UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-8361

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2004

Date of reporting period: September 30, 2004

Item 1. Schedule of Investments

The registrant’s Schedule of investments pursuant to Rule 30b1-5 under the Investment Company Act of 1940 (the “Act”) is as follows:

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Investments

September 30, 2004 (Unaudited)

Shares		Description	Value
Common Stocks — 96.6%
Biotechnology — 1.1%
	347,100	MedImmune, Inc.*	$	8,226,270
Brokers — 1.1%
	85,261	The Bear Stearns Companies, Inc.		8,199,550
Chemicals — 4.9%
	836,350	Agrium, Inc.		14,853,576
	380,600	Monsanto Co.		13,861,452
	196,100	Rohm and Haas Co.		8,426,417
				37,141,445
Computer Hardware — 3.4%
	162,000	CDW Corp.		9,400,860
	82,100	Ditech Communications Corp.*		1,838,219
	226,215	Hutchinson Technology, Inc.*@		6,046,727
	316,300	Storage Technology Corp.*		7,989,738
				25,275,544
Computer Software — 1.1%
	542,040	Activision, Inc.*		7,518,095
	65,043	NetIQ Corp.*		695,960
				8,214,055
Construction — 2.0%
	321,005	Lennar Corp.		15,279,838
Consumer Durables — 1.6%
	75,295	Mohawk Industries, Inc.*		5,977,670
	133,300	The Stanley Works		5,669,249
				11,646,919
Defense/Aerospace — 1.2%
	241,192	Rockwell Collins, Inc.		8,957,871
Diversified Energy — 3.2%
	1,240,500	The Williams Companies, Inc.		15,010,050
	327,175	Western Gas Resources, Inc.		9,353,933
				24,363,983
Drugs — 1.8%
	165,200	Charles River Laboratories International, Inc.*@		7,566,160
	199,200	Watson Pharmaceuticals, Inc.*		5,868,432
				13,434,592
Electrical Utilities — 8.9%
	133,700	Edison International		3,544,387
	143,756	Energy East Corp.		3,619,776
	139,521	Entergy Corp.		8,456,368
	288,639	FirstEnergy Corp.		11,857,290
	175,800	PG&E Corp.*@		5,344,320
	104,255	Pinnacle West Capital Corp.		4,326,582
	450,988	PPL Corp.		21,277,614
	133,125	Puget Energy, Inc.		3,021,938
	159,200	Wisconsin Energy Corp.		5,078,480
				66,526,755
Energy Resources — 3.5%
	247,160	EOG Resources, Inc.		16,275,486
	331,670	Patina Oil & Gas Corp.		9,807,482
				26,082,968
Environmental & Other Services — 0.7%
	188,676	Republic Services, Inc.		5,614,998
Food & Beverage — 1.2%
	337,300	Archer-Daniels-Midland Co.		5,727,354
	128,300	The Pepsi Bottling Group, Inc.		3,483,345
				9,210,699
Gas Utilities — 0.1%
	33,700	AGL Resources, Inc.		1,036,949
Health Insurance — 2.0%
	54,979	Aetna, Inc.		5,494,051
	373,300	Health Net, Inc.*@		9,227,976
				14,722,027
Home Products — 2.4%
	230,500	The Clorox Co.		12,285,650
	129,040	The Estee Lauder Companies, Inc.		5,393,872
				17,679,522
Hotel & Leisure — 1.6%
	120,471	Harrah’s Entertainment, Inc.		6,382,554
	319,143	Hilton Hotels Corp.		6,012,654
				12,395,208
Information Services — 1.1%
	102,195	Anteon International Corp.*		3,745,447
	505,960	BearingPoint, Inc.*		4,523,282
				8,268,729
Life Insurance — 1.0%
	136,605	Torchmark Corp.		7,264,654
Media — 2.6%
	432,965	Emmis Communications Corp.*		7,819,348
	289,581	Lamar Advertising Co.*		12,049,465
				19,868,813
Mining — 1.0%
	78,329	Nucor Corp.		7,156,921
Motor Vehicle — 1.6%
	167,690	American Axle & Manufacturing Holdings, Inc.		4,906,609
	131,678	Lear Corp.		7,169,867
				12,076,476
Oil Services — 1.9%
	751,466	Patterson-UTI Energy, Inc.		14,330,457
Paper & Packaging — 1.1%
	328,617	Packaging Corp. of America		8,041,258
Parts & Equipment — 5.4%
	284,494	American Standard Companies, Inc.*		11,069,662
	199,570	Cummins, Inc.@		14,746,227
	229,742	Eaton Corp.		14,567,940
				40,383,829
Property Insurance — 7.0%
	131,554	AMBAC Financial Group, Inc.		10,517,742
	263,462	PartnerRe Ltd.		14,408,737
	287,793	RenaissanceRe Holdings Ltd.		14,844,363
	335,230	Willis Group Holdings Ltd.		12,537,602
				52,308,444
Publishing — 0.8%
	255,197	A.H. Belo Corp.		5,752,140
Regional Banks — 8.3%
	76,636	Commerce Bancshares, Inc.		3,685,425
	419,150	FirstMerit Corp.		11,025,741

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Investments (continued)

September 30, 2004 (Unaudited)

Shares		Description	Value
	232,542	KeyCorp.	$	7,348,327
	148,832	M&T Bank Corp.		14,243,223
	206,100	North Fork Bancorporation, Inc.@		9,161,145
	518,800	Regions Financial Corp.		17,151,528
				62,615,389
REITS — 7.7%
	279,070	Apartment Investment & Management Co.		9,706,055
	259,255	Developers Diversified Realty Corp.		10,149,833
	539,977	iStar Financial, Inc.		22,263,252
	229,253	Plum Creek Timber Co., Inc.		8,030,732
	221,600	Prentiss Properties Trust		7,977,600
				58,127,472
Restaurants — 1.0%
	181,754	Yum! Brands, Inc.		7,390,118
Retail Apparel — 5.4%
	478,100	Abercrombie & Fitch Co.		15,060,150
	240,240	Federated Department Stores, Inc.		10,914,103
	267,100	J. C. Penney Co., Inc.		9,423,288
	205,700	Ross Stores, Inc.		4,821,608
				40,219,149
Semiconductors — 1.4%
	136,029	Amphenol Corp.*		4,660,354
	273,663	Power Integrations, Inc.*		5,590,935
				10,251,289
Specialty Financials — 3.1%
	272,475	American Capital Strategies Ltd.@		8,539,366
	400,795	CIT Group, Inc.		14,985,725
				23,525,091
Telephone — 1.1%
	244,200	CenturyTel, Inc.		8,361,408
Tobacco — 0.7%
	82,200	Reynolds American, Inc.@		5,592,888
Transports — 1.9%
	182,400	Teekay Shipping Corp.		7,859,616
	139,920	Yellow Roadway Corp.*		6,560,849
				14,420,465
Trust/Processors — 0.7%
	131,440	Northern Trust Corp.		5,362,752
TOTAL COMMON STOCKS			$	725,326,935

Principal		Interest			Maturity
Amount		Rate			Date		Value
Repurchase Agreement — 2.9%
Joint Repurchase Agreement Account II ¤
$	21,500,000		1.91	%		10/01/2004	$	21,500,000
Maturity Value $21,501,413
TOTAL REPURCHASE AGREEMENT							$	21,500,000
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL							$	746,826,935

Shares		Description	Value
Securities Lending Collateral — 4.7%
	35,760,450	Boston Global Investment Trust - Enhanced Portfolio	$	35,760,450
TOTAL SECURITIES LENDING COLLATERAL			$	35,760,450
TOTAL INVESTMENTS — 104.2%			$	782,587,385

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

*	Non-income producing security.
@	All or portion of security is on loan.
¤	Joint repurchase agreement was entered into on September 30, 2004.

Investment Abbreviation:

REIT — Real Estate Investment Trust

GOLDMAN SACHS VARIABLE INSURANCE MID CAP VALUE GROWTH FUND

Statement of Investments (continued)

September 30, 2004 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II* – At September 30, 2004, the Mid Cap Value Growth Fund had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $21,500,000 in principal amount.

