N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Pharmacy Benefit Manager — 2.8%
	125,965	Caremark Rx, Inc.	$	7,138,436
	139,590	Medco Health Solutions, Inc.^*		8,390,755

				15,529,191

Producer Goods — 0.7%
	57,510	W.W. Grainger, Inc.		3,854,320

Publishing — 1.0%
	106,111	Lamar Advertising Co.^*		5,667,389

Retailing — 7.0%
	365,840	Lowe’s Companies, Inc.		10,265,470
	218,890	Target Corp.		12,093,673
	264,920	Wal-Mart Stores, Inc.		13,065,854
	82,700	Williams-Sonoma, Inc.		2,678,653

				38,103,650

Semiconductors — 4.6%
	161,884	Intel Corp.		3,329,954
	346,279	Linear Technology Corp.		10,776,202
	301,391	QUALCOMM, Inc.		10,955,563

				25,061,719

Specialty Finance — 7.5%
	152,360	American Express Co.		8,544,349
	109,207	Fannie Mae		6,105,763
	396,855	Freddie Mac		26,323,392

				40,973,504

Technology Services — 0.7%
	54,820	Cognizant Technology Solutions Corp.^*		4,059,969

Telecommunications — 3.6%
	387,190	American Tower Corp.^*		14,132,435
	102,550	Crown Castle International Corp.^*		3,613,862
	68,500	NeuStar, Inc.^*		1,900,875

				19,647,172

TOTAL COMMON STOCKS			$	549,565,771


Principal		Interest			Maturity
Amount		Rate			Date	Value
Repurchase Agreement^(b) — 0.8%
Joint Repurchase Agreement Account II
$	4,600,000		5.368	%	10/02/2006	$	4,600,000
Maturity Value: $4,602,058

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL						$	554,165,771


Shares		Description	Value
Securities Lending Collateral — 1.7%
	9,491,850	Boston Global Investment Trust — Enhanced Portfolio	$	9,491,850

TOTAL INVESTMENTS — 102.8%			$	563,657,621

LIABILITIES IN EXCESS OF OTHER ASSETS — (2.8)%				(15,311,549	)

NET ASSETS — 100.0%			$	548,346,072

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 29, 2006. Additional information appears in the Notes to the Schedule of Investments section.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2006, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Tax Cost	$	546,617,144

Gross unrealized gain		37,443,156
Gross unrealized loss		(20,402,679	)

Net unrealized security gain	$	17,040,477

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Schedule of Investments

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — 94.9%
Aerospace & Defense — 1.4%
	61,525	General Dynamics Corp.	$	4,409,497
	10,321	The Boeing Co.		813,811

				5,223,308

Biotechnology — 0.4%
	22,519	Amgen, Inc.*		1,610,784

Brokers — 3.4%
	94,409	Lehman Brothers Holdings, Inc.		6,973,049
	22,415	Merrill Lynch & Co., Inc.		1,753,301
	56,295	Morgan Stanley		4,104,469

				12,830,819

Computer Hardware — 2.7%
	345,562	Cisco Systems, Inc.*		7,947,926
	64,065	Hewlett Packard Co.		2,350,545

				10,298,471

Computer Software — 1.0%
	238,373	Activision, Inc.*		3,599,432

Diversified Energy — 1.7%
	274,456	The Williams Companies, Inc.		6,551,265

Drugs — 4.3%
	578,634	Pfizer, Inc.		16,410,060

Electrical Utilities — 7.0%
	21,998	Edison International		915,997
	149,220	Entergy Corp.		11,673,480
	112,478	Exelon Corp.		6,809,418
	41,066	FirstEnergy Corp.		2,293,947
	21,790	FPL Group, Inc.		980,550
	113,390	PPL Corp.		3,730,531

				26,403,923

Energy Resources — 8.5%
	165,035	ConocoPhillips		9,824,534
	59,288	EOG Resources, Inc.		3,856,684
	275,363	Exxon Mobil Corp.		18,476,857

				32,158,075

Energy-MLP — 4.1%
	85,355	Energy Transfer Partners LP		3,954,497
	196,460	Enterprise Products Partners LP		5,255,305
	98,279	Magellan Midstream Partners LP		3,626,495
	70,829	Williams Partners LP		2,556,219

				15,392,516

Environmental & Other Services — 1.1%
	116,038	Waste Management, Inc.		4,256,274


Shares		Description	Value
Common Stocks — (continued)
Food & Beverage — 0.9%
	145,257	Unilever NV	$	3,564,607

Home Products — 2.0%
	209,440	Newell Rubbermaid, Inc.		5,931,341
	23,340	The Clorox Co.		1,470,420

				7,401,761

Insurance — 0.7%
	31,800	Hartford Financial Services Group, Inc.		2,758,650

Large Banks — 14.2%
	347,039	Bank of America Corp.		18,590,879
	199,239	Citigroup, Inc.		9,896,201
	330,191	JP Morgan Chase & Co.		15,505,769
	265,369	Wells Fargo & Co.		9,601,051

				53,593,900

Media — 2.3%
	123,544	Comcast Corp.*		4,552,596
	225,983	Time Warner, Inc.		4,119,670

				8,672,266

Medical Products — 2.3%
	132,846	Baxter International, Inc.		6,039,179
	59,500	Medtronic, Inc.		2,763,180

				8,802,359

Mining — 0.4%
	33,362	Nucor Corp.		1,651,085

Motor Vehicle — 0.7%
	44,519	Autoliv, Inc.		2,453,442

Oil Services — 1.1%
	33,365	Baker Hughes, Inc.		2,275,493
	55,912	BJ Services Co.		1,684,629

				3,960,122

Paper & Packaging — 3.1%
	192,055	International Paper Co.		6,650,864
	212,784	Packaging Corp. of America		4,936,589

				11,587,453

Parts & Equipment — 1.8%
	108,002	United Technologies Corp.		6,841,927

Property Insurance — 4.0%
	70,919	American International Group, Inc.		4,699,093
	61,019	PartnerRe Ltd.		4,123,054
	46,895	The Allstate Corp.		2,941,723
	48,412	XL Capital Ltd^(a)		3,325,905

				15,089,775

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Regional Banks — 2.2%
	153,754	KeyCorp	$	5,756,550
	68,914	Regions Financial Corp		2,535,346

				8,291,896

REIT — 4.1%
	63,864	Apartment Investment & Management Co.		3,474,840
	142,102	CapitalSource, Inc.		3,669,074
	52,307	Developers Diversified Realty Corp.		2,916,638
	130,543	iStar Financial, Inc.		5,443,643

				15,504,195

Restaurants — 2.7%
	264,291	McDonald’s Corp.		10,339,064

Retail Apparel — 2.3%
	127,812	J.C. Penney Co., Inc.		8,741,063

Specialty Financials — 6.2%
	51,706	AllianceBernstein Holding LP		3,567,197
	93,092	American Capital Strategies Ltd.^(a)		3,674,341
	144,053	Apollo Investment Corp.		2,954,527
	78,845	Countrywide Financial Corp.		2,762,729
	238,786	Washington Mutual, Inc.		10,380,027

				23,338,821

Telecom Equipment — 1.2%
	180,910	Motorola, Inc.		4,522,750

Telephone — 3.8%
	387,357	Verizon Communications, Inc.		14,382,565

Tobacco — 2.0%
	97,352	Altria Group, Inc.		7,452,296

Transports — 1.3%
	35,656	Union Pacific Corp.		3,137,728
	22,552	United Parcel Service, Inc. Class B		1,622,391

				4,760,119

TOTAL COMMON STOCKS			$	358,445,043


Principal		Interest			Maturity
Amount		Rate			Date	Value
Repurchase Agreement^(b) — 5.3%
Joint Repurchase Agreement Account II
$	20,200,000		5.368	%	10/02/2006	$	20,200,000
Maturity Value: $20,209,036

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL						$	378,645,043


Shares		Description	Value
Securities Lending Collateral — 1.2%
	4,457,850	Boston Global Investment Trust —Enhanced Portfolio	$	4,457,850

TOTAL INVESTMENTS — 101.4%			$	383,102,893

LIABILITIES IN EXCESS OF OTHER ASSETS — (1.4)%				(5,454,044	)

NET ASSETS — 100.0%			$	377,648,849

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

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



Investment Abbreviation: REIT — Real Estate Investment Trust

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2006, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Tax Cost	$	328,573,753

Gross unrealized gain		55,590,985
Gross unrealized loss		(1,061,845	)

Net unrealized security gain	$	54,529,140

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — 96.5%
Biotechnology — 0.9%
	604,194	MedImmune, Inc.^*	$	17,648,507

Brokers — 1.8%
	207,568	ETrade Financial Corp.^		4,965,027
	202,841	The Bear Stearns Companies, Inc.		28,418,024

				33,383,051

Computer Hardware — 4.0%
	387,536	Amphenol Corp.		24,000,104
	389,668	Arrow Electronics, Inc.^*		10,688,593
	425,558	Avnet, Inc.^*		8,349,448
	951,790	Seagate Technology^*(a)		21,976,831
	228,678	Zebra Technologies Corp.^*		8,172,952

				73,187,928

Computer Software — 1.9%
	2,276,389	Activision, Inc.^*		34,373,474

Construction — 1.3%
	533,178	Lennar Corp.		24,126,304

Defense/Aerospace — 1.9%
	205,262	Alliant Techsystems, Inc.^*		16,638,538
	331,811	Rockwell Collins, Inc.		18,196,515

				34,835,053

Diversified Energy — 1.8%
	1,391,059	The Williams Companies, Inc.		33,204,578

Drugs — 2.8%
		Charles River Laboratories
	646,105	International, Inc.^*		28,047,418
	869,339	IMS Health, Inc.		23,159,191

				51,206,609

Electrical Utilities — 12.7%
	399,500	CMS Energy Corp.^*		5,768,780
	1,011,755	DPL, Inc.		27,438,796
	869,699	Edison International		36,214,266
	659,523	Entergy Corp.		51,594,484
	220,598	FirstEnergy Corp.		12,322,604
	373,259	Northeast Utilities		8,685,737
	974,013	PG&E Corp.^(a)		40,567,642
	1,076,302	PPL Corp.		35,410,336
	88,400	Sierra Pacific Resources^*		1,267,656
	361,038	Wisconsin Energy Corp.		15,575,179

				234,845,480

Energy Resources — 6.9%
	584,665	EOG Resources, Inc.		38,032,458
	2,170,564	Range Resources Corp.		54,785,036
	731,109	Ultra Petroleum Corp.^*		35,173,654

				127,991,148


Shares		Description	Value
Common Stocks — (continued)
Environmental & Other Services — 2.1%
	1,995,550	Allied Waste Industries, Inc.^*(a)	$	22,489,848
	391,695	Republic Services, Inc.		15,750,056

				38,239,904

Food & Beverage — 1.2%
	157,808	Pepsi Bottling Group, Inc.		5,602,184
	633,748	Smithfield Foods, Inc.^*		17,123,871

				22,726,055

Gas Utilities — 1.0%
	512,662	AGL Resources, Inc.		18,712,163

Grocery — 2.0%
	531,162	Safeway, Inc.		16,120,767
	695,128	SUPERVALU, Inc.		20,610,545

				36,731,312

Health Insurance — 1.8%
	307,682	Coventry Health Care, Inc.^*		15,851,777
	405,051	Health Net, Inc.^*		17,627,819

				33,479,596

Home Products — 2.9%
	1,088,665	Newell Rubbermaid, Inc.		30,830,993
	366,412	The Clorox Co.		23,083,956

				53,914,949

Hotel & Leisure — 2.0%
	556,017	Harrah’s Entertainment, Inc.		36,936,209

Information Services — 1.4%
	2,356,536	BearingPoint, Inc.^*(a)		18,522,373
	1,336,436	Unisys Corp.^*		7,564,228

				26,086,601

Life Insurance — 2.0%
	210,884	Assurant, Inc.		11,263,315
	237,441	Lincoln National Corp.		14,740,337
	164,611	Torchmark Corp.		10,388,600

				36,392,252

Media — 0.9%
	316,054	Lamar Advertising Co.^*		16,880,444

Medical Products — 1.2%
	550,902	Apria Healthcare Group, Inc.^*		10,874,805
	604,219	PerkinElmer, Inc.		11,437,866

				22,312,671

Mining — 0.7%
	664,706	Commercial Metals Co.		13,513,473

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Motor Vehicle — 1.0%
	323,334	Autoliv, Inc.	$	17,818,937

Oil Services — 1.3%
	777,112	BJ Services Co.		23,414,385

Paper & Packaging — 1.7%
	514,340	MeadWestvaco Corp.		13,635,153
	735,262	Packaging Corp. of America		17,058,079

				30,693,232

Parts & Equipment — 2.8%
	345,318	American Standard Companies, Inc.		14,492,997
	177,347	Carlisle Cos., Inc.		14,914,883
	263,670	Cooper Industries Ltd.		22,469,957

				51,877,837

Property Insurance — 6.5%
	543,447	AMBAC Financial Group, Inc.		44,970,239
	254,511	Everest Re Group Ltd.		24,822,458
	74,000	MGIC Investment Corp.		4,437,780
	313,965	PartnerRe Ltd.		21,214,615
	167,608	RenaissanceRe Holdings Ltd. Series B		9,319,005
	340,581	The PMI Group, Inc.		14,920,854

				119,684,951

Publishing — 0.6%
	327,033	Dow Jones & Co., Inc.^(a)		10,968,687

Regionals — 5.4%
	193,957	City National Corp.		13,006,756
	128,906	Commerce Bancshares, Inc.		6,518,776
	990,370	KeyCorp		37,079,453
	148,497	M&T Bank Corp.		17,813,700
	313,345	Zions Bancorp.		25,008,065

				99,426,750

REIT — 9.6%
	635,529	Apartment Investment & Management Co.		34,579,133
	219,340	Brandywine Realty Trust		7,139,517
	377,183	Developers Diversified Realty Corp.		21,031,724
	1,044,586	Equity Office Properties Trust		41,532,739
	302,309	Equity Residential Properties Trust^(a)		15,290,789
	168,210	Healthcare Realty Trust, Inc.		6,460,946
	228,054	Home Properties of New York, Inc.^(a)		13,035,567
	465,894	iStar Financial, Inc.		19,427,780
	385,481	Liberty Property Trust		18,422,137

				176,920,332

Retail Apparel — 3.4%
	661,889	J.C. Penney Co., Inc.		45,266,588
	312,436	Ross Stores, Inc.		7,938,999
	291,100	Williams-Sonoma, Inc.		9,428,729

				62,634,316

Semiconductors — 0.9%
	277,884	National Semiconductor Corp.		6,538,611
	295,721	Tessera Technologies, Inc.^*		10,285,176

				16,823,787

Specialty Financials — 3.0%
	214,074	American Capital Strategies Ltd.^(a)		8,449,501
	675,899	CIT Group, Inc.		32,868,968
	482,417	Eaton Vance Corp.		13,922,555

				55,241,024


Shares		Description	Value
Common Stocks — (continued)
Telephone — 0.9%
	334,114	Embarq Corp.	$	16,161,094

Thrifts — 0.9%
	1,233,567	Hudson City Bancorp, Inc.		16,344,763

Tobacco — 0.2%
	69,420	Reynolds American, Inc.^(a)		4,301,957

Transports — 2.0%
	611,559	Norfolk Southern Corp.		26,939,174
	430,290	Swift Transportation Co., Inc.^*		10,206,479

				37,145,653

Trust/Processors — 1.1%
	362,996	Northern Trust Corp.		21,209,856

TOTAL COMMON STOCKS			$	1,781,395,322


Principal		Interest			Maturity
Amount		Rate			Date	Value
Repurchase Agreement^(b) — 3.7%
Joint Repurchase Agreement Account II
$	68,100,000		5.368	%	10/02/2006	$	68,100,000
Maturity Value: $68,130,463

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
						$	1,849,495,322


Shares		Description	Value
Securities Lending Collateral — 4.3%
	78,859,100	Boston Global Investment Trust — Enhanced
		Portfolio	$	78,859,100

TOTAL INVESTMENTS — 104.5%			$	1,928,354,422

LIABILITIES IN EXCESS OF OTHER ASSETS — (4.5)%				(82,654,491	)

NET ASSETS — 100.0%			$	1,845,699,931


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 29, 2006. Additional
information appears in the Notes to the Schedule of Investments section.

