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 811-08361

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.
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, 2005

Date of reporting period: March 31, 2005

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND

     Statement of Investments

       March 31, 2005 (Unaudited)

Shares		Description	Value
Common Stocks — 97.8%
France — 18.8%
	39,097	Cap Gemini SA* (Software & Services)	$	1,365,158
	93,965	Credit Agricole SA (Banks)		2,556,063
	19,094	L’Oreal SA(a) (Household & Personal Products)		1,528,016
	38,269	LVMH Moet Hennessy Louis Vuitton SA (Consumer Durables & Apparel)		2,863,528
	74,467	Pages Jaunes SA(a) (Media)		1,828,309
	42,959	PSA Peugeot Citroen (Automobiles & Components)		2,727,746
	30,710	Schneider Electric SA (Capital Goods)		2,404,221
	16,343	Total Fina Elf SA Class B(a) (Energy)		3,825,968
				19,099,009
Germany — 4.8%
	24,494	Deutsche Boerse AG (Diversified Financials)		1,841,653
	12,936	Premiere AG* (Media)		535,768
	9,212	SAP AG (Software & Services)		1,483,474
	15,941	Schering AG (Pharmaceuticals & Biotechnology)		1,059,214
				4,920,109
Greece — 1.4%
	49,930	OPAP SA (Hotels, Restaurants & Leisure)		1,457,307
Hong Kong — 6.9%
	278,320	Dah Sing Banking Group Ltd. (Banks)		495,392
	141,713	Dah Sing Financial Group (Banks)		900,348
	392,000	Esprit Holdings Ltd. (Retailing)		2,672,513
	580,000	Techtronic Industries Co. Ltd. (Consumer Durables & Apparel)		1,277,673
	282,000	Wing Hang Bank Ltd. (Banks)		1,715,721
				7,061,647
Italy — 2.2%
	443,158	Banca Intesa SpA (Banks)		2,251,628
Japan — 12.2%
	57,100	Credit Saison Co. Ltd. (Diversified Financials)		2,046,715
	129	Millea Holdings, Inc. (Insurance)		1,871,363
	205,000	Mitsui Fudosan Co. Ltd. (Real Estate)		2,396,936
	153	NTT Urban Development Corp. (Real Estate)		706,286

Shares		Description	Value
Common Stocks — (continued)
Japan — (continued)
	4,800	OBIC Co. Ltd. (Software & Services)	$	935,013
	80,000	RICOH Co. Ltd. (Technology Hardware & Equipment)		1,369,565
	51,300	Shin-Etsu Chemical Co. Ltd. (Materials)		1,936,537
	15,010	USS Co. Ltd. (Retailing)		1,160,584
				12,422,999
Netherlands — 4.3%
	39,211	European Aeronautic Defence & Space Co. (Capital Goods)		1,172,435
	51,381	ING Groep NV (Diversified Financials)		1,552,315
	55,356	VNU NV (Media)		1,615,950
				4,340,700
Norway — 2.0%
	226,588	Telenor ASA (Telecommunication Services)		2,039,543
Russia — 2.3%
	10,000	LUKOIL ADR (Energy)		1,355,000
	28,800	Mobile Telesystems ADR (Telecommunication Services)		1,013,472
				2,368,472
South Korea — 5.0%
	104,529	Hyundai Motor Co. GDR(a)(b) (Automobiles & Components)		2,811,830
	6,900	Samsung Electronics Co. Ltd. GDR (Semiconductors & Semiconductor Equipment)		1,195,350
	4,400	Samsung Electronics Co. Ltd. GDR(b) (Semiconductors & Semiconductor Equipment)		1,090,699
				5,097,879
Spain — 2.7%
	169,766	Banco Bilbao Vizcaya Argentaria SA (Banks)		2,762,907
Sweden — 4.0%
	417,043	Skandia Forsakrings AB(a) (Insurance)		2,119,849
	676,777	Telefonaktiebolaget LM Ericsson* (Technology Hardware & Equipment)		1,909,243
				4,029,092

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND

     Statement of Investments (continued)

       March 31, 2005 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Switzerland — 8.4%
	45,488	Credit Suisse Group (Diversified Financials)	$	1,945,893
	14,285	Nestle SA (Food Beverage & Tobacco)		3,914,531
	56,965	Novartis AG (Pharmaceuticals & Biotechnology)		2,659,348
				8,519,772
Taiwan — 1.5%
	169,363	Hon Hai Precision Industry Co. Ltd. GDR(a) (Technology Hardware & Equipment)		1,493,782
United Kingdom — 21.3%
	98,613	British Sky Broadcasting Group PLC (Media)		1,081,513
	34,640	Carnival PLC (Hotels, Restaurants & Leisure)		1,901,277
	144,388	GlaxoSmithKline PLC (Pharmaceuticals & Biotechnology)		3,312,218
	133,295	HBOS PLC (Banks)		2,078,061
	7,389	Man Group PLC (Diversified Financials)		191,768
	227,844	Prudential PLC (Insurance)		2,179,558
	145,155	Shire Pharmaceuticals Group PLC (Pharmaceuticals & Biotechnology)		1,656,050
	1,834,615	Vodafone Group PLC (Telecommunication Services)		4,872,321
	372,851	W.M. Morrison Supermarket PLC (Food & Staples Retailing)		1,382,366
	264,327	WPP Group PLC (Media)		3,005,339
				21,660,471
TOTAL COMMON STOCKS			$	9,525,317

Principal	Interest	Maturity
Amount	Rate	Date		Value
Short-Term Obligation — 2.8%
State Street Bank & Trust Euro Time Deposit
$2,870,000	2.75%		04/01/2005	$	2,870,000
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL				$	102,395,317

Shares		Description	Value
Securities Lending Collateral — 3.8%
	3,854,178	Boston Global Investment Trust -Enhanced Portfolio	$	3,854,178
TOTAL INVESTMENTS — 104.4%			$	106,249,495

	As a % of
	Net Assets
Common Stock Industry
Classifications(c)
Automobiles & Components		5.4	%
Banks		12.5
Capital Goods		3.5
Consumer Durables & Apparel		4.1
Diversified Financials		7.4
Energy		5.1
Food & Staples Retailing		1.4
Food, Beverage & Tobacco		3.8
Hotels, Restaurants & Leisure		3.3
Household & Personal Products		1.5
Insurance		6.1
Materials		1.9
Media		7.9
Pharmaceuticals & Biotechnology		8.5
Real Estate		3.2
Retailing		3.8
Semiconductors & Semiconductor Equipment		2.2
Software & Services		3.7
Technology Hardware & Equipment		4.7
Telecommunication Services		7.8
TOTAL COMMON STOCK		97.8	%

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

*	Non-income producing security.
(a)	All or portion of security is on loan.
(b)	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 amounts to $ 3,902,529, which represents approximately 3.7% of net assets as of March 31, 2005.
(c)	Industry concentrations greater than one-tenth of one percent are disclosed.

Investment Abbreviations:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND

     Statement of Investments (continued)

       March 31, 2005 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At March 31, 2005, 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
Purchase Contracts	Date		Settlement Date		Current Value		Gain		Loss
Australian Dollar		05/12/2005	$	5,428,975	$	5,317,563	$	—	$	111,412
		06/15/2005		2,661,139		2,605,273		—		55,866
British Pounds		05/23/2005		6,477,991		6,384,018		—		93,973
		06/15/2005		687,000		674,902		—		12,098
Canadian Dollar		06/15/2005		648,000		647,097		—		903
Danish Krone		04/28/2005		807,269		792,629		—		14,640
Euro Currency		04/28/2005		701,856		704,470		2,614		—
Hong Kong Dollar		06/14/2005		305,056		304,901		—		155
Japanese Yen		04/27/2005		10,003,535		9,995,367		—		8,168
		06/15/2005		637,000		637,496		496		—
		06/15/2005		1,874,467		1,831,912		—		42,555
New Zealand Dollar		04/18/2005		247,441		247,837		396		—
Norwegian Krone		06/15/2005		637,000		637,859		859		—
		06/15/2005		4,118,000		3,980,955		—		137,045
Singapore Dollar		06/23/2005		907,581		895,959		—		11,622
Swedish Krona		06/15/2005		1,897,916		1,850,631		—		47,285
		06/22/2005		172,098		168,582		—		3,516
Swiss Franc		05/13/2005		354,045		348,154		—		5,891
TOTAL OPEN FORWARD FOREIGN CURRENCY PURCHASE CONTRACTS			$	38,566,369	$	38,025,605	$	4,365	$	545,129

