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)

71 South Wacker Dr., Suite 500, 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: September 30, 2005

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Statement of Investments

September 30, 2005 (Unaudited)

Shares		Description	Value
Common Stocks – 99.9%
Audio & Visual Equipment – 0.6%
	9,720	Harman International Industries, Inc.	$	994,064
Banks – 1.6%
	32,920	Commerce Bancorp, Inc.(a)		1,010,315
	46,892	J.P. Morgan Chase & Co.		1,591,045
				2,601,360
Beverages – 4.9%
	20,280	Fortune Brands, Inc.		1,649,373
	95,000	PepsiCo, Inc.		5,387,450
	28,065	The Coca-Cola Co.		1,212,127
				8,248,950
Biotechnology – 2.5%
	53,020	Amgen, Inc.*		4,224,103
Broadcasting & Cable/Satellite TV – 1.8%
	14,208	Clear Channel Communications, Inc.		467,301
	69,750	Univision Communications, Inc.*		1,850,467
	37,540	Westwood One, Inc.		746,671
				3,064,439
Commercial Services – 6.0%
	30,670	ARAMARK Corp. Class B		819,196
	56,290	Moody’s Corp.		2,875,293
	131,460	The McGraw-Hill Cos., Inc.		6,315,338
				10,009,827
Computer Hardware – 3.0%
	148,435	Dell, Inc.*		5,076,477
Computer Services – 2.6%
	106,990	First Data Corp.		4,279,600
Computer Software – 6.6%
	53,025	Electronic Arts, Inc.*		3,016,592
	279,845	Microsoft Corp.		7,200,412
	65,660	Oracle Corp.*		813,528
				11,030,532
Drugs & Medicine – 2.9%
	25,740	Eli Lilly & Co.		1,377,605
	49,280	Pfizer, Inc.		1,230,522
	49,435	Wyeth		2,287,357
				4,895,484
Electrical Equipment – 0.7%
	43,650	Tyco International Ltd.		1,215,653
Financials – 8.9%
	56,340	Fannie Mae		2,525,159
	120,855	Freddie Mac		6,823,474
	16,630	Golden West Financial Corp.		987,656
	23,235	Merrill Lynch & Co., Inc.		1,425,467
	25,345	Morgan Stanley		1,367,109

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	126,840	The Charles Schwab Corp.	$	1,830,301
				14,959,166
Foods – 1.7%
	39,620	Wm. Wrigley Jr. Co.		2,847,886
Gaming/Lodging – 6.7%
	50,640	Carnival Corp.		2,530,987
	113,765	Cendant Corp.		2,348,109
	44,450	GTECH Holdings Corp.		1,425,067
	33,620	Harrah’s Entertainment, Inc.		2,191,688
	30,630	Marriott International, Inc.		1,929,690
	14,210	Starwood Hotels & Resorts Worldwide, Inc.		812,386
				11,237,927
Household/Personal Care – 1.1%
	31,680	Procter & Gamble Co.		1,883,693
Insurance – 0.5%
	23,910	Willis Group Holdings Ltd.		897,821
Internet & Online – 2.4%
	9,160	Google, Inc.*		2,898,773
	34,790	Yahoo!, Inc.*		1,177,294
				4,076,067
Medical Products – 5.7%
	10,330	C.R. Bard, Inc.		682,090
	11,250	Fisher Scientific International, Inc.*		698,063
	59,720	Medtronic, Inc.		3,202,186
	17,790	St. Jude Medical, Inc.*		832,572
	53,540	Stryker Corp.		2,646,482
	20,080	Zimmer Holdings, Inc.*		1,383,311
				9,444,704
Movies & Entertainment – 5.2%
	201,350	Time Warner, Inc.		3,646,448
	152,458	Viacom, Inc. Class B		5,032,639
				8,679,087
Networking Telecommunications Equipment – 2.7%
	252,170	Cisco Systems, Inc.*		4,521,408
Oil & Gas – 4.8%
	69,740	Canadian Natural Resources Ltd.		3,151,551
	20,692	Exxon Mobil Corp.		1,314,770
	58,920	Suncor Energy, Inc.		3,566,427
				8,032,748
Oil Well Services & Equipment – 3.4%
	30,220	Baker Hughes, Inc.		1,803,530
	45,730	Schlumberger Ltd.		3,858,697
				5,662,227
Pharmacy Benefit Manager – 3.5%
	75,895	Caremark Rx, Inc.*		3,789,437

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Statement of Investments (continued)

September 30, 2005 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Pharmacy Benefit Manager – (continued)
	38,690	Medco Health Solutions, Inc.*	$	2,121,373
				5,910,810
Producer Goods – 0.5%
	13,510	W.W. Grainger, Inc.		850,049
Publishing – 2.5%
	56,655	Lamar Advertising Co.*		2,569,871
	14,270	The E.W. Scripps Co.		713,072
	21,610	Valassis Communications, Inc.*		842,358
				4,125,301
Retailing – 6.8%
	80,570	Lowe’s Companies, Inc.		5,188,708
	56,520	PETCO Animal Supplies, Inc.*		1,195,963
	14,070	Target Corp.		730,655
	96,910	Wal-Mart Stores, Inc.		4,246,596
				11,361,922
Semiconductors – 7.0%
	52,670	Intel Corp.		1,298,315
	97,940	Linear Technology Corp.		3,681,565
	149,340	QUALCOMM, Inc.		6,682,965
				11,662,845
Telecommunications – 3.3%
	92,620	American Tower Corp.*		2,310,869
	77,490	Crown Castle International Corp.*		1,908,579
	52,334	Sprint Nextel Corp.		1,244,502
				5,463,950
TOTAL COMMON STOCKS			$	167,258,100

Principal	Interest			Maturity
Amount	Rate			Date		Value
Repurchase Agreement(b) – 0.5%
Joint Repurchase Agreement Account II
$800,000		3.89	%		10/03/2005	$	800,000
Maturity Value: $800,260
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL						$	168,058,100

Shares		Description	Value
Securities Lending Collateral – 0.3%
	472,500	Boston Global Investment Trust – Enhanced Portfolio	$	472,500
TOTAL INVESTMENTS — 100.7%			$	168,530,600

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 September 30, 2005.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Statement of Investments (continued)

September 30, 2005 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

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 and investment companies (other than those valued at net asset value per share) 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 that 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.

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2005, the Fund had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $800,000 in principal amount.

	Principal		Interest			Maturity		Maturity
Repurchase Agreements	Amount		Rate			Date		Value
Banc of America Securities LLC	$	1,015,000,000		3.88	%		10/03/2005	$	1,015,328,183
Barclays Capital PLC		1,515,000,000		3.90			10/03/2005		1,515,492,375
Bear Stearns & Co.		300,000,000		3.90			10/03/2005		300,097,500
Greenwich Capital Markets		300,000,000		3.90			10/03/2005		300,097,500
J.P. Morgan Securities, Inc.		300,000,000		3.88			10/03/2005		300,097,000
Morgan Stanley & Co.		150,000,000		3.88			10/03/2005		150,048,500
UBS Securities LLC		500,000,000		3.90			10/03/2005		500,162,500
Wachovia Capital Markets		500,000,000		3.90			10/03/2005		500,162,500
TOTAL	$	4,580,000,000						$	4,581,486,058

At September 30, 2005, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 0.00%, due 04/07/2006 to 10/28/2014; Federal Home Loan Mortgage Association, 0.00% to 10.50%, due 06/01/2006 to 10/01/2035; Federal National Mortgage Association, 4.00% to 8.50%, due 02/01/2006 to 10/01/2035 and Government National Mortgage Association, 5.00%, due 08/15/2033 to 09/15/2033. The aggregate market value of the collateral, including accrued interest, was $4,680,649,987.

