		2,422,702
	1,351,205	Vodafone Group PLC (Telecommunication Services)		3,727,089

				44,831,485

TOTAL COMMON STOCKS			$	190,559,879


Exchange Traded Fund — 3.4%
Australia — 3.4%
	285,952	iShares MSCI Australia Index Fund	$	6,722,731

TOTAL INVESTMENTS — 98.6%			$	197,282,610

OTHER ASSETS IN EXCESS OF LIABILITIES — 1.4%				2,902,431

NET ASSETS — 100.0%			$	200,185,041


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.



Investment Abbreviations:
ADR	—	American Depositary Receipt
CVA	—	Dutch Certification


For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — 97.8%
Automobiles & Components — 0.8%
	13,519	Modine Manufacturing Co.^*	$	119,373
	13,146	Spartan Motors, Inc.		69,542
	9,222	Standard Motor Products, Inc.		163,598
	17,769	Stoneridge, Inc.^*		175,736
	17,077	Superior Industries International, Inc.		333,685
	5,361	Thor Industries, Inc.		169,193

				1,031,127

Banks — 6.9%
	3,894	1st Source Corp.		95,286
	28,381	Astoria Financial Corp.		279,837
	6,330	Banco Latinoamericano de Comercio
		Exterior SA Class E		133,626
	9,174	BankUnited, Inc.		229,350
	12,430	Cathay General Bancorp		220,011
	78,464	CVB Financial Corp.		921,167
	24,110	First Bancorp		263,522
	6,132	First Bancorp, Inc.		90,938
	11,406	First Financial Bancorp		197,324
	12,553	First Interstate Bancsystem, Inc.		183,525
	22,559	First Niagara Financial Group, Inc.		221,981
	33,271	Fulton Financial Corp.		349,345
	3,265	Glacier Bancorp, Inc.		48,779
	14,075	Great Southern Bancorp, Inc.		337,800
	1,046	Iberiabank Corp.		55,930
	64,629	International Bancshares Corp.		1,366,903
	10,337	Investors Bancorp, Inc.^*		155,262
	5,116	National Penn Bancshares, Inc.		45,277
	3,893	Northfield Bancorp, Inc.^(a)		55,358
	3,260	Oritani Financial Corp.		47,857
	2,449	PacWest Bancorp		59,511
	11,286	People’s United Financial, Inc.		149,427
	70,828	Popular, Inc.^*		145,197
	24,749	PrivateBancorp, Inc.		375,442
	3,325	Prosperity Bancshares, Inc.		152,285
	3,114	Provident Financial Services, Inc.		45,246
	11,699	Renasant Corp.		190,460
	2,511	State Bank Financial Corp.^*		43,968
	10,577	SVB Financial Group^*		680,524
	18,522	Texas Capital Bancshares, Inc.^*		641,232
	8,185	Washington Federal, Inc.		137,672
	39,010	Wilshire Bancorp, Inc.^*		188,418
	6,413	Wintrust Financial Corp.		229,521

				8,337,981

Capital Goods — 9.7%
	8,016	Aerovironment, Inc.^*		214,909
	18,150	Aircastle Ltd.		222,156
	1,857	Alamo Group, Inc.		55,821
	12,501	Albany International Corp. Class A		286,898
	2,516	American Railcar Industries, Inc.^*		59,151
	735	American Science & Engineering, Inc.		49,282
	6,857	American Woodmark Corp.		123,426
	7,975	Applied Industrial Technologies, Inc.		328,012
	15,484	Astec Industries, Inc.^*		564,856
	18,605	Beacon Roofing Supply, Inc.^*		479,265


Shares		Description	Value
Common Stocks — (continued)
Capital Goods — (continued)
	19,247	Briggs & Stratton Corp.	$	345,099
	7,873	Ceradyne, Inc.		256,345
	5,987	Cubic Corp.		283,065
	13,348	DigitalGlobe, Inc.^*		178,062
	9,498	Ducommun, Inc.^*		113,026
	8,338	Encore Wire Corp.		247,889
	1,956	EnPro Industries, Inc.^*		80,392
	3,825	FreightCar America, Inc.		86,024
	5,154	Generac Holdings, Inc.^*		126,531
	4,968	Greenbrier Companies, Inc.^*		98,317
	20,384	H&E Equipment Services, Inc.^*		385,665
	24,251	Interline Brands, Inc.^*		524,064
	14,762	Kadant, Inc.^*		351,631
	2,566	Kaman Corp.		87,116
	3,622	LMI Aerospace, Inc.^*		65,920
	43,981	LSI Industries, Inc.		322,381
	8,267	Lydall, Inc.^*		84,241
	17,917	Miller Industries, Inc.		303,156
	18,504	Mueller Industries, Inc.		841,007
	8,408	NACCO Industries, Inc. Class A		978,439
	9,940	Orbital Sciences Corp.^*		130,711
	2,552	Oshkosh Corp.^*		59,130
	1,723	RSC Holdings, Inc.^*		38,922
	3,707	Sauer-Danfoss, Inc.		174,229
	1,777	Simpson Manufacturing Co., Inc.		57,308
	28,599	Tecumseh Products Co. Class A^*		114,968
	4,987	Tennant Co.		219,428
	9,810	The Manitowoc Co., Inc.		135,966
	9,932	The Toro Co.		706,264
	4,958	United Rentals, Inc.^*(a)		212,649
	15,484	Universal Forest Products, Inc.		533,888
	11,061	Vicor Corp.		88,488
	15,669	Watsco, Inc.		1,160,133

				11,774,230

Commercial & Professional Services — 3.0%
	2,702	ABM Industries, Inc.		65,659
	19,317	CDI Corp.		346,354
	8,302	Heidrick & Struggles International, Inc.		182,893
	23,393	HNI Corp.		649,156
	11,199	Insperity, Inc.		343,137
	48,423	Kelly Services, Inc. Class A		774,284
	30,916	Kforce, Inc.^*		460,648
	25,263	Kimball International, Inc. Class B		174,567
	3,146	Manpower, Inc.		149,026
	10,824	Steelcase, Inc. Class A		103,910
	12,564	United Stationers, Inc.		389,861

