GOLDMAN SACHS VARIABLE INSURANCE TRUST

Investment Abbreviations:

Real Estate Investment Trust

N-CSRS 1 e98840nvcsrs.htm GOLDMAN SACHS VARIABLE INSURANCE TRUST GOLDMAN SACHS VARIABLE INSURANCE TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES

Investment Company Act file number 811-08361

Goldman Sachs Variable Insurance Trust

(Exact name of registrant as specified in charter)

4900 Sears Tower, Chicago, Illinois 60606-6303

(Address of principal executive offices) (Zip code)


Howard B. Surloff, Esq.		Copies to:
Goldman, Sachs & Co.		Jeffrey A. Dalke, Esq.
One New York Plaza		Drinker Biddle & Reath LLP
New York, New York 10004		One Logan Square
		18th and Cherry Streets
		Philadelphia, PA 19103

(Name and address of agents for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2004


ITEM 1.		REPORTS TO STOCKHOLDERS.

		The Semi-Annual Report to Stockholders is filed herewith.

Goldman

Sachs Variable Insurance Trust

GOLDMAN SACHS ASSET MANAGEMENT, L.P. 32 OLD SLIP, NEW YORK, NEW YORK 10005

Semiannual Report

June 30, 2004

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Shareholder Letter

Dear Shareholders:

This report provides an overview on the performance of the Goldman Sachs Variable Insurance Trust – Growth and Income Fund during the six-month reporting period that ended June 30, 2004.

Market Review

The U.S. equity markets generated positive but modest gains during the first six months of the year. The S&P 500 Index returned 3.44%, while the Russell 3000 Index gained 3.59%. The Industrial and Energy sectors drove broad market returns higher, while Financials and Real Estate Investment Trusts declined because of fears of rising interest rates. On the economic front, positive data flow continued, supporting a continued economic expansion with a notable increase in new jobs in the second quarter 2004. However, fears of inflation caused investors to focus on the Federal Reserve Board’s indication that it would raise interest rates by 25 basis points. This came to pass on June 30, marking the first such increase in over four years. Commodity prices, led by crude oil, reached record highs on broad global demand and geopolitical fears. Company earnings continue to be positive, although varied.

Investment Objective

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

Portfolio Composition

Top 10 Portfolio Holdings as of June 30, 2004*


		% of
Holding	Line of Business	Net Assets

Bank of America Corp.	Large Banks		4.4	%
Citigroup, Inc.	Large Banks		4.0
ConocoPhillips	Energy Resources		3.8
ChevronTexaco Corp.	Energy Resources		3.5
Exxon Mobil Corp.	Energy Resources		2.8
General Electric Co.	Parts & Equipment		2.4
Altria Group, Inc.	Tobacco		2.3
Microsoft Corp.	Computer Software		2.3
Tyco International Ltd.	Parts & Equipment		2.0
Burlington Resources, Inc.	Energy Resources		2.0

* Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained in the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of stocks or bonds should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Shareholder Letter (continued)

Performance Review

Over the six-month period that ended June 30, 2004, the Fund generated a cumulative total return of 6.70%. Over the same time period, the Fund’s benchmark, the Standard & Poor’s 500 Index (with dividends reinvested) generated a cumulative total return of 3.44%.

Top contributors to performance represented a cross section of the market and included Burlington Resources, Inc., AT&T Wireless, Avon Products, Inc. and Tyco International Ltd. Our focus on solid stock selection across industries, rather than on sweeping thematic or macroeconomic positioning, was beneficial to our clients.

Within the Energy sector, Burlington and ConocoPhillips were top contributors to performance. Burlington reported a substantial increase in earnings due to record production. We took this opportunity to trim the Fund’s exposure. ConocoPhillips reported another period of strong performance due, in part, to solid oil and gas production, high oil-capacity utilization rates, and favorable commodity prices.

Avon, a leading direct seller of beauty and related products, was a large contributor to performance. We believe the company has benefited from a growing geographic mix, with especially strong sales results from Europe and Latin America. Within the Industrials sector, holdings in Tyco International Ltd. and Eaton Corp. enhanced results. Tyco reported increased revenue growth and cash flow which, coupled with its continued divestiture of non-core businesses, has allowed it to continue to repair its balance sheet by reducing debt. Eaton, a manufacturer that provides fluid power systems, automotive engine air management, and fuel economy systems, recently reported a significant increase in net income versus the prior quarter.

AT&T Wireless, a top contributor in the Services sector, was sold during the period. The stock has performed extremely well since announcing its merger with Cingular. We used the proceeds from the sale to increase the Fund’s position in Nortel Networks Corp, which we believed was trading at a compelling valuation at the time. This was due to controversy over the investigation into the Nortel’s past accounting practices under the watch of an ousted former management team. It is significant that a new CEO has purged the previous management group and, we believe, is moving to improve controls and sustain the momentum of new business. Nortel enjoys a leadership position in the industry’s fastest growing segments, including wireless and voice-over-IP.

Modest detractors from performance included Citigroup, Inc. and Viacom, Inc. Citigroup experienced a decline after announcing a large settlement in the WorldCom class action lawsuit. However, given the large capital base of the company and the strength of its global business mix, we believe the settlement should not materially affect shareholders in the long term. Viacom experienced some volatility during the period because of its exposure to the weak radio market and poor advertising sales.

We thank you for your investment and look forward to serving your investment needs in the future.

Goldman Sachs Value Portfolio Management Team

July 16, 2004

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statement of Investments

June 30, 2004 (Unaudited)



Shares		Description	Value
Common Stocks – 99.7%

Brokers – 2.4%
	49,132	Merrill Lynch & Co., Inc.	$	2,652,145
	34,100	The Bear Stearns Companies, Inc.		2,874,971

				5,527,116

Chemicals – 2.9%
	74,900	Rohm and Haas Co.		3,114,342
	87,900	The Dow Chemical Co.		3,577,530

				6,691,872

Computer Hardware – 2.1%
	22,900	CDW Corp.		1,460,104
	112,400	Hewlett-Packard Co.		2,371,640
	76,000	Xerox Corp.*		1,102,000

				4,933,744

Computer Software – 3.0%
	116,900	Activision, Inc.*		1,858,710
	185,111	Microsoft Corp.		5,286,770

				7,145,480

Consumer Durables – 1.2%
	93,000	Masco Corp.		2,899,740

Defense/ Aerospace – 1.0%
	22,600	General Dynamics Corp.		2,244,180

Drugs – 2.5%
	44,400	Johnson & Johnson		2,473,080
	98,500	Pfizer, Inc.		3,376,580

				5,849,660

Electrical Utilities – 8.3%
	53,500	Ameren Corp.		2,298,360
	55,600	Dominion Resources, Inc.		3,507,248
	8,193	Energy East Corp.		198,680
	67,412	Entergy Corp.		3,775,746
	84,310	Exelon Corp.		2,806,680
	66,553	FirstEnergy Corp.		2,489,748
	95,809	PPL Corp.		4,397,633

				19,474,095

Energy Resources – 12.1%
	128,900	Burlington Resources, Inc.		4,663,602
	87,100	ChevronTexaco Corp.		8,196,981
	116,600	ConocoPhillips		8,895,414
	150,533	Exxon Mobil Corp.		6,685,171

				28,441,168

Environmental & Other Services – 0.6%
	46,610	Waste Management, Inc.		1,428,597

Food & Beverage – 1.9%
	53,895	H.J. Heinz Co.		2,112,684
	76,300	Kraft Foods, Inc.		2,417,184

				4,529,868

Health Insurance – 0.8%
	23,200	Aetna, Inc.		1,972,000

Home Products – 3.6%
	51,900	Avon Products, Inc.		2,394,666
	43,700	The Clorox Co.		2,350,186
	69,710	The Procter & Gamble Co.		3,795,012

				8,539,864

Large Banks – 13.9%
	122,675	Bank of America Corp.		10,380,759
	69,400	Bank One Corp.		3,539,400
	201,690	Citigroup, Inc.		9,378,585
	112,130	J.P. Morgan Chase & Co.		4,347,280
	77,800	Regions Financial Corp.		2,843,590
	79,102	U.S. Bancorp.		2,180,051

				32,669,665

Media – 4.7%
	76,567	Fox Entertainment Group, Inc.*		2,044,339
	43,500	Lamar Advertising Co.*		1,885,725
	204,900	Time Warner, Inc.*		3,602,142
	98,700	Viacom, Inc. Class B		3,525,564

				11,057,770

Medical Products – 1.4%
	95,851	Baxter International, Inc.		3,307,818

Motor Vehicle – 0.9%
	51,128	Autoliv, Inc.		2,157,602

Paper & Packaging – 0.8%
	73,800	Packaging Corp. of America		1,763,820

Parts & Equipment – 6.2%
	61,400	Eaton Corp.		3,975,036
	177,000	General Electric Co.		5,734,800
	142,512	Tyco International Ltd.		4,722,848

				14,432,684

Property Insurance – 7.2%
	36,300	American International Group, Inc.		2,587,464
	63,025	PartnerRe Ltd.		3,575,408
	57,676	RenaissanceRe Holdings Ltd.		3,111,620
	63,900	The Allstate Corp.		2,974,545
	64,000	Willis Group Holdings Ltd.		2,396,800
	30,626	XL Capital Ltd.		2,311,038

				16,956,875

Regionals – 1.8%
	138,600	KeyCorp.		4,142,754

REITS – 4.5%
	26,700	AvalonBay Communities, Inc.		1,509,084
	60,700	Duke Realty Corp.		1,930,867
	104,160	iStar Financial, Inc.		4,166,400
	49,564	Liberty Property Trust		1,992,968
	32,200	Plum Creek Timber Co., Inc.		1,049,076

				10,648,395

The accompanying notes are an integral part of these financial statements. 3

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statement of Investments (continued)

June 30, 2004 (Unaudited)



Shares		Description	Value
Common Stocks – (continued)

Retail Apparel – 1.7%
	61,200	J. C. Penney Co., Inc.	$	2,310,912
	60,851	The May Department Stores Co.		1,672,794

				3,983,706

Semiconductors – 0.5%
	41,600	Integrated Circuit Systems, Inc.*		1,129,856

Specialty Financials – 4.9%
	108,700	American Capital Strategies Ltd.		3,045,774
	33,257	Countrywide Financial Corp.		2,336,304
	49,576	Fannie Mae		3,537,743
	37,408	SLM Corp.		1,513,154
	28,800	Washington Mutual, Inc.		1,112,832

				11,545,807

Telecommunications Equipment – 1.4%
	642,900	Nortel Networks Corp.*		3,208,071

Telephone – 3.4%
	207,100	Sprint Corp.		3,644,960
	116,900	Verizon Communications, Inc.		4,230,611

				7,875,571

Thrifts – 0.5%
	10,000	Golden West Financial Corp.		1,063,500

Tobacco – 2.3%
	109,600	Altria Group, Inc.		5,485,480

Transports – 0.5%
	75,000	Southwest Airlines Co.		1,257,750

Trust/ Processors – 0.7%
	55,900	The Bank of New York Co., Inc.		1,647,932

TOTAL COMMON STOCKS
(Cost $203,244,938)			$	234,012,440



Principal		Interest			Maturity
Amount		Rate			Date
							Value
Repurchase Agreement – 1.7%

Joint Repurchase Agreement Account II^
$	4,100,000		1.55	%		07/01/2004	$	4,100,000
Maturity Value $4,100,176

TOTAL REPURCHASE AGREEMENT
(Cost $4,100,000)							$	4,100,000

TOTAL INVESTMENTS – 101.4%
(Cost $207,344,938)							$	238,112,440


*		Non-income producing security.

^		Joint repurchase agreement was entered into on June 30, 2004.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE^SM U.S. EQUITY FUND

Shareholder Letter

Dear Shareholders:

This report provides an overview on the performance of the Goldman Sachs Variable Insurance Trust – CORE U.S. Equity Fund during the six-month reporting period that ended June 30, 2004.

Market Review

For the six-month reporting period ended June 30, 2004, the S&P 500 Index (the “Index”) gained 3.44%. Twelve of the 13 sectors in the Index experienced gains for the period, led by the Energy (+12.7%) sector. The Consumer Non-Cyclicals (+7.6%) and Industrials (+6.3%) sectors also boosted Index returns. The Consumer Services (-1.8%) sector was the only sector to struggle during the six-month period. The Energy sector was the largest positive contributor (weight times performance) to the Index gain for the period, followed closely by the Consumer Non-Cyclicals sector.

Investment Objective

The Fund seeks long-term capital growth and dividend income. The Fund seeks this objective through a broadly diversified portfolio of large-cap and blue chip equity investments representing all major sectors of the U.S. economy.

Portfolio Composition

Top 10 Portfolio Holdings as of June 30, 2004*


		% of
Holding	Line of Business	Net Assets

Microsoft Corp.	Computer Software		4.3	%
Pfizer, Inc.	Drugs		3.9
Johnson & Johnson	Drugs		3.0
Intel Corp.	Semiconductors		2.5
J.P. Morgan Chase & Co.	Large Banks		2.2
QUALCOMM, Inc.	Telecommunications Equipment		2.2
Bank of America Corp.	Large Banks		2.1
3M Co.	Chemicals		2.0
Schlumberger Ltd.	Oil Services		2.0
Motorola, Inc.	Telecommunications Equipment		1.8

Performance Review

Over the six-month period that ended June 30, 2004, the Fund generated a cumulative total return of 6.14%. Over the same time period, the Fund’s benchmark, the Standard & Poor’s 500 Index (with dividends reinvested) generated a cumulative total return of 3.44%.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE^SM U.S. EQUITY FUND

Shareholder Letter (continued)

As these absolute returns indicate, the equity markets have produced modest gains during the first half of 2004. Over this period, the Fund outperformed its benchmark as a result of solid returns from the CORE^SM themes, a disciplined approach to security analysis, and rigorous risk management.

Of the CORE themes, Valuation and Earnings Quality were the biggest positive contributors to relative returns, as inexpensive companies with cash-based sources of earnings outperformed their industry counterparts. Momentum and Profitability also added value, while Analyst Sentiment was only slightly positive. Only Management Impact detracted slightly from relative performance for the period.

Stock selection was positive in 10 of the 13 sectors contained in the S&P 500 Index, particularly in Consumer Non-Cyclicals and Healthcare. Meanwhile, holdings in the Consumer Services sector performed the worst relative to their benchmark peers, but did little to offset gains realized in other sectors.

In managing the CORE products, we do not make size or sector bets. We hope to add value versus the Fund’s Index through individual stock selection. Our quantitative process seeks out stocks with good momentum that also appear to be good values. We prefer stocks about which fundamental research analysts are becoming more positive and companies with strong profit margins, sustainable earnings, and that use their capital to enhance shareholder value. These factors are not highly correlated to each other, which diversifies the Fund’s sources of returns.

We thank you for your investment and look forward to your continued confidence.