TAX INFORMATION — At September 30, 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	$	159,256,753
Gross unrealized gain		21,758,624
Gross unrealized loss		(12,484,777	)
Net unrealized security gain	$	9,273,847

Additional 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^SM SMALL CAP EQUITY FUND

Statement of Investments

September 30, 2005 (Unaudited)

Shares		Description	Value
Common Stocks – 99.3%
Aerospace & Defense – 0.6%
	12,000	Innovative Solutions & Support, Inc.*	$	186,360
	11,000	Kaman Corp.		224,950
	19,600	United Industrial Corp.		700,700
				1,112,010
Airlines – 0.9%
	61,300	Alaska Air Group, Inc.*		1,781,378
Banks – 8.1%
	45,700	Bank Mutual Corp.		489,904
	53,300	Bank of Hawaii Corp.		2,623,426
	5,400	Berkshire Hills Bancorp, Inc.		183,600
	15,300	Central Pacific Financial Corp.		538,254
	3,000	City National Corp.		210,270
	21,000	Corus Bankshares, Inc.		1,151,430
	10,000	CVB Financial Corp.		186,000
	42,600	First Bancorp.		720,792
	4,200	First Citizens Bancshares, Inc.		716,730
	3,333	First Financial Bankshares, Inc.		116,088
	19,900	FirstFed Financial Corp.*		1,070,819
	14,200	Hancock Holding Co.		484,788
	22,900	Hanmi Financial Corp.		411,055
	7,175	IBERIABANK Corp.		381,351
	39,400	PFF Bancorp, Inc.		1,192,244
	18,300	Provident Bankshares Corp.		636,474
	19,200	Provident Financial Services, Inc.		337,920
	13,570	Republic Capital Trust		191,880
	5,000	S&T Bancorp, Inc.		189,000
	58,300	SVB Financial Group*		2,835,712
	6,836	U.S.B. Holding Co., Inc.		155,849
	6,970	UMB Financial Corp.		457,790
	7,800	Umpqua Holdings Corp.		189,696
	1,200	WSFS Financial Corp.		70,668
				15,541,740
Biotechnology – 5.8%
	45,400	Albany Molecular Research, Inc.*		552,972
	139,700	Applera Corp. – Celera Genomics Group*		1,694,561
	36,600	Connetics Corp.*		618,906
	34,800	Invitrogen Corp.*		2,618,004
	34,200	Kos Pharmaceuticals, Inc.*		2,289,006
	15,300	Maxygen, Inc.*		126,837
	15,700	Protein Design Labs, Inc.*		439,600
	40,800	United Therapeutics Corp.*		2,847,840
				11,187,726
Building Products – 0.3%
	9,200	Watsco, Inc.		488,612
Chemicals – 0.5%
	11,200	H.B. Fuller Co.		348,096
	31,700	NewMarket Corp.*		549,678
				897,774

Shares		Description	Value
Common Stocks – (continued)
Commercial Services & Supplies – 6.2%
	47,900	Administaff, Inc.	$	1,903,546
	10,300	American Ecology Corp.		202,086
	68,300	Arbitron, Inc.		2,721,072
	23,600	Consolidated Graphics, Inc.*		1,015,980
	4,600	CRA International, Inc.*		191,774
	19,500	CSG Systems International, Inc.*		423,345
	14,800	Global Payments, Inc.		1,150,256
	77,400	Labor Ready, Inc.*		1,985,310
	29,200	Pre-Paid Legal Services, Inc.(a)		1,130,040
	39,100	Spherion Corp.*		297,160
	76,100	TeleTech Holdings, Inc.*		762,522
				11,783,091
Communications Equipment – 3.8%
	14,900	Audiovox Corp.*		208,302
	65,800	Comtech Telecommunications Corp.*		2,728,726
	31,700	DSP Group, Inc.*		813,422
	82,400	Emulex Corp.*		1,665,304
	36,200	InterDigital Communications Corp.*		710,968
	45,000	Optical Communication Products, Inc.*		84,600
	27,900	Packeteer, Inc.*		350,145
	55,900	Powerwave Technologies, Inc.*		726,141
				7,287,608
Computers & Peripherals – 2.4%
	63,200	Intergraph Corp.*		2,825,672
	28,300	Komag, Inc.*		904,468
	89,400	Maxtor Corp.*		393,360
	29,500	Western Digital Corp.*		381,435
				4,504,935
Construction & Engineering – 1.2%
	8,100	EMCOR Group, Inc.*		480,330
	32,800	Washington Group International, Inc.*		1,767,592
				2,247,922
Containers & Packaging – 0.2%
	6,000	Greif, Inc.		360,600
Distributors – 0.6%
	11,700	Brightpoint, Inc.*		223,938
	80,100	Handleman Co.		1,011,663
				1,235,601
Diversified Financials – 3.4%
	9,300	AmeriCredit Corp.*		221,991
	9,500	Apollo Investment Corp.		188,100
	6,600	Calamos Asset Management, Inc.		162,888
	45,000	CBIZ, Inc.*		229,500
	62,000	CompuCredit Corp.*		2,754,040
	42,800	Investment Technology Group, Inc.*		1,266,880

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

Statement of Investments (continued)

September 30, 2005 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Diversified Financials – (continued)
	11,600	Jackson Hewitt Tax Service, Inc.	$	277,356
	22,100	Metris Cos., Inc.*		323,323
	44,000	World Acceptance Corp.*		1,118,040
				6,542,118
Diversified Telecommunication Service – 0.7%
	34,000	Commonwealth Telephone Enterprises, Inc.		1,281,800
Electric Utilities – 2.4%
	14,100	El Paso Electric Co.*		293,985
	26,900	NorthWestern Corp.		812,111
	13,600	NRG Energy, Inc.*		579,360
	192,700	Sierra Pacific Resources*		2,861,595
				4,547,051
Electrical Equipment – 0.8%
	9,300	A.O. Smith Corp.		265,050
	19,600	General Cable Corp.*		329,280
	10,100	The Genlyte Group, Inc.*		485,608
	6,400	Woodward Governor Co.		544,320
				1,624,258
Electronic Equipment & Instruments – 3.0%
	11,000	Anixter International, Inc.*		443,630
	25,100	Coherent, Inc.*		734,928
	17,300	Greatbatch, Inc.*		474,712
	38,900	Ingram Micro, Inc.*		721,206
	7,800	Itron, Inc.*		356,148
	8,600	LoJack Corp.*		181,804
	42,700	MTS Systems Corp.		1,612,779
	33,400	Teledyne Technologies, Inc.*		1,151,298
				5,676,505
Energy Equipment & Services – 3.4%
	18,000	Cal Dive International, Inc.*		1,141,380
	7,200	GulfMark Offshore, Inc.*		232,344
	22,400	Helmerich & Payne, Inc.		1,352,736
	8,700	Hornbeck Offshore Services, Inc.*		318,681
	10,200	SEACOR Holdings, Inc.*		740,316
	24,300	Universal Compression Holdings, Inc.*		966,411
	45,700	Veritas DGC, Inc.*		1,673,534
				6,425,402
Food & Drug Retailing – 3.6%
	62,900	Longs Drug Stores Corp.		2,697,781
	47,300	Nash-Finch Co.		1,995,587
	207,600	Terra Industries, Inc.*		1,380,540
	20,600	The Pantry, Inc.*		769,822
				6,843,730
Food Products – 1.6%
	47,100	Chiquita Brands International, Inc.		1,316,445
	3,800	J & J Snack Foods Corp.		219,640

Shares		Description	Value
Common Stocks – (continued)
Food Products – (continued)
	112	Seaboard Corp.	$	153,776
	28,900	USANA Health Sciences, Inc.*		1,378,530
				3,068,391
Healthcare Equipment & Supplies – 4.9%
	19,900	American Medical Systems Holdings, Inc.*		400,985
	83,800	Applera Corp. — Applied Biosystems Group		1,947,512
	4,700	Bio-Rad Laboratories, Inc.*		258,453
	15,400	Computer Programs and Systems, Inc.		531,916
	7,100	Edwards Lifesciences Corp.*		315,311
	10,000	Hologic, Inc.*		577,500
	82,200	Immucor, Inc.*		2,255,568
	16,800	Kinetic Concepts, Inc.*		954,240
	27,800	LCA-Vision, Inc.		1,031,936
	4,900	SurModics, Inc.*(a)		189,581
	27,400	Thoratec Corp.*		486,624
	5,000	Ventana Medical Systems, Inc.*		190,350
	9,300	West Pharmaceutical Services, Inc.		275,931
				9,415,907
Healthcare Providers & Services – 1.9%
	12,300	First Horizon Pharmaceutical Corp.*		244,401
	44,900	Genesis HealthCare Corp.*		1,810,368
	41,700	Kindred Healthcare, Inc.*		1,242,660
	38,400	Stewart Enterprises, Inc.		254,592
				3,552,021
Hotels, Restaurants & Leisure – 3.1%
	33,100	Choice Hotels International, Inc.		2,139,584
	65,800	Dave & Buster’s, Inc.*		878,430
	9,200	Domino’s Pizza, Inc.		214,544
	11,500	Landry’s Restaurants, Inc.		336,950
	33,400	Papa John’s International, Inc.*		1,674,008
	23,600	Shuffle Master, Inc.*(a)		623,748
				5,867,264
Household Durables – 1.4%
	88,300	American Greetings Corp.		2,419,420
	22,900	Kimball International, Inc. Class B		276,861
				2,696,281
Insurance – 4.6%
	663	Alleghany Corp.*		202,878
	4,200	American Physicians Capital, Inc.*		206,346
	9,900	Argonaut Group, Inc.*		267,399
	6,500	FBL Financial Group, Inc.		194,675
	54,600	Fremont General Corp.		1,191,918