				3,639,495

Consumer Durables & Apparel — 4.3%
	2,047	Arctic Cat, Inc.^*		87,673
	11,745	Blyth, Inc.		878,878
	7,840	Columbia Sportswear Co.		372,008
	2,729	CSS Industries, Inc.		53,106
	7,121	Ethan Allen Interiors, Inc.		180,304
	13,807	iRobot Corp.^*		376,379
	26,070	Kenneth Cole Productions, Inc. Class A^*		419,727
	5,366	MDC Holdings, Inc.		138,389
	6,040	Movado Group, Inc.		148,282

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Consumer Durables & Apparel — (continued)
	13,542	Oxford Industries, Inc.	$	688,205
	19,424	Perry Ellis International, Inc.^*		362,646
	4,448	Polaris Industries, Inc.		320,923
	14,480	Tempur-Pedic International, Inc.^*		1,222,546

				5,249,066

Consumer Services — 3.1%
	9,497	Ascent Capital Group, Inc. Class A^*		449,113
	2,512	Biglari Holdings, Inc.^*		1,011,959
	23,173	Boyd Gaming Corp.^*		181,676
	802	Coinstar, Inc.^*		50,967
	1,454	Domino’s Pizza, Inc.		52,780
	3,475	Marriott Vacations Worldwide Corp.^*		99,072
	18,832	Multimedia Games Holding Co., Inc.^*		206,399
	48,755	O’Charleys, Inc.^*		479,749
	23,639	Papa John’s International, Inc.^*		890,245
	3,023	Red Robin Gourmet Burgers, Inc.^*		112,426
	2,435	Regis Corp.		44,877
	9,981	Texas Roadhouse, Inc.		166,084

				3,745,347

Diversified Financials — 3.4%
	83,156	Advance America, Cash Advance Centers, Inc.		872,307
	27,432	BlackRock Kelso Capital Corp.		269,382
	8,652	Cash America International, Inc.		414,690
	1,799	Cohen & Steers, Inc.^(a)		57,388
	8,025	Compass Diversified Holdings		118,690
	677	Diamond Hill Investment Group, Inc.		49,861
	4,612	Financial Engines, Inc.^*		103,124
	7,909	GAMCO Investors, Inc. Class A		392,366
	17,521	Gladstone Capital Corp.		142,095
	3,595	Golub Capital BDC, Inc.		54,896
	2,938	Greenhill & Co., Inc.		128,214
	29,610	Hercules Technology Growth Capital, Inc.		328,079
	4,661	Intl. FCStone, Inc.^*		98,347
	37,002	NGP Capital Resources Co.		242,363
	3,325	Raymond James Financial, Inc.		121,462
	5,589	Safeguard Scientifics, Inc.^*		96,131
	4,200	SEI Investments Co.		86,898
	38,290	TICC Capital Corp.		372,945
	2,333	World Acceptance Corp.^*		142,896

				4,092,134

Energy — 6.0%
	40,440	Alon USA Energy, Inc.		365,982
	8,535	ATP Oil & Gas Corp.^*(a)		62,732
	6,571	Contango Oil & Gas Co.^*		387,098
	3,969	Crosstex Energy, Inc.		56,122
	33,327	CVR Energy, Inc.^*		891,497
	23,643	Delek US Holdings, Inc.		366,703
	5,453	Northern Oil and Gas, Inc.^*		113,095
	17,129	Oasis Petroleum, Inc.^*		528,087
	21,180	Parker Drilling Co.^*		126,445
	11,401	Petroquest Energy, Inc.^*(a)		70,002
	4,040	Rosetta Resources, Inc.^*		196,990


Shares		Description	Value
Common Stocks — (continued)
Energy — (continued)
	8,396	SemGroup Corp. Class A^*	$	244,659
	8,927	Stone Energy Corp.^*		255,223
	2,922	Targa Resources Corp.		132,805
	51,151	Tesoro Corp.^*(b)		1,372,893
	35,286	USEC, Inc.^*(a)		37,403
	56,337	W&T Offshore, Inc.		1,187,584
	49,622	Western Refining, Inc.		933,886

				7,329,206

Food & Staples Retailing — 0.2%
	8,305	Susser Holdings Corp.^*		213,189

Food, Beverage & Tobacco — 4.1%
	42,484	Alliance One International, Inc.^*		160,165
	37,850	Dole Food Co., Inc.^*(a)		377,743
	3,497	Fresh Del Monte Produce, Inc.		79,872
	5,928	J&J Snack Foods Corp.		310,983
	22,772	Lancaster Colony Corp.		1,513,427
	32,278	National Beverage Corp.^*		517,739
	105,914	Pilgrim’s Pride Corp.^*(a)		790,118
	8,497	The Boston Beer Co., Inc. Class A^*(a)		907,395
	6,709	Universal Corp.		312,639

				4,970,081

Health Care Equipment & Services — 4.9%
	27,652	Align Technology, Inc.^*		761,813
	10,455	AMN Healthcare Services, Inc.^*		63,357
	21,232	Assisted Living Concepts, Inc. Class A		352,663
	2,100	Bio-Reference Labs, Inc.^*		49,371
	3,231	Centene Corp.^*		158,222
	3,418	Hill-Rom Holdings, Inc.		114,195
	18,579	Invacare Corp.		307,854
	27,543	Kindred Healthcare, Inc.^*		237,971
	5,697	Magellan Health Services, Inc.^*		278,071
	16,186	Masimo Corp.^*		378,429
	6,600	MedAssets, Inc.^*		86,856
	23,880	Medical Action Industries, Inc.^*		136,594
	2,220	Medidata Solutions, Inc.^*		59,141
	47,637	Molina Healthcare, Inc.^*		1,602,032
	33,485	PharMerica Corp.^*		416,219
	5,065	Sirona Dental Systems, Inc.^*		261,050
	28,604	Skilled Healthcare Group, Inc. Class A^*		219,107
	32,822	Universal American Corp.		353,821
	12,622	Vascular Solutions, Inc.^*		136,191

				5,972,957

Household & Personal Products — 0.9%
	58,085	Central Garden and Pet Co. Class A^*		559,358
	1,302	Elizabeth Arden, Inc.^*		45,544
	16,223	Medifast, Inc.^*(a)		283,254
	4,199	USANA Health Sciences, Inc.^*		156,749