Goldman Sachs Quantitative Equity Management Team

July 16, 2004

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE^SM U.S. EQUITY FUND

Statement of Investments

June 30, 2004 (Unaudited)



Shares		Description	Value
Common Stocks – 98.1%

Biotechnology – 2.6%
	15,400	Biogen Idec, Inc.*	$	974,050
	109,000	Genentech, Inc.*		6,125,800
	60,900	Gilead Sciences, Inc.*		4,080,300

				11,180,150

Brokers – 0.2%
	19,200	Merrill Lynch & Co., Inc.		1,036,416

Chemicals – 3.5%
	96,300	3M Co.		8,667,963
	162,900	Monsanto Co.		6,271,650

				14,939,613

Computer Hardware – 2.6%
	29,300	Agilent Technologies, Inc.*		857,904
	151,900	Cisco Systems, Inc.*		3,600,030
	138,100	Dell, Inc.*		4,946,742
	54,910	Hewlett-Packard Co.		1,158,601
	14,500	NCR Corp.*		719,055

				11,282,332

Computer Software – 5.8%
	21,300	Autodesk, Inc.		911,853
	95,600	BMC Software, Inc.*		1,768,600
	38,000	Cadence Design Systems, Inc.*		555,940
	17,700	International Business Machines Corp.		1,560,255
	656,300	Microsoft Corp.		18,743,928
	35,200	Symantec Corp.*		1,541,056

				25,081,632

Defense/ Aerospace – 0.2%
	27,000	Raytheon Co.		965,790

Drugs – 9.2%
	67,300	Allergan, Inc.		6,024,696
	64,100	American Pharmaceutical Partners, Inc.*@		1,947,358
	26,200	Eli Lilly & Co.		1,831,642
	235,000	Johnson & Johnson		13,089,500
	489,405	Pfizer, Inc.		16,776,803

				39,669,999

Electrical Utilities – 3.2%
	24,400	Alliant Energy Corp.		636,352
	251,800	Edison International		6,438,526
	66,300	Entergy Corp.		3,713,463
	54,524	Exelon Corp.		1,815,104
	44,600	Northeast Utilities		868,362
	11,200	Texas Genco Holdings, Inc.		505,008

				13,976,815

Energy Resources – 3.1%
	53,288	ConocoPhillips		4,065,342
	6,500	Devon Energy Corp.		429,000
	109,066	Exxon Mobil Corp.		4,843,621
	85,200	Occidental Petroleum Corp.		4,124,532

				13,462,495

Environmental & Other Services – 2.3%
	178,100	Cendant Corp.		4,359,888
	9,900	ITT Educational Services, Inc.*		376,398
	23,700	Republic Services, Inc.		685,878
	148,100	Waste Management, Inc.		4,539,265

				9,961,429

Food & Beverage – 4.5%
	218,339	Archer-Daniels-Midland Co.		3,663,728
	157,900	Kraft Foods, Inc.		5,002,272
	35,200	SUPERVALU, INC.		1,077,472
	84,500	Sysco Corp.		3,031,015
	312,900	Tyson Foods, Inc.		6,555,255

				19,329,742

Health Insurance – 0.2%
	37,300	Humana, Inc.*		630,370

Home Products – 3.3%
	8,900	Alberto-Culver Co. Class B		446,246
	98,000	Avon Products, Inc.		4,521,720
	39,000	The Gillette Co.		1,653,600
	137,600	The Procter & Gamble Co.		7,490,944

				14,112,510

Hotel & Leisure – 1.3%
	27,200	Caesars Entertainment, Inc.*		408,000
	65,700	GTECH Holdings Corp.		3,042,567
	15,900	Harman International Industries, Inc.		1,446,900
	9,400	Polaris Industries, Inc.		451,200
	9,300	Royal Caribbean Cruises Ltd.		403,713

				5,752,380

Information Services – 3.4%
	170,300	Accenture Ltd.*		4,679,844
	139,200	IMS Health, Inc.		3,262,848
	102,500	Moody’s Corp.		6,627,650

				14,570,342

Large Banks – 8.4%
	105,283	Bank of America Corp.		8,909,048
	105,132	Citigroup, Inc.		4,888,638
	246,000	J.P. Morgan Chase & Co.		9,537,420
	193,800	U.S. Bancorp.		5,341,128
	170,400	Wachovia Corp.		7,582,800

				36,259,034

Life Insurance – 3.6%
	136,200	MetLife, Inc.		4,882,770
	5,700	Nationwide Financial Services, Inc.		214,377

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE^SM U.S. EQUITY FUND

Statement of Investments (continued)

June 30, 2004 (Unaudited)



Shares		Description	Value
Common Stocks – (continued)

Life Insurance – (continued)
	157,300	Principal Financial Group, Inc.	$	5,470,894
	107,700	Prudential Financial, Inc.		5,004,819

				15,572,860

Media – 3.9%
	88,164	Comcast Corp.*		2,471,237
	6,900	Cox Radio, Inc.*		119,922
	106,900	Fox Entertainment Group, Inc.*		2,854,230
	80,930	The Walt Disney Co.		2,062,906
	411,200	Time Warner, Inc.*		7,228,896
	60,885	Viacom, Inc. Class B		2,174,812

				16,912,003

Medical Products – 1.7%
	83,600	Zimmer Holdings, Inc.*		7,373,520

Medical Providers – 0.2%
	28,100	Caremark Rx, Inc.*		925,614

Mining – 0.1%
	10,700	Newmont Mining Corp.		414,732

Motor Vehicle – 2.6%
	56,700	AutoNation, Inc.*		969,570
	360,700	Ford Motor Co.		5,644,955
	102,000	General Motors Corp.@		4,752,180

				11,366,705

Oil Refining – 3.3%
	41,700	Marathon Oil Corp.		1,577,928
	79,300	Sunoco, Inc.		5,045,066
	100,300	Valero Energy Corp.		7,398,128

				14,021,122

Oil Services – 2.0%
	135,500	Schlumberger Ltd.		8,605,605

Paper & Packaging – 0.3%
	47,600	Louisiana-Pacific Corp.		1,125,740

Parts & Equipment – 2.2%
	192,400	General Electric Co.		6,233,760
	100,300	Tyco International Ltd.		3,323,942

				9,557,702

Property Insurance – 3.3%
	36,500	ACE Ltd.		1,543,220
	34,978	American International Group, Inc.		2,493,232
	17,712	Fidelity National Financial, Inc.		661,366
	79,300	Loews Corp.		4,754,828
	36,400	MBIA, Inc.		2,079,168
	56,300	The Allstate Corp.		2,620,765

				14,152,579

Regionals – 0.4%
	18,800	Bank of Hawaii Corp.		850,136
	16,400	UnionBanCal Corp.		924,960

				1,775,096

REITS – 0.5%
	36,400	Equity Office Properties Trust		990,080
	33,200	Friedman, Billings, Ramsey Group, Inc.		657,028
	14,500	Regency Centers Corp.		622,050

				2,269,158

Retail Apparel – 4.8%
	12,400	AutoZone, Inc.*		993,240
	16,400	Barnes & Noble, Inc.*		557,272
	87,200	Coach, Inc.*		3,940,568
	130,100	Federated Department Stores, Inc.		6,387,910
	15,100	RadioShack Corp.		432,313
	101,800	Saks, Inc.*		1,527,000
	56,900	Sears, Roebuck & Co.		2,148,544
	42,200	The Home Depot, Inc.		1,485,440
	62,900	Wal-Mart Stores, Inc.		3,318,604

				20,790,891

Semiconductors – 2.9%
	80,500	Avnet, Inc.*		1,827,350
	394,500	Intel Corp.		10,888,200

				12,715,550

Specialty Financials – 2.5%
	41,100	AmeriCredit Corp.*		802,683
	103,000	CIT Group, Inc.		3,943,870
	37,000	Countrywide Financial Corp.		2,599,250
	140,900	MBNA Corp.		3,633,811

				10,979,614

Telecommunications Equipment – 4.2%
	435,900	Motorola, Inc.		7,955,175
	13,900	Plantronics, Inc.*		585,190
	129,800	QUALCOMM, Inc.		9,472,804

				18,013,169

Telephone – 2.2%
	68,900	BellSouth Corp.		1,806,558
	441,800	Sprint Corp.		7,775,680

				9,582,238

Thrifts – 0.5%
	20,600	Golden West Financial Corp.		2,190,810

Tobacco – 1.8%
	112,200	R.J. Reynolds Tobacco Holdings, Inc.@		7,583,598

Transports – 0.8%
	47,900	United Parcel Service, Inc.		3,600,643

Wireless – 0.5%
	105,500	AT&T Wireless Services, Inc.*		1,510,760
	15,000	United States Cellular Corp.*		578,250

				2,089,010

TOTAL COMMON STOCKS
(Cost $371,209,821)			$	423,829,008

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE^SM U.S. EQUITY FUND



Principal		Interest			Maturity
Amount		Rate			Date		Value
Repurchase Agreement – 1.6%

Joint Repurchase Agreement Account II^
$	7,000,000		1.55	%		7/1/2004	$	7,000,000
Maturity Value $7,000,300

TOTAL REPURCHASE AGREEMENT
(Cost $7,000,000)							$	7,000,000

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
(Cost $378,209,821)							$	430,829,008



Shares		Description	Value
Securities Lending Collateral – 1.5%

	6,407,700	Boston Global Investment Trust – Enhanced Portfolio	$	6,407,700

TOTAL SECURITIES LENDING COLLATERAL
(Cost $6,407,700)				6,407,700

TOTAL INVESTMENTS – 101.2%
(Cost $384,617,521)			$	437,236,708


*		Non-income producing security.

@		All or a portion of security is on loan.

^		Joint repurchase agreement was entered into on June 30, 2004.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE^SM SMALL CAP EQUITY FUND

Shareholder Letter

Dear Shareholders:

This report provides an overview on the performance of the Goldman Sachs Variable Insurance Trust – CORE Small Cap Equity Fund during the six-month reporting period that ended June 30, 2004.

Market Review

For the six-month reporting period ended June 30, 2004, the Russell 2000 Index (the “Index”) gained 6.76%. Twelve of the 13 sectors in the Index posted positive absolute returns for the period, with the Energy sector (+27.1) generating the best results. Basic Materials (+12.0%) and Consumer Non-Cyclicals (+11.3%) also posted solid returns. The Healthcare sector (+10.3%) was the biggest contributor (weight times performance) to Index gains, followed closely by the Consumer Cyclicals (+9.8%) and Financials (+4.6%) sectors.

Investment Objective

The Fund seeks long-term growth of capital. The Fund seeks this objective through a broadly diversified portfolio of equity investments of U.S. issuers.

Portfolio Composition

Top 10 Portfolio Holdings as of June 30, 2004*


		% of
Holding	Line of Business	Net Assets

Tesoro Petroleum Corp.	Oil Refining		1.6	%
eResearch Technology, Inc.	Computer Software		1.6
Silicon Valley Bancshares	Regionals		1.5
Veritas DGC, Inc.	Oil Services		1.5
Hughes Supply, Inc.	Construction		1.3
Plantronics, Inc.	Telecommunications Equipment		1.2
Gen-Probe, Inc.	Biotechnology		1.1
Stage Stores, Inc.	Retail Apparel		1.1
Engineered Support Systems, Inc.	Parts & Equipment		1.1
Kos Pharmaceuticals, Inc.	Drugs		1.0

Performance Review

Over the six-month period that ended June 30, 2004, the Fund generated a cumulative total return of 6.00%. Over the same time period, the Fund’s benchmark, the Russell 2000 Index (with dividends reinvested) generated a cumulative total return of 6.76%.

As these absolute returns indicate, the small-cap equity market continued to rise during the first half of 2004. Despite good absolute performance, the Fund underperformed its

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE^SM SMALL CAP EQUITY FUND

benchmark for the period. Although the CORE investment themes performed well in the broad universe, certain themes worked well among large-cap stocks but not among smaller-cap stocks. Momentum, Earnings Quality, and Analyst Sentiment, in particular, were considerably less successful for the Russell 2000 benchmark holdings than they were for large caps.

Of the CORE themes, Earnings Quality was the biggest positive contributor to relative returns, as companies with cash-based sources of earnings outperformed their industry counterparts. Profitability was a close second behind Earnings Quality. Valuation, Momentum, and Analyst Sentiment added value as well. Only Management Impact detracted from relative performance for the period.

Stock selection was negative in nine of the 13 sectors, particularly in the Consumer Cyclicals sector. Meanwhile, the Fund’s holdings in the Energy sector helped boost returns relative to the benchmark but did little to alleviate losses felt in other sectors.

In managing the CORE products, we do not make size or sector bets. We hope to add value versus the Fund’s Index through individual stock selection. Our quantitative process seeks out stocks with good momentum that also appear to be good values. We prefer stocks about which fundamental research analysts are becoming more positive, and companies with strong profit margins, sustainable earnings, and that use their capital to enhance shareholder value. These factors are not highly correlated to each other, which diversifies the Fund’s sources of returns.

We thank you for your investment and look forward to your continued confidence.

Goldman Sachs Quantitative Equity Management Team

July 16, 2004

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE^SM SMALL CAP EQUITY FUND

Statement of Investments

June 30, 2004 (Unaudited)



Shares		Description	Value
Common Stocks – 99.6%

Biotechnology – 2.6%
	11,400	Albany Molecular Research, Inc.*	$	147,402
	16,100	Applera Corp. – Celera Genomics Group*		185,311
	9,200	Bio-Rad Laboratories, Inc.*		541,512
	54,800	deCODE genetics, Inc.*		465,800
	44,200	Gen-Probe, Inc.*		2,091,544
	22,400	Guilford Pharmaceuticals, Inc.*@		106,400
	15,300	Maxygen, Inc.*		161,721
	3,100	Neurocrine Biosciences, Inc.*		160,735
	67,600	Vicuron Pharmaceuticals, Inc.*		849,056

				4,709,481

Chemicals – 0.7%
	12,400	Arch Chemicals, Inc.		357,368
	12,700	Myers Industries, Inc.		179,070
	23,100	NewMarket Corp.*		495,957
	24,600	PolyOne Corp.*		183,024

				1,215,419

Computer Hardware – 2.6%
	67,900	Adaptec, Inc.*		574,434
	16,200	Echelon Corp.*@		181,278
	24,300	Imagistics International, Inc.*		860,220
	113,700	InFocus Corp.*		966,450
	98,900	Komag, Inc.*		1,381,633
	5,800	Tech Data Corp.*		226,954
	30,900	UNOVA, Inc.*		625,725

				4,816,694

Computer Software – 5.8%
	3,800	ANSYS, Inc.*		178,600
	89,500	Aspect Communications Corp.*		1,270,900
	65,800	Epicor Software Corp.*		924,490
	105,475	eResearch Technology, Inc.*		2,953,300
	30,600	FileNET Corp.*		966,042
	26,000	Inet Technologies, Inc.*		324,220
	6,800	Intergraph Corp.*		175,848
	19,500	MSC.Software Corp.*		174,525
	12,000	QAD, Inc.*		127,320
	3,600	Quality Systems, Inc.*		176,724
	33,400	S1 Corp.*		331,996
	55,100	SeaChange International, Inc.*@		930,088
	6,100	SPSS, Inc.*		109,617
	48,400	SS&C Technologies, Inc.		905,080
	26,500	Tradestation Group, Inc.*		190,535
	17,100	Transaction Systems Architects, Inc.*		368,163
	13,800	Websense, Inc.*		513,774

				10,621,222

Construction – 3.9%
	30,300	Brookfield Homes Corp.		793,557
	23,950	Griffon Corp.*		533,606
	39,400	Hughes Supply, Inc.		2,321,842
	9,800	Lennox International, Inc.		177,380
	106,400	USG Corp.*@		1,870,512
	40,800	Washington Group International, Inc.*		1,464,312

				7,161,209

Consumer Durables – 0.4%
	31,000	Applica, Inc.*		275,900
	2,000	CSS Industries, Inc.		70,080
	10,600	Interface, Inc.*		92,538
	21,300	Kimball International, Inc. Class B		314,175

				752,693

Defense/ Aerospace – 1.7%
	46,800	Armor Holdings, Inc.*		1,591,200
	15,800	Curtiss-Wright Corp.		887,802
	19,600	Orbital Sciences Corp.*		270,676
	2,100	Sequa Corp.*		122,787
	14,100	Teledyne Technologies, Inc.*		282,282

				3,154,747

Drugs – 2.9%
	32,700	Endo Pharmaceuticals Holdings, Inc.*		766,815
	58,300	Kos Pharmaceuticals, Inc.*@		1,922,151
	21,300	Noven Pharmaceuticals, Inc.*		469,026
	12,900	Nutraceutical International Corp.*		274,899
	12,400	Omnicell, Inc.*		181,164
	54,200	USANA Health Sciences, Inc.*@		1,684,536

				5,298,591

Electrical Utilities – 2.6%
	52,200	Alliant Energy Corp.		1,361,376
	28,900	Avista Corp.		532,338
	5,200	Central Vermont Public Service Corp.		106,548
	12,000	IDACORP, Inc.		324,000
	19,000	Northeast Utilities		369,930
	79,900	Sierra Pacific Resources*		616,029
	67,500	Southern Union Co.*		1,422,900

				4,733,121

Electronic Manufacturing Services – 0.6%
	52,100	EnPro Industries, Inc.*		1,197,258

Energy Resources – 1.3%
	54,450	Patina Oil & Gas Corp.		1,626,422
	15,000	The Houston Exploration Co.*		777,600

				2,404,022

Environmental & Other Services – 1.5%
	11,100	Administaff, Inc.*		184,260
	26,200	Dollar Thrifty Automotive Group, Inc.*		718,928
	44,500	Integrated Electrical Services, Inc.*		358,225
	9,300	LNR Property Corp.		504,525
	15,100	MPS Group, Inc.*		183,012

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE^SM SMALL CAP EQUITY FUND



Shares		Description	Value
Common Stocks – (continued)

Environmental & Other Services – (continued)
	56,600	Spherion Corp.*	$	573,924
	10,700	United Rentals, Inc.*		191,423