							Unrealized
Open Forward Foreign Currency	Expiration		Value on
Sale Contracts	Date		Settlement Date		Current Value		Gain		Loss
Australian Dollar		06/15/2005	$	1,317,000	$	1,303,727	$	13,273	$	—
British Pounds		05/23/2005		2,301,453		2,271,684		29,769		—
		06/15/2005		691,000		683,218		7,782		—
Canadian Dollar		06/15/2005		2,617,116		2,674,505		—		57,389
Euro Currency		06/15/2005		687,000		665,982		21,018		—
		06/15/2005		637,000		639,180		—		2,180
Hong Kong Dollar		06/14/2005		6,173,892		6,164,108		9,784		—
Japanese Yen		04/27/2005		101,422		101,147		274		—
		04/27/2005		260,983		261,990		—		1,007
		06/15/2005		687,000		668,306		18,694		—
Norwegian Krone		06/10/2005		1,662,557		1,603,985		58,572		—
		06/15/2005		2,161,292		2,122,907		38,385		—
Swedish Krona		06/15/2005		2,021,000		1,948,795		72,205		—
		06/22/2005		1,812,517		1,751,722		60,796		—
Swiss Franc		05/13/2005		1,464,393		1,411,791		52,602		—
		06/15/2005		3,305,380		3,216,690		88,690		—
		06/15/2005		637,000		640,027		—		3,027
TOTAL OPEN FORWARD FOREIGN CURRENCY SALE CONTRACTS			$	28,538,005	$	28,129,764	$	471,844	$	63,603

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND

     Statement of Investments (continued)

       March 31, 2005 (Unaudited)

TAX INFORMATION — At March 31, 2005, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Tax Cost	$	91,814,401
Gross unrealized gain		15,201,783
Gross unrealized loss		(766,689	)
Net unrealized security gain	$	14,435,094

INVESTMENT VALUATION — Investments in securities and investment companies traded on a foreign securities exchange are valued daily at fair value determined by an independent service (if available) under valuation procedures approved by the 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 depositary receipts, futures contracts and foreign currency exchange rates.

     Investments in securities traded on a U.S. securities exchange or the NASDAQ system or for investments in securities traded on foreign securities exchange for which an independent service is not available 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 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. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share on valuation date. 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.

     Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. 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.

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

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

Statement of Investments
March 31, 2005 (Unaudited)

Shares		Description	Value
Common Stocks — 96.1%
Aerospace & Defense — 1.7%
	91,700	Northrop Grumman Corp.	$	4,949,966
	115,400	Raytheon Co.		4,465,980
				9,415,946
Air Freight & Couriers — 1.2%
	74,400	FedEx Corp.		6,989,880
Automobiles — 1.3%
	637,100	Ford Motor Co.		7,218,343
Banks — 7.9%
	390,366	Bank of America Corp.		17,215,141
	22,500	Bank of Hawaii Corp.		1,018,350
	90,500	Golden West Financial Corp.		5,475,250
	161,700	U.S. Bancorp.		4,660,194
	24,500	UnionBanCal Corp.		1,500,625
	245,900	Wachovia Corp.		12,518,769
	49,000	Washington Mutual, Inc.		1,935,500
				44,323,829
Biotechnology — 2.6%
	155,200	Amgen, Inc.*		9,034,192
	141,500	Biogen Idec, Inc.*		4,883,165
	15,400	ImClone Systems, Inc.*		531,300
				14,448,657
Chemicals — 1.7%
	149,400	Monsanto Co.		9,636,300
Commercial Services & Supplies — 1.7%
	451,000	Cendant Corp.		9,263,540
Communications Equipment — 1.9%
	585,000	Motorola, Inc.		8,757,450
	51,500	QUALCOMM, Inc.		1,887,475
				10,644,925
Computers & Peripherals — 4.4%
	256,100	Apple Computer, Inc.*		10,671,687
	154,400	International Business Machines Corp.		14,109,072
				24,780,759
Diversified Financials — 6.0%
	26,100	AmeriCredit Corp.*		611,784
	74,832	Citigroup, Inc.		3,362,950
	19,200	Franklin Resources, Inc.		1,318,080
	376,000	J.P. Morgan Chase & Co.		13,009,600
	100,100	Merrill Lynch & Co., Inc.		5,665,660
	110,000	Moody’s Corp.		8,894,600
	6,000	The Bear Stearns Companies, Inc.		599,400
				33,462,074
Diversified Telecommunication Services — 3.6%
	72,100	ALLTEL Corp.		3,954,685
	55,300	CenturyTel, Inc.		1,816,052
	144,300	Sprint Corp.		3,282,825

Shares		Description	Value
Common Stocks — (continued)
Diversified Telecommunication Services — (continued)
	306,400	Verizon Communications, Inc.	$	10,877,200
				19,930,762
Electric Utilities — 2.0%
	139,300	Edison International		4,836,496
	182,700	PG&E Corp.*		6,230,070
				11,066,566
Electrical Equipment — 1.2%
	45,100	Energizer Holdings, Inc.*		2,696,980
	70,700	Rockwell Automation, Inc.		4,004,448
				6,701,428
Food & Drug Retailing — 0.9%
	35,000	CVS Corp.		1,841,700
	97,700	SUPERVALU, Inc.		3,258,295
				5,099,995
Food Products — 2.7%
	260,800	Archer-Daniels-Midland Co.		6,410,464
	12,100	Hershey Foods Corp.		731,566
	464,400	Tyson Foods, Inc.		7,746,192
				14,888,222
Healthcare Equipment & Supplies — 0.7%
	30,000	Becton, Dickinson & Co.		1,752,600
	14,800	Guidant Corp.		1,093,720
	10,700	Zimmer Holdings, Inc.*		832,567
				3,678,887
Healthcare Providers & Services — 0.8%
	54,600	Aetna, Inc.		4,092,270
	8,400	Coventry Health Care, Inc.*		572,376
				4,664,646
Hotels, Restaurants & Leisure — 0.3%
	24,300	MGM MIRAGE*		1,720,926
Household Durables — 1.3%
	79,600	Harman International Industries, Inc.		7,041,416
Household Products — 1.6%
	166,000	The Procter & Gamble Co.		8,798,000
Industrial Conglomerates — 5.1%
	34,300	3M Co.		2,939,167
	545,100	General Electric Co.		19,656,306
	71,100	Reynolds American, Inc.(a)		5,729,949
				28,325,422
Insurance — 5.0%
	27,200	American International Group, Inc.		1,507,152
	129,100	Loews Corp.		9,494,014
	105,500	MBIA, Inc.		5,515,540

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

Statement of Investments (continued)
March 31, 2005 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Insurance — (continued)
	5,700	Nationwide Financial Services, Inc.	$	204,630
	171,700	Prudential Financial, Inc.		9,855,580
	25,100	W.R. Berkley Corp.		1,244,960
				27,821,876
Internet Software & Services — 1.0%
	9,700	Google, Inc.*		1,750,947
	112,400	Yahoo!, Inc.*		3,810,360
				5,561,307
IT Consulting & Services — 1.5%
	184,600	Computer Sciences Corp.*		8,463,910
Leisure Equipment & Products — 0.5%
	41,500	Polaris Industries, Inc.		2,914,545
Media — 7.0%
	25,864	Comcast Corp.*		873,686
	204,100	Comcast Corp. Special Class A*		6,816,940
	527,500	Liberty Media Corp. *		5,470,175
	15,100	Liberty Media International, Inc.*		660,474
	86,600	The Walt Disney Co.		2,488,018
	667,000	Time Warner, Inc.*		11,705,850
	316,300	Viacom, Inc. Class B		11,016,729
				39,031,872
Metals & Mining — 1.6%
	11,900	Newmont Mining Corp.		502,775
	77,200	Nucor Corp.		4,443,632
	77,800	United States Steel Corp.		3,956,130
				8,902,537
Multiline Retail — 0.8%
	55,800	Dillard’s, Inc.		1,501,020
	7,700	Sears Holdings Corp.*(a)		1,025,409
	35,600	Wal-Mart Stores, Inc.		1,783,916
				4,310,345
Oil & Gas — 9.0%
	87,600	Anadarko Petroleum Corp.		6,666,360
	194,500	Burlington Resources, Inc.		9,738,615
	53,888	ConocoPhillips		5,811,282
	106,500	Devon Energy Corp.		5,085,375
	55,400	EOG Resources, Inc.		2,700,196
	190,566	Exxon Mobil Corp.		11,357,733
	20,200	Newfield Exploration Co.*		1,500,052
	58,600	Sunoco, Inc.		6,066,272
	23,500	Ultra Petroleum Corp.*		1,193,800
				50,119,685
Personal Products — 0.4%
	47,200	The Gillette Co.		2,382,656
Pharmaceuticals — 8.1%
	71,300	Allergan, Inc.		4,953,211
	275,800	Johnson & Johnson		18,522,728
	139,600	Merck & Co., Inc.		4,518,852