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



Investment Abbreviation: REIT — Real Estate Investment Trust

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2006, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Tax Cost	$	1,781,049,883

Gross unrealized gain		186,450,768
Gross unrealized loss		(39,146,229	)

Net unrealized security gain	$	147,304,539

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND

Schedule of Investments

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — 98.0%
Australia — 2.3%
	1,871,167	Alumina Ltd. (Metals & Mining)	$	8,601,289

Austria — 2.7%
	161,788	Erste Bank der oesterreichischen Sparkassen AG (Banks)		10,065,262

Brazil — 1.6%
	209,204	Tim Participacoes SA ADR^(a) (Wireless Telecommunication Services)		5,826,331

France — 9.4%
	371,107	France Telecom SA (Diversified Telecommunication Services)		8,535,285
	100,304	Technip SA (Energy Equipment & Services)		5,715,491
	114,134	Total SA^(a) (Oil & Gas)		7,486,078
	118,145	Vinci SA (Construction & Engineering)		13,134,557

				34,871,411

Germany — 3.7%
	116,997	E.ON AG (Electrical Utilities)		13,874,578

Hong Kong — 5.6%
	448,000	China Merchants Bank Co. Ltd.^* (Regional Banks)		631,403
	1,357,500	Esprit Holdings Ltd. (Specialty Retail)		12,301,058
	5,206,000	Techtronic Industries Co. Ltd. (Machinery)		7,649,465

				20,581,926

Italy — 2.5%
	202,014	Fastweb^*(a) (Diversified Telecommunication Services)		9,152,478

Japan — 20.5%
	234,500	Alpen Co. Ltd. (Leisure Equipment & Products)		6,945,140
	184,300	Credit Saison Co. Ltd. (Diversified Financials)		7,772,239
	2,220,000	Fuji Electric Holdings Co. Ltd. (Electrical Equipment)		11,462,307
	871,000	Hitachi Metals Ltd. (Metals & Mining)		8,223,607
	669	Millea Holdings, Inc. (Insurance)		11,666,794
	1,188	Sumitomo Mitsui Financial Group, Inc. (Banks)		12,475,022
	2,933,000	Taiheiyo Cement Corp. (Construction Materials)		10,861,616


Shares		Description	Value
Common Stocks — (continued)
Japan — (continued)
	148,300	Union Tool Co. (Machinery)	$	6,176,093

				75,582,818

Mexico — 2.1%
	78,400	Fomento Economico Mexicano SA de CV ADR (Beverages)		7,600,096

Netherlands — 5.5%
	246,499	ING Groep NV (Diversified Financials)		10,832,745
	252,822	TNT NV (Air Freight & Couriers)		9,592,841

				20,425,586

Norway — 2.0%
	118,605	ProSafe ASA (Energy Equipment & Services)		7,300,061

Russia — 2.1%
	13,786	LUKOIL ADR U.S. Shares (Oil & Gas)		1,044,290
	89,064	LUKOIL ADR London Shares (Oil & Gas)		6,771,409

				7,815,699

South Korea — 5.8%
	230,290	LG Chem Ltd. (Chemicals)		9,141,415
	300	Samsung Electronics Co. Ltd. GDR London Shares^(b) (Electronic Equipment & Instruments)		105,181
	18,460	Samsung Electronics Co. Ltd. GDR U.S. Shares^(b) (Electronic Equipment & Instruments)		6,472,151
	21,900	Samsung Electronics Co. Ltd. GDR Preferred Shares^(b) (Electronic Equipment & Instruments)		5,694,000

				21,412,747

Spain — 2.8%
	441,987	Banco Bilbao Vizcaya Argentaria SA (Banks)		10,220,994

Sweden — 2.9%
	238,020	Svenska Cellulosa AB (SCA) Series B (Paper & Forest Products)		10,921,793

Switzerland — 7.2%
	147,689	Credit Suisse Group (Banks)		8,540,250
	10,654	Nestle SA (Food Products)		3,712,363
	202,075	Novartis AG (Pharmaceuticals)		11,789,701
	2,878	Serono SA (Biotechnology)		2,479,538

				26,521,852

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)



Shares		Description	Value
Common Stocks — (continued)
Taiwan — 1.7%
	508,089	Hon Hai Precision Industry Co. Ltd. GDR (Electronic Equipment & Instruments)	$	6,249,490

United Kingdom — 17.6%
	1,290,314	Amvescap PLC (Diversified Financials)		13,999,207
	1,369,453	Bodycote International PLC (Machinery)		6,086,198
	902,278	Catlin Group Ltd. (Insurance)		8,083,396
	477,702	GlaxoSmithKline PLC (Pharmaceuticals)		12,704,450
	1,154,951	Prudential PLC (Insurance)		14,311,680
	4,254,428	Vodafone Group PLC (Wireless Telecommunication Services)		9,717,918

				64,902,849

TOTAL COMMON STOCKS			$	361,927,260


Principal		Interest			Maturity
Amount		Rate			Date	Value
Short-Term Obligation — 1.6%
State Street Bank & Trust Euro — Time Deposit
$	5,757,000		4.850	%	10/02/06	$	5,757,000

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
						$	367,684,260


Shares		Description	Value
Securities Lending Collateral — 2.9%
	10,827,500	Boston Global Investment Trust — Enhanced Portfolio	$	10,827,500

TOTAL INVESTMENTS — 102.5%			$	378,511,760

LIABILITIES IN EXCESS OF OTHER ASSETS — (2.5)%				(9,289,397	)

NET ASSETS — 100.0%			$	369,222,363

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.

(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 $ 12,271,332, which represents approximately 3.3% of net assets as of September 30, 2006.

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



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


	As a % Of
	Net Assets
Industry Classifications^†
Air Freight & Couriers		2.6	%
Banks		11.2
Beverages		2.1
Biotechnology		0.7
Chemicals		2.5
Construction & Engineering		3.6
Construction Materials		2.9
Diversified Financials		8.8
Diversified Telecommunication Services		4.8
Electrical Equipment		3.1
Electrical Utilities		3.8
Electronic Equipment & Instruments		3.3
Energy Equipment & Services		3.5
Food Products		1.0
Insurance		9.2
Leisure Equipment & Products		1.9
Machinery		5.4
Metals & Mining		4.6
Oil & Gas		4.1
Paper & Forest Products		2.9
Pharmaceuticals		6.6
Regional Banks		0.2
Semiconductor Equipment & Products		1.7
Short-term Investments^#		4.5
Specialty Retail		3.3
Wireless Telecommunication Services		4.2

TOTAL INVESTMENTS		102.5	%

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

^# Short-term investments include securities lending collateral.

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2006, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Tax Cost	$	355,855,360

Gross unrealized gain		38,117,926
Gross unrealized loss		(15,461,526	)

Net unrealized security gain	$	22,656,400

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — 100.1%
Aerospace & Defense — 2.1%
	55,300	Alliant Techsystems, Inc.^*	$	4,482,618

Apparel/Shoes — 5.0%
	178,680	Chico’s FAS, Inc.^*		3,846,981
	130,800	Coach, Inc.^*		4,499,520
	139,570	Urban Outfitters, Inc.^*		2,468,993

				10,815,494

Audio & Visual Equipment — 2.3%
	59,800	Harman International Industries, Inc.		4,989,712

Auto Parts & Related — 1.6%
	245,700	Gentex Corp.		3,491,397

Banks — 1.5%
	38,610	Commerce Bancorp, Inc.^(a)		1,417,373
	66,870	TCF Financial Corp.		1,758,012

				3,175,385

Beverages — 2.5%
	73,210	Fortune Brands, Inc.		5,498,803

Biotechnology — 1.6%
	115,100	MedImmune, Inc.^*		3,362,071

Broadcasting & Cable/Satellite TV — 3.6%
	80,700	Cablevision Systems Corp.^*		1,832,697
	438,700	Entravision Communications Corp.^*		3,263,928
	205,100	XM Satellite Radio Holdings, Inc.^*		2,643,739

				7,740,364

Commercial Services — 3.1%
	48,140	Alliance Data Systems Corp.^*		2,656,847
	67,900	Iron Mountain, Inc.^*		2,915,626
	43,280	Suntech Power Holdings Co., Ltd. ADR^*		1,117,922

				6,690,395

Computer Hardware — 1.8%
	132,000	Jabil Circuit, Inc.		3,771,240

Computer Services — 4.3%
	178,300	Ceridian Corp.^*		3,986,788
	126,200	CheckFree Corp.^*		5,214,584

				9,201,372

Computer Software — 4.7%
	351,666	Activision, Inc.^*		5,310,157
	17,200	Electronic Arts, Inc.^*		957,696
	144,500	NAVTEQ^*		3,772,895

				10,040,748

Consumer Services — 2.4%
	45,960	VCA Antech, Inc.^*		1,657,318


Shares		Description	Value
Common Stocks — (continued)
Consumer Services — (continued)
	79,200	Weight Watchers International, Inc.	$	3,511,728

				5,169,046

Drugs & Medicine — 2.8%
	63,500	Celgene Corp.^*		2,749,550
	89,100	OSI Pharmaceuticals, Inc.^*(a)		3,343,923

				6,093,473

Financials — 1.7%
	35,300	Legg Mason, Inc.		3,560,358

Foods — 1.4%
	58,400	The Hershey Co.		3,121,480

Gaming/Lodging — 2.1%
	30,080	Harrah’s Entertainment, Inc.		1,998,214
	89,400	Hilton Hotels Corp.		2,489,790

				4,488,004

Health Care Services — 1.6%
	33,000	Covance, Inc.^*		2,190,540
	31,400	Omnicare, Inc.		1,353,026

				3,543,566

Insurance — 1.6%
	93,100	Willis Group Holdings Ltd.		3,537,800

Internet & Online — 1.4%
	325,500	CNET Networks, Inc.^*		3,118,290

Manufacturing — 4.1%
	98,700	American Standard Companies, Inc.		4,142,439
	79,190	Rockwell Automation, Inc.		4,600,939

				8,743,378

Medical Products — 6.3%
	55,340	C.R. Bard, Inc.		4,150,500
	30,460	Fisher Scientific International, Inc.^*		2,383,190
	143,100	St. Jude Medical, Inc.^*		5,049,999
	31,400	Zimmer Holdings, Inc.^*		2,119,500

				13,703,189

Medical Supplies — 2.4%
	119,890	Charles River Laboratories International, Inc.^*		5,204,425

Networking/Telecommunications Equipment — 2.5%
	41,200	FLIR Systems, Inc.^*(a)		1,118,992

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Networking/Telecommunications Equipment — (continued)
	42,550	Research In Motion Ltd.^*	$	4,368,183

				5,487,175

Oil & Gas — 2.3%
	85,200	Newfield Exploration Co.^*		3,283,608
	55,300	Quicksilver Resources, Inc.^*(a)		1,764,070

				5,047,678

Electrical Equipment — 1.2%
	129,300	Dresser-Rand Group, Inc.^*		2,637,720
	86,710	Amphenol Corp.		5,369,950
	128,411	Cogent, Inc.^*(a)		1,763,083

				7,133,033

Energy Services & Equipment — 9.6%
	110,950	Cameron International Corp.^*		5,359,995
	76,400	Grant Prideco, Inc.^*		2,905,492
	130,600	Smith International, Inc.		5,067,280
	114,110	Weatherford International Ltd.^*		4,760,669

				20,731,156

Producer Goods — 2.4%
	75,900	W.W. Grainger, Inc.		5,086,818

Publishing — 0.7%
	27,900	Lamar Advertising Co.^*		1,490,139

Retailing — 4.2%
	108,900	Advance Auto Parts, Inc.		3,587,166
	166,000	Williams-Sonoma, Inc.		5,376,740

				8,963,906

Semiconductors/Semi-Cap Equipment — 6.8%
	51,900	Advanced Micro Devices, Inc.^*		1,289,715
	76,500	FormFactor, Inc.^*		3,222,945
	162,300	Linear Technology Corp.		5,050,776
	46,100	Marvell Technology Group Ltd.^*		892,957
	123,700	Tessera Technologies, Inc.^*		4,302,286

				14,758,679

Technology Services — 1.7%
	50,710	Cognizant Technology Solutions Corp.^*		3,755,583

Telecommunications — 4.7%
	66,000	American Tower Corp.^*		2,409,000
	133,000	Crown Castle International Corp.^*		4,686,920


Shares		Description	Value
Common Stocks — (continued)
Telecommunications — (continued)
	108,700	NeuStar, Inc.^*	$	3,016,425

				10,112,345

TOTAL COMMON STOCKS			$	216,109,120


Principal		Interest			Maturity
Amount		Rate			Date	Value
Repurchase Agreement^(b) — 0.2%
Joint Repurchase Agreement Account II
$	500,000		5.368	%	10/02/2006	$	500,000
Maturity Value: $500,224

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL						$	216,609,120


Shares		Description	Value
Securities Lending Collateral — 3.3%
	7,206,825	Boston Global Investment Trust — Enhanced Portfolio	$	7,206,825

TOTAL INVESTMENTS — 103.6%			$	223,815,945

LIABILITIES IN EXCESS OF OTHER ASSETS — (3.6)%				(7,682,963	)

NET ASSETS — 100.0%			$	216,132,982

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 29, 2006. Additional information appears in the Notes to the Schedule of Investments section.

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



Investment Abbreviation:
ADR		— American Depositary Receipt

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

Tax Information — At September 30, 2006, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Tax Cost	$	232,442,317

Gross unrealized gain		19,817,044
Gross unrealized loss		(36,126,379	)

Net unrealized security loss	$	(16,309,335	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — 98.9%
Aerospace & Defense — 2.1%
	14,300	General Dynamics Corp.	$	1,024,881
	4,300	Goodrich Corp.		174,236
	4,300	L-3 Communications Holdings, Inc.		336,819
	12,582	Lockheed Martin Corp.		1,082,807
	12,192	Northrop Grumman Corp.		829,910
	15,800	Raytheon Co.		758,558
	6,200	Rockwell Collins, Inc.		340,008
	27,938	The Boeing Co.		2,202,911
	35,500	United Technologies Corp.		2,248,925

				8,999,055

Air Freight & Couriers — 0.9%
	10,900	FedEx Corp.		1,184,612
	2,000	Ryder System, Inc.		103,360
	38,200	United Parcel Service, Inc. Class B		2,748,108

				4,036,080

Airlines — 0.1%
	28,018	Southwest Airlines Co.		466,780

Auto Components — 0.1%
	6,900	Johnson Controls, Inc.		495,006
	7,000	The Goodyear Tire & Rubber Co.^*(a)		101,500

				596,506

Automobiles — 0.4%
	340	Avis Budget Group Inc		6,219
	66,181	Ford Motor Co.^*		535,404
	20,300	General Motors Corp.^(a)		675,178
	9,300	Harley-Davidson, Inc.		583,575

				1,800,376

Banks — 7.2%
	12,200	AmSouth Bancorp.		354,288
	159,428	Bank of America Corp.		8,540,558
	27,000	Bank of New York Co., Inc.		952,020
	18,900	BB&T Corp.		827,442
	5,650	Comerica, Inc.		321,598
	6,400	Commerce Bancorp, Inc.		234,944
	4,700	Compass Bancshares, Inc.		267,806
	20,005	Fifth Third Bancorp.		761,790
	4,300	First Horizon National Corp.		163,443
	9,100	Golden West Financial Corp.		702,975
	8,449	Huntington Bancshares, Inc.		202,185
	14,400	KeyCorp		539,136
	2,800	M&T Bank Corp.		335,888
	8,200	Marshall & Ilsley Corp.		395,076
	14,700	Mellon Financial Corp.		574,770
	21,600	National City Corp.		790,560
	16,350	North Fork Bancorp., Inc.		468,264
	6,500	Northern Trust Corp.		379,795


Shares		Description	Value
Common Stocks — (continued)
Banks — (continued)
	10,300	PNC Financial Services Group, Inc.	$	746,132
	16,355	Regions Financial Corp.		601,700
	12,685	Sovereign Bancorp, Inc.		272,854
	12,900	SunTrust Banks, Inc.		996,912
	10,900	Synovus Financial Corp.		320,133
	62,434	U.S. Bancorp		2,074,057
	56,227	Wachovia Corp.		3,137,467
	34,140	Washington Mutual, Inc.		1,484,066
	118,560	Wells Fargo & Co.		4,289,501
	3,800	Zions Bancorp.		303,278

				31,038,638

Beverages — 2.1%
	27,200	Anheuser-Busch Companies, Inc.		1,292,272
	2,900	Brown-Forman Corp. Class B		222,285
	9,500	Coca-Cola Enterprises, Inc.		197,885
	6,900	Constellation Brands, Inc.^*		198,582
	1,500	Molson Coors Brewing Co. Class B		103,350
	4,600	Pepsi Bottling Group, Inc.		163,300
	58,310	PepsiCo., Inc.		3,805,311
	72,100	The Coca-Cola Co.		3,221,428