				2,714,297

Food & Beverage – 2.9%
	17,300	Corn Products International, Inc.		805,315
	22,201	Flowers Foods, Inc.		580,556
	34,900	Interstate Bakeries Corp.		378,665
	3,900	J & J Snack Foods Corp.*		159,237
	35,800	Nash-Finch Co.		896,074
	24,300	Pilgrim’s Pride Corp.		703,242
	23,950	Sanderson Farms, Inc.		1,284,199
	10,000	The Boston Beer Co., Inc.*		201,400
	9,900	The Robert Mondavi Corp.*		366,498

				5,375,186

Gas Utilities – 0.2%
	3,500	Northwest Natural Gas Co.		106,750
	10,900	Southwest Gas Corp.		263,017

				369,767

Grocery – 0.3%
	9,700	Ruddick Corp.		217,765
	52,600	The Great Atlantic & Pacific Tea Co., Inc.*		402,916

				620,681

Home Products – 0.7%
	32,100	Nu Skin Enterprises, Inc.		812,772
	21,300	Perrigo Co.		404,061

				1,216,833

Hotel & Leisure – 3.7%
	6,800	Arctic Cat, Inc.		187,204
	33,800	Choice Hotels International, Inc.		1,695,408
	5,090	Dover Downs Gaming & Entertainment, Inc.		57,263
	21,200	FelCor Lodging Trust, Inc.*		256,520
	30,600	GTECH Holdings Corp.		1,417,086
	26,500	Handleman Co.		613,740
	192,700	La Quinta Corp.*		1,618,680
	22,800	Prime Hospitality Corp.*		242,136
	4,000	The Marcus Corp.		69,000
	16,000	Vail Resorts, Inc.*		306,560
	21,500	World Wrestling Entertainment, Inc.		274,125

				6,737,722

Information Services – 3.3%
	30,600	Arbitron, Inc.*		1,117,512
	22,700	Century Business Services, Inc.*		98,972
	25,400	Cerner Corp.*		1,132,332
	7,400	Daktronics, Inc.*		184,630
	39,000	eFunds Corp.*		682,500
	27,900	Gartner, Inc.*		368,838
	24,300	Keane, Inc.*		332,667
	41,500	Orbitz, Inc.*@		897,230
	12,900	Pre-Paid Legal Services, Inc.*@		307,407
	10,000	SOURCECORP, Inc.*		275,200
	15,100	Symyx Technologies, Inc.*		364,212
	44,000	TeleTech Holdings, Inc.*		385,880

				6,147,380

Internet – 0.3%
	9,800	eCollege.com*		156,800
	7,500	F5 Networks, Inc.*		198,600
	8,700	WebEx Communications, Inc.*@		189,312

				544,712

Life Insurance – 1.5%
	26,100	AmerUs Group Co.		1,080,540
	21,050	Delphi Financial Group, Inc.		936,725
	6,500	FBL Financial Group, Inc.		183,690
	1,300	National Western Life Insurance Co.*		199,615
	23,900	The Phoenix Cos., Inc.@		292,775

				2,693,345

Media – 0.8%
	26,900	Hearst-Argyle Television, Inc.		693,482
	12,500	Insight Communications Co., Inc.*		115,750
	13,300	The Liberty Corp.		624,435

				1,433,667

Medical Products – 3.6%
	33,600	Advanced Medical Optics, Inc.*		1,430,352
	8,400	Align Technology, Inc.*		159,600
	36,300	Dade Behring Holdings, Inc.*		1,724,976
	25,300	DJ Orthopedics, Inc.*		581,900
	19,800	Haemonetics Corp.*		587,070
	8,200	Hologic, Inc.*		190,650
	11,366	Merit Medical Systems, Inc.*		181,060
	2,900	Ocular Sciences, Inc.*		110,200
	7,100	Owens & Minor, Inc.		183,890
	16,300	Respironics, Inc.*		957,625
	11,400	Ventana Medical Systems, Inc.*		541,842

				6,649,165

Medical Providers – 2.0%
	5,800	Amedisys, Inc.*		191,632
	71,300	Kindred Healthcare, Inc.*		1,878,755
	7,500	PAREXEL International Corp.*		148,500
	13,700	RehabCare Group, Inc.*		364,831
	39,600	Select Medical Corp.		531,432
	22,900	Stewart Enterprises, Inc.*		186,406
	7,800	Sunrise Senior Living, Inc.*		305,292

				3,606,848

Mining – 4.2%
	28,000	AMCOL International Corp.		530,600
	14,500	Brush Engineered Materials, Inc.*		274,050
	46,800	Carpenter Technology Corp.		1,593,540
	20,600	Commercial Metals Co.		668,470
	10,900	Metals USA, Inc.*		194,892
	25,800	Oregon Steel Mills, Inc.*		380,292

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE^SM SMALL CAP EQUITY FUND

Statement of Investments (continued)

June 30, 2004 (Unaudited)



Shares		Description	Value
Common Stocks – (continued)

Mining – (continued)
	27,300	Reliance Steel & Aluminum Corp.	$	1,100,736
	13,100	Royal Gold, Inc.@		185,627
	25,700	RTI International Metals, Inc.*		409,915
	46,100	Ryerson Tull, Inc.		732,068
	24,250	Schnitzer Steel Industries, Inc.		823,530
	4,200	Silgan Holdings, Inc.		169,302
	13,700	Steel Dynamics, Inc.*		392,231
	38,100	USEC, Inc.		334,137

				7,789,390

Motor Vehicle – 0.8%
	24,300	Lithia Motors, Inc.		602,154
	71,300	Visteon Corp.		832,071

				1,434,225

Oil Refining – 1.6%
	107,100	Tesoro Petroleum Corp.*		2,955,960

Oil Services – 2.7%
	2,600	CARBO Ceramics, Inc.		177,450
	3,000	Lufkin Industries, Inc.		95,940
	43,500	Petroleum Development Corp.*		1,192,770
	26,500	Universal Compression Holdings, Inc.*		813,020
	117,500	Veritas DGC, Inc.*		2,720,125

				4,999,305

Paper & Packaging – 1.6%
	10,000	Chesapeake Corp.		266,800
	4,400	Greif Bros. Corp.		185,900
	45,500	Louisiana-Pacific Corp.		1,076,075
	28,600	United Stationers, Inc.*		1,135,992
	9,200	Universal Forest Products, Inc.		296,700

				2,961,467

Parts & Equipment – 5.3%
	18,200	Acuity Brands, Inc.		491,400
	18,600	Applied Industrial Technologies, Inc.		560,232
	8,000	CIRCOR International, Inc.		163,120
	17,200	Coherent, Inc.*		513,420
	7,100	CyberOptics Corp.*		184,458
	35,300	Engineered Support Systems, Inc.		2,065,403
	18,700	Esterline Technologies Corp.*		552,211
	40,600	Intervoice, Inc.*		465,682
	4,800	Kaman Corp.		67,152
	34,200	MTS Systems Corp.		801,990
	8,800	NACCO Industries, Inc.		836,000
	26,200	NMS Communications Corp.*		193,356
	9,200	Rofin-Sinar Technologies, Inc.*		233,588
	8,200	Rogers Corp.*		573,180
	8,200	Technitrol, Inc.*		179,580
	4,400	Tennant Co.		182,380
	2,900	The Genlyte Group, Inc.*		182,352
	2,900	The Middleby Corp.		158,398
	32,100	Watsco, Inc.		901,047
	4,900	Woodward Governor Co.		353,339

				9,658,288

Property Insurance – 2.2%
	6,200	Argonaut Group, Inc.*		114,266
	35,300	LandAmerica Financial Group, Inc.		1,374,229
	4,800	Selective Insurance Group, Inc.		191,424
	34,300	Stewart Information Services Corp.		1,158,311
	6,600	The Midland Co.		195,690
	21,200	Zenith National Insurance Corp.		1,030,320

				4,064,240

Publishing – 2.5%
	20,500	American Greetings Corp.*		475,190
	27,500	Bowne & Co., Inc.		435,875
	23,500	Consolidated Graphics, Inc.*		1,035,175
	59,100	Hollinger International, Inc.		992,289
	24,400	Journal Communications, Inc.		459,452
	31,900	Paxar Corp.*		622,688
	8,800	Pulitzer, Inc.		430,320
	8,300	The Standard Register Co.		98,770

				4,549,759

Regionals – 6.6%
	37,200	Bank of Hawaii Corp.		1,682,184
	29,000	BankAtlantic Bancorp, Inc.		535,050
	6,600	Berkshire Hills Bancorp, Inc.		244,860
	11,600	Brookline Bancorp, Inc.		170,172
	2,750	Capital City Bank Group, Inc.		108,873
	34,000	Commercial Capital Bancorp, Inc.*		590,580
	18,600	Corus Bankshares, Inc.		764,646
	3,700	First Citizens Bancshares, Inc.		451,400
	2,500	First Financial Bankshares, Inc.		104,825
	9,000	Greater Bay Bancorp.		260,100
	13,200	Hancock Holding Co.		383,592
	2,200	IBERIABANK Corp.		130,196
	6,190	Oriental Financial Group, Inc.		167,563
	6,488	Pacific Capital Bancorp.		182,507
	30,900	PFF Bancorp, Inc.		1,150,716
	4,400	Prosperity Bancshares, Inc.		107,140
	23,800	R&G Financial Corp. Class B		786,828
	8,600	Riggs National Corp.		181,632
	71,400	Silicon Valley Bancshares*		2,831,010
	6,275	Sterling Bancorp.		173,316
	8,430	Texas Regional Bancshares, Inc.		387,021
	6,200	U.S.B. Holding Co., Inc.		142,104
	10,470	UMB Financial Corp.		540,461

				12,076,776

REITS – 4.9%
	8,700	Amli Residential Properties Trust		255,258
	3,000	Bedford Property Investors, Inc.		87,720
	92,800	Capstead Mortgage Corp.@		1,248,160
	26,300	Commercial Net Lease Realty		452,360
	5,000	Correctional Properties Trust		146,250

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE^SM SMALL CAP EQUITY FUND



Shares		Description	Value
Common Stocks – (continued)

REITS – (continued)
	14,000	Cousins Properties, Inc.	$	461,300
	26,300	Entertainment Properties Trust		939,962
	9,800	Equity One, Inc.		177,184
	17,000	Friedman, Billings, Ramsey Group, Inc.		336,430
	39,400	Glenborough Realty Trust, Inc.		722,990
	8,100	Healthcare Realty Trust, Inc.		303,588
	11,300	Heritage Property Investment Trust		305,778
	17,400	Highland Hospitality Corp.*		174,870
	52,300	HRPT Properties Trust		523,523
	17,300	Kilroy Realty Corp.		589,930
	23,300	National Health Investors, Inc.		633,527
	15,100	Newcastle Investment Corp.		452,245
	27,100	Omega Healthcare Investors, Inc.		272,084
	14,100	PS Business Parks, Inc.		567,384
	23,300	Senior Housing Properties Trust		391,207

				9,041,750

Restaurants – 1.6%
	19,650	CEC Entertainment, Inc.*		579,872
	30,800	Dave & Buster’s, Inc.*		578,732
	11,500	Jack in the Box, Inc.*		341,550
	7,900	Lone Star Steakhouse & Saloon, Inc.		214,801
	42,100	Papa John’s International, Inc.*@		1,243,634

				2,958,589

Retail Apparel – 7.2%
	18,800	Aaron Rents, Inc.		623,032
	11,800	Blockbuster, Inc.@		179,124
	47,550	Brookstone, Inc.*		953,377
	4,800	Brown Shoe Co., Inc.		196,464
	24,300	Charming Shoppes, Inc.*		216,999
	11,500	Coldwater Creek, Inc.*		304,405
	17,700	GameStop Corp.*		269,394
	23,800	Goody’s Family Clothing, Inc.		246,806
	8,700	Haverty Furniture Cos., Inc.		152,076
	39,400	Insight Enterprises, Inc.*		699,744
	24,100	K-Swiss, Inc.		487,061
	51,400	Longs Drug Stores Corp.		1,226,918
	50,300	Movie Gallery, Inc.		983,365
	27,400	Payless ShoeSource, Inc.*		408,534
	19,800	PETCO Animal Supplies, Inc.*		637,758
	44,500	Saks, Inc.		667,500
	37,700	Shopko Stores, Inc.*		533,078
	30,000	Skechers U.S.A., Inc.*		390,000
	20,700	Sonic Automotive, Inc.		458,505
	55,200	Stage Stores, Inc.*		2,078,832
	7,300	The Children’s Place Retail Stores, Inc.*		171,696
	13,700	The Finish Line, Inc.*		413,329
	21,000	The Pep Boys – Manny, Moe & Jack		532,350
	14,600	Zale Corp.*		397,996

				13,228,343

Semiconductors – 2.8%
	174,000	Atmel Corp.*		1,030,080
	53,050	Avnet, Inc.*		1,204,235
	45,800	C-COR.net Corp.*		471,282
	14,500	Microsemi Corp.*		206,045
	29,500	Pixelworks, Inc.*		451,940
	13,900	Silicon Image, Inc.*		182,507
	44,400	Silicon Storage Technology, Inc.*		457,320
	15,300	Standard Microsystems Corp.*		356,796
	47,300	Vishay Intertechnology, Inc.*		878,834

				5,239,039

Specialty Financials – 3.6%
	10,700	Advanta Corp. Class B		245,244
	40,200	AmeriCredit Corp.*		785,106
	59,600	CompuCredit Corp.*		1,031,080
	3,200	Credit Acceptance Corp.*		48,224
	26,600	Gabelli Asset Management, Inc.		1,130,500
	8,200	NCO Group, Inc.*		218,858
	39,700	New Century Financial Corp.@		1,858,754
	9,700	Nuveen Investments		259,960
	9,600	SWS Group, Inc.		146,880
	44,300	World Acceptance Corp.*		812,019

				6,536,625

Telecommunications Equipment – 3.2%
	32,800	Anixter International, Inc.*		1,116,184
	82,100	Artesyn Technologies, Inc.*		738,900
	37,400	Audiovox Corp.*		631,312
	40,500	CommScope, Inc.*		868,725
	4,800	EMS Technologies, Inc.*		93,264
	45,000	Optical Communication Products, Inc.*		109,800
	50,900	Plantronics, Inc.*		2,142,890
	10,900	ViaSat, Inc.*		271,955

				5,973,030

Telephone – 0.2%
	87,200	Time Warner Telecom, Inc.*		365,368

Thrifts – 0.7%
	53,400	Flagstar Bancorp, Inc.		1,061,592
	5,700	Flushing Financial Corp.		100,605
	10,200	Republic Bancorp, Inc.		141,780
	1,200	WSFS Financial Corp.		58,404

				1,362,381

Transports – 1.8%
	36,800	Alaska Air Group, Inc.*		878,416
	10,900	Covenant Transport, Inc.*		186,281
	36,600	ExpressJet Holdings, Inc.*		444,324
	18,100	Frontier Airlines, Inc.*		196,928
	4,200	Landstar System, Inc.*		222,054
	18,500	Overseas Shipholding Group, Inc.		816,405
	35,100	SkyWest, Inc.		611,091

				3,355,499

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE^SM SMALL CAP EQUITY FUND

Statement of Investments (continued)

June 30, 2004 (Unaudited)



Shares		Description	Value
Common Stocks – (continued)

Wireless – 0.2%
	15,000	Boston Communications Group, Inc.*	$	153,750
	6,500	United States Cellular Corp.*		250,575

				404,325

TOTAL COMMON STOCKS
(Cost $165,005,613)				183,128,419

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
(Cost $165,005,613)				183,128,419

Securities Lending Collateral – 6.2%

	11,364,050	Boston Global Investment Trust – Enhanced Portfolio		11,364,050

TOTAL SECURITIES LENDING COLLATERAL
(Cost $11,364,050)				11,364,050

TOTAL INVESTMENTS – 105.8%
(Cost $176,369,663)				194,492,469


*		Non-income producing security.

@		All or a portion of security is on loan.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Shareholder Letter

Dear Shareholders:

This report provides an overview on the performance of the Goldman Sachs Variable Insurance Trust – Capital Growth Fund during the six-month reporting period that ended June 30, 2004.