Shares		Description	Value
Common Stocks — (continued)
Pharmaceuticals — (continued)
	648,105	Pfizer, Inc.	$	17,025,718
				45,020,509
Real Estate — 0.5%
	95,500	Equity Office Properties Trust		2,877,415
Road & Rail — 0.9%
	82,800	Burlington Northern Santa Fe Corp.		4,465,404
	15,200	Norfolk Southern Corp.		563,160
				5,028,564
Semiconductor Equipment & Products — 1.6%
	432,900	Advanced Micro Devices, Inc.*		6,978,348
	52,400	Freescale Semiconductor, Inc.*		888,180
	69,108	Freescale Semiconductor, Inc. Class B*		1,192,113
				9,058,641
Software — 5.2%
	259,700	Autodesk, Inc.		7,728,672
	825,600	Microsoft Corp.		19,954,752
	57,700	Symantec Corp.*		1,230,741
				28,914,165
Specialty Retail — 0.7%
	184,700	AutoNation, Inc.*		3,498,218
	33,956	Circuit City Stores, Inc.		544,994
				4,043,212
Textiles & Apparel — 0.3%
	33,000	Coach, Inc.*		1,868,790
Tobacco — 1.3%
	79,800	Altria Group, Inc.		5,218,122
	39,800	UST, Inc.		2,057,660
				7,275,782
Wireless Telecommunication Services — 0.1%
	10,700	United States Cellular Corp.*		488,241
TOTAL COMMON STOCKS			$	536,184,575

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

Statement of Investments (continued)
March 31, 2005 (Unaudited)

	Principal		Interest		Maturity
	Amount		Rate		Date	Value
Repurchase Agreement(b) — 3.3%
Joint Repurchase Agreement Account II
	$	18,500,000		2.90%	04/01/2005	$	18,500,000
	Maturity Value: $18,501,492

Shares		Description	Value
Securities Lending Collateral — 0.7%
	4,074,625	Boston Global Investment Trust - Enhanced Portfolio	$	4,074,625
TOTAL INVESTMENTS — 100.1%			$	558,759,200

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

*	Non-income producing security.
(a)	All or portion of security is on loan.
(b)	Joint repurchase agreement was entered into on March 31, 2005.

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

Statement of Investments (continued)
March 31, 2005 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II * — At March 31, 2005, the Fund had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $18,500,000 in principal amount.

	Principal		Interest			Maturity		Maturity
Repurchase Agreements	Amount		Rate			Date		Value
Banc of America Securities LLC	$	500,000,000		2.92	%		04/01/2005	$	500,040,555
Banc of America Securities LLC		750,000,000		2.93			04/01/2005		750,061,042
Barclays Capital PLC		1,500,000,000		2.90			04/01/2005		1,500,120,833
CS First Boston LLC		500,000,000		2.90			04/01/2005		500,040,278
Greenwich Capital Markets		400,000,000		2.91			04/01/2005		400,032,333
J.P. Morgan Securities, Inc.		350,000,000		2.87			04/01/2005		350,027,903
Morgan Stanley & Co.		750,000,000		2.91			04/01/2005		750,060,625
UBS Securities LLC		150,600,000		2.88			04/01/2005		150,612,048
UBS Securities LLC		700,000,000		2.90			04/01/2005		700,056,389
Westdeutsche Landesbank AG		900,000,000		2.90			04/01/2005		900,072,500
TOTAL	$	6,500,600,000						$	6,501,124,506

*   At March 31, 2005, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 2.25%, due 12/15/2005; Federal Home Loan Mortgage Association, 0.00% to 12.30%, due 01/01/2007 to 04/01/2035; Federal National Mortgage Association, 0.00% to 11.50%, due 06/15/2005 to 03/01/2035; Government National Mortgage Association, 4.50% to 7.50%, due 03/15/2018 to 03/20/2035 and U.S. Treasury Notes, 0.00% to 4.25%, due 04/30/2006 to 11/15/2013.

FUTURES CONTRACTS — At March 31, 2005, the following futures contacts were open as follows:

	Number of		Settlement			Unrealized
Type	Contracts Long		Month	Market Value		Loss
S & P 500 Index		330	June 2005	$	9,534,350	$	(160,445	)

TAX INFORMATION — At March 31, 2005, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Tax Cost	$	538,700,507
Gross unrealized gain		43,990,633
Gross unrealized loss		(23,931,940	)
Net unrealized security gain	$	20,058,693

INVESTMENT VALUATION — Investments in securities and investment companies 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 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. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share on valuation date. 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 are deemed to be inaccurate by the Investment Adviser are valued at fair value using methods approved by the Trust’s Board of Trustees.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE SMALL CAP EQUITY FUND

Statement of Investments
March 31, 2005 (Unaudited)

Shares		Description	Value
Common Stocks — 100.3%
Aerospace & Defense — 0.6%
	4,300	Curtiss-Wright Corp.	$	245,100
	4,800	Kaman Corp.		59,760
	23,100	United Industrial Corp.		684,222
				989,082
Airlines — 1.0%
	60,100	Alaska Air Group, Inc.*		1,769,344
Auto Components — 0.2%
	8,000	Autoliv, Inc.		381,200
Banks — 7.3%
	34,000	Bank Mutual Corp.		401,880
	54,500	Bank of Hawaii Corp.		2,466,670
	6,800	Berkshire Hills Bancorp, Inc.		229,500
	7,400	Cathay General Bancorp.		233,100
	21,000	Corus Bankshares, Inc.		1,001,490
	10,000	CVB Financial Corp.		181,400
	4,600	Downey Financial Corp.		283,038
	16,200	East West Bancorp, Inc.		598,104
	15,500	First Bancorp.		654,875
	4,000	First Citizens Bancshares, Inc.		585,520
	2,500	First Financial Bankshares, Inc.		111,575
	14,700	Hancock Holding Co.		477,750
	15,000	Hanmi Financial Corp.		248,250
	3,100	IBERIABANK Corp.		174,406
	39,400	PFF Bancorp, Inc.		1,087,440
	5,800	Provident Bankshares Corp.		191,168
	13,570	Republic Capital Trust		183,738
	62,900	Silicon Valley Bancshares*		2,771,374
	12,095	Texas Regional Bancshares, Inc.		364,181
	6,510	U.S.B. Holding Co., Inc.		144,457
	10,470	UMB Financial Corp.		595,952
	1,200	WSFS Financial Corp.		63,072
				13,048,940
Beverages — 0.1%
	11,700	The Boston Beer Co., Inc.*		256,230
Biotechnology — 6.0%
	21,200	Albany Molecular Research, Inc.*		217,936
	105,400	Applera Corp. - Celera Genomics Group*		1,080,350
	7,900	Cephalon, Inc.*		369,957
	8,900	Charles River Laboratories International, Inc.*		418,656
	18,400	Connetics Corp.*		465,336
	98,800	Enzon Pharmaceuticals, Inc.*		1,006,772
	45,600	Gen-Probe, Inc.*		2,031,936
	12,400	Invitrogen Corp.*		858,080
	34,600	Kos Pharmaceuticals, Inc.*		1,442,128
	15,300	Maxygen, Inc.*		131,274
	59,400	United Therapeutics Corp.*		2,714,283
				10,736,708