				9,204,413

Biotechnology — 1.3%
	41,408	Amgen, Inc.^*		2,961,914
	12,185	Biogen Idec, Inc.^*		544,426
	9,300	Genzyme Corp.^*		627,471
	16,100	Gilead Sciences, Inc.^*		1,106,070
	8,200	MedImmune, Inc.^*		239,522

				5,479,403

Building Products — 0.1%
	6,200	American Standard Companies, Inc.		260,214
	14,100	Masco Corp.		386,622

				646,836

Chemicals — 1.5%
	7,800	Air Products & Chemicals, Inc.		517,686
	2,200	Ashland, Inc.		140,316
	33,877	Dow Chemical Co.		1,320,525
	32,700	E.I. du Pont de Nemours & Co.		1,400,868
	2,900	Eastman Chemical Co.		156,658
	6,600	Ecolab, Inc.		282,612
	4,300	Hercules, Inc.^*		67,811
	2,700	International Flavors & Fragrances, Inc.		106,758
	19,154	Monsanto Co.		900,430
	5,800	PPG Industries, Inc.		389,064
	11,500	Praxair, Inc.		680,340
	5,075	Rohm & Haas Co.		240,301

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Chemicals — (continued)
	2,300	Sigma-Aldrich Corp.	$	174,041

				6,377,410

Commercial Services & Supplies — 0.8%
	8,700	Allied Waste Industries, Inc.^*		98,049
	5,100	Apollo Group, Inc.^*		251,124
	3,200	Avery Dennison Corp.		192,544
	4,800	Cintas Corp.		195,984
	4,600	Convergys Corp.^*		94,990
	4,400	Equifax, Inc.		161,524
	6,150	Fiserv, Inc.^*		289,603
	11,000	H&R Block, Inc.		239,140
	4,400	Monster Worldwide, Inc.^*		159,236
	7,800	Pitney Bowes, Inc.		346,086
	7,600	R.R. Donnelley & Sons Co.		250,496
	5,900	Robert Half International, Inc.		200,423
	4,308	Sabre Holdings Corp.		100,764
	19,135	Waste Management, Inc.		701,872

				3,281,835

Communications Equipment — 2.8%
	4,585	ADC Telecommunications, Inc.^*		68,775
	14,031	Avaya, Inc.^*		160,515
	214,900	Cisco Systems, Inc.^*		4,942,700
	6,800	Comverse Technology, Inc.^*		145,792
	55,300	Corning, Inc.^*		1,349,873
	57,800	JDS Uniphase Corp.^*		126,582
	19,700	Juniper Networks, Inc.^*		340,416
	158,882	Lucent Technologies, Inc.^*		371,784
	86,635	Motorola, Inc.		2,165,875
	58,400	QUALCOMM, Inc.		2,122,840
	16,300	Tellabs, Inc.^*		178,648

				11,973,800

Computers & Peripherals — 3.6%
	29,900	Apple Computer, Inc.^*		2,303,197
	80,100	Dell, Inc.^*		1,829,484
	80,900	EMC Corp.^*		969,182
	96,398	Hewlett-Packard Co.		3,536,843
	53,800	International Business Machines Corp.		4,408,372
	3,500	Lexmark International, Inc.^*		201,810
	6,600	NCR Corp.^*		260,568
	13,100	Network Appliance, Inc.^*		484,831
	12,300	Nvidia Corp.^*		363,957
	6,800	SanDisk Corp.^*		364,072
	122,400	Sun Microsystems, Inc.^*		608,328

				15,330,644

Construction & Engineering — 0.1%
	3,100	Fluor Corp.		238,359


Shares		Description	Value
Common Stocks — (continued)
Construction Materials — 0.1%
	3,400	Vulcan Materials Co.	$	266,050

Containers & Packaging — 0.2%
	3,600	Ball Corp.		145,620
	4,000	Bemis Co., Inc.		131,440
	4,900	Pactiv Corp.^*		139,258
	2,808	Sealed Air Corp.		151,969
	3,900	Temple-Inland, Inc.		156,390

				724,677

Diversified Financials — 8.9%
	43,000	American Express Co.		2,411,440
	8,580	Ameriprise Financial, Inc.		402,402
	10,837	Capital One Financial Corp.		852,438
	1,256	Chicago Mercantile Exchange Holdings, Inc.		600,682
	6,800	CIT Group, Inc.		330,684
	174,140	Citigroup, Inc.		8,649,534
	21,498	Countrywide Financial Corp.		753,290
	15,300	ETrade Financial Corp.^		365,976
	34,000	Fannie Mae		1,900,940
	3,300	Federated Investors, Inc. Class B		111,573
	5,930	Franklin Resources, Inc.		627,097
	24,400	Freddie Mac		1,618,452
	15,300	Goldman Sachs Group, Inc.		2,588,301
	122,225	J.P. Morgan Chase & Co.		5,739,686
	7,200	Janus Capital Group, Inc.		141,984
	4,700	Legg Mason, Inc.		474,042
	19,000	Lehman Brothers Holdings, Inc.		1,403,340
	31,300	Merrill Lynch & Co., Inc.		2,448,286
	8,300	Moody’s Corp.		542,654
	37,834	Morgan Stanley		2,758,477
	9,500	Principal Financial, Inc.		515,660
	14,471	SLM Corp.		752,203
	11,800	State Street Corp.		736,320
	9,300	T. Rowe Price Group, Inc.		445,005
	4,152	The Bear Stearns Companies, Inc.		581,695
	36,700	The Charles Schwab Corp.		656,930

				38,409,091

Diversified Telecommunication Services — 3.5%
	13,800	ALLTEL Corp.		765,900
	137,382	AT&T, Inc.		4,473,158
	64,300	BellSouth Corp.		2,748,825
	4,000	CenturyTel, Inc.		158,680
	11,200	Citizens Communications Co.		157,248
	5,240	Embarq Corp.		253,459
	55,163	Qwest Communications International, Inc.^*		481,021
	105,110	Sprint Nextel Corp.		1,802,637
	102,530	Verizon Communications, Inc.		3,806,939

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Diversified Telecommunication Services — (continued)
	14,681	Windstream Corp.	$	193,642

				14,841,509

Electric Utilities — 2.8%
	23,200	AES Corp.^*		473,048
	5,700	Allegheny Energy, Inc.^*		228,969
	7,100	Ameren Corp.		374,809
	13,940	American Electric Power Co., Inc.		506,998
	10,698	CenterPoint Energy, Inc.		153,195
	7,400	CMS Energy Corp.^*		106,856
	8,600	Consolidated Edison, Inc.		397,320
	6,250	Constellation Energy Group, Inc.		370,000
	12,350	Dominion Resources, Inc.		944,651
	6,300	DTE Energy Co.		261,513
	11,500	Edison International		478,860
	7,500	Entergy Corp.		586,725
	23,800	Exelon Corp.		1,440,852
	11,500	FirstEnergy Corp.		642,390
	14,400	FPL Group, Inc.		648,000
	12,200	PG&E Corp.		508,130
	3,600	Pinnacle West Capital Corp.		162,180
	13,400	PPL Corp.		440,860
	8,977	Progress Energy, Inc.		407,376
	9,000	Public Service Enterprise Group, Inc.		550,710
	26,300	Southern Co.		906,298
	7,100	TECO Energy, Inc.		111,115
	16,380	TXU Corp.		1,024,078
	14,510	Xcel Energy, Inc.		299,632

				12,024,565

Electrical Equipment — 0.5%
	6,100	American Power Conversion Corp.		133,956
	3,200	Cooper Industries Ltd.		272,704
	14,400	Emerson Electric Co.		1,207,584
	6,100	Rockwell Automation, Inc.		354,410

				1,968,654

Electronic Equipment & Instruments — 0.4%
	14,424	Agilent Technologies, Inc.^*		471,521
	6,700	Jabil Circuit, Inc.		191,419
	4,925	Molex, Inc.		191,927
	4,500	PerkinElmer, Inc.		85,185
	21,100	Sanmina Corp.^*		78,914
	34,100	Solectron Corp.^*		111,166
	8,516	Symbol Technologies, Inc.		126,548
	3,200	Tektronix, Inc.		92,576
	5,700	Thermo Electron Corp.^*		224,181
	3,700	Waters Corp.^*		167,536

				1,740,973

Energy Equipment & Services — 1.7%
	11,580	Baker Hughes, Inc.		789,756


Shares		Description	Value
Common Stocks — (continued)
Energy Equipment & Services — (continued)
	10,500	BJ Services Co.	$	316,365
	36,800	Halliburton Co.		1,046,960
	10,900	Nabors Industries Ltd.^*		324,275
	6,200	National-Oilwell Varco, Inc.^*		363,010
	5,000	Noble Corp.		320,900
	4,100	Rowan Cos., Inc.		129,683
	41,900	Schlumberger Ltd.		2,599,057
	11,027	Transocean, Inc.^*		807,507
	12,300	Weatherford International Ltd.^*		513,156

				7,210,669

Food & Drug Retailing — 1.1%
	29,000	CVS Corp.		931,480
	15,900	Safeway, Inc.		482,565
	7,473	SUPERVALU, Inc.		221,574
	22,200	SYSCO Corp.		742,590
	25,800	The Kroger Co.		597,012
	35,600	Walgreen Co.		1,580,284
	4,900	Whole Foods Market, Inc.		291,207

				4,846,712

Food Products — 1.1%
	23,249	Archer-Daniels-Midland Co.		880,672
	8,200	Campbell Soup Co.		299,300
	18,200	ConAgra Foods, Inc.		445,536
	4,900	Dean Foods Co.^*		205,898
	12,300	General Mills, Inc.		696,180
	11,800	H.J. Heinz Co.		494,774
	8,600	Kellogg Co.		425,872
	4,800	McCormick & Co., Inc.		182,304
	26,800	Sara Lee Corp.		430,676
	6,200	The Hershey Co.		331,390
	8,500	Tyson Foods, Inc.		134,980
	7,850	Wm. Wrigley Jr. Co.		361,571

				4,889,153

Gas Utilities — 0.2%
	6,200	KeySpan Corp.		255,068
	1,700	Nicor, Inc.		72,692
	1,600	Peoples Energy Corp.		65,040
	9,113	Sempra Energy		457,928

				850,728

Healthcare Equipment & Supplies — 1.7%
	6,300	Applera Corp. — Applied Biosystems Group		208,593
	2,100	Bausch & Lomb, Inc.		105,273
	23,300	Baxter International, Inc.		1,059,218
	8,800	Becton, Dickinson and Co.		621,896
	8,625	Biomet, Inc.		277,639
	41,306	Boston Scientific Corp.^*		610,915
	3,800	C.R. Bard, Inc.		285,000
	4,400	Fisher Scientific International, Inc.^*		344,256
	6,900	IMS Health, Inc.		183,816

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Healthcare Equipment & Supplies — (continued)
	40,600	Medtronic, Inc.	$	1,885,464
	2,000	Millipore Corp.^*		122,600
	5,000	Patterson Cos., Inc.^*		168,050
	12,700	St. Jude Medical, Inc.^*		448,183
	10,400	Stryker Corp.		515,736
	8,470	Zimmer Holdings, Inc.^*		571,725

				7,408,364

Healthcare Providers & Services — 2.5%
	19,192	Aetna, Inc.		759,044
	7,300	AmerisourceBergen Corp.		329,960
	14,300	Cardinal Health, Inc.		940,082
	15,100	Caremark Rx, Inc.		855,717
	3,900	CIGNA Corp.		453,648
	5,800	Coventry Health Care, Inc.^*		298,816
	4,900	Express Scripts, Inc.^*		369,901
	14,300	HCA, Inc.		713,427
	8,100	Health Management Associates, Inc.		169,290
	5,800	Humana, Inc.^*		383,322
	4,400	Laboratory Corp. of America Holdings^*		288,508
	2,700	Manor Care, Inc.		141,156
	10,414	McKesson Corp.		549,026
	5,700	Quest Diagnostics, Inc.		348,612
	15,750	Tenet Healthcare Corp.^*		128,205
	47,300	UnitedHealth Group, Inc.		2,327,160
	21,900	WellPoint, Inc.^*		1,687,395

				10,743,269

Hotels, Restaurants & Leisure — 1.6%
	15,300	Carnival Corp.		719,559
	4,500	Darden Restaurants, Inc.		191,115
	6,600	Harrah’s Entertainment, Inc.		438,438
	13,700	Hilton Hotels Corp.		381,545
	12,000	International Game Technology		498,000
	11,400	Marriott International, Inc.		440,496
	43,300	McDonald’s Corp.		1,693,896
	26,700	Starbucks Corp.^*		909,135
	7,600	Starwood Hotels & Resorts Worldwide, Inc.		434,644
	4,100	Wendy’s International, Inc.		274,700
	7,426	Wyndham Worldwide Corp.^*		207,705
	9,720	Yum! Brands, Inc.		505,926

				6,695,159

Household Durables — 0.6%
	4,200	Centex Corp.		221,004
	9,900	D.R. Horton, Inc.		237,105
	5,100	Fortune Brands, Inc.		383,061
	2,300	Harman International Industries, Inc.		191,912
	2,700	KB HOME		118,260
	6,000	Leggett & Platt, Inc.		150,180
	4,800	Lennar Corp.		217,200
	9,633	Newell Rubbermaid, Inc.		272,807
	7,500	Pulte Homes, Inc.		238,950


Shares		Description	Value
Common Stocks — (continued)
Household Durables — (continued)
	2,300	Snap-on, Inc.	$	102,465
	2,600	The Black & Decker Corp.		206,310
	2,700	The Stanley Works		134,595
	2,758	Whirlpool Corp.		231,975

				2,705,824

Household Products — 2.2%
	18,200	Colgate-Palmolive Co.		1,130,220
	16,340	Kimberly-Clark Corp.		1,067,982
	111,878	Procter & Gamble Co.		6,934,199
	5,300	The Clorox Co.		333,900

				9,466,301

Industrial Conglomerates — 4.4%
	26,600	3M Co.		1,979,572
	363,800	General Electric Co.		12,842,140
	28,675	Honeywell International, Inc.		1,172,807
	6,200	Reynolds American, Inc.		384,214
	4,500	Textron, Inc.		393,750
	71,237	Tyco International Ltd.		1,993,924

				18,766,407

Insurance — 4.7%
	11,600	ACE Ltd.		634,868
	17,600	Aflac, Inc.		805,376
	3,700	AMBAC Financial Group, Inc.		306,175
	91,479	American International Group, Inc.		6,061,399
	11,250	Aon Corp.		381,037
	6,368	Cincinnati Financial Corp.		306,046
	16,200	Genworth Financial, Inc.		567,162
	10,700	Hartford Financial Services Group, Inc.		928,225
	10,260	Lincoln National Corp.		636,941
	16,300	Loews Corp.		617,770
	19,500	Marsh & McLennan Cos., Inc.		548,925
	4,650	MBIA, Inc.		285,696
	26,700	MetLife, Inc.		1,513,356
	3,000	MGIC Investment Corp.		179,910
	27,600	Progressive Corp.		677,304
	17,200	Prudential Financial, Inc.		1,311,500
	4,100	Safeco Corp.		241,613
	22,238	The Allstate Corp.		1,394,990
	14,500	The Chubb Corp.		753,420
	24,190	The St. Paul Travelers Cos., Inc.		1,134,269
	3,400	Torchmark Corp.		214,574
	11,318	UnumProvident Corp.		219,456
	6,400	XL Capital Ltd.		439,680

				20,159,692

Internet & Catalog Retail — 0.1%
	10,800	Amazon.com, Inc.^*		346,896

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Internet Software & Services — 1.3%
	41,100	eBay, Inc.^*	$	1,165,596
	7,490	Google, Inc.^*		3,010,231
	8,500	VeriSign, Inc.^*		171,700
	44,000	Yahoo!, Inc.^*		1,112,320

				5,459,847

IT Consulting & Services — 0.8%
	4,100	Affiliated Computer Services, Inc.^*		212,626
	19,500	Automatic Data Processing, Inc.		923,130
	6,000	Computer Sciences Corp.^*		294,720
	18,300	Electronic Data Systems Corp.		448,716
	26,949	First Data Corp.		1,131,858
	11,950	Paychex, Inc.		440,357
	13,500	Unisys Corp.^*		76,410

				3,527,817

Leisure Equipment & Products — 0.2%
	3,600	Brunswick Corp.		112,284
	10,200	Eastman Kodak Co.		228,480
	5,850	Hasbro, Inc.		133,088
	13,712	Mattel, Inc.		270,126