Market Review

The U.S. equity markets posted modest gains during the reporting period. In the first quarter 2004, investors were preoccupied with concerns over anemic job growth and the potential for a “jobless” economic recovery. However, these fears abruptly changed in the second quarter as nearly one million new jobs were created from March through May 2004. In addition, corporate profits continued to be very strong and consumer confidence reached a two-year high in June 2004. Despite these positive trends, the surge in employment and signs of inflationary pressures caused investors to become preoccupied with the prospect for higher interest rates. At the end of the period, the Federal Open Market Committee raised short-term interest rates from 1.00% to 1.25%, the first such increase in four years. Looking at the reporting period as a whole, the market was led by consumer industries such as foods, beverages, and household/ personal care. After a weak first quarter, Internet, defense, and energy companies also benefited from the growing recovery and posted positive results in the second quarter. Media-related companies, such as radio broadcasting and cable, were notably weak due to poor advertising sales.

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Composition

Top 10 Portfolio Holdings as of June 30, 2004*


		% of
Holding	Line of Business	Net Asset

Microsoft Corp.	Computer Software		5.5	%
Pfizer, Inc.	Drugs		5.1
PepsiCo, Inc.	Food & Beverage		4.0
QUALCOMM, Inc.	Telecommunications Equipment		3.8
Fannie Mae	Specialty Financials		3.4
Wal-Mart Stores, Inc.	Retail		3.2
Dell, Inc.	Computer Hardware		3.0
Intel Corp.	Semiconductors		3.0
Cisco Systems, Inc.	Computer Hardware		2.7
The McGraw-Hill Cos., Inc.	Information Services		2.7

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Shareholder Letter (continued)

Performance Review

Over the six-month period that ended June 30, 2004, the Fund generated a cumulative total return of 2.92%. Over the same time period, the Fund’s benchmark, the Russell 1000 Growth Index (with dividends reinvested) and its former benchmark, the S&P 500 Index (with dividends reinvested), generated cumulative total returns of 2.74% and 3.44%, respectively.

Within the Media sector, the Fund’s holdings within the radio market were weak, as analysts were disappointed by near-term advertising sales. While the recent stock performances from Viacom, Inc. and Clear Channel Communications, Inc. are disappointing, we remain focused on their competitive advantages and long-term growth prospects. In the Healthcare sector, Wyeth and Guidant Corp. detracted from performance during the second half of the period. In the case of Wyeth, an appeals court overturned a prior ruling, which had limited the evidence allowed to be submitted by plaintiffs’ attorneys in fen-phen trials. It is the widely held belief that the company may ultimately attempt to take the appeal to the Supreme Court. Despite these legal proceedings, we believe the fundamentals of the business are strong. Guidant’s stock declined in response to the announcement that it experienced manufacturing or design issues during a recent clinical trial. We continued to build up the Fund’s position during this weakness in the stock price.

Within Consumer Staples, Colgate-Palmolive Co., Wm. Wrigley Jr. Co. and Avon Products, Inc. were notably strong during the reporting period. In 2003, we took advantage of attractive valuations and increased the Fund’s allocation to this area. We believe all three companies are benefiting from their global reach, as sales in European and Latin American operations continue to exceed analysts’ expectations. In the Technology sector, Microsoft Corp., eBay, Inc. and QUALCOMM, Inc. were notable contributors. In the case of Microsoft, we believe the market has begun to recognize the strong fundamentals of its business. With its recent anti-trust settlement behind it, Microsoft plans to use some of its estimated $56 billion of cash to benefit shareholders by paying a special one-time, three-dollar a share dividend, and to buy back a portion of its outstanding stock.

Travel-related businesses, including Starwood Hotels and Resorts Worldwide, Inc., Marriott International, Inc., Cendant Corp. and Sabre Holdings Corp. ended the period in positive territory and boosted returns. These companies are benefiting as the economy strengthens, corporate profits surge, and the stock market rebounds. As a result, travel is starting to pick up and occupancy is improving. Starwood has important exposure to the New York and Boston markets – sites of the Republican and Democrat conventions. Since Marriott manages rather than owns its properties, it receives incentives amounting to a certain percentage of profits if goals are met.

We thank you for your investment and look forward to your continued confidence.

Goldman Sachs Growth Equity Management Team

July 16, 2004

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Statement of Investments

June 30, 2004 (Unaudited)



Shares		Description	Value
Common Stocks – 99.7%

Biotechnology – 2.1%
	68,820	Amgen, Inc.*	$	3,755,507

Brokers – 0.9%
	15,165	Merrill Lynch & Co., Inc.		818,607
	16,055	Morgan Stanley		847,222

				1,665,829

Chemicals – 1.6%
	30,855	3M Co.		2,777,259

Computer Hardware – 5.7%
	205,700	Cisco Systems, Inc.*		4,875,090
	149,765	Dell, Inc.*		5,364,582

				10,239,672

Computer Software – 7.8%
	36,075	Electronic Arts, Inc.*		1,967,891
	17,455	Intuit, Inc.*		673,414
	347,275	Microsoft Corp.		9,918,174
	47,500	Sabre Holdings Corp.		1,316,225

				13,875,704

Drugs – 8.4%
	25,240	Eli Lilly & Co.		1,764,528
	266,650	Pfizer, Inc.		9,140,762
	42,670	Schering-Plough Corp.		788,542
	94,895	Wyeth		3,431,403

				15,125,235

Energy Resources – 1.5%
	15,650	Anadarko Petroleum Corp.		917,090
	19,830	Apache Corp.		863,596
	20,392	Exxon Mobil Corp.		905,609

				2,686,295

Financial Technology – 3.1%
	27,780	CheckFree Corp.*		833,400
	106,200	First Data Corp.		4,728,024

				5,561,424

Food & Beverage – 6.4%
	132,360	PepsiCo, Inc.		7,131,557
	27,165	The Coca-Cola Co.		1,371,289
	46,490	Wm. Wrigley Jr. Co.		2,931,195

				11,434,041

Home Products – 7.3%
	91,200	Avon Products, Inc.		4,207,968
	64,545	Colgate-Palmolive Co.		3,772,655
	23,521	Energizer Holdings, Inc.*		1,058,445
	75,120	The Procter & Gamble Co.		4,089,533

				13,128,601

Hotel & Leisure – 4.0%
	30,900	GTECH Holdings Corp.		1,430,979
	30,320	Harrah’s Entertainment, Inc.		1,640,312
	40,280	Marriott International, Inc.		2,009,166
	47,390	Starwood Hotels & Resorts Worldwide, Inc.		2,125,442

				7,205,899

Information Services – 4.2%
	40,245	Moody’s Corp.		2,602,242
	63,390	The McGraw-Hill Cos., Inc.		4,853,772

				7,456,014

Internet – 1.3%
	25,040	eBay, Inc.*		2,302,428

Large Banks – 1.1%
	17,600	Bank One Corp.		897,600
	21,816	Citigroup, Inc.		1,014,444

				1,912,044

Media – 12.3%
	37,798	Cablevision Systems New York Group*		742,731
	58,400	Citadel Broadcasting Co.*		850,888
	94,818	Clear Channel Communications, Inc.		3,503,525
	28,430	EchoStar Communications Corp.*		874,223
	58,715	Lamar Advertising Co.*		2,545,295
	91,700	Liberty Media Corp. Series A*		824,383
	9,600	The E.W. Scripps Co.		1,008,000
	162,710	Time Warner, Inc.*		2,860,442
	79,950	Univision Communications, Inc.*		2,552,803
	20,010	Valassis Communications, Inc.*		609,705
	121,918	Viacom, Inc. Class B		4,354,911
	46,800	XM Satellite Radio Holdings, Inc.*		1,277,172

				22,004,078

Medical Products – 2.5%
	26,800	Guidant Corp.		1,497,584
	40,200	Medtronic, Inc.		1,958,544
	14,300	St. Jude Medical, Inc.*		1,081,795

				4,537,923

Medical Providers – 1.1%
	59,195	Caremark Rx, Inc.*		1,949,883

Parts & Equipment – 2.1%
	57,400	General Electric Co.		1,859,760
	56,100	Tyco International Ltd.		1,859,154

				3,718,914

Property Insurance – 1.0%
	12,500	AMBAC Financial Group, Inc.		918,000
	22,100	Willis Group Holdings Ltd.		827,645

				1,745,645

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Statement of Investments (continued)

June 30, 2004 (Unaudited)



Shares		Description	Value
Common Stocks – (continued)

Publishing – 0.7%
	15,100	Gannett Co., Inc.	$	1,281,235

Real Estate and Travel Services – 2.0%
	145,715	Cendant Corp.		3,567,103

Retail – 5.7%
	34,555	Dollar Tree Stores, Inc.*		947,844
	28,965	Family Dollar Stores, Inc.		881,115
	33,000	Lowe’s Companies, Inc.		1,734,150
	31,900	PETCO Animal Supplies, Inc.*		1,027,499
	106,930	Wal-Mart Stores, Inc.		5,641,627

				10,232,235

Semiconductors – 3.7%
	193,200	Intel Corp.		5,332,320
	34,600	Linear Technology Corp.		1,365,662

				6,697,982

Specialty Financials – 7.7%
	86,250	Fannie Mae		6,154,800
	76,065	Freddie Mac		4,814,914
	65,850	MBNA Corp.		1,698,272
	124,510	The Charles Schwab Corp.		1,196,541

				13,864,527

Telecommunications Equipment – 3.8%
	93,130	QUALCOMM, Inc.		6,796,628

Thrifts – 0.5%
	7,915	Golden West Financial Corp.		841,760

Wireless – 1.2%
	71,700	American Tower Corp.*		1,089,840
	72,290	Crown Castle International Corp.*		1,066,278

				2,156,118

TOTAL COMMON STOCKS
(Cost $171,011,423)			$	178,519,983



Principal		Interest			Maturity
Amount		Rate			Date		Value
Repurchase Agreement – 0.3%

Joint Repurchase Agreement Account II^
$	600,000		1.55	%		07/01/2004	$	600,000
Maturity Value $600,026

TOTAL REPURCHASE AGREEMENT
(Cost $600,000)							$	600,000

TOTAL INVESTMENTS — 100.0%
(Cost $171,611,423)							$	179,119,983

* Non-income producing security.


^	Joint repurchase agreement was entered into on June 30, 2004.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Shareholder Letter

Dear Shareholders:

This report provides an overview on the performance of the Goldman Sachs Variable Insurance Trust – Mid Cap Value Fund during the six-month reporting period that ended June 30, 2004.

Market Review

The U.S. equity markets generated positive but modest gains during the first six months of the year. The S&P 500 Index returned 3.44%, while the Russell 3000 Index gained 3.59%. The Industrial and Energy sectors drove broad market returns higher, while Financials and Real Estate Investment Trusts (“REITs”) declined because of fears of rising interest rates. On the economic front, positive data flow continued, supporting a continued economic expansion with a notable increase in new jobs in the second quarter 2004. However, fears of inflation caused investors to focus on the Federal Reserve Board’s indication that it would raise interest rates by 25 basis points. This came to pass on June 30, marking the first such increase in over four years. Commodity prices, led by crude oil, reached record highs on broad global demand and geopolitical fears. Company earnings continued to be positive, although varied.

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Composition

Top 10 Portfolio Holdings as of June 30, 2004*


		% of
Holding	Line of Business	Net Assets

PPL Corp.	Electrical Utilities		2.7	%
Abercrombie & Fitch Co.	Retail Apparel		2.4
Cummins, Inc.	Parts & Equipment		2.1
CIT Group, Inc.	Specialty Financials		2.0
iStar Financial, Inc.	REITs		2.0
PartnerRe Ltd.	Property Insurance		2.0
Eaton Corp.	Parts & Equipment		2.0
The Williams Companies, Inc.	Diversified Energy		2.0
Lennar Corp.	Construction		1.9
Lamar Advertising Co.	Media		1.8

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Shareholder Letter (continued)

Performance Review

Over the six-month reporting period that ended June 30, 2004, the Fund generated a cumulative total return of 10.40%. Over the same time period, the Fund’s benchmark, the Russell Midcap Value Index (with dividends reinvested) generated a cumulative total return of 7.17%.

Retail and apparel stocks generally performed well during the period, and J.C. Penney and Abercrombie & Fitch were two of the Fund’s top performers. Both had been subject to extreme levels of investor skepticism during 2003 due to lackluster sales trends. Abercrombie & Fitch, a specialty retailer, benefited from changes in merchandising strategies that enabled it to compete with department store labels more effectively while increasing same-store sales. J.C. Penney performed well over the period, due in part to its strong operating results. In addition, J.C. Penney reached an agreement to sell its holding in the pharmacy chain Eckerd at a favorable price.

Within Insurance and Specialty Finance, Countrywide Financial performed very well. This caused the company’s total market capitalization to exceed the upper limits of our mid-cap range. Given the Fund’s mandate to invest in mid-cap stocks, Countrywide Financial was subsequently eliminated from the portfolio. During the period, we initiated a position in Health Net, Inc., an integrated managed care organization company that we felt was an attractive opportunity in the HMO industry. We also increased the Fund’s position in CIT Group, Inc., a commercial and consumer finance company. CIT has continued to execute its plan of refinancing its high cost debt after spinning off from Tyco in mid-2002.

With oil and natural gas at historically high prices and historically low-inventory levels, we continue to focus on Energy companies that show capital discipline and focus on returns. XTO Energy and The Williams Companies, Inc. were the Fund’s top contributors in the sector. During the period, we increased the Fund’s position in Western Gas Resources, Inc. and Patina Oil & Gas Corp.

Detractors from performance were Callaway Golf Co. and Lennar Corp. Callaway suffered from competitive pressures to cut prices on its hallmark products, which resulted in lower-than-expected sales. We continue to monitor the situation very closely. Lennar, one of the largest single-family homebuilders in the U.S., declined on speculation that the housing market would slow with the prospect of rising interest rates.

As in the past, we thank you for your continued confidence.

Goldman Sachs Value Portfolio Management Team

July 16, 2004

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Investments

June 30, 2004 (Unaudited)



Shares		Description	Value
Common Stocks – 97.5%

Biotechnology – 0.9%
	276,600	MedImmune, Inc.*	$	6,472,440

Brokers – 1.0%
	78,961	The Bear Stearns Companies, Inc.		6,657,202

Chemicals – 4.1%
	775,450	Agrium, Inc.		11,282,798
	306,100	Monsanto Co.		11,784,850
	130,900	Rohm and Haas Co.		5,442,822

				28,510,470

Computer Hardware – 3.9%
	104,500	CDW Corp.		6,662,920
	200,505	Hutchinson Technology, Inc.*		4,930,418
	293,200	Storage Technology Corp.*		8,502,800
	256,615	Xerox Corp.*		3,720,918
	44,033	Zebra Technologies Corp.*		3,830,871

				27,647,927

Computer Software – 2.2%
	499,940	Activision, Inc.*		7,949,046
	321,545	NetIQ Corp.*		4,244,394
	186,600	PeopleSoft, Inc.*		3,452,100

				15,645,540

Construction – 1.9%
	297,505	Lennar Corp.		13,304,424

Consumer Durables – 1.7%
	181,370	Ethan Allen Interiors, Inc.		6,512,997
	123,700	The Stanley Works		5,638,246

				12,151,243

Defense/ Aerospace – 1.1%
	223,492	Rockwell Collins, Inc.		7,446,753

Diversified Energy – 3.2%
	1,150,100	The Williams Companies, Inc.@		13,686,190
	273,740	Western Gas Resources, Inc.		8,891,075

				22,577,265

Drugs – 2.6%
	81,700	AmerisourceBergen Corp.		4,884,026
	153,100	Charles River Laboratories International, Inc.*		7,481,997
	154,295	Covance, Inc.*		5,952,701

				18,318,724

Electrical Utilities – 8.0%
	137,456	Energy East Corp.		3,333,308
	129,421	Entergy Corp.		7,248,870
	267,639	FirstEnergy Corp.		10,012,375
	163,000	PG&E Corp.*@		4,554,220
	96,655	Pinnacle West Capital Corp.		3,903,896
	418,188	PPL Corp.		19,194,829
	123,525	Puget Energy, Inc.		2,706,433
	147,500	Wisconsin Energy Corp.		4,809,975

				55,763,906

Energy Resources – 3.0%
	89,600	EOG Resources, Inc.		5,350,016
	316,370	Patina Oil & Gas Corp.@		9,449,972
	203,870	XTO Energy, Inc.		6,073,287

				20,873,275

Environmental & Other Services – 0.7%
	174,976	Republic Services, Inc.		5,063,805

Food & Beverage – 1.3%
	312,800	Archer-Daniels-Midland Co.		5,248,784
	118,900	The Pepsi Bottling Group, Inc.		3,631,206

				8,879,990

Health Insurance – 2.0%
	80,679	Aetna, Inc.		6,857,715
	279,900	Health Net, Inc.*		7,417,350