Shares		Description	Value
Common Stocks — (continued)
Building Products — 2.0%
	33,550	Griffon Corp.*	$	718,305
	82,000	USG Corp.*(a)		2,719,120
	4,300	Watsco, Inc.		181,030
				3,618,455
Chemicals — 0.8%
	7,600	Arch Chemicals, Inc.		216,372
	30,200	NewMarket Corp.*		561,720
	16,400	The Lubrizol Corp.		666,496
				1,444,588
Commercial Services — 3.7%
	54,800	Arbitron, Inc.*		2,350,920
	22,700	Century Business Services, Inc.*		93,070
	25,400	Coinstar, Inc.*		538,480
	24,800	Consolidated Graphics, Inc.*		1,304,480
	20,100	CSG Systems International, Inc.*		327,429
	15,600	Labor Ready, Inc. *		290,940
	17,200	Pre-Paid Legal Services, Inc.(a)		582,048
	43,400	Spherion Corp.*		325,066
	61,100	TeleTech Holdings, Inc.*		789,412
				6,601,845
Communications Equipment — 0.9%
	20,200	Aspect Communications Corp.*		210,282
	12,400	Audiovox Corp.*		157,976
	40,800	CommScope, Inc.*(a)		610,368
	20,100	InterDigital Communications Corp.*		307,932
	15,300	Ixia*		272,187
	45,000	Optical Communication Products, Inc.*		78,300
				1,637,045
Computers & Peripherals — 1.6%
	155,700	InFocus Corp.*		893,718
	48,500	Intergraph Corp.*		1,397,285
	24,200	Komag, Inc.*		540,870
				2,831,873
Construction & Engineering — 0.7%
	28,200	Washington Group International, Inc.*		1,268,718
Construction Materials — 0.8%
	26,100	Texas Industries, Inc.		1,402,875
Distributors — 1.6%
	57,300	Handleman Co.		1,086,408
	65,100	WESCO International, Inc.*		1,822,800
				2,909,208
Diversified Financials — 2.5%
	11,200	Advanta Corp. Class B		257,600
	31,200	AmeriCredit Corp.*		731,328

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE SMALL CAP EQUITY FUND

Statement of Investments (continued)
March 31, 2005 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Diversified Financials — (continued)
	30,500	CharterMac	$	655,750
	58,400	CompuCredit Corp.*		1,554,608
	13,300	Investment Technology Group, Inc.*		232,750
	39,500	World Acceptance Corp.*		1,008,040
				4,440,076
Diversified Telecommunication Services — 0.3%
	11,600	Commonwealth Telephone Enterprises, Inc.*		546,824
Electric Utilities — 2.6%
	14,100	El Paso Electric Co.*		267,900
	57,500	NRG Energy, Inc.*		1,963,625
	216,700	Sierra Pacific Resources*(a)		2,329,525
				4,561,050
Electrical Equipment — 0.7%
	29,000	Paxar Corp.*		618,860
	3,200	The Genlyte Group, Inc.*		287,904
	5,800	Woodward Governor Co.		415,860
				1,322,624
Electronic Equipment — 3.4%
	73,800	Anixter International, Inc.*		2,667,870
	19,000	Coherent, Inc.*		641,440
	12,800	CyberOptics Corp.*		159,744
	36,400	Ingram Micro, Inc.*		606,788
	5,500	Littelfuse, Inc.*		157,575
	42,700	MTS Systems Corp.		1,239,581
	21,600	Teledyne Technologies, Inc.*		676,080
				6,149,078
Energy Equipment & Services — 3.7%
	16,600	Cal Dive International, Inc.*		751,980
	4,500	SEACOR Holdings, Inc.*		286,875
	20,700	Unit Corp.*		935,019
	44,600	Universal Compression Holdings, Inc.*		1,689,002
	96,700	Veritas DGC, Inc.*		2,897,132
				6,560,008
Food & Drug Retailing — 2.5%
	6,101	Flowers Foods, Inc.		172,109
	39,100	Longs Drug Stores Corp.		1,338,002
	42,000	Nash-Finch Co.		1,595,580
	177,200	Terra Industries, Inc.*(a)		1,375,072
				4,480,763
Food Products — 2.1%
	11,200	Corn Products International, Inc.		291,088
	3,800	J & J Snack Foods Corp.		177,954
	49,500	Pilgrim’s Pride Corp.		1,768,140

Shares		Description	Value
Common Stocks — (continued)
Food Products — (continued)
	33,200	USANA Health Sciences, Inc.*(a)	$	1,570,360
				3,807,542
Healthcare Equipment & Supplies — 2.8%
	18,600	American Medical Systems Holdings, Inc.*		319,548
	29,700	Applera Corp. - Applied Biosystems Group		586,278
	3,300	Bio-Rad Laboratories, Inc.*		160,743
	5,800	Dade Behring Holdings, Inc.*		341,794
	7,100	Edwards Lifesciences Corp.*		306,862
	10,400	Haemonetics Corp.*		438,464
	10,000	Hologic, Inc.*		318,750
	64,500	Immucor, Inc.*		1,947,255
	10,700	Nutraceutical International Corp.*		169,702
	9,200	Ventana Medical Systems, Inc.*		344,632
				4,934,028
Healthcare Providers & Services — 4.5%
	28,100	Apria Healthcare Group, Inc.*		902,010
	69,100	First Horizon Pharmaceutical Corp.*		1,166,408
	25,000	Genesis HealthCare Corp.*		1,072,250
	49,500	Kindred Healthcare, Inc.*		1,737,450
	39,200	Sierra Health Services, Inc.*		2,502,528
	101,800	Stewart Enterprises, Inc.		626,070
				8,006,716
Hotels, Restaurants & Leisure — 3.1%
	7,000	CEC Entertainment, Inc.*		256,200
	29,500	Choice Hotels International, Inc.		1,827,525
	64,600	CKE Restaurants, Inc.*		1,023,910
	48,100	Dave & Buster’s, Inc.*(a)		899,470
	7,600	GTECH Holdings Corp.		178,828
	10,300	Jack in the Box, Inc.*		382,130
	28,000	Papa John’s International, Inc.*(a)		972,160
				5,540,223
Household Durables — 1.9%
	109,200	American Greetings Corp.		2,782,416
	21,600	Kimball International, Inc. Class B		313,200
	3,300	The Toro Co.		292,050
				3,387,666
Insurance — 4.0%
	663	Alleghany Corp.*		183,651
	6,200	Argonaut Group, Inc.*		131,564
	6,500	FBL Financial Group, Inc.		182,000

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE SMALL CAP EQUITY FUND

Statement of Investments (continued)
March 31, 2005 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Insurance — (continued)
	53,300	LandAmerica Financial Group, Inc.	$	2,666,599
	1,300	National Western Life Insurance Co.*		222,222
	56,900	Stewart Information Services Corp.		2,134,888
	5,900	The Midland Co.		185,909
	5,900	UICI		143,075
	24,800	Zenith National Insurance Corp.		1,286,128
				7,136,036
Internet & Catalog Retail — 1.0%
	101,250	Coldwater Creek, Inc.*		1,871,100
Internet Software & Services — 3.8%
	33,800	Digital River, Inc.*		1,053,208
	21,300	InfoSpace, Inc.*		869,679
	11,600	J2 Global Communications New*		397,996
	80,400	McAfee, Inc.*		1,813,824
	50,500	Websense, Inc.*		2,716,900
				6,851,607
IT Consulting & Services — 1.6%
	41,100	Acxiom Corp.		860,223
	72,500	Agilysys, Inc.		1,425,350
	7,400	Cognizant Technology Solutions Corp.*		341,880
	13,700	Keane, Inc.*		178,511
				2,805,964
Leisure Equipment & Products — 1.1%
	16,000	Action Performance Cos., Inc.		211,680
	10,300	Arctic Cat, Inc.		278,718
	20,000	Polaris Industries, Inc.		1,404,600
				1,894,998
Machinery — 2.3%
	6,700	Albany International Corp.		206,896
	22,800	Applied Industrial Technologies, Inc.		620,160
	8,000	CIRCOR International, Inc.		197,200
	50,400	EnPro Industries, Inc.*		1,386,000
	10,700	NACCO Industries, Inc.		1,090,758
	11,000	Stewart & Stevenson Services, Inc.		251,790
	6,900	Tennant Co.		266,961
				4,019,765
Marine — 0.4%
	10,700	Overseas Shipholding Group, Inc.		673,137
Media — 1.5%
	39,200	Catalina Marketing Corp.		1,015,280
	35,400	Hearst-Argyle Television, Inc.		902,700
	10,500	Journal Communications, Inc.		173,775