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

Statement of Investments (continued)

September 30, 2005 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Insurance – (continued)
	45,400	LandAmerica Financial Group, Inc.	$	2,935,110
	1,300	National Western Life Insurance Co.*		274,625
	5,700	Safety Insurance Group, Inc.		202,863
	57,100	Stewart Information Services Corp.		2,923,520
	5,000	The Midland Co.		180,150
	4,000	Zenith National Insurance Corp.		250,760
				8,830,244
Internet & Catalog Retail – 1.2%
	82,350	Coldwater Creek, Inc.*		2,076,867
	8,600	Nutri/System, Inc.*		215,172
				2,292,039
Internet Software & Services – 2.6%
	5,000	Blue Coat Systems, Inc.*		217,400
	38,600	J2 Global Communications, Inc.*(a)		1,560,212
	7,700	NETGEAR, Inc.*		185,262
	16,900	United Online, Inc.		234,065
	14,000	ValueClick, Inc.*		239,260
	48,700	Websense, Inc.*		2,493,927
				4,930,126
IT Consulting & Services – 0.7%
	77,200	Agilysys, Inc.		1,300,048
Leisure Equipment & Products – 0.1%
	17,000	Callaway Golf Co.		256,530
Machinery – 3.4%
	41,300	Applied Industrial Technologies, Inc.		1,481,844
	11,900	Barnes Group, Inc.		426,734
	8,000	CIRCOR International, Inc.		219,600
	19,700	EnPro Industries, Inc.*		663,693
	17,300	Esterline Technologies Corp.*		655,497
	40,300	JLG Industries, Inc.		1,474,577
	12,000	NACCO Industries, Inc.		1,373,400
	6,300	Tennant Co.		258,174
				6,553,519
Marine – 0.3%
	10,500	Overseas Shipholding Group, Inc.		612,465
Media – 0.6%
	27,800	Catalina Marketing Corp.		632,172
	16,800	Hearst-Argyle Television, Inc.		431,592
	14,000	World Wrestling Entertainment, Inc.		182,000
				1,245,764
Metals & Mining – 2.5%
	40,000	Metals USA, Inc.*		818,400

Shares		Description	Value
Common Stocks – (continued)
Metals & Mining – (continued)
	22,700	Quanex Corp.	$	1,503,194
	48,000	Ryerson Tull, Inc.(a)		1,022,400
	130,800	USEC, Inc.		1,459,728
				4,803,722
Multiline Retail – 0.6%
	50,800	Dillard’s, Inc.		1,060,704
Office Electronics – 0.3%
	28,300	PAR Technology Corp.*		650,900
Oil & Gas – 3.1%
	10,400	Berry Petroleum Co.		693,576
	62,100	Swift Energy Co.*		2,841,075
	25,900	The Houston Exploration Co.*		1,741,775
	48,100	TransMontaigne, Inc.*		384,319
	5,200	Vintage Petroleum, Inc.		237,432
				5,898,177
Personal Products – 0.2%
	25,800	Mannatech, Inc.(a)		305,730
Pharmaceuticals – 0.4%
	30,300	Alpharma,Inc.		753,561
Real Estate – 6.8%
	9,000	American Campus Communities, Inc.		216,180
	75,800	American Home Mortgage Investment Corp.		2,296,740
	19,100	Annaly Mortgage Management, Inc.		247,345
	28,200	Anthracite Capital, Inc.		326,556
	34,700	BioMed Reality Trust, Inc.		860,560
	16,400	Boykin Lodging Co.*		203,688
	79,300	Commercial Net Lease Realty		1,586,000
	14,800	Digital Realty Trust, Inc.		266,400
	26,600	Entertainment Properties Trust		1,187,158
	48,600	HRPT Properties Trust		603,126
	18,500	National Health Investors, Inc.		510,785
	12,200	New Century Financial Corp.		442,494
	14,100	RAIT Investment Trust		401,850
	100,800	Senior Housing Properties Trust		1,915,200
	64,800	Spirit Finance Corp.		729,000
	44,200	Trammell Crow Co.*		1,090,856
	5,700	Universal Health Realty Income Trust		189,525
				13,073,463
Road & Rail – 1.5%
	12,800	Covenant Transport, Inc.*		154,880
	56,600	Dollar Thrifty Automotive Group, Inc.*		1,905,722
	13,900	GATX Corp.		549,745

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

Statement of Investments (continued)

September 30, 2005 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Road & Rail – (continued)
	7,900	Swift Transportation Co., Inc.*	$	139,830
	15,300	U. S. Xpress Enterprises, Inc.*		178,398
				2,928,575
Semiconductor Equipment & Products – 2.1%
	46,700	Genesis Microchip, Inc.*		1,025,065
	123,200	LSI Logic Corp.*		1,213,520
	30,600	Microtune, Inc.*		190,638
	6,900	Novellus Systems, Inc.*		173,052
	79,300	OmniVision Technologies, Inc.*(a)		1,000,766
	18,000	Photronics, Inc.*		349,200
				3,952,241
Software – 1.9%
	25,900	ANSYS, Inc.*		996,891
	63,800	Atari, Inc.*		91,872
	120,400	Parametric Technology Corp.*		839,188
	12,000	QAD, Inc.		99,480
	85,000	SeaChange International, Inc.*		540,600
	10,800	SPSS, Inc.*		259,200
	5,300	SS&C Technologies, Inc.		194,192
	17,400	Sybase, Inc.*		407,508
	9,000	TALX Corp.		295,110
				3,724,041
Specialty Retail – 5.3%
	3,000	Building Materials Holding Corp.		279,570
	92,700	Circuit City Stores, Inc.		1,590,732
	7,500	Genesco, Inc.*		279,300
	25,000	Goody’s Family Clothing, Inc.		189,250
	18,800	Lithia Motors, Inc.		544,824
	98,300	Movie Gallery, Inc.(a)		1,021,337
	41,600	Payless ShoeSource, Inc.*		723,840
	10,100	Sonic Automotive, Inc.		224,422
	40,450	Stage Stores, Inc.		1,086,892
	4,200	The Buckle, Inc.		142,674
	30,300	The Cato Corp.		603,879
	27,800	The Children’s Place Retail Stores, Inc.*		990,792
	41,850	The Men’s Wearhouse, Inc.*		1,117,395
	69,300	The Wet Seal, Inc.*(a)		311,850
	50,800	United Rentals, Inc.*		1,001,268
				10,108,025
Textiles & Apparel – 0.2%
	5,700	Brown Shoe Co.		188,100
	38,900	Wellman, Inc.		246,237
				434,337
Wireless Telecommunication Services – 0.1%
	26,500	UbiquiTel, Inc.*		231,610
TOTAL COMMON STOCKS			$	189,915,546

Principal	Interest			Maturity
Amount	Rate			Date		Value
Repurchase Agreement(b) – 0.4%
Joint Repurchase Agreement Account II
$800,000		3.89	%		10/03/2005	$	800,000
Maturity Value: $800,260
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL						$	190,715,546

Shares		Description	Value
Securities Lending Collateral – 3.4%
	6,509,150	Boston Global Investment Trust – Enhanced Portfolio	$	6,509,150
TOTAL INVESTMENTS — 103.1%			$	197,224,696

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 September 30, 2005.

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

Statement of Investments (continued)

September 30, 2005 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2005, the following futures contracts were open:

	Number of		Settlement			Unrealized
Type	Contracts Long		Month	Market Value		Gain
Russell 1000 Index		20	December 2005	$	1,344,200	$	288

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 and investment companies (other than those valued at net asset value per share) 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.