				14,275,065

Home Products – 2.0%
	151,100	The Clorox Co.		8,126,158
	119,640	The Estee Lauder Companies, Inc.		5,836,039

				13,962,197

Hotel & Leisure – 2.2%
	343,330	Callaway Golf Co.@		3,893,362
	111,671	Harrah’s Entertainment, Inc.		6,041,401
	295,943	Hilton Hotels Corp.		5,522,297

				15,457,060

Information Services – 0.7%
	153,905	Anteon International Corp.*		5,020,381

Internet – 0.6%
	63,400	Getty Images, Inc.*		3,804,000

Life Insurance – 1.0%
	126,705	Torchmark Corp.		6,816,729

Media – 3.0%
	402,665	Emmis Communications Corp.*		8,447,912
	289,055	Lamar Advertising Co.*		12,530,534

				20,978,446

Mining – 1.1%
	104,129	Nucor Corp.		7,992,942

Motor Vehicle – 1.8%
	155,490	American Axle & Manufacturing Holdings, Inc.		5,653,617
	122,078	Lear Corp.		7,201,381

				12,854,998

Oil Refining – 1.1%
	115,800	Sunoco, Inc.		7,367,196

Oil Services – 1.4%
	299,633	Patterson-UTI Energy, Inc.		10,010,739

The accompanying notes are an integral part of these financial statements. 23

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Investments (continued)

June 30, 2004 (Unaudited)



Shares		Description	Value
Common Stocks – (continued)

Paper & Packaging – 1.5%
	275,574	Packaging Corp. of America	$	6,586,219
	79,000	Sealed Air Corp.*		4,208,330

				10,794,549

Parts & Equipment – 5.6%
	263,694	American Standard Companies, Inc.*		10,629,505
	240,470	Cummins, Inc.		15,029,375
	213,042	Eaton Corp.		13,792,339

				39,451,219

Property Insurance – 6.5%
	121,954	AMBAC Financial Group, Inc.		8,956,302
	244,262	PartnerRe Ltd.		13,856,983
	199,453	RenaissanceRe Holdings Ltd.		10,760,489
	310,730	Willis Group Holdings Ltd.		11,636,839

				45,210,613

Publishing – 0.9%
	236,597	A.H. Belo Corp.		6,352,629

Regionals – 8.1%
	311,257	Banknorth Group, Inc.		10,109,627
	103,665	City National Corp.		6,810,790
	296,320	FirstMerit Corp.		7,813,958
	115,677	KeyCorp.		3,457,586
	137,932	M&T Bank Corp.		12,041,464
	191,100	North Fork Bancorporation, Inc.@		7,271,355
	243,532	SouthTrust Corp.		9,451,477

				56,956,257

REITS – 6.5%
	124,100	AvalonBay Communities, Inc.		7,014,132
	182,300	Developers Diversified Realty Corp.		6,447,951
	349,462	iStar Financial, Inc.		13,978,480
	159,574	Liberty Property Trust		6,416,470
	212,553	Plum Creek Timber Co., Inc.		6,924,977
	153,000	Prentiss Properties Trust		5,128,560

				45,910,570

Restaurants – 0.9%
	168,554	Yum! Brands, Inc.*		6,273,580

Retail Apparel – 6.1%
	443,200	Abercrombie & Fitch Co.		17,174,000
	222,740	Federated Department Stores, Inc.		10,936,534
	247,600	J. C. Penney Co., Inc.		9,349,376
	190,700	Ross Stores, Inc.		5,103,132

				42,563,042

Semiconductors – 1.0%
	170,800	Integrated Circuit Systems, Inc.*		4,638,928
	106,600	Power Integrations, Inc.*		2,654,340

				7,293,268

Specialty Financials – 3.0%
	252,575	American Capital Strategies Ltd.@		7,077,151
	371,595	CIT Group, Inc.		14,228,373

				21,305,524

Telecommunications Equipment – 1.0%
	810,660	Tellabs, Inc.*		7,085,168

Telephone – 1.0%
	226,500	CenturyTel, Inc.		6,804,060

Tobacco – 0.7%
	76,200	R.J. Reynolds Tobacco Holdings, Inc.		5,150,358

Transports – 2.2%
	70,229	Landstar System, Inc.*		3,713,007
	169,100	Teekay Shipping Corp.		6,320,958
	129,820	Yellow Roadway Corp.*		5,174,625

				15,208,590

TOTAL COMMON STOCKS
(Cost $578,803,542)			$	684,212,144


Principal		Interest			Maturity
Amount		Rate			Date		Value
Repurchase Agreement – 2.1%

Joint Repurchase Agreement Account II^
$	14,700,000		1.55	%		07/01/2004	$	14,700,000
Maturity Value $14,700,631

TOTAL REPURCHASE AGREEMENT
(Cost $14,700,000)							$	14,700,000

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
(Cost $593,503,542)							$	698,912,144


Shares		Description	Value
Securities Lending Collateral – 2.9%

	20,371,475	Boston Global Investment Trust – Enhanced Portfolio	$	20,371,475

TOTAL SECURITIES LENDING COLLATERAL
(Cost $20,371,475)			$	20,371,475

TOTAL INVESTMENTS -102.5%
(Cost $613,875,017)			$	719,283,619

* Non-income producing security.


@	All of a portion of security is on loan.
^	Joint repurchase agreement was entered into on June 30, 2004.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND

Shareholder Letter

Dear Shareholders:

This report provides an overview on the performance of the Goldman Sachs Variable Insurance Trust – International Equity Fund during the six-month reporting period that ended June 30, 2004.

Market Overview

International equities sustained 2003’s upward momentum during January and early February 2004, with higher-risk, more cyclical sectors leading the market. However, defensive sectors began to rally later in the first quarter 2004 after the Federal Reserve Board (the “Fed”) implied that interest rates might rise sooner than the market had expected. A sharp increase in market volatility occurred in March following the terrorist attacks in Madrid.

Investors continued to be unsettled in April and early May by the prospect of higher U.S. interest rates. Global equities then rallied during late May and June, helped by the Fed’s reiteration that its approach to raising interest rates would remain “measured.” Overall, corporate fundamentals remained strong, with profit growth meeting or beating expectations in the first quarter 2004 earnings-reporting season. However, international equity returns were muted during the reporting period. In addition to the prospect of higher interest rates, investors had to contend with fears of a sharp slowdown in China’s economy, geopolitical tensions, and rising oil prices.

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Composition

Top 10 Portfolio Holdings as of June 30, 2004*


			% of
Holding	Country	Line of Business	Net Assets

Vodafone Group PLC	United Kingdom	Telecommunication Services		4.6	%
ING Groep NV	Netherlands	Diversified Financials		3.6
Novartis AG	Switzerland	Pharmaceuticals & Biotechnology		3.6
Banca Intesa SpA	Italy	Banks		3.5
GlaxoSmithKline PLC	United Kingdom	Pharmaceuticals & Biotechnology		3.3
Zurich Financial Services AG	Switzerland	Insurance		3.2
LVMH Moet Hennessy Louis Vuitton SA	France	Consumer Durables & Apparel		3.1
WPP Group PLC	United Kingdom	Media		3.1
Mitsui Fudosan Co. Ltd.	Japan	Real Estate		2.8
PSA Peugeot Citroen	France	Automobiles & Components		2.6

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND

Shareholder Letter (continued)

Performance Review

Over the six-month period that ended June 30, 2004, the Fund generated a cumulative total return of 0.00%. Over the same time period, the Fund’s benchmark, the MSCI EAFE Index (unhedged with dividends reinvested) generated a cumulative total return of 4.86%.

The Fund’s position in Yukos ADR, the largest Russian oil company, detracted from relative performance over the period. This was due to the Russian government’s attempts to extract tax payments for previous fiscal years (currently $3.4 billion for fiscal year 2000 and a similar amount expected for 2001). In October 2003, Yukos’ CEO and principal shareholder Mikhail Khodorkovsky was arrested on allegations of fraud, tax evasion, and forgery. This, combined with the commencement of a process for the Russian authorities to extract tax payments for the last four years, sent shares in Yukos sharply lower. Although investor concerns diminished during the first quarter 2004 (a period which saw substantial recovery in Yukos’ share price), the second quarter saw the Russian authorities freeze Yukos’ assets, making it difficult for the company to raise the required money. We recently met with the company’s CFO, and we continue to assess our position in Yukos.

An overweight position in Adecco, the world’s largest provider of temporary workers, also hurt relative performance. The company’s announcement in early January 2004 that it would delay publication of its 2003 earnings was unanticipated by investors. The company’s stock subsequently fell sharply. We eliminated the position promptly owing to the lack of visibility regarding the nature and extent of the accounting problems.

Several of the Fund’s Japanese holdings exposed to its domestic economy enhanced results during the period. Investors were drawn to these stocks due to indications that domestic demand was contributing to the country’s economic recovery. In particular, the Fund’s overweight positions in ORIX Corp. and Mitsui Fudosan Co. Ltd., both of which have exposure to the real estate industry, boosted returns. Credit card company Credit Saison Co. Ltd., which benefited from expectations of an increase in consumer lending, also contributed to performance.

We thank you for your investment and look forward to serving your investment needs in the future.

Goldman Sachs International Equity Portfolio Management Team

July 16, 2004

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND

Statement of Investments

June 30, 2004 (Unaudited)



Shares		Description	Value

Common Stocks – 99.7%

Finland – 2.2%
	150,510	Nokia Oyj (Technology Hardware & Equipment)	$	2,188,655

France – 14.1%
	69,387	European Aeronautic Defence & Space Co.@ (Capital Goods)		1,946,513
	26,084	L’Oreal SA@ (Household & Personal Products)		2,095,561
	43,194	LVMH Moet Hennessy Louis Vuitton SA (Consumer Durables & Apparel)		3,143,555
	46,655	PSA Peugeot Citroen (Automobiles & Components)		2,611,297
	32,466	Schneider Electric SA (Capital Goods)		2,230,078
	10,986	Total Fina Elf SA Class B*@ (Energy)		2,109,332

				14,136,336

Germany – 5.0%
	30,866	Bayerische Motoren Werke (BMW) AG (Automobiles & Components)		1,375,523
	38,973	Deutsche Boerse AG* (Diversified Financials)		1,995,293
	10,005	SAP AG (Software & Services)		1,669,227

				5,040,043

Greece – 1.0%
	54,220	OPAP SA (Hotels Restaurants & Leisure)		1,021,271

Hong Kong – 6.1%
	138,000	Cheung Kong (Holdings) Ltd.* (Real Estate)		1,022,547
	302,320	Dah Sing Banking Group Ltd.* (Banks)		496,134
	151,600	Dah Sing Financial Group (Banks)		898,313
	426,000	Esprit Holdings Ltd. (Retailing)		1,912,158
	294,000	Wing Hang Bank Ltd. (Banks)		1,752,668

				6,081,820

Ireland – 0.5%
	31,317	Anglo Irish Bank Corp. PLC (Banks)		492,099

Italy – 3.5%
	895,658	Banca Intesa SpA@ (Banks)		3,513,935

Japan – 18.2%
	70,300	Credit Saison Co. Ltd. (Diversified Financials)		2,123,159
	41,200	Honda Motor Co. Ltd. (Automobiles & Components)		1,997,221
	225	KDDI Corp. (Telecommunication Services)		1,293,537
	98,500	Konica Minolta Holdings, Inc.* (Technology Hardware & Equipment)		1,366,512
	232,000	Mitsui Fudosan Co. Ltd.* (Real Estate)		2,794,046
	19,300	ORIX Corp. (Diversified Financials)		2,217,501
	69,000	RICOH Co. Ltd.@ (Technology Hardware & Equipment)		1,474,550
	44,900	Seiko Epson Corp. (Technology Hardware & Equipment)		1,640,341
	48,100	Shin-Etsu Chemical Co. Ltd.* (Materials)		1,729,696
	18,550	USS Co. Ltd. (Retailing)		1,598,126

				18,234,689

Netherlands – 7.0%
	78,822	ASML Holding NV* (Semiconductors & Semiconductor Equipment)		1,349,311
	151,811	ING Groep NV (Diversified Financials)		3,605,797
	69,757	VNU NV (Media)		2,034,524

				6,989,632

Norway – 1.4%
	208,628	Telenor ASA*@ (Telecommunication Services)		1,455,450

Russia – 3.0%
	12,400	Mobile Telesystems ADR (Telecommunication Services)		1,512,800
	48,070	YUKOS ADR@ (Energy)		1,528,626

				3,041,426

South Korea – 3.6%
	125,063	Hyundai Motor Co. Ltd. GDR†@ (Automobiles & Components)		2,486,253
	5,600,000	Samsung Electronics Co. Ltd. GDR† (Semiconductors & Semiconductor Equipment)		1,154,213

				3,640,466

Spain – 1.6%
	119,170	Banco Bilbao Vizcaya Argentaria SA* (Banks)		1,604,520

Sweden – 4.4%
	583,716	Skandia Forsakrings AB* (Insurance)		2,437,469
	650,329	Telefonaktiebolaget LM Ericsson* (Technology Hardware & Equipment)		1,946,320

				4,383,789

The accompanying notes are an integral part of these financial statements. 27

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND

Statement of Investments (continued)

June 30, 2004 (Unaudited)



Shares		Description	Value

Common Stocks – (continued)

Switzerland – 8.8%
	55,170	Credit Suisse Group (Diversified Financials)	$	1,971,398
	80,611	Novartis AG (Pharmaceuticals & Biotechnology)		3,580,545
	20,512	Zurich Financial Services AG (Insurance)		3,251,343

				8,803,286

Taiwan – 1.2%
	159,100	Hon Hai Precision Industry Co. Ltd.@ (Technology Hardware & Equipment)		1,193,250

United Kingdom – 18.1%
	107,098	British Sky Broadcasting Group PLC (Media)		1,210,823
	44,773	Carnival PLC (Hotels Restaurants & Leisure)		2,181,317
	162,147	GlaxoSmithKline PLC (Pharmaceuticals & Biotechnology)		3,303,318
	146,823	HBOS PLC (Banks)		1,826,536
	209,348	Prudential PLC (Insurance)		1,806,793
	2,117,444	Vodafone Group PLC (Telecommunication Services)		4,654,203
	308,132	WPP Group PLC (Media)		3,142,328

				18,125,318

TOTAL COMMON STOCKS
(Cost $93,220,266)			$	99,945,985



Principal		Interest			Maturity
Amount		Rate			Date
							Value
Short-Term Obligation – 0.2%

State Street Bank & Trust Euro Time Deposit
$	155,000		1.13	%		07/01/2004	$	155,000

TOTAL SHORT-TERM OBLIGATION
(Cost $155,000)							$	155,000

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
(Cost $93,375,266)							$	100,100,985



Shares		Description	Value
Securities Lending Collateral – 11.7%

	11,718,967	Boston Global Investment Trust – Enhanced Portfolio	$	11,718,967

TOTAL SECURITIES LENDING COLLATERAL
(Cost $11,718,967)				11,718,967

TOTAL INVESTMENTS -111.6%
(Cost $105,094,233)			$	111,819,952


*		Non-income producing security.

@		All or a portion of security is on loan.

†		Securities are 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 amounted to $3,640,466, which represents approximately 3.6% of net assets as of June 30, 2004.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND



	As a % of
	net assets
Common Stock Industry Classifications‡

Automobiles & Components		8.4	%
Banks		10.5
Capital Goods		4.2
Consumer Durables & Apparel		3.1
Diversified Financials		11.9
Energy		3.6
Hotels Restaurants & Leisure		3.2
Household & Personal Products		2.1
Insurance		7.5
Materials		1.7
Media		6.4
Pharmaceuticals & Biotechnology		6.9
Real Estate		3.8
Retailing		3.5
Semiconductors & Semiconductor Equipment		2.5
Software & Services		1.7
Technology Hardware & Equipment		9.8
Telecommunication Services		8.9

TOTAL COMMON STOCK		99.7	%


‡		Industry concentrations greater than one tenth of one percent are disclosed.