	Principal		Interest			Maturity		Maturity
Repurchase Agreements	Amount		Rate			Date		Value
Banc of America Securities LLC	$	800,000,000		1.90	%		10/01/2004	$	800,042,222
Barclays Capital PLC		800,000,000		1.90			10/01/2004		800,042,222
Bear Stearns & Co.		500,000,000		1.90			10/01/2004		500,026,389
Greenwich Capital Markets		400,000,000		1.90			10/01/2004		400,021,111
J.P. Morgan Chase & Co.		500,000,000		1.90			10/01/2004		500,026,389
Morgan Stanley & Co.		844,300,000		1.90			10/01/2004		844,344,561
UBS LLC		800,000,000		1.90			10/01/2004		800,042,222
UBS LLC		1,500,000,000		1.95			10/01/2004		1,500,081,250
Westdeutsche Landesbank AG		500,000,000		1.90			10/01/2004		500,026,389
TOTAL	$	6,644,300,000						$	6,644,652,755

* At September 30, 2004, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 1.625%, due 06/15/2005; Federal Home Loan Mortgage Association, 0.00% to 10.50%, due 05/05/2005 to 10/01/2034 and Federal National Mortgage Association, 0.00% to 10.00%, due 05/01/2006 to 10/01/2034.

TAX INFORMATION — At September 30, 2004, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Tax Cost	$	687,490,545
Gross unrealized gain		102,858,540
Gross unrealized loss		(7,761,700	)
Net unrealized security gain	$	95,096,840

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statement of Investments

September 30, 2004 (Unaudited)

Shares		Description	Value
Common Stocks — 98.0%
Brokers — 2.4%
	50,332	Merrill Lynch & Co., Inc.	$	2,502,507
	34,900	The Bear Stearns Companies, Inc.		3,356,333
				5,858,840
Chemicals — 3.0%
	76,700	Rohm and Haas Co.		3,295,799
	90,000	The Dow Chemical Co.		4,066,200
				7,361,999
Computer Hardware — 1.9%
	23,400	CDW Corp.		1,357,902
	115,100	Hewlett-Packard Co.		2,158,125
	77,800	Xerox Corp.*		1,095,424
				4,611,451
Computer Software — 3.1%
	161,200	Activision, Inc.*		2,235,844
	189,511	Microsoft Corp.		5,239,979
				7,475,823
Consumer Durables — 1.3%
	95,200	Masco Corp.		3,287,256
Defense/Aerospace — 1.0%
	23,100	General Dynamics Corp.		2,358,510
Drugs — 2.3%
	45,400	Johnson & Johnson		2,557,382
	100,800	Pfizer, Inc.		3,084,480
				5,641,862
Electrical Utilities — 8.6%
	54,800	Ameren Corp.		2,529,020
	56,900	Dominion Resources, Inc.		3,712,725
	69,012	Entergy Corp.		4,182,817
	86,310	Exelon Corp.		3,166,714
	68,153	FirstEnergy Corp.		2,799,725
	98,109	PPL Corp.		4,628,783
				21,019,784
Energy Resources — 11.7%
	131,900	Burlington Resources, Inc.		5,381,520
	246,900	ChevronTexaco Corp.		13,243,716
	29,200	ConocoPhillips		2,419,220
	154,133	Exxon Mobil Corp.		7,449,248
				28,493,704
Environmental & Other Services — 0.5%
	47,710	Waste Management, Inc.		1,304,391
Food & Beverage — 1.8%
	55,195	H.J. Heinz Co.		1,988,124
	78,100	Kraft Foods, Inc.		2,477,332
				4,465,456
Health Insurance — 1.0%
	23,700	Aetna, Inc.		2,368,341
Home Products — 3.5%
	53,100	Avon Products, Inc.		2,319,408
	44,700	The Clorox Co.		2,382,510
	71,310	The Procter & Gamble Co.		3,859,297
				8,561,215
Large Banks — 12.6%
	251,150	Bank of America Corp.		10,882,329
	232,990	Citigroup, Inc.		10,279,519
	208,538	J.P. Morgan Chase & Co.		8,285,215
	45,402	U.S. Bancorp.		1,312,118
				30,759,181
Media — 3.7%
	78,367	Fox Entertainment Group, Inc.*		2,173,901
	209,700	Time Warner, Inc.*		3,384,558
	101,000	Viacom, Inc. Class B		3,389,560
				8,948,019
Medical Products — 1.3%
	98,151	Baxter International, Inc.		3,156,536
Motor Vehicle — 0.9%
	52,328	Autoliv, Inc.		2,114,051
Paper & Packaging — 0.8%
	80,400	Packaging Corp. of America		1,967,388
Parts & Equipment — 5.9%
	62,900	Eaton Corp.		3,988,489
	181,200	General Electric Co.		6,084,696
	145,912	Tyco International Ltd.		4,473,662
				14,546,847
Property Insurance — 7.0%
	37,200	American International Group, Inc.		2,529,228
	64,525	PartnerRe Ltd.		3,528,872
	59,076	RenaissanceRe Holdings Ltd.		3,047,140
	65,400	The Allstate Corp.		3,138,546
	65,500	Willis Group Holdings Ltd.		2,449,700
	31,326	XL Capital Ltd.		2,317,811
				17,011,297
Regional Banks — 3.7%
	141,900	KeyCorp.		4,484,040
	22,600	PNC Financial Services Group		1,222,660
	103,151	Regions Financial Corp.		3,410,172
				9,116,872
REITS — 4.6%
	27,300	AvalonBay Communities, Inc.		1,644,006
	62,100	Duke Realty Corp.		2,061,720
	106,660	iStar Financial, Inc.		4,397,592
	50,764	Liberty Property Trust		2,022,438
	33,000	Plum Creek Timber Co., Inc.		1,155,990
				11,281,746
Retail Apparel — 1.5%
	62,600	J. C. Penney Co., Inc.		2,208,528
	62,251	The May Department Stores Co.		1,595,493
				3,804,021
Semiconductors — 0.5%
	8,600	Amphenol Corp.*		294,636
	55,100	National Semiconductor Corp.*		853,499
				1,148,135
Specialty Financials — 5.0%
	111,300	American Capital Strategies Ltd.@		3,488,142
	68,114	Countrywide Financial Corp.		2,683,011
	50,776	Fannie Mae		3,219,198
	38,308	SLM Corp.		1,708,537
	29,500	Washington Mutual, Inc.		1,152,860
				12,251,748

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statement of Investments (continued)

September 30, 2004 (Unaudited)

Shares		Description	Value
Telecommunications Equipment — 0.9%
	658,100	Nortel Networks Corp.*	$	2,237,540
Telephone — 3.7%
	212,000	Sprint Corp.		4,267,560
	119,700	Verizon Communications, Inc.		4,713,786
				8,981,346
Thrifts — 0.5%
	10,200	Golden West Financial Corp.		1,131,690
Tobacco — 2.2%
	112,200	Altria Group, Inc.		5,277,888
Transports — 0.4%
	76,800	Southwest Airlines Co.		1,046,016
Trust/Processors — 0.7%
	57,200	The Bank of New York Co., Inc.		1,668,524
TOTAL COMMON STOCKS			$	239,257,477

Principal		Interest			Maturity
Amount		Rate			Date		Value
Repurchase Agreement — 1.5%
Joint Repurchase Agreement Account II ¤
$	3,700,000		1.91	%		10/01/2004	$	3,700,000
Maturity Value $3,700,196
TOTAL REPURCHASE AGREEMENT							$	3,700,000
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL							$	242,957,477

Shares		Description	Value
Securities Lending Collateral — 1.4%
	3,300,000	Boston Global Investment Trust — Enhanced Portfolio	$	3,300,000
TOTAL SECURITIES LENDING COLLATERAL			$	3,300,000
TOTAL INVESTMENTS — 100.9%			$	246,257,477

*	Non-income producing security.
@	All or a portion of security is on loan.
¤	Joint repurchase agreement was entered into on September 30, 2004.

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

Investment Abbreviation:

REIT — Real Estate Investment Trust

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statement of Investments

September 30, 2004 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II* – At September 30, 2004, the Growth and Income Fund had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $3,700,000 in principal amount.