				743,978

Machinery — 1.4%
	23,200	Caterpillar, Inc.		1,526,560
	1,700	Cummins, Inc.		202,691
	8,400	Danaher Corp.		576,828
	8,300	Deere & Co.		696,453
	7,100	Dover Corp.		336,824
	5,300	Eaton Corp.		364,905
	14,800	Illinois Tool Works, Inc.		664,520
	11,100	Ingersoll-Rand Co., Ltd.		421,578
	6,600	ITT Corp.		338,382
	2,300	Navistar International Corp.^*		59,386
	8,795	PACCAR, Inc.		501,491
	4,700	Pall Corp.		144,807
	4,275	Parker Hannifin Corp.		332,296

				6,166,721

Media — 3.3%
	27,064	CBS Corp. Class B		762,393
	17,700	Clear Channel Communications, Inc.		510,645
	73,978	Comcast Corp.^*		2,726,089
	2,300	Dow Jones & Co., Inc.		77,142
	8,400	Gannett Co., Inc.		477,372
	14,871	Interpublic Group of Cos., Inc.^*		147,223
	1,400	Meredith Corp.		69,062
	4,900	New York Times Co.		112,602
	82,500	News Corp.		1,621,125
	6,000	Omnicom Group, Inc.		561,600
	3,200	The E.W. Scripps Co.		153,376


Shares		Description	Value
Common Stocks — (continued)
Media — (continued)
	12,400	The McGraw-Hill Companies., Inc.	$	719,572
	73,929	The Walt Disney Co.		2,285,145
	142,998	Time Warner, Inc.		2,606,854
	6,287	Tribune Co.		205,711
	8,200	Univision Communications, Inc.^*		281,588
	25,064	Viacom, Inc. Class B^*		931,879

				14,249,378

Metals & Mining — 0.9%
	30,808	Alcoa, Inc.		863,856
	3,051	Allegheny Technologies, Inc.		189,742
	6,800	CONSOL Energy, Inc.		215,764
	6,700	Freeport-McMoRan Copper & Gold, Inc. Series B		356,842
	16,111	Newmont Mining Corp.		688,745
	11,100	Nucor Corp.		549,339
	7,300	Phelps Dodge Corp.		618,310
	3,920	United States Steel Corp.		226,106

				3,708,704

Multi-Utilities — 0.4%
	43,913	Duke Energy Corp.		1,326,173
	11,200	Dynegy, Inc.^*		62,048
	9,500	NiSource, Inc.		206,530

				1,594,751

Multiline Retail — 2.4%
	4,300	Big Lots, Inc.^*		85,183
	16,712	Costco Wholesale Corp.		830,252
	2,300	Dillard’s, Inc.		75,279
	10,787	Dollar General Corp.		147,027
	5,300	Family Dollar Stores, Inc.		154,972
	19,234	Federated Department Stores, Inc.		831,101
	7,900	J.C. Penney Co., Inc.		540,281
	11,500	Kohl’s Corp.^*		746,580
	7,700	Nordstrom, Inc.		325,710
	3,000	Sears Holdings Corp.^*		474,270
	30,400	Target Corp.		1,679,600
	87,000	Wal-Mart Stores, Inc.		4,290,840

				10,181,095

Office Electronics — 0.1%
	33,300	Xerox Corp.^*		518,148

Oil & Gas — 7.5%
	16,258	Anadarko Petroleum Corp.		712,588
	11,700	Apache Corp.		739,440
	13,700	Chesapeake Energy Corp.		397,026
	77,353	Chevron Corp.		5,017,116
	57,941	ConocoPhillips		3,449,228
	15,600	Devon Energy Corp.		985,140
	25,030	El Paso Corp.		341,409
	8,700	EOG Resources, Inc.		565,935
	209,560	Exxon Mobil Corp.		14,061,476

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Oil & Gas — (continued)
	8,600	Hess Corp.	$	356,212
	3,800	Kinder Morgan, Inc.		398,430
	12,556	Marathon Oil Corp.		965,556
	6,000	Murphy Oil Corp.		285,300
	30,500	Occidental Petroleum Corp.		1,467,355
	4,700	Sunoco, Inc.		292,293
	21,000	The Williams Companies, Inc.		501,270
	21,400	Valero Energy Corp.		1,101,458
	13,100	XTO Energy, Inc.		551,903

				32,189,135

Oil Well Services & Equipment — 0.1%
	7,000	Smith International, Inc.		271,600

Paper & Forest Products — 0.3%
	14,640	International Paper Co.		506,983
	4,200	Louisiana-Pacific Corp.		78,834
	6,598	MeadWestvaco Corp.		174,913
	8,800	Weyerhaeuser Co.		541,464

				1,302,194

Personal Products — 0.2%
	2,550	Alberto-Culver Co. Class B		129,005
	15,900	Avon Products, Inc.		487,494
	4,000	Estee Lauder Companies, Inc.		161,320

				777,819

Pharmaceuticals — 6.9%
	53,700	Abbott Laboratories		2,607,672
	5,400	Allergan, Inc.		608,094
	3,700	Barr Pharmaceuticals, Inc.^*		192,178
	69,000	Bristol-Myers Squibb Co.		1,719,480
	34,500	Eli Lilly & Co.		1,966,500
	11,200	Forest Laboratories, Inc.^*		566,832
	5,690	Hospira, Inc.^*		217,756
	103,060	Johnson & Johnson		6,692,717
	8,266	King Pharmaceuticals, Inc.^*		140,770
	10,400	Medco Health Solutions, Inc.^*		625,144
	76,500	Merck & Co., Inc.		3,205,350
	7,600	Mylan Laboratories, Inc.		152,988
	256,884	Pfizer, Inc.		7,285,230
	52,600	Schering-Plough Corp.		1,161,934
	4,000	Watson Pharmaceuticals, Inc.^*		104,680
	47,300	Wyeth		2,404,732

				29,652,057

Real Estate — 1.1%
	3,300	Apartment Investment & Management Co. (REIT)		179,553
	7,500	Archstone-Smith Trust (REIT)		408,300
	4,100	Boston Properties, Inc. (REIT)		423,694


Shares		Description	Value
Common Stocks — (continued)
Real Estate — (continued)
	12,200	Equity Office Properties Trust (REIT)	$	485,072
	10,400	Equity Residential Properites Trust (REIT)		526,032
	7,400	Kimco Realty Corp. (REIT)		317,238
	6,700	Plum Creek Timber Co., Inc. (REIT)		228,068
	8,800	ProLogis (REIT)		502,128
	4,300	Public Storage, Inc. (REIT)		369,757
	9,283	Realogy Corp.^*		210,538
	7,900	Simon Property Group, Inc. (REIT)		715,898
	4,200	Vornado Realty Trust (REIT)		457,800

				4,824,078

Road & Rail — 0.7%
	12,852	Burlington Northern Santa Fe Corp.		943,851
	15,600	CSX Corp.		512,148
	14,800	Norfolk Southern Corp.		651,940
	9,500	Union Pacific Corp.		836,000

				2,943,939

Semiconductor Equipment & Products — 2.6%
	17,100	Advanced Micro Devices, Inc.^*		424,935
	12,500	Altera Corp.^*		229,750
	12,700	Analog Devices, Inc.		373,253
	48,600	Applied Materials, Inc.		861,678
	16,250	Broadcom Corp.^*		493,025
	14,316	Freescale Semiconductor, Inc. Class B^*		544,151
	203,000	Intel Corp.		4,175,710
	7,200	KLA-Tencor Corp.		320,184
	10,700	Linear Technology Corp.		332,984
	15,300	LSI Logic Corp.^*		125,766
	11,200	Maxim Integrated Products, Inc.		314,384
	25,700	Micron Technology, Inc.^*		447,180
	10,600	National Semiconductor Corp.		249,418
	4,600	Novellus Systems, Inc.^*		127,236
	7,400	PMC-Sierra, Inc.^*		43,956
	5,300	QLogic Corp.^*		100,170
	7,500	Teradyne, Inc.^*		98,700
	54,200	Texas Instruments, Inc.		1,802,150
	12,200	Xilinx, Inc.		267,790

				11,332,420

Software — 3.4%
	20,300	Adobe Systems, Inc.^*		760,235
	8,100	Autodesk, Inc.^*		281,718
	7,400	BMC Software, Inc.^*		201,428
	13,550	CA, Inc.		321,000
	6,200	Citrix Systems, Inc.^*		224,502
	12,900	Compuware Corp.^*		100,491
	10,900	Electronic Arts, Inc.^*		606,912
	12,000	Intuit, Inc.^*		385,080

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)



Shares		Description	Value
Common Stocks — (continued)
Software — (continued)
	304,300	Microsoft Corp.	$	8,316,519
	12,000	Novell, Inc.^*		73,440
	142,620	Oracle Corp.^*		2,530,079
	4,140	Parametric Technology Corp.^*		72,284
	34,718	Symantec Corp.^*		738,799

				14,612,487

Specialty Retail — 2.0%
	5,372	AutoNation, Inc.^*		112,275
	1,900	AutoZone, Inc.^*		196,270
	10,100	Bed Bath & Beyond, Inc.^*		386,426
	14,250	Best Buy Co., Inc.		763,230
	5,000	Circuit City Stores, Inc.		125,550
	11,800	Limited Brands, Inc.		312,582
	54,000	Lowe’s Companies, Inc.		1,515,240
	10,100	Office Depot, Inc.^*		400,970
	2,400	OfficeMax, Inc.		97,776
	5,300	RadioShack Corp.		102,290
	25,900	Staples, Inc.		630,147
	19,050	The Gap, Inc.		360,997
	72,997	The Home Depot, Inc.		2,647,601
	3,800	The Sherwin-Williams Co.		211,964
	16,200	The TJX Companies, Inc.		454,086
	4,800	Tiffany & Co.		159,360

				8,476,764

Textiles & Apparel — 0.4%
	12,900	Coach, Inc.^*		443,760
	4,100	Jones Apparel Group, Inc.		133,004
	3,500	Liz Claiborne, Inc.		138,285
	6,800	Nike, Inc. Class B		595,816
	3,200	VF Corp.		233,440

				1,544,305

Tobacco — 1.4%
	73,700	Altria Group, Inc.		5,641,735
	5,800	UST, Inc.		318,014

				5,959,749

Trading Companies & Distributors — 0.1%
	6,250	Genuine Parts Co.		269,563
	2,600	W.W. Grainger, Inc.		174,252

				443,815

Wireless — 0.0%
	3,285	Ciena Corp^*		89,516

TOTAL COMMON STOCKS			$	424,105,145


Principal		Interest			Maturity
Amount		Rate			Date	Value
U.S. Government Agency Obligation^(b) — 0.1%
United States Treasury Bill
$	500,000		4.80	%	12/07/2006	$	495,533
Repurchase Agreement^(c) — 0.8%
Joint Repurchase Agreement Account II
$	3,500,000		5.368	%	10/02/2006	$	3,500,000
Maturity Value: $3,501,566

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL						$	428,100,678


Shares		Description	Value
Securities Lending Collateral — 0.2%
	731,250	Boston Global Investment Trust — Enhanced Portfolio	$	731,250

TOTAL INVESTMENTS — 100.0%			$	428,831,928

OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				155,390

NET ASSETS — 100.0%			$	428,987,318

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) Security is segregated as collateral for initial margin requirement on futures transaction.

(c) Joint repurchase agreement was entered into on September 29, 2006. Additional information appears in the Notes to the Schedule of Investments section.

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



Investment Abbreviations:
AMBAC		— American Municipal Bond Assurance Corp.
REIT		— Real Estate Investment Trust

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2006, the following futures contracts were open as follows:

Number of

Settlement

Unrealized

Type

Contracts Long

Month

Market Value

Gain

S & P MINI 500 Index

December 2006

5,583,410

83,939

TAX INFORMATION — At September 30, 2006, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Tax Cost	$	356,566,486

Gross unrealized gain		89,473,040
Gross unrealized loss		(17,052,208	)

Net unrealized security gain	$	72,420,832

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2006 (Unaudited)


Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — 16.3%
Automotive — 0.2%
DaimlerChrysler NA
$	550,000		8.500	%	01/18/31	$	653,626

Banks — 4.0%
Asian Development Bank
	5,000,000		1.000		10/01/15		3,512,293
Commonwealth Bank of Australia^(a)(b)
	475,000		6.024		03/29/49		474,672
Greater Bay Bancorp Series B
	500,000		5.250		03/31/08		498,021
MUFG Capital Finance 1 Ltd.^(b)
	850,000		6.346		07/29/49		856,894
Nordbanken AB^(a)(b)
	2,100,000		8.950		11/29/49		2,301,016
Popular North America, Inc.
	1,425,000		5.650		04/15/09		1,431,379
Resona Bank Ltd.^(a)(b)
	1,250,000		5.850		09/29/49		1,222,051
Tokai Preferred Capital Co. LLC^(a)(b)
	1,250,000		9.980		12/29/49		1,339,978

							11,636,304

Building Materials — 0.1%
Lafarge SA
	275,000		6.150		07/15/11		280,904

Electric — 1.8%
Calenergy, Inc.
	1,250,000		7.520		09/15/08		1,301,863
CenterPoint Energy, Inc. Series B
	1,000,000		7.250		09/01/10		1,057,166
MidAmerican Energy Holdings Co.^(a)
	400,000		6.125		04/01/36		404,321
Pacific Gas & Electric Co.
	1,800,000		6.050		03/01/34		1,811,454
Progress Energy, Inc.
	250,000		5.625		01/15/16		249,833
	350,000		7.750		03/01/31		424,026

							5,248,663

Energy — 0.3%
Amerada Hess Corp.
	675,000		7.125		03/15/33		746,219

Entertainment — 0.3%
Time Warner Entertainment Co.
	750,000		8.375		03/15/23		864,897

Environmental — 0.3%
Waste Management, Inc.
	750,000		7.375		08/01/10		802,334

Financial Companies — 2.7%
Farmer Mac Guaranteed Notes Trust Series 2006-2^(a)
	4,400,000		5.500		07/15/11		4,491,212


Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — (continued)
Financial Companies — (continued)
GATX Financial Corp.
$	1,000,000		8.875	%	06/01/09	$	1,083,655
PHH Corp.
	1,225,000		6.000		03/01/08		1,227,065
Residential Capital Corp.
	1,000,000		6.125		11/21/08		1,003,913

							7,805,845

Food & Beverage — 0.3%
Nabisco, Inc.
	1,000,000		7.050		07/15/07		1,009,054

Gaming — 0.5%
Harrahs Operating Co., Inc.
	1,710,000		5.375		12/15/13		1,599,302
Park Place Entertainment Corp.
	11,000		8.500		11/15/06		11,030

							1,610,332

Life Insurance^(a) — 0.2%
Phoenix Life Insurance Co.
	450,000		7.150		12/15/34		474,265

Media — Cable — 0.6%
Cox Communications, Inc.
	1,750,000		4.625		01/15/10		1,705,135

Media — Non Cable^(a) — 0.2%
Viacom, Inc.
	300,000		5.750		04/30/11		299,402
	175,000		6.875		04/30/36		173,003

							472,405

Pipelines — 0.2%
Enterprise Products Operating LP
	450,000		5.600		10/15/14		440,329
	325,000		5.000		03/01/15		304,786

							745,115

Property/Casualty Insurance — 1.7%
AON Capital Trust A
	500,000		8.205		01/01/27		573,158
Arch Capital Group Ltd.
	475,000		7.350		05/01/34		517,491
Aspen Insurance Holdings Ltd.
	400,000		6.000		08/15/14		387,495
Endurance Specialty Holdings Ltd.
	1,000,000		6.150		10/15/15		986,183
Liberty Mutual Group^(a)
	700,000		6.500		03/15/35		667,782
	580,000		7.500		08/15/36		622,165
Marsh & McLennan Cos., Inc.
	600,000		5.150		09/15/10		591,144
	650,000		5.750		09/15/15		637,530

							4,982,948

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)


Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — (continued)
REITs — 0.4%
iStar Financial, Inc. Series B
$	1,300,000		5.700	%	03/01/14	$	1,292,430

Tobacco — 0.2%
Altria Group, Inc.
	525,000		7.750		01/15/27		635,677

Wireless Telecommunications — 1.5%
America Movil SA de CV
	1,000,000		5.500		03/01/14		972,040
AT&T Wireless Services, Inc.
	500,000		8.750		03/01/31		641,001
Cingular Wireless Services, Inc.
	675,000		7.875		03/01/11		739,188
GTE Corp.
	750,000		7.510		04/01/09		786,415
Nextel Communications, Inc.
	900,000		6.875		10/31/13		918,360
Telecom Italia Capital SA
	300,000		4.875		10/01/10		290,246