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2005, the Fund had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $800,000 in principal amount.

	Principal		Interest			Maturity		Maturity
Repurchase Agreements	Amount		Rate			Date		Value
Banc of America Securities LLC	$	1,015,000,000		3.88	%		10/03/2005	$	1,015,328,183
Barclays Capital PLC		1,515,000,000		3.90			10/03/2005		1,515,492,375
Bear Stearns & Co.		300,000,000		3.90			10/03/2005		300,097,500
Greenwich Capital Markets		300,000,000		3.90			10/03/2005		300,097,500
J.P. Morgan Securities, Inc.		300,000,000		3.88			10/03/2005		300,097,000
Morgan Stanley & Co.		150,000,000		3.88			10/03/2005		150,048,500
UBS Securities LLC		500,000,000		3.90			10/03/2005		500,162,500
Wachovia Capital Markets		500,000,000		3.90			10/03/2005		500,162,500
TOTAL	$	4,580,000,000						$	4,581,486,058

At September 30, 2005, the Joint Repurchase Agreement Account II was fully collateralized by Federal HomeLoan Bank, 0.00%, due 04/07/2006 to 10/28/2014; Federal Home Loan Mortgage Association, 0.00% to 10.50%, due 06/01/2006 to 10/01/2035; Federal National Mortgage Association, 4.00% to 8.50%, due 02/01/2006 to 10/01/2035 and Government National Mortgage Association, 5.00%, due 08/15/2033 to 09/15/2033. The aggregate market value of the collateral, including accrued interest, was $4,680,649,987.

TAX INFORMATION — At September 30, 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	$	173,024,504
Gross unrealized gain		31,383,996
Gross unrealized loss		(7,183,804	)
Net unrealized security gain	$	24,200,192

Additional 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^SM U.S. EQUITY FUND

Statement of Investments

September 30, 2005 (Unaudited)

Shares		Description	Value
Common Stocks – 98.3%
Aerospace & Defense – 3.0%
	25,200	Goodrich Corp.	$	1,117,368
	81,700	Lockheed Martin Corp.		4,986,968
	115,700	Northrop Grumman Corp.		6,288,295
	104,200	Raytheon Co.		3,961,684
	91,800	The Boeing Co.		6,237,810
				22,592,125
Auto Components – 0.1%
	15,000	Autoliv, Inc.		652,500
Automobiles – 0.1%
	83,600	Ford Motor Co.		824,296
Banks – 8.0%
	537,166	Bank of America Corp.		22,614,688
	34,400	Bank of Hawaii Corp.		1,693,168
	27,000	Golden West Financial Corp.		1,603,530
	80,700	Hudson City Bancorp, Inc.		960,330
	21,900	U.S. Bancorp		614,952
	50,400	UnionBanCal Corp.		3,513,888
	323,700	Wachovia Corp.		15,404,883
	342,800	Washington Mutual, Inc.(a)		13,444,616
				59,850,055
Beverages – 0.5%
	80,200	The Coca-Cola Co.		3,463,838
Biotechnology – 3.0%
	215,500	Amgen, Inc.*		17,168,885
	27,200	Genentech, Inc.*		2,290,512
	36,400	Genzyme Corp.*		2,607,696
				22,067,093
Chemicals – 2.0%
	29,700	Ashland, Inc.		1,640,628
	209,900	Monsanto Co.		13,171,225
				14,811,853
Commercial Services & Supplies – 0.5%
	180,100	Cendant Corp.		3,717,264
Communications Equipment – 1.2%
	145,300	Cisco Systems, Inc.*		2,605,229
	69,900	Comverse Technology, Inc.*		1,836,273
	169,900	Motorola, Inc.		3,753,091
	70,400	Powerwave Technologies, Inc.*		914,496
				9,109,089
Computers & Peripherals – 2.7%
	589,100	Hewlett-Packard Co.		17,201,720
	249,500	Western Digital Corp.*		3,226,035
				20,427,755
Diversified Financials – 7.2%
	134,700	AmeriCredit Corp.*		3,215,289
	50,200	Ameritrade Holding Corp.*		1,078,296
	85,032	Citigroup, Inc.		3,870,657
	569,300	J.P. Morgan Chase & Co.		19,316,349
	196,900	Merrill Lynch & Co., Inc.		12,079,815

Shares		Description	Value
Common Stocks – (continued)
Diversified Financials – (continued)
	220,000	Moody’s Corp.	$	11,237,600
	52,300	Principal Financial Group, Inc.		2,477,451
				53,275,457
Diversified Telecommunication Services – 1.8%
	31,400	BellSouth Corp.		825,820
	166,500	CenturyTel, Inc.		5,824,170
	195,800	Sprint Nextel Corp.		4,656,124
	63,800	Verizon Communications, Inc.		2,085,622
				13,391,736
Electric Utilities – 3.9%
	26,100	American Electric Power Co., Inc		1,036,170
	31,200	Edison International		1,475,136
	326,500	PG&E Corp.		12,815,125
	119,600	TXU Corp.		13,500,448
				28,826,879
Electrical Equipment – 0.8%
	101,600	Energizer Holdings, Inc.*		5,760,720
Energy Equipment & Services – 0.1%
	14,400	Unit Corp.*		796,032
Food & Drug Retailing – 0.8%
	127,400	SUPERVALU, Inc.		3,964,688
	36,800	Walgreen Co.		1,598,960
				5,563,648
Food Products – 2.7%
	406,700	Archer-Daniels-Midland Co.		10,029,222
	20,600	Pilgrim’s Pride Corp.		749,840
	13,000	The Hershey Co.		732,030
	485,900	Tyson Foods, Inc.		8,770,495
				20,281,587
Healthcare Equipment & Supplies – 1.3%
	118,500	Baxter International, Inc.		4,724,595
	20,700	Guidant Corp.		1,426,023
	11,200	Kinetic Concepts, Inc.*		636,160
	67,200	St. Jude Medical, Inc.*		3,144,960
				9,931,738
Healthcare Providers & Services – 2.0%
	98,300	AmerisourceBergen Corp.		7,598,590
	31,500	CIGNA Corp.		3,712,590
	40,600	Humana, Inc.*		1,943,928
	33,500	McKesson Corp.		1,589,575
				14,844,683
Hotels, Restaurants & Leisure – 0.7%
	81,400	Darden Restaurants, Inc.		2,472,118
	56,100	MGM MIRAGE*		2,455,497
				4,927,615
Household Durables – 0.2%
	1,450	NVR, Inc.*		1,283,177

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

Statement of Investments (continued)

September 30, 2005 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Industrial Conglomerates – 4.2%
	915,100	General Electric Co.	$	30,811,417
	8,200	Reynolds American, Inc.		680,764
				31,492,181
Insurance – 6.1%
	163,000	Genworth Financial, Inc.		5,255,120
	136,400	Loews Corp.		12,604,724
	210,200	MBIA, Inc.		12,742,324
	63,500	MetLife, Inc.		3,164,205
	41,600	The Chubb Corp.		3,725,280
	131,400	The St. Paul Travelers Cos., Inc.		5,895,918
	53,200	W.R. Berkley Corp.		2,100,336
				45,487,907
Internet Software & Services – 1.8%
	36,550	Google, Inc.*		11,566,613
	56,500	McAfee, Inc.*		1,775,230
				13,341,843
IT Consulting & Services – 1.5%
	241,700	Computer Sciences Corp.*		11,434,827
Machinery – 0.3%
	10,900	ITT Industries, Inc.		1,238,240
	34,000	Navistar International Corp.*		1,102,620
				2,340,860
Media – 6.6%
	146,364	Comcast Corp.*		4,300,174
	249,400	Comcast Corp. Special Class A*		7,177,732
	731,900	Liberty Media Corp. Series A*		5,891,795
	16,900	The McGraw-Hill Cos., Inc.		811,876
	388,000	The Walt Disney Co.		9,362,440
	912,300	Time Warner, Inc.		16,521,753
	141,800	Viacom, Inc. Class B		4,680,818
				48,746,588
Metals & Mining – 0.9%
	11,900	Newmont Mining Corp.		561,323
	77,700	Nucor Corp.		4,583,523
	43,900	United States Steel Corp.		1,859,165
				7,004,011
Multiline Retail – 0.3%
	105,300	Dillard’s, Inc.		2,198,664
Oil & Gas – 10.1%
	119,100	Anadarko Petroleum Corp.		11,403,825
	173,800	Burlington Resources, Inc.		14,133,416
	106,576	ConocoPhillips		7,450,728
	97,200	Devon Energy Corp.		6,671,808
	111,500	EOG Resources, Inc.		8,351,350
	233,966	Exxon Mobil Corp.		14,866,200
	159,700	Sunoco, Inc.		12,488,540
				75,365,867