Shares		Description	Value
Common Stocks — (continued)
Media — (continued)
	2,900	Media General, Inc.	$	179,365
	4,400	The Liberty Corp.		178,420
	14,000	World Wrestling Entertainment, Inc.		168,000
				2,617,540
Metals & Mining — 5.1%
	43,300	Carpenter Technology Corp.		2,572,453
	58,600	Metals USA, Inc.*		1,147,974
	42,100	Quanex Corp.		2,244,772
	11,100	RTI International Metals, Inc.*		259,740
	165,700	Ryerson Tull, Inc.(a)		2,099,419
	15,400	United States Steel Corp.		783,090
				9,107,448
Multiline Retail — 1.3%
	22,100	Dillard’s, Inc.		594,490
	78,500	ShopKo Stores, Inc.*		1,744,270
				2,338,760
Oil & Gas — 3.0%
	59,200	Cimarex Energy Co.*(a)		2,308,800
	7,700	Remington Oil & Gas Corp.*		242,704
	8,000	Swift Energy Co.*		227,520
	46,000	The Houston Exploration Co.*		2,619,700
				5,398,724
Personal Products — 0.3%
	16,400	Mannatech, Inc.(a)		320,620
	8,000	Nu Skin Enterprises, Inc.		180,080
				500,700
Pharmaceuticals — 0.4%
	45,010	Alpharma, Inc.		554,523
	6,200	Medicis Pharmaceutical Corp.		185,876
				740,399
Real Estate — 7.9%
	56,800	American Home Mortgage Investment Corp.		1,626,752
	9,300	BioMed Reality Trust, Inc.		191,580
	16,400	Brookfield Homes Corp.		692,244
	25,700	Capstead Mortgage Corp.(a)		219,735
	2,600	CBL & Associates Properties, Inc.		185,926
	52,000	Commercial Net Lease Realty		959,400
	78,500	Cousins Properties, Inc.		2,030,795
	26,200	Entertainment Properties Trust		1,085,466
	5,900	Heritage Property Investment Trust		175,112
	69,700	HRPT Properties Trust		830,127
	8,400	Jones Lang LaSalle, Inc.*		391,860
	85,000	La Quinta Corp.*		722,500

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE SMALL CAP EQUITY FUND

Statement of Investments (continued)
March 31, 2005 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Real Estate — (continued)
	25,000	National Health Investors, Inc.	$	649,500
	62,400	New Century Financial Corp.		2,921,568
	78,100	Senior Housing Properties Trust		1,302,708
	8,600	Trammell Crow Co.*		176,902
				14,162,175
Road & Rail — 1.1%
	8,700	Covenant Transport, Inc.*		153,120
	50,200	Dollar Thrifty Automotive Group, Inc.*		1,645,556
	10,000	Laidlaw International, Inc.*		208,000
				2,006,676
Semiconductor Equipment & Products — 1.3%
	49,000	Cree, Inc.*(a)		1,065,750
	7,800	FEI Co.*		180,570
	7,500	Sigmatel, Inc.*		280,725
	73,000	Silicon Image, Inc.*		734,380
				2,261,425
Software — 2.2%
	18,900	ANSYS, Inc.*		646,569
	13,600	Inter-Tel, Inc.		333,200
	64,200	Novell, Inc.*		382,632
	12,000	QAD, Inc.		99,240
	105,000	SeaChange International, Inc.*(a)		1,359,750
	6,100	SPSS, Inc.*		106,079
	45,200	SS&C Technologies, Inc.		1,030,560
				3,958,030
Specialty Retail — 3.5%
	12,150	Brookstone, Inc.*		197,073
	44,200	Circuit City Stores, Inc.		709,410
	4,700	Electronics Boutique Holdings Corp.*		201,959
	21,100	Goody’s Family Clothing, Inc.		190,533
	18,200	Lithia Motors, Inc.		466,102
	49,300	Movie Gallery, Inc.		1,413,924
	63,100	Stage Stores, Inc.*		2,422,409
	7,200	The Cato Corp.		232,200
	6,600	The Men’s Wearhouse, Inc.*		278,586
	9,400	United Rentals, Inc.*		189,974
				6,302,170
Textiles & Apparel — 0.7%
	38,800	Skechers U.S.A., Inc.*		600,624
	26,150	Wolverine World Wide, Inc.		560,395
				1,161,019
Wireless Telecommunication Services — 0.4%
	15,000	Boston Communications Group, Inc.*		106,800

Shares		Description	Value
Common Stocks — (continued)
Wireless Telecommunication Services — (continued)
	4,800	EMS Technologies, Inc.*	$	65,280
	10,200	United States Cellular Corp.*		465,426
				637,506
TOTAL COMMON STOCKS			$	179,077,888
Securities Lending Collateral — 9.2%
	16,460,475	Boston Global Investment Trust - Enhanced Portfolio	$	16,460,475
TOTAL INVESTMENTS — 109.5%			$	195,538,363

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

*	Non-income producing security.
(a)	All or portion of security is on loan.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE SMALL CAP EQUITY FUND

Statement of Investments (continued)
March 31, 2005 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2005, the following futures contracts were open as follows:

	Number of	Settlement			Unrealized
Type	Contracts Long	Month	Market Value		Loss
Russell 2000 Index	6	June 2005	$	370,740	$	(292	)

TAX INFORMATION — At March 31, 2005, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Tax Cost	$	177,760,400
Gross unrealized gain		24,598,303
Gross unrealized loss		(6,820,340	)
Net unrealized security gain	$	17,777,963

INVESTMENT VALUATION — Investments in securities and investment companies 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 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. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share on valuation date. 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.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Investments
March 31, 2005 (Unaudited)

Shares		Description	Value
Common Stocks — 96.7%
Biotechnology — 1.2%
	518,410	MedImmune, Inc.*	$	12,343,342
Brokers — 1.0%
	105,701	The Bear Stearns Companies, Inc.		10,559,530
Chemicals — 3.7%
	993,286	Agrium, Inc.		18,127,469
	46,876	Carlisle Cos., Inc.		3,270,539
	342,440	Rohm and Haas Co.		16,437,120
				37,835,128
Computer Hardware — 2.7%
	206,916	CDW Corp.		11,727,999
	413,489	Ditech Communications Corp.*		5,156,208
	292,330	Tech Data Corp.*		10,833,750
				27,717,957
Computer Software — 1.6%
	1,123,809	Activision, Inc.*		16,632,378
Construction — 2.2%
	397,696	Lennar Corp.		22,541,409
Consumer Durables — 2.1%
	172,750	Mohawk Industries, Inc.*		14,562,825
	165,292	The Stanley Works		7,482,769
				22,045,594
Defense/Aerospace — 1.7%
	364,511	Rockwell Collins, Inc.		17,347,078
Diversified Energy — 3.3%
	1,088,298	The Williams Companies, Inc.		20,470,886
	390,487	Western Gas Resources, Inc.		13,452,277
				33,923,163
Drugs — 2.4%
	154,721	Charles River Laboratories International, Inc.*		7,278,076
	488,415	IVAX Corp.*		9,655,965
	246,636	Watson Pharmaceuticals, Inc.*		7,579,124
				24,513,165
Electrical Utilities — 9.3%
	128,048	Cinergy Corp.		5,188,505
	165,745	Edison International		5,754,666
	172,980	Entergy Corp.		12,222,767
	352,863	FirstEnergy Corp.		14,802,603
	516,720	PG&E Corp.*		17,620,152
	88,155	Pinnacle West Capital Corp.		3,747,469
	532,855	PPL Corp.		28,768,841
	197,092	Wisconsin Energy Corp.		6,996,766
				95,101,769
Energy Resources — 7.3%
	805,044	EOG Resources, Inc.		39,237,845