							4,347,250

Wirelines Telecommunications — 0.8%
Deutsche Telekom International Finance BV
	700,000		8.250		06/15/30		856,593
Embarq Corp.
	150,000		7.995		06/01/36		158,835
Sprint Capital Corp.
	125,000		6.875		11/15/28		126,597
Telecom Italia Capital
	225,000		4.000		01/15/10		213,190
	800,000		4.950		09/30/14		734,751
Telefonica Europe BV
	300,000		7.750		09/15/10		323,877

							2,413,843

TOTAL CORPORATE BONDS						$	47,727,246

Mortgage-Backed Obligations — 48.0%
Adjustable Rate FHLMC^(b) — 2.3%
$	286,101		6.500	%	12/01/31	$	292,941
	2,763,712		4.847		09/01/35		2,741,402
	3,841,622		4.730		10/01/35		3,736,682

							6,771,025

Adjustable Rate FNMA^(b) — 4.5%
	2,454,392		4.462		05/01/33		2,441,971
	1,742,444		3.852		10/01/33		1,729,738
	2,826,394		4.592		05/01/35		2,825,936
	3,377,215		5.357		09/01/35		3,385,579
	2,777,822		4.928		12/01/35		2,747,797

							13,131,021


Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate Non-Agency^(b) — 14.5%
Banc of America Commercial Mortgage, Inc. Series 2006-5, Class A4
$	1,500,000		5.414	%	09/10/16	$	1,507,571
Bear Stearns Mortgage Funding Trust Series 2006-AR1 Class 2A1
	2,492,785		5.544		08/25/36		2,492,785
Countrywide Alternative Loan Trust Series 2005-59, Class 1A2A
	1,372,866		5.706		11/20/35		1,376,954
Countrywide Alternative Loan Trust Series 2006-OA10 Class 4A1
	2,948,808		5.514		08/25/46		2,948,003
Countrywide Alternative Loan Trust Series 2006-OA16 Class A2
	4,989,902		5.520		10/25/46		4,989,902
Downey Savings & Loan Association Mortgage Loan Trust Series 2006-AR2, Class 2A1A
	2,236,764		5.530		11/19/37		2,236,764
Indymac Index Mortgage Loan Trust Series 2006-AR2, Class 1A1A
	2,335,760		5.550		04/25/46		2,337,679
Indymac Index Mortgage Loan Trust Series 2006-AR4 Class A1A
	2,376,005		5.540		05/25/46		2,377,309
Luminent Mortgage Trust Series 2006-2, Class A1A
	2,393,277		5.530		02/25/46		2,395,448
Merrill Lynch Mortgage Investors, Inc. Series 2005-A9, Class 2A1C
	3,000,000		5.170		12/25/35		2,978,109
Thornburg Mortgage Securities Trust Series 2006-4, Class A2B
	2,977,770		5.444		07/25/36		2,977,770
Thornburg Mortgage Securities Trust Series 2006-5, Class A1
	2,980,924		5.450		08/25/36		2,981,282
Washington Mutual, Inc. Series 2005-AR10, Class 1A3
	2,000,000		4.837		09/25/35		1,972,945
Washington Mutual, Inc. Series 2006-AR1,1 Class 1A
	3,885,217		5.624		09/25/46		3,886,893
Washington Mutual, Inc. Series 2006-AR11, Class 3A1A
	995,596		5.678		09/25/46		995,596
Washington Mutual, Inc. Series 2006-AR13, Class 1A
	2,000,000		5.443		10/25/46		2,000,000
WMALT Mortgage Pass-Through Certificates Series 2006-AR7, Class A1A
	1,952,508		5.352		09/25/46		1,952,508

							42,407,518

CMBS — 8.3%
Interest Only^(b)(c) — 4.3%
Banc of America Commercial Mortgage, Inc. Series 2005-6, Class A4
	3,000,000		5.182		09/10/47		2,981,714
GE Capital Commercial Mortgage Corp. Series 2005-C4, Class A4
	3,000,000		5.333		11/10/45		3,010,330
Morgan Stanley Capital I Series 2006-T21, Class A4
	3,500,000		5.162		10/12/52		3,456,054
Wachovia Bank Commercial Mortgage Trust Series 2005-C21, Class A4
	3,000,000		5.370		10/15/44		2,982,147

							12,430,245

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)


Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
CMBS — (continued)
Sequential Fixed Rate — 4.0%
Bear Stearns Commercial Mortgage Securities Series 1999-WF2 Class A2
$	2,700,000		7.080	%	07/15/31	$	2,808,705
GE Capital Commercial Mortgage Corp. Series 2002-1A, Class A3
	2,700,000		6.269		12/10/35		2,830,674
Morgan Stanley Dean Witter Capital I Series 2003-TOP9 Class A2
	2,700,000		4.740		11/13/36		2,628,300
J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2005-LDP2 Class A4
	1,500,000		4.738		07/15/42		1,437,591
LB-UBS Commercial Mortgage Trust Series 2006-C1, Class A4
	2,000,000		5.156		02/15/31		1,969,922

							11,675,192

TOTAL CMBS						$	24,105,437

CMOs — 1.7%
Interest Only^(d) — 0.0%
FNMA Series 2004-71, Class DI
	713,349		0.000		04/25/34		18,146
PAC — 1.5%
FHLMC
	4,230,212		6.500		10/01/34		4,329,061
Sequential Fixed Rate — 0.2%
FHLMC Series 2473, Class VM
	566,818		6.000		10/15/07		566,885

TOTAL CMOs						$	4,914,092

FHLB — 2.8%
	4,890		7.500		01/01/07		4,894
	135,346		7.000		08/01/10		137,459
	271		7.000		09/01/11		277
	18,190		7.000		11/01/11		18,549
	38,160		7.000		12/01/11		38,913
	141,008		7.500		06/01/15		146,862
	332,203		7.000		07/01/16		340,994
	1,875,362		5.500		02/01/18		1,879,016
	255,175		5.500		09/01/18		255,673
	1,461		7.500		10/01/18		1,465
	28,362		9.500		08/01/19		30,415
	257,928		5.000		02/01/20		253,297
	1,236		9.500		08/01/20		1,329
	433,488		6.500		10/01/20		445,941
	32,989		9.500		02/01/21		35,216
	3,280,859		5.000		06/01/23		3,183,310
	48,405		6.500		01/01/24		49,612
	313,886		6.500		12/01/27		322,802
	167,872		6.000		03/01/29		169,619
	2,238		6.000		04/01/29		2,259
	352,386		6.500		12/01/31		360,398


Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FHLB — (continued)
$	3,969		6.000	%	08/01/32	$	4,001
	517,682		7.000		12/01/32		532,702

							8,215,003

FHLMC — 5.5%
	133,323		5.500		04/01/18		133,583
	1,156,302		4.500		12/01/18		1,117,177
	4,032,692		5.000		12/01/18		3,972,968
	4,825,105		4.000		06/01/19		4,553,272
	5,446,198		5.000		11/01/19		5,365,539
	37,601		5.000		05/15/21		37,494
	93,292		7.500		12/01/29		96,243
	6,460		7.500		11/01/30		6,665
	799,368		7.000		05/01/32		822,561

							16,105,502

FNMA — 7.3%
	19,185		6.500		05/01/08		19,566
	6,192		8.500		07/01/08		6,265
	1,531		8.000		04/01/09		1,543
	4,284		9.000		02/01/10		4,283
	104,612		6.000		08/01/13		105,793
	54,475		7.500		01/01/14		54,657
	489,362		7.500		08/01/15		507,826
	130,989		6.000		04/01/16		133,147
	246,251		6.500		05/01/16		251,842
	369,600		6.500		09/01/16		377,993
	483,228		6.500		11/01/16		494,200
	125,283		6.000		12/01/16		127,243
	922,801		6.000		02/01/17		938,030
	180,169		7.500		04/01/17		187,167
	1,371,578		6.000		10/01/17		1,394,213
	1,243,913		5.500		02/01/18		1,246,298
	1,342,341		5.000		05/01/18		1,322,696
	129,700		6.500		08/01/18		132,379
	527,357		7.000		08/01/18		546,279
	4,827,119		4.000		09/01/18		4,577,286
	748		7.000		07/01/25		772
	29,793		7.500		10/01/25		30,950
	14,122		7.000		11/01/25		14,561
	93,966		9.000		11/01/25		102,030
	4,956		7.000		08/01/27		5,117
	28,995		7.000		09/01/27		29,934
	1,120		7.000		01/01/28		1,158
	6,973		7.500		03/01/28		7,194
	923,625		6.000		02/01/29		932,063
	539,867		6.000		03/01/29		544,571
	213,881		6.500		03/01/29		219,191
	458,382		6.000		05/01/29		462,223
	56,071		6.500		05/01/29		57,452
	1,314,145		6.000		06/01/29		1,325,155
	347,150		6.500		06/01/29		355,637
	155,274		6.500		07/01/29		159,099
	292,292		6.500		08/01/29		299,387
	7,914		7.000		09/01/29		8,161
	144,289		6.500		10/01/29		147,784
	120,402		8.000		10/01/29		127,628
	183,852		6.500		11/01/29		188,306

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)


Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	159,591		6.500	%	12/01/29	$	163,523
	61,162		7.000		12/01/29		63,006
	20,400		7.500		12/01/29		21,173
	9,413		7.500		04/01/30		9,710
	5,322		8.500		04/01/30		5,718
	62,508		7.500		05/01/30		64,522
	13,528		8.000		05/01/30		14,238
	574		8.500		06/01/30		617
	13,404		7.500		08/01/30		13,827
	40,711		7.500		09/01/30		41,994
	299,615		6.500		04/01/31		306,674
	59,468		7.000		05/01/32		61,165
	435,190		7.000		06/01/32		447,487
	534,487		7.000		08/01/32		549,590
	174,804		8.000		08/01/32		184,477
	1,990,767		4.500		TBA-15yr^(e)		1,920,897

							21,315,697

GNMA — 1.1%
	1,008		6.500		09/15/08		1,012
	93,494		7.000		03/15/12		95,096
	68,284		7.000		06/15/23		70,499
	22,961		7.000		10/15/25		23,828
	44,998		7.000		11/15/25		46,698
	4,776		7.000		02/15/26		4,937
	22,413		7.000		04/15/26		23,198
	9,882		7.000		03/15/27		10,218
	1,431		7.000		06/15/27		1,476
	26,412		7.000		10/15/27		27,243
	216,770		7.000		11/15/27		223,914
	12,869		7.000		01/15/28		13,274
	85,968		7.000		02/15/28		88,671
	42,963		7.000		03/15/28		44,374
	14,869		7.000		04/15/28		15,357
	1,708		7.000		05/15/28		1,762
	38,505		7.000		06/15/28		39,715
	63,118		7.000		07/15/28		65,105
	170,031		7.000		08/15/28		175,374
	67,527		7.000		09/15/28		69,728
	11,692		7.000		11/15/28		12,059
	6,329		7.500		11/15/30		6,541
	4,381		7.000		10/15/31		4,518
	1,508		7.000		12/15/31		1,557
	96,329		7.500		10/15/32		100,229
	1,934,143		6.000		08/20/34		1,952,828

							3,119,211

TOTAL MORTGAGE-BACKED OBLIGATIONS						$	140,084,506


Principal		Interest			Maturity
Amount		Rate			Date	Value
Agency Debentures — 25.0%
FHLB
$	16,000,000		4.000	%	03/10/08	$	15,774,832
	10,000,000		4.570		10/17/08		9,917,880
	10,000,000		5.823		05/06/09		10,205,690
	1,800,000		4.000		12/30/11		1,715,692


Principal		Interest			Maturity
Amount		Rate			Date	Value
Agency Debentures — (continued)
FHLB — (continued)
$	6,990,000		4.875	%	12/14/12	$	6,961,033
	5,000,000		4.750		11/14/14		4,923,725
FHLMC
	3,800,000		4.500		08/22/07		3,774,794
FNMA
	10,000,000		3.860		02/22/08		9,844,740
	5,000,000		4.500		06/01/10		4,913,055
Tennessee Valley Authority
	2,960,000		4.875	^(c)	12/15/06		2,958,290
	2,000,000		5.375		04/01/56		2,052,574

TOTAL AGENCY DEBENTURES						$	73,042,305

U.S. Treasury Obligations — 7.3%
United States Treasury Bonds
$	6,000,000		4.875	%	08/15/09	$	6,040,782
	1,400,000		4.500		02/15/36		1,341,484
United States Treasury Inflation Protected Securities
	775,523		1.875		07/15/13		755,439
	880,992		2.000		01/15/14		864,163
	1,295,388		2.000		07/15/14		1,269,581
	2,092,240		1.875		07/15/15		2,027,046
	2,821,196		2.500		07/15/16		2,877,620
United States Treasury Principal-Only Stripped Securities^(d)
	7,100,000		0.000		11/15/21		3,414,816
	5,000,000		0.000		11/15/24		2,080,050
	1,300,000		0.000		08/15/25		521,476

TOTAL U.S. TREASURY OBLIGATIONS
						$	21,192,457

TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT						$	282,046,514
Repurchase Agreement^(f) — 3.0%
Joint Repurchase Agreement Account II
$	8,900,000		5.368	%	10/02/06	$	8,900,000
Maturity Value: $8,903,981

TOTAL INVESTMENTS — 99.6%						$	290,946,514

OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%							1,176,149

NET ASSETS — 100.0%						$	292,122,663

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

(a) 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 $ 12,469,867, which represents approximately 4.3% of net assets as of September 30, 2006.

(b) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2006.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)

(c) Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset dates.

(d) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(e) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities amounts to $1,920,897 which represents approximately 0.7% of net assets as of September 30, 2006.

(f) Joint repurchase agreement was entered into on September 29, 2006. Additional information appears in the Notes to the Schedule of Investments section.

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



Investment Abbreviations:
CMBS		— Commercial Mortgage Backed Securities
CMO		— Collateralized Mortgage Obligations
FHLB		— Federal Home Loan Bank
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GNMA		— Government National Mortgage Association
PAC		— Planned Amortization Class
REIT		— Real Estate Investment Trust

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2006, the following futures contacts were open as follows:


	Number of
	Contracts	Settlement				Unrealized
Type	Long/(Short)	Month	Market Value			Gain (Loss)

Eurodollars	22	December 2006	$	5,206,575		$	2,539
Eurodollars	8	March 2007		1,896,500			1,673
Eurodollars	8	June 2007		1,899,700			2,073
Eurodollars	14	September 2007		3,329,375			4,590
Eurodollars	14	December 2007		3,332,350			5,290
Eurodollars	(4)	March 2008		(952,350	)		(14	)
Eurodollars	(4)	June 2008		(952,200	)		(14	)
U.S. Treasury Bonds	25	December 2006		2,810,156			26,518
2 Year U.S. Treasury Notes	(37)	December 2006		(7,566,500	)		8,558
5 Year U.S. Treasury Notes	233	December 2006		24,585,141			134,645
10 Year U.S. Treasury Notes	165	December 2006		17,830,312			159,922

			$	51,419,059		$	345,780

FOREIGN CURRENCY CONTRACTS — At September 30, 2006, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies as follows:


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

Australian Dollar		12/20/2006	$	4,209,109	$	4,119,148	$	—	$	89,961
British Pound		12/20/2006		7,277,468		7,231,492		—		45,976
Canadian Dollar		12/20/2006		688,000		686,535		—		1,465
Euro		12/20/2006		456,000		454,976		—		1,024
Japanese Yen		12/20/2006		456,000		452,557		—		3,443
New Zealand Dollar		12/20/2006		684,000		677,404		—		6,596
Norwegian Krone		12/20/2006		840,354		838,942		—		1,412
Swedish Krona		12/20/2006		1,888,960		1,877,333		—		11,627

TOTAL OPEN FORWARD FOREIGN CURRENCY PURCHASE CONTRACTS			$	16,499,891	$	16,338,387			$	161,504


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

Australian Dollar		12/20/2006	$	1,133,828	$	1,123,331	$	10,497	$	—
British Pound		12/20/2006		456,000		452,409		3,591		—
Canadian Dollar		12/20/2006		855,400		847,560		7,840		—
Canadian Dollar		12/20/2006		912,000		914,785		—		2,785

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)


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

Euro		12/20/2006		3,374,767		3,367,384		7,383		—
Japanese Yen		12/20/2006		6,332,962		6,297,854		35,108		—
New Zealand Dollar		12/20/2006		3,747,739		3,793,055		—		45,316
Swedish Krona		12/20/2006		456,000		452,112		3,888		—
Swiss Franc		12/20/2006		2,627,914		2,611,539		16,375		—

TOTAL OPEN FORWARD FOREIGN CURRENCY SALES CONTRACTS			$	19,896,610	$	19,860,029	$	84,682	$	48,101

TAX INFORMATION — At September 30, 2006, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Tax Cost	$	295,866,832

Gross unrealized gain		1,870,044
Gross unrealized loss		(5,614,213	)