Shares		Description	Value
Common Stocks – (continued)
Personal Products – 0.5%
	60,400	Gillette Co.	$	3,515,280
Pharmaceuticals – 7.8%
	43,300	Allergan, Inc.		3,967,146
	34,300	Bristol-Myers Squibb Co.		825,258
	349,700	Johnson & Johnson		22,129,016
	127,700	Merck & Co., Inc.		3,474,717
	948,105	Pfizer, Inc.		23,674,182
	88,200	Wyeth		4,081,014
				58,151,333
Real Estate – 0.6%
	57,900	Equity Office Properties Trust (REIT)		1,893,909
	55,800	New Century Financial Corp.		2,023,866
	19,500	ProLogis (REIT)		864,045
				4,781,820
Road & Rail – 1.7%
	203,400	Burlington Northern Santa Fe Corp.		12,163,320
	17,500	CSX Corp.		813,400
				12,976,720
Semiconductor Equipment & Products – 4.8%
	92,500	Advanced Micro Devices, Inc.*		2,331,000
	52,400	Freescale Semiconductor, Inc.*		1,226,684
	212,408	Freescale Semiconductor, Inc. Class B*		5,008,581
	818,900	Intel Corp.		20,185,885
	209,500	Texas Instruments, Inc.		7,102,050
				35,854,200
Software – 2.3%
	199,400	Autodesk, Inc.		9,260,136
	220,400	Microsoft Corp.		5,670,892
	75,300	Symantec Corp.*		1,706,298
	37,000	Synopsys, Inc.*		699,300
				17,336,626
Specialty Retail – 1.5%
	17,100	Abercrombie & Fitch Co.		852,435
	223,400	AutoNation, Inc.*		4,461,298
	52,700	Chico’s FAS, Inc.*		1,939,360
	217,756	Circuit City Stores, Inc.		3,736,693
				10,989,786
Textiles & Apparel – 1.6%
	380,600	Coach, Inc.*		11,935,616
Tobacco – 3.0%
	287,900	Altria Group, Inc.		21,221,109
	28,300	UST, Inc.		1,184,638
				22,405,747

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

Statement of Investments (continued)

September 30, 2005 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Wireless Telecommunication Services – 0.1%
	10,700	United States Cellular Corp.*	$	571,594
TOTAL COMMON STOCKS			$	732,330,610

Principal	Interest			Maturity
Amount	Rate			Date	Value
Repurchase Agreement(b) – 1.3%
Joint Repurchase Agreement Account II
$9,400,000		3.89	%	10/03/2005	$	9,400,000
Maturity Value: $9,403,050
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL					$	741,730,610

Shares		Description	Value
Securities Lending Collateral – 1.4%
	10,187,500	Boston Global Investment Trust – Enhanced Portfolio	$	10,187,500
TOTAL INVESTMENTS — 101.0%			$	751,918,110

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 September 30, 2005.

Investment Abbreviation:
REIT – Real Estate Investment Trust

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

Statement of Investments (continued)

September 30, 2005 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2005, the following futures contracts were open as follows:

	Number of		Settlement			Unrealized
Type	Contracts Long		Month	Market Value		Gain
S & P 500 Index		174	December 2005	$	10,738,410	$	79,918

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 and investment companies (other than those valued at net asset value per share) 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.

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2005, the Fund had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $9,400,000 in principal amount.

	Principal		Interest			Maturity		Maturity
Repurchase Agreements	Amount		Rate			Date		Value
Banc of America Securities LLC	$	1,015,000,000		3.88	%		10/03/2005	$	1,015,328,183
Barclays Capital PLC		1,515,000,000		3.90			10/03/2005		1,515,492,375
Bear Stearns & Co.		300,000,000		3.90			10/03/2005		300,097,500
Greenwich Capital Markets		300,000,000		3.90			10/03/2005		300,097,500
J.P. Morgan Securities, Inc.		300,000,000		3.88			10/03/2005		300,097,000
Morgan Stanley & Co.		150,000,000		3.88			10/03/2005		150,048,500
UBS Securities LLC		500,000,000		3.90			10/03/2005		500,162,500
Wachovia Capital Markets		500,000,000		3.90			10/03/2005		500,162,500
TOTAL	$	4,580,000,000						$	4,581,486,058

At September 30, 2005, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 0.00%, due 04/07/2006 to 10/28/2014; Federal Home Loan Mortgage Association, 0.00% to 10.50%, due 06/01/2006 to 10/01/2035; Federal National Mortgage Association, 4.00% to 8.50%, due 02/01/2006 to 10/01/2035 and Government National Mortgage Association, 5.00%, due 08/15/2033 to 09/15/2033. The aggregate market value of the collateral, including accrued interest, was $4,680,649,987.

TAX INFORMATION — At September 30, 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	$	689,017,435
Gross unrealized gain		81,405,428
Gross unrealized loss		(18,504,753	)
Net unrealized security gain	$	62,900,675

Additional 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

September 30, 2005 (Unaudited)

Shares		Description	Value
Common Stocks – 95.4%
Brokers – 2.1%
	22,900	Lehman Brothers Holdings, Inc.	$	2,667,392
	68,400	Morgan Stanley		3,689,496
				6,356,888
Chemicals – 2.1%
	91,002	Dow Chemical Co.		3,792,053
	68,390	Rohm & Haas Co.		2,812,881
				6,604,934
Computer Hardware – 0.3%
	17,950	CDW Corp.		1,057,614
Computer Software – 4.1%
	167,489	Activision, Inc.*		3,425,150
	10,000	International Business Machines Corp.		802,200
	224,830	Microsoft Corp.		5,784,876
	200,173	Oracle Corp.*		2,480,143
				12,492,369
Defense/Aerospace – 1.8%
	44,945	General Dynamics Corp.		5,373,175
Diversified Energy – 0.5%
	42,600	Equitable Resources, Inc.		1,663,956
Drugs – 4.8%
	101,900	Abbott Laboratories		4,320,560
	60,100	Bristol-Myers Squibb Co.		1,446,006
	361,163	Pfizer, Inc.		9,018,240
				14,784,806
Electrical Utilities – 7.4%
	57,497	Dominion Resources, Inc.		4,952,791
	78,756	Entergy Corp.		5,853,146
	87,166	Exelon Corp.		4,658,151
	38,435	FirstEnergy Corp.		2,003,232
	165,390	PPL Corp.		5,347,059
				22,814,379
Energy – 2.1%
	40,400	Energy Transfer Partners LP		1,412,788
	59,400	Enterprise Products Partners L.P.		1,495,692
	92,000	Magellan Midstream Partners LP		3,152,840
	8,500	Williams Partners LP*		276,335
				6,337,655
Energy Resources – 14.7%
	94,014	Burlington Resources, Inc.		7,645,218
	157,876	Chevron Corp.		10,219,314
	130,914	ConocoPhillips		9,152,198
	287,387	Exxon Mobil Corp.		18,260,570
				45,277,300
Environmental & Other Services – 1.0%
	107,649	Waste Management, Inc.		3,079,838