Shares		Description	Value
Common Stocks — (continued)
Energy Resources — (continued)
	229,252	Patina Oil & Gas Corp.	$	9,170,080
	163,452	Peabody Energy Corp.		7,577,635
	301,037	Unocal Corp.		18,570,972
				74,556,532
Environmental & Other Services — 1.0%
	312,197	Republic Services, Inc.		10,452,356
Food & Beverage — 1.9%
	417,799	Archer-Daniels-Midland Co.		10,269,499
	162,392	Smithfield Foods, Inc.*		5,123,468
	158,849	The Pepsi Bottling Group, Inc.		4,423,945
				19,816,912
Gas Utilities — 2.1%
	621,632	AGL Resources, Inc.		21,713,606
Health Insurance — 1.8%
	577,028	Health Net, Inc.*		18,874,586
Home Products — 1.9%
	285,502	The Clorox Co.		17,983,771
	35,488	The Estee Lauder Companies, Inc.		1,596,250
				19,580,021
Hotel & Leisure — 2.5%
	539,225	Callaway Golf Co.		6,902,080
	149,293	Harrah’s Entertainment, Inc.		9,641,342
	395,243	Hilton Hotels Corp.		8,833,681
				25,377,103
Information Services — 0.8%
	932,181	BearingPoint, Inc.*		8,175,227
Life Insurance — 1.2%
	227,061	Torchmark Corp.		11,852,584
Media — 1.9%
	271,305	Emmis Communications Corp.*		5,214,482
	349,628	Lamar Advertising Co.*		14,086,512
				19,300,994
Medical Providers — 0.8%
	929,455	WebMD Corp.*		7,900,367
Mining — 0.8%
	139,097	Nucor Corp.		8,006,423
Motor Vehicle — 1.6%
	197,335	Autoliv, Inc.		9,403,013
	163,121	Lear Corp.		7,236,047
				16,639,060
Oil Services — 2.2%
	915,739	Patterson-UTI Energy, Inc.		22,911,790

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Investments (continued)
March 31, 2005 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Paper & Packaging — 1.2%
	527,880	Packaging Corp. of America	$	12,822,205
Parts & Equipment — 2.4%
	330,538	American Standard Companies, Inc. *		15,363,406
	47,220	Cooper Industries, Ltd.		3,377,175
	93,780	Eaton Corp.		6,133,212
				24,873,793
Property Insurance — 7.0%
	123,237	AMBAC Financial Group, Inc.		9,211,966
	173,235	Everest Re Group, Ltd.		14,744,031
	233,564	PartnerRe Ltd.		15,088,234
	299,909	RenaissanceRe Holdings Ltd.		14,005,750
	183,297	The PMI Group, Inc.		6,967,119
	307,164	Willis Group Holdings Ltd.		11,325,137
				71,342,237
Publishing — 1.3%
	16,234	A.H. Belo Corp.		391,889
	342,940	Dow Jones & Co., Inc.		12,815,668
				13,207,557
Regional Banks — 6.5%
	148,111	Commerce Bancshares, Inc.		7,138,950
	591,435	FirstMerit Corp.		15,826,801
	288,149	KeyCorp		9,350,435
	184,533	M&T Bank Corp.		18,833,438
	223,051	Zions Bancorp.		15,394,980
				66,544,604
REITs — 7.4%
	410,898	Apartment Investment & Management Co.		15,285,405
	314,797	Developers Diversified Realty Corp.		12,513,181
	637,743	iStar Financial, Inc.		26,262,257
	335,053	Plum Creek Timber Co., Inc.		11,961,392
	283,161	Prentiss Properties Trust		9,672,780
				75,695,015
Restaurants — 0.2%
	47,230	Yum! Brands, Inc.		2,446,986
Retail Apparel — 5.0%
	297,522	Federated Department Stores, Inc.		18,934,300
	330,822	J. C. Penney Co., Inc.		17,176,278
	254,992	Ross Stores, Inc.		7,430,467
	233,085	The Talbots, Inc.		7,454,058
				50,995,103
Semiconductors — 1.0%
	210,732	Amphenol Corp. *		7,805,514

Shares		Description	Value
Common Stocks — (continued)
Semiconductors — (continued)
	66,736	Tessera Technologies, Inc.*	$	2,884,997
				10,690,511
Specialty Financials — 2.3%
	332,736	American Capital Strategies Ltd. (a)		10,451,238
	345,469	CIT Group, Inc.		13,127,822
				23,579,060
Tobacco — 0.8%
	101,759	Reynolds American, Inc. (a)		8,200,758
Transports — 1.6%
	189,810	Teekay Shipping Corp.		8,531,959
	127,177	Yellow Roadway Corp.*(a)		7,444,942
				15,976,901
Trust/Processors — 1.0%
	226,319	Northern Trust Corp.		9,831,297
TOTAL COMMON STOCKS			$	991,924,101

	Principal		Interest		Maturity
	Amount		Rate		Date	Value
Repurchase Agreement(b) — 3.1%
Joint Repurchase Agreement Account II
	$	31,600,000		2.90%	04/01/2005	$	31,600,000
	Maturity Value: $31,602,549

Shares		Description	Value
Securities Lending Collateral — 1.8%
	18,580,925	Boston Global Investment Trust — Enhanced Portfolio	$	18,580,925
TOTAL INVESTMENTS — 101.6%			$	1,042,105,026

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

*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Joint repurchase agreement was entered into on March 31, 2005.

Investment Abbreviation:
REIT — Real Estate Investment Trust

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Investments (continued)
March 31, 2005 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II * — At March 31, 2005, the Fund had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $31,600,000 in principal amount.

	Principal		Interest			Maturity		Maturity
Repurchase Agreements	Amount		Rate			Date		Value
Banc of America Securities LLC	$	500,000,000		2.92	%		04/01/2005	$	500,040,555
Banc of America Securities LLC		750,000,000		2.93			04/01/2005		750,061,042
Barclays Capital PLC		1,500,000,000		2.90			04/01/2005		1,500,120,833
CS First Boston LLC		500,000,000		2.90			04/01/2005		500,040,278
Greenwich Capital Markets		400,000,000		2.91			04/01/2005		400,032,333
J.P. Morgan Securities, Inc.		350,000,000		2.87			04/01/2005		350,027,903
Morgan Stanley & Co.		750,000,000		2.91			04/01/2005		750,060,625
UBS Securities LLC		150,600,000		2.88			04/01/2005		150,612,048
UBS Securities LLC		700,000,000		2.90			04/01/2005		700,056,389
Westdeutsche Landesbank AG		900,000,000		2.90			04/01/2005		900,072,500
TOTAL	$	6,500,600,000						$	6,501,124,506

*   At March 31, 2005, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 2.25%, due 12/15/2005; Federal Home Loan Mortgage Association, 0.00% to 12.30%, due 01/01/2007 to 04/01/2035; Federal National Mortgage Association, 0.00% to 11.50%, due 06/15/2005 to 03/01/2035; Government National Mortgage Association, 4.50% to 7.50%, due 03/15/2018 to 03/20/2035 and U.S. Treasury Notes, 0.00% to 4.25%, due 04/30/2006 to 11/15/2013.