Net unrealized security loss	$	(3,744,169	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Schedule of Investments

September 30, 2006 (Unaudited)


Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — 63.8%
Adjustable Rate FHLMC^(a) — 2.0%
$	921,237		4.847	%	09/01/35	$	913,800
	960,405		4.730		10/01/35		934,171

							1,847,971

Adjustable Rate FNMA^(a) — 4.5%
	818,131		4.462		05/01/33		813,990
	871,222		3.852		10/01/33		864,869
	1,413,197		4.585		05/01/35		1,412,968
	925,941		4.928		12/01/35		915,933

							4,007,760

Adjustable Rate Non-Agency^(a) — 9.9%
Bear Stearns Commercial Mortgage Securities Series 2006-PW12, Class A4
	500,000		5.896		09/11/38		517,108
Citigroup Commercial Mortgage Trust Series 2006-C4, Class A3
	500,000		5.911		03/15/49		515,603
Citigroup/Deutsche Bank Commercial Mortgage Trust
	1,000,000		5.400		07/15/44		996,620
Commercial Mortgage Pass Through Certificates Series 2006-C7, Class A4
	1,000,000		5.962		06/10/46		1,035,907
Countrywide Alternative Loan Trust Series 2005-59, Class 1A2A
	915,244		5.710		11/20/35		917,970
Downey Savings & Loan Association Mortgage Loan Trust Series 2006-AR2, Class 2A1A
	994,117		5.530		11/19/37		994,117
Indymac Index Mortgage Loan Trust Series 2006-AR2, Class 1A1A
	934,304		5.550		04/25/46		935,072
Luminent Mortgage Trust Series 2006-2, Class A1A
	957,311		5.530		02/25/46		958,179
Merrill Lynch Mortgage Investors, Inc. Series 2005-A9, Class 2A1C
	1,000,000		5.170		12/25/35		992,703
Washington Mutual, Inc. Series 2005-AR10, Class 1A3
	1,000,000		4.837		09/25/35		986,472

							8,849,751

CMBS — 5.6%
Sequential Fixed Rate — 5.6%
Banc of America Commercial Mortgage, Inc. Series 2006-4 Class A4
	1,000,000		5.634		07/10/46		1,020,225
Bear Stearns Mortgage Funding Trust Series 2006-AR1 Class 2A1^(a)
	997,114		5.544		08/25/36		997,114
Countrywide Alternative Loan Trust Series 2006-OA10 Class 4A1^(a)
	982,936		5.514		08/25/46		982,667
Thornburg Mortgage Securities Trust Series 2006-4, Class A2B^(a)
	992,590		5.444		07/25/36		992,590
Washington Mutual Series 2006-AR13, Class 1A^(a)
	1,000,000		5.443		10/25/46		1,000,000

TOTAL CMBS						$	4,992,596


Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
CMOs — 21.6%
Interest Only^(a)(c) — 0.0%
FNMA Series 2004-47, Class EI
$	446,723		0.00	%	06/25/34	$	16,873
FNMA Series 2004-62, Class DI
	188,152		0.00		07/25/33		7,071

							23,944

Non-Agency CMOs — 2.2%
Washington Mutual, Inc. Series 2006-AR11, Class 3A1A
	995,596		5.678		09/25/46		995,596
WMALT Mortgage Pass-Through Certificates Series 2006-AR7, Class A1A
	976,255		5.352		09/25/46		976,255

							1,971,851

PAC — 18.4%
FNMA Series 2003-32, Class PD
	7,000,000		4.000		07/25/22		6,923,779
FNMA Series 2003-70, Class BS
	5,056,226		4.000		04/25/22		4,985,785
FNMA Series 2719, Class GC
	4,580,000		5.500		06/15/26		4,528,242

							16,437,806

Principal Only^(b)(c) — 1.0%
FHLMC Series 235, Class PO
	576,925		0.00		02/01/36		422,058
FNMA Series 363, Class 1
	555,545		0.00		11/01/35		410,087

							832,145

TOTAL CMOs						$	19,265,746

FHLMC — 7.7%
	1,907		7.500		02/01/07		1,910
	1,971,500		4.500		12/01/18		1,904,792
	1,930,057		4.000		06/01/19		1,821,323
	1,670,669		4.500		06/01/19		1,614,140
	2,418		8.000		06/01/19		2,426
	15,617		10.000		03/01/21		17,058
	26,851		6.500		06/01/23		27,773
	1,427,380		6.500		10/01/34		1,460,734

							6,850,156

FNMA — 12.5%
	6,892		7.500		03/01/07		6,915
	919		8.000		04/01/09		926
	98,314		5.000		11/01/17		96,939
	425,700		5.000		12/01/17		419,744
	375,617		5.000		01/01/18		370,364

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)


Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	1,076,221		5.000	%	02/01/18	$	1,061,167
	315,361		5.000		03/01/18		310,817
	491,824		5.000		04/01/18		484,625
	186,195		5.000		05/01/18		183,470
	998,299		5.000		06/01/18		983,686
	30,197		5.000		07/01/18		29,755
	1,930,848		4.000		09/01/18		1,830,914
	612,474		5.000		11/01/18		603,509
	903,860		5.000		12/01/18		890,630
	1,010,665		5.000		04/01/19		995,872
	940,742		5.000		06/01/19		926,972
	987,109		4.500		01/01/20		953,731
	29,069		8.000		09/01/21		30,660
	1,000,000		7.000		TBA-15yr^(d)		1,026,094

							11,206,790

GNMA — 0.0%
	3,951		6.500		06/15/09		3,982
	20,086		7.000		06/15/12		20,631

							24,613

TOTAL MORTGAGE-BACKED OBLIGATIONS						$	57,045,383

Agency Debentures — 26.6%
FHLB
$	7,000,000		3.500	%	04/06/09	$	6,742,750
	4,500,000		4.000		12/19/11		4,260,742
	9,500,000		4.000		12/30/11		9,055,039
FNMA
	3,000,000		3.860		02/22/08		2,953,422
Tennessee Valley Authority
	700,000		5.375		04/01/56		718,401

TOTAL AGENCY DEBENTURES						$	23,730,354

U.S. Treasury Obligations — 4.2%
United States Treasury Inflation Protected Securities
$	221,578		1.875	%	07/15/13	$	215,840
	330,372		2.000		01/15/14		324,061
	431,796		2.000		07/15/14		423,194
	732,284		1.875		07/15/15		709,466
	705,299		2.500		07/15/16		719,405
United States Treasury Principal-Only Stripped Securities^(d)
	200,000		0.000		08/15/25		80,227
	500,000		0.000		11/15/21		240,137
	2,000,000		0.000		11/15/22		915,066
	400,000		0.000		11/15/26		151,032

TOTAL U.S. TREASURY OBLIGATIONS						$	3,778,428

TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT						$	84,554,165


Principal		Interest			Maturity
Amount		Rate			Date	Value
Repurchase Agreement^(e) — 4.5%
Joint Repurchase Agreement Account II
$	4,000,000		5.368	%	10/02/06	$	4,000,000
Maturity Value: $4,001,789

TOTAL INVESTMENTS — 99.1%						$	88,554,165

OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%							767,413

NET ASSETS — 100.0%						$	89,321,578

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

(a) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2006.

(b) Securities not registered under the Securities Act of 1933, as amended. Such securities have been determined to be illiquid by the Investment Adviser. At September 30, 2006, these securities amounted to $856,089 or approximately 1.0% of net assets.

(d) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities amounts to $1,026,094 which represents approximately 1.1% of net assets as of September 30, 2006.

(e) Joint repurchase agreement was entered into on September 29, 2006. Additional information appears in the Notes to the Schedule of Investments section.

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



Investment Abbreviations:
CMBS		— Commercial Mortgage Backed Securities
CMO		— Collateralized Mortgage Obligations
FHLB		— Federal Home Loan Bank
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GNMA		— Government National Mortgage Association
PAC		— Planned Amortization Class

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2006, the following futures contracts were open as follows:


	Number of
	Contracts	Settlement	Market			Unrealized
Type	Long (Short)	Month	Value			Gain (Loss)

Eurodollars	15	December 2006	$	3,549,938		$	2,446
Eurodollars	4	March 2007		948,250			836
Eurodollars	4	June 2007		949,850			1,036
Eurodollars	10	September 2007		2,378,125			3,279
Eurodollars	10	December 2007		2,380,250			3,779
Eurodollars	(2)	March 2008		(476,175	)		(7	)
Eurodollars	(4)	June 2008		(952,200	)		(14	)
U.S. Treasury Bonds	52	December 2006		5,845,125			86,030
2 Year U.S. Treasury Notes	(20)	December 2006		(4,090,000	)		3,168
5 Year U.S. Treasury Notes	20	December 2006		2,110,313			11,025
10 Year U.S. Treasury Notes	38	December 2006		4,106,375			30,205

			$	16,749,851		$	141,783

TAX INFORMATION — At September 30, 2006, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Tax Cost	$	88,916,976

Gross unrealized gain		498,233
Gross unrealized loss		(93,631	)

Net unrealized security loss	$	404,602

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Schedule of Investments

September 30, 2006 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Bank Note — 1.4%
National City Bank
$	3,000,000		4.79	%	01/16/2007	$	3,000,000
Commercial Paper and Corporate Obligations—41.6%
Adirondack Corp.
$	5,000,000		5.30	%	12/07/2006	$	4,950,681
Amstel Funding Corp.
	5,000,000		5.28		12/01/2006		4,955,267
Cancara Asset Securitization Ltd.
	5,978,000		5.28		11/22/2006		5,932,408
Citibank Credit Card Issuance Trust (Dakota Corp.)
	5,000,000		5.41		10/16/2006		4,988,729
Concord Minutemen Capital Co. LLC
	6,820,000		5.40		10/12/2006		6,808,747
Davis Square Funding VI (Delaware) Corp.
	5,000,000		5.32		11/02/2006		4,976,355
Fountain Square Commercial Funding Corp.
	6,000,000		5.38		10/18/2006		5,984,757
G Street Finance (Delaware) Corp.
	5,000,000		5.30		12/06/2006		4,951,417
Galaxy Funding, Inc.
	5,000,000		5.29		11/15/2006		4,966,969
Irish Life & Permanent PLC
	7,000,000		5.30		11/10/2006		6,958,778
KLIO III Funding Corp.
	5,000,000		5.29		10/23/2006		4,983,836
Mane Funding Corp.
	10,000,000		5.39		10/13/2006		9,982,033
Monument Gardens Funding
	5,000,000		5.29		11/08/2006		4,972,080
Scaldis Capital LLC
	9,300,000		5.39		10/25/2006		9,266,582
Swedbank AB
	5,000,000		5.28		11/15/2006		4,967,031
United Parcel Service of America, Inc.
	2,000,000		5.21		07/31/2007		1,912,298

TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	91,557,968


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost

Medium Term Note — 2.3%^(c)
Wal-Mart Stores, Inc.
$	5,000,000		5.50	%	07/16/2007	$	5,002,541
Variable Rate Obligations^(a) — 22.6%
Caja Madrid
$	5,000,000		5.37	%	01/19/2007	$	5,000,000
Credit Suisse First Boston, Inc.
	5,000,000		5.38	%	11/20/2006	$	5,000,000
Crown Point Capital Co. LLC
	5,000,000		5.34		12/08/2006		4,999,564
IBM Corp.^(c)
	10,000,000		5.32		10/10/2006		10,000,000
Lehman Brothers Holdings, Inc.
	5,000,000		5.37		11/27/2006		5,000,000
Lexington Parker Capital Corp.
	5,000,000		5.46		10/10/2006		4,999,898
Merrill Lynch & Co., Inc.
	2,000,000		5.34		10/16/2006		2,000,000
National City Bank of Indiana
	5,000,000		5.46		10/04/2006		4,999,984
Nordea Bank AB^(c)
	4,000,000		5.31		10/11/2006		4,000,000
Wells Fargo & Co
	4,000,000		5.32	%	10/03/2006	$	4,000,000

TOTAL VARIABLE RATE OBLIGATIONS						$	49,999,446

Yankee Certificates of Deposit — 11.3%
Deutsche Bank AG
$	2,000,000		4.80	%	01/29/2007	$	2,000,000
Deutsche Bank AG
	2,000,000		5.09		02/28/2007		2,000,000
Natexis Banques Populaires
	10,000,000		4.75		10/26/2006		9,995,090
Norinchukin Bank NY
	6,000,000		5.31		10/11/2006		5,999,999
Norinchukin Bank NY
	5,000,000		5.39		01/19/2007		5,000,000

TOTAL YANKEE CERTIFICATES OF DEPOSIT						$	24,995,089

TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT						$	174,555,044
Repurchase Agreement^(b) — 20.9%
Joint Repurchase Agreement Account II
$	46,000,000		5.37	%	10/02/2006	$	46,000,000
Maturity Value: $46,020,577

TOTAL INVESTMENTS — 100.1%						$	220,555,044

LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%							(212,289	)

NET ASSETS — 100.0%						$	220,342,755

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)

(a) Variable or floating rate security index is based on either Federal Funds, U.S. Treasury Bill, or LIBOR.

(b) Joint repurchase agreement was entered into on September 29, 2006. Additional information appears in the Notes to the Schedule of Investments section.

(c) 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 Advisor and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $19,002,541, which represents approximately 8.6% of net assets as of September 30, 2006.

Maturity dates represent either the stated date on the security or the next interest reset date for floating rate securities.

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

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

Schedule of Investments

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — 100.0%
Aerospace & Defense — 4.0%
	299,500	Northrop Grumman Corp.	$	20,386,965
	29,800	Raytheon Co.		1,430,698
	300,939	The Boeing Co.		23,729,040

				45,546,703

Banks — 8.8%
	777,522	Bank of America Corp.		41,651,854
	303,386	Hudson City Bancorp, Inc.		4,019,864
	87,800	Regions Financial Corp.		3,230,162
	449,200	U.S. Bancorp		14,922,424
	86,235	UnionBanCal Corp.		5,251,711
	37,300	Wachovia Corp.		2,081,340
	821,500	Wells Fargo & Co.		29,721,870

				100,879,225

Beverages — 0.1%
	51,800	Coca-Cola Enterprises, Inc.		1,078,994

Biotechnology — 2.3%
	150,590	Amgen, Inc.^*		10,771,703
	29,600	Celgene Corp.^*		1,281,680
	167,400	Genentech, Inc.^*		13,843,980

				25,897,363

Chemicals — 1.9%
	18,400	Ashland, Inc.		1,173,552
	436,800	Monsanto Co.		20,533,968

				21,707,520

Commercial Services & Supplies — 1.3%
	29,800	Global Payments, Inc.		1,311,498
	72,700	Manpower, Inc.		4,454,329
	52,247	Republic Services, Inc.		2,100,852
	198,288	Waste Management, Inc.		7,273,204

				15,139,883

Communications Equipment — 3.1%
	1,365,240	Cisco Systems, Inc.^*		31,400,520
	149,300	Motorola, Inc.		3,732,500

				35,133,020

Computers & Peripherals — 2.6%
	780,800	Hewlett-Packard Co.		28,647,552
	63,200	Western Digital Corp.^*		1,143,920

				29,791,472

Diversified Financials — 6.9%
	180,300	AmeriCredit Corp.^*		4,505,697
	24,300	Ameriprise Financial, Inc.		1,139,670
	125,414	Citigroup, Inc.		6,229,313
	129,700	Countrywide Financial Corp.		4,544,688
	716,000	J.P. Morgan Chase & Co.		33,623,360
	288,400	Merrill Lynch & Co., Inc.		22,558,648
	46,900	Moody’s Corp.		3,066,322


Shares		Description	Value
Common Stocks — (continued)
Diversified Financials — (continued)
	55,700	Principal Financial, Inc.	$	3,023,396

				78,691,094

Diversified Telecommunication Services — 3.5%
	662,000	AT&T, Inc.		21,554,720
	166,500	CenturyTel, Inc.		6,605,055
	149,085	Embarq Corp.		7,211,242
	285,401	Sprint Nextel Corp.		4,894,627

				40,265,644

Electric Utilities — 4.2%
	178,900	American Electric Power Co., Inc.		6,506,593
	452,100	PG&E Corp.		18,829,965
	32,700	Progress Energy, Inc.		1,483,926
	344,270	TXU Corp.		21,523,760

				48,344,244

Electrical Equipment — 0.5%
	79,300	Energizer Holdings, Inc.^*		5,708,807

Electronic Equipment & Instruments — 0.1%
	25,556	Waters Corp.^*		1,157,176

Energy Equipment & Services — 0.3%
	61,800	Schlumberger Ltd.		3,833,454

Food & Drug Retailing — 1.2%
	197,900	CVS Corp.		6,356,548
	107,100	Safeway, Inc.		3,250,485
	181,100	The Kroger Co.		4,190,654