	Principal		Interest			Maturity		Maturity
Repurchase Agreements	Amount		Rate			Date		Value
Banc of America Securities LLC	$	800,000,000		1.90	%		10/01/2004	$	800,042,222
Barclays Capital PLC		800,000,000		1.90			10/01/2004		800,042,222
Bear Stearns & Co.		500,000,000		1.90			10/01/2004		500,026,389
Greenwich Capital Markets		400,000,000		1.90			10/01/2004		400,021,111
J.P. Morgan Chase & Co.		500,000,000		1.90			10/01/2004		500,026,389
Morgan Stanley & Co.		844,300,000		1.90			10/01/2004		844,344,561
UBS LLC		800,000,000		1.90			10/01/2004		800,042,222
UBS LLC		1,500,000,000		1.95			10/01/2004		1,500,081,250
Westdeutsche Landesbank AG		500,000,000		1.90			10/01/2004		500,026,389
TOTAL	$	6,644,300,000						$	6,644,652,755

* At September 30, 2004, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 1.625%, due 06/15/2005; Federal Home Loan Mortgage Association, 0.00% to 10.50%, due 05/05/2005 to 10/01/2034 and Federal National Mortgage Association, 0.00% to 10.00%, due 05/01/2006 to 10/01/2034.

TAX INFORMATION — At September 30, 2004, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Tax Cost	$	216,285,974
Gross unrealized gain		33,291,092
Gross unrealized loss		(3,319,589	)
Net unrealized security gain	$	29,971,503

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

Statement of Investments

September 30, 2004 (Unaudited)

Shares		Description	Value
Common Stocks — 98.4%
Biotechnology — 2.9%
	87,500	Biogen Idec, Inc.*	$	5,352,375
	134,700	Genentech, Inc.*		7,060,974
	9,300	ImClone Systems, Inc.*		491,505
				12,904,854
Chemicals — 2.0%
	112,500	3M Co.		8,996,625
Computer Hardware — 2.2%
	227,600	Dell, Inc.*		8,102,560
	4,700	Lexmark International, Inc.*		394,847
	15,100	NCR Corp.*		748,809
	11,300	Tech Data Corp.*		435,615
				9,681,831
Computer Software — 6.9%
	13,600	Autodesk, Inc.		661,368
	113,500	BMC Software, Inc.*		1,794,435
	16,400	International Business Machines Corp.		1,406,136
	667,000	Microsoft Corp.		18,442,550
	149,500	Symantec Corp.*		8,204,560
				30,509,049
Consumer Durables — 0.2%
	8,500	The Black & Decker Corp.		658,240
Defense/Aerospace — 1.4%
	21,200	Northrop Grumman Corp.		1,130,596
	61,300	Raytheon Co.		2,328,174
	53,000	The Boeing Co.		2,735,860
				6,194,630
Drugs — 8.1%
	62,400	Allergan, Inc.		4,527,120
	23,900	AmerisourceBergen Corp.		1,283,669
	243,100	Johnson & Johnson		13,693,823
	535,105	Pfizer, Inc.		16,374,213
				35,878,825
Electrical Utilities — 1.6%
	36,100	Alliant Energy Corp.		898,168
	208,100	Edison International		5,516,731
	44,600	Northeast Utilities		864,794
				7,279,693
Energy Resources — 3.5%
	49,800	Apache Corp.		2,495,478
	27,288	ConocoPhillips		2,260,811
	14,100	EOG Resources, Inc.		928,485
	125,066	Exxon Mobil Corp.		6,044,440
	70,300	Occidental Petroleum Corp.		3,931,879
				15,661,093
Environmental & Other Services — 2.3%
	241,400	Cendant Corp.		5,214,240
	28,400	Republic Services, Inc.		845,184
	148,100	Waste Management, Inc.		4,049,054
				10,108,478
Food & Beverage — 3.6%
	9,200	Anheuser-Busch Companies, Inc.		459,540
	109,339	Archer-Daniels-Midland Co.		1,856,576
	200,100	Kraft Foods, Inc.		6,347,172
	45,300	SUPERVALU, INC.		1,248,015
	368,500	Tyson Foods, Inc.		5,903,370
				15,814,673
Gas Utilities — 0.2%
	25,200	Sempra Energy		911,988
Grocery — 0.1%
	19,000	Albertson’s, Inc.		454,670
Home Products — 4.5%
	102,200	Avon Products, Inc.		4,464,096
	8,100	The Clorox Co.		431,730
	158,100	The Gillette Co.		6,599,094
	153,600	The Procter & Gamble Co.		8,312,832
				19,807,752
Hotel & Leisure — 1.4%
	36,700	GTECH Holdings Corp.		929,244
	40,900	Harman International Industries, Inc.		4,406,975
	11,400	Polaris Industries, Inc.		636,348
				5,972,567
Information Services — 3.4%
	173,400	Accenture Ltd.*		4,690,470
	119,400	IMS Health, Inc.		2,856,048
	104,200	Moody’s Corp.		7,632,650
				15,179,168
Internet — 0.9%
	43,900	eBay, Inc.*		4,036,166
Large Banks — 7.9%
	327,166	Bank of America Corp.		14,176,103
	67,532	Citigroup, Inc.		2,979,512
	299,900	U.S. Bancorp.		8,667,110
	202,200	Wachovia Corp.		9,493,290
				35,316,015
Life Insurance — 3.7%
	136,200	MetLife, Inc.		5,264,130
	5,700	Nationwide Financial Services, Inc.		200,127
	104,000	Principal Financial Group, Inc.		3,740,880
	156,700	Prudential Financial, Inc.		7,371,168
				16,576,305
Media — 4.2%
	90,264	Comcast Corp.*		2,549,055
	27,500	Fox Entertainment Group, Inc.*		762,850
	12,100	Liberty Media International, Inc.*		403,680
	236,530	The Walt Disney Co.		5,333,752
	607,900	Time Warner, Inc.*		9,811,506
				18,860,843
Medical Products — 1.7%
	97,900	Zimmer Holdings, Inc.*		7,738,016
Medical Providers — 1.1%
	147,100	Caremark Rx, Inc.*		4,717,497
Mining — 0.1%
	10,200	Newmont Mining Corp.		464,406
Motor Vehicle — 2.1%
	67,100	AutoNation, Inc.*		1,146,068
	570,000	Ford Motor Co.		8,008,500
				9,154,568
Oil Refining — 3.9%
	10,400	Amerada Hess Corp.		925,600

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

Statement of Investments (continued)

September 30, 2004 (Unaudited)

Shares		Description	Value
	109,700	Sunoco, Inc.	$	8,115,606
	102,300	Valero Energy Corp.		8,205,483
				17,246,689
Paper & Packaging — 0.3%
	56,600	Louisiana-Pacific Corp.		1,468,770
Parts & Equipment — 3.1%
	231,100	General Electric Co.		7,760,338
	201,000	Tyco International Ltd.		6,162,660
				13,922,998
Property Insurance — 2.4%
	38,400	ACE Ltd.		1,538,304
	10,678	American International Group, Inc.		725,997
	18,412	Fidelity National Financial, Inc.		701,497
	97,200	Loews Corp.		5,686,200
	36,400	MBIA, Inc.		2,118,844
				10,770,842
Regional Banks — 0.6%
	32,100	Bank of Hawaii Corp.		1,516,725
	21,100	UnionBanCal Corp.		1,249,331
				2,766,056
REITS — 0.5%
	61,800	Equity Office Properties Trust		1,684,050
	14,700	Regency Centers Corp.		683,403
				2,367,453
Restaurants — 0.4%
	36,300	Starbucks Corp.*		1,650,198
Retail Apparel — 5.1%
	11,900	AutoZone, Inc.*		919,275
	36,600	Barnes & Noble, Inc.*		1,354,200
	100,700	Coach, Inc.*		4,271,694
	17,800	Costco Wholesale Corp.		739,768
	118,500	Federated Department Stores, Inc.		5,383,455
	70,500	Kmart Holding Corp.*@		6,166,635
	36,000	Saks, Inc.		433,800
	20,900	The Home Depot, Inc.		819,280
	46,700	Wal-Mart Stores, Inc.		2,484,440
				22,572,547
Semiconductors — 0.3%
	54,000	Avnet, Inc.*		924,480
	47,900	Micron Technology, Inc.*		576,237
				1,500,717
Specialty Financials — 5.0%
	56,100	AmeriCredit Corp.*		1,171,368
	107,400	CIT Group, Inc.		4,015,686
	209,300	Countrywide Financial Corp.		8,244,327
	18,700	Federated Investors, Inc. Class B		531,828
	124,900	Freddie Mac		8,148,476
				22,111,685
Telecommunications Equipment — 4.3%
	523,400	Motorola, Inc.		9,442,136
	10,200	Plantronics, Inc.		441,048
	239,000	QUALCOMM, Inc.		9,330,560
				19,213,744
Telephone — 4.3%
	49,100	BellSouth Corp.		1,331,592
	41,100	CenturyTel, Inc.		1,407,264
	193,100	SBC Communications, Inc.		5,010,945
	415,000	Sprint Corp.		8,353,950
	80,700	Verizon Communications, Inc.		3,177,966
				19,281,717
Thrifts — 0.5%
	20,600	Golden West Financial Corp.		2,285,570
Tobacco — 0.8%
	53,000	Reynolds American, Inc.@		3,606,120
Transports — 0.4%
	6,000	FedEx Corp.		514,140
	15,800	United Parcel Service, Inc.		1,199,536
				1,713,676
Wireless — 0.5%
	110,400	AT&T Wireless Services, Inc.*		1,631,712
	16,300	United States Cellular Corp.*		703,345
				2,335,057
TOTAL COMMON STOCKS			$	437,691,791