				1,044,905

Insurance — 2.7%
	3,058	Allied World Assurance Co. Holdings AG		209,993
	17,877	American Equity Investment Life Holding Co.		228,289

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Insurance — (continued)
	5,517	American Financial Group, Inc.	$	212,846
	11,279	Aspen Insurance Holdings Ltd.		315,135
	38,099	CNO Financial Group, Inc.^*		296,410
	25,354	Flagstone Reinsurance Holdings SA		199,536
	4,129	Global Indemnity PLC^*		80,474
	33,139	Maiden Holdings Ltd.		298,251
	2,930	Mercury General Corp.		128,158
	4,705	OneBeacon Insurance Group Ltd. Class A		72,504
	20,255	Primerica, Inc.		510,629
	5,648	Reinsurance Group of America, Inc.		335,887
	19,522	Symetra Financial Corp.		225,089
	1,699	Tower Group, Inc.		38,109
	2,496	W.R. Berkley Corp.		90,155

				3,241,465

Materials — 4.1%
	15,836	A. Schulman, Inc.		427,889
	22,674	AbitibiBowater, Inc.^*(a)		323,785
	5,138	Clearwater Paper Corp.^*		170,633
	3,664	Commercial Metals Co.		54,300
	34,028	Golden Star Resources Ltd.^*		63,292
	3,537	Innophos Holdings, Inc.		177,274
	2,652	Kaiser Aluminum Corp.		125,333
	29,287	KapStone Paper and Packaging Corp.^*		576,954
	1,526	Koppers Holdings, Inc.		58,843
	30,380	Kraton Performance Polymers, Inc.^*		807,197
	2,936	LSB Industries, Inc.^*		114,269
	15,635	Materion Corp.^*		449,194
	22,098	PolyOne Corp.		318,211
	48,974	Senomyx, Inc.^*		134,189
	20,667	Spartech Corp.^*		100,855
	7,970	Stepan Co.		699,766
	4,761	TPC Group, Inc.^*		210,484
	6,519	Tredegar Corp.		127,707

				4,940,175

Media — 0.6%
	4,032	Arbitron, Inc.		149,103
	3,844	Digital Generation, Inc.^*		39,247
	8,061	Entercom Communications Corp. Class A^*		52,316
	7,679	Harte-Hanks, Inc.		69,495
	59,889	Journal Communications, Inc. Class A^*		337,175
	5,062	Pandora Media, Inc.^*		51,683
	1,242	Scholastic Corp.		43,818

				742,837

Pharmaceuticals, Biotechnology & Life Sciences — 5.2%
	76,681	Affymetrix, Inc.^*		327,428
	25,361	Albany Molecular Research, Inc.^*		68,475
	18,148	AVEO Pharmaceuticals, Inc.^*		225,217
	31,393	Cubist Pharmaceuticals, Inc.^*		1,357,747
	22,458	Emergent Biosolutions, Inc.^*		359,328
	18,219	eResearchTechnology, Inc.^*		142,473
	13,237	Genomic Health, Inc.^*		405,184
	20,011	Jazz Pharmaceuticals PLC^*		969,933


Shares		Description	Value
Common Stocks — (continued)
Pharmaceuticals, Biotechnology & Life Sciences — (continued)
	25,592	Maxygen, Inc.^*	$	146,898
	5,423	Momenta Pharmaceuticals, Inc.^*		83,080
	92,957	Nabi Biopharmaceuticals^*		172,900
	3,351	Optimer Pharmaceuticals, Inc.^*		46,579
	46,746	PDL BioPharma, Inc.		296,837
	55,984	Progenics Pharmaceuticals, Inc.^*		554,242
	48,417	Sciclone Pharmaceuticals, Inc.^*		305,511
	5,478	Spectrum Pharmaceuticals, Inc.^*		69,187
	26,999	Viropharma, Inc.^*		811,860

				6,342,879

Real Estate — 9.3%
	3,656	AG Mortgage Investment Trust, Inc.		72,169
	10,812	Agree Realty Corp. (REIT)		244,135
	10,068	Altisource Portfolio Solutions SA^*		610,523
	6,984	American Campus Communities, Inc. (REIT)		312,324
	7,460	Ashford Hospitality Trust, Inc. (REIT)		67,215
	4,713	Chesapeake Lodging Trust (REIT)		84,693
	40,666	DuPont Fabros Technology, Inc. (REIT)		994,284
	15,823	Equity Lifestyle Properties, Inc. (REIT)		1,103,496
	2,085	Equity One, Inc. (REIT)		42,159
	16,065	Extra Space Storage, Inc. (REIT)		462,511
	9,412	First Industrial Realty Trust, Inc. (REIT)^*		116,238
	41,845	Franklin Street Properties Corp. (REIT)		443,557
	16,513	Getty Realty Corp. (REIT)^(a)		257,273
	30,829	Healthcare Realty Trust, Inc. (REIT)		678,238
	2,446	Invesco Mortgage Capital, Inc. (REIT)		43,172
	7,875	Jones Lang LaSalle, Inc.		656,066
	14,056	LTC Properties, Inc. (REIT)		449,792
	8,659	MFA Financial, Inc. (REIT)		64,683
	1,451	Mid-America Apartment Communities, Inc. (REIT)		97,261
	123,176	MPG Office Trust, Inc. (REIT)^*(a)		288,232
	9,808	National Health Investors, Inc. (REIT)		478,434
	1,808	Omega Healthcare Investors, Inc. (REIT)		38,438
	14,495	Potlatch Corp. (REIT)		454,273
	11,863	PS Business Parks, Inc. (REIT)		777,501
	31,940	Rayonier, Inc. (REIT)		1,408,235
	13,105	Realty Income Corp. (REIT)		507,557
	5,038	Regency Centers Corp. (REIT)		224,090
	3,092	RLJ Lodging Trust (REIT)		57,604
	2,385	Senior Housing Properties Trust (REIT)		52,589
	745	Taubman Centers, Inc. (REIT)		54,348
	3,365	Urstadt Biddle Properties, Inc. Class A (REIT)		66,425