				13,797,687

Food Products — 2.6%
	528,100	Archer-Daniels-Midland Co.		20,004,428
	37,279	Dean Foods Co.^*		1,566,464
	37,300	Kraft Foods, Inc.		1,330,118
	462,200	Tyson Foods, Inc.		7,339,736

				30,240,746

Healthcare Equipment & Supplies — 0.8%
	247,400	Applera Corp. — Applied Biosystems Group		8,191,414
	18,700	Becton, Dickinson and Co.		1,321,529

				9,512,943

Healthcare Providers & Services — 4.3%
	426,794	AmerisourceBergen Corp.		19,291,089
	50,400	Caremark Rx, Inc.		2,856,168
	16,800	CIGNA Corp.		1,954,176
	86,100	Express Scripts, Inc.^*		6,499,689
	42,269	Humana, Inc.^*		2,793,558
	300,600	McKesson Corp.		15,847,632

				49,242,312

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

Schedule of Investments (continued)

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks— (continued)
Hotels, Restaurants & Leisure — 1.1%
	160,600	Darden Restaurants, Inc.	$	6,820,682
	172,200	Starbucks Corp.^*		5,863,410

				12,684,092

Household Products — 1.4%
	253,865	Procter & Gamble Co.		15,734,553

Industrial Conglomerates — 3.2%
	730,288	General Electric Co.		25,779,166
	145,846	Reynolds American, Inc.^(a)		9,038,077
	86,600	Tyco International Ltd.		2,423,934

				37,241,177

Insurance — 6.7%
	68,030	AMBAC Financial Group, Inc.		5,629,482
	539,100	Genworth Financial, Inc.		18,873,891
	516,500	Loews Corp.		19,575,350
	305,263	MBIA, Inc.^(a)		18,755,359
	15,395	Nationwide Financial Services, Inc.		740,500
	103,500	Radian Group, Inc.		6,210,000
	58,600	The Chubb Corp.		3,044,856
	120,750	W.R. Berkley Corp.		4,273,342

				77,102,780

IT Consulting & Services — 2.4%
	394,200	Computer Sciences Corp.^*		19,363,104
	185,500	First Data Corp.		7,791,000

				27,154,104

Machinery — 0.7%
	127,196	Caterpillar, Inc.		8,369,497

Marine — 0.1%
	25,800	Overseas Shipholding Group, Inc.		1,593,666

Media — 6.8%
	516,930	CBS Corp. Class B		14,561,918
	429,254	Clear Channel Communications, Inc.		12,383,978
	46,100	Comcast Corp.^*		1,698,785
	46,800	Liberty Media Holding Corp. — Capital^*		3,911,076
	176,440	The McGraw-Hill Companies., Inc.		10,238,813
	299,686	The Walt Disney Co.		9,263,294
	1,421,529	Time Warner, Inc.		25,914,474

				77,972,338

Metals & Mining — 0.3%
	21,800	Newmont Mining Corp.		931,950
	50,100	Nucor Corp.		2,479,449

				3,411,399


Shares		Description	Value
Common Stocks — (continued)
Multiline Retail — 0.5%
	182,400	Dillard’s, Inc.	$	5,969,952

Oil & Gas — 9.1%
	43,736	Anadarko Petroleum Corp.		1,916,949
	333,100	Devon Energy Corp.		21,035,265
	834,866	Exxon Mobil Corp.		56,019,508
	60,500	Holly Corp.		2,621,465
	20,600	Marathon Oil Corp.		1,584,140
	26,700	Occidental Petroleum Corp.		1,284,537
	232,900	Sunoco, Inc.		14,484,051
	129,500	XTO Energy, Inc.		5,455,835

				104,401,750

Pharmaceuticals — 6.4%
	188,482	Johnson & Johnson		12,240,021
	530,500	Merck & Co., Inc.		22,227,950
	1,333,215	Pfizer, Inc.		37,809,977
	26,600	Wyeth		1,352,344

				73,630,292

Real Estate — 1.0%
	20,900	AMB Property Corp. (REIT)		1,151,799
	29,300	Boston Properties, Inc. (REIT)		3,027,862
	70,300	Equity Office Properties Trust (REIT)		2,795,128
	101,983	New Century Financial Corp. (REIT)^(a)		4,008,952

				10,983,741

Road & Rail — 1.3%
	192,800	CSX Corp.		6,329,624
	183,000	Norfolk Southern Corp.		8,061,150

				14,390,774

Semiconductor Equipment & Products — 3.8%
	1,097,200	Micron Technology, Inc.^*		19,091,280
	719,152	Texas Instruments, Inc.		23,911,804

				43,003,084

Software — 3.1%
	1,123,840	Microsoft Corp.		30,714,547
	266,611	Synopsys, Inc.^*		5,257,569

				35,972,116

Specialty Retail — 2.8%
	477,394	AutoNation, Inc.^*		9,977,535
	278,456	Circuit City Stores, Inc.		6,992,030
	352,388	Office Depot, Inc.^*		13,989,803
	49,400	United Rentals, Inc.^*		1,148,550

				32,107,918

Textiles & Apparel — 0.2%
	62,002	Jones Apparel Group, Inc.		2,011,345

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

Schedule of Investments (continued)

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Tobacco — 0.5%
	105,067	UST, Inc.^(a)	$	5,760,824

Wireless Telecommunication Services — 0.1%
	10,700	United States Cellular Corp.^*		638,790

TOTAL COMMON STOCKS			$	1,146,102,479
Securities Lending Collateral — 1.9%
	22,113,900	Boston Global Investment Trust — Enhanced Portfolio	$	22,113,900

TOTAL INVESTMENTS — 101.9%			$	1,168,216,379

LIABILITIES IN EXCESS OF OTHER ASSETS — (1.9)%				(21,771,912	)

NET ASSETS — 100.0%			$	1,146,444,467

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.

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



Investment Abbreviation:
REIT		— Real Estate Investment Trust

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

Schedule of Investments (continued)

September 30, 2006 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2006, the following futures contracts were open as follows:

Number of

Settlement

Unrealized

Type

Contracts Long

Month

Market Value

Gain

S & P MINI 500 Index

December 2006

67,270

956

TAX INFORMATION — At September 30, 2006, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Tax Cost	$	1,046,177,713

Gross unrealized gain		128,314,433
Gross unrealized loss		(6,275,767	)

Net unrealized security gain	$	122,038,666

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — 99.4%
Aerospace & Defense — 1.7%
	9,200	Cubic Corp.	$	180,136
	9,337	Ladish Co., Inc.^*		269,653
	10,400	Triumph Group, Inc.		440,440
	44,600	United Industrial Corp.^(a)		2,386,100

				3,276,329

Auto Components — 0.4%
	54,100	ArvinMeritor, Inc.		770,384

Banks — 8.1%
	4,112	Cascade Bancorp.		154,406
	18,483	Cathay General Bancorp.		667,236
	36,400	Central Pacific Financial Corp.		1,331,512
	47,800	Chittenden Corp.		1,371,382
	7,800	Citizens First Bancorp, Inc.		198,588
	8,700	City National Corp.		583,422
	6,710	Community Trust Bancorp, Inc.		252,631
	27,400	Corus Bankshares, Inc.^(a)		612,664
	11,875	CVB Financial Corp.		175,394
	20,800	Downey Financial Corp.		1,384,032
	5,200	East West Bancorp, Inc.		205,972
	249	First Bancorp^(a)		5,075
	6,400	First Citizens BancShares, Inc.		1,223,040
	8,000	First Indiana Corp.		208,080
	2,793	First Regional Bancorp^*		95,158
	606	First South Bancorp, Inc.^(a)		18,538
	10,352	FirstFed Financial Corp.^*(a)		587,165
	12,600	Frontier Financial Corp.		326,844
	36,331	Greater Bay Bancorp		1,024,897
	57,261	Hanmi Financial Corp.		1,122,316
	3,975	IBERIABANK Corp.		242,475
	14,651	Intervest Bancshares Corp.^*		638,198
	9,300	MetroCorp Bancshares, Inc.		211,017
	34,500	PFF Bancorp, Inc.		1,277,880
	8,300	Placer Sierra Bancshares		184,343
	10,338	Preferred Bank		619,970
	2,377	Provident Financial Services, Inc.		43,998
	210	Shore Bancshares, Inc.		6,037
	10,300	Umpqua Holdings Corp.		294,580
	10,100	United Bankshares, Inc.		375,922
	15,700	Virginia Commerce Bancorp, Inc.^*(a)		348,540

				15,791,312

Beverages — 0.0%
	1,000	National Beverage Corp.		11,910

Biotechnology — 3.9%
	65,100	Albany Molecular Research, Inc.^*		609,336
	168,400	Alkermes, Inc.^*		2,669,140
	91,700	Applera Corp. — Celera Genomics Group^*		1,276,464
	38,875	Cephalon, Inc.^*(a)		2,400,531


Shares		Description	Value
Common Stocks — (continued)
Biotechnology — (continued)
	70,200	Millennium Pharmaceuticals, Inc.^*	$	698,490

				7,653,961

Chemicals — 2.7%
	16,400	A. Schulman, Inc.		385,564
	32,698	CF Industries Holdings, Inc.		558,155
	14	Innospec, Inc.		416
	49,194	NewMarket Corp.		2,861,123
	17,700	OM Group, Inc.^*		777,738
	92,800	PolyOne Corp.^*		773,024

				5,356,020

Commercial Services & Supplies — 5.0%
	342	Amrep Corp.		16,714
	13,740	Arbitron, Inc.		508,517
	13,466	Atlas Air Worldwide Holdings, Inc.^*		586,040
	14,500	Consolidated Graphics, Inc.^*		872,465
	16,937	CPI Corp.		822,122
	32,900	CSG Systems International, Inc.^*		869,547
	25,900	Global Payments, Inc.		1,139,859
	9,300	Layne Christensen Co^*		265,701
	18,700	PHH Corp.^*		512,380
	21,315	Pre-Paid Legal Services, Inc.^(a)		845,566
	41,474	SITEL Corp.^*		124,837
	122,591	Spherion Corp.^*		876,526
	47,400	TeleTech Holdings, Inc.^*		740,862
	3,471	The Brink’s Co.		184,171
	37,674	Volt Information Sciences, Inc.^*		1,339,311

				9,704,618

Communications Equipment — 3.5%
	8,334	Anaren, Inc.^*		175,597
	335,307	Brocade Communications Systems, Inc.^*		2,367,268
	53,144	Carrier Access Corp^*		377,322
	36,500	DSP Group, Inc.^*		834,025
	26,763	InterDigital Communications Corp.^*		912,618
	30,600	Oplink Communications, Inc.^*		611,388
	6,500	Optical Communication Products, Inc.^*		12,805
	59,900	Polycom, Inc.^*		1,469,347

				6,760,370

Computers & Peripherals — 0.3%
	14,775	Intergraph Corp.^*		633,552

Construction & Engineering — 1.5%
	53,000	EMCOR Group, Inc.^*		2,906,520

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Distributor — 0.1%
	9,729	Brightpoint, Inc.^*	$	138,346

Diversified Financials — 3.0%
	9,300	AmeriCredit Corp.^*		232,407
	77,700	CBIZ, Inc.^*		567,210
	319	Credit Acceptance Corp.^*		9,468
	21,177	EZCORP, Inc.^*		819,126
	4,200	Investment Technology Group, Inc.^*		187,950
	34,100	Knight Capital Group, Inc.^*		620,620
	3,400	Piper Jaffray Cos., Inc.^*		206,108
	12,400	SEI Investments Co.		696,756
	55,823	World Acceptance Corp.^*		2,455,096

				5,794,741

Diversified Telecommunication Service — 0.4%
	36,809	CT Communications, Inc.		799,491

Electric Utilities — 1.5%
	10,600	Alliant Energy Corp.		378,738
	8,900	Avista Corp.		210,752
	3,406	Central Vermont Public Service Corp.		75,307
	53,491	NorthWestern Corp.		1,871,115
	7,800	Pepco Holdings, Inc.		188,526
	20,200	Reliant Energy, Inc.^*		248,662

				2,973,100

Electrical Equipment — 2.0%
	55,600	A.O. Smith Corp.		2,192,308
	34,100	Encore Wire Corp.^*(a)		1,203,389
	6,100	Superior Essex, Inc.^*		208,925
	701	The Genlyte Group, Inc.^*		49,911
	8,976	Woodward Governor Co.		301,055

				3,955,588

Electronic Equipment & Instruments — 1.8%
	16,500	Coherent, Inc.^*		571,890
	29,400	Exar Corp.^*		390,726
	60,100	Greatbatch, Inc.^*		1,359,462
	25,419	MTS Systems Corp.		822,051
	76	Plexus Corp.^*		1,459
	8,010	Tech Data Corp.^*		292,605

				3,438,193

Energy Equipment & Services — 0.6%
	5,100	Tidewater, Inc.		225,369
	11,200	Trico Marine Services, Inc.^*		378,000
	2,900	Universal Compression Holdings, Inc.^*		155,005
	5,423	Veritas DGC, Inc.^*		356,942

				1,115,316

Environmental Control — 0.1%
	3,839	Waste Industries USA, Inc.		103,768


Shares		Description	Value
Common Stocks — (continued)
Food & Drug Retailing — 2.3%
	32,500	Flowers Foods, Inc.	$	873,600
	50,832	Longs Drug Stores Corp.		2,338,781
	12,500	Ruddick Corp.		325,375
	12,177	Spartan Stores, Inc.		205,791
	93,383	Terra Industries, Inc.^*		719,983

				4,463,530

Food Products — 1.6%
	27,500	Imperial Sugar Co.		855,800
	10,500	J & J Snack Foods Corp.		326,550
	438	Seaboard Corp.		527,790
	17,400	TreeHouse Foods, Inc.^*		411,510
	22,569	USANA Health Sciences, Inc.^*(a)		1,006,352

				3,128,002

Gas Utilities — 0.1%
	4,883	ONEOK, Inc.		184,529

Healthcare Equipment & Supplies — 3.1%
	11,300	Bio-Rad Laboratories, Inc.^*		799,249
	85,512	Illumina, Inc.^*		2,825,316
	83,700	Immucor, Inc.^*		1,875,717
	21,600	Noven Pharmaceuticals, Inc.^*		520,992
	1,839	Zoll Medical Corp.^*		66,002

				6,087,276

Healthcare Providers & Services — 3.2%
	20,718	Adeza Biomedical Corp^*		339,982
	31,900	Alderwoods Group, Inc.^*		632,577
	63,900	AMERIGROUP Corp.^*		1,888,245
	35,900	Genesis HealthCare Corp.^*		1,709,917
	45,491	Molina Healthcare, Inc.^*		1,608,562

				6,179,283

Hotels, Restaurants & Leisure — 2.9%
	13,017	Bob Evans Farms, Inc.		394,155
	44,900	Choice Hotels International, Inc.		1,836,410
	4,024	Dover Downs Gaming & Entertainment, Inc.		48,892
	20,500	Landry’s Restaurants, Inc.		618,075
	79,100	Papa John’s International, Inc.^*		2,856,301
	161	The Marcus Corp.		3,698

				5,757,531

Household Durables — 1.4%
	100,200	American Greetings Corp.		2,316,624
	23,800	Kimball International, Inc. Class B		459,340
	8	Toro Co.		337

				2,776,301

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Insurance — 3.8%
	10,400	American Physicians Capital, Inc.^*	$	503,152
	5,600	FBL Financial Group, Inc.		187,432
	42,500	LandAmerica Financial Group, Inc.		2,796,075
	117,500	Meadowbrook Insurance Group. Inc.^*		1,323,050
	1,300	National Western Life Insurance Co.		298,857
	39,000	Seabright Insurance Holdings^*		544,830
	10,300	Selective Insurance Group, Inc.		541,883
	35,260	Stewart Information Services Corp.		1,225,990

				7,421,269

Internet Software & Services — 3.4%
	12,600	Altiris Inc^*		265,734
	30,700	Digital Insight Corp.^*		900,124
	55,200	InfoSpace, Inc.^*		1,017,888
	27,800	Interwoven, Inc.^*		306,634
	267,511	RealNetworks, Inc.^*		2,838,292
	55,679	SonicWALL, Inc.^*		608,014
	32,700	The Knot, Inc.^*		723,651

				6,660,337

IT Consulting & Services — 1.1%
	69,313	Agilysys, Inc.		973,155
	70,300	BearingPoint, Inc.^*		552,558
	26,500	Sykes Enterprises Inc^*		539,275