Principal		Interest			Maturity
Amount		Rate			Date		Value
Repurchase Agreement — 1.2%
Joint Repurchase Agreement Account II¤
$	5,400,000		1.91	%		10/01/2004	$	5,400,000
Maturity Value $5,400,287
TOTAL REPURCHASE AGREEMENT							$	5,400,000
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL							$	443,091,791

Shares		Description	Value
Securities Lending Collateral — 1.6%
	6,935,700	Boston Global Investment Trust — Enhanced Portfolio	$	6,935,700
TOTAL SECURITIES LENDING COLLATERAL			$	6,935,700
TOTAL INVESTMENTS — 101.1%			$	450,027,491

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

*	Non-income producing security.
@	All or portion of security is on loan.
¤	Joint repurchase agreement was entered in to on September 30, 2004.

Investment Abbreviation:

REIT — Real Estate Investment Trust

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

Statement of Investments (continued)

September 30, 2004 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II* - At September 30, 2004, the CORE U.S. Equity Fund had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $5,400,000 in principal amount.

	Principal		Interest			Maturity		Maturity
Repurchase Agreements	Amount		Rate			Date		Value
Banc of America Securities LLC	$	800,000,000		1.90	%		10/01/2004	$	800,042,222
Barclays Capital PLC		800,000,000		1.90			10/01/2004		800,042,222
Bear Stearns & Co.		500,000,000		1.90			10/01/2004		500,026,389
Greenwich Capital Markets		400,000,000		1.90			10/01/2004		400,021,111
J.P. Morgan Chase & Co.		500,000,000		1.90			10/01/2004		500,026,389
Morgan Stanley & Co.		844,300,000		1.90			10/01/2004		844,344,561
UBS LLC		800,000,000		1.90			10/01/2004		800,042,222
UBS LLC		1,500,000,000		1.95			10/01/2004		1,500,081,250
Westdeutsche Landesbank AG		500,000,000		1.90			10/01/2004		500,026,389
TOTAL	$	6,644,300,000						$	6,644,652,755

* At September 30, 2004, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 1.625%, due 06/15/2005; Federal Home Loan Mortgage Association, 0.00% to 10.50%, due 05/05/2005 to 10/01/2034 and Federal National Mortgage Association, 0.00% to 10.00%, due 05/01/2006 to 10/01/2034.

FUTURES CONTRACTS — At September 30, 2004, the Fund had futures contracts open as follows:

	Number of		Settlement			Unrealized
Type	Contracts Long		Month	Value		Loss
S & P 500 Index		115	December 2004	$	6,410,675	$	(35,690	)

TAX INFORMATION — At September 30, 2004, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Tax Cost	$	411,234,787
Gross unrealized gain		44,692,113
Gross unrealized loss		(5,899,409	)
Net unrealized security gain	$	38,792,704

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE SMALL CAP EQUITY FUND

Statement of Investments

September 30, 2004 (Unaudited)

Shares		Description	Value
Common Stocks — 99.9%
Airlines — 1.0%
	50,100	Alaska Air Group, Inc.*	$	1,241,478
	49,100	ExpressJet Holdings, Inc.*		491,491
				1,732,969
Alcohol — 0.5%
	18,800	The Boston Beer Co., Inc.*		473,760
	9,900	The Robert Mondavi Corp.*		387,783
				861,543
Apartment — 0.2%
	9,600	Amli Residential Properties Trust		293,280
Banks — 7.5%
	39,100	Bank of Hawaii Corp.		1,847,475
	36,700	BankAtlantic Bancorp, Inc.		672,344
	6,800	Berkshire Hills Bancorp, Inc.		251,260
	34,000	Commercial Capital Bancorp, Inc.		771,460
	21,000	Corus Bankshares, Inc.		905,730
	8,000	CVB Financial Corp.		177,760
	4,200	First Bancorp.		202,860
	3,800	First Citizens Bancshares, Inc.		448,400
	2,500	First Financial Bankshares, Inc.		100,400
	16,800	Greater Bay Bancorp		483,000
	14,700	Hancock Holding Co.		467,313
	2,200	IBERIABANK Corp.		126,984
	6,488	Pacific Capital Bancorp.		191,915
	31,100	PFF Bancorp, Inc.		1,190,197
	32,900	R&G Financial Corp. Class B		1,271,585
	13,700	Republic Bancorp, Inc.		210,980
	71,400	Silicon Valley Bancshares*		2,653,938
	6,175	Sterling Bancorp.		167,034
	14,895	Texas Regional Bancshares, Inc.		463,085
	6,510	U.S.B. Holding Co., Inc.		164,573
	10,470	UMB Financial Corp.		499,105
				13,267,398
Biotechnology — 3.3%
	14,800	Albany Molecular Research, Inc.*		142,080
	80,300	Applera Corp. — Applied Biosystems Group		1,515,261
	16,500	Applera Corp. — Celera Genomics Group*		192,885
	9,200	Bio-Rad Laboratories, Inc.*		470,120
	8,400	Cephalon, Inc.*		402,360
	7,800	Connetics Corp.*		210,756
	64,000	deCODE genetics, Inc.*		481,920
	36,100	Gen-Probe, Inc.*		1,439,307
	22,400	Guilford Pharmaceuticals, Inc.*		112,000
	17,500	Immucor, Inc.*		433,125
	15,300	Maxygen, Inc.*		151,317
	7,800	United Therapeutics Corp.*		272,454
				5,823,585
Chemicals — 1.0%
	12,800	Arch Chemicals, Inc.		364,800
	11,000	Compass Minerals International, Inc.		244,200
	4,400	FMC Corp.*		213,708
	11,000	Georgia Gulf Corp.		490,490
	25,500	NewMarket Corp.*		532,440
				1,845,638
Computer Hardware — 2.4%
	100,700	Adaptec, Inc.*		765,320
	16,200	Echelon Corp.*@		127,656
	118,600	InFocus Corp.*		1,086,376
	82,600	Komag, Inc.*		1,148,140
	66,100	SeaChange International, Inc.*@		1,056,939
				4,184,431
Computer Software — 4.4%
	6,500	ANSYS, Inc.*		323,245
	102,400	Aspect Communications Corp.*		1,016,832
	48,700	Epicor Software Corp.*		585,861
	124,275	eResearch Technology, Inc.*		1,656,586
	9,800	FileNET Corp.*		171,108
	24,100	Intergraph Corp.*		654,797
	43,400	Internet Security Systems, Inc.*		737,800
	19,500	MSC.Software Corp.*		156,780
	12,000	QAD, Inc.		83,640
	3,300	Quality Systems, Inc.*		166,683
	30,000	S1 Corp.*		239,400
	6,100	SPSS, Inc.*		81,313
	57,900	SS&C Technologies, Inc.		1,130,787
	19,900	Websense, Inc.*		829,233
				7,834,065
Construction — 2.3%
	32,800	Brookfield Homes Corp.		864,280
	26,950	Griffon Corp.*		568,645
	9,800	Lennox International, Inc.		146,412
	55,700	USG Corp.*@		1,015,411
	44,000	Washington Group International, Inc.*		1,523,280
				4,118,028
Consumer Durables — 0.6%
	32,000	Applica, Inc.*		129,280
	2,000	CSS Industries, Inc.		61,880
	21,600	Kimball International, Inc. Class B		299,808
	8,000	The Toro Co.		546,400
				1,037,368
Defense/Aerospace — 0.7%
	11,100	Curtiss-Wright Corp.		635,253
	18,200	United Industrial Corp.		598,598
				1,233,851
Diversified — 0.9%
	7,300	Acuity Brands, Inc.		173,521
	4,800	Kaman Corp.		57,312
	19,360	Myers Industries, Inc.		211,992
	10,000	NACCO Industries, Inc.		861,500
	14,100	Teledyne Technologies, Inc.*		353,064
				1,657,389
Drugs — 2.9%
	22,200	Alpharma, Inc.		406,038
	52,900	Kos Pharmaceuticals, Inc.*		1,883,769
	10,200	Noven Pharmaceuticals, Inc.*		212,568
	12,200	Nutraceutical International Corp.*		171,898
	71,300	USANA Health Sciences, Inc.*@		2,481,240
				5,155,513
Electrical Equipment — 1.3%
	10,700	Agilysys, Inc.		185,003
	17,500	Coherent, Inc.*		453,950
	8,100	CyberOptics Corp.*		125,064
	28,400	Esterline Technologies Corp.*		868,756
	38,500	NMS Communications Corp.*		187,880
	5,900	Rofin-Sinar Technologies, Inc.*		173,342