TAX INFORMATION — At March 31, 2005, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Tax Cost	$	890,730,140
Gross unrealized gain		157,269,483
Gross unrealized loss		(5,894,597	)
Net unrealized security gain	$	151,374,886

INVESTMENT VALUATION — Investments in securities and investment companies 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 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. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share on valuation date. 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.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statement of Investments
March 31, 2005 (Unaudited)

Shares		Description	Value
Common Stocks — 97.5%
Brokers — 1.6%
	17,900	Lehman Brothers Holdings, Inc.	$	1,685,464
	51,896	Merrill Lynch & Co., Inc.		2,937,314
				4,622,778
Chemicals — 3.0%
	78,044	Rohm and Haas Co.		3,746,112
	92,876	The Dow Chemical Co.		4,629,869
				8,375,981
Computer Hardware — 1.2%
	57,604	CDW Corp.		3,264,995
Computer Software — 3.4%
	248,789	Activision, Inc.*		3,682,082
	195,518	Microsoft Corp.		4,725,670
	98,849	Oracle Corp.*		1,233,636
				9,641,388
Consumer Durables — 1.2%
	98,251	Masco Corp.		3,406,362
Defense/Aerospace — 1.7%
	45,891	General Dynamics Corp.		4,912,632
Drugs — 1.0%
	106,415	Pfizer, Inc.		2,795,522
Electrical Utilities — 8.7%
	56,542	Ameren Corp.		2,771,123
	58,732	Dominion Resources, Inc.		4,371,423
	71,187	Entergy Corp.		5,030,073
	89,004	Exelon Corp.		4,084,394
	70,332	FirstEnergy Corp.		2,950,427
	101,247	PPL Corp.		5,466,326
				24,673,766
Energy Resources — 14.4%
	136,079	Burlington Resources, Inc.		6,813,475
	208,944	ChevronTexaco Corp.		12,183,525
	30,063	ConocoPhillips		3,241,994
	283,333	Exxon Mobil Corp.		16,886,647
	23,900	Unocal Corp.		1,474,391
				40,600,032
Environmental & Other Services — 1.0%
	96,071	Waste Management, Inc.		2,771,648
Financial Technology — 0.9%
	64,705	First Data Corp.		2,543,554
Food & Beverage — 2.6%
	28,206	General Mills, Inc.		1,386,325
	49,435	H.J. Heinz Co.		1,821,185
	80,532	Kraft Foods, Inc.		2,661,583
	20,900	Unilever N.V.		1,429,978
				7,299,071
Home Products — 2.3%
	43,103	Avon Products, Inc.		1,850,843
	33,290	The Clorox Co.		2,096,937

Shares		Description	Value
Common Stocks — (continued)
Home Products — (continued)
	50,440	The Procter & Gamble Co.	$	2,673,320
				6,621,100
Large Banks — 10.5%
	232,986	Bank of America Corp.		10,274,682
	265,478	Citigroup, Inc.		11,930,581
	215,156	J.P. Morgan Chase & Co.		7,444,398
				29,649,661
Media — 3.5%
	95,784	News Corp.		1,620,665
	157,472	The Walt Disney Co.		4,524,170
	216,312	Time Warner, Inc.*		3,796,276
				9,941,111
Medical Products — 1.2%
	101,289	Baxter International, Inc.		3,441,800
Motor Vehicle — 0.9%
	53,185	Autoliv, Inc.		2,534,265
Paper & Packaging — 1.4%
	158,591	Packaging Corp. of America		3,852,175
Parts & Equipment — 8.0%
	30,600	American Standard Companies, Inc.		1,422,288
	297,447	General Electric Co.		10,725,939
	150,525	Tyco International Ltd.		5,087,745
	52,900	United Technologies Corp.		5,377,814
				22,613,786
Property Insurance — 5.5%
	65,725	PartnerRe Ltd.		4,245,835
	60,102	RenaissanceRe Holdings Ltd.		2,806,763
	67,392	The Allstate Corp.		3,643,212
	67,492	Willis Group Holdings Ltd.		2,488,430
	32,378	XL Capital Ltd.		2,343,196
				15,527,436
Regional Banks — 2.8%
	146,332	KeyCorp		4,748,474
	63,709	PNC Financial Services Group		3,279,739
				8,028,213
REITs — 5.2%
	71,773	Apartment Investment & Management Co.		2,669,955
	64,505	Developers Diversified Realty Corp.		2,564,074
	164,609	iStar Financial, Inc.		6,778,599
	71,474	Plum Creek Timber Co., Inc.		2,551,622
				14,564,250
Retail Apparel — 2.5%
	64,605	J. C. Penney Co., Inc.		3,354,292

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statement of Investments (continued)
March 31, 2005 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Retail Apparel — (continued)
	98,104	The May Department Stores Co.	$	3,631,810
				6,986,102
Specialty Financials — 3.7%
	35,500	Alliance Capital Management Holding L.P.		1,673,825
	81,429	American Capital Strategies Ltd.(a)		2,557,685
	69,298	Countrywide Financial Corp.		2,249,413
	24,882	Fannie Mae		1,354,825
	29,157	SLM Corp.		1,453,185
	30,361	Washington Mutual, Inc.		1,199,259
				10,488,192
Telephone — 3.5%
	246,276	Sprint Corp.		5,602,779
	123,436	Verizon Communications, Inc.		4,381,978
				9,984,757
Thrifts — 1.3%
	59,628	Golden West Financial Corp.		3,607,494
Tobacco — 3.2%
	138,567	Altria Group, Inc.		9,060,896
Transports — 0.4%
	79,238	Southwest Airlines Co.		1,128,349
Trust/Processors — 0.9%
	85,310	The Bank of New York Co., Inc.		2,478,255
TOTAL COMMON STOCKS			$	275,415,571

	Principal		Interest		Maturity
	Amount		Rate		Date	Value
Repurchase Agreement(b) — 2.6%
Joint Repurchase Agreement Account II
	$	7,300,000		2.90%	04/01/2005	$	7,300,000
	Maturity Value: $7,300,589

Shares		Description	Value
Securities Lending Collateral — 0.1%
	419,250	Boston Global Investment Trust - Enhanced Portfolio	$	419,250
TOTAL INVESTMENTS — 100.2%			$	283,134,821

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

*	Non-income producing security.
(a)	All or portion of security is on loan.
(b)	Joint repurchase agreement was entered into on November 30, 2004.

Investment Abbreviation:
REIT—Real Estate Investment Trust

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statement of Investments (continued)
March 31, 2005 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II * — At March 31, 2005, the Fund had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $7,300,000 in principal amount.

	Principal		Interest			Maturity		Maturity
Repurchase Agreements	Amount		Rate			Date		Value
Banc of America Securities LLC	$	500,000,000		2.92	%		04/01/2005	$	500,040,555
Banc of America Securities LLC		750,000,000		2.93			04/01/2005		750,061,042
Barclays Capital PLC		1,500,000,000		2.90			04/01/2005		1,500,120,833
CS First Boston LLC		500,000,000		2.90			04/01/2005		500,040,278
Greenwich Capital Markets		400,000,000		2.91			04/01/2005		400,032,333
J.P. Morgan Securities, Inc.		350,000,000		2.87			04/01/2005		350,027,903
Morgan Stanley & Co.		750,000,000		2.91			04/01/2005		750,060,625
UBS Securities LLC		150,600,000		2.88			04/01/2005		150,612,048
UBS Securities LLC		700,000,000		2.90			04/01/2005		700,056,389
Westdeutsche Landesbank AG		900,000,000		2.90			04/01/2005		900,072,500
TOTAL	$	6,500,600,000						$	6,501,124,506

*   At March 31, 2005, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 2.25%, due 12/15/2005; Federal Home Loan Mortgage Association, 0.00% to 12.30%, due 01/01/2007 to 04/01/2035; Federal National Mortgage Association, 0.00% to 11.50%, due 06/15/2005 to 03/01/2035; Government National Mortgage Association, 4.50% to 7.50%, due 03/15/2018 to 03/20/2035 and U.S. Treasury Notes, 0.00% to 4.25%, due 04/30/2006 to 11/15/2013.