				11,207,515

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Retailing — 7.7%
	30,832	Asbury Automotive Group, Inc.^*	$	832,464
	2,945	Barnes & Noble, Inc.^*(a)		39,021
	7,988	Core-Mark Holding Co., Inc.		327,029
	35,505	Francesca’s Holdings Corp.^*		1,122,313
	36,640	Fred’s, Inc. Class A		535,310
	28,944	Group 1 Automotive, Inc.		1,625,785
	32,222	HOT Topic, Inc.		327,053
	22,446	Lithia Motors, Inc. Class A		588,085
	11,441	Lumber Liquidators Holdings, Inc.^*		287,284
	5,673	Saks, Inc.^*		65,864
	8,610	Select Comfort Corp.^*		278,878
	12,242	Shoe Carnival, Inc.^*		394,437
	14,498	Sonic Automotive, Inc. Class A		259,659
	62,365	Stage Stores, Inc.		1,012,808
	2,382	The Buckle, Inc.		114,098
	3,847	The Finish Line, Inc. Class A		81,633
	11,640	VOXX International Corp.^*		157,838
	24,345	Zale Corp.^*		75,226
	33,143	Zumiez, Inc.^*		1,196,794

				9,321,579

Semiconductors & Semiconductor Equipment — 2.1%
	7,015	DSP Group, Inc.^*		46,720
	208,601	Lattice Semiconductor Corp.^*		1,341,304
	19,017	LTX-Credence Corp.^*		136,732
	28,994	Micrel, Inc.		297,479
	1,389	MKS Instruments, Inc.		41,017
	31,248	Photronics, Inc.^*		207,799
	53,382	PLX Technology, Inc.^*		214,596
	9,655	RF Micro Devices, Inc.^*		48,082
	6,113	Standard Microsystems Corp.^*		158,143

				2,491,872

Software & Services — 9.6%
	40,564	Accelrys, Inc.^*		323,701
	12,861	Acxiom Corp.^*		188,800
	6,292	Advent Software, Inc.^*(b)		161,075
	28,398	Blackbaud, Inc.		943,666
	16,664	Bottomline Technologies, Inc.^*		465,592
	91,755	Ciber, Inc.^*		389,041
	14,817	CommVault Systems, Inc.^*		735,516
	8,255	Convergys Corp.^*		110,204
	1,842	Cornerstone OnDemand, Inc.^*		40,229
	11,209	CSG Systems International, Inc.^*		169,704
	6,673	Global Cash Access Holdings, Inc.^*		52,050
	12,793	Kenexa Corp.^*		399,653
	121,557	Lionbridge Technologies, Inc.^*		350,084
	11,804	LivePerson, Inc.^*		197,953
	18,583	LogMeIn, Inc.^*		654,679
	20,179	Manhattan Associates, Inc.^*		959,108
	55,638	Marchex, Inc. Class B^(a)		248,146
	23,702	Mentor Graphics Corp.^*		352,212
	10,493	MicroStrategy, Inc. Class A^*		1,469,020
	8,691	Opnet Technologies, Inc.		252,039
	8,418	Pegasystems, Inc.^(a)		321,231
	3,284	Progress Software Corp.^*		77,568
	16,973	PROS Holdings, Inc.^*		317,395
	7,561	QAD, Inc. Class A^*		99,049
	3,589	QLIK Technologies, Inc.^*		114,848
	18,863	Quest Software, Inc.^*		438,942


Shares		Description	Value
Common Stocks — (continued)
Software & Services — (continued)
	24,977	RealNetworks, Inc.	$	248,271
	15,437	Saba Software, Inc.^*		151,437
	4,496	Synopsys, Inc.^*		137,847
	8,794	TeleTech Holdings, Inc.^*		141,583
	13,969	Ultimate Software Group, Inc.^*		1,023,648
	2,117	Websense, Inc.^*		44,648

				11,578,939

Technology Hardware & Equipment — 5.7%
	16,911	Agilysys, Inc.^*		152,030
	3,355	Aruba Networks, Inc.^*		74,749
	41,074	Brightpoint, Inc.^*		330,646
	22,783	Electronics for Imaging, Inc.^*		378,653
	32,273	Emulex Corp.^*		334,994
	56,040	Extreme Networks^*		214,633
	1,316	Fusion-io, Inc.^*		37,388
	38,302	Imation Corp.^*		237,089
	12,472	Ingram Micro, Inc. Class A^*		231,480
	19,606	Insight Enterprises, Inc.^*		429,960
	5,489	InvenSense, Inc.^*		99,351
	32,835	Methode Electronics, Inc.		304,709
	4,602	National Instruments Corp.		131,249
	1,408	Plantronics, Inc.		56,686
	2,395	Polycom, Inc.^*		45,673
	14,968	QLogic Corp.^*		265,832
	165,434	Quantum Corp.^*		433,437
	21,771	Radisys Corp.^*		161,105
	3,523	Riverbed Technology, Inc.^*		98,926
	53,306	ShoreTel, Inc.^*		302,778
	8,267	Silicon Graphics International Corp.^*(a)		80,025
	36,263	STEC, Inc.^*		342,323
	13,508	Super Micro Computer, Inc.^*		235,850
	30,589	Symmetricom, Inc.^*		176,498
	4,329	Synaptics, Inc.^*		158,052
	32,503	Tellabs, Inc.		131,637
	68,914	Vishay Intertechnology, Inc.^*		837,994
	37,942	Xyratex Ltd.		603,657

				6,887,404

Telecommunication Services — 0.7%
	25,148	Cbeyond, Inc.^*		201,184
	45,005	USA Mobility, Inc.		626,920

				828,104

Transportation — 2.6%
	9,312	Allegiant Travel Co.^*		507,504
	15,982	Celadon Group, Inc.		248,520
	12,124	Heartland Express, Inc.		175,313
	93,345	Pacer International, Inc.^*		589,940
	7,676	Saia, Inc.^*		130,569
	22,962	SkyWest, Inc.		253,730
	7,243	Universal Truckload Services, Inc.		109,080
	44,823	Werner Enterprises, Inc.		1,114,300

				3,128,956

Utilities — 0.2%
	14,319	Genie Energy Ltd. Class B		138,465
	2,750	Portland General Electric Co.		68,695

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Utilities — (continued)
	3,199	The Empire District Electric Co.	$	65,099

				272,259

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE			$	118,383,702


Shares		Rate	Value
Securities Lending Reinvestment Vehicle^(c)(d) — 2.5%
Goldman Sachs Financial Square Money Market Fund — FST Shares
	3,015,802	0.201%	$	3,015,802

TOTAL INVESTMENTS — 100.3%			$	121,399,504

LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%				(417,406	)

NET ASSETS — 100.0%			$	120,982,098


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

* Non-income producing security.