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE SMALL CAP EQUITY FUND

Statement of Investments (continued)

September 30, 2004 (Unaudited)

Shares		Description	Value
	5,300	Woodward Governor Co.	$	357,697
				2,351,692
Electrical Utilities — 2.0%
	60,300	Alliant Energy Corp.		1,500,264
	9,600	Avista Corp.		173,760
	5,200	Central Vermont Public Service Corp.		104,572
	12,000	IDACORP, Inc.		348,720
	13,300	Northeast Utilities		257,887
	128,200	Sierra Pacific Resources*@		1,147,390
				3,532,593
Energy — 0.3%
	20,500	NRG Energy, Inc.*		552,270
Energy Resources — 1.0%
	19,950	Patina Oil & Gas Corp.		589,922
	18,500	The Houston Exploration Co.*		1,097,975
				1,687,897
Financial Services — 3.2%
	15,700	Advanta Corp. Class B		379,783
	41,000	AmeriCredit Corp.*		856,080
	50,600	CompuCredit Corp.*		942,172
	6,600	NCO Group, Inc.*		177,870
	38,900	New Century Financial Corp.		2,342,558
	40,900	World Acceptance Corp.*		950,925
				5,649,388
Food & Beverage — 2.6%
	12,800	Chiquita Brands International, Inc.*		222,848
	24,100	Corn Products International, Inc.		1,111,010
	15,101	Flowers Foods, Inc.		390,361
	4,300	J & J Snack Foods Corp.*		184,384
	42,100	Nash-Finch Co.		1,324,045
	24,300	Pilgrim’s Pride Corp.		658,044
	22,950	Sanderson Farms, Inc.		767,677
				4,658,369
Forest — 0.9%
	7,300	Chesapeake Corp.		175,346
	4,400	Greif Bros. Corp.		185,460
	45,500	Louisiana-Pacific Corp.		1,180,725
				1,541,531
Gas Utilities — 0.2%
	12,500	Southwest Gas Corp.		299,375
Gold — 0.1%
	11,300	Royal Gold, Inc.@		193,004
Grocery — 0.2%
	8,800	Ruddick Corp.		172,832
	25,200	The Great Atlantic & Pacific Tea Co., Inc.*		153,720
				326,552
Healthcare REIT — 1.3%
	8,100	Healthcare Realty Trust, Inc.		316,224
	52,300	HRPT Properties Trust		574,777
	26,400	National Health Investors, Inc.		750,816
	16,700	Omega Healthcare Investors, Inc.		179,692
	25,400	Senior Housing Properties Trust		452,628
				2,274,137
Home Products — 0.9%
	42,800	Nu Skin Enterprises, Inc.		1,006,228
	28,100	Perrigo Co.		577,455
				1,583,683
Hotels — 2.5%
	39,300	Choice Hotels International, Inc.		2,263,287
	35,700	FelCor Lodging Trust, Inc.*		403,767
	210,700	La Quinta Corp.*		1,643,460
	4,000	The Marcus Corp.		77,880
				4,388,394
Industrial Components — 3.1%
	20,200	Applied Industrial Technologies, Inc.		721,948
	8,000	CIRCOR International, Inc.		156,000
	76,600	Hughes Supply, Inc.		2,303,362
	38,200	MTS Systems Corp.		811,750
	3,600	The Genlyte Group, Inc.*		231,804
	42,600	Watsco, Inc.		1,279,278
				5,504,142
Industrial Services — 1.4%
	34,200	Dollar Thrifty Automotive Group, Inc.*		832,086
	9,700	Hewitt Associates, Inc.*		256,662
	33,900	Integrated Electrical Services, Inc.*		163,059
	56,600	Spherion Corp.*		442,612
	48,500	United Rentals, Inc.*		770,665
				2,465,084
Information Services — 4.3%
	10,200	Acxiom Corp.		242,148
	38,300	Arbitron, Inc.*		1,402,163
	22,700	Century Business Services, Inc.*		101,923
	25,400	Cerner Corp.*@		1,098,804
	15,100	Convergys Corp.*		202,793
	7,000	Daktronics, Inc.*		171,150
	37,100	eFunds Corp.*		689,689
	27,700	Keane, Inc.*		425,472
	61,400	Orbitz, Inc.*@		1,670,080
	12,900	Pre-Paid Legal Services, Inc.*@		331,272
	10,000	SOURCECORP, Inc.*		221,400
	8,200	Symyx Technologies, Inc.*		193,110
	61,100	TeleTech Holdings, Inc.*		576,784
	9,200	Viad Corp.		218,316
				7,545,104
Leisure & Entertainment — 1.4%
	12,700	Arctic Cat, Inc.		329,565
	5,090	Dover Downs Gaming & Entertainment, Inc.		52,376
	8,900	GTECH Holdings Corp.		225,348
	30,400	Handleman Co.		621,984
	5,600	Polaris Industries, Inc.		312,592
	32,900	Vail Resorts, Inc.*		594,503
	26,700	World Wrestling Entertainment, Inc.		326,274
				2,462,642
Life Insurance — 0.5%
	8,200	AmerUs Group Co.		336,200
	4,250	Delphi Financial Group, Inc.		170,723
	6,500	FBL Financial Group, Inc.		170,235
	1,300	National Western Life Insurance Co.*		211,770
				888,928
Machinery — 0.1%
	4,400	Tennant Co.		178,332
Media — 0.9%
	38,700	Hearst-Argyle Television, Inc.		946,215
	12,500	Insight Communications Co., Inc.*		110,000

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE SMALL CAP EQUITY FUND

Statement of Investments (continued)

September 30, 2004 (Unaudited)