The accompanying notes are an integral part of these financial statements. 29

GOLDMAN SACHS VARIABLE INSURANCE TRUST

Statements of Assets and Liabilities

June 30, 2004 (Unaudited)


		Growth and			CORE U.S.
		Income Fund			Equity Fund

Assets:

Investment in securities, at value (identified cost $207,344,938, $378,209,821, $165,005,613, $171,611,423, $593,503,542 and $93,375,266, respectively)		$	238,112,440		$	430,829,008
Securities lending collateral, at value			—			6,407,700
Cash^(a)			1,765,100			423,007
Foreign currencies, at value (identified cost $156,626)			—			—
Receivables:
	Investment securities sold		4,157,441			—
	Dividends and interest, at value		280,417			495,969
	Fund shares sold		120,190			989,869
	Forward foreign currency exchange contracts		—			—
	Variation margin		—			195,477
	Securities lending income		—			4,748
	Reimbursement from adviser		—			—
Other assets			2,546			2,304

Total assets			244,438,134			439,348,082

Liabilities:

Due to custodian			—			—
Payables:
	Payable upon return of securities loaned		—			6,407,700
	Investment securities purchased		9,217,560			—
	Amounts owed to affiliates		149,560			239,152
	Fund shares repurchased		185,977			375,670
	Forward foreign currency exchange contracts		—			—
Accrued expenses and other liabilities			63,960			64,453

Total liabilities			9,617,057			7,086,975

Net Assets:

Paid-in capital			238,355,339			457,343,379
Accumulated undistributed net investment income			1,741,309			1,680,362
Accumulated net realized gain (loss) on investment, futures and foreign currency related transactions			(36,043,073	)		(79,442,583	)
Net unrealized gain on investments, futures and translation of assets and liabilities denominated in foreign currencies			30,767,502			52,679,949

NET ASSETS		$	234,821,077		$	432,261,107

Total shares of beneficial interest outstanding, no par value (unlimited shares authorized)			22,007,079			37,284,850
Net asset value, offering and redemption price per share		$	10.67		$	11.59


(a)		Includes restricted cash of $331,150 and $200,000 for CORE U.S. Equity Fund and CORE Small Cap Equity Fund, respectively, relating to initial margin requirements on futures transactions.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST



CORE Small Cap		Capital			Mid Cap		International
Equity Fund		Growth Fund			Value Fund		Equity Fund



$	183,128,419	$	179,119,983		$	698,912,144	$	100,100,985
	11,364,050		—			20,371,475		11,718,967
	200,000		46,023			—		300
	—		—			—		155,684
	1,749,018		—			9,166,018		—
	219,169		68,245			991,935		202,275
	40,469		185,796			749,802		34,017
	—		—			—		447,409
	19,706		—			—		24,595
	9,994		—			6,459		22,429
	—		—			—		21,098
	3,315		2,476			5,665		1,379

	196,734,140		179,422,523			730,203,498		112,729,138



	901,982		—			987,271		—
	11,364,050		—			20,371,475		11,718,967
	356,242		—			6,146,806		2,839
	114,364		115,669			464,963		84,427
	56,633		170,132			148,086		46,686
	—		—			—		576,977
	56,157		82,888			112,473		89,597

	12,849,428		368,689			28,231,074		12,519,493



	159,423,559		203,081,963			540,566,981		147,467,665
	507,504		144,144			2,934,145		291,070
	5,822,668		(31,680,833	)		53,062,696		(54,148,615	)
	18,130,981		7,508,560			105,408,602		6,599,525

$	183,884,712	$	179,053,834		$	701,972,424	$	100,209,645

	13,358,359		18,133,343			47,572,463		10,586,584
$	13.77	$	9.87		$	14.76	$	9.47

The accompanying notes are an integral part of these financial statements. 31

GOLDMAN SACHS VARIABLE INSURANCE TRUST

Statements of Operations

For the Six Months Ended June 30, 2004 (Unaudited)


		Growth and			CORE U.S.
		Income Fund			Equity Fund

Investment income:

Dividends^(a)		$	2,587,055		$	3,152,847
Interest (including securities lending income of $51, $33,914, $93,600, $0, $9,376 and $93,312, respectively)			12,828			52,445

Total income			2,599,883			3,205,292

Expenses:

Management fees			869,627			1,413,960
Transfer agent fees			46,380			80,798
Custody and accounting fees			32,003			44,745
Printing fees			9,879			9,252
Professional fees			10,916			11,762
Trustee fees			7,062			7,062
Registration fees			31			31
Other			675			246

Total expenses			976,573			1,567,856

Less — expense reductions			(218	)		(17,623	)

Net Expenses			976,355			1,550,233

NET INVESTMENT INCOME			1,623,528			1,655,059

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

Net realized gain (loss) from:
	Investment transactions		22,969,642			17,646,230
	Futures transactions		—			62,322
	Foreign currency related transactions		—			—
Net change in unrealized gain (loss) on:
	Investments		(9,531,379	)		4,796,342
	Futures		—			29,372
	Translation of assets and liabilities denominated in foreign currencies		—			—

Net realized and unrealized gain (loss) on investment, futures and foreign currency transactions			13,438,263			22,534,266

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	15,061,791		$	24,189,325


(a)		For the CORE Small Cap Equity, Mid Cap Value, and International Equity Funds, foreign taxes withheld on dividends were $830, $6,153 and $139,514, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST


CORE Small Cap			Capital			Mid Cap			International
Equity Fund			Growth Fund			Value Fund			Equity Fund



$	1,128,356		$	866,330		$	5,581,847		$	1,189,333
	94,094			9,784			98,608			94,453

	1,222,450			876,114			5,680,455			1,283,786



	683,525			672,116			2,523,874			521,638
	36,455			35,846			126,194			20,866
	53,662			25,596			63,121			114,328
	14,279			18,218			9,045			14,574
	13,762			6,062			18,862			12,454
	7,062			7,062			7,062			7,062
	31			31			31			31
	440			628			143			347

	809,216			765,559			2,748,332			691,300

	(122	)		(217	)		(2,022	)		(65,502	)

	809,094			765,342			2,746,310			625,798

	413,356			110,772			2,934,145			657,988



	5,498,071			(463,188	)		54,821,310			6,677,589
	(48,061	)		—			—			(369	)
	—			—			—			(340,218	)
	4,668,444			5,681,046			5,499,948			(6,991,538	)
	16,903			—			—			—
	—			—			—			(183,684	)

	10,135,357			5,217,858			60,321,258			(838,220	)

$	10,548,713		$	5,328,630		$	63,255,403		$	(180,232	)

The accompanying notes are an integral part of these financial statements. 33

GOLDMAN SACHS VARIABLE INSURANCE TRUST

Statements of Changes in Net Assets

For the Six Months Ended June 30, 2004 (Unaudited)



	Growth and			CORE U.S.
	Income Fund			Equity Fund

From operations:

Net investment income	$	1,623,528		$	1,655,059
Net realized gain (loss) on investment, futures and foreign currency related transactions		22,969,642			17,708,552
Net change in unrealized gain (loss) on investments, futures and translation of assets and liabilities denominated in foreign currencies		(9,531,379	)		4,825,714

Net increase (decrease) in net assets resulting from operations		15,061,791			24,189,325

From share transactions:

Proceeds from sales of shares		7,383,293			42,652,179
Cost of shares repurchased		(17,939,816	)		(17,605,445	)

Net increase (decrease) in net assets resulting from share transactions		(10,556,523	)		25,046,734

TOTAL INCREASE (DECREASE)		4,505,268			49,236,059

Net assets:

Beginning of period		230,315,809			383,025,048

End of period	$	234,821,077		$	432,261,107

Accumulated undistributed net investment income	$	1,741,309		$	1,680,362

Summary of share transactions:

Shares sold		712,435			3,778,560
Shares repurchased		(1,740,750	)		(1,560,826	)

TOTAL INCREASE (DECREASE)		(1,028,315	)		2,217,734

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST


CORE Small Cap			Capital			Mid Cap			International
Equity Fund			Growth Fund			Value Fund			Equity Fund



$	413,356		$	110,772		$	2,934,145		$	657,988
	5,450,010			(463,188	)		54,821,310			6,337,002
	4,685,347			5,681,046			5,499,948			(7,175,222	)

	10,548,713			5,328,630			63,255,403			(180,232	)



	4,750,047			6,170,155			97,328,478			1,898,985
	(13,179,359	)		(12,138,991	)		(36,534,496	)		(8,301,366	)

	(8,429,312	)		(5,968,836	)		60,793,982			(6,402,381	)

	2,119,401			(640,206	)		124,049,385			(6,582,613	)



	181,765,311			179,694,040			577,923,039			106,792,258

$	183,884,712		$	179,053,834		$	701,972,424		$	100,209,645

$	507,504		$	144,144		$	2,934,145		$	291,070



	351,744			632,888			6,942,899			199,165
	(986,302	)		(1,246,801	)		(2,611,585	)		(881,057	)

	(634,558	)		(613,913	)		4,331,314			(681,892	)

The accompanying notes are an integral part of these financial statements. 35

GOLDMAN SACHS VARIABLE INSURANCE TRUST

Statements of Changes in Net Assets

For the Year Ended December 31, 2003



	Growth and			CORE U.S.
	Income Fund			Equity Fund

From operations:

Net investment income	$	646,377		$	1,327,907
Net realized gain (loss) on investment, futures and foreign currency related transactions		234,857			1,301,741
Net change in unrealized gain on investments, futures and translation of assets and liabilities denominated in foreign currencies		11,541,626			45,731,567

Net increase in net assets resulting from operations		12,422,860			48,361,215

Distributions to shareholders:

From net investment income		(561,152	)		(1,302,647	)
From net realized gain on investments and futures transactions		—			—

Total distributions to shareholders		(561,152	)		(1,302,647	)

From share transactions:

Proceeds from sales of shares		11,379,148			33,376,750
Proceeds in connection with mergers		178,951,522			172,009,752
Reinvestment of dividends and distributions		561,152			1,302,647
Cost of shares repurchased		(9,348,414	)		(14,161,752	)

Net increase in net assets resulting from share transactions		181,543,408			192,527,397

TOTAL INCREASE		193,405,116			239,585,965

Net assets:

Beginning of year		36,910,693			143,439,083

End of year	$	230,315,809		$	383,025,048

Accumulated undistributed (distributions in excess of) net investment income	$	117,781		$	25,303

Summary of share transactions:

Shares sold		1,300,174			3,484,303
Shares issued in connection with mergers		18,241,732			16,120,873
Shares issued on reinvestment of dividends and distributions		57,851			123,709
Shares repurchased		(1,100,833	)		(1,564,060	)

NET INCREASE		18,498,924			18,164,825

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST


CORE Small Cap			Capital			Mid Cap			International
Equity Fund			Growth Fund			Value Fund			Equity Fund



$	227,356		$	100,912		$	4,414,044		$	84,538
	6,471,097			(788,467	)		15,687,799			463,753
	16,297,633			8,924,917			97,691,989			7,435,932

	22,996,086			8,237,362			117,793,832			7,984,223



	(137,156	)		(67,672	)		(4,441,591	)		(641,177	)
	(2,020,835	)		—			(5,830,111	)		—

	(2,157,991	)		(67,672	)		(10,271,702	)		(641,177	)



	9,341,036			9,098,379			161,701,075			3,347,815
	110,388,436			148,549,781			—			85,111,633
	2,157,991			67,672			10,271,702			641,177
	(7,965,049	)		(4,243,477	)		(59,108,989	)		(2,865,383	)

	113,922,414			153,472,355			112,863,788			86,235,242

	134,760,509			161,642,045			220,385,918			93,578,288



	47,004,802			18,051,995			357,537,121			13,213,970

$	181,765,311		$	179,694,040		$	577,923,039		$	106,792,258

$	94,148		$	33,372		$	—		$	(366,918	)



	819,502			1,076,571			14,040,664			427,150
	8,651,130			15,836,851			—			9,311,989
	171,678			7,307			788,917			71,006
	(762,948	)		(497,754	)		(5,300,708	)		(364,591	)

	8,879,362			16,422,975			9,528,873			9,445,554

The accompanying notes are an integral part of these financial statements. 37

GOLDMAN SACHS VARIABLE INSURANCE TRUST

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period



			Income (loss) from
			investment operations									Distributions to shareholders

						Net
	Net asset					realized									In excess			From			From
	value,		Net			and			Total from			From net			of net			tax			net
	beginning		investment			unrealized			investment			investment			investment			return of			realized			Total
	of period		income			gain (loss)			operations			income			income			capital			gain			distributions



Growth and Income Fund
For the six months ended June 30, 2004 (Unaudited)	$	10.00	$	0.07	^(c)	$	0.60		$	0.67		$	—		$	—		$	—		$	—		$	—
For the year ended December 31, 2003		8.14		0.13	^(c)		1.85			1.98			(0.12	)		—			—			—			(0.12	)
For the year ended December 31, 2002		9.33		0.13	^(c)		(1.19	)		(1.06	)		(0.13	)		—			—			—			(0.13	)
For the year ended December 31, 2001		10.34		0.05	^(c)		(1.02	)		(0.97	)		(0.04	)		—			—			—			(0.04	)
For the year ended December 31, 2000		10.89		0.04	^(c)		(0.55	)		(0.51	)		(0.04	)		—			—			—			(0.04	)
For the year ended December 31, 1999		10.45		0.12			0.44			0.56			(0.12	)		—			—			—			(0.12	)

CORE U.S. Equity Fund
For the six months ended June 30, 2004 (Unaudited)	$	10.92	$	0.05	^(c)	$	0.62		$	0.67		$	—		$	—		$	—		$	—		$	—
For the year ended December 31, 2003		8.49		0.07	^(c)		2.43			2.50			(0.07	)		—			—			—			(0.07	)
For the year ended December 31, 2002		10.94		0.06	^(c)		(2.45	)		(2.39	)		(0.06	)		—			—			—			(0.06	)
For the year ended December 31, 2001		12.48		0.05	^(c)		(1.54	)		(1.49	)		(0.05	)		—			—			—			(0.05	)
For the year ended December 31, 2000		13.98		0.11	^(c)		(1.46	)		(1.35	)		(0.08	)		—			—			(0.07	)		(0.15	)
For the year ended December 31, 1999		11.42		0.05			2.72			2.77			(0.05	)		—			—			(0.16	)		(0.21	)

CORE Small Cap Equity Fund
For the six months ended June 30, 2004 (Unaudited)	$	12.99	$	0.03	^(c)	$	0.75		$	0.78		$	—		$	—		$	—		$	—		$	—
For the year ended December 31, 2003		9.19		0.04	^(c)		4.18			4.22			(0.03	)		—			—			(0.39	)		(0.42	)
For the year ended December 31, 2002		10.84		0.03	^(c)		(1.65	)		(1.62	)		(0.03	)		—			—			—			(0.03	)
For the year ended December 31, 2001		10.40		0.03	^(c)		0.44			0.47			(0.02	)		—			(0.01	)		—			(0.03	)
For the year ended December 31, 2000		10.60		0.06	^(c)		0.09			0.15			(0.04	)		—			—			(0.31	)		(0.35	)
For the year ended December 31, 1999		9.04		0.02			1.56			1.58			(0.02	)		—			—			—			(0.02	)

Capital Growth Fund
For the six months ended June 30, 2004 (Unaudited)	$	9.59	$	0.01	^(c)	$	0.27		$	0.28		$	—		$	—		$	—		$	—		$	—
For the year ended December 31, 2003		7.77		0.03	^(c)		1.81			1.84			(0.02	)		—			—			—			(0.02	)
For the year ended December 31, 2002		10.28		0.01	^(c)		(2.50	)		(2.49	)		(0.02	)		—			—			—			(0.02	)
For the year ended December 31, 2001		12.09		0.02	^(c)		(1.78	)		(1.76	)		(0.02	)		—			—			(0.03	)		(0.05	)
For the year ended December 31, 2000		14.01		0.01	^(c)		(1.16	)		(1.15	)		(0.01	)		—			—			(0.76	)		(0.77	)
For the year ended December 31, 1999		11.31		0.01			3.04			3.05			(0.01	)		—			—			(0.34	)		(0.35	)

Mid Cap Value Fund
For the six months ended June 30, 2004 (Unaudited)	$	13.37	$	0.06	^(c)	$	1.33		$	1.39		$	—		$	—		$	—		$	—		$	—
For the year ended December 31, 2003		10.61		0.12	^(c)		2.89			3.01			(0.11	)		—			—			(0.14	)		(0.25	)
For the year ended December 31, 2002		11.29		0.14	^(c)		(0.67	)		(0.53	)		(0.12	)		—			—			(0.03	)		(0.15	)
For the year ended December 31, 2001		10.67		0.14	^(c)		1.14			1.28			(0.11	)		—			—			(0.55	)		(0.66	)
For the year ended December 31, 2000		8.42		0.15	^(c)		2.45			2.60			(0.08	)		—			—			(0.27	)		(0.35	)
For the year ended December 31, 1999		8.57		0.07			(0.15	)		(0.08	)		(0.07	)		—			—			—			(0.07	)

International Equity Fund
For the six months ended June 30, 2004 (Unaudited)	$	9.48	$	0.06	^(c)	$	(0.07	)	$	(0.01	)	$	—		$	—		$	—		$	—		$	—
For the year ended December 31, 2003		7.25		0.04	^(c)		2.53			2.57			(0.34	)		—			—			—			(0.34	)
For the year ended December 31, 2002		8.99		0.03	^(c)		(1.68	)		(1.65	)		(0.09	)		—			—			—			(0.09	)
For the year ended December 31, 2001		11.78		0.05	^(c)		(2.68	)		(2.63	)		(0.09	)		—			(0.04	)		(0.03	)		(0.16	)
For the year ended December 31, 2000		14.47		0.05	^(c)		(1.99	)		(1.94	)		—			—			—			(0.75	)		(0.75	)
For the year ended December 31, 1999		11.91		0.07			3.66			3.73			(0.07	)		(0.13	)		—			(0.97	)		(1.17	)


(a)		Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(b)		Annualized.