Shares		Description	Value
Common Stocks – (continued)
Financial Technology – 0.8%
	63,368	First Data Corp.	$	2,534,720
Food & Beverage – 1.8%
	78,855	Kraft Foods, Inc.		2,412,175
	45,343	Unilever NV		3,239,757
				5,651,932
Home Products – 2.2%
	82,600	Newell Rubbermaid, Inc.		1,870,890
	62,184	Procter & Gamble Co.		3,697,461
	21,653	The Clorox Co.		1,202,607
				6,770,958
Large Banks – 13.2%
	357,013	Bank of America Corp.		15,030,248
	303,539	Citigroup, Inc.		13,817,095
	267,969	J.P. Morgan Chase & Co.		9,092,188
	100,800	U.S. Bancorp		2,830,464
				40,769,995
Media – 2.7%
	189,359	The Walt Disney Co.		4,569,233
	211,865	Time Warner, Inc.		3,836,875
				8,406,108
Medical Products – 1.0%
	75,753	Baxter International, Inc.		3,020,272
Motor Vehicle – 0.7%
	51,285	Autoliv, Inc.		2,230,897
Oil Services – 1.2%
	31,300	Baker Hughes, Inc.		1,867,984
	51,870	BJ Services Co.		1,866,801
				3,734,785
Paper & Packaging – 1.0%
	152,791	Packaging Corp. of America		2,965,673
Parts & Equipment – 3.8%
	44,897	American Standard Companies, Inc.		2,089,955
	147,397	Tyco International Ltd.		4,105,007
	103,538	United Technologies Corp.		5,367,410
				11,562,372
Property Insurance – 5.0%
	59,764	PartnerRe Ltd.		3,827,884
	74,548	RenaissanceRe Holdings Ltd.		3,259,984
	65,999	The Allstate Corp.		3,649,085
	64,992	Willis Group Holdings Ltd.		2,440,450
	31,178	XL Capital Ltd.(a)		2,121,039
				15,298,442
Real Estate Investment Trusts (REITs) – 4.5%
	69,173	Apartment Investment & Management Co.		2,682,529
	63,165	Developers Diversified Realty Corp.		2,949,806
	138,543	iStar Financial, Inc.		5,601,293

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statement of Investments (continued)

September 30, 2005 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Real Estate Investment Trusts (REITs) – (continued)
	69,948	Plum Creek Timber Co., Inc.	$	2,651,729
				13,885,357
Regionals – 3.6%
	143,336	KeyCorp		4,622,586
	108,555	PNC Financial Services Group, Inc.		6,298,361
				10,920,947
Retail Apparel – 2.1%
	18,507	Federated Department Stores, Inc.		1,237,563
	63,266	J. C. Penney Co., Inc.		3,000,074
	126,100	The Gap, Inc.		2,197,923
				6,435,560
Specialty Financials – 3.3%
	73,387	Alliance Capital Management Holding LP		3,511,568
	40,167	American Capital Strategies Ltd.		1,472,522
	79,598	Countrywide Financial Corp.		2,625,142
	22,700	Freddie Mac		1,281,642
	29,760	Washington Mutual, Inc.		1,167,187
				10,058,061
Telephone – 3.8%
	373,500	SBC Communications, Inc.		8,952,795
	86,064	Verizon Communications, Inc.		2,813,432
				11,766,227
Thrifts – 1.1%
	58,407	Golden West Financial Corp.		3,468,792
Tobacco – 1.4%
	59,944	Altria Group, Inc.		4,418,472
Transports – 0.5%
	21,200	United Parcel Service, Inc. Class B		1,465,556
Trust/Processors – 0.8%
	83,511	Bank of New York Co., Inc.		2,456,059
TOTAL COMMON STOCKS			$	293,664,099

Principal	Interest			Maturity
Amount	Rate			Date		Value
Repurchase Agreement(b) – 4.9%
Joint Repurchase Agreement Account II
$15,200,000		3.89	%		10/03/2005	$	15,200,000
Maturity Value: $15,204,931
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL						$	308,864,099

Shares		Description	Value
Securities Lending Collateral – 0.6%
	1,743,750	Boston Global Investment Trust – Enhanced Portfolio	$	1,743,750
TOTAL INVESTMENTS — 100.9%			$	310,607,849

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 September 30, 2005.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statement of Investments (continued)

September 30, 2005 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

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 and investment companies (other than those valued at net asset value per share) 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.

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2005, the Fund had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $15,200,000 in principal amount.

	Principal		Interest			Maturity		Maturity
Repurchase Agreements	Amount		Rate			Date		Value
Banc of America Securities LLC	$	1,015,000,000		3.88	%		10/03/2005	$	1,015,328,183
Barclays Capital PLC		1,515,000,000		3.90			10/03/2005		1,515,492,375
Bear Stearns & Co.		300,000,000		3.90			10/03/2005		300,097,500
Greenwich Capital Markets		300,000,000		3.90			10/03/2005		300,097,500
J.P. Morgan Securities, Inc.		300,000,000		3.88			10/03/2005		300,097,000
Morgan Stanley & Co.		150,000,000		3.88			10/03/2005		150,048,500
UBS Securities LLC		500,000,000		3.90			10/03/2005		500,162,500
Wachovia Capital Markets		500,000,000		3.90			10/03/2005		500,162,500
TOTAL	$	4,580,000,000						$	4,581,486,058

At September 30, 2005, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 0.00%, due 04/07/2006 to 10/28/2014; Federal Home Loan Mortgage Association, 0.00% to 10.50%, due 06/01/2006 to 10/01/2035; Federal National Mortgage Association, 4.00% to 8.50%, due 02/01/2006 to 10/01/2035 and Government National Mortgage Association, 5.00%, due 08/15/2033 to 09/15/2033. The aggregate market value of the collateral, including accrued interest, was $4,680,649,987.

TAX INFORMATION — At September 30, 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	$	277,076,004
Gross unrealized gain		39,478,985
Gross unrealized loss		(5,947,140	)
Net unrealized security gain	$	33,531,845

Additional 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 INTERNATIONAL EQUITY FUND

Statement of Investments

September 30, 2005 (Unaudited)

Shares		Description	Value
Common Stocks – 99.1%
Australia – 1.4%
	329,519	Alumina Ltd. (Materials)	$	1,542,208
France – 15.1%
	92,635	Credit Agricole SA (Banks)		2,719,326
	98,803	France Telecom SA* (Telecommunication Services)		2,842,411
	64,430	PagesJaunes SA(a) (Media)		1,762,633
	27,891	Schneider Electric SA(a) (Capital Goods)		2,202,716
	16,661	Total Fina Elf SA Class B(a) (Energy)		4,535,393
	22,300	Vinci SA (Capital Goods)		1,921,187
				15,983,666
Germany – 6.6%
	35,215	E.ON AG* (Utilities)		3,238,396
	63,088	Premiere AG*(a) (Media)		1,766,138
	32,258	Schering AG (Pharmaceuticals & Biotechnology)		2,039,989
				7,044,523
Hong Kong – 3.9%
	358,000	Esprit Holdings Ltd. (Retailing)		2,677,335
	570,000	Techtronic Industries Co. Ltd. (Consumer Durables & Apparel)		1,453,966
				4,131,301
Hungary – 0.6%
	7,500	OTP Bank Rt. GDR (Banks)		593,250
Italy – 1.9%
	436,658	Banca Intesa SpA* (Banks)		2,038,013
Japan – 15.4%
	56,800	Credit Saison Co. Ltd. (Diversified Financials)		2,507,328
	204	Millea Holdings, Inc. (Insurance)		3,289,857
	247,000	Mitsui Fudosan Co. Ltd. (Real Estate)		3,730,288
	353	NTT Urban Development Corp. (Real Estate)		1,813,304
	51,000	Shin-Etsu Chemical Co. Ltd. (Materials)		2,235,001
	740,000	Taiheiyo Cement Corp. (Materials)		2,775,930
				16,351,708
Netherlands – 5.7%
	70,783	ING Groep NV* (Diversified Financials)		2,109,917
	90,430	TNT NV (Transportation)		2,242,565
	55,532	VNU NV*(a) (Media)		1,746,257
				6,098,739

Shares		Description	Value
Common Stocks – (continued)
Norway – 1.9%
	223,110	Telenor ASA (Telecommunication Services)	$	1,996,235
Russia – 3.9%
	44,300	LUKOIL ADR (Energy)		2,561,426
	38,800	Mobile Telesystems ADR (Telecommunication Services)		1,578,384
				4,139,810
South Korea – 5.3%
	24,734	Hyundai Motor Co. GDR(a)(b) (Automobiles & Components)		968,336
	47,305	Hyundai Motor Co. Ltd. GDR(b) (Automobiles & Components)		1,853,410
	11,300	Samsung Electronics Co. Ltd. GDR(b) (Semiconductors & Semiconductor Equipment)		2,788,879
				5,610,625
Spain – 2.8%
	167,419	Banco Bilbao Vizcaya Argentaria SA (Banks)		2,938,302
Sweden – 2.7%
	82,755	Svenska Cellulosa AB (SCA) Series B (Materials)		2,901,347
Switzerland – 8.5%
	44,791	Credit Suisse Group* (Diversified Financials)		1,987,351
	14,101	Nestle SA (Food Beverage & Tobacco)		4,141,542
	56,178	Novartis AG (Pharmaceuticals & Biotechnology)		2,857,172
				8,986,065
Taiwan – 1.7%
	197,807	Hon Hai Precision Industry Co. Ltd. GDR (Technology Hardware & Equipment)		1,811,914
United Kingdom – 21.7%
	371,445	Bodycote International PLC (Capital Goods)		1,424,419
	119,900	BP PLC (Energy)		1,415,803
	40,016	Carnival PLC (Consumer Services)		2,079,032
	142,499	GlaxoSmithKline PLC (Pharmaceuticals & Biotechnology)		3,635,023
	288,836	Prudential PLC (Insurance)		2,625,089
	72,720	Royal Bank of Scotland Group PLC (Banks)		2,065,699