Shares		Description	Value
	12,300	The Liberty Corp.	$	488,802
				1,545,017
Medical Products — 3.9%
	36,700	Advanced Medical Optics, Inc.*		1,452,219
	40,200	Align Technology, Inc.*		614,256
	36,300	Dade Behring Holdings, Inc.*		2,022,563
	24,000	Haemonetics Corp.*		788,160
	10,800	Hologic, Inc.*		208,116
	17,100	Mentor Corp.		575,928
	16,300	Respironics, Inc.*		871,072
	8,500	Ventana Medical Systems, Inc.*		428,740
				6,961,054
Medical Providers — 2.5%
	19,200	Apria Healthcare Group, Inc.*		523,200
	71,300	Kindred Healthcare, Inc.*		1,739,720
	7,500	PAREXEL International Corp.*		147,000
	16,000	RehabCare Group, Inc.*		368,480
	22,700	Sierra Health Services, Inc.*		1,088,011
	29,600	Stewart Enterprises, Inc.*		205,720
	11,800	Sunrise Senior Living, Inc.*@		414,416
				4,486,547
Mining — 4.4%
	14,500	Brush Engineered Materials, Inc.*		300,295
	29,600	Carpenter Technology Corp.		1,413,104
	19,200	Commercial Metals Co.		762,624
	18,500	Metals USA, Inc.*		328,190
	27,800	Oregon Steel Mills, Inc.*		462,314
	18,200	Quanex Corp.		933,296
	27,300	Reliance Steel & Aluminum Corp.		1,083,810
	26,100	RTI International Metals, Inc.*		505,557
	60,600	Ryerson Tull, Inc.		1,040,502
	4,200	Silgan Holdings, Inc.		194,460
	8,400	Southern Peru Copper Corp.		433,944
	38,100	USEC, Inc.		395,097
				7,853,193
Mortgage — 0.7%
	92,800	Capstead Mortgage Corp.@		1,155,360
Motor Vehicle — 1.2%
	27,400	Lithia Motors, Inc.		582,524
	186,500	Visteon Corp.		1,490,135
				2,072,659
Office Industrial — 2.0%
	12,500	AMB Property Corp.		462,750
	3,000	Bedford Property Investors, Inc.		91,020
	32,200	Cousins Properties, Inc.		1,104,782
	34,400	Glenborough Realty Trust, Inc.		714,488
	17,300	Kilroy Realty Corp.		657,919
	14,100	PS Business Parks, Inc.		561,885
				3,592,844
Oil Refining — 1.2%
	69,000	Tesoro Petroleum Corp.*		2,037,570
Oil Services — 3.3%
	49,600	Petroleum Development Corp.*		2,173,472
	30,600	Universal Compression Holdings, Inc.*		1,042,542
	115,500	Veritas DGC, Inc.*		2,631,090
				5,847,104
Other REIT — 1.0%
	19,500	Commercial Net Lease Realty		355,290
	5,000	Correctional Properties Trust		136,500
	26,900	Entertainment Properties Trust		1,016,820
	15,300	Highland Hospitality Corp.		174,420
				1,683,030
Property Insurance — 2.7%
	6,200	Argonaut Group, Inc.*		115,754
	35,300	LandAmerica Financial Group, Inc.		1,606,150
	4,800	Selective Insurance Group, Inc.		178,560
	42,500	Stewart Information Services Corp.		1,674,500
	6,600	The Midland Co.		180,510
	24,000	Zenith National Insurance Corp.		1,015,440
				4,770,914
Publishing — 1.9%
	33,700	American Greetings Corp.*		846,544
	27,500	Bowne & Co., Inc.		357,225
	23,600	Consolidated Graphics, Inc.*		988,840
	34,700	Journal Communications, Inc.		608,638
	8,800	Pulitzer, Inc.		434,720
	8,300	The Standard Register Co.		87,150
				3,323,117
Restaurants — 2.4%
	19,650	CEC Entertainment, Inc.*		722,138
	76,400	CKE Restaurants, Inc.*		844,220
	32,700	Dave & Buster’s, Inc.*		620,646
	17,500	Jack in the Box, Inc.*		555,275
	6,900	Lone Star Steakhouse & Saloon, Inc.		178,227
	42,100	Papa John’s International, Inc.*@		1,291,628
				4,212,134
Retail — 0.2%
	11,300	Heritage Property Investment Trust		329,621
Retail Apparel — 6.4%
	47,550	Brookstone, Inc.*		898,219
	24,100	Charming Shoppes, Inc.*		171,592
	30,000	Circuit City Stores, Inc.		460,200
	35,100	Coldwater Creek, Inc.*		732,537
	31,000	Dick’s Sporting Goods, Inc.*		1,104,220
	11,800	GameStop Corp.*		218,418
	19,400	Goody’s Family Clothing, Inc.		163,348
	8,700	Haverty Furniture Cos., Inc.		152,598
	55,600	Longs Drug Stores Corp.		1,345,520
	52,200	Movie Gallery, Inc.		915,066
	42,700	Payless ShoeSource, Inc.*		432,551
	6,500	PETCO Animal Supplies, Inc.*		212,290
	43,200	Shopko Stores, Inc.*		752,112
	59,700	Skechers U.S.A., Inc.*		866,844
	27,100	Sonic Automotive, Inc.		543,355
	65,500	Stage Stores, Inc.*		2,241,410
				11,210,280
Security/Asset Management — 1.1%
	16,800	CharterMac		369,432
	23,100	eSPEED, Inc.*		227,073
	26,600	Gabelli Asset Management, Inc.@		1,139,810
	9,700	Nuveen Investments		287,120
				2,023,435
Semiconductor Components — 0.2%
	14,000	Cree, Inc.*@		427,420
Semiconductors — 3.4%

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE SMALL CAP EQUITY FUND

Statement of Investments (continued)

September 30, 2004 (Unaudited)

Shares		Description	Value
	312,200	Atmel Corp.*	$	1,130,164
	53,050	Avnet, Inc.*		908,216
	119,900	CommScope, Inc.*		2,589,840
	8,900	Littelfuse, Inc.*		307,317
	14,500	Microsemi Corp.*		204,450
	37,700	Silicon Image, Inc.*		476,528
	18,100	Standard Microsystems Corp.*		316,931
				5,933,446
Supply Chain — 1.4%
	50,300	EnPro Industries, Inc.*		1,214,242
	27,100	Imagistics International, Inc.*		910,560
	9,300	Tech Data Corp.*		358,515
				2,483,317
Telecommunications Equipment — 2.6%
	60,000	Anixter International, Inc.		2,105,400
	85,600	Artesyn Technologies, Inc.*		854,288
	35,400	Audiovox Corp.*		596,136
	50,900	C-COR.net Corp.*		430,105
	4,800	EMS Technologies, Inc.*		82,800
	45,000	Optical Communication Products, Inc.*		94,050
	4,300	Plantronics, Inc.		185,932
	10,900	ViaSat, Inc.*		219,090
				4,567,801
Telephone — 0.3%
	3,900	Commonwealth Telephone Enterprises, Inc.*		169,845
	87,200	Time Warner Telecom, Inc.*		418,560
				588,405
Thrifts — 0.1%
	5,700	Flushing Financial Corp.		108,357
	1,200	WSFS Financial Corp.		60,000
				168,357
Truck Freight — 0.8%
	8,800	Covenant Transport, Inc.*		170,016
	3,300	Landstar System, Inc.*		193,644
	18,500	Overseas Shipholding Group, Inc.		918,340
	8,700	Swift Transportation Co., Inc.*		146,334
				1,428,334
Wireless — 0.3%
	15,000	Boston Communications Group, Inc.*		131,550
	8,700	United States Cellular Corp.*		375,405
				506,955
TOTAL COMMON STOCKS			$	176,336,089
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL			$	176,336,089
Securities Lending Collateral — 6.9%
	12,102,075	Boston Global Investment Trust — Enhanced Portfolio	$	12,102,075
TOTAL SECURITIES LENDING COLLATERAL			$	12,102,075
TOTAL INVESTMENTS — 106.8%			$	188,438,164

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

*	Non-income producing security.
@	All or portion of security is on loan.

Investment Abbreviation:

REIT — Real Estate Investment Trust

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE SMALL CAP EQUITY FUND

Statement of Investments (continued)

September 30, 2004 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS – At September 30, 2004, the Fund had futures contracts open as follows:

	Number of		Settlement			Unrealized
Type	Contracts Long		Month	Value		Gain
Russell 2000 Index		3	December 2004	$	172,200	$	514

TAX INFORMATION — At September 30, 2004, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Tax Cost	$	173,444,901
Gross unrealized gain		21,519,351
Gross unrealized loss		(6,525,448	)
Net unrealized security gain	$	14,993,903

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND

Statement of Investments

September 30, 2004 (Unaudited)