(a) All or a portion of security is on loan.

(b) All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(c) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2012.

(d) Represents an affiliated issuer.



Investment Abbreviation:
REIT	—	Real Estate Investment Trust


For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

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

Schedule of Investments

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — 97.7%
Automobiles & Components — 0.2%
	9,317	General Motors Co.^*	$	238,981
	16,613	Thor Industries, Inc.		524,306

				763,287

Banks — 1.9%
	4,939	City National Corp.		259,149
	4,796	Cullen/Frost Bankers, Inc.		279,079
	19,045	First Niagara Financial Group, Inc.		187,403
	56,054	KeyCorp		476,459
	7,462	M&T Bank Corp.		648,298
	28,775	PNC Financial Services Group, Inc.		1,855,700
	119,969	Wells Fargo & Co.		4,095,742

				7,801,830

Capital Goods — 5.2%
	21,255	AGCO Corp.^*		1,003,448
	13,473	Alliant Techsystems, Inc.		675,267
	34,065	BE Aerospace, Inc.^*		1,583,000
	6,529	Fortune Brands Home & Security, Inc.^*		144,095
	317,054	General Electric Co.		6,363,274
	16,267	L-3 Communications Holdings, Inc.		1,151,216
	21,768	MSC Industrial Direct Co., Inc. Class A		1,812,839
	52,729	Northrop Grumman Corp.		3,220,687
	11,011	Oshkosh Corp.^*		255,125
	15,044	The Manitowoc Co., Inc.		208,510
	47,216	The Toro Co.		3,357,530
	11,908	Trinity Industries, Inc.		392,369
	4,718	W.W. Grainger, Inc.		1,013,473

				21,180,833

Commercial & Professional Services — 0.6%
	24,762	Copart, Inc.^*		645,545
	33,882	Manpower, Inc.		1,604,991

				2,250,536

Consumer Durables & Apparel — 2.0%
	8,115	Fossil, Inc.^*		1,071,018
	29,367	Harman International Industries, Inc.		1,374,669
	10,890	Leggett & Platt, Inc.		250,579
	25,444	Mohawk Industries, Inc.^*		1,692,280
	45,571	Tempur-Pedic International, Inc.^*		3,847,560

				8,236,106

Consumer Services — 0.6%
	6,524	Marriott Vacations Worldwide Corp.^*		185,999
	11,634	Weight Watchers International, Inc.		898,028
	9,528	Wynn Resorts Ltd.		1,189,857

				2,273,884

Diversified Financials — 7.5%
	342,206	Bank of America Corp.		3,274,911
	73,425	Capital One Financial Corp.		4,092,709
	196,009	Citigroup, Inc.		7,164,129
	6,323	CME Group, Inc.		1,829,434
	18,441	Discover Financial Services		614,823


Shares		Description	Value
Common Stocks — (continued)
Diversified Financials — (continued)
	8,430	Franklin Resources, Inc.	$	1,045,573
	121,656	JPMorgan Chase & Co.		5,593,743
	48,519	Morgan Stanley		952,913
	10,800	Raymond James Financial, Inc.		394,524
	99,874	SEI Investments Co.		2,066,393
	139,991	The Bank of New York Mellon Corp.		3,377,983

				30,407,135

Energy — 12.5%
	4,149	Apache Corp.		416,726
	80,005	Chevron Corp.		8,579,736
	11,858	Cimarex Energy Co.		894,923
	106,047	ConocoPhillips		8,060,632
	44,707	Devon Energy Corp.		3,179,562
	145,925	Exxon Mobil Corp.		12,656,075
	40,284	Hess Corp.		2,374,742
	60,961	Marathon Petroleum Corp.		2,643,269
	16,296	Murphy Oil Corp.		916,976
	18,635	Occidental Petroleum Corp.		1,774,611
	148,428	Tesoro Corp.^*		3,983,808
	200,781	Valero Energy Corp.		5,174,126

				50,655,186

Food & Staples Retailing — 0.5%
	21,940	CVS Caremark Corp.		982,912
	133,266	SUPERVALU, Inc.^(a)		760,949
	3,992	Walgreen Co.		133,692

				1,877,553

Food, Beverage & Tobacco — 8.6%
	179,971	Archer-Daniels-Midland Co.		5,697,882
	4,787	Beam, Inc.		280,375
	2,375	Brown-Forman Corp. Class B		198,051
	73,814	Bunge Ltd.		5,051,830
	20,346	Constellation Brands, Inc. Class A^*		479,962
	85,347	Dean Foods Co.^*		1,033,552
	15,287	Dr. Pepper Snapple Group, Inc.		614,690
	6,711	Hormel Foods Corp.		198,109
	42,596	Lorillard, Inc.		5,515,330
	49,439	Molson Coors Brewing Co. Class B		2,237,115
	68,264	Philip Morris International, Inc.		6,048,873
	17,086	Smithfield Foods, Inc.^*		376,405
	29,122	The Coca-Cola Co.		2,155,319
	243,694	Tyson Foods, Inc. Class A		4,666,740

				34,554,233

Health Care Equipment & Services — 3.3%
	225,385	Boston Scientific Corp.^*		1,347,802
	39,365	Cardinal Health, Inc.		1,697,025
	1,901	Cerner Corp.^*		144,780
	31,983	Coventry Health Care, Inc.		1,137,636
	8,464	DENTSPLY International, Inc.		339,661
	60,379	Humana, Inc.		5,583,850
	7,835	Quest Diagnostics, Inc.		479,110
	3,043	Varian Medical Systems, Inc.^*		209,845
	31,154	WellPoint, Inc.		2,299,165