				2,064,988

Leisure Equipment & Products — 0.7%
	18,500	M&F Worldwide Corp^*		271,950
	48,100	Marvel Entertainment, Inc.^*		1,161,134

				1,433,084

Machinery — 1.7%
	1,700	Ampco-Pittsburgh Corp.		52,581
	12,100	EnPro Industries, Inc.^*		363,726
	16,400	NACCO Industries, Inc.		2,228,924
	13,600	SPX Corp.		726,784

				3,372,015

Marine — 0.6%
	17,535	Overseas Shipholding Group, Inc.		1,083,137

Media — 0.9%
	36,000	Belo Corp.		569,160
	21,000	Catalina Marketing Corp.		577,500
	12,600	Cox Radio, Inc.^*		193,410
	14,500	Scholastic Corp.^*		451,675

				1,791,745


Shares		Description	Value
Common Stocks — (continued)
Metals & Mining — 1.5%
	7,100	Olympic Steel, Inc.	$	176,506
	101,400	Ryerson Tull, Inc.^(a)		2,219,646
	56,900	USEC, Inc.^*		548,516

				2,944,668

Multiline Retail — 1.7%
	82,300	Big Lots, Inc.^*		1,630,363
	36,600	Dillard’s, Inc.		1,197,918
	27,976	Retail Ventures, Inc.^*		431,110

				3,259,391

Office Electronics — 1.5%
	218,811	IKON Office Solutions, Inc.		2,940,820

Oil & Gas — 2.6%
	6,000	Berry Petroleum Co.		168,960
	42,204	Holly Corp.		1,828,699
	5,300	St. Mary Land & Exploration Co.		194,563
	71,100	Swift Energy Co.^*		2,973,402

				5,165,624

Personal Products — 0.2%
	15,500	NBTY, Inc.^*		453,685

Pharmaceuticals — 2.4%
	91,700	Alpharma, Inc.		2,144,863
	1,014	Caraco Pharmaceutical Laboratories Ltd.^*		10,302
	93,100	King Pharmaceuticals, Inc.^*		1,585,493
	38,844	Pain Therapeutics, Inc.^*(a)		334,836
	24,700	Watson Pharmaceuticals, Inc.^*		646,399

				4,721,893

Real Estate — 8.1%
	86,263	American Home Mortgage Investment Corp. (REIT)		3,007,991
	112,759	Anthracite Capital, Inc. (REIT)		1,450,081
	63,789	Commercial Net Lease Realty		1,377,842
	12,700	FelCor Lodging Trust, Inc. (REIT)		254,635
	20,900	Franklin Street Properties Corp		415,074
	15,159	Gramercy Capital Corp. (REIT)		382,158
	9,900	HRPT Properties Trust (REIT)		118,305
	17,400	iStar Financial, Inc.		725,580
	14,196	Jones Lang LaSalle, Inc.		1,213,474
	646	Medical Properties Trust, Inc. (REIT)		8,650
	16,965	National Health Investors, Inc. (REIT)		480,619
	61,400	New Century Financial Corp. (REIT)^(a)		2,413,634

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)


Shares		Description	Value
Common Stocks — (continued)
Real Estate — (continued)
	18,700	RAIT Investment Trust (REIT)	$	539,495
	101,700	Senior Housing Properties Trust (REIT)		2,170,278
	105,800	Spirit Finance Corp. (REIT)		1,228,338

				15,786,154

Road & Rail — 2.2%
	48,800	Dollar Thrifty Automotive Group, Inc.^*		2,175,016
	12,000	P.A.M. Transportation Services, Inc.^*		300,720
	28,200	Saia, Inc.^*		919,320
	43,660	U. S. Xpress Enterprises, Inc.^*		1,010,729

				4,405,785

Semiconductor Equipment & Products — 3.1%
	275,040	Atmel Corp.^*		1,661,241
	94,175	Cirrus Logic, Inc.^*		686,536
	173,965	MPS Group, Inc.^*		2,628,611
	219,035	TriQuint Semiconductor, Inc.^*		1,138,982

				6,115,370

Software — 3.8%
	33,700	Ansoft Corp.^*		839,467
	10,213	ANSYS, Inc.^*		451,210
	16,800	Blackbaud, Inc.		369,432
	5,082	Gerber Scientific, Inc.^*		76,129
	39,900	JDA Software Group, Inc.^*		615,258
	20,300	Mentor Graphics Corp.^*		285,824
	29,400	MicroStrategy, Inc.^*		2,993,802
	24,800	SPSS, Inc.^*		618,264
	51,700	Synopsys, Inc.^*		1,019,524
	23,959	Ulticom, Inc.^*		249,413

				7,518,323

Specialty Retail — 5.6%
	52,600	Asbury Automotive Group, Inc.		1,083,560
	48,000	Christopher & Banks Corp.		1,415,040
	32,206	Dress Barn, Inc.^*(a)		702,735
	40,032	Group 1 Automotive, Inc.		1,997,597
	26,700	Lithia Motors, Inc.		660,024
	92,625	Payless ShoeSource, Inc.^*		2,306,362
	436	Shoe Carnival, Inc.^*		10,996
	20,300	Sonic Automotive, Inc.		468,727
	23,150	Stage Stores, Inc.		679,221
	17,200	United Auto Group, Inc.		402,480
	55,200	United Rentals, Inc.^*		1,283,400

				11,010,142

Textiles & Apparel — 2.6%
	56,800	Brown Shoe Co.		2,035,712
	25,000	Jones Apparel Group, Inc.		811,000


Shares		Description	Value
Common Stocks — (continued)
Textiles & Apparel — (continued)
	60,100	Kellwood Co.^(a)	$	1,732,683
	8,400	Perry Ellis International, Inc.^*		259,392
	9,467	Skechers U.S.A., Inc.^*		222,569

				5,061,356

Wireless — 0.0%
	993	Lightbridge, Inc.^*		11,638

Wireless Telecommunication Services — 0.7%
	12,500	Leap Wireless International, Inc.^*		606,125
	20,300	Syniverse Holdings, Inc.^*		304,500
	20,049	USA Mobility, Inc.		457,919

				1,368,544

TOTAL COMMON STOCKS			$	194,349,939
Securities Lending Collateral — 7.1%
	13,865,550	Boston Global Investment Trust — Enhanced Portfolio	$	13,865,550

TOTAL INVESTMENTS — 106.5%			$	208,215,489

LIABILITIES IN EXCESS OF OTHER ASSETS — (6.5)%				(12,647,572	)

NET ASSETS — 100.0%			$	195,567,917

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.

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



Investment Abbreviation:
REIT		— Real Estate Investment Trust

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

September 30, 2006 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

Futures Contracts — At September 30, 2006, the following futures contracts were open as follows:

Number of

Settlement

Unrealized

Type

Contracts Long

Month

Market Value

Loss

Russell MINI 2000 Index

December 2006

878,520

(1,424

)

TAX INFORMATION — At September 30, 2006, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Tax Cost	$	188,350,833

Gross unrealized gain		23,845,897
Gross unrealized loss		(3,981,241	)

Net unrealized security gain	$	19,864,656

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).

The Goldman Sachs Variable Insurance Trust U.S. Equity Flex Fund has not commenced operations as of September 30, 2006.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2006

NOTES TO THE SCHEDULE OF INVESTMENTS (UNAUDITED)

Investment Valuation — Investments in equity securities traded on a foreign securities exchange are valued daily at fair value determined by an independent fair value 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 equity 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 fair value 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, such 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 the 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 not to reflect market value 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.

Forward Foreign Currency Exchange Contracts — The Funds may enter into forward foreign currency contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge or cross-hedge against either specific transactions or portfolio positions. The Funds may also purchase and sell forward contracts to seek to increase total return. All commitments are “marked-to-market” daily at the applicable translation rates. The Funds record realized gains or losses at the time a forward contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. At September 30, 2006, the Funds had segregated sufficient cash and/or securities to cover any commitments under these contracts.

Futures Contracts — The Funds may enter into futures transactions to hedge against changes in interest rates, securities prices, currency exchange rates or to seek to increase total return. Futures contracts are valued at the last settlement price or in the absence of a sale, the last bid price, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the Funds are required to segregate cash or securities equal to the minimum “initial margin” requirement of the associated futures exchange. Subsequent payments for futures contracts (“variation margin”) are paid or received by the Funds, dependent on the fluctuations in the value of the contracts, and are recorded for financial reporting purposes as unrealized gains or losses. When contracts are closed, the Funds realize a gain or loss which is reported in the Statement of Operations.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2006

NOTES TO THE SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

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

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other registered investment companies having management agreements with Goldman Sachs Asset Management, L.P. (“GSAM”), or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements.

At September 30, 2006, the Funds had undivided interests in the Joint Repurchase Agreement Account II, as follows:


	Principal
Fund	Amount

Capital Growth	$	4,600,0000

Growth and Income		20,200,000

Mid Cap Value		68,100,000

Growth Opportunities		500,000

Equity Index		3,500,000

Core Fixed Income		8,900,000

Government Income		4,000,000

Money Market		46,000,000


	Principal		Interest			Maturity		Maturity
Repurchase Agreements	Amount		Rate			Date		Value

Banc of America Securities LLC	$	3,500,000,000		5.37	%		10/02/2006	$	3,501,566,250

Barclays Capital, Inc.		3,500,000,000		5.37	%		10/02/2006		3,501,566,250

Bear Stearns		500,000,000		5.35	%		10/02/2006		500,222,917

Credit Suisse First Boston LLC		250,000,000		5.35	%		10/02/2006		250,111,458

Deutsche Bank Securities, Inc.		650,200,000		5.37	%		10/02/2006		650,490,965

Greenwich Capital Markets		300,000,000		5.37	%		10/02/2006		300,134,250

Morgan Stanley & Co.		1,550,000,000		5.36	%		10/02/2006		1,550,692,333

UBS Securities LLC		1,775,000,000		5.37	%		10/02/2006		1,775,794,312

UBS Securities LLC		275,000,000		5.40	%		10/02/2006		275,123,750

Wachovia Bank		250,000,000		5.37	%		10/02/2006		250,111,875

TOTAL	$	12,550,200,000						$	12,555,814,360

At September 30, 2006, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 0.00% to 6.63%, due 10/12/2006 to 05/18/2016; Federal Home Loan Mortgage Association, 0.00% to 9.50%, due 10/02/2006 to 10/01/2036; Federal National Mortgage Association, 0.00% to 11.50%, due 10/02/2006 to 10/01/2036; Government National Mortgage Association, 4.50% to 9.00%, due 04/15/2007 to 09/20/2036 and U.S. Treasury Bonds, 4.36% to 6.79% due 01/05/2007 to 06/15/2015. The aggregate market value of the collateral, including accrued interest, was $13,453,445,137.

Securities Lending — Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Boston Global Advisers (“BGA”), a wholly-owned subsidiary of Goldman, Sachs & Co. (“Goldman Sachs”), to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ security lending procedures, the loans are collateralized at all times with cash and/or securities with a market value at least equal to the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds bear the risk of delay on recovery or loss of rights in the collateral should the borrower of the securities fail financially.

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

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

Treasury Inflation-Protected Securities — The Funds may invest in Treasury Inflation-Protected Securities (“TIPS”), specially structured bonds for which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index (“CPI”). The adjustments for interest income due to inflation are reflected in interest income in the Statements of Operations. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

Item 1. Schedule of Investments.

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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

SIGNATURES

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


(Registrant)	Goldman Sachs Variable Insurance Trust

By (Signature and Title)*		/s/ KAYSIE UNIACKE, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER

Date November 29, 2006

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 29, 2006

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

Date November 29, 2006

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


Shares		Description	Value
Common Stocks — 100.3%
Aerospace & Defense — 1.6%
	138,430	United Technologies Corp.	$	8,769,541

Apparel/Shoes — 0.4%
	110,000	Chico’s FAS, Inc.^*		2,368,300

Audio & Visual Equipment — 1.2%
	81,220	Harman International Industries, Inc.		6,776,997

Beverages — 4.3%
	132,380	Fortune Brands, Inc.		9,943,062
	212,800	PepsiCo., Inc.		13,887,328

				23,830,390

Biotechnology — 5.2%
	193,354	Amgen, Inc.^*		13,830,612
	68,600	Genentech, Inc.^*		5,673,220
	301,400	MedImmune, Inc.^*		8,803,894

				28,307,726

Commercial Services — 3.6%
	112,890	Moody’s Corp.		7,380,748
	209,950	The McGraw-Hill Companies., Inc.		12,183,399

				19,564,147

Computer Hardware — 1.1%
	484,500	EMC Corp.^*		5,804,310

Computer Services — 3.1%
	63,700	CheckFree Corp.^*		2,632,084
	346,291	First Data Corp.		14,544,222

				17,176,306

Computer Software — 6.2%
	199,725	Electronic Arts, Inc.^*		11,120,688
	828,368	Microsoft Corp.		22,639,297

				33,759,985

Drugs & Medicine — 4.2%
	128,512	Celgene Corp.^*		5,564,570
	220,284	Pfizer, Inc.		6,247,254
	281,800	Schering-Plough Corp.		6,224,962
	93,035	Wyeth		4,729,899

				22,766,685

Financials — 6.6%
	11,400	Chicago Mercantile Exchange Holdings, Inc.		5,452,050
	61,400	Franklin Resources, Inc.		6,493,050
	51,600	Legg Mason, Inc.		5,204,376
	63,135	Merrill Lynch & Co., Inc.		4,938,420
	89,945	Morgan Stanley		6,557,890
	426,330	The Charles Schwab Corp.		7,631,307

				36,277,093


Shares		Description	Value
Common Stocks — (continued)
Foods — 0.4%
	41,900	The Hershey Co.	$	2,239,555

Gaming/Lodging — 2.3%
	104,220	Harrah’s Entertainment, Inc.		6,923,335
	145,860	Marriott International, Inc.		5,636,030

				12,559,365

Health Care Services — 0.7%
	83,700	Omnicare, Inc.^(a)		3,606,633

Internet & Online — 5.7%
	41,010	Google, Inc.^*		16,481,919
	589,874	Yahoo!, Inc.^*		14,912,015

				31,393,934

Manufacturing — 1.4%
	130,400	Rockwell Automation, Inc.		7,576,240

Medical Products — 5.2%
	40,350	Fisher Scientific International, Inc.^*		3,156,984
	203,578	Medtronic, Inc.		9,454,162
	150,700	St. Jude Medical, Inc.^*		5,318,203
	104,313	Stryker Corp.		5,172,882
	80,047	Zimmer Holdings, Inc.^*		5,403,172

				28,505,403

Medical Supplies — 0.5%
	67,290	Charles River Laboratories International, Inc.^*		2,921,059

Movies & Entertainment — 0.9%
	136,574	Viacom, Inc. Class B^*		5,077,821

Networking/Telecommunications Equipment — 4.8%
	650,690	Cisco Systems, Inc.^*		14,965,870
	250,500	Motorola, Inc.		6,262,500
	47,800	Research In Motion Ltd.^*		4,907,148

				26,135,518

Oil & Gas — 6.8%
	217,240	Canadian Natural Resources Ltd.		9,901,799
	333,900	Chesapeake Energy Corp.^(a)		9,676,422
	94,100	Quicksilver Resources, Inc.^*(a)		3,001,790
	204,220	Suncor Energy, Inc.		14,714,051

				37,294,062

Oil Well Services & Equipment — 6.2%
	197,038	Baker Hughes, Inc.		13,437,992
	67,400	Grant Prideco, Inc.^*		2,563,222
	208,840	Schlumberger Ltd.		12,954,345
	119,900	Weatherford International Ltd.^*		5,002,228

				33,957,787


Peter V. Bonanno, Esq. Goldman, Sachs & Co. One New York Plaza New York, New York 10004		Copies to: Kenneth L. Greenberg, Esq. Drinker Biddle & Reath LLP One Logan Square 18th and Cherry Streets Philadelphia, PA 19103


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

*		Non-income producing security.

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

(b)		Joint repurchase agreement was entered into on September 29, 2006. Additional information appears in the Notes to the Schedule of Investments section.

*		Non-income producing security.

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

(b)		Joint repurchase agreement was entered into on September 29, 2006. Additional information appears in the Notes to the Schedule of Investments section.

*		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 $ 12,271,332, which represents approximately 3.3% of net assets as of September 30, 2006.

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

^#		Short-term investments include securities lending collateral.

(c)		Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset dates.

(d)		Security issued with a zero coupon. Income is recognized through the accretion of discount.

(e)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities amounts to $1,920,897 which represents approximately 0.7% of net assets as of September 30, 2006.

(f)		Joint repurchase agreement was entered into on September 29, 2006. Additional information appears in the Notes to the Schedule of Investments section.


Investment Company Act file number		811-08361