Shares		Description	Value
Common Stocks — 99.7%
France — 17.4%
	69,387	European Aeronautic Defence & Space Co.@ (Capital Goods)	$	1,843,917
	26,084	L’Oreal SA@ (Household & Personal Products)		1,713,765
	43,194	LVMH Moet Hennessy Louis Vuitton SA (Consumer Durables & Apparel)		2,890,992
	77,531	Pages Jaunes*@ (Media)		1,489,361
	46,655	PSA Peugeot Citroen (Automobiles & Components)		2,882,665
	39,360	Schneider Electric SA (Capital Goods)		2,552,522
	16,784	Total Fina Elf SA Class B@ (Energy)		3,427,213
				16,800,435
Germany — 6.3%
	30,866	Bayerische Motoren Werke (BMW) AG (Automobiles & Components)		1,269,916
	46,454	Deutsche Boerse AG (Diversified Financials)		2,352,936
	10,005	SAP AG (Software & Services)		1,554,001
	14,211	Schering AG (Pharmaceuticals & Biotechnology)		895,895
				6,072,748
Greece — 1.1%
	54,220	OPAP SA (Hotels Restaurants & Leisure)		1,042,555
Hong Kong — 6.0%
	302,320	Dah Sing Banking Group Ltd. (Banks)		622,233
	154,113	Dah Sing Financial Group (Banks)		1,106,797
	426,000	Esprit Holdings Ltd. (Retailing)		2,179,273
	294,000	Wing Hang Bank Ltd. (Banks)		1,924,470
				5,832,773
Italy — 2.5%
	634,158	Banca Intesa SpA (Banks)		2,416,688
Japan — 12.5%
	70,300	Credit Saison Co. Ltd. (Diversified Financials)		2,168,636
	225	KDDI Corp. (Telecommunication Services)		1,094,002
	81,000	Konica Minolta Holdings, Inc.@ (Technology Hardware & Equipment)		1,108,191
	67	Millea Holdings Inc (Insurance)		863,402
	232,000	Mitsui Fudosan Co. Ltd. (Real Estate)		2,412,717
	69,000	RICOH Co. Ltd.@ (Technology Hardware & Equipment)		1,300,102
	48,100	Shin-Etsu Chemical Co. Ltd. (Materials)		1,730,147
	18,550	USS Co. Ltd. (Retailing)		1,400,298
				12,077,495
Netherlands — 7.0%
	78,822	ASML Holding NV* (Semiconductors & Semiconductor Equipment)		1,015,047
	155,513	ING Groep NV@ (Diversified Financials)		3,931,895
	70,155	VNU NV@ (Media)		1,807,765
				6,754,707
Norway — 3.2%
	411,925	Telenor ASA (Telecommunication Services)		3,143,211
Russia — 1.6%
	6,700	Mobile Telesystems ADR (Telecommunication Services)		971,433
	35,370	YUKOS ADR*@ (Energy)		569,457
				1,540,890
South Korea — 4.1%
	125,063	Hyundai Motor Co. Ltd. GDR*†@ (Automobiles & Components)		2,866,444
	5,600	Samsung Electronics Co. Ltd. GDR† (Semiconductors & Semiconductor Equipment)		1,109,617
				3,976,061
Spain — 2.7%
	192,375	Banco Bilbao Vizcaya Argentaria SA (Banks)		2,653,243
Sweden — 4.8%
	583,716	Skandia Forsakrings AB (Insurance)		2,315,824
	735,008	Telefonaktiebolaget LM Ericsson (Technology Hardware & Equipment)		2,291,520
				4,607,344
Switzerland — 8.7%
	55,170	Credit Suisse Group (Diversified Financials)		1,764,243
	80,611	Novartis AG (Pharmaceuticals & Biotechnology)		3,766,989
	20,512	Zurich Financial Services AG (Insurance)		2,934,741
				8,465,973
Taiwan — 1.4%
	182,965	Hon Hai Precision Industry Co. Ltd.@ (Technology Hardware & Equipment)		1,335,642
United Kingdom — 20.4%
	107,098	British Sky Broadcasting Group PLC (Media)		929,466
	44,773	Carnival PLC (Hotels Restaurants & Leisure)		2,208,202
	162,147	GlaxoSmithKline PLC (Pharmaceuticals & Biotechnology)		3,498,452
	149,185	HBOS PLC (Banks)		2,016,733
	35,864	Man Group PLC (Diversified Financials)		772,264
	209,348	Prudential PLC (Insurance)		1,706,561
	2,117,444	Vodafone Group PLC (Telecommunication Services)		5,078,443
	206,154	WM. Morrison Supermarket PLC (Food & Staples Retailing)		718,291
	308,132	WPP Group PLC (Media)		2,872,898
				19,801,310
TOTAL COMMON STOCKS			$	96,521,075

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND

Statement of Investments (continued)

September 30, 2004 (Unaudited)

Principal			Interest			Maturity
Amount		Description	Rate			Date		Value
Short-Term Obligation — 0.4%
State Street Bank & Trust Euro Time Deposit
$	364,000			1.81	%		10/01/2004	$	364,000
TOTAL SHORT-TERM OBLIGATION								$	364,000
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL								$	96,885,075

Shares		Description	Value
Securities Lending Collateral — 7.6%
	7,368,392	Boston Global Investment Trust — Enhanced Portfolio	$	7,368,392
TOTAL SECURITIES LENDING COLLATERAL			$	7,368,392
TOTAL INVESTMENTS — 107.7%			$	104,253,467

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

†	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 $3,976,061, which represent approximately 4.1% of net assets as of September 30, 2004.
*	Non-income producing security.
@	All or a portion of security is on loan.

Investment Abbreviations:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND

Statement of Investments (continued)

September 30, 2004 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS – At September 30, 2004, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies as follows:

						Unrealized
Open Forward Foreign Currency	Expiration	Value on		Current
Purchase Contracts	Date	Settlement Date		Value		Gain		Loss
Australian Dollar	11/29/2004	$	4,935,275	$	4,974,505	$	39,230	$	—
	12/15/2004		611,000		632,267		21,267		—
Canadian Dollar	12/15/2004		1,206,000		1,225,593		19,593		—
Danish Krone	11/30/2004		750,899		759,435		8,536		—
Euro Currency	12/15/2004		605,000		609,897		4,897		—
Japanese Yen	10/29/2004		9,670,296		9,710,822		40,526		—
	12/15/2004		1,201,181		1,197,593		—		3,588
New Zealand Dollar	11/23/2004		231,387		234,321		2,934		—
Norwegian Krone	12/15/2004		611,702		618,514		6,812		—
Pound Sterling	11/19/2004		5,672,701		5,740,790		68,089		—
	12/15/2004		1,200,983		1,218,262		17,279		—
Singapore Dollar	11/19/2004		873,103		876,737		3,634		—
Swedish Krona	12/15/2004		1,193,000		1,220,417		27,417		—
Swiss Franc	12/15/2004		597,000		603,484		6,484		—
Open Forward Foreign Currency Purchase Contracts		$	29,359,527	$	29,622,637	$	266,698	$	3,588

						Unrealized
Open Forward Foreign Currency	Expiration	Value on		Current
Sale Contracts	Date	Settlement Date		Value		Gain		Loss
Australian Dollar	12/15/2004	$	597,000	$	627,249	$	—	$	30,249
Canadian Dollar	12/15/2004		1,434,138		1,465,530		—		31,392
Euro Currency	10/27/2004		4,083,398		4,123,794		—		40,396
	12/15/2004		607,000		614,759		—		7,759
Hong Kong Dollar	12/14/2004		3,629,490		3,629,406		84		—
	12/14/2004		485,740		485,772		—		32
Norwegian Krone	11/18/2004		2,297,040		2,334,908		—		37,868
Pound Sterling	11/19/2004		189,092		189,509		—		417
	12/15/2004		597,000		604,895		—		7,895
Swedish Krona	12/10/2004		1,880,623		1,926,269		—		45,646
	12/15/2004		607,117		623,493		—		16,376
Swiss Franc	11/22/2004		1,656,870		1,675,734		—		18,864
	12/15/2004		1,802,085		1,826,575		—		24,490
Open Forward Foreign Currency Sale Contracts		$	19,866,593	$	20,127,893	$	84	$	261,384

TAX INFORMATION — At September 30, 2004, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Tax Cost	$	100,413,704
Gross unrealized gain		7,995,118
Gross unrealized loss		(4,155,355	)
Net unrealized security gain	$	3,839,763

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND

Statement of Investments (continued)

September 30, 2004 (Unaudited)

	As a % of
Common Stock Industry Classifications‡	net assets
Automobiles & Components		7.3	%
Banks		11.1
Capital Goods		4.5
Consumer Durables & Apparel		3.0
Diversified Financials		11.4
Energy		4.1
Food & Staples Retailing		0.7
Hotels Restaurants & Leisure		3.4
Household & Personal Products		1.8
Insurance		8.1
Materials		1.8
Media		7.3
Pharmaceuticals & Biotechnology		8.4
Real Estate		2.5
Retailing		3.7
Semiconductors & Semiconductor Equipment		2.2
Software & Services		1.6
Technology Hardware & Equipment		6.2
Telecommunication Services		10.6
TOTAL COMMON STOCK		99.7	%

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Statement of Investments

September 30, 2004 (Unaudited)