				13,238,874

Household & Personal Products — 3.0%
	21,761	Colgate-Palmolive Co.		2,127,790

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

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Household & Personal Products — (continued)
	16,590	Herbalife Ltd.	$	1,141,724
	133,533	The Procter & Gamble Co.		8,974,753

				12,244,267

Insurance — 3.8%
	8,486	American Financial Group, Inc.		327,390
	118,055	Berkshire Hathaway, Inc. Class B^*		9,580,163
	6,271	Lincoln National Corp.		165,303
	20,232	MetLife, Inc.		755,665
	4,456	Protective Life Corp.		131,987
	8,553	Reinsurance Group of America, Inc.		508,647
	160,370	Unum Group		3,925,858

				15,395,013

Materials — 0.8%
	12,397	Airgas, Inc.		1,102,961
	6,592	Ashland, Inc.		402,507
	5,258	Domtar Corp.		501,508
	12,217	Eastman Chemical Co.		631,497
	8,629	Newmont Mining Corp.		442,409

				3,080,882

Media — 3.5%
	13,368	Cablevision Systems Corp. Class A		196,242
	123,555	DIRECTV Class A^*		6,096,204
	154,940	DISH Network Corp. Class A		5,102,174
	31,821	News Corp. Class A		626,556
	19,458	Pandora Media, Inc.^*(a)		198,666
	19,015	Regal Entertainment Group Class A		258,604
	42,677	Time Warner, Inc.		1,611,057

				14,089,503

Pharmaceuticals, Biotechnology & Life Sciences — 9.2%
	40,724	Alexion Pharmaceuticals, Inc.^*		3,781,631
	71,405	Amgen, Inc.		4,854,826
	26,383	Biogen Idec, Inc.^*		3,323,466
	158,374	Eli Lilly & Co.		6,377,721
	99,520	Gilead Sciences, Inc.^*		4,861,552
	11,823	Johnson & Johnson		779,845
	76,942	Merck & Co., Inc.		2,954,573
	421,030	Pfizer, Inc.		9,540,540
	15,029	United Therapeutics Corp.^*		708,317

				37,182,471

Real Estate Investment Trust — 2.5%
	79,252	American Tower Corp.		4,994,461
	96,807	Rayonier, Inc.		4,268,221
	4,744	Simon Property Group, Inc.		691,106

				9,953,788

Retailing — 2.1%
	4,709	Aaron’s, Inc.		121,963
	44,638	Best Buy Co., Inc.		1,057,028
	40,077	Big Lots, Inc.^*		1,724,113
	35,006	Dick’s Sporting Goods, Inc.		1,683,088
	40,775	Family Dollar Stores, Inc.		2,580,242
	14,812	Foot Locker, Inc.		459,913
	6,107	Lowe’s Companies, Inc.		191,638


Shares		Description	Value
Common Stocks — (continued)
Retailing — (continued)
	10,274	PetSmart, Inc.	$	587,878

				8,405,863

Semiconductors & Semiconductor Equipment — 0.8%
	116,377	Intel Corp.		3,271,358

Software & Services — 11.4%
	70,752	Accenture PLC Class A		4,563,504
	16,413	Adobe Systems, Inc.^*		563,130
	30,108	Amdocs Ltd.^*		950,811
	5,031	Autodesk, Inc.^*		212,912
	6,329	BMC Software, Inc.^*		254,173
	34,091	Computer Sciences Corp.		1,020,685
	9,794	Google, Inc. Class A^*		6,280,305
	12,657	International Business Machines Corp.		2,640,883
	89,541	Intuit, Inc.		5,384,100
	393,495	Microsoft Corp.		12,690,214
	297,158	Oracle Corp.		8,665,127
	16,763	Symantec Corp.^*		313,468
	39,573	Synopsys, Inc.^*		1,213,308
	16,731	VeriSign, Inc.		641,466
	4,871	VMware, Inc. Class A^*		547,354

				45,941,440

Technology Hardware & Equipment — 11.4%
	29,420	Apple, Inc.^*		17,636,407
	254,232	Cisco Systems, Inc.		5,377,007
	309,803	Dell, Inc.^*		5,142,730
	54,348	Hewlett-Packard Co.		1,295,113
	135,734	Ingram Micro, Inc. Class A^*		2,519,223
	16,137	Juniper Networks, Inc.^*		369,214
	35,161	NetApp, Inc.^*		1,574,158
	66,753	QLogic Corp.^*		1,185,533
	51,044	QUALCOMM, Inc.		3,472,013
	5,222	Riverbed Technology, Inc.^*		146,634
	19,340	Seagate Technology PLC		521,213
	69,450	Tellabs, Inc.		281,272
	105,023	Vishay Intertechnology, Inc.^*		1,277,080
	127,633	Western Digital Corp.^*		5,282,730

				46,080,327

Telecommunication Services — 2.3%
	280,824	AT&T, Inc.^(b)		8,770,133
	192,263	Sprint Nextel Corp.^*		547,950

				9,318,083

Transportation — 1.7%
	40,800	FedEx Corp.		3,751,968
	39,642	United Parcel Service, Inc. Class B		3,199,902

				6,951,870

Utilities — 2.3%
	17,841	Ameren Corp.		581,260
	185,516	Duke Energy Corp.		3,897,691
	45,802	Integrys Energy Group, Inc.		2,427,048
	7,373	PG&E Corp.		320,062
	22,792	Sempra Energy		1,366,608

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

Schedule of Investments (continued)

March 31, 2012 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Utilities — (continued)
	14,088	The Southern Co.	$	632,974

				9,225,643

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE			$	394,379,965


Shares		Rate	Value
Securities Lending Reinvestment Vehicle^(c)(d) — 0.2%
Goldman Sachs Financial Square Money Market Fund — FST Shares
	977,975	0.201%	$	977,975

TOTAL INVESTMENTS — 97.9%			$	395,357,940

OTHER ASSETS IN EXCESS OF LIABILITIES — 2.1%				8,680,421

NET ASSETS — 100.0%			$	404,038,361


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

* Non-income producing security.