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND

Statement of Investments (continued)

September 30, 2005 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	135,293	Shire Pharmaceuticals Group PLC (Pharmaceuticals & Biotechnology)	$	1,650,143
	1,645,565	Vodafone Group PLC (Telecommunication Services)		4,281,262
	581,059	W.M. Supermarkets PLC (Food & Staples Retailing)		1,824,341
	198,311	WPP Group PLC (Media)		2,022,445
				23,023,256
TOTAL COMMON STOCKS			$	105,190,962

Principal		Interest			Maturity
Amount		Rate			Date	Value
Short-Term Obligation – 0.9%
State Street Bank & Trust Euro – Time Deposit
$	917,000		3.45	%	10/03/2005	$	917,000
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL						$	106,107,962

Shares		Description	Value
Securities Lending Collateral – 9.5%
	10,087,819	Boston Global Investment Trust – Enhanced Portfolio	$	10,087,819
TOTAL INVESTMENTS — 109.5%			$	116,195,781

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

	As a % of
Investments Industry Classifications (c)	Net Assets
Automobiles & Components		2.7	%
Banks		9.8
Capital Goods		5.2
Consumer Durables & Apparel		1.4
Consumer Services		2.0
Diversified Financials		6.2
Energy		8.0
Food & Staples Retailing		1.7
Food Beverage & Tobacco		3.9
Insurance		5.6
Materials		8.9
Media		6.9
Pharmaceuticals & Biotechnology		9.6
Real Estate		5.2
Retailing		2.5
Semiconductors & Semiconductor Equipment		2.6
Short Term Investments(d)		10.4
Technology Hardware & Equipment		1.7
Telecommunication Services		10.1
Transportation		2.1
Utilities		3.0
TOTAL INVESTMENTS		109.5	%

*	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 $5,610,625, which represents approximately 5.3% of net assets as of September 30, 2005.
(c)	Industry concentrations greater than one-tenth of one percent are disclosed.
(d)	Short-term investments include securities lending collateral.

Investment Abbreviations:
ADR — American Depositary Receipt
GDR — Global Depository Receipt

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND

Statement of Investments (continued)

September 30, 2005 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

INVESTMENT VALUATION — Investments in securities 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 and investment companies traded on a U.S. securities exchange or the NASDAQ system or for investments in securities traded on a 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.

TAX INFORMATION — At September 30, 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	$	98,819,638
Gross unrealized gain		18,385,663
Gross unrealized loss		(1,009,520	)
Net unrealized security gain	$	17,376,143

Additional 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 INTERNATIONAL EQUITY FUND

Statement of Investments (continued)

September 30, 2005 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At September 30, 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		10/19/2005	$	4,217,093	$	4,199,401	$	—	$	17,692
		12/21/2005		2,002,470		1,983,891		—		18,579
British Pounds		10/04/2005		3,673,129		3,669,520		—		3,609
		12/21/2005		3,993,000		3,864,377		—		128,623
Canadian Dollar		12/21/2005		3,331,000		3,379,769		48,769		—
Danish Krone		10/04/2005		733,881		733,401		—		480
Euro		10/04/2005		154,426		154,329		—		97
		12/21/2005		2,636,769		2,614,367		—		22,402
Hong Kong Dollar		10/04/2005		2,594,204		2,594,080		—		124
Hungarian Forint		12/12/2005		526,158		523,757		—		2,401
Japanese Yen		10/04/2005		8,268,460		8,241,489		—		26,971
		12/21/2005		2,719,723		2,683,650		—		36,073
New Zealand Dollar		11/21/2005		240,231		240,322		91		—
Norwegian Krone		11/16/2005		972,314		968,608		—		3,706
		12/21/2005		2,431,844		2,358,754		—		73,090
Singapore Dollar		11/22/2005		889,418		873,813		—		15,605
Swedish Krona		10/04/2005		304,977		304,003		—		974
		12/21/2005		2,589,259		2,557,653		—		31,606
Swiss Franc		10/04/2005		1,669,891		1,662,443		—		7,448
		12/21/2005		2,358,209		2,325,996		—		32,213
TOTAL OPEN FORWARD FOREIGN
CURRENCY PURCHASE CONTRACTS			$	46,306,456	$	45,933,623	$	48,860	$	421,693

							Unrealized
Open Forward Foreign Currency	Expiration		Value on
Sale Contracts	Date		Settlement Date		Current Value		Gain		Loss
Australian Dollar		10/19/2005	$	4,204,554	$	4,199,401	$	5,153	$	—
		12/21/2005		1,998,000		1,983,892		14,108		—
British Pounds		10/04/2005		3,678,122		3,669,520		8,602		—
		12/21/2005		3,947,604		3,864,376		83,228		—
Canadian Dollar		12/21/2005		3,356,798		3,379,768		—		22,970
Danish Krone		10/04/2005		735,612		733,402		2,210		—
Euro		10/04/2005		154,793		154,329		464		—
		12/21/2005		2,663,000		2,614,367		48,633		—
Hong Kong Dollar		10/04/2005		2,593,642		2,594,080		—		438
Hungarian Forint		12/12/2005		547,882		523,757		24,125		—
Japanese Yen		10/04/2005		8,253,864		8,241,488		12,376		—
		12/21/2005		2,756,270		2,683,650		72,620		—
New Zealand Dollar		11/21/2005		240,876		240,321		555		—
Norwegian Krone		11/16/2005		975,114		968,608		6,506		—
		12/21/2005		2,395,645		2,358,755		36,890		—
Singapore Dollar		11/22/2005		874,454		873,814		640		—
Swedish Krona		10/04/2005		301,887		304,003		—		2,116
		12/21/2005		2,618,029		2,557,653		60,376		—
Swiss Franc		10/04/2005		1,708,609		1,662,443		46,166		—
		12/21/2005		2,399,633		2,325,996		73,637		—
TOTAL OPEN FORWARD FOREIGN
CURRENCY SALE CONTRACTS			$	46,404,388	$	45,933,623	$	496,289	$	25,524

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Investments

September 30, 2005 (Unaudited)

Shares		Description	Value
Common Stocks – 95.7%
Biotechnology – 1.6%
	620,554	MedImmune, Inc.*	$	20,881,642
Brokers – 1.4%
	173,980	The Bear Stearns Companies, Inc.		19,094,305
Chemicals – 2.8%
	448,224	Agrium, Inc.		9,847,482
	130,388	Carlisle Cos., Inc.		8,288,765
	372,900	Chemtura Corp.		4,631,418
	342,440	Rohm & Haas Co.		14,084,557
				36,852,222
Computer Hardware – 5.2%
	122,088	Amphenol Corp.		4,925,030
	300,702	Avocent Corp.*		9,514,211
	152,286	CDW Corp.		8,972,691
	581,524	Ingram Micro, Inc.*		10,781,455
	294,529	Tech Data Corp.*		10,812,160
	469,335	Xerox Corp.*		6,406,423
	439,567	Zebra Technologies Corp.*		17,182,674
				68,594,644
Computer Software – 1.1%
	721,054	Activision, Inc.*		14,745,554
Construction – 1.8%
	390,916	Lennar Corp.		23,361,140
Consumer Durables – 2.1%
	223,430	Mohawk Industries, Inc.*		17,930,258
	226,959	The Stanley Works(a)		10,594,446
				28,524,704
Defense/Aerospace – 2.5%
	214,878	Alliant Techsystems, Inc.*		16,040,643
	346,816	Rockwell Collins, Inc.		16,758,149
				32,798,792
Diversified Energy – 2.7%
	1,020,430	The Williams Companies, Inc.		25,561,771
	195,887	Western Gas Resources, Inc.		10,035,291
				35,597,062
Drugs – 1.1%
	331,937	Charles River Laboratories International, Inc.*		14,479,092
Electrical Utilities – 10.5%
	178,538	CMS Energy Corp.*		2,936,950
	496,977	Edison International		23,497,073
	335,766	Entergy Corp.(a)		24,954,129
	164,204	FirstEnergy Corp.		8,558,312
	680,830	PG&E Corp.		26,722,578
	178,063	PNM Resources, Inc.		5,105,066
	1,065,710	PPL Corp.		34,454,404
	51,688	Public Service Enterprise Group, Inc.		3,326,640
	243,863	Wisconsin Energy Corp.		9,735,011
				139,290,163