(c)		Calculated based on the average shares outstanding methodology.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST



													Ratios assuming no
													expense reductions

										Ratio of						Ratio of
					Net		Ratio of			net			Ratio of			net
Net asset					assets		net			investment			total			investment
value,					at end		expenses			income (loss)			expenses			income (loss)			Portfolio
end of		Total			of period		to average			to average			to average			to average			turnover
period		return^(a)			(in 000s)		net assets			net assets			net assets			net assets			rate



$	10.67		6.70	%	$	234,821		0.84	% ^(b)		1.40	% ^(b)		0.84	% ^(b)		1.40	% ^(b)		43	%
	10.00		24.36			230,316		1.02			1.44			1.20			1.26			51
	8.14		(11.34	)		36,911		1.05			1.51			1.27			1.29			98
	9.33		(9.34	)		40,593		1.00			0.49			1.17			0.32			48
	10.34		(4.69	)		37,116		0.99			0.40			1.22			0.17			68
	10.89		5.41			25,989		0.90			1.44			1.65			0.69			121

$	11.59		6.14	%	$	432,261		0.77	% ^(b)		0.82	% ^(b)		0.78	% ^(b)		0.81	% ^(b)		48	%
	10.92		29.47			383,025		0.85			0.79			0.85			0.79			92
	8.49		(21.89	)		143,439		0.85			0.60			0.86			0.59			84
	10.94		(11.94	)		163,904		0.81			0.48			0.82			0.47			72
	12.48		(9.62	)		139,303		0.85			0.87			0.87			0.85			32
	13.98		24.30			52,058		0.80			0.70			1.52			(0.02	)		70

$	13.77		6.00	%	$	183,885		0.89	% ^(b)		0.45	% ^(b)		0.89	% ^(b)		0.45	% ^(b)		66	%
	12.99		46.00			181,765		1.03			0.40			1.25			0.18			141
	9.19		(14.97	)		47,005		1.04			0.25			1.29			0.00			128
	10.84		4.53			54,365		1.00			0.32			1.22			0.10			105
	10.40		1.75			40,561		0.99			0.59			1.55			0.03			91
	10.60		17.54			13,488		0.90			0.35			4.22			(2.97	)		101

$	9.87		2.92	%	$	179,054		0.85	% ^(b)		0.12	% ^(b)		0.85	% ^(b)		0.12	% ^(b)		29	%
	9.59		23.74			179,694		1.02			0.38			1.43			(0.03	)		16
	7.77		(24.33	)		18,052		1.10			0.16			1.77			(0.51	)		24
	10.28		(14.46	)		16,266		1.00			0.15			1.69			(0.54	)		39
	12.09		(7.98	)		16,775		0.99			0.13			1.84			(0.72	)		37
	14.01		27.13			10,450		0.90			0.04			3.13			(2.19	)		34

$	14.76		10.40	%	$	701,972		0.87	% ^(b)		0.93	% ^(b)		0.87	% ^(b)		0.93	% ^(b)		40	%
	13.37		28.39			577,923		0.91			1.02			0.91			1.02			64
	10.61		(4.69	)		357,537		0.91			1.20			0.91			1.20			95
	11.29		12.05			243,521		0.93			1.27			0.94			1.26			82
	10.67		31.07			101,657		1.04			1.60			1.22			1.42			101
	8.42		(0.95	)		21,882		0.95			1.30			2.19			0.06			103

$	9.47		0.00	%	$	100,210		1.20	% ^(b)		1.26	% ^(b)		1.33	% ^(b)		1.13	% ^(b)		43	%
	9.48		35.49			106,792		1.37			0.49			2.60			(0.74	)		49
	7.25		(18.34	)		13,214		1.46			0.32			2.96			(1.18	)		86
	8.99		(22.26	)		17,773		1.35			0.47			2.05			(0.23	)		76
	11.78		(13.19	)		29,261		1.34			0.37			1.99			(0.28	)		70
	14.47		31.85			20,159		1.25			0.41			2.57			(0.91	)		87

The accompanying notes are an integral part of these financial statements. 39

GOLDMAN SACHS VARIABLE INSURANCE TRUST

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (“the Act”) as an open-end, management investment company. The Trust includes Goldman Sachs Growth and Income Fund (“Growth and Income”), Goldman Sachs CORE U.S. Equity Fund (“CORE U.S. Equity”), Goldman Sachs CORE Small Cap Equity Fund (“CORE Small Cap Equity”), Goldman Sachs Capital Growth Fund (“Capital Growth”), Goldman Sachs Mid Cap Value Fund (“Mid Cap Value”) and Goldman Sachs International Equity Fund (“International Equity”), collectively, “the Funds” or individually a “Fund”. Each Fund is diversified under the Act.

Shares of the Trust may be purchased and held by separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Trust are not offered directly to the general public.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Funds. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that may affect the reported amounts. Actual results could differ from those estimates.

A. Investment Valuation — Investments in securities traded on a U.S. securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, securities are valued at the last bid price. Debt securities are valued at prices supplied by independent pricing services, broker/dealer-supplied valuations or matrix pricing systems. Unlisted equity and debt securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. Securities for which quotations are not readily available or deemed to be inaccurate by the investment adviser are valued at fair value using methods approved by the Trust’s Board of Trustees.

Investments in securities traded on a foreign securities exchange are valued daily at their last sale price on the principal exchange on which they are traded or at fair value using an independent service (if available) under valuation procedures approved by the Trust’s Board of Trustees consistent with applicable regulatory guidance. The independent service takes into account multiple factors including, but not limited to, movements in the U.S. securities markets, certain depository receipts, futures contracts and foreign currency exchange rates.

Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States of America. 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, subject to government ownership controls, delayed settlements, and their prices may be more volatile than those of comparable securities in the United States of America.

B. Security Transactions and Investment Income — Security transactions are recorded as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified-cost basis. Dividend income is recorded on the ex-dividend date, net of foreign withholding taxes which are reduced by any amount reclaimable by the Funds, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. In addition, it is the Funds’ policy to accrue for estimated capital gains taxes on foreign securities held by the Funds, which are subject to such taxes.

C. Federal Taxes — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal tax provisions are required. Dividends and distributions to

GOLDMAN SACHS VARIABLE INSURANCE TRUST

2. SIGNIFICANT ACCOUNTING POLICIES — (continued)

shareholders are recorded on ex-dividend date. Income distributions and capital gains distributions, if any, are declared and paid annually.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules. Therefore, the source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income or net realized gain, or from paid-in-capital, depending on the type of book/tax differences that may exist.

D. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds on a straight-line or pro rata basis depending upon the nature of the expense.

E. Foreign Currency Translations — The books and records of the Funds are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates; and (ii) purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions.

Net realized and unrealized gain (loss) on foreign currency transactions will represent: (i) foreign exchange gains and losses from the sale and holdings of foreign currencies; (ii) currency gains and losses between trade date and settlement date on investment securities transactions and forward exchange contracts; and (iii) gains and losses from the difference between amounts of dividends, interest and foreign withholding taxes recorded and the amounts actually received. The effect of changes in foreign currency exchange rates on securities and derivative instruments are not segregated in the Statements of Operations from the effects of changes in market prices of those securities and derivative instruments, but are included with the net realized and unrealized gain or loss on securities and derivative instruments. Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities as a result of changes in foreign exchange rates are included as increases and decreases in unrealized appreciation/ depreciation on foreign currency related transactions.

F. Segregation Transactions — As set forth in the prospectus, certain Funds may enter into derivative transactions to seek to increase total return. Forward foreign currency exchange contracts, futures contracts, written options, when-issued securities and forward commitments represent examples of such transactions. As a result of entering into these transactions, the Funds are required to segregate liquid assets on the accounting records equal to or greater than the market value of the corresponding transactions.

G. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase them 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 Funds, including accrued interest, is required to equal or exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by each Fund may be delayed or limited and there may be a decline in the value of the collateral during the period while the Funds seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at the Funds’ custodian or designated subcustodians under triparty repurchase agreements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST

Notes to Financial Statements (continued)

June 30, 2004 (Unaudited)

3. AGREEMENTS

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”) serves as investment adviser pursuant to an Investment Management Agreement with the Trust on behalf of the Growth and Income, CORE U.S. Equity, CORE Small Cap Equity, Capital Growth and Mid Cap Value Funds. Goldman Sachs Asset Management International (“GSAMI”), an affiliate of GSAM and Goldman Sachs, serves as the Investment Adviser pursuant to an Investment Management Agreement with the Trust on behalf of the International Equity Fund (the Investment Management Agreements with GSAM and GSAMI are collectively referred to herein as the “Agreements”). Under the Agreements, the respective adviser manages the Funds, subject to the general supervision of the Trust’s Board of Trustees.

As compensation for the services rendered pursuant to the Agreements, the assumption of the expenses related thereto and administering the Funds’ business affairs, including providing facilities, the advisers are entitled to a fee, (“Management fee”) computed daily and payable monthly, equal to an annual percentage rate of each Fund’s average daily net assets. Effective June 1, 2004, GSAM voluntarily agreed to waive a portion of its Management fee for the CORE U.S. Equity Fund, equal to an annual percentage rate of the Fund’s average daily net assets as set forth below.

Additionally, each adviser has voluntarily agreed to limit certain “Other Expenses” of the Funds (excluding Management fees, Transfer Agent fees and expenses, taxes, interest, brokerage fees, litigation and indemnification costs, shareholder meeting and other extraordinary expenses) to the extent that such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. The Investment Adviser has agreed to maintain the expense limitations, as set forth in the table below, through June 30, 2005, except for Mid Cap Value Fund. The Investment Adviser may waive or modify the expense limitation for Mid Cap Value, at its discretion, at anytime. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Funds are not obligated to reimburse their respective adviser for prior fiscal year expense reimbursements, if any.

For the six months ended June 30, 2004, the Funds’ Management Fees and Other Expense limitations as an annual percentage rate of average daily net assets are as follows:



	Management Fee
										Other
	Contractual			Waiver			Net			Expense
Fund	Annual Rate			Annual Rate			Annual Rate			Limit


Growth and Income		0.75	%		—	%		0.75	%		0.11	%

CORE U.S. Equity		0.70			0.05			0.65			0.16

CORE Small Cap Equity		0.75			—			0.75			0.11

Capital Growth		0.75			—			0.75			0.11

Mid Cap Value		0.80			—			0.80			0.25

International Equity		1.00			—			1.00			0.16

Goldman Sachs also serves as the Transfer Agent of the Funds for a fee. Fees charged for such transfer agency services are calculated daily and payable monthly at an annual rate of 0.04% of the average daily net assets of each Fund. Goldman Sachs serves as the distributor of each Fund’s shares at no cost to the Funds.

GOLDMAN SACHS VARIABLE INSURANCE TRUST

3. AGREEMENTS — (continued)

For the six months ended June 30, 2004, the investment advisers reimbursed certain other expenses and the Funds have entered into certain offset arrangements with the custodian resulting in a reduction of the Funds expenses as follows (amounts in thousands):


	Management		Other Expense		Custody Fee
Fund	Fee Waiver		Reimbursement		Reduction			Total


Growth and Income	$	—	$	—	$	—	*	$	—	*

CORE U.S. Equity		17		—		1			18

CORE Small Cap Equity		—		—		—	*		—	*

Capital Growth		—		—		—	*		—	*

Mid Cap Value		—		—		2			2

International Equity		—		65		1			66


*		Amount represents less than $1,000.

As of June 30, 2004, the amounts owed to affiliates were as follows (in thousands):


	Management		Transfer Agent
Fund	Fees		Fees		Total


Growth and Income	$	142	$	8	$	150

CORE U.S. Equity		225		14		239

CORE Small Cap Equity		108		6		114

Capital Growth		110		6		116

Mid Cap Value		443		22		465

International Equity		81		3		84

4. PORTFOLIO SECURITY TRANSACTIONS

The cost of purchases and proceeds of sales and maturities (excluding short-term investments and futures transactions) for the six months ended June 30, 2004, were as follows:


			Sales and
Fund	Purchases		Maturities


Growth and Income	$	98,217,694	$	103,520,059

CORE U.S. Equity		215,344,350		194,884,000

CORE Small Cap Equity		120,977,214		128,791,494

Capital Growth		51,144,314		54,381,668

Mid Cap Value		323,201,753		250,661,912

International Equity		44,648,845		48,423,429

Futures Contracts — The Funds may enter into futures transactions to hedge against changes in interest rates, securities prices, currency exchange rates or to seek to increase total return. Futures contracts are valued at the last settlement price 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

GOLDMAN SACHS VARIABLE INSURANCE TRUST

Notes to Financial Statements (continued)

June 30, 2004 (Unaudited)

4. PORTFOLIO SECURITY TRANSACTIONS — (continued)

Funds are required to deposit with a broker an amount of cash or securities equal to the minimum “initial margin” requirement of the associated futures exchange. Subsequent payments for futures contracts (“variation margin”) are paid or received by the Funds daily, dependent on the daily fluctuations in the value of the contracts, and are recorded for financial reporting purposes as unrealized gains or losses. When contracts are closed, the Funds realize a gain or loss which is reported in the Statements of Operations.

The use of futures contracts involve, to varying degrees, elements of market and counterparty risk which may exceed the amounts recognized in the Statements of Assets and Liabilities. Changes in the value of the futures contract may not directly correlate with changes in the value of the underlying securities. This risk may decrease the effectiveness of the Funds’ strategies and potentially result in a loss.

At June 30, 2004, open futures contracts were as follows:

Number of

Contracts

Settlement

Market

Unrealized

Fund

Type

Long

Month

Value

Gain

CORE U.S. Equity

S & P 500 Index

132

September 2004

7,526,640

60,762

CORE Small Cap Equity

Russell 2000 Index

September 2004

710,820

8,175

Forward Foreign Currency Exchange Contracts — Growth and Income, Capital Growth, Mid Cap Value and International Equity may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge or cross-hedge against either specific transactions or portfolio positions. International Equity may also purchase and sell forward contracts to seek to increase total return. All commitments are “marked-to-market” daily at the applicable translation rates and any resulting unrealized gains or losses are recorded in the Fund’s financial statements. The Funds record realized gains or losses at the time a forward contract is offset by entry into a closing transaction or extinguished by delivery of the currency. 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.