(a) All or a portion of security is on loan.

(b) All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(c) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2012.

(d) Represents an affiliated issuer.


For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2012 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

Investment Valuation — The Fund’s valuation policy (except VIT Money Market Fund) is to value investments at fair value. 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. 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. 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.

Debt securities for which market quotations are readily available are valued on the basis of quotations supplied by dealers or furnished by an independent pricing service approved by the trustees. 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. 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 fair value.

If quotations are not readily available, or if Goldman Sachs Asset Management, L.P. (“GSAM”) or Goldman Sachs Asset Management International (“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. GSAM or GSAMI, consistent with their procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what they believe to be the fair value of the securities at the time of determining the Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or unscheduled market closings. Significant events, which could also affect a single issuer, may include, but are not limited to corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades and bankruptcies.

It is the Money Market Fund’s policy to use the amortized-cost method permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Act”), which approximates market value, for valuing portfolio securities. Under this method, all investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue, as an adjustment to interest income. Under procedures and tolerances established by the trustees, GSAM evaluates the difference between the Fund’s NAV based upon the amortized cost of the Fund’s securities and the NAV based upon available market quotations (or permitted substitutes) at least once a week.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2012 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar 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 and 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 Funds’ investments and derivatives categorized in the fair value hierarchy as of March 31, 2012. For the Money Market Fund, the Levels previously based on valuation characteristics of the investments’ market value are currently reflective of assets based on amortized cost. As of March 31, 2012, all investments are classified as Level 2. Please refer to the Money Market Fund’s Schedule of Investments for further detail.

CORE FIXED INCOME


Investment Type	Level 1			Level 2			Level 3


Assets
Fixed Income
Corporate Obligations	$	—		$	30,680,812		$	—
Mortgage-Backed Obligations		—			61,917,542			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		36,896,206			6,005,149			—
Asset-Backed Securities		—			3,655,057			—
Foreign Debt Obligations		8,667,073			2,637,647			—
Municipal Debt Obligations		—			2,141,501			—
Government Guarantee Obligations		—			7,235,332			—

Total	$	45,563,279		$	114,273,040		$	—

Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(8,496,250	)	$	—


Derivative Type

Assets^(a)
Futures Contracts	$	56,663		$	—		$	—
Forward Foreign Currency Exchange Contracts		—			87,528			—

Liabilities^(a)
Futures Contracts	$	(137,625	)	$	—		$	—
Forward Foreign Currency Exchange Contracts		—			(235,658	)		—

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2012 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)


EQUITY INDEX

Investment Type	Level 1			Level 2			Level 3

Assets
Common Stock and/or Other Equity Investments	$	181,271,217		$	—		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		124,987			—			—

Total	$	181,396,204		$	—		$	—


Derivative Type

Assets^(a)
Futures Contracts	$	43,617		$	—		$	—


GOVERNMENT INCOME

Investment Type	Level 1			Level 2			Level 3

Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	34,167,333		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		17,435,220			11,551,422			—
Asset-Backed Securities		—			2,016,362			—
Government Guarantee Obligations		—			5,498,701			—

Total	$	17,435,220		$	53,233,818		$	—

Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(5,310,156	)	$	—


Derivative Type

Assets^(a)
Futures Contracts	$	17,470		$	—		$	—

Liabilities^(a)
Futures Contracts	$	(89,866	)	$	—		$	—


GROWTH OPPORTUNITIES

Investment Type	Level 1			Level 2			Level 3

Assets
Common Stock and/or Other Equity Investments	$	181,187,167		$	—		$	—


LARGE CAP VALUE

Investment Type	Level 1			Level 2			Level 3

Assets
Common Stock and/or Other Equity Investments	$	1,375,108,558		$	—		$	—


MID CAP VALUE

Investment Type	Level 1			Level 2			Level 3

Assets
Common Stock and/or Other Equity Investments	$	820,686,904		$	—		$	—


STRATEGIC GROWTH

Investment Type	Level 1			Level 2			Level 3

Assets
Common Stock and/or Other Equity Investments	$	398,669,939		$	—		$	—


STRATEGIC INTERNATIONAL EQUITY
Investment Type	Level 1		Level 2			Level 3

Assets
Common Stock and/or Other Equity Investments	$	8,692,723	$	188,589,887	^(b)	$	—


STRUCTURED SMALL CAP EQUITY
Investment Type	Level 1		Level 2			Level 3

Assets
Common Stock and/or Other Equity Investments	$	118,383,702	$	—		$	—
Securities Lending Reinvestment Vehicle		3,015,802		—			—

Total	$	121,399,504	$	—		$	—


Derivatives Type

Assets^(a)
Futures Contracts	$	41,690	$	—		$	—


STRUCTURED U.S. EQUITY
Investment Type	Level 1		Level 2			Level 3

Assets
Common Stock and/or Other Equity Investments	$	394,379,965	$	—		$	—
Securities Lending Reinvestment Vehicle		977,975		—			—

Total	$	395,357,940	$	—		$	—


Derivatives Type


Assets^(a)
Futures Contracts	$	59,209	$	—		$	—


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

(b) 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.

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 period ended March 31, 2012, the 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 table sets forth, by certain risk types, the gross value of these derivative contracts for trading activities as of March 31, 2012. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.


Fund	Risk	Assets			Liabilities

Core Fixed Income	Currency	$	87,528		$	(235,658	)
	Interest Rate		56,663	^(a)		(137,625	)^(a)

Total		$	144,191		$	(373,283	)


Equity Index	Equity	$	43,617	^(a)	$	—
Government Income	Interest Rate		17,470	^(a)		(89,866	)^(a)
Structured Small Cap Equity	Equity		41,690	^(a)		—
Structured U.S. Equity	Equity		59,209	^(a)		—


(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2012 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.

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.

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.

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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2012 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.

Mortgage Dollar Rolls — The Core Fixed Income and Government Income Funds may enter into mortgage dollar rolls (“dollar rolls”) in which the Funds sell securities in the current month for delivery and simultaneously contract with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Funds treat dollar rolls as two separate transactions: one involving the purchase of a security and a separate transaction involving a sale.