Shares		Description	Value
Common Stocks — 99.2%
Banks — 1.1%
	22,116	Citigroup, Inc.	$	975,758
	23,232	JPMorgan Chase & Co.		923,007
				1,898,765
Beverages — 4.0%
	118,960	PepsiCo, Inc.		5,787,404
	28,065	The Coca-Cola Co.		1,124,003
				6,911,407
Biotechnology — 2.3%
	69,420	Amgen, Inc.*		3,934,726
Broadcasting & Cable/Satellite TV — 3.9%
	96,218	Clear Channel Communications, Inc.		2,999,115
	80,850	Univision Communications, Inc.*		2,555,669
	35,600	XM Satellite Radio Holdings, Inc.*		1,104,312
				6,659,096
Commercial Services — 4.7%
	40,945	Moody’s Corp.		2,999,221
	64,190	The McGraw-Hill Cos., Inc.		5,115,301
				8,114,522
Computer Hardware — 3.1%
	147,565	Dell, Inc.*		5,253,314
Computer Services — 2.5%
	99,500	First Data Corp.		4,328,250
Computer Software — 6.4%
	28,775	Electronic Arts, Inc.*		1,323,362
	17,855	Intuit, Inc.*		810,617
	320,575	Microsoft Corp.		8,863,899
				10,997,878
Drugs & Medicine — 8.0%
	25,740	Eli Lilly & Co.		1,545,687
	253,550	Pfizer, Inc.		7,758,630
	45,670	Schering-Plough Corp.		870,470
	96,095	Wyeth		3,593,953
				13,768,740
Electrical Equipment — 2.2%
	58,100	General Electric Co.		1,950,998
	56,800	Tyco International Ltd.		1,741,488
				3,692,486
Financials — 10.1%
	86,750	Fannie Mae		5,499,950
	69,465	Freddie Mac		4,531,897
	8,315	Golden West Financial Corp.		922,549
	141,750	MBNA Corp.		3,572,100
	15,465	Merrill Lynch & Co., Inc.		768,920
	16,255	Morgan Stanley		801,371
	128,510	The Charles Schwab Corp.		1,181,007
				17,277,794
Foods — 1.8%
	47,290	Wm. Wrigley Jr. Co.		2,993,930
Gaming/Lodging — 4.6%
	61,800	GTECH Holdings Corp.		1,564,776
	51,120	Harrah’s Entertainment, Inc.		2,708,337
	35,480	Marriott International, Inc.		1,843,541
	39,390	Starwood Hotels & Resorts Worldwide, Inc.		1,828,484
				7,945,138
Household/Personal Care — 6.6%
	78,700	Avon Products, Inc.		3,437,616
	62,045	Colgate-Palmolive Co.		2,803,193
	23,521	Energizer Holdings, Inc.*		1,084,318
	72,320	The Procter & Gamble Co.		3,913,959
				11,239,086
Insurance — 1.1%
	13,000	AMBAC Financial Group, Inc.		1,039,350
	23,100	Willis Group Holdings Ltd.		863,940
				1,903,290
Internet and Online — 2.8%
	27,780	CheckFree Corp.*		768,673
	25,540	eBay, Inc.*		2,348,147
	8,400	Google, Inc.*@		1,088,640
	18,200	Yahoo!, Inc.*		617,162
				4,822,622
Manufacturing — 1.5%
	30,855	3M Co.		2,467,474
Medical Products — 2.9%
	27,200	Guidant Corp.		1,796,288
	40,600	Medtronic, Inc.		2,107,140
	14,600	St. Jude Medical, Inc.*		1,098,942
				5,002,370
Movies & Entertainment — 5.6%
	92,700	Liberty Media Corp. Series A*		808,344
	231,010	Time Warner, Inc.*		3,728,502
	149,018	Viacom, Inc. Class B		5,001,044
				9,537,890
Networking Telecom Equipment — 1.8%
	165,000	Cisco Systems, Inc.*		2,986,500
Oil & Gas — 0.6%
	20,692	Exxon Mobil Corp.		1,000,044
Other Consumer Discretionary — 1.9%
	147,915	Cendant Corp.		3,194,964
Other Energy — 0.6%
	20,530	Apache Corp.		1,028,758
Other Health Care — 1.1%
	59,995	Caremark Rx, Inc.*		1,924,040
Publishing — 3.7%
	19,700	Gannett Co., Inc.		1,650,072
	59,115	Lamar Advertising Co.*		2,459,775
	34,400	The E.W. Scripps Co.		1,643,632
	21,610	Valassis Communications, Inc.*		639,224
				6,392,703
Retailing — 6.5%
	34,955	Dollar Tree Stores, Inc.*		942,037
	30,665	Family Dollar Stores, Inc.		831,022
	61,700	Lowe’s Companies, Inc.		3,353,395
	32,600	PETCO Animal Supplies, Inc.*		1,064,716
	92,130	Wal-Mart Stores, Inc.		4,901,316
				11,092,486
Semiconductors/Semiconductor Capital Equipment — 6.5%
	112,600	Intel Corp.		2,258,756
	61,700	Linear Technology Corp.		2,236,008

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Statement of Investments (continued)

September 30, 2004 (Unaudited)

Shares		Description	Value
	170,260	QUALCOMM, Inc.	$	6,646,951
				11,141,715
Telecommunications — 1.3%
	73,300	American Tower Corp.*		1,125,155
	77,490	Crown Castle International Corp.*		1,153,051
				2,278,206
TOTAL COMMON STOCKS			$	169,788,194

Principal		Interest			Maturity
Amount		Rate			Date		Value
Repurchase Agreement — 0.8%
Joint Repurchase Agreement Account II ¤
$	1,400,000		1.91	%		10/01/2004	$	1,400,000
Maturity Value $1,400,074
TOTAL REPURCHASE AGREEMENT							$	1,400,000
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL							$	171,188,194

Shares		Description	Value
Securities Lending Collateral — 0.6%
	1,056,625	Boston Global Investment Trust — Enhanced Portfolio	$	1,056,625
TOTAL SECURITIES LENDING COLLATERAL			$	1,056,625
TOTAL INVESTMENTS — 100.6%			$	172,244,819

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

*	Non-income producing security.
@	All or portion of security is on loan.
¤	Joint repurchase agreement was entered in to on September 30, 2004.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Statement of Investments

September 30, 2004 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II* – At September 30, 2004, the Capital Growth Fund had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $1,400,000 in principal amount.

	Principal		Interest			Maturity		Maturity
Repurchase Agreements	Amount		Rate			Date		Value
Banc of America Securities LLC	$	800,000,000		1.90	%		10/01/2004	$	800,042,222
Barclays Capital PLC		800,000,000		1.90			10/01/2004		800,042,222
Bear Stearns & Co.		500,000,000		1.90			10/01/2004		500,026,389
Greenwich Capital Markets		400,000,000		1.90			10/01/2004		400,021,111
J.P. Morgan Chase & Co.		500,000,000		1.90			10/01/2004		500,026,389
Morgan Stanley & Co.		844,300,000		1.90			10/01/2004		844,344,561
UBS LLC		800,000,000		1.90			10/01/2004		800,042,222
UBS LLC		1,500,000,000		1.95			10/01/2004		1,500,081,250
Westdeutsche Landesbank AG		500,000,000		1.90			10/01/2004		500,026,389
TOTAL	$	6,644,300,000						$	6,644,652,755

* At September 30, 2004, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 1.625%, due 06/15/2005; Federal Home Loan Mortgage Association, 0.00% to 10.50%, due 05/05/2005 to 10/01/2034 and Federal National Mortgage Association, 0.00% to 10.00%, due 05/01/2006 to 10/01/2034.

TAX INFORMATION — At September 30, 2004, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Tax Cost	$	172,473,263
Gross unrealized gain		17,444,188
Gross unrealized loss		(17,672,632	)
Net unrealized security loss	$	(228,444	)

Item 2. 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 Act (17 CFR 270.30a-3(c))) are effective as of a date within 90 days of the filing date of this filing, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (and 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a- 3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

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

SIGNATURES

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

(Registrant)	Goldman Sachs Variable Insurance Trust
By (Signature and Title)*		/s/ KAYSIE UNIACKE, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER
Date	November 24, 2004

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

By (Signature and Title)*		/s/ KAYSIE UNIACKE, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER
Date	November 24, 2004
By (Signature and Title)*		JOHN M. PERLOWSKI, TREASURER/PRINCIPAL FINANCIAL OFFICER
Date	November 24, 2004

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