Shares		Description	Value
Common Stocks – (continued)
Energy Resources – 6.5%
	529,900	EOG Resources, Inc.	$	39,689,510
	561,362	Noble Energy, Inc.		26,327,878
	514,297	Range Resources Corp.		19,857,007
				85,874,395
Environmental & Other Services – 1.0%
	384,111	Republic Services, Inc.		13,555,277
Food & Beverage – 2.5%
	520,814	Archer-Daniels-Midland Co.		12,843,273
	462,539	Smithfield Foods, Inc.*		13,728,158
	221,431	The Pepsi Bottling Group, Inc.(a)		6,321,855
				32,893,286
Gas Utilities – 2.2%
	675,432	AGL Resources, Inc.		25,065,281
	82,350	Energen Corp.		3,562,461
				28,627,742
Health Insurance – 1.5%
	433,120	Health Net, Inc.*		20,495,238
Home Products – 2.3%
	697,099	Newell Rubbermaid, Inc.		15,789,292
	274,396	The Clorox Co.		15,239,954
				31,029,246
Hotel & Leisure – 1.6%
	320,085	Harrah’s Entertainment, Inc.		20,866,341
Information Services – 1.0%
	1,762,577	BearingPoint, Inc.*(a)		13,377,959
Life Insurance – 1.2%
	295,466	Torchmark Corp.		15,609,469
Media – 1.2%
	349,628	Lamar Advertising Co.*		15,859,126
Medical Providers – 1.5%
	390,094	Apria Healthcare Group, Inc.*		12,447,899
	738,337	WebMD Corp.*(b)		8,180,774
				20,628,673
Mining – 0.5%
	118,313	Allegheny Technologies, Inc.		3,665,337
	53,380	Carpenter Technology Corp.		3,128,602
				6,793,939
Motor Vehicle – 1.2%
	197,335	Autoliv, Inc.		8,584,072
	203,272	Lear Corp.		6,905,150
				15,489,222
Oil Refining – 0.6%
	179,740	Frontier Oil Corp.		7,971,469

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Investments (continued)

September 30, 2005 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Oil Services – 1.9%
	696,710	BJ Services Co.(a)	$	25,074,593
Paper & Packaging – 0.8%
	527,880	Packaging Corp. of America		10,246,151
Parts & Equipment – 2.8%
	431,469	American Standard Companies, Inc.		20,084,882
	242,772	Cooper Industries Ltd.		16,785,256
				36,870,138
Property Insurance – 6.7%
	334,219	AMBAC Financial Group, Inc.		24,083,821
	188,228	Everest Re Group Ltd.		18,427,521
	191,979	PartnerRe Ltd.		12,296,255
	333,146	RenaissanceRe Holdings Ltd.		14,568,475
	251,283	The PMI Group, Inc.(a)		10,018,653
	266,909	Willis Group Holdings Ltd.		10,022,433
				89,417,158
Publishing – 1.7%
	576,682	Dow Jones & Co., Inc.(a)		22,023,486
Real Estate Investment Trusts (REITs) – 7.1%
	410,898	Apartment Investment & Management Co.		15,934,624
	317,867	Developers Diversified Realty Corp.		14,844,389
	169,255	Equity Residential Properites Trust		6,406,302
	82,185	Healthcare Realty Trust, Inc.		3,298,906
	592,660	iStar Financial, Inc.		23,961,244
	482,383	Plum Creek Timber Co., Inc.		18,287,139
	283,161	Prentiss Properties Trust		11,496,337
				94,228,941
Regionals – 6.2%
	148,111	Commerce Bancshares, Inc.		7,624,754
	545,072	FirstMerit Corp.		14,602,479
	359,197	KeyCorp		11,584,103
	230,786	M&T Bank Corp.		24,396,388
	329,798	Zions Bancorp.		23,484,916
				81,692,640
Retail Apparel – 4.6%
	370,879	Federated Department Stores, Inc.		24,800,679
	412,306	J. C. Penney Co., Inc.		19,551,550
	317,781	Ross Stores, Inc.		7,531,410
	290,557	The Talbots, Inc.		8,693,465
				60,577,104
Semiconductors – 0.9%
	244,623	Freescale Semiconductor, Inc.*		5,726,625

Shares		Description	Value
Common Stocks – (continued)
Semiconductors – (continued)
	221,462	Tessera Technologies, Inc.*	$	6,623,928
				12,350,553
Specialty Financials – 2.0%
	158,545	American Capital Strategies Ltd.		5,812,260
	455,338	CIT Group, Inc.		20,572,171
				26,384,431
Tobacco – 0.8%
	126,849	Reynolds American, Inc.		10,531,004
Transports – 1.5%
	257,756	Norfolk Southern Corp.		10,454,583
	236,609	Teekay Shipping Corp.(a)		10,186,018
				20,640,601
Trust/Processors – 1.1%
	284,883	Northern Trust Corp.		14,400,836
TOTAL COMMON STOCKS			$	1,267,728,338

Principal	Interest			Maturity
Amount	Rate			Date		Value
Repurchase Agreement(c) – 3.6%
Joint Repurchase Agreement Account II
$48,000,000		3.89	%		10/03/2005	$	48,000,000
Maturity Value: $48,015,572
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL						$	1,315,728,338

Shares		Description	Value
Securities Lending Collateral – 3.4%
	45,500,525	Boston Global Investment Trust – Enhanced Portfolio	$	45,500,525
TOTAL INVESTMENTS — 102.7%			$	1,361,228,863

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)	Effective October 20, 2005, WebMD Corp. changed its corporate name to Emdeon Corp.
(c)	Joint repurchase agreement was entered into on September 30, 2005.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Investments (continued)

September 30, 2005 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

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 and investment companies (other than those valued at net asset value per share) 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.

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2005, the Fund had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $48,000,000 in principal amount.

	Principal		Interest			Maturity		Maturity
Repurchase Agreements	Amount		Rate			Date		Value
Banc of America Securities LLC	$	1,015,000,000		3.88	%		10/03/2005	$	1,015,328,183
Barclays Capital PLC		1,515,000,000		3.90			10/03/2005		1,515,492,375
Bear Stearns & Co.		300,000,000		3.90			10/03/2005		300,097,500
Greenwich Capital Markets		300,000,000		3.90			10/03/2005		300,097,500
J.P. Morgan Securities, Inc.		300,000,000		3.88			10/03/2005		300,097,000
Morgan Stanley & Co.		150,000,000		3.88			10/03/2005		150,048,500
UBS Securities LLC		500,000,000		3.90			10/03/2005		500,162,500
Wachovia Capital Markets		500,000,000		3.90			10/03/2005		500,162,500
TOTAL	$	4,580,000,000						$	4,581,486,058

At September 30, 2005, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 0.00%, due 04/07/2006 to 10/28/2014; Federal Home Loan Mortgage Association, 0.00% to 10.50%, due 06/01/2006 to 10/01/2035; Federal National Mortgage Association, 4.00% to 8.50%, due 02/01/2006 to 10/01/2035 and Government National Mortgage Association, 5.00%, due 08/15/2033 to 09/15/2033. The aggregate market value of the collateral, including accrued interest, was $4,680,649,987.

TAX INFORMATION — At September 30, 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	$	1,170,898,782
Gross unrealized gain		200,470,792
Gross unrealized loss		(10,140,711	)
Net unrealized security gain	$	190,330,081

Additional 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                   November 28, 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         November 28, 2005
By (Signature and Title)*	/s/ JOHN M. PERLOWSKI, TREASURER/PRINCIPAL FINANCIAL OFFICER
Date         November 28, 2005

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