During the settlement period between sale and repurchase, the Funds will not be entitled to accrue interest and principal payments on the securities sold. Dollar roll transactions involve the risk that the market value of the securities sold by the Funds may decline below the repurchase price of those securities. In the event the buyer of the securities in a dollar roll transaction files for bankruptcy or becomes insolvent, the Funds’ use of proceeds from the transaction may be restricted pending a determination by, or with respect to, the other counterparty.

Repurchase Agreements — The VIT Money Market Fund may enter into repurchase agreements which involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Fund may be delayed or limited and there may be a decline in the value of the collateral during the period while the Fund seeks to assert its rights. The underlying securities for all repurchase agreements are held at the Fund’s custodian or designated sub-custodians under tri-party repurchase agreements.

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’ counterparties. With the exception of certain transaction fees, the Fund is not subject to any expenses in relation to these investments.

JOINT REPURCHASE AGREEMENT ACCOUNT III — At March 31, 2012, the Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of April 2, 2012, as follows:


					Collateral Value
Fund	Principal Amount		Maturity Value		Allocation

Money Market	$	27,500,000	$	27,500,298	$	28,194,454

REPURCHASE AGREEMENTS — At March 31, 2012, the Principal Amount of the Fund’s interest in the Joint Repurchase Agreement Account III was as follows:


	Interest
Counterparty	Rate			Money Market

Bank of Nova Scotia (The)		0.18	%	$	691,824

Crédit Agricole Corporate and Investment Bank		0.11			13,548,218

UBS Securities LLC		0.12			5,765,199

Wells Fargo Bank, National Association		0.16			5,765,199

Wells Fargo Securities LLC		0.16			1,729,560

TOTAL					$27,500,000

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

March 31, 2012 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012, the Joint Repurchase Agreement Account III was fully collateralized by:


Issuer	Interest Rates			Maturity Dates

Federal Farm Credit Bank		0.100 to 0.160	%	12/03/13 to 08/03/39

Federal Farm Credit Bank Principal-Only Stripped Security		0.000		12/16/15

Federal Home Loan Bank		0.000 to 8.290		04/20/12 to 09/14/35

Federal Home Loan Mortgage Corp.		0.000 to 7.690		05/29/12 to 03/01/42

Federal National Mortgage Association		0.000 to 8.430		04/02/12 to 04/01/42

Federal National Mortgage Association Stripped Securities		0.000		10/08/13 to 01/15/33

Government National Mortgage Association		2.500 to 6.500		09/15/20 to 03/20/42

U.S. Treasury Bill		0.000		04/26/12

U.S. Treasury Bonds		3.125 to 9.000		11/15/18 to 02/15/42

U.S. Treasury Notes		0.250 to 4.8750		04/30/12 to 11/15/21

U.S. Treasury Principal-Only Stripped Securities		0.000		05/15/12 to 11/15/26

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

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Money Market Fund (“Money Market Fund”), a 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 Funds and GSAL received compensation relating to the lending of the Funds’ securities.

Treasury Inflation Protected Securities — The Funds may invest in treasury inflation protected securities (“TIPS”), including structured bonds in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost. Such adjustments may have a significant impact on the Funds’ distributions and may result in a return of capital to shareholders. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

When-Issued Securities and Forward Commitments — The Funds may purchase when-issued securities, including TBA (“To Be Announced”) securities that have been authorized, but not yet issued in the market. When-issued securities are purchased in order to secure what is considered to be an advantageous price or yield to the Fund at the time of entering into the transaction. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended 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.

The Funds’ 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. 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.

Funds’ Shareholder Concentration Risk — Certain participating insurance companies, accounts, individuals 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.

Interest Rate Risk — In a declining interest rate environment, low yields on the Money Market Fund’s holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders. As a result, GSAM and/or Goldman Sachs may voluntarily agree to waive certain fees (such as distribution and service, transfer agency and management fees) which can fluctuate daily.

Liquidity 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.

Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, be subject to government ownership controls, have delayed settlements and their prices may be more volatile than those of comparable securities in the U.S.

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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

SIGNATURES

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


(Registrant)	Goldman Sachs Variable Insurance Trust

By (Signature and Title)*		/s/ JAMES A. McNAMARA, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER

Date May 29, 2012

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


By (Signature and Title)*				/s/ JAMES A. McNAMARA, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER

Date May 29, 2012

By (Signature and Title)*				/s/ GEORGE F. TRAVERS, PRINCIPAL FINANCIAL OFFICER

Date May 29, 2012

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


Peter V. Bonanno, Esq. Goldman, Sachs & Co. 200 West Street New York, NY 10208		Copies to: Geoffrey R.T. Kenyon, Esq. Dechert LLP 200 Clarendon Street 27th Floor Boston, MA 02116-5021


Registrant’s telephone number, including area code:		(312) 655-4400


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



Tax cost	$	154,530,846

Gross unrealized gain		59,982,093
Gross unrealized loss		(33,116,735	)

Net unrealized security gain	$	26,865,358



Tax cost	$	150,717,804

Gross unrealized gain		35,623,414
Gross unrealized loss		(5,154,051	)

Net unrealized security gain	$	30,469,363



Tax cost	$	1,251,166,562

Gross unrealized gain		157,194,936
Gross unrealized loss		(33,252,940	)

Net unrealized security gain	$	123,941,996



Tax cost	$	716,232,364

Gross unrealized gain		123,042,629
Gross unrealized loss		(18,588,089	)

Net unrealized security gain	$	104,454,540



Tax cost	$	310,996,745

Gross unrealized gain		95,345,406
Gross unrealized loss		(7,672,212	)

Net unrealized security gain	$	87,673,194



Tax cost	$	189,122,294

Gross unrealized gain		15,396,639
Gross unrealized loss		(7,236,323	)

Net unrealized security gain	$	8,160,316


Date of fiscal year end:		December 31



Tax cost	$94,701,763

Gross unrealized gain		31,496,899
Gross unrealized loss		(4,799,158	)

Net unrealized security gain	$	26,697,741



Tax cost	$	322,235,095

Gross unrealized gain		77,779,784
Gross unrealized loss		(4,656,939	)

Net unrealized security gain	$	73,122,845