TAX INFORMATION — At March 31, 2005, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Tax Cost	$	244,504,438
Gross unrealized gain		41,100,331
Gross unrealized loss		(2,469,948	)
Net unrealized security gain	$	38,630,383

INVESTMENT VALUATION — Investments in securities and investment companies 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 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. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share on valuation date. 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 are deemed to be inaccurate by the Investment Adviser are valued at fair value using methods approved by the Trust’s Board of Trustees.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

     Statement of Investments
     March 31, 2005 (Unaudited)

Shares		Description	Value
Common Stocks — 99.4%
Banks — 1.4%
	14,956	Citigroup, Inc.	$	672,123
	47,802	J.P. Morgan Chase & Co.		1,653,949
				2,326,072
Beverages — 4.3%
	114,990	PepsiCo, Inc.		6,097,920
	28,065	The Coca-Cola Co.		1,169,468
				7,267,388
Biotechnology — 2.5%
	71,780	Amgen, Inc.*		4,178,314
Broadcasting & Cable/Satellite TV — 2.0%
	21,248	Clear Channel Communications, Inc.		732,419
	69,750	Univision Communications, Inc.		1,931,377
	38,900	Westwood One, Inc.*		791,615
				3,455,411
Commercial Services — 4.8%
	29,645	Moody’s Corp.		2,397,095
	66,070	The McGraw-Hill Cos., Inc.		5,764,607
				8,161,702
Computer Hardware — 3.4%
	151,935	Dell, Inc.*		5,837,343
Computer Services — 2.0%
	86,110	First Data Corp.		3,384,984
Computer Software — 5.0%
	28,775	Electronic Arts, Inc.*		1,489,969
	293,565	Microsoft Corp.		7,095,466
				8,585,435
Drugs & Medicine — 4.1%
	25,740	Eli Lilly & Co.		1,341,054
	115,710	Pfizer, Inc.		3,039,702
	61,845	Wyeth		2,608,622
				6,989,378
Electrical Equipment — 1.7%
	86,520	Tyco International Ltd.		2,924,376
Financials — 11.0%
	89,870	Fannie Mae		4,893,421
	71,465	Freddie Mac		4,516,588
	16,630	Golden West Financial Corp.		1,006,115
	166,680	MBNA Corp.		4,091,994
	23,235	Merrill Lynch & Co., Inc.		1,315,101
	25,345	Morgan Stanley		1,451,001
	130,960	The Charles Schwab Corp.		1,376,390
				18,650,610
Foods — 1.6%
	40,660	Wm. Wrigley Jr. Co.		2,666,076
Gaming/Lodging — 5.6%
	16,090	Carnival Corp.		833,623

Shares		Description	Value
Common Stocks — (continued)
Gaming/Lodging — (continued)
	61,800	GTECH Holdings Corp.	$	1,454,154
	43,160	Harrah’s Entertainment, Inc.		2,787,273
	37,250	Marriott International, Inc.		2,490,535
	32,340	Starwood Hotels & Resorts Worldwide, Inc.		1,941,370
				9,506,955
Household/Personal Care — 4.2%
	107,390	Avon Products, Inc.		4,611,327
	49,260	The Procter & Gamble Co.		2,610,780
				7,222,107
Insurance — 0.7%
	32,300	Willis Group Holdings Ltd.		1,190,901
Internet and Online — 3.6%
	43,280	eBay, Inc.*		1,612,613
	15,820	Google, Inc.*		2,855,668
	46,950	Yahoo!, Inc.*		1,591,605
				6,059,886
Manufacturing — 0.4%
	7,935	3M Co.		679,950
Medical Products — 2.8%
	53,850	Medtronic, Inc.		2,743,657
	18,260	St. Jude Medical, Inc.*		657,360
	14,540	Stryker Corp.		648,629
	8,750	Zimmer Holdings, Inc.		680,838
				4,730,484
Movies & Entertainment — 5.9%
	92,700	Liberty Media Corp. Series A*		961,299
	235,190	Time Warner, Inc.		4,127,585
	142,668	Viacom, Inc. Class B		4,969,126
				10,058,010
Networking Telecommunication Equipment — 2.7%
	254,140	Cisco Systems, Inc.*		4,546,565
Oil & Gas — 1.7%
	17,690	Canadian Natural Resources Ltd.		1,005,146
	20,692	Exxon Mobil Corp.		1,233,243
	17,990	Suncor Energy, Inc.		723,378
				2,961,767
Other Consumer Discretionary — 1.9%
	153,235	Cendant Corp.		3,147,447
Other Energy — 0.5%
	12,050	Schlumberger Ltd.		849,284
Other Health Care — 3.0%
	79,695	Caremark Rx, Inc.*		3,170,267
	40,490	Medco Health Solutions, Inc.		2,007,089
				5,177,356

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

     Statement of Investments (continued)
     March 31, 2005 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Publishing — 4.3%
	23,260	Gannett Co., Inc.	$	1,839,401
	69,985	Lamar Advertising Co. *		2,819,696
	39,570	The E.W. Scripps Co.		1,929,037
	21,610	Valassis Communications, Inc.*		755,485
				7,343,619
Retailing — 9.8%
	25,055	Dollar Tree Stores, Inc.*		719,830
	77,665	Family Dollar Stores, Inc.		2,357,909
	89,160	Lowe’s Companies, Inc.		5,090,144
	58,360	PETCO Animal Supplies, Inc.*		2,148,232
	14,580	Target Corp.		729,292
	110,960	Wal-Mart Stores, Inc.		5,560,206
				16,605,613
Semiconductors/Semiconductor Capital Equipment — 6.3%
	52,670	Intel Corp.		1,223,524
	101,120	Linear Technology Corp.		3,873,907
	151,250	QUALCOMM, Inc.		5,543,313
				10,640,744
Telecommunications — 2.2%
	74,870	American Tower Corp.		1,364,880
	77,490	Crown Castle International Corp.*		1,244,489
	21,580	Nextel Communications, Inc.*		613,304
	25,790	Sprint Corp.		586,723
				3,809,396
TOTAL COMMON STOCKS			$	168,957,173

	Principal		Interest		Maturity
	Amount		Rate		Date	Value
Repurchase Agreement(b) — 0.7%
Joint Repurchase Agreement Account II
	$	1,200,000		2.90%	04/01/2005	$	1,200,000
	Maturity Value: $1,200,097
TOTAL INVESTMENTS — 100.1%						$	170,157,173

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

*	Non-income producing security.
(a)	Joint repurchase agreement was entered into on March 31, 2005.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

     Statement of Investments (continued)
     March 31, 2005 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II*— At March 31, 2005, the Fund had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $1,200,000 in principal amount.

	Principal		Interest			Maturity		Maturity
Repurchase Agreements	Amount		Rate			Date		Value
Banc of America Securities LLC	$	500,000,000		2.92	%		04/01/2005	$	500,040,555
Banc of America Securities LLC		750,000,000		2.93			04/01/2005		750,061,042
Barclays Capital PLC		1,500,000,000		2.90			04/01/2005		1,500,120,833
CS First Boston LLC		500,000,000		2.90			04/01/2005		500,040,278
Greenwich Capital Markets		400,000,000		2.91			04/01/2005		400,032,333
J.P. Morgan Securities, Inc.		350,000,000		2.87			04/01/2005		350,027,903
Morgan Stanley & Co.		750,000,000		2.91			04/01/2005		750,060,625
UBS Securities LLC		150,600,000		2.88			04/01/2005		150,612,048
UBS Securities LLC		700,000,000		2.90			04/01/2005		700,056,389
Westdeutsche Landesbank AG		900,000,000		2.90			04/01/2005		900,072,500
TOTAL	$	6,500,600,000						$	6,501,124,506

*   At March 31, 2005, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 2.25%, due 12/15/2005; Federal Home Loan Mortgage Association, 0.00% to 12.30%, due 01/01/2007 to 04/01/2035; Federal National Mortgage Association, 0.00% to 11.50%, due 06/15/2005 to 03/01/2035; Government National Mortgage Association, 4.50% to 7.50%, due 03/15/2018 to 03/20/2035 and U.S. Treasury Notes, 0.00% to 4.25%, due 04/30/2006 to 11/15/2013.

TAX INFORMATION — At March 31, 2005, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

Tax Cost	$	167,253,507
Gross unrealized gain		16,628,780
Gross unrealized loss		(13,725,114	)
Net unrealized security gain	$	2,903,666

INVESTMENT VALUATION — Investments in securities and investment companies 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 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. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share on valuation date. 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.

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

Item 2. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer, concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), as enhanced as described below, were effective as of a date within 90 days of the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures as of the Evaluation Date.

(b) During the filing period of this report, the Registrant enhanced its control environment to ensure the increased tracking and filing of class action claims with respect to securities owned by the Funds and the recognition of gain contingencies on the financial statements. Fund management has discussed these matters with the Registrant’s Audit Committee and auditors.

Item 3. Exhibits.

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

SIGNATURES

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

(Registrant)	Goldman Sachs Variable Insurance Trust
By (Signature and Title)*		/s/ KAYSIE UNIACKE, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER
Date                  May         , 2005

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         May         , 2005
By (Signature and Title)*	/s/ JOHN M. PERLOWSKI, TREASURER/PRINCIPAL FINANCIAL OFFICER
Date         May         , 2005

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