At June 30, 2004, the International Equity Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies as follows:



			Value on				Unrealized
Open Forward Foreign Currency	Expiration		Settlement		Current
Purchase Contracts	Date		Date		Value		Gain		Loss


Australian Dollar		07/29/2004	$	4,855,941	$	4,773,812	$	—	$	82,129
		08/06/2004		1,254,635		1,213,927		—		40,708
Canadian Dollar		09/15/2004		1,253,000		1,265,532		12,532		—
Danish Krone		07/30/2004		1,033,008		1,030,665		—		2,343
Euro Currency		08/06/2004		2,514,000		2,574,042		60,042		—
		09/15/2004		1,831,000		1,843,712		12,712		—
		09/15/2004		626,000		625,143		—		857
Japanese Yen		07/27/2004		5,696,138		5,632,280		—		63,858
		08/06/2004		2,012,014		1,992,600		—		19,414
		09/15/2004		630,000		632,011		2,011		—
		09/15/2004		626,000		617,250		—		8,750
New Zealand Dollar		07/29/2004		214,984		219,911		4,927		—
Norwegian Krone		08/06/2004		1,315,497		1,308,801		—		6,696
		09/15/2004		605,000		599,816		—		5,184

GOLDMAN SACHS VARIABLE INSURANCE TRUST

4. PORTFOLIO SECURITY TRANSACTIONS — (continued)



			Value on				Unrealized
Open Forward Foreign Currency	Expiration		Settlement		Current
Purchase Contracts	Date		Date		Value		Gain		Loss


Pound Sterling		07/23/2004	$	6,735,029	$	7,003,307	$	268,278	$	—
		09/15/2004		1,834,000		1,825,599		—		8,401
Singapore Dollar		07/20/2004		951,704		954,024		2,320		—
		07/20/2004		171,794		171,619		—		175
Swedish Krona		08/06/2004		1,772,000		1,802,654		30,654		—
		08/06/2004		637,000		636,225		—		775
		09/15/2004		616,000		622,489		6,489		—
Swiss Franc		08/06/2004		589,000		601,643		12,643		—
		09/15/2004		624,000		621,672		—		2,328
		09/15/2004		605,000		606,463		1,463		—


TOTAL OPEN FORWARD FOREIGN CURRENCY PURCHASE CONTRACTS			$	39,002,744	$	39,175,197	$	414,071	$	241,618



			Value on				Unrealized
Open Forward Foreign Currency	Expiration		Settlement		Current
Sale Contracts	Date		Date		Value		Gain		Loss


Australian Dollar		09/15/2004	$	1,216,000	$	1,228,200	$	—	$	12,200
Canadian Dollar		08/06/2004		1,919,876		1,950,791		—		30,915
		09/15/2004		1,832,000		1,872,169		—		40,169
Euro Currency		07/30/2004		1,507,318		1,508,971		—		1,653
		08/06/2004		2,600,309		2,657,903		—		57,594
		09/15/2004		1,245,000		1,255,144		—		10,144
Hong Kong Dollar		09/13/2004		4,110,810		4,108,842		1,968		—
Japanese Yen		08/06/2004		589,000		607,706		—		18,706
		09/15/2004		1,827,000		1,847,114		—		20,114
Norwegian Krone		07/23/2004		1,005,617		998,009		7,608		—
		08/06/2004		1,771,000		1,774,133		—		3,133
		09/15/2004		626,000		617,883		8,117		—
Pound Sterling		07/23/2004		703,880		701,846		2,034		—
		09/15/2004		626,000		620,465		5,535		—
Singapore Dollar		07/20/2004		303,741		295,665		8,076		—
Swedish Krona		08/06/2004		617,000		632,867		—		15,867
		09/15/2004		1,834,000		1,846,393		—		12,393
		09/17/2004		1,648,535		1,663,130		—		14,595
Swiss Franc		07/20/2004		1,365,360		1,394,602		—		29,242
		08/06/2004		1,996,193		2,064,292		—		68,099
		09/15/2004		630,000		630,535		—		535


TOTAL OPEN FORWARD FOREIGN CURRENCY SALE CONTRACTS			$	29,974,639	$	30,276,660	$	33,338	$	335,359

The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. At June 30, 2004, the International Equity Fund had segregated sufficient cash and/or securities to cover any commitments under these contracts.

GOLDMAN SACHS VARIABLE INSURANCE TRUST

Notes to Financial Statements (continued)

June 30, 2004 (Unaudited)

4. PORTFOLIO SECURITY TRANSACTIONS — (continued)

For the six months ended June 30, 2004, Goldman Sachs and affiliated broker/ dealers earned brokerage commissions from portfolio transactions, including futures, executed on behalf of the Funds in the following amounts:


	Brokerage
Fund	Commissions


Growth and Income	$	21,461

CORE U.S. Equity		1,713

CORE Small Cap Equity		570

Mid Cap Value		18,776

International Equity		2,698

5. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through their securities lending agent, Boston Global Advisers (“BGA”) — a wholly owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs. In accordance with the Funds’ securities lending procedures the loans are collateralized at all times with cash and/or securities with a market value at least equal to the securities on loan. As with other extensions of credit, the Funds bear the risk of delay on recovery or loss of rights in the collateral should the borrower of the securities fail financially.

Both the Funds and BGA receive compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended June 30, 2004, are reported parenthetically on the Statements of Operations. The Funds invest the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio of Boston Global Investment Trust, a Delaware statutory trust. The Enhanced Portfolio is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM, for which GSAM receives an investment advisory fee of up to 0.10% of the average daily net assets of the Enhanced Portfolio. The Enhanced Portfolio invests in high quality money market instruments. The Funds bear the risk of incurring a loss from the investment of cash collateral due to either credit or market factors.

The table below details the following items as of or for the six months ended June 30, 2004.


					Earnings of BGA		Earnings Received		Amount Payable to
	Market Value		Cash Collateral		Relating to Securities		From Lending to		Goldman Sachs Upon
	of Securities		Received for Loans		Loaned for the		Goldman Sachs		Return of Securities
	on loan as of		Outstanding as of		Six Months Ended		for Six Months Ended		Loaned as of
Fund	June 30, 2004		June 30, 2004		June 30, 2004		June 30, 2004		June 30, 2004


Growth and Income^(a)	$	—	$	—	$	9	$	—	$	—

CORE U.S. Equity		6,253,736		6,407,700		5,984		166		27,900

CORE Small Cap Equity		11,224,041		11,364,050		16,516		16,722		4,553,600

Mid Cap Value		19,984,233		20,371,475		1,654		233		—

International Equity		11,177,382		11,718,967		16,466		1,965		288,000


(a)		While there was lending activity during the six months ended June 30, 2004, there were no loans outstanding as of June 30, 2004.

GOLDMAN SACHS VARIABLE INSURANCE TRUST

6. LINE OF CREDIT FACILITY

The Funds participate in a $350,000,000 committed, unsecured revolving line of credit facility. Under the most restrictive arrangement, each Fund must own securities having a market value in excess of 300% (400% prior to May 26, 2004) of the total bank borrowings. This facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The committed facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. During the six months ended June 30, 2004, the Funds did not have any borrowings under this facility.

7. JOINT REPURCHASE AGREEMENT ACCOUNT

Pursuant to exemptive relief granted by the SEC, and terms and conditions contained therein, the Funds, together with other registered investment companies having management agreements with GSAMI and GSAM or their affiliates, transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements.

At June 30, 2004, the Growth and Income, CORE U.S. Equity, Capital Growth, and Mid Cap Value Funds had undivided interests in the following Joint Repurchase Agreement Account II which equaled $4,100,000, $7,000,000, $600,000 and $14,700,000, respectively, in principal amount. At June 30, 2004, the following repurchase agreements held in this joint account were fully collateralized by Federal Agency obligations.


	Principal		Interest			Maturity	Maturity
Repurchase Agreements	Amount		Rate			Date	Value


Banc of America Securities LLC	$	750,000,000		1.55	%	07/01/2004	$	750,032,292

Bear Stearns & Co.		675,000,000		1.55		07/01/2004		675,029,063

Greenwich Capital Markets		400,000,000		1.53		07/01/2004		400,017,000

J.P. Morgan Chase & Co.		700,000,000		1.55		07/01/2004		700,030,139

Morgan Stanley & Co.		775,000,000		1.55		07/01/2004		775,033,368

UBS LLC		400,000,000		1.55		07/01/2004		400,017,222

UBS LLC		550,500,000		1.55		07/01/2004		550,523,702

Westdeutsche Landesbank AG		500,000,000		1.52		07/01/2004		500,021,111

TOTAL JOINT REPURCHASE AGREEMENT ACCOUNT II	$	4,750,500,000					$	4,750,703,897

GOLDMAN SACHS VARIABLE INSURANCE TRUST

Notes to Financial Statements (continued)

June 30, 2004 (Unaudited)

8. ADDITIONAL TAX INFORMATION

As of the most recent fiscal year ended December 31, 2003, the Funds’ capital loss carryforwards on a tax basis were as follows:


	Growth and			CORE U.S.			CORE Small Cap		Capital			Mid Cap		International
	Income Fund			Equity Fund			Equity Fund		Growth Fund			Value Fund		Equity Fund






Capital loss carryforward*:
Expiring 2006	$	(362,220	)	$	—		$	—	$	—		$	—	$	—
Expiring 2007		(4,897,900	)		—			—		—			—		—
Expiring 2008		(16,841,846	)		(13,306,085	)		—		(9,701,550	)		—		(22,661,720	)
Expiring 2009		(30,528,170	)		(46,670,303	)		—		(13,983,325	)		—		(27,159,909	)
Expiring 2010		(5,509,772	)		(32,461,710	)		—		(6,239,358	)		—		(8,409,296	)
Expiring 2011		—			(2,163,043	)		—		(1,064,803	)		—		(609,034	)

Total capital loss carryforward	$	(58,139,908	)	$	(94,601,141	)	$	—	$	(30,989,036	)	$	—	$	(58,839,959	)


*		Utilization of these losses may be limited under the Internal Revenue Code.

At June 30, 2004, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:


	Growth and			CORE U.S.			CORE Small Cap			Capital			Mid Cap			International
	Income Fund			Equity Fund			Equity Fund			Growth Fund			Value Fund			Equity Fund


Tax Cost	$	208,104,929		$	387,136,125		$	176,899,066		$	171,840,032		$	615,633,631		$	107,162,947

Gross unrealized gain		31,401,873			54,654,226			22,181,812			20,196,128			112,892,340			9,563,501
Gross unrealized loss		(1,394,362	)		(4,553,643	)		(4,588,409	)		(12,916,177	)		(9,242,352	)		(4,906,496	)

Net unrealized security gain (loss)	$	30,007,511		$	50,100,583		$	17,593,403		$	7,279,951		$	103,649,988		$	4,657,005

The difference between book-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, investments in partnerships and passive foreign investment companies.

GOLDMAN SACHS VARIABLE INSURANCE TRUST

9. MERGERS AND REORGANIZATIONS

At a meeting held on September 18, 2003, the Board of Trustees of the Trust approved (i) an Agreement and Plan of Reorganization (the “Protective Agreement”) providing for the tax-free acquisition of the Growth and Income, CORE U.S. Equity, Small Cap Value, Capital Growth and International Equity Funds of Protective Investment Company by the Growth & Income, CORE U.S. Equity, CORE Small Cap Equity, Capital Growth and International Equity Funds of the Trust, respectively, and (ii) an Agreement and Plan of Reorganization (the “Ayco Agreement”) providing for the tax-free acquisition of the Growth Fund of the Ayco Series Trust by the Capital Growth Fund of the Trust. The acquisitions were completed on December 19, 2003 following the approval of the Ayco Fund shareholders on November 25, 2003 and the Protective Fund shareholders on December 9, 2003.

Pursuant to the Protective Agreement and Ayco Agreement, the assets and liabilities of the Protective Growth & Income, Protective CORE U.S. Equity, Protective Small Cap Value, Protective Capital Growth, Protective International Equity and Ayco Growth Funds were transferred to the Growth & Income, CORE U.S. Equity, CORE Small Cap Equity, Capital Growth and International Equity Funds of the Trust in a tax-free exchange for Shares of such Funds of the Trust as follows:


	Exchanged Shares				Acquired Fund’s
	of Survivor		Value of		Shares Outstanding
Survivor/ Acquired Fund	Issued		Exchanged Shares		as of December 19, 2003


Growth & Income/ Protective Growth & Income		18,241,732	$	178,951,522		14,281,379

CORE U.S. Equity/ Protective CORE U.S. Equity		16,120,873		172,009,752		10,870,914

CORE Small Cap Equity/ Protective Small Cap Value		8,651,130		110,388,436		10,265,148

Capital Growth/ Protective Capital Growth		14,334,186		134,454,724		8,558,442

Capital Growth/Ayco Growth		1,502,665		14,095,057		1,671,489

International Equity/ Protective International Equity		9,311,989		85,111,633		9,431,932

The following chart shows the Survivor Fund’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Funds’ unrealized appreciation (depreciation) and capital loss carryforwards.


											Survivor Fund’s
	Survivor Fund’s		Acquired Fund’s		Acquired						Aggregate
	Aggregate		Aggregate		Fund’s			Acquired			Net Assets
	Net Assets		Net Assets		Unrealized			Fund’s			immediately
	before		before		Appreciation/			Capital Loss			after
Survivor/ Acquired Fund	acquisition		acquisition		(Depreciation)			Carryforward*			acquisition


Growth & Income/ Protective Growth & Income	$	46,773,384	$	178,951,522	$	29,603,787		$	(49,065,396	)	$	225,724,906

CORE U.S. Equity/ Protective CORE U.S. Equity		200,597,059		172,009,752		16,701,292			(44,057,909	)		372,606,811

CORE Small Cap Equity/ Protective Small Cap Value		68,670,034		110,388,436		—			—			179,058,470

Capital Growth/ Protective Capital Growth		26,929,808		134,454,724		(2,149,375	)		(24,790,418	)		175,479,589

Capital Growth/Ayco Growth		26,929,808		14,095,057		19,135			(2,696,909	)		175,479,589

International Equity/ Protective International Equity		18,015,399		85,111,633		8,640,456			(50,026,977	)		103,127,032


*		For U.S. federal income tax purposes, certain limitations may apply to the utilization of the Acquired Fund’s capital loss carryforwards.


TRUSTEES		OFFICERS
Ashok N. Bakhru, Chairman		Kaysie P. Uniacke, President
John P. Coblentz, Jr.		James A. Fitzpatrick, Vice President
Patrick T. Harker		James A. McNamara, Vice President
Mary Patterson McPherson		John M. Perlowski, Treasurer
Alan A. Shuch		Howard B. Surloff, Secretary
Wilma J. Smelcer
Richard P. Strubel
Kaysie P. Uniacke

GOLDMAN, SACHS & CO. Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL 133 Peterborough Court London, England EC4A 2BB

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

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

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request by calling 1-800-292-4726 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission Web site at http://www.sec.gov.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus for the Funds. Please consider a fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing or sending money.

Holdings are as of June 30, 2004 and are subject to change in the future. Fund holdings of stocks or bonds should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

The U.S. Equity Funds are subject to the risk of rising and falling stock prices. In recent years, the U.S. stock market has experienced substantial price volatility.

Emerging markets securities are volatile. They are subject to substantial currency fluctuations and sudden economic and political developments. At times, the Goldman Sachs International Equity Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all.

Concentration of the Fund’s assets in one or a few countries (or a particular geographic area) and currencies will subject a fund to greater risks than if a fund’s assets were not geographically concentrated.

Stocks of smaller companies are often more volatile and present greater risks than stocks of larger companies. At times, the Goldman Sachs CORE Small Cap Equity Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all.

CORE^SMis a service mark of Goldman, Sachs & Co.
Goldman, Sachs & Co. is the distributor of the Fund.
Toll Free (in U.S.): 800-292-4726

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Growth and Income, CORE U.S. Equity, CORE Small Cap Equity, Capital Growth, Mid Cap Value and International Equity Funds.


© Copyright 2004 Goldman, Sachs & Co. All rights reserved. Date of first use: August 16, 2004

VITSAR


ITEM 2.		CODE OF ETHICS.

Not applicable to the semi-annual report for the period ending June 30, 2004.


ITEM 3.		AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to the semi-annual report for the period ending June 30, 2004.


ITEM 4.		PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to the semi-annual report for the period ended June 30, 2004.


ITEM 5.		AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the semi-annual report for the period ending June 30, 2004.


ITEM 6.		SCHEDULE OF INVESTMENTS

Not applicable to the semi-annual report for the period ended June 30, 2004.


ITEM 7.		DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.


ITEM 8.		PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.


ITEM 9.		SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.


ITEM 10.		CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting.


ITEM 11.		EXHIBITS.


(a)(1)	Exhibit 99.CODE	Goldman Sachs Variable Insurance Trust’s Code of Ethics for Principal Executive and Senior Financial officers is incorporated by reference to Exhibit 11(a)(1) of the Registrant’s Form N-CSR filed on March 8, 2004 (accession number 0000950123-04-002976)

(a)(2)	Exhibit 99.CERT Exhibit 99.906CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith

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.


Goldman Sachs Variable Insurance Trust


/s/ Kaysie Uniacke

By: Kaysie Uniacke
Chief Executive Officer of
Goldman Sachs Variable Insurance Trust

Date: August 26, 2004


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


/s/ Kaysie Uniacke
By: Kaysie Uniacke
Chief Executive Officer of
Goldman Sachs Variable Insurance Trust

Date: August 26, 2004


/s/ John M. Perlowski
By: John M. Perlowski
Chief Financial Officer of
Goldman Sachs Variable Insurance Trust

Date: August 26, 2004

	(a)		The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

	(b)		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting.