UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-08361

Goldman Sachs Variable Insurance Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices)                                                             (Zip code)

Peter V. Bonanno, Esq.
Goldman, Sachs & Co.
One New York Plaza
New York, New York 10004 Copies to:
Jack W. Murphy, Esq.
Dechert LLP
1775 I Street, N.W.
Washington, DC 20006

(Name and address of agent for service)

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

Date of fiscal year end:       December 31

Date of reporting period: September 30, 2008

Item 1. Schedule of Investments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Schedule of Investments

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — 97.7%
Automobiles & Components — 0.9%
	226,100	Gentex Corp.	$	3,233,230
Capital Goods — 3.1%
	18,300	Danaher Corp.		1,270,020
	12,100	Precision Castparts Corp.		953,238
	58,400	Rockwell Automation, Inc.		2,180,656
	48,330	United Technologies Corp.		2,902,700
	48,010	W.W. Grainger, Inc.		4,175,429
				11,482,043
Commercial & Professional Services — 1.3%
	199,100	Iron Mountain, Inc.*		4,860,031
Consumer Durables & Apparel — 4.7%
	241,600	Coach, Inc.*		6,049,664
	110,480	Fortune Brands, Inc.		6,337,133
	310,300	Newell Rubbermaid, Inc.		5,355,778
				17,742,575
Consumer Services — 1.6%
	121,500	Marriott International, Inc. Class A		3,169,935
	96,400	Starwood Hotels & Resorts Worldwide, Inc.		2,712,696
				5,882,631
Diversified Financials — 4.5%
	19,000	CME Group, Inc.		7,058,690
	46,700	JPMorgan Chase & Co.		2,180,890
	301,130	The Charles Schwab Corp.		7,829,380
				17,068,960
Energy — 14.0%
	56,400	Cameron International Corp.*		2,173,656
	147,700	Chesapeake Energy Corp.(a)		5,296,522
	50,100	Halliburton Co.		1,622,739
	116,100	Hess Corp.		9,529,488
	161,630	Petrohawk Energy Corp.*		3,496,057
	128,840	Schlumberger Ltd.		10,061,115
	254,440	Suncor Energy, Inc.		10,722,102
	234,100	Weatherford International Ltd.*		5,885,274
	53,500	Whiting Petroleum Corp.*		3,812,410
				52,599,363
Food, Beverage & Tobacco — 3.0%
	110,900	PepsiCo, Inc.		7,903,843
	63,600	The Coca-Cola Co.		3,363,168
				11,267,011
Health Care Equipment & Services — 4.9%
	102,300	Baxter International, Inc.		6,713,949
	61,300	Laboratory Corp. of America Holdings*		4,260,350
	79,400	St. Jude Medical, Inc.*		3,453,106
	60,800	Zimmer Holdings, Inc.*		3,925,248
				18,352,653
Materials — 0.7%
	37,800	Praxair, Inc.		2,711,772
Media — 2.8%
	145,200	Comcast Corp. Class A(a)		2,850,276
	85,311	Lamar Advertising Co. Class A*(a)		2,635,257
	71,425	The McGraw-Hill Companies, Inc.		2,257,744
	117,874	Viacom, Inc. Class B*		2,927,990
				10,671,267

Shares		Description	Value
Common Stocks — (continued)
Pharmaceuticals, Biotechnology & Life Sciences — 13.0%
	209,034	Amylin Pharmaceuticals, Inc.*(a)	$	4,226,667
	79,828	Charles River Laboratories International, Inc.*		4,432,849
	44,900	Genentech, Inc.*		3,981,732
	152,353	Gilead Sciences, Inc.*		6,944,250
	65,500	Johnson & Johnson		4,537,840
	182,400	Merck & Co., Inc.		5,756,544
	210,200	Schering-Plough Corp.		3,882,394
	160,200	Teva Pharmaceutical Industries Ltd. ADR		7,335,558
	143,100	Thermo Fisher Scientific, Inc.*		7,870,500
				48,968,334
Real Estate — 2.0%
	575,500	CB Richard Ellis Group, Inc. Class A*		7,694,435
Retailing — 5.1%
	32,500	Amazon.com, Inc.*		2,364,700
	388,140	Lowe’s Companies, Inc.		9,195,037
	152,800	Target Corp.		7,494,840
				19,054,577
Semiconductors & Semiconductor Equipment — 1.9%
	228,379	Linear Technology Corp.(a)		7,002,100
Software & Services — 18.4%
	421,300	Activision Blizzard, Inc.*		6,500,659
	102,700	Citrix Systems, Inc.*		2,594,202
	170,540	Cognizant Technology Solutions Corp. Class A*		3,893,428
	210,925	Electronic Arts, Inc.*		7,802,116
	67,500	Equinix, Inc.*(a)		4,688,550
	131,400	Global Payments, Inc.		5,894,604
	24,710	Google, Inc. Class A*		9,896,849
	577,668	Microsoft Corp.		15,417,959
	76,600	Visa, Inc. Class A		4,702,474
	324,191	Western Union Co.		7,997,792
				69,388,633
Technology Hardware & Equipment — 11.1%
	82,200	Amphenol Corp. Class A		3,299,508
	62,400	Apple, Inc.*		7,092,384
	543,990	Cisco Systems, Inc.*		12,272,415
	356,800	Dell, Inc.*		5,880,064
	213,591	QUALCOMM, Inc.		9,178,005
	61,500	Research In Motion Ltd.*		4,200,450
				41,922,826
Telecommunication Services — 4.1%
	265,890	American Tower Corp. Class A*		9,564,063
	94,550	Crown Castle International Corp.*		2,739,114
	212,800	MetroPCS Communications, Inc.*		2,977,072
				15,280,249
Transportation — 0.6%
	22,700	Burlington Northern Santa Fe Corp.		2,098,161
TOTAL COMMON STOCKS			$	367,280,851

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Short-Term Obligation — 1.7%
JPMorgan Chase Euro — Time Deposit
$	6,442,685		1.484	%	10/01/08	$	6,442,685
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL						$	373,723,536

		Interest
Shares		Rate	Value
Securities Lending Collateral(b) — 4.4%
Boston Global Investment Trust — Enhanced Portfolio
	17,008,464	3.910%	$	16,668,294
TOTAL INVESTMENTS — 103.8%			$	390,391,830
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.8)%				(14,210,476	)
NET ASSETS — 100.0%			$	376,181,354

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) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2008.

Investment Abbreviation:
ADR	— American Depositary Receipt

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, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2008, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. Federal income tax purposes were as follows:

Tax Cost	$	419,543,388
Gross unrealized gain		23,494,489
Gross unrealized loss		(52,646,047	)
Net unrealized security loss	$	(29,151,558	)

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — 23.1%
Agriculture — 0.3%
Cargill, Inc.(a)
$	675,000		6.000	%	11/27/17	$	635,085
Banks — 4.3%
ANZ Capital Trust(a)
	500,000		4.484		01/29/49		487,140
Bank of America Corp.
	375,000		5.750		12/01/17		335,885
Bank of America Corp.(b)
	875,000		8.000		12/29/49		692,884
Citigroup, Inc.
	900,000		5.850		07/02/13		777,045
	600,000		6.875		03/05/38		492,200
Citigroup, Inc.(b)
	275,000		8.400		04/29/49		187,181
ING Capital Funding Trust III(b)
	250,000		8.439		12/29/49		232,868
JPMorgan Chase & Co.
	875,000		6.000		01/15/18		797,888
JPMorgan Chase Bank NA
	400,000		6.000		10/01/17		366,635
MUFG Capital Finance 1 Ltd.(b)
	525,000		6.346		07/29/49		370,074
Nordea Bank Sweden AB(a)(b)
	2,100,000		8.950		11/29/49		1,893,717
PNC Bank NA
	325,000		6.875		04/01/18		311,270
Resona Bank Ltd.(a)(b)
	1,250,000		5.850		09/29/49		919,355
Resona Preferred Global Securities Cayman Ltd.(a)(b)
	325,000		7.191		12/29/49		241,277
Royal Bank of Scotland Group PLC(a)(b)
	300,000		6.990		10/29/49		223,575
Santander Issuances SA(a)(b)
	200,000		5.805		06/20/16		191,900
Wells Fargo Capital XIII(b)
	300,000		7.700		12/29/49		252,000
Wells Fargo Capital XV(b)
	375,000		9.750		12/29/49		363,750
							9,136,644
Brokerage — 1.5%
Bear Stearns Companies, Inc.
	550,000		6.400		10/02/17		504,810
	950,000		7.250		02/01/18		913,785
Merrill Lynch & Co., Inc.
	450,000		5.450		02/05/13		405,370
	325,000		6.400		08/28/17		281,099
Morgan Stanley & Co.
	275,000		5.750		08/31/12		193,940
	400,000		5.950		12/28/17		250,579
	850,000		6.625		04/01/18		562,522
							3,112,105
Diversified Media — 0.5%
News America, Inc.
	675,000		6.650		11/15/37		566,139

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — (continued)
Diversified Media — (continued)
Thomson Reuters Corp.
$	500,000		6.500	%	07/15/18	$	478,181
							1,044,320
Electric — 2.3%
Arizona Public Service Co.
	250,000		6.375		10/15/11		246,898
	350,000		6.250		08/01/16		321,844
CenterPoint Energy, Inc. Series B
	1,000,000		7.250		09/01/10		1,013,480
Commonwealth Edison Co.
	250,000		5.875		02/01/33		202,376
	300,000		5.900		03/15/36		241,427
MidAmerican Energy Holdings Co.
	750,000		6.125		04/01/36		630,365
Pacific Gas & Electric Co.
	1,800,000		6.050		03/01/34		1,597,349
Progress Energy, Inc.
	200,000		5.625		01/15/16		190,205
	350,000		7.000		10/30/31		330,978
							4,774,922
Energy — 1.4%
Canadian Natural Resources Ltd.
	225,000		5.700		05/15/17		193,421
	50,000		5.850		02/01/35		35,338
	400,000		6.500		02/15/37		307,698
	75,000		6.250		03/15/38		56,194
EnCana Corp.
	625,000		6.500		02/01/38		487,700
Kerr-McGee Corp.
	550,000		6.950		07/01/24		519,912
Petro-Canada
	325,000		6.050		05/15/18		286,347
Transocean, Inc.
	375,000		6.800		03/15/38		344,065
XTO Energy, Inc.
	675,000		6.500		12/15/18		626,107
							2,856,782
Entertainment — 0.1%
Time Warner Entertainment Co. LP
	225,000		8.375		03/15/23		218,964
Environmental — 0.4%
Waste Management, Inc.
	750,000		7.375		08/01/10		774,895
Financial Companies — 1.3%
American General Finance Corp.
	275,000		5.900		09/15/12		156,993
Countrywide Home Loan, Inc.
	450,000		6.250		04/15/09		436,982
	150,000		5.625		07/15/09		141,859
	300,000		4.125		09/15/09		280,500
GATX Financial Corp.
	1,000,000		8.875		06/01/09		1,017,372
International Lease Finance Corp.
	275,000		4.950		02/01/11		203,362

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — (continued)
Financial Companies — (continued)
SLM Corp.
$	600,000		5.400	%	10/25/11	$	408,000
							2,645,068
Food & Beverage — 0.1%
Kraft Foods, Inc.
	275,000		6.500		08/11/17		264,606
Food & Drug Retail — 0.3%
Marks & Spencer PLC(a)
	300,000		6.250		12/01/17		256,271
	400,000		7.125		12/01/37		317,973
							574,244
Healthcare — 0.4%
UnitedHealth Group, Inc.
	800,000		5.500		11/15/12		764,784
Life Insurance — 0.4%
MetLife Capital Trust X(a)(b)
	300,000		9.250		04/08/38		284,759
Phoenix Life Insurance Co.(a)
	450,000		7.150		12/15/34		429,508
Symetra Financial Corp.(a)(b)
	325,000		8.300		10/15/37		211,250
							925,517
Manufacturing — 0.2%
General Mills, Inc.
	500,000		5.200		03/17/15		485,093
Media Cable — 1.4%
Comcast Cable Communications LLC
	275,000		6.750		01/30/11		280,693
Comcast Corp.
	625,000		6.450		03/15/37		522,672
Cox Communications, Inc.
	1,075,000		4.625		01/15/10		1,066,102
Rogers Cable, Inc.
	200,000		7.875		05/01/12		208,761
Time Warner Cable, Inc.
	1,000,000		5.400		07/02/12		951,216
							3,029,444
Metals and Mining — 0.3%
ArcelorMittal(a)
	650,000		6.125		06/01/18		575,696
Pipelines — 1.6%
Boardwalk Pipelines LP
	575,000		5.875		11/15/16		517,865
Energy Transfer Partners LP
	275,000		5.650		08/01/12		268,216
	725,000		5.950		02/01/15		678,384
	225,000		6.700		07/01/18		213,271
Enterprise Products Operating LP Series B
	450,000		5.600		10/15/14		418,737
	325,000		5.000		03/01/15		289,811
ONEOK Partners LP
	325,000		6.650		10/01/36		282,582
	300,000		6.850		10/15/37		267,289

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — (continued)
Pipelines — (continued)
TEPPCO Partners LP
$	550,000		6.650	%	04/15/18	$	545,016
							3,481,171
Property/Casualty Insurance — 2.0%
Ace INA Holdings, Inc.
	500,000		5.800		03/15/18		464,503
AON Capital Trust A
	150,000		8.205		01/01/27		129,766
Arch Capital Group Ltd.
	350,000		7.350		05/01/34		351,828
Aspen Insurance Holdings Ltd.
	350,000		6.000		08/15/14		319,525
Chubb Corp.(b)
	525,000		6.375		03/29/37		415,306
Chubb Corp.
	100,000		6.500		05/15/38		90,451
Endurance Specialty Holdings Ltd.
	375,000		6.150		10/15/15		314,074
Marsh & McClennan Companies, Inc.
	600,000		5.150		09/15/10		598,973
Swiss Reinsurance Capital I LP(a)(b)
	600,000		6.854		05/29/49		509,932
White Mountains Reinsurance Group Ltd.(a)
	600,000		6.375		03/20/17		538,221
ZFS Finance USA Trust(a)(b)
	675,000		5.875		05/09/32		460,418
							4,192,997
REITs — 0.8%
Highwoods Properties, Inc.
	425,000		5.850		03/15/17		340,915
iStar Financial, Inc. Series B
	675,000		5.700		03/01/14		330,750
Simon Property Group LP
	800,000		6.125		05/30/18		708,641
Westfield Capital Corp. Ltd.(a)
	225,000		4.375		11/15/10		219,060
Westfield Group(a)
	125,000		5.400		10/01/12		115,450
							1,714,816
Retailers — 0.2%
CVS/Caremark Corp.
	525,000		5.750		06/01/17		490,608
Technology — 0.2%
Fiserv, Inc.
	475,000		6.125		11/20/12		460,593
Tobacco — 0.3%
Philip Morris International, Inc.
	800,000		5.650		05/16/18		739,467
Wireless Telecommunications — 1.3%
America Movil SA De CV
	1,000,000		5.500		03/01/14		937,808
New Cingular Wireless Services, Inc.
	675,000		7.875		03/01/11		709,481
	500,000		8.750		03/01/31		533,091

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — (continued)
Wireless Telecommunications — (continued)
Nextel Communications, Inc. Series E
$	700,000		6.875	%	10/31/13	$	476,000
							2,656,380
Wirelines Telecommunications — 1.5%
Deutsche Telekom International Finance BV
	700,000		8.750		06/15/30		709,826
GTE Corp.
	750,000		7.510		04/01/09		760,680
Telecom Italia Capital SA
	225,000		4.000		01/15/10		219,053
	300,000		4.875		10/01/10		291,732
	800,000		4.950		09/30/14		677,776
Telefonica Europe BV
	300,000		7.750		09/15/10		313,236
Verizon Communications, Inc.
	150,000		6.400		02/15/38		125,848
							3,098,151
TOTAL CORPORATE BONDS						$	48,652,352
Mortgage-Backed Obligations — 75.0%
Adjustable Rate FHLMC(b) — 2.4%
$	2,223,333		4.846	%	09/01/35	$	2,225,758
	2,854,517		4.735		10/01/35		2,817,959
							5,043,717
Adjustable Rate FNMA(b) — 3.2%
	1,014,402		3.803		05/01/33		1,006,114
	1,465,594		4.039		05/01/35		1,471,373
	2,270,707		5.344		09/01/35		2,287,817
	1,978,430		5.076		12/01/35		1,993,407
							6,758,711
Adjustable Rate Non-Agency(b) — 18.4%
Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
	39,093		4.997		04/25/35		30,130
American Home Mortgage Assets Trust Series 2007-1, Class A1
	2,563,148		3.555		02/25/47		1,289,205
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1
	60,277		4.470		04/25/34		47,762
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-3, Class 2A1
	116,015		5.077		06/25/35		89,662
Bear Stearns Alt-A Trust II Series 2007-1, Class 1A1
	2,635,629		6.231		09/25/47		1,718,808
Bear Stearns Mortgage Funding Trust Series 2006-AR1, Class 2A1
	1,899,807		3.427		08/25/36		1,099,893
Chase Mortgage Finance Corp. Series 2007-A1, Class 2A1
	2,403,491		4.133		02/25/37		2,247,019
Countrywide Alternative Loan Trust Series 2005-38, Class A1
	342,589		4.355		09/25/35		217,847
Countrywide Alternative Loan Trust Series 2006-OA10, Class 4A1
	1,911,274		3.397		08/25/46		1,145,373
Countrywide Alternative Loan Trust Series 2006-OA16, Class A2
	3,605,936		3.397		10/25/46		2,150,418

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate Non-Agency(b) — (continued)
Countrywide Home Loan Mortgage Pass-Through Trust Series 2003-52, Class A1
$	208,092		4.673	%	02/19/34	$	147,578
Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB6, Class A2
	30,721		4.543		11/20/34		21,659
Countrywide Home Loan Mortgage Pass-Through Trust Series 2005-HYB4, Class 2A1
	162,923		4.902		08/20/35		109,091
Downey Savings & Loan Association Mortgage Loan Trust Series 2006-AR2, Class 2A1A
	1,582,364		3.230		11/19/37		955,907
Harborview Mortgage Loan Trust Series 2005-14, Class 5A1A
	706,975		5.738		12/19/35		433,706
Indymac Index Mortgage Loan Trust Series 2005-AR15, Class A1
	642,588		5.425		09/25/35		423,437
Indymac Index Mortgage Loan Trust Series 2006-AR2, Class 1A1A
	1,438,749		3.427		04/25/46		883,665
Indymac Index Mortgage Loan Trust Series 2006-AR4, Class A1A
	1,450,171		3.417		05/25/46		886,290
J.P. Morgan Mortgage Trust Series 2007-A1, Class 1A1
	851,301		4.200		07/25/35		793,224
J.P. Morgan Mortgage Trust Series 2007-A1, Class 2A2
	753,447		4.746		07/25/35		680,307
J.P. Morgan Mortgage Trust Series 2007-A1, Class 5A2
	770,769		4.766		07/25/35		684,990
Lehman XS Trust Series 2007-16N, Class 2A2
	957,599		4.057		09/25/47		549,265
Luminent Mortgage Trust Series 2006-2, Class A1A
	1,464,874		3.407		02/25/46		891,737
Luminent Mortgage Trust Series 2006-5, Class A1A
	655,333		3.397		07/25/36		396,229
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	786,553		3.705		12/25/46		399,558
Merrill Lynch Mortgage Investors, Inc. Series 2005-A9, Class 2A1C
	3,000,000		5.142		12/25/35		2,198,641
Residential Accredit Loans, Inc. Series 2005-QO5, Class A1
	1,117,499		3.855		01/25/46		673,664
Residential Accredit Loans, Inc. Series 2007-QH9, Class A1
	2,888,001		5.895		11/25/37		1,773,672
Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A2
	739,813		5.180		09/25/35		630,115
Structured Adjustable Rate Mortgage Loan Trust Series 2004-5, Class 3A1
	67,724		4.380		05/25/34		47,655
Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2
	31,536		5.250		09/25/34		22,478

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate Non-Agency(b) — (continued)
Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1
$	116,607		5.450	%	11/25/34	$	87,743
Structured Asset Mortgage Investments, Inc. Series 2007-AR6, Class A1
	2,325,702		3.986		08/25/47		1,309,904
Thornburg Mortgage Securities Trust Series 2006-4, Class A2B
	2,328,086		3.327		07/25/36		2,140,874
Thornburg Mortgage Securities Trust Series 2006-5, Class A1
	2,061,365		3.327		09/25/46		1,897,197
Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2006-AR9, Class 2A
	2,544,323		3.695		11/25/46		1,348,113
Washington Mutual Mortgage Pass-Through Certificates Series 2004-AR3, Class A2
	50,783		4.243		06/25/34		45,856
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR10, Class 1A3
	2,000,000		4.833		09/25/35		1,315,407
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR11, Class 1A
	2,630,448		3.815		09/25/46		1,445,290
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR11, Class 3A1A
	731,914		3.775		09/25/46		403,503
Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA2, Class 1A
	793,853		3.555		03/25/47		418,358
Wells Fargo Alternative Loan Trust Series 2007-PA6, Class A1
	2,557,970		6.602		12/28/37		1,681,180
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR6, Class A1
	2,094,244		5.035		04/25/35		1,830,330
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR10, Class 5A3
	1,331,660		5.607		07/25/36		1,127,597
							38,690,337
Collateralized Mortgage Obligations — 1.6%
Interest Only(b)(c)(d) — 0.0%
FHLMC Series 2006-3167, Class XI
	504,088		0.000		10/15/35		17,230
FNMA Series 2004-71, Class DI
	576,696		0.000		04/25/34		13,369
							30,599
Planned Amortization Class — 1.4%
FNMA Series 2003-92, Class PD
	3,000,000		4.500		03/25/17		2,983,912
Regular Floater(b)(d) — 0.2%
FHLMC Series 2005-3038, Class XA
	70,548		0.000		09/15/35		61,971
FHLMC Series 2006-3167, Class X
	196,514		0.000		06/15/36		173,323
FHLMC Series 2007-3275, Class UF
	79,196		0.000		02/15/37		84,679
FNMA Series 2006-81, Class LF
	75,642		0.000		09/25/36		67,756

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Regular Floater(b)(d) — (continued)
FNMA Series 2007-56, Class GY
$	75,687		0.000	%	06/25/37	$	74,745
							462,474
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							3,476,985
Commercial Mortgage-Backed Securities — 5.2%
Adjustable Rate Non-Agency(b) — 1.3%
Wachovia Bank Commercial Mortgage Trust Series 2005-C21, Class A4
	3,000,000		5.384		10/15/44		2,653,310
Sequential Fixed Rate — 3.9%
Bear Stearns Commercial Mortgage Securities Series 1999-WF2, Class A2
	1,764,009		7.080		07/15/31		1,766,068
GE Capital Commercial Mortgage Corp. Series 2002-1A, Class A3
	2,700,000		6.269		12/10/35		2,695,804
J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2005-LDP2, Class A4
	1,500,000		4.738		07/15/42		1,288,713
Morgan Stanley Dean Witter Capital I Series 2003-TOP9, Class A2
	2,700,000		4.740		11/13/36		2,536,689
							8,287,274
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES							10,940,584
Federal Agencies — 44.2%
FHLMC — 8.0%
	42,727		7.000		08/01/10		44,323
	21		7.000		09/01/11		22
	11,977		7.000		11/01/11		12,529
	15,820		7.000		12/01/11		16,549
	65,678		7.500		06/01/15		69,223
	215,381		7.000		07/01/16		227,226
	1,284,565		5.500		02/01/18		1,302,998
	93,433		5.500		04/01/18		94,774
	168,596		4.500		05/01/18		166,057
	39,161		4.500		06/01/18		38,571
	153,565		4.500		09/01/18		151,252
	173,639		5.500		09/01/18		176,131
	117,419		4.500		10/01/18		115,651
	121,259		4.500		11/01/18		119,433
	842,706		4.500		12/01/18		830,014
	43,850		4.500		01/01/19		43,190
	88,636		4.500		03/01/19		87,165
	20,967		9.500		08/01/19		23,045
	947		9.500		08/01/20		1,043
	299,909		6.500		10/01/20		310,936
	3,840		9.500		02/01/21		3,926
	44,527		6.500		01/01/24		46,084
	216,270		6.500		12/01/27		223,716
	107,986		6.000		03/01/29		110,102
	1,582		6.000		04/01/29		1,613
	66,596		7.500		12/01/29		70,532
	1,000		7.500		11/01/30		1,060
	446,261		6.500		12/01/31		461,146

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FHLMC — (continued)
$	573,506		7.000	%	05/01/32	$	602,129
	2,741		6.000		08/01/32		2,786
	352,095		7.000		12/01/32		369,667
	2,918,839		6.500		10/01/34		3,016,197
	107,027		5.000		11/01/35		104,433
	226,013		5.000		12/01/35		220,536
	1,018,498		5.000		03/01/36		993,820
	888,033		5.000		04/01/36		866,516
	1,159,198		5.000		06/01/36		1,131,111
	776,952		7.000		11/01/37		813,673
	4,000,000		5.500		TBA-30yr(e)		3,978,752
							16,847,931
FNMA — 35.2%
	914		9.000		02/01/10		949
	45,674		6.000		08/01/13		46,696
	5,240		7.500		01/01/14		5,497
	165,673		7.500		08/01/15		174,421
	75,670		6.000		04/01/16		77,333
	154,217		6.500		05/01/16		159,952
	233,826		6.500		09/01/16		242,522
	293,730		6.500		11/01/16		304,652
	69,580		6.000		12/01/16		71,110
	584,675		6.000		02/01/17		597,197
	86,382		7.500		04/01/17		90,959
	903,431		6.000		10/01/17		922,780
	120,510		5.000		02/01/18		120,373
	897,370		5.500		02/01/18		907,200
	703,585		5.000		04/01/18		702,784
	1,239,269		5.000		05/01/18		1,237,856
	5,751,772		4.500		06/01/18		5,616,179
	131,158		5.000		06/01/18		131,008
	84,905		6.500		08/01/18		88,066
	365,777		7.000		08/01/18		385,121
	3,618,768		4.000		09/01/18		3,516,941
	235,227		4.500		10/01/18		231,787
	51,654		4.500		11/01/18		50,899
	235,832		5.000		11/01/18		235,563
	269,723		4.500		12/01/18		263,934
	160,934		5.000		02/01/19		160,454
	1,191,619		5.000		03/01/19		1,188,064
	906,954		5.000		04/01/19		904,248
	339,301		4.500		05/01/19		332,975
	169,306		4.500		06/01/19		166,150
	117,728		4.500		08/01/19		115,534
	584,073		5.000		08/01/19		582,330
	256,372		5.000		10/01/19		255,607
	1,067,786		5.000		11/01/19		1,064,600
	689		7.000		07/01/25		726
	8,930		7.000		11/01/25		9,401
	64,570		9.000		11/01/25		71,432
	305,839		7.000		08/01/26		323,059
	4,069		7.000		08/01/27		4,302
	21,274		7.000		09/01/27		22,491
	746		7.000		01/01/28		789
	680,766		6.000		02/01/29		694,634
	377,196		6.000		03/01/29		384,875

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	156,823		6.500	%	03/01/29	$	162,652
	339,236		6.000		05/01/29		346,143
	32,754		6.500		05/01/29		33,931
	979,533		6.000		06/01/29		999,476
	223,742		6.500		06/01/29		231,782
	128,049		6.500		07/01/29		132,650
	214,986		6.500		08/01/29		222,711
	6,093		7.000		09/01/29		6,425
	102,686		6.500		10/01/29		106,376
	83,630		8.000		10/01/29		91,069
	136,641		6.500		11/01/29		141,551
	103,619		6.500		12/01/29		107,343
	40,969		7.000		12/01/29		43,206
	1,616		8.500		04/01/30		1,780
	8,075		8.000		05/01/30		8,545
	480		8.500		06/01/30		529
	160,198		6.500		04/01/31		165,657
	39,999		7.000		05/01/32		42,159
	284,156		7.000		06/01/32		299,517
	369,887		7.000		08/01/32		389,882
	88,405		8.000		08/01/32		95,690
	28,424		7.000		05/01/35		29,696
	63,104		7.000		07/01/35		65,929
	73,190		7.000		08/01/35		76,467
	229,754		5.000		09/01/35		224,326
	85,577		7.000		10/01/35		89,407
	1,050,345		5.000		01/01/36		1,025,531
	43,889		7.000		01/01/36		45,850
	288,154		7.000		04/01/36		301,031
	582,359		6.500		09/01/36		597,732
	1,016,933		6.500		11/01/36		1,043,779
	400,706		6.500		03/01/37		411,285
	280,535		7.000		03/01/37		293,072
	44,791		7.000		06/01/37		46,789
	233,780		6.500		09/01/37		239,886
	52,253		6.500		10/01/37		53,618
	5,410,986		7.000		10/01/37		5,652,374
	3,744,813		7.500		10/01/37		3,964,302
	5,026,622		7.000		11/01/37		5,250,863
	397,945		6.500		12/01/37		408,338
	21,786		7.000		12/01/37		22,757
	134,376		5.500		02/01/38		134,100
	597,484		5.500		03/01/38		596,257
	720,983		5.000		04/01/38		702,986
	41,302		5.500		04/01/38		41,217
	2,985,035		5.000		06/01/38		2,910,523
	41,217		6.500		06/01/38		42,294
	440,422		6.000		08/01/38		446,434
	4,246,192		6.000		09/01/38		4,301,350
	128,757		6.500		09/01/38		132,153
	2,000,000		4.500		TBA-15yr(e)		1,945,624
	10,000,000		5.500		TBA-30yr(e)		9,971,880
	5,000,000		6.000		TBA-30yr(e)		5,064,060
	2,000,000		6.500		TBA-30yr(e)		2,050,624
							74,275,058

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
GNMA — 1.0%
$	31,832		7.000	%	03/15/12	$	32,872
	32,625		7.000		06/15/23		34,911
	21,303		7.000		10/15/25		22,788
	25,375		7.000		11/15/25		27,143
	4,424		7.000		02/15/26		4,699
	18,123		7.000		04/15/26		19,249
	7,242		7.000		03/15/27		7,693
	1,348		7.000		06/15/27		1,432
	8,530		7.000		10/15/27		9,061
	153,010		7.000		11/15/27		162,532
	7,889		7.000		01/15/28		8,385
	54,280		7.000		02/15/28		57,698
	17,308		7.000		03/15/28		18,398
	6,218		7.000		04/15/28		6,610
	1,136		7.000		05/15/28		1,208
	19,936		7.000		06/15/28		21,191
	41,351		7.000		07/15/28		43,954
	117,195		7.000		08/15/28		124,575
	59,980		7.000		09/15/28		63,757
	5,531		7.000		11/15/28		5,879
	5,880		7.500		11/15/30		6,243
	3,899		7.000		10/15/31		4,130
	1,463		7.000		12/15/31		1,550
	37,504		7.500		10/15/32		40,349
	1,340,724		6.000		08/20/34		1,361,572
							2,087,879
TOTAL FEDERAL AGENCIES						$	93,210,868
TOTAL MORTGAGE-BACKED OBLIGATIONS						$	158,121,202
Agency Debentures — 1.1%
FNMA(f)
$	600,000		0.000	%	10/09/19	$	300,348
Tennessee Valley Authority(g)
	2,000,000		5.375		04/01/56		2,118,199
TOTAL AGENCY DEBENTURES						$	2,418,547
Asset-Backed Securities — 1.4%
Home Equity — 1.4%
CIT Mortgage Loan Trust Series 2007-1, Class 2A1(a)(b)
$	1,108,179		4.207	%	10/25/37	$	941,952
CIT Mortgage Loan Trust Series 2007-1, Class 2A2(a)(b)
	350,000		4.457		10/25/37		175,000
CIT Mortgage Loan Trust Series 2007-1, Class 2A3(a)(b)
	700,000		4.657		10/25/37		262,500
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	284,545		7.000		09/25/37		158,456
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	289,402		7.000		09/25/37		140,367
HFC Home Equity Loan Asset Backed Certificates Series 2007-3, Class APT(b)
	1,168,838		4.388		11/20/36		888,499

Principal		Interest			Maturity
Amount		Rate			Date	Value
Asset-Backed Securities — (continued)
Home Equity — (continued)
Lehman XS Trust Series 2005-7N, Class 1A1A(b)
$	602,217		3.477	%	12/25/35	$	389,499
TOTAL ASSET-BACKED SECURITIES						$	2,956,273
Supranational — 1.9%
Banks — 1.9%
Asian Development Bank
$	5,000,000		1.000	%	10/01/15	$	3,969,595
U.S. Treasury Obligations — 0.8%
United States Treasury Inflation Indexed Bonds-TIPS
$	900,000		2.375	%	01/15/27	$	949,378
	400,000		1.750		01/15/28		366,407
	200,000		3.625		04/15/28		312,925
TOTAL U.S. TREASURY OBLIGATIONS						$	1,628,710

		Interest
Shares		Rate	Value
Preferred Stocks — 0.5%
Banks — 0.5%
JPMorgan Chase & Co.(b)
	675,000	7.900%	$	568,269
Royal Bank of Scotland Group PLC ADR
	475,000	9.118		460,598
TOTAL PREFERRED STOCKS			$	1,028,867

Principal		Interest			Maturity
Amount		Rate			Date	Value
Short-Term Obligation — 6.7%
JPMorgan Chase Euro — Time Deposit
$	14,176,376		1.484	%	10/01/08	$	14,176,376
TOTAL INVESTMENTS — 110.5%						$	232,951,922
LIABILITIES IN EXCESS OF OTHER ASSETS — (10.5)%							(22,105,499	)
NET ASSETS — 100.0%						$	210,846,423

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 $9,890,039, which represents approximately 4.7% of net assets as of September 30, 2008.

(b) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2008.

(c) Represents security with notional principal amount. The actual effective yield of this security is different than the stated interest rate.

(d) Security is issued with a zero coupon, and interest rate is contingent upon LIBOR reaching a predetermined level.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

(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 (excluding forward sales contracts, if any) amounts to $23,010,940 which represents approximately 10.9% of net assets as of September 30, 2008.

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

(g) All or a portion of security is segregated for initial margin requirements on futures transactions.

Investment Abbreviations:
ADR	— American Depositary Receipt
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Inter Bank Offered Rate
REIT	— Real Estate Investment Trust
TIPS	— Treasury Inflation-Protected 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 CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At September 30, 2008 , the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:

Open Forward Foreign Currency	Contract	Expiration	Value on		Current		Unrealized
Contracts with Unrealized Gain	Type	Date	Settlement Date		Value		Gain
Canadian Dollar	Sale	12/17/08	$	671,000	$	654,566	$	16,434
Canadian Dollar	Purchase	12/17/08		175,000		176,295		1,295
Euro	Sale	10/31/08		942,041		910,689		31,352
Euro	Purchase	12/17/08		350,000		352,195		2,195
Euro	Sale	12/17/08		3,283,731		3,265,642		18,089
Japanese Yen	Purchase	12/17/08		350,000		356,836		6,836
New Zealand Dollar	Sale	12/17/08		863,983		859,519		4,464
New Zealand Dollar	Purchase	12/17/08		175,000		175,266		266
Norwegian Krone	Sale	12/17/08		175,000		168,536		6,464
Swedish Krona	Sale	12/17/08		1,027,742		990,792		36,950
Swiss Franc	Sale	12/17/08		168,000		161,818		6,182
Swiss Franc	Purchase	12/17/08		698,143		707,100		8,957
TOTAL							$	139,484

Open Forward Foreign Currency	Contract	Expiration	Value on		Current		Unrealized
Contracts with Unrealized Loss	Type	Date	Settlement Date		Value		Loss
Australian Dollar	Purchase	12/17/08	$	1,199,951	$	1,152,859	$	(47,092	)
British Pound	Sale	12/17/08		960,944		972,462		(11,518	)
British Pound	Purchase	12/17/08		671,000		646,210		(24,790	)
Canadian Dollar	Purchase	12/17/08		1,120,093		1,093,293		(26,800	)
Canadian Dollar	Sale	12/17/08		524,000		525,864		(1,864	)
Euro	Purchase	12/17/08		2,383,000		2,322,956		(60,044	)
Japanese Yen	Purchase	12/17/08		168,000		167,104		(896	)
Japanese Yen	Sale	12/17/08		698,000		718,125		(20,125	)
New Zealand Dollar	Purchase	12/17/08		175,000		174,083		(917	)
Norwegian Krone	Purchase	12/17/08		1,378,763		1,328,444		(50,319	)
Swedish Krona	Purchase	10/20/08		505,117		495,270		(9,847	)
Swedish Krona	Purchase	12/17/08		669,440		631,414		(38,026	)
Swiss Franc	Purchase	12/17/08		875,894		869,248		(6,646	)
Swiss Franc	Sale	12/17/08		175,000		177,539		(2,539	)
TOTAL							$	(301,423	)

FORWARD SALES CONTRACT — At September 30, 2008, the Fund had the following forward sales contract:

	Interest			Maturity	Settlement		Principal
Description	Rate			Date	Date		Amount		Value
FNMA (Proceeds Receivable: $11,507,187)		7.000	%	TBA–30yr(e)	10/14/08	$	11,000,000	$	11,491,568

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2008, the following futures contracts were open:

	Number of
	Contracts			Settlement	Notional			Unrealized
Type	Long (Short)			Month	Value			Gain (Loss)
Eurodollars		(16	)	December 2008	$	(3,861,800	)	$	20,369
Eurodollars		15		June 2009		3,636,000			26,769
Eurodollars		7		September 2009		1,695,313			(8,424	)
Eurodollars		7		December 2009		1,689,800			(9,736	)
Euro-Schatz		50		December 2008		7,347,308			44,122
U.S. Treasury Bonds		(13	)	December 2008		(1,523,234	)		1,271
2 Year U.S. Treasury Notes		(3	)	December 2008		(640,313	)		(1,651	)
5 Year U.S. Treasury Notes		213		December 2008		23,905,922			(73,248	)
10 Year U.S. Treasury Notes		113		December 2008		12,952,625			(85,584	)
TOTAL								$	(86,112	)

TAX INFORMATION — At September 30, 2008, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. Federal income tax purposes were as follows:

Tax Cost	$	260,249,279
Gross unrealized gain		1,494,274
Gross unrealized loss		(28,791,631	)
Net unrealized security loss	$	(27,297,357	)

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — 97.5%
Automobiles & Components — 0.5%
	55,513	Ford Motor Co.*(a)	$	288,668
	13,400	General Motors Corp.(a)		126,630
	5,700	Harley-Davidson, Inc.		212,610
	14,335	Johnson Controls, Inc.		434,780
	5,600	The Goodyear Tire & Rubber Co.*		85,736
				1,148,424
Banks — 3.0%
	13,500	BB&T Corp.(a)		510,300
	3,750	Comerica, Inc.		122,963
	13,805	Fifth Third Bancorp		164,279
	4,504	First Horizon National Corp.(a)		42,158
	12,700	Hudson City Bancorp, Inc.		234,315
	8,349	Huntington Bancshares, Inc.		66,709
	11,700	KeyCorp		139,698
	1,800	M&T Bank Corp.(a)		160,650
	6,100	Marshall & Ilsley Corp.(a)		122,915
	2,500	MGIC Investment Corp.		17,575
	17,300	National City Corp.(a)		30,275
	8,421	PNC Financial Services Group, Inc.		629,049
	16,925	Regions Financial Corp.(a)		162,480
	12,685	Sovereign Bancorp, Inc.		50,106
	8,700	SunTrust Banks, Inc.		391,413
	41,951	U.S. Bancorp		1,511,075
	52,427	Wachovia Corp.(a)		183,494
	37,540	Washington Mutual, Inc.(a)		3,078
	79,802	Wells Fargo & Co.		2,994,969
	2,800	Zions Bancorp		108,360
				7,645,861
Capital Goods — 8.2%
	16,939	3M Co.		1,157,103
	14,671	Caterpillar, Inc.(a)		874,392
	4,200	Cooper Industries Ltd. Class A		167,790
	5,000	Cummins, Inc.		218,600
	6,200	Danaher Corp.		430,280
	10,479	Deere & Co.		518,711
	4,550	Dover Corp.		184,502
	4,000	Eaton Corp.		224,720
	18,804	Emerson Electric Co.		767,015
	3,100	Fastenal Co.		153,109
	4,382	Fluor Corp.		244,077
	9,706	General Dynamics Corp.		714,556
	240,387	General Electric Co.		6,129,869
	3,000	Goodrich Corp.		124,800
	18,050	Honeywell International, Inc.		749,978
	9,700	Illinois Tool Works, Inc.		431,165
	7,639	Ingersoll-Rand Co. Ltd. Class A		238,108
	4,400	ITT Corp.		244,684
	3,000	Jacobs Engineering Group, Inc.*		162,930
	3,000	L-3 Communications Holdings, Inc.		294,960
	8,082	Lockheed Martin Corp.		886,353
	8,500	Masco Corp.		152,490
	8,092	Northrop Grumman Corp.		489,890
	8,842	PACCAR, Inc.		337,676
	3,100	Pall Corp.		106,609
	4,148	Parker Hannifin Corp.		219,844

Shares		Description	Value
Common Stocks — (continued)
Capital Goods — (continued)
	3,400	Precision Castparts Corp.	$	267,852
	10,079	Raytheon Co.		539,327
	3,700	Rockwell Automation, Inc.		138,158
	3,760	Rockwell Collins, Inc.		180,818
	2,600	Terex Corp.*		79,352
	5,900	Textron, Inc.		172,752
	17,967	The Boeing Co.		1,030,407
	3,500	The Manitowoc Co., Inc.		54,425
	11,687	Tyco International Ltd.		409,279
	23,437	United Technologies Corp.		1,407,626
	1,628	W.W. Grainger, Inc.		141,587
				20,645,794
Commercial & Professional Services — 0.5%
	7,800	Allied Waste Industries, Inc.*		86,658
	2,700	Avery Dennison Corp.		120,096
	3,200	Cintas Corp.		91,872
	3,150	Equifax, Inc.		108,518
	3,000	Monster Worldwide, Inc.*		44,730
	4,900	Pitney Bowes, Inc.		162,974
	5,200	R.R. Donnelley & Sons Co.		127,556
	3,600	Robert Half International, Inc.		89,100
	11,849	Waste Management, Inc.		373,125
				1,204,629
Consumer Durables & Apparel — 1.0%
	1,382	Black & Decker Corp.		83,956
	3,100	Centex Corp.		50,220
	7,900	Coach, Inc.*		197,816
	7,100	D.R. Horton, Inc.		92,442
	6,500	Eastman Kodak Co.		99,970
	3,600	Fortune Brands, Inc.		206,496
	1,600	Harman International Industries, Inc.		54,512
	2,921	Hasbro, Inc.		101,417
	2,300	Jones Apparel Group, Inc.		42,573
	1,900	KB HOME(a)		37,392
	3,700	Leggett & Platt, Inc.		80,623
	3,100	Lennar Corp. Class A		47,089
	2,600	Liz Claiborne, Inc.		42,718
	8,551	Mattel, Inc.		154,260
	6,433	Newell Rubbermaid, Inc.		111,034
	9,459	NIKE, Inc. Class B		632,807
	1,400	Polo Ralph Lauren Corp.		93,296
	4,900	Pulte Homes, Inc.		68,453
	1,403	Snap-On, Inc.		73,882
	1,800	The Stanley Works		75,132
	2,100	VF Corp.		162,351
	1,859	Whirlpool Corp.		147,400
				2,655,839
Consumer Services — 1.4%
	2,500	Apollo Group, Inc. Class A*		148,250
	10,400	Carnival Corp.		367,640
	3,300	Darden Restaurants, Inc.		94,479
	7,900	H&R Block, Inc.		179,725
	7,600	International Game Technology		130,568
	7,300	Marriott International, Inc. Class A		190,457
	27,233	McDonald’s Corp.		1,680,276

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Consumer Services — (continued)
	17,856	Starbucks Corp.*	$	265,519
	4,400	Starwood Hotels & Resorts Worldwide, Inc.		123,816
	4,526	Wyndham Worldwide Corp.		71,104
	11,397	Yum! Brands, Inc.		371,656
				3,623,490
Diversified Financials — 8.2%
	4,800	American Capital Ltd.(a)		122,448
	28,169	American Express Co.		998,028
	5,180	Ameriprise Financial, Inc.		197,876
	110,126	Bank of America Corp.		3,854,410
	9,133	Capital One Financial Corp.		465,783
	6,500	CIT Group, Inc.		45,240
	131,305	Citigroup, Inc.		2,693,065
	1,618	CME Group, Inc.		601,103
	11,717	Discover Financial Services		161,929
	12,000	E*Trade Financial Corp.*(a)		33,600
	2,000	Federated Investors, Inc. Class B		57,700
	3,730	Franklin Resources, Inc.		328,725
	1,800	Intercontinental Exchange, Inc.*		145,224
	9,500	Invesco Ltd.		199,310
	3,700	Janus Capital Group, Inc.		89,836
	89,002	JPMorgan Chase & Co.		4,156,393
	3,400	Legg Mason, Inc.		129,404
	4,300	Leucadia National Corp.		195,392
	36,712	Merrill Lynch & Co., Inc.		928,814
	4,900	Moody’s Corp.(a)		166,600
	26,934	Morgan Stanley & Co.		619,482
	5,300	Northern Trust Corp.		382,660
	6,600	NYSE Euronext		258,588
	11,471	SLM Corp.*		141,552
	10,467	State Street Corp.		595,363
	6,200	T. Rowe Price Group, Inc.		333,002
	27,415	The Bank of New York Mellon Corp.		893,181
	22,486	The Charles Schwab Corp.		584,636
	10,492	The Goldman Sachs Group, Inc.(b)		1,342,976
				20,722,320
Energy — 13.0%
	11,318	Anadarko Petroleum Corp.		549,036
	8,116	Apache Corp.		846,336
	7,493	Baker Hughes, Inc.		453,626
	7,100	BJ Services Co.		135,823
	2,400	Cabot Oil & Gas Corp.		86,736
	5,300	Cameron International Corp.*		204,262
	12,617	Chesapeake Energy Corp.		452,446
	49,649	Chevron Corp.		4,095,050
	36,702	ConocoPhillips		2,688,422
	4,600	Consol Energy, Inc.		211,094
	10,616	Devon Energy Corp.		968,179
	16,830	El Paso Corp.		214,751
	3,600	ENSCO International, Inc.		207,468
	5,993	EOG Resources, Inc.		536,134
	125,515	Exxon Mobil Corp.		9,747,495
	21,244	Halliburton Co.		688,093

Shares		Description	Value
Common Stocks — (continued)
Energy — (continued)
	6,900	Hess Corp.	$	566,352
	17,208	Marathon Oil Corp.		686,083
	2,000	Massey Energy Co.		71,340
	4,600	Murphy Oil Corp.		295,044
	7,100	Nabors Industries Ltd.*		176,932
	10,118	National-Oilwell Varco, Inc.*		508,227
	6,600	Noble Corp.		289,740
	4,200	Noble Energy, Inc.		233,478
	19,800	Occidental Petroleum Corp.		1,394,910
	6,706	Peabody Energy Corp.		301,770
	2,900	Pioneer Natural Resources Co.		151,612
	3,900	Range Resources Corp.		167,193
	2,700	Rowan Companies, Inc.		82,485
	28,933	Schlumberger Ltd.		2,259,378
	5,200	Smith International, Inc.		304,928
	8,300	Southwestern Energy Co.*		253,482
	14,606	Spectra Energy Corp.		347,623
	2,800	Sunoco, Inc.		99,624
	3,500	Tesoro Corp.		57,715
	14,083	The Williams Companies, Inc.		333,063
	7,616	Transocean, Inc.*		836,541
	12,413	Valero Energy Corp.		376,114
	16,600	Weatherford International Ltd.*		417,324
	13,300	XTO Energy, Inc.		618,716
				32,914,625
Food & Staples Retailing — 2.8%
	10,512	Costco Wholesale Corp.		682,544
	34,924	CVS/Caremark Corp.		1,175,542
	10,800	Safeway, Inc.		256,176
	4,873	SUPERVALU, Inc.		105,744
	14,600	Sysco Corp.		450,118
	16,032	The Kroger Co.		440,559
	24,100	Walgreen Co.		746,136
	54,102	Wal-Mart Stores, Inc.		3,240,169
	3,700	Whole Foods Market, Inc.(a)		74,111
				7,171,099
Food, Beverage & Tobacco — 6.1%
	49,980	Altria Group, Inc.		991,603
	17,243	Anheuser-Busch Companies, Inc.		1,118,726
	15,949	Archer-Daniels-Midland Co.		349,443
	2,000	Brown-Forman Corp. Class B		143,620
	5,200	Campbell Soup Co.		200,720
	7,500	Coca-Cola Enterprises, Inc.		125,775
	11,200	ConAgra Foods, Inc.		217,952
	4,900	Constellation Brands, Inc. Class A*		105,154
	3,700	Dean Foods Co.*		86,432
	8,100	General Mills, Inc.		556,632
	7,700	H.J. Heinz Co.		384,769
	6,100	Kellogg Co.		342,210
	36,757	Kraft Foods, Inc. Class A		1,203,792
	4,147	Lorillard, Inc.		295,059
	3,300	McCormick & Co., Inc.		126,885
	3,600	Molson Coors Brewing Co. Class B		168,300
	3,425	Pepsi Bottling Group, Inc.		99,907

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Food, Beverage & Tobacco — (continued)
	37,775	PepsiCo, Inc.	$	2,692,224
	49,981	Philip Morris International, Inc.		2,404,086
	4,245	Reynolds American, Inc.		206,392
	16,800	Sara Lee Corp.		212,184
	47,984	The Coca-Cola Co.		2,537,394
	4,200	The Hershey Co.		166,068
	6,900	Tyson Foods, Inc. Class A		82,386
	3,600	UST, Inc.		239,544
	5,250	Wm. Wrigley Jr. Co.		416,850
				15,474,107
Health Care Equipment & Services — 4.2%
	11,289	Aetna, Inc.		407,646
	3,730	AmerisourceBergen Corp.		140,434
	15,300	Baxter International, Inc.		1,004,139
	5,900	Becton, Dickinson and Co.		473,534
	36,306	Boston Scientific Corp.*		445,475
	2,367	C.R. Bard, Inc.		224,557
	8,732	Cardinal Health, Inc.		430,313
	6,819	CIGNA Corp.		231,710
	3,600	Coventry Health Care, Inc.*		117,180
	11,984	Covidien Ltd.		644,260
	2,600	DaVita, Inc.*		148,226
	5,946	Express Scripts, Inc.*		438,934
	3,890	Hospira, Inc.*		148,598
	4,100	Humana, Inc.*		168,920
	4,554	IMS Health, Inc.		86,116
	890	Intuitive Surgical, Inc.*		214,472
	2,800	Laboratory Corp. of America Holdings*		194,600
	6,664	McKesson Corp.		358,590
	12,237	Medco Health Solutions, Inc.*		550,665
	27,158	Medtronic, Inc.		1,360,616
	2,081	Patterson Companies, Inc.*		63,283
	3,800	Quest Diagnostics, Inc.		196,346
	8,393	St. Jude Medical, Inc.*		365,012
	6,000	Stryker Corp.		373,800
	11,050	Tenet Healthcare Corp.*		61,327
	29,400	UnitedHealth Group, Inc.		746,466
	3,100	Varian Medical Systems, Inc.*		177,103
	12,360	WellPoint, Inc.*		578,077
	5,417	Zimmer Holdings, Inc.*		349,721
				10,700,120
Household & Personal Products — 3.0%
	10,100	Avon Products, Inc.		419,857
	12,186	Colgate-Palmolive Co.		918,215
	10,140	Kimberly-Clark Corp.		657,477
	73,330	Procter & Gamble Co.		5,110,368
	3,400	The Clorox Co.		213,146
	2,900	The Estee Lauder Companies, Inc. Class A		144,739
				7,463,802
Insurance — 2.9%
	11,592	Aflac, Inc.		681,030
	66,323	American International Group, Inc.		220,856
	6,650	Aon Corp.		298,984

Shares		Description	Value
Common Stocks — (continued)
Insurance — (continued)
	2,800	Assurant, Inc.	$	154,000
	3,868	Cincinnati Financial Corp.		110,006
	11,000	Genworth Financial, Inc. Class A		94,710
	7,273	Hartford Financial Services Group, Inc.		298,120
	6,158	Lincoln National Corp.		263,624
	8,847	Loews Corp.		349,368
	12,388	Marsh & McLennan Companies, Inc.		393,443
	4,450	MBIA, Inc.		52,955
	17,207	MetLife, Inc.		963,592
	6,332	Principal Financial Group, Inc.		275,379
	10,348	Prudential Financial, Inc.		745,056
	12,938	The Allstate Corp.		596,700
	8,808	The Chubb Corp.		483,559
	16,800	The Progressive Corp.		292,320
	14,299	The Travelers Companies, Inc.		646,315
	2,041	Torchmark Corp.		122,052
	8,218	Unum Corp.		206,272
	7,600	XL Capital Ltd. Class A		136,344
				7,384,685
Materials — 3.3%
	5,200	Air Products & Chemicals, Inc.		356,148
	2,800	AK Steel Holding Corp.		72,576
	19,595	Alcoa, Inc.		442,455
	2,551	Allegheny Technologies, Inc.		75,382
	1,500	Ashland, Inc.		43,860
	2,300	Ball Corp.		90,827
	2,300	Bemis Co., Inc.		60,283
	1,390	CF Industries Holdings, Inc.		127,130
	21,938	E.I. du Pont de Nemours & Co.		884,102
	1,900	Eastman Chemical Co.		104,614
	4,212	Ecolab, Inc.		204,366
	9,260	Freeport-McMoRan Copper & Gold, Inc.		526,431
	2,700	Hercules, Inc.		53,433
	1,900	International Flavors & Fragrances, Inc.		74,974
	10,459	International Paper Co.		273,817
	4,098	MeadWestvaco Corp.		95,524
	13,354	Monsanto Co.		1,321,779
	10,988	Newmont Mining Corp.(a)		425,895
	7,800	Nucor Corp.		308,100
	3,300	Pactiv Corp.*		81,939
	4,000	PPG Industries, Inc.		233,280
	7,700	Praxair, Inc.		552,398
	2,990	Rohm & Haas Co.		209,300
	4,116	Sealed Air Corp.		90,511
	2,900	Sigma-Aldrich Corp.		152,018
	22,613	The Dow Chemical Co.		718,641
	2,500	Titanium Metals Corp.		28,350
	2,920	United States Steel Corp.		226,621
	2,700	Vulcan Materials Co.(a)		201,150
	5,192	Weyerhaeuser Co.		314,531
				8,350,435
Media — 2.6%
	16,864	CBS Corp. Class B		245,877

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Media — (continued)
	70,915	Comcast Corp. Class A	$	1,392,061
	5,071	Gannett Co., Inc.(a)		85,751
	1,100	Meredith Corp.(a)		30,844
	55,886	News Corp. Class A		670,073
	7,648	Omnicom Group, Inc.		294,907
	2,200	Scripps Networks Interactive, Inc. Class A		79,882
	13,900	The DIRECTV Group, Inc.*		363,763
	12,071	The Interpublic Group of Companies, Inc.*		93,550
	7,608	The McGraw-Hill Companies, Inc.		240,489
	3,200	The New York Times Co. Class A(a)		45,728
	45,129	The Walt Disney Co.		1,385,009
	133	The Washington Post Co. Class B		74,049
	86,098	Time Warner, Inc.		1,128,745
	14,944	Viacom, Inc. Class B*		371,209
				6,501,937
Pharmaceuticals, Biotechnology & Life Sciences — 8.5%
	37,200	Abbott Laboratories		2,141,976
	7,400	Allergan, Inc.		381,100
	25,440	Amgen, Inc.*		1,507,829
	4,000	Applied Biosystems, Inc.		137,000
	2,600	Barr Pharmaceuticals, Inc.*		169,780
	6,973	Biogen Idec, Inc.*		350,672
	48,138	Bristol-Myers Squibb Co.		1,003,677
	11,000	Celgene Corp.*		696,080
	24,300	Eli Lilly & Co.		1,069,929
	7,500	Forest Laboratories, Inc.*		212,100
	6,400	Genzyme Corp.*		517,696
	22,100	Gilead Sciences, Inc.*		1,007,318
	67,482	Johnson & Johnson		4,675,153
	5,666	King Pharmaceuticals, Inc.*		54,280
	51,629	Merck & Co., Inc.		1,629,411
	1,300	Millipore Corp.*		89,440
	7,500	Mylan, Inc.*(a)		85,650
	2,800	PerkinElmer, Inc.		69,916
	162,708	Pfizer, Inc.		3,000,336
	39,346	Schering-Plough Corp.		726,721
	10,168	Thermo Fisher Scientific, Inc.*		559,240
	2,400	Waters Corp.*		139,632
	2,400	Watson Pharmaceuticals, Inc.*		68,400
	32,046	Wyeth		1,183,779
				21,477,115
Real Estate — 1.3%
	2,020	Apartment Investment & Management Co. (REIT)		70,740
	1,900	AvalonBay Communities, Inc. (REIT)(a)		186,998
	2,927	Boston Properties, Inc. (REIT)		274,143
	4,300	CB Richard Ellis Group, Inc. Class A*		57,491
	3,000	Developers Diversified Realty Corp. (REIT)		95,070
	6,600	Equity Residential (REIT)		293,106
	5,231	General Growth Properties, Inc. (REIT)		78,988
	6,000	HCP, Inc. (REIT)		240,780

Shares		Description	Value
Common Stocks — (continued)
Real Estate — (continued)
	12,357	Host Hotels & Resorts, Inc. (REIT)	$	164,225
	5,400	Kimco Realty Corp. (REIT)		199,476
	4,100	Plum Creek Timber Co., Inc. (REIT)		204,426
	6,400	ProLogis (REIT)		264,128
	3,051	Public Storage, Inc. (REIT)		302,079
	5,400	Simon Property Group, Inc. (REIT)		523,800
	3,300	Vornado Realty Trust (REIT)		300,135
				3,255,585
Retailing — 2.7%
	2,177	Abercrombie & Fitch Co. Class A		85,883
	7,768	Amazon.com, Inc.*		565,200
	2,872	AutoNation, Inc.*(a)		32,281
	979	AutoZone, Inc.*		120,750
	6,372	Bed Bath & Beyond, Inc.*		200,144
	8,350	Best Buy Co., Inc.		313,125
	2,100	Big Lots, Inc.*		58,443
	1,800	Dillard’s, Inc. Class A(a)		21,240
	5,200	Expedia, Inc.*		78,572
	3,400	Family Dollar Stores, Inc.		80,580
	4,100	GameStop Corp. Class A*		140,261
	3,998	Genuine Parts Co.		160,760
	5,400	J.C. Penney Co., Inc.		180,036
	7,319	Kohl’s Corp.*		337,260
	7,300	Limited Brands, Inc.		126,436
	35,600	Lowe’s Companies, Inc.		843,364
	10,334	Macy’s, Inc.		185,805
	3,724	Nordstrom, Inc.		107,326
	6,600	Office Depot, Inc.*		38,412
	2,900	RadioShack Corp.		50,112
	1,300	Sears Holdings Corp.*(a)		121,550
	17,397	Staples, Inc.		391,432
	18,300	Target Corp.		897,615
	11,150	The Gap, Inc.		198,247
	40,794	The Home Depot, Inc.		1,056,157
	2,500	The Sherwin-Williams Co.		142,900
	10,193	The TJX Companies, Inc.		311,090
	2,900	Tiffany & Co.		103,008
				6,947,989
Semiconductors & Semiconductor Equipment — 2.2%
	15,900	Advanced Micro Devices, Inc.*(a)		83,475
	6,974	Altera Corp.		144,222
	7,100	Analog Devices, Inc.		187,085
	32,800	Applied Materials, Inc.		496,264
	10,450	Broadcom Corp. Class A*		194,684
	135,564	Intel Corp.		2,539,114
	4,225	KLA-Tencor Corp.		133,721
	5,400	Linear Technology Corp.		165,564
	15,400	LSI Corp.*		82,544
	5,500	MEMC Electronic Materials, Inc.*		155,430
	4,500	Microchip Technology, Inc.(a)		132,435
	18,943	Micron Technology, Inc.*		76,719
	5,100	National Semiconductor Corp.		87,771
	2,265	Novellus Systems, Inc.*(a)		44,485
	14,150	NVIDIA Corp.*		151,546

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Semiconductors & Semiconductor Equipment — (continued)
	5,000	Teradyne, Inc.*	$	39,050
	32,058	Texas Instruments, Inc.		689,247
	6,800	Xilinx, Inc.		159,460
				5,562,816
Software & Services — 6.1%
	12,915	Adobe Systems, Inc.*		509,755
	2,300	Affiliated Computer Services, Inc. Class A*		116,449
	4,100	Akamai Technologies, Inc.*		71,504
	5,500	Autodesk, Inc.*		184,525
	12,300	Automatic Data Processing, Inc.		525,825
	4,800	BMC Software, Inc.*		137,424
	9,604	CA, Inc.		191,696
	4,600	Citrix Systems, Inc.*		116,196
	6,835	Cognizant Technology Solutions Corp. Class A*		156,043
	3,700	Computer Sciences Corp.*		148,703
	6,000	Compuware Corp.*		58,140
	2,900	Convergys Corp.*		42,862
	26,744	eBay, Inc.*		598,530
	7,900	Electronic Arts, Inc.*		292,221
	4,300	Fidelity National Information Services, Inc.		79,378
	4,050	Fiserv, Inc.*		191,646
	5,717	Google, Inc. Class A*		2,289,773
	7,800	Intuit, Inc.*		246,558
	215	Lender Processing Services, Inc.		6,562
	1,700	Mastercard, Inc. Class A		301,461
	189,703	Microsoft Corp.		5,063,173
	9,600	Novell, Inc.*		49,344
	94,417	Oracle Corp.*		1,917,609
	7,931	Paychex, Inc.		261,961
	2,500	Salesforce.com, Inc.*		121,000
	20,212	Symantec Corp.*		395,751
	4,500	Total System Services, Inc.		73,800
	10,000	Unisys Corp.*		27,500
	4,902	VeriSign, Inc.*		127,844
	17,519	Western Union Co.		432,194
	33,800	Yahoo!, Inc.*		584,740
				15,320,167
Technology Hardware & Equipment — 7.3%
	8,496	Agilent Technologies, Inc.*		251,991
	4,200	Amphenol Corp. Class A		168,588
	21,458	Apple, Inc.*		2,438,916
	2,385	Ciena Corp.*		24,041
	142,567	Cisco Systems, Inc.*		3,216,312
	37,725	Corning, Inc.		590,019
	42,300	Dell, Inc.*		697,104
	50,172	EMC Corp.*		600,057
	3,200	Harris Corp.		147,840
	59,124	Hewlett-Packard Co.		2,733,894
	32,725	International Business Machines Corp.		3,827,516
	5,000	Jabil Circuit, Inc.		47,700
	4,625	JDS Uniphase Corp.*		39,127

Shares		Description	Value
Common Stocks — (continued)
Technology Hardware & Equipment — (continued)
	13,100	Juniper Networks, Inc.*	$	276,017
	2,000	Lexmark International, Inc. Class A*		65,140
	3,225	Molex, Inc.		72,401
	55,635	Motorola, Inc.		397,234
	7,711	NetApp, Inc.*		140,572
	553	Nortel Networks Corp.*		1,239
	3,300	QLogic Corp.*		50,688
	39,520	QUALCOMM, Inc.		1,698,174
	5,600	SanDisk Corp.*		109,480
	19,014	Sun Microsystems, Inc.*		144,506
	9,600	Tellabs, Inc.*		38,976
	4,700	Teradata Corp.*		91,650
	11,498	Tyco Electronics Ltd.		318,035
	21,500	Xerox Corp.		247,895
				18,435,112
Telecommunication Services — 3.0%
	9,400	American Tower Corp. Class A*		338,118
	142,268	AT&T, Inc.		3,972,123
	2,400	CenturyTel, Inc.		87,960
	3,240	Embarq Corp.		131,382
	7,300	Frontier Communications Corp.		83,950
	34,663	Qwest Communications International, Inc.		111,961
	70,210	Sprint Nextel Corp.		428,281
	68,629	Verizon Communications, Inc.		2,202,305
	11,281	Windstream Corp.		123,414
				7,479,494
Transportation — 2.2%
	6,822	Burlington Northern Santa Fe Corp.		630,558
	4,000	C.H. Robinson Worldwide, Inc.		203,840
	9,962	CSX Corp.		543,626
	5,100	Expeditors International of Washington, Inc.		177,684
	7,600	FedEx Corp.		600,704
	9,135	Norfolk Southern Corp.		604,828
	1,300	Ryder System, Inc.		80,600
	17,518	Southwest Airlines Co.		254,186
	12,320	Union Pacific Corp.		876,691
	24,311	United Parcel Service, Inc. Class B		1,528,919
				5,501,636
Utilities — 3.5%
	16,000	AES Corp.*		187,040
	4,100	Allegheny Energy, Inc.		150,757
	4,977	Ameren Corp.		194,252
	9,491	American Electric Power Co., Inc.		351,452
	7,998	CenterPoint Energy, Inc.		116,531
	5,400	CMS Energy Corp.		67,338
	6,600	Consolidated Edison, Inc.		283,536
	4,350	Constellation Energy Group, Inc.		105,705
	14,047	Dominion Resources, Inc.		600,931
	4,000	DTE Energy Co.		160,480
	30,613	Duke Energy Corp.		533,585
	11,397	Dynegy, Inc. Class A*		40,801
	7,869	Edison International		313,973

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Utilities - (continued)
	4,648	Entergy Corp.	$	413,718
	15,981	Exelon Corp.		1,000,730
	7,334	FirstEnergy Corp.		491,305
	9,746	FPL Group, Inc.		490,224
	1,731	Integrys Energy Group, Inc.		86,446
	1,000	Nicor, Inc.		44,350
	6,700	NiSource, Inc.		98,892
	4,900	Pepco Holdings, Inc.		112,259
	8,731	PG&E Corp.		326,976
	2,300	Pinnacle West Capital Corp.		79,143
	8,951	PPL Corp.		331,366
	6,477	Progress Energy, Inc.		279,353
	12,242	Public Service Enterprise Group, Inc.		401,415
	4,100	Questar Corp.		167,772
	6,013	Sempra Energy		303,476
	18,800	Southern Co.		708,572
	5,300	TECO Energy, Inc.		83,369
	10,710	Xcel Energy, Inc.		214,093
				8,739,840
TOTAL COMMON STOCKS			$	246,326,921

Principal		Interest			Maturity
Amount		Rate			Date	Value
U.S. Government Obligation — 0.2%
United States Treasury Bill(c)(d)
$	412,000		1.586	%	12/11/08	$	411,391
Short-Term Obligation — 1.6%
JPMorgan Chase Euro — Time Deposit
$	3,916,353		1.484	%	10/01/08	$	3,916,353
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL						$	250,654,665

		Interest
Shares		Rate		Value
Securities Lending Collateral(e) — 1.4%
Boston Global Investment Trust — Enhanced Portfolio
	3,699,946	3.910%	$	3,625,947
TOTAL INVESTMENTS — 100.7%			$	254,280,612
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)%				(1,675,597	)
NET ASSETS — 100.0%			$	252,605,015

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) Represents an affiliated issuer.

(c) All or a portion of security is segregated for initial margin requirements on futures transactions.

(d) Interest rates represent the annualized yield on date of purchase.

(e) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2008.

Investment Abbreviation:
REIT	— Real Estate Investment Trust

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 EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2008, the following futures contracts were open:

	Number of		Settlement	Notional		Unrealized
Type	Contracts Long		Month	Value		Loss
S&P500 E-mini		111	December 2008	$	6,479,070	$	(505,059	)

TAX INFORMATION — At September 30, 2008, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. Federal income tax purposes were as follows:

Tax Cost	$	251,426,351
Gross unrealized gain		41,682,942
Gross unrealized loss		(38,828,681	)
Net unrealized security gain	$	2,854,261

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Schedule of Investments

September 30, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — 81.9%
Adjustable Rate FHLMC(a) — 1.6%
$	741,111		4.846	%	09/01/35	$	741,919
	713,629		4.735		10/01/35		704,490
							1,446,409
Adjustable Rate FNMA(a) — 1.9%
	338,134		3.803		05/01/33		335,371
	732,797		4.039		05/01/35		735,687
	659,212		5.076		12/01/35		664,202
							1,735,260
Adjustable Rate Non-Agency(a) — 7.8%
First Horizon Alternative Mortgage Securities Series 2005-AA7, Class 2A1
	576,307		5.400		09/25/35		386,005
GSR Mortgage Loan Trust Series 2005-AR6, Class 3A1
	708,120		4.560		09/25/35		585,290
Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
	584,701		5.979		08/19/36		363,930
Indymac Index Mortgage Loan Trust Series 2006-AR2, Class 1A1A
	575,500		3.427		04/25/46		353,466
J.P. Morgan Mortgage Trust Series 2007-A1, Class 2A2
	753,447		4.746		07/25/35		680,307
Lehman XS Trust Series 2007-4N, Class 3A2A
	887,555		3.605		03/25/47		516,341
Luminent Mortgage Trust Series 2006-2, Class A1A
	585,950		3.407		02/25/46		356,695
Merrill Lynch Mortgage Investors, Inc. Series 2005-A9, Class 2A1C
	1,000,000		5.142		12/25/35		732,880
Residential Accredit Loans, Inc. Series 2005-QO5, Class A1
	558,750		3.855		01/25/46		336,832
Residential Accredit Loans, Inc. Series 2007-QH9, Class A1
	962,666		5.895		11/25/37		591,223
Structured Asset Mortgage Investments, Inc. Series 2007-AR6, Class A1
	872,138		3.986		08/25/47		491,214
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR10, Class 1A3
	1,000,000		4.833		09/25/35		657,704
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR11, Class 3A1A
	731,914		3.775		09/25/46		403,503
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR10, Class 5A3
	665,830		5.607		07/25/36		563,798
							7,019,188
Collateralized Mortgage Obligations — 5.3%
Interest Only(a)(b)(c) — 0.0%
FNMA Series 2004-47, Class EI
	419,030		0.000	%	06/25/34		12,182
FNMA Series 2004-62, Class DI
	194,555		0.000		07/25/33		5,898
							18,080
Planned Amortization Class — 5.1%
FHLMC Series 2719, Class GC
	4,580,000		5.000		06/15/26		4,612,172

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Regular Floater(a)(c) — 0.2%
FHLMC Series 3325, Class SX
$	89,035		0.000	%	06/15/37	$	89,790
FNMA Series 2007-53, Class UF
	80,265		0.000		06/25/37		68,146
							157,936
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							4,788,188
Commercial Mortgage-Backed Securities — 2.1%
Adjustable Rate Non-Agency(a) — 1.5%
Bear Stearns Commercial Mortgage Securities Series 2006-PW12, Class A4
	500,000		5.902		09/11/38		446,650
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1, Class A4
	1,000,000		5.400		07/15/44		890,365
							1,337,015
Sequential Fixed Rate — 0.6%
Banc of America Funding Corp. Series 2007-8, Class 2A1
	730,101		7.000		10/25/37		544,610
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	1,881,625
Federal Agencies — 63.2%
FHLMC — 9.3%
	1,436,818		4.500		12/01/18		1,415,178
	1,213,675		4.500		06/01/19		1,195,395
	8,538		10.000		03/01/21		9,586
	15,540		6.500		06/01/23		16,106
	984,890		6.500		10/01/34		1,017,741
	35,676		5.000		11/01/35		34,811
	320,454		5.000		03/01/36		312,690
	296,011		5.000		04/01/36		288,839
	157,282		5.000		06/01/36		153,471
	952,788		5.500		02/01/38		948,622
	58,681		5.500		04/01/38		58,424
	793,010		5.500		05/01/38		789,540
	1,999,999		5.500		06/01/38		1,991,244
	147,067		5.500		08/01/38		146,422
							8,378,069
FNMA — 53.9%
	4,928		5.000		02/01/14		4,953
	64,405		5.000		11/01/17		64,450
	351,124		5.000		12/01/17		351,370
	254,024		5.000		01/01/18		254,202
	103,294		5.000		02/01/18		103,177
	263,235		5.000		03/01/18		262,936
	1,033,495		5.000		04/01/18		1,032,316
	398,036		5.000		05/01/18		397,583
	806,055		5.000		06/01/18		805,138
	21,920		5.000		07/01/18		21,895
	1,447,507		4.000		09/01/18		1,406,776
	550,588		5.000		11/01/18		549,960
	632,257		5.000		12/01/18		631,537
	52,784		5.000		01/01/19		52,724
	137,944		5.000		02/01/19		137,532
	556,205		5.000		03/01/19		554,545
	1,192,191		5.000		04/01/19		1,189,946

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	647,175		5.000	%	06/01/19	$	646,437
	409,058		6.000		09/01/19		417,819
	592,258		5.000		12/01/19		591,583
	514,908		6.000		12/01/20		526,227
	18,766		8.000		09/01/21		20,407
	229,553		5.500		04/01/33		229,472
	322,629		5.500		01/01/34		322,516
	9,474		7.000		05/01/35		9,899
	21,035		7.000		07/01/35		21,976
	24,397		7.000		08/01/35		25,489
	93,192		7.000		10/01/35		97,363
	2,100,691		5.000		01/01/36		2,051,061
	14,630		7.000		01/01/36		15,283
	688,763		6.500		09/01/36		706,945
	108,921		6.000		03/01/37		110,405
	93,512		7.000		03/01/37		97,691
	411,716		6.000		04/01/37		417,327
	168,183		6.000		05/01/37		170,475
	1,046,537		7.000		05/01/37		1,093,223
	89,582		7.000		06/01/37		93,578
	435,849		6.000		07/01/37		441,789
	88,848		6.000		08/01/37		90,059
	261,906		7.000		08/01/37		273,590
	279,516		6.500		10/01/37		286,816
	815,658		7.000		10/01/37		852,045
	2,246,888		7.500		10/01/37		2,378,581
	110,868		6.000		11/01/37		112,379
	158,802		6.500		11/01/37		162,949
	2,121,954		7.000		11/01/37		2,216,615
	219,176		6.000		12/01/37		222,163
	495,966		6.500		12/01/37		508,928
	293,657		7.000		12/01/37		306,757
	415,148		6.000		01/01/38		420,806
	453,255		6.500		01/01/38		465,147
	671,885		5.500		02/01/38		670,505
	1,057,295		5.000		03/01/38		1,031,577
	3,578,553		5.500		03/01/38		3,571,204
	58,685		5.000		04/01/38		57,220
	4,664,232		5.500		04/01/38		4,654,654
	876,768		5.000		05/01/38		854,882
	995,693		5.500		05/01/38		993,685
	3,847,878		6.000		05/01/38		3,901,259
	991,611		5.000		06/01/38		966,858
	702,204		5.500		07/01/38		700,788
	940,855		6.000		07/01/38		953,697
	1,059,145		6.000		09/01/38		1,073,839
	2,000,000		4.500		TBA-15yr(d)		1,945,624
	1,000,000		5.500		TBA-30yr(d)		997,188
	2,000,000		6.500		TBA-30yr(d)		2,050,624
							48,648,444
TOTAL FEDERAL AGENCIES						$	57,027,179
GNMA — 0.0%
	651		6.500		06/15/09		666
TOTAL MORTGAGE-BACKED OBLIGATIONS						$	73,897,849

Principal		Interest			Maturity
Amount		Rate			Date	Value
Agency Debentures — 7.2%
FFCB
$	500,000		5.400	%	06/08/17	$	518,215
FHLMC
	1,500,000		3.200		06/10/10		1,493,877
	1,500,000		5.125		11/17/17		1,548,932
FNMA
	1,000,000		5.000		05/11/17		1,022,348
	1,200,000		4.600		06/05/18		1,179,925
Tennessee Valley Authority(e)
	700,000		5.375		04/01/56		741,370
TOTAL AGENCY DEBENTURES						$	6,504,667
Asset-Backed Securities — 0.9%
Home Equity — 0.9%
CIT Mortgage Loan Trust Series 2007-1, Class 2A1(a)(f)
$	340,369		4.207	%	10/25/37	$	289,314
CIT Mortgage Loan Trust Series 2007-1, Class 2A2(a)(f)
	130,000		4.457		10/25/37		65,000
CIT Mortgage Loan Trust Series 2007-1, Class 2A3(a)(f)
	180,000		4.657		10/25/37		67,500
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	81,299		7.000		09/25/37		45,273
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	82,686		7.000		09/25/37		40,105
HFC Home Equity Loan Asset Backed Certificates Series 2007-3, Class APT(a)
	375,698		4.388		11/20/36		285,589
TOTAL ASSET-BACKED SECURITIES						$	792,781
U.S. Treasury Obligations — 3.3%
United States Treasury Bonds
$	500,000		8.125	%	08/15/19	$	671,980
	400,000		6.625		02/15/27		509,268
United States Treasury Inflation Indexed Bonds-TIPS
	500,000		2.000		01/15/26		505,947
	500,000		2.375		01/15/27		527,432
	300,000		1.750		01/15/28		274,805
	250,000		3.625		04/15/28		391,157
United States Treasury Principal-Only STRIPS(g)
	300,000		0.000		08/15/26		131,409
TOTAL U.S. TREASURY OBLIGATIONS						$	3,011,998
Short-Term Obligations — 11.8%
Discount Notes(h) — 7.9%
FNMA
$	3,600,000		2.760	%	02/23/09	$	3,557,232
	3,600,000		2.760		02/24/09		3,556,944
							7,114,176
Time Deposit — 3.9%
JPMorgan Chase Euro — Time Deposit
	3,514,744		1.484		10/01/08		3,514,744
TOTAL SHORT-TERM OBLIGATIONS						$	10,628,920
TOTAL INVESTMENTS — 105.1%						$	94,836,215
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.1)%							(4,628,288	)
NET ASSETS — 100.0%						$	90,207,927

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

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. Except for floating rate notes, maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect at September 30, 2008.

(b) Represents security with notional principal amount. The actual effective yield of this security is different than the stated interest rate.

(c) Security is issued with a zero coupon, and interest rate is contingent upon LIBOR reaching a predetermined level.

(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 (excluding forward sales contracts, if any) amounts to $4,993,436 which represents approximately 5.6% of net assets as of September 30, 2008.

(e) All or a portion of security is segregated for initial margin requirements on futures transactions.

(f) 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 $421,814, which represents approximately 0.5% of net assets as of September 30, 2008.

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

(h) Interest rates represent the annualized yield on date of purchase.

Investment Abbreviations:
FFCB	— Federal Farm Credit Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
STRIPS	— Separate Trading of Registered Interest and Principal of Securities
TIPS	— Treasury Inflation-Protected 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 GOVERNMENT INCOME FUND

Schedule of Investments

September 30, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At September 30, 2008, the Fund had the following forward sales contracts:

Interest

Maturity

Settlement

Principal

Description

Rate

Date

Date

Amount

Value

FNMA (Proceeds Receivable: $4,181,875)

7.000

%

TBA—30 yr

(d)

10/14/08

$

4,000,000

$

4,178,752

FUTURES CONTRACTS — At September 30, 2008, the following futures contracts were open:

	Number of
	Contracts			Settlement	Notional			Unrealized
Type	Long (Short)			Month	Value			Gain (Loss)
Eurodollars		3		December 2008	$	724,087		$	10,131
Eurodollars		3		March 2009		727,763			14,126
Eurodollars		3		June 2009		727,200			14,050
U.S. Long Bond		(25	)	December 2008		(2,929,297	)		13,072
2 Year U.S. Treasury Notes		25		December 2008		5,335,937			17,081
5 Year U.S. Treasury Notes		79		December 2008		8,866,516			(38,786	)
10 Year U.S. Treasury Notes		75		December 2008		8,596,875			(15,697	)
TOTAL								$	13,977

TAX INFORMATION — At September 30, 2008, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. Federal income tax purposes were as follows:

Tax Cost	$	98,756,862
Gross unrealized gain		815,634
Gross unrealized loss		(4,736,281	)
Net unrealized security loss	$	(3,920,647	)

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Schedule of Investments

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — 93.2%
Automobiles & Components — 0.6%
	102,653	Johnson Controls, Inc.	$	3,113,465
Banks — 1.9%
	144,700	SunTrust Banks, Inc.		6,510,053
	369,779	Synovus Financial Corp.(a)		3,827,213
				10,337,266
Capital Goods — 3.6%
	240,613	General Electric Co.		6,135,632
	63,300	Honeywell International, Inc.		2,630,115
	115,200	The Boeing Co.		6,606,720
	64,068	United Technologies Corp.		3,847,924
				19,220,391
Commercial & Professional Services — 1.7%
	288,466	Waste Management, Inc.		9,083,794
Consumer Durables & Apparel — 1.6%
	142,326	Mattel, Inc.		2,567,561
	352,726	Newell Rubbermaid, Inc.		6,088,051
				8,655,612
Consumer Services — 0.7%
	159,524	H&R Block, Inc.		3,629,171
Diversified Financials — 9.2%
	233,753	AllianceBernstein Holding LP		8,651,199
	356,806	Bank of America Corp.		12,488,210
	414,965	Citigroup, Inc.		8,510,932
	415,252	JPMorgan Chase & Co.		19,392,268
				49,042,609
Energy — 16.0%
	252,243	Devon Energy Corp.		23,004,562
	90,479	EOG Resources, Inc.		8,094,251
	125,823	Exxon Mobil Corp.		9,771,414
	151,082	Hess Corp.		12,400,811
	157,500	Marathon Oil Corp.		6,279,525
	176,479	Occidental Petroleum Corp.		12,432,945
	87,918	Schlumberger Ltd.		6,865,517
	297,905	The Williams Companies, Inc.		7,045,453
				85,894,478
Food & Staples Retailing — 2.5%
	88,612	SUPERVALU, Inc.		1,922,881
	189,206	Wal-Mart Stores, Inc.		11,331,547
				13,254,428
Food, Beverage & Tobacco — 7.8%
	134,638	Altria Group, Inc.		2,671,218
	220,437	ConAgra Foods, Inc.		4,289,704
	221,738	Philip Morris International, Inc.		10,665,598
	65,599	The Coca-Cola Co.		3,468,875
	734,770	Unilever NV ADR		20,691,123
				41,786,518
Health Care Equipment & Services — 3.7%
	208,118	Baxter International, Inc.		13,658,784
	98,700	Zimmer Holdings, Inc.*		6,372,072
				20,030,856
Household & Personal Products — 0.4%
	35,919	The Clorox Co.		2,251,762
Insurance — 5.8%
	69,600	Everest Re Group Ltd.		6,022,488

Shares		Description	Value
Common Stocks — (continued)
Insurance — (continued)
	115,087	Hartford Financial Services Group, Inc.	$	4,717,416
	61,587	PartnerRe Ltd.		4,193,459
	136,575	The Allstate Corp.		6,298,839
	212,428	The Travelers Companies, Inc.		9,601,746
				30,833,948
Materials — 2.9%
	74,100	Air Products & Chemicals, Inc.		5,075,109
	128,900	E.I. du Pont de Nemours & Co.		5,194,670
	89,500	Weyerhaeuser Co.		5,421,910
				15,691,689
Media — 3.7%
	286,353	Comcast Corp. Class A(a)		5,621,109
	1,101,687	Time Warner, Inc.		14,443,117
				20,064,226
Pharmaceuticals, Biotechnology & Life Sciences — 9.6%
	73,727	Abbott Laboratories		4,245,201
	195,928	Amgen, Inc.*		11,612,652
	59,400	Genentech, Inc.*		5,267,592
	294,534	Johnson & Johnson		20,405,315
	210,677	Pfizer, Inc.		3,884,884
	157,221	Wyeth		5,807,744
				51,223,388
Real Estate Investment Trusts — 2.0%
	125,121	Apartment Investment & Management Co.		4,381,737
	60,511	Camden Property Trust		2,775,035
	145,807	Realty Income Corp.(a)		3,732,659
				10,889,431
Retailing — 1.4%
	36,311	J.C. Penney Co., Inc.		1,210,609
	53,300	Target Corp.		2,614,365
	147,900	The Home Depot, Inc.		3,829,131
				7,654,105
Software & Services — 0.5%
	40,012	Visa, Inc. Class A		2,456,337
Technology Hardware & Equipment — 2.6%
	241,899	Hewlett-Packard Co.		11,185,410
	24,829	International Business Machines Corp.		2,904,000
				14,089,410
Telecommunication Services — 6.2%
	514,023	AT&T, Inc.		14,351,522
	135,484	Embarq Corp.		5,493,876
	2,160,349	Sprint Nextel Corp.		13,178,129
				33,023,527
Transportation — 0.8%
	69,000	United Parcel Service, Inc. Class B		4,339,410
Utilities — 8.0%
	28,713	American Electric Power Co., Inc.		1,063,242
	54,106	Edison International		2,158,829
	189,369	Entergy Corp.		16,855,735
	142,738	FirstEnergy Corp.		9,562,019
	116,229	PG&E Corp.		4,352,776
	232,456	PPL Corp.		8,605,521
				42,598,122
TOTAL COMMON STOCKS			$	499,163,943

]

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

		Dividend
Shares		Rate	Value
Preferred Stock — 1.0%
Banks — 1.0%
JPMorgan Chase & Co.(b)
	6,502,000	7.900%	$	5,473,903

Principal		Interest			Maturity
Amount		Rate			Date	Value
Short-Term Obligation — 6.2%
JPMorgan Chase Euro — Time Deposit
$	33,117,494		1.484	%	10/01/08	$	33,117,494
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL						$	537,755,340

		Interest
Shares		Rate		Value
Securities Lending Collateral(b) — 2.1%
Boston Global Investment Trust — Enhanced Portfolio
	11,504,477	3.910	%	$	11,274,388
TOTAL INVESTMENTS — 102.5%				$	549,029,728
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.5)%					(13,244,600	)
NET ASSETS — 100.0%				$	535,785,128

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) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2008.

Investment Abbreviation:
ADR	— American Depositary Receipt

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 GROWTH AND INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2008, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. Federal income tax purposes were as follows:

Tax Cost	$	614,907,700
Gross unrealized gain		14,727,850
Gross unrealized loss		(80,605,822	)
Net unrealized security loss	$	(65,877,972	)

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — 96.8%
Automobiles & Components — 1.5%
	146,000	Gentex Corp.	$	2,087,800
Capital Goods — 7.5%
	33,400	Alliant Techsystems, Inc.*(a)		3,137,596
	47,000	Kennametal, Inc.		1,274,640
	17,200	Precision Castparts Corp.		1,355,016
	55,790	Rockwell Automation, Inc.		2,083,199
	18,300	Roper Industries, Inc.		1,042,368
	19,300	W.W. Grainger, Inc.		1,678,521
				10,571,340
Commercial & Professional Services — 2.1%
	124,100	Iron Mountain, Inc.*		3,029,281
Consumer Durables & Apparel — 7.9%
	124,500	Coach, Inc.*		3,117,480
	57,510	Fortune Brands, Inc.		3,298,774
	58,800	Harman International Industries, Inc.		2,003,316
	157,700	Newell Rubbermaid, Inc.		2,721,902
				11,141,472
Consumer Services — 2.1%
	45,100	Marriott International, Inc. Class A		1,176,659
	112,000	Pinnacle Entertainment, Inc.*(a)		846,720
	36,700	Starwood Hotels & Resorts Worldwide, Inc.		1,032,738
				3,056,117
Diversified Financials — 2.0%
	84,300	Raymond James Financial, Inc.(a)		2,780,214
Energy — 16.4%
	87,300	Cameron International Corp.*		3,364,542
	64,700	Continental Resources, Inc.*		2,538,181
	4,100	Core Laboratories NV		415,412
	83,500	Dresser-Rand Group, Inc.*		2,627,745
	40,700	Hess Corp.		3,340,656
	94,000	Petrohawk Energy Corp.*		2,033,220
	72,300	Quicksilver Resources, Inc.*		1,419,249
	105,600	Rex Energy Corp.*		1,664,256
	129,120	Weatherford International Ltd.*		3,246,077
	36,100	Whiting Petroleum Corp.*		2,572,486
				23,221,824
Food, Beverage & Tobacco — 1.2%
	58,200	Hansen Natural Corp.*(a)		1,760,550
Health Care Equipment & Services — 8.8%
	32,005	C.R. Bard, Inc.		3,036,314
	43,600	Henry Schein, Inc.*		2,347,424
	36,900	Laboratory Corp. of America Holdings*		2,564,550
	13,700	NuVasive, Inc.*(a)		675,821
	45,300	St. Jude Medical, Inc.*		1,970,097
	30,300	Zimmer Holdings, Inc.*		1,956,168
				12,550,374
Household & Personal Products — 3.2%
	37,300	Chattem, Inc.*(a)		2,916,114
	20,500	Energizer Holdings, Inc.*		1,651,275
				4,567,389
Media — 1.6%
	384,500	Entravision Communications Corp. Class A*		1,034,305

Shares		Description	Value
Common Stocks — (continued)
Media — (continued)
	40,100	Lamar Advertising Co. Class A*(a)	$	1,238,689
				2,272,994
Pharmaceuticals, Biotechnology & Life Sciences — 6.0%
	110,900	Amylin Pharmaceuticals, Inc.*(a)		2,242,398
	59,490	Charles River Laboratories International, Inc.*		3,303,480
	52,820	Thermo Fisher Scientific, Inc.*		2,905,100
				8,450,978
Real Estate — 2.1%
	220,600	CB Richard Ellis Group, Inc. Class A*(a)		2,949,422
Retailing — 5.6%
	37,700	Advance Auto Parts, Inc.		1,495,182
	93,100	Dick’s Sporting Goods, Inc.*		1,822,898
	87,331	Netflix, Inc.*(a)		2,696,781
	75,300	PetSmart, Inc.		1,860,663
				7,875,524
Semiconductors & Semiconductor Equipment — 4.5%
	110,900	FormFactor, Inc.*		1,931,878
	66,000	Linear Technology Corp.		2,023,560
	150,000	Tessera Technologies, Inc.*		2,451,000
				6,406,438
Software & Services — 14.2%
	196,032	Activision Blizzard, Inc.*		3,024,774
	49,000	Citrix Systems, Inc.*		1,237,740
	99,720	Cognizant Technology Solutions Corp. Class A*		2,276,607
	57,900	Electronic Arts, Inc.*		2,141,721
	53,800	Equinix, Inc.*(a)		3,736,948
	71,000	Global Payments, Inc.		3,185,060
	80,500	NeuStar, Inc. Class A*		1,601,145
	116,600	Western Union Co.		2,876,522
				20,080,517
Technology Hardware & Equipment — 5.0%
	74,720	Amphenol Corp. Class A		2,999,261
	78,200	Flir Systems, Inc.*		3,004,444
	59,200	NetApp, Inc.*		1,079,216
				7,082,921
Telecommunication Services — 5.1%
	81,000	American Tower Corp. Class A*		2,913,570
	58,700	Crown Castle International Corp.*		1,700,539
	117,600	MetroPCS Communications, Inc.*		1,645,224
	93,300	tw telecom, inc.*		969,387
				7,228,720
TOTAL COMMON STOCKS			$	137,113,875

Principal		Interest			Maturity
Amount		Rate			Date	Value
Short-Term Obligation — 4.6%
JPMorgan Chase Euro — Time Deposit
$	6,517,144		1.484	%	10/01/08	$	6,517,144
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL						$	143,631,019

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

		Interest
Shares		Rate	Value
Securities Lending Collateral(b) — 13.0%
Boston Global Investment Trust — Enhanced Portfolio
	18,819,731	3.910%	$	18,443,336
TOTAL INVESTMENTS — 114.4%			$	162,074,355
LIABILITIES IN EXCESS OF OTHER ASSETS — (14.4)%				(20,372,791	)
NET ASSETS — 100.0%			$	141,701,564

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) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2008.

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 GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2008, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. Federal income tax purposes were as follows:

Tax Cost	$	181,471,934
Gross unrealized gain		8,441,171
Gross unrealized loss		(27,838,750	)
Net unrealized security loss	$	(19,397,579	)

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — 96.0%
Automobiles & Components — 1.6%
	202,834	BorgWarner, Inc.	$	6,646,870
	382,859	Johnson Controls, Inc.		11,612,113
	43,482	Tenneco, Inc.*		462,214
				18,721,197
Banks — 4.0%
	258,405	Commerce Bancshares, Inc.		11,989,992
	422,461	Hudson City Bancorp, Inc.(a)		7,794,405
	102,630	M&T Bank Corp.(a)		9,159,728
	608,200	People’s United Financial, Inc.		11,707,850
	508,900	Synovus Financial Corp.(a)		5,267,115
	53,508	Webster Financial Corp.		1,351,077
				47,270,167
Capital Goods — 3.4%
	62,799	Alliant Techsystems, Inc.*(a)		5,899,338
	165,294	Cooper Industries Ltd. Class A		6,603,495
	139,581	Eaton Corp.		7,841,661
	70,100	General Cable Corp.*(a)		2,497,663
	80,600	Ingersoll-Rand Co. Ltd. Class A		2,512,302
	63,771	Lennox International, Inc.		2,121,661
	172,154	Parker Hannifin Corp.		9,124,162
	81,130	Rockwell Collins, Inc.		3,901,542
				40,501,824
Commercial & Professional Services — 2.8%
	1,372,281	Allied Waste Industries, Inc.*		15,246,042
	648,621	Iron Mountain, Inc.*		15,832,838
	86,100	Republic Services, Inc.		2,581,278
				33,660,158
Consumer Durables & Apparel — 4.6%
	370,908	Fortune Brands, Inc.		21,275,283
	123,000	M.D.C. Holdings, Inc.		4,500,570
	325,078	Mattel, Inc.		5,864,407
	861,317	Newell Rubbermaid, Inc.		14,866,331
	13,100	NVR, Inc.*		7,493,200
				53,999,791
Consumer Services — 1.4%
	724,360	H&R Block, Inc.		16,479,190
Diversified Financials — 4.3%
	355,785	CIT Group, Inc.(a)		2,476,264
	642,800	Invesco Ltd.		13,485,944
	117,926	Lazard Ltd. Class A		5,042,516
	162,937	Legg Mason, Inc.(a)		6,201,382
	178,477	Northern Trust Corp.		12,886,039
	679,000	SLM Corp.*		8,378,860
	89,800	The Nasdaq OMX Group, Inc.*		2,745,186
				51,216,191
Energy — 9.4%
	259,500	Dril-Quip, Inc.*		11,259,705
	222,700	EOG Resources, Inc.		19,922,742
	119,700	Frontier Oil Corp.		2,204,874
	681,482	Newfield Exploration Co.*		21,800,609
	41,096	Petroleum Development Corp.*		1,823,430
	520,312	Range Resources Corp.		22,305,775
	290,999	Smith International, Inc.(a)		17,064,181
	104,000	The Williams Companies, Inc.		2,459,600

Shares		Description	Value
Common Stocks — (continued)
Energy — (continued)
	171,800	Whiting Petroleum Corp.*	$	12,242,468
				111,083,384
Food & Staples Retailing — 1.6%
	310,402	Safeway, Inc.		7,362,736
	541,883	SUPERVALU, Inc.		11,758,861
				19,121,597
Food, Beverage & Tobacco — 3.3%
	200,562	Campbell Soup Co.		7,741,693
	283,682	Coca-Cola Enterprises, Inc.		4,757,347
	660,582	ConAgra Foods, Inc.		12,854,926
	63,329	General Mills, Inc.		4,351,969
	75,584	Lorillard, Inc.		5,377,802
	72,489	Reynolds American, Inc.		3,524,415
				38,608,152
Health Care Equipment & Services — 5.2%
	79,565	Coventry Health Care, Inc.*		2,589,841
	167,870	Edwards Lifesciences Corp.*		9,696,171
	81,312	Health Net, Inc.*		1,918,963
	503,639	IMS Health, Inc.		9,523,814
	288,700	Kinetic Concepts, Inc.*(a)		8,253,933
	297,046	Laboratory Corp. of America Holdings*		20,644,697
	137,800	Zimmer Holdings, Inc.*		8,896,368
				61,523,787
Household & Personal Products — 2.5%
	50,100	Energizer Holdings, Inc.*		4,035,555
	71,600	Herbalife Ltd.(a)		2,829,632
	371,039	The Clorox Co.		23,260,435
				30,125,622
Insurance — 12.1%
	214,200	Aon Corp.		9,630,432
	32,500	Arch Capital Group Ltd.*		2,373,475
	179,835	Assurant, Inc.		9,890,925
	182,589	Everest Re Group Ltd.		15,799,426
	488,256	Genworth Financial, Inc. Class A		4,203,884
	238,300	Lincoln National Corp.		10,201,623
	28,900	Marsh & McLennan Companies, Inc.		917,864
	167,311	PartnerRe Ltd.		11,392,206
	80,972	Philadelphia Consolidated Holding Corp.*		4,742,530
	156,100	Principal Financial Group, Inc.(a)		6,788,789
	110,041	RenaissanceRe Holdings Ltd.		5,722,132
	815,000	The Progressive Corp.		14,181,000
	106,005	Torchmark Corp.		6,339,099
	372,208	Unum Corp.		9,342,421
	740,999	W. R. Berkley Corp.		17,450,526
	441,352	Willis Group Holdings Ltd.		14,238,016
				143,214,348
Materials — 6.5%
	92,000	Air Products & Chemicals, Inc.		6,301,080
	448,155	Albemarle Corp.		13,821,100
	172,700	Carpenter Technology Corp.		4,429,755
	207,178	Celanese Corp. Class A		5,782,338
	453,300	International Paper Co.		11,867,394
	237,300	Owens-Illinois, Inc.*		6,976,620

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Materials - (continued)
	46,100	United States Steel Corp.	$	3,577,821
	397,200	Weyerhaeuser Co.		24,062,376
				76,818,484
Media — 1.9%
	454,126	Cablevision Systems Corp. Class A(a)		11,425,810
	3,636,771	Charter Communications, Inc. Class A*		2,654,843
	392,700	DISH Network Corp. Class A*		8,246,700
				22,327,353
Pharmaceuticals, Biotechnology & Life Sciences — 0.5%
	234,284	PerkinElmer, Inc.		5,850,071
Real Estate Investment Trust — 3.5%
	115,300	Alexandria Real Estate Equities, Inc.		12,971,250
	383,321	Apartment Investment & Management Co.		13,423,902
	158,400	Digital Realty Trust, Inc.(a)		7,484,400
	16,000	Essex Property Trust, Inc.		1,893,280
	129,700	HCP, Inc.		5,204,861
	2,796	Vornado Realty Trust		254,296
				41,231,989
Retailing — 3.8%
	65,400	AutoZone, Inc.*		8,066,436
	165,801	J.C. Penney Co., Inc.		5,527,805
	234,400	Kohl’s Corp.*		10,801,152
	232,919	Ross Stores, Inc.		8,573,749
	403,300	The TJX Companies, Inc.		12,308,716
				45,277,858
Software & Services — 2.1%
	753,162	Activision Blizzard, Inc.*		11,621,290
	398,700	Autodesk, Inc.*		13,376,385
				24,997,675
Technology Hardware & Equipment — 4.3%
	543,969	Amphenol Corp. Class A		21,834,916
	617,400	CommScope, Inc.*		21,386,736
	131,400	SanDisk Corp.*		2,568,870
	415,134	Seagate Technology		5,031,424
				50,821,946
Telecommunication Services — 1.2%
	365,563	Embarq Corp.		14,823,580
Transportation — 1.8%
	215,142	Landstar System, Inc.		9,479,156
	190,489	Ryder System, Inc.		11,810,318
				21,289,474
Utilities — 14.2%
	320,790	American Electric Power Co., Inc.		11,878,854
	311,895	CMS Energy Corp.(a)		3,889,331
	707,374	DPL, Inc.		17,542,875
	456,133	Edison International		18,199,707
	346,785	Entergy Corp.		30,867,333
	254,855	Equitable Resources, Inc.		9,348,081
	287,162	FirstEnergy Corp.		19,236,982
	411,604	PG&E Corp.		15,414,570
	771,569	PPL Corp.		28,563,484

Shares		Description	Value
Common Stocks — (continued)
Utilities — (continued)
	150,222	Sempra Energy	$	7,581,704
	123,655	Wisconsin Energy Corp.		5,552,110
				168,075,031
TOTAL COMMON STOCKS			$	1,137,038,869

Principal		Interest			Maturity
Amount		Rate			Date	Value
Short-Term Obligation — 3.4%
JPMorgan Chase Euro — Time Deposit
$	40,428,044		1.484	%	10/01/08	$	40,428,044
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL						$	1,177,466,913
					Interest
Shares					Rate	Value
Securities Lending Collateral(b) — 4.9%
Boston Global Investment Trust — Enhanced Portfolio
	59,715,411				3.910%	$	58,521,103
TOTAL INVESTMENTS — 104.3%						$	1,235,988,016
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.3)%							(51,396,085	)
NET ASSETS — 100.0%						$	1,184,591,931

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) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2008.

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 MID CAP VALUE FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2008, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. Federal income tax purposes were as follows:

Tax Cost	$	1,389,775,008
Gross unrealized gain		41,839,545
Gross unrealized loss		(195,626,537	)
Net unrealized security loss	$	(153,786,992	)

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Schedule of Investments

September 30, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Commercial Paper and Corporate Obligations — 22.0%
Aspen Funding Corp.
$	5,000,000		6.001	%	10/01/08	$	5,000,000
Atlantic Asset Securitization Corp.
	5,000,000		2.787		11/17/08		4,981,918
Atlantis One Funding Corp.
	5,000,000		2.779		11/21/08		4,980,450
Bank of America Corp.
	6,317,000		2.877		10/14/08		6,310,499
Citibank Credit Card Issuance Trust (Dakota Corp.)
	3,000,000		2.922		12/02/08		2,985,017
Gemini Securitization Corp.
	5,000,000		2.819		11/03/08		4,987,166
ING Bank NV
	5,000,000		2.768		10/14/08		4,995,035
JPMorgan Chase & Co.
	5,000,000		2.999		02/02/09		4,949,108
Newport Funding Corp.
	5,000,000		4.003		10/06/08		4,997,222
TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	44,186,415
Eurodollar Certificates of Deposit — 2.0%
ABN Amro Bank NV
$	4,000,000		2.850	%	11/10/08	$	4,000,044
U.S. Government Agency Obligations — 12.5%
Federal Home Loan Bank
$	5,000,000		2.599	%(a)	11/19/08	$	5,000,000
	2,000,000		2.635	(a)	12/06/08		1,999,234
	2,000,000		2.817	(a)	12/10/08		2,000,000
	4,000,000		2.800		02/25/09		4,000,000
	1,000,000		3.125		06/19/09		999,696
	2,000,000		2.720		09/18/09		2,000,000
Federal Home Loan Mortgage Corp.(a)
	4,000,000		3.010		10/20/08		4,000,000
Federal National Mortgage Association
	2,000,000		1.800	(a)	10/01/08		1,999,816
	3,000,000		2.549		11/17/08		2,990,091
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	24,988,837
Variable Rate Obligations(a) — 4.5%
ANZ National Bank Limited
$	3,000,000		3.037	%	12/10/08	$	3,000,000
Royal Bank of Canada
	2,000,000		3.104		11/15/08		2,000,000
Wells Fargo & Co.
	4,000,000		2.546		10/03/08		4,000,000
TOTAL VARIABLE RATE OBLIGATIONS						$	9,000,000
Yankee Certificates of Deposit — 14.4%
BNP Paribas SA
$	2,000,000		2.820	%	11/28/08	$	2,000,000
	2,000,000		3.080		01/30/09		2,000,000

Principal		Interest			Maturity
Amount		Rate			Date	Value
Yankee Certificates of Deposit — (continued)
Calyon
$	2,000,000		3.020	%	10/27/08	$	2,000,000
	3,000,000		2.760		11/12/08		3,000,000
Fortis Bank
	5,000,000		2.830		11/20/08		5,000,000
Norinchukin Bank NY
	3,000,000		2.800		11/06/08		3,000,000
Rabobank Nederland
	2,000,000		3.010		02/19/09		2,000,000
	2,000,000		3.000		02/26/09		2,000,000
UBS AG
	3,000,000		2.860		11/07/08		3,000,000
Unicredito Italiano (London)
	5,000,000		3.060		12/01/08		5,000,084
TOTAL YANKEE CERTIFICATES OF DEPOSIT						$	29,000,084
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT — 55.4%						$	111,175,380
Repurchase Agreement(b) — 44.5%
Joint Repurchase Agreement Account II
$	89,500,000		1.944%		10/01/08	$	89,500,000
Maturity Value: $89,504,833
TOTAL INVESTMENTS — 99.9%						$	200,675,380
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%							268,663
NET ASSETS — 100.0%						$	200,944,043

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

(a) Variable or floating rate security index is based on either Federal Funds, U.S. Treasury Bill or London Interbank Offering Rate. Interest rate disclosed is that which is in effect at September 30, 2008.

(b) Joint repurchase agreement was entered into on September 30, 2008. Additional information appears in the Notes to the Schedule of Investments section.

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 STRATEGIC INTERNATIONAL EQUITY FUND

Schedule of Investments

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — 91.9%
Australia — 3.3%
	195,378	BHP Billiton Ltd. (Materials)	$	5,054,550
	154,000	Westpac Banking Corp. (Banks)		2,729,585
				7,784,135
Brazil — 0.9%
	61,435	Companhia Vale do Rio Doce ADR Preference A Shares (Materials)		1,087,399
	129,883	Net Servicos de Comunicacao SA ADR Preference Shares (Media)*(a)		1,140,373
				2,227,772
Cyprus — 1.4%
	585,424	Prosafe SE (Energy)		3,204,488
France — 10.2%
	65,996	AXA SA (Insurance)		2,160,337
	46,566	Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences)		2,103,569
	47,634	Renault SA (Automobiles & Components)		3,035,684
	38,030	Societe Generale (Banks)		3,416,223
	126,882	Total SA (Energy)		7,708,074
	170,034	Vivendi (Media)		5,330,687
				23,754,574
Germany — 6.9%
	22,827	Allianz SE (Registered) (Insurance)		3,129,543
	42,373	Bilfinger Berger AG (Capital Goods)		2,207,045
	136,862	E.ON AG (Utilities)		6,889,205
	40,929	Siemens AG (Registered) (Capital Goods)		3,817,735
				16,043,528
Greece — 1.5%
	192,070	EFG Eurobank Ergasias (Banks)		3,501,069
Hong Kong — 1.9%
	425,000	Sun Hung Kai Properties Ltd. (Real Estate)		4,379,530
India — 0.3%
	174,747	Indiabulls Securities Ltd. GDR (Diversified Financials)*		133,205
	20,310	Infosys Technologies Ltd. ADR (Software & Services)(b)		676,526
				809,731
Italy — 4.5%
	285,408	Banca Popolare Di Milano Scarl (Banks)		2,425,620
	373,338	Mediobanca SpA (Diversified Financials)		5,067,269
	489,017	Snam Rete Gas SpA (Utilities)		2,955,299
				10,448,188
Japan — 21.6%
	527,000	Asahi Glass Co. Ltd. (Capital Goods)		4,632,659
	207,300	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		3,378,071
	362,000	Fujitsu Ltd. (Technology Hardware & Equipment)		2,035,154
	978	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		4,365,251

Shares		Description	Value
Common Stocks — (continued)
Japan — (continued)
	305,000	Nomura Holdings, Inc. (Diversified Financials)	$	3,980,282
	128,000	Olympus Corp. (Health Care Equipment & Services)		3,741,149
	272,900	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)		7,840,390
	173,700	Sony Corp. (Consumer Durables & Apparel)		5,356,493
	544,600	Sumitomo Electric Industries Ltd. (Capital Goods)		5,927,518
	1,184,000	Sumitomo Metal Industries Ltd. (Materials)		3,670,578
	888	Sumitomo Mitsui Financial Group, Inc. (Banks)		5,567,462
				50,495,007
Luxembourg — 1.4%
	45,825	Millicom International Cellular SA SDR (Telecommunication Services)(a)		3,164,288
Norway — 2.1%
	143,760	Schibsted ASA (Media)		2,671,943
	91,830	StatoilHydro ASA (Energy)		2,182,188
				4,854,131
Singapore — 2.5%
	495,000	DBS Group Holdings Ltd. (Banks)		5,899,036
South Korea — 0.3%
	2,180	Samsung Electronics Co. Ltd. Preference Shares (Semiconductors & Semiconductor Equipment)		687,440
Sweden — 1.2%
	165,200	Atlas Copco AB Class B (Capital Goods)		1,669,140
	69,784	SSAB Svenskt Stal AB Series A (Materials)		1,109,656
				2,778,796
Switzerland — 15.4%
	78,477	Credit Suisse Group AG (Registered) (Diversified Financials)		3,665,031
	61,094	Kuehne + Nagel International AG (Registered) (Transportation)		4,076,352
	202,402	Nestle SA (Registered) (Food, Beverage & Tobacco)		8,747,316
	141,411	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		7,445,227
	43,671	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		6,836,342
	51,075	Swiss Reinsurance (Registered) (Insurance)		2,834,941
	61,897	UBS AG (Registered) (Diversified Financials)*		1,057,971
	43,816	Xstrata PLC (Materials)		1,365,508
				36,028,688
United Kingdom — 16.5%
	47,407	Anglo American PLC (Materials)		1,601,392
	321,538	BG Group PLC (Energy)		5,831,430

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
United Kingdom — (continued)
	264,616	Capita Group PLC (Commercial Services & Supplies)	$	3,293,320
	267,174	HSBC Holdings PLC (Banks)		4,322,411
	161,679	Imperial Tobacco Group PLC (Food, Beverage & Tobacco)		5,190,018
	201,924	Schroders PLC (Diversified Financials)		3,725,095
	160,974	Shire Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,545,506
	53,110	Standard Life PLC (Insurance)		231,532
	871,919	Tesco PLC (Food & Staples Retailing)		6,064,186
	2,545,178	Vodafone Group PLC (Telecommunication Services)		5,620,850
				38,425,740
TOTAL COMMON STOCKS			$	214,486,141

Shares		Description	Value
Exchange Traded Funds — 2.3%
France — 1.5%
	79,811	The Lyxor ETF DJ Euro Stoxx 50	$	3,566,241
Ireland — 0.8%
	196,990	iShares FTSE 100		1,726,578
TOTAL EXCHANGE TRADED FUNDS			$	5,292,819

Principal		Interest			Maturity
Amount		Rate			Date	Value
Short-Term Obligation — 5.9%
JPMorgan Chase Euro — Time Deposit
$	13,795,798		1.484	%	10/01/08	$	13,795,798
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL						$	233,574,758

		Interest
Shares		Rate			Value
Securities Lending Collateral(c) — 1.7%
Boston Global Investment Trust — Enhanced Portfolio
	4,111,525		3.910	%	$	4,029,294
TOTAL INVESTMENTS — 101.8%					$	237,604,052
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.8)%						(4,181,072	)
NET ASSETS — 100.0%					$	233,422,980

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) All or a portion of security is segregated for initial margin requirements on futures transactions.

(c) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2008.

Investment Abbreviations:
ADR	— American Depositary Receipt
GDR	— Global Depositary Receipt
SDR	— Swedish Depositary Receipt

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.

	As a % of
Investments Industry Classifications†	Net Assets
Automobiles & Components		1.3	%
Banks		12.0
Capital Goods		7.8
Commercial Services & Supplies		1.4
Consumer Durables & Apparel		2.3
Diversified Financials		7.5
Energy		8.1
Exchange Traded Funds		2.3
Food & Staples Retailing		5.9
Food, Beverage & Tobacco		6.0
Health Care Equipment & Services		1.6
Insurance		3.5
Materials		5.9
Media		4.0
Pharmaceuticals, Biotechnology & Life Sciences		9.5
Real Estate		1.9
Semiconductors & Semiconductor Equipment		0.3
Short-term Investments#		7.6
Software & Services		0.3
Technology Hardware & Equipment		0.9
Telecommunication Services		5.7
Transportation		1.7
Utilities		4.3
TOTAL INVESTMENTS		101.8	%

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

# Short-term investments include a short-term obligation and securities lending collateral.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2008, the following futures contracts were open:

	Number of	Settlement	Notional		Unrealized
Type	Contracts Long	Month	Value		Loss
Dow Jones EURO STOXX 50 Index	179	December 2008	$	7,716,124	$	(321,111	)

TAX INFORMATION — At September 30, 2008, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. Federal income tax purposes were as follows:

Tax Cost	$	298,677,167
Gross unrealized gain		1,606,920
Gross unrealized loss		(62,680,035	)
Net unrealized security loss	$	(61,073,115	)

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — 98.4%
Automobiles & Components — 0.0%
	100	ArvinMeritor, Inc.	$	1,304
	4,300	Coachmen Industries, Inc.*		7,095
				8,399
Banks — 7.7%
	1,967	1st Source Corp.		46,225
	9,440	Amcore Financial, Inc.		87,320
	26,193	Bancorpsouth, Inc.		736,809
	3,130	Bank Mutual Corp.		35,525
	22,271	Brookline Bancorp, Inc.		284,846
	27,067	Cathay General Bancorp(a)		644,195
	1,392	Chemical Financial Corp.		43,347
	860	City Holding Co.		36,335
	1,329	Columbia Banking System, Inc.		23,563
	110	Community Trust Bancorp, Inc.		3,784
	40,390	CVB Financial Corp.(a)		561,421
	9,419	East West Bancorp, Inc.(a)		129,040
	97,319	First Bancorp(a)		1,076,348
	1,099	First Citizens BancShares, Inc. Class A		196,721
	10,663	First Commonwealth Financial Corp.(a)		143,631
	991	First Financial Bancorp		14,469
	705	First Financial Corp.		33,121
	1,625	Green Bankshares, Inc.(a)		38,204
	3,113	Guaranty Bancorp*		18,989
	541	Hancock Holding Co.		27,591
	4,915	Hanmi Financial Corp.		24,821
	914	Heartland Financial USA, Inc.		22,905
	7,583	Heritage Commerce Corp.		115,413
	595	Home Bancshares, Inc.		15,393
	7,897	International Bancshares Corp.		213,219
	5,927	Investors Bancorp, Inc.*		89,201
	1,345	MainSource Financial Group, Inc.		26,362
	1,145	MB Financial, Inc.		37,865
	12,759	Nara Bancorp, Inc.		142,901
	2,464	Oriental Financial Group, Inc.		44,007
	9,772	Pacific Capital Bancorp NA		198,860
	623	Preferred Bank(a)		6,984
	4,885	Provident Bankshares Corp.		47,433
	22,844	Provident Financial Services, Inc.		377,154
	799	Renasant Corp.		17,346
	4,141	Republic Bancorp, Inc. Class A		125,555
	2,874	South Financial Group, Inc.		21,066
	16,975	Sterling Financial Corp.		246,138
	1,107	Sun Bancorp, Inc.*		15,000
	20,442	Susquehanna Bancshares, Inc.(a)		399,028
	19,847	Synovus Financial Corp.(a)		205,416
	566	TriCo Bancshares		12,186
	3,348	UCBH Holdings, Inc.		21,461
	693	UMB Financial Corp.		36,396
	72,228	Umpqua Holdings Corp.(a)		1,062,474
	1,204	Union Bankshares Corp.		28,896
	2,913	United Community Financial Corp.		14,565
	163	United Security Bancshares		2,667
	1,481	West Bancorp, Inc.		19,297
	307	Westamerica Bancorp		17,662
	50,017	Whitney Holding Corp.(a)		1,212,912
	7,568	Wilmington Trust Corp.(a)		218,185

Shares		Description	Value
Common Stocks — (continued)
Banks — (continued)
	17,315	Wilshire Bancorp, Inc.	$	210,724
	2,078	Yadkin Valley Financial Corp.		35,243
				9,466,219
Capital Goods — 7.3%
	9,434	A.O. Smith Corp.		369,718
	12,193	Acuity Brands, Inc.		509,180
	3,458	AGCO Corp.*(b)		147,345
	9,243	American Woodmark Corp.(a)		207,505
	381	Ampco-Pittsburgh Corp.		9,868
	1,666	Applied Signal Technology, Inc.		28,955
	2,789	Armstrong World Industries, Inc.		80,602
	7,292	Baldor Electric Co.		210,083
	13,157	Belden, Inc.		418,261
	12,362	Bucyrus International, Inc.		552,334
	8,249	Builders FirstSource, Inc.*(a)		49,412
	19,635	C&D Technologies, Inc.*(a)		111,527
	887	CIRCOR International, Inc.		38,522
	2,607	Coleman Cable, Inc.*(a)		26,148
	5,047	Commercial Vehicle Group, Inc.*		35,884
	21,163	Encore Wire Corp.(a)		383,262
	6,291	Gibraltar Industries, Inc.		117,705
	957	Graham Corp.		51,774
	203	II-VI, Inc.*		7,848
	654	Insituform Technologies, Inc. Class A*		9,784
	14,035	Integrated Electrical Services, Inc.*		246,455
	71	L.B. Foster Co. Class A*		2,160
	43,981	LSI Industries, Inc.		363,723
	9,316	Lydall, Inc.*		89,713
	2,443	Mueller Industries, Inc.		56,213
	1,655	Mueller Water Products, Inc. Class A		14,862
	8,100	NACCO Industries, Inc. Class A		765,612
	3,376	NCI Building Systems, Inc.*		107,188
	13,193	Orbital Sciences Corp.*		316,236
	9,771	Orion Energy Systems, Inc.*(a)		54,815
	6,734	Powell Industries, Inc.*		274,815
	75,691	Power-One, Inc.*(a)		109,752
	1,499	Robbins & Myers, Inc.		46,364
	4,467	Sauer-Danfoss, Inc.		110,290
	1,421	Stanley, Inc.*		52,449
	21,976	Tecumseh Products Co. Class A*		550,279
	7,720	The Gorman-Rupp Co.		291,198
	7,840	Titan International, Inc.(a)		167,149
	27,517	Titan Machinery, Inc.*(a)		572,629
	5,113	Universal Forest Products, Inc.		178,495
	3,623	Vicor Corp.		32,172
	46,175	Wabash National Corp.		436,354
	5,309	Wabtec Corp.		271,980
	15,980	Woodward Governor Co.		563,615
				9,040,235
Commercial & Professional Services — 4.8%
	4,142	ABM Industries, Inc.		90,461
	2,578	Administaff, Inc.		70,173
	11,177	Amrep Corp.*(a)		474,017
	36,879	Bowne & Co., Inc.		425,952
	8,661	CDI Corp.		193,400
	26,797	Comfort Systems USA, Inc.		358,008

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Commercial & Professional Services — (continued)
	15	Consolidated Graphics, Inc.*	$	455
	1,529	Heidrick & Struggles International, Inc.		46,099
	19,255	Herman Miller, Inc.		471,170
	560	HNI Corp.(a)		14,190
	6,805	Hudson Highland Group, Inc.*		47,295
	3,003	ICT Group, Inc.*		24,174
	37,275	IKON Office Solutions, Inc.		634,048
	14,427	Kelly Services, Inc. Class A		274,834
	8,224	Kforce, Inc.*		83,967
	22,187	Kimball International, Inc. Class B		239,620
	5,150	Korn/Ferry International*		91,773
	65,281	MPS Group, Inc.*		658,033
	228	Navigant Consulting, Inc.*		4,535
	5,262	PeopleSupport, Inc.*		61,513
	8,384	Resources Connection, Inc.*		188,892
	1,400	School Specialty, Inc.*		43,666
	102,806	Spherion Corp.*		500,665
	2,191	Tetra Tech, Inc.*		52,715
	16,044	United Stationers, Inc.*		767,385
	100	Viad Corp.		2,879
	6,739	Volt Information Sciences, Inc.*		60,516
				5,880,435
Consumer Durables & Apparel — 2.0%
	3,816	American Greetings Corp. Class A		58,347
	28,721	Brunswick Corp.(a)		367,342
	85	Callaway Golf Co.		1,196
	1,821	Columbia Sportswear Co.(a)		76,409
	45,466	Fuqi International, Inc.*		370,548
	27,978	Furniture Brands International, Inc.(a)		294,329
	10,067	Kenneth Cole Productions, Inc. Class A		147,985
	1,077	M/I Homes, Inc.		24,534
	5,444	Maidenform Brands, Inc.*		78,992
	4,260	Marine Products Corp.		35,358
	18,364	Nautilus, Inc.*		83,924
	3,511	Oxford Industries, Inc.		90,689
	785	Perry Ellis International, Inc.*		11,704
	7,282	Polaris Industries, Inc.(a)		331,258
	4,083	Skechers U.S.A., Inc. Class A*		68,717
	1,747	UniFirst Corp.		75,278
	15,177	Wolverine World Wide, Inc.		401,583
				2,518,193
Consumer Services — 2.8%
	12,951	Bob Evans Farms, Inc.		353,433
	1,767	Buffalo Wild Wings, Inc.*(a)		71,104
	10,055	California Pizza Kitchen, Inc.*		129,408
	986	Capella Education Co.*		42,260
	11,342	CEC Entertainment, Inc.*		376,554
	5,277	Chipotle Mexican Grill, Inc. Class B*(b)		246,700
	14,223	CKE Restaurants, Inc.		150,764
	465	Landry’s Restaurants, Inc.		7,231
	52,528	O’Charleys, Inc.		459,620
	15,782	Panera Bread Co. Class A*(a)		803,304
	9,200	Papa John’s International, Inc.*		249,872
	1,218	PF Chang’s China Bistro, Inc.*		28,671
	3,630	Pre-Paid Legal Services, Inc.*(a)		149,774
	2,012	Regis Corp.		55,330

Shares		Description	Value
Common Stocks — (continued)
Consumer Services — (continued)
	10,462	WMS Industries, Inc.*	$	319,823
				3,443,848
Diversified Financials — 2.3%
	58,203	Advance America Cash Advance Centers, Inc.		174,027
	2,100	Capital Southwest Corp.		298,305
	7,405	Cash America International, Inc.		266,876
	16,818	Compass Diversified Holdings		234,443
	14,595	CompuCredit Corp.*(a)		57,212
	12,156	Eaton Vance Corp.		428,256
	2,189	Financial Federal Corp.		50,172
	908	GAMCO Investors, Inc. Class A		53,844
	2,976	Greenhill & Co., Inc.(a)		219,480
	21,063	Knight Capital Group, Inc. Class A*		312,996
	6,629	PHH Corp.*		88,100
	4,831	Pico Holdings, Inc.*		173,481
	360	Piper Jaffray Cos, Inc.*		15,570
	4,979	Primus Guaranty Ltd.*		13,045
	6,123	SEI Investments Co.		135,931
	6,240	Waddell & Reed Financial, Inc. Class A		154,440
	3,502	World Acceptance Corp.*		126,072
				2,802,250
Energy — 7.4%
	16,003	Alpha Natural Resources, Inc.*		823,034
	31,589	Aventine Renewable Energy Holdings, Inc.*		99,821
	3,614	Basic Energy Services, Inc.*		76,978
	13,299	Berry Petroleum Co. Class A		515,070
	17,533	Bronco Drilling Co., Inc.*		179,187
	5,495	Callon Petroleum Co.*		99,075
	20,026	Complete Production Services, Inc.*		403,123
	2,667	Comstock Resources, Inc.*		133,483
	5,607	Dawson Geophysical Co.*		261,791
	3,099	Encore Acquisition Co.*		129,476
	28,128	Energy Partners Ltd.*		243,870
	4,459	Energy XXI Bermuda Ltd.		13,555
	637	EXCO Resources, Inc.*		10,396
	6,132	Foundation Coal Holdings, Inc.		218,177
	14,620	General Maritime Corp.(a)		284,798
	7,772	GeoMet, Inc.*		42,280
	38,038	Grey Wolf, Inc.*		295,936
	9,399	Gulf Island Fabrication, Inc.		323,983
	2,593	Houston American Energy Corp.		16,388
	16,759	International Coal Group, Inc.*		104,576
	3,691	Knightsbridge Tankers Ltd.		97,701
	7,472	Lufkin Industries, Inc.		592,903
	8,585	Mariner Energy, Inc.*		175,992
	667	Massey Energy Co.		23,792
	7,286	Matrix Service Co.*		139,163
	6,200	Newpark Resources, Inc.*		45,260
	6,809	Nordic American Tanker Shipping Ltd.(a)		218,296
	172	Penn Virginia Corp.		9,192
	500	Petroleum Development Corp.*		22,185
	1,641	Petroquest Energy, Inc.*		25,189
	24,733	Rosetta Resources, Inc.*		454,098

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Energy — (continued)
	31,765	RPC, Inc.	$	446,616
	4,083	St. Mary Land & Exploration Co.		145,559
	14,862	Stone Energy Corp.*		629,108
	18,880	Superior Well Services, Inc.*		477,853
	12,292	Swift Energy Co.*		475,577
	18,779	Union Drilling, Inc.*		198,870
	51,315	Vaalco Energy, Inc.*		350,995
	400	W&T Offshore, Inc.		10,916
	2,467	Walter Industries, Inc.		117,059
	9,806	Western Refining, Inc.		99,139
	1,910	Whiting Petroleum Corp.*		136,107
				9,166,567
Food & Staples Retailing — 3.1%
	10,796	BJ’s Wholesale Club, Inc.*		419,533
	22,320	Casey’s General Stores, Inc.		673,394
	5,041	Ingles Markets, Inc. Class A		115,086
	113	Longs Drug Stores Corp.		8,547
	23,220	Nash Finch Co.(a)		1,001,247
	47,911	PriceSmart, Inc.		802,030
	1,865	Spartan Stores, Inc.		46,401
	4,740	Susser Holdings Corp.*(a)		71,384
	7,962	The Pantry, Inc.*		168,715
	5,769	Weis Markets, Inc.		207,742
	26,131	Winn-Dixie Stores, Inc.*		363,221
				3,877,300
Food, Beverage & Tobacco — 2.0%
	28,903	Alliance One International, Inc.*		109,831
	50,750	Chiquita Brands International, Inc.*(a)		802,357
	13,195	Darling International, Inc.*		146,596
	14,398	Diamond Foods, Inc.		403,576
	23,520	Imperial Sugar Co.(a)		318,461
	994	J&J Snack Foods Corp.		33,707
	2,720	National Beverage Corp.*		24,126
	5,893	Pilgrim’s Pride Corp.		14,674
	4,636	Sanderson Farms, Inc.		170,327
	8,567	Universal Corp.		420,554
				2,444,209
Health Care Equipment & Services — 8.0%
	1,706	Abaxis, Inc.*		33,608
	2,826	Align Technology, Inc.*		30,606
	9,077	Analogic Corp.		451,671
	6,526	Angiodynamics, Inc.*		103,111
	7,032	Assisted Living Concepts, Inc. Class A*		44,794
	769	Atrion Corp.		79,230
	13,502	Biolase Technology, Inc.*		25,519
	5,003	Cantel Medical Corp.*		48,129
	6,017	Cardiac Science Corp.*		62,336
	6,753	Centene Corp.*		138,504
	8,759	Computer Programs & Systems, Inc.		253,573
	16,408	Conmed Corp.*		525,056
	32,178	Cyberonics, Inc.*(a)		547,026
	8,358	Datascope Corp.		431,524
	766	Exactech, Inc.*		17,036
	3,100	Genoptix, Inc.*		101,277
	44,100	Invacare Corp.		1,064,574

Shares		Description	Value
Common Stocks — (continued)
Health Care Equipment & Services — (continued)
	20	IRIS International, Inc.*	$	358
	1,416	Kensey Nash Corp.*		44,547
	33,151	Kindred Healthcare, Inc.*		913,973
	667	Landauer, Inc.		48,524
	27,120	Masimo Corp.*		1,008,864
	8,380	Medcath Corp.*		150,170
	25,967	Medical Action Industries, Inc.*		340,947
	9,495	Merit Medical Systems, Inc.*		178,221
	655	Orthofix International NV*		12,203
	1,800	Osteotech, Inc.*		7,668
	19,420	Owens & Minor, Inc.		941,870
	5,484	Palomar Medical Technologies, Inc.*		73,815
	40,632	PharMerica Corp.*		913,814
	34,294	Quidel Corp.*		562,765
	624	RehabCare Group, Inc.*		11,294
	1,535	Somanetics Corp.*		33,570
	3,819	Stereotaxis, Inc.*		23,105
	7,887	STERIS Corp.		296,393
	6,113	SurModics, Inc.*(a)		192,498
	23,320	Theragenics Corp.*		72,758
	2,527	Vnus Medical Technologies, Inc.*		52,890
				9,837,821
Household & Personal Products — 0.4%
	46,976	Central Garden and Pet Co. Class A*		279,507
	2,798	China Sky One Medical, Inc.*(a)		33,996
	54,267	Mannatech, Inc.(a)		217,068
				530,571
Insurance — 4.4%
	12,601	AMBAC Financial Group, Inc.		29,360
	854	American Physicians Capital, Inc.		36,150
	63,646	Aspen Insurance Holdings Ltd.		1,750,265
	8,399	Assured Guaranty Ltd.		136,568
	3,552	Crawford & Co. Class B*		53,990
	3,120	Endurance Specialty Holdings Ltd.		96,470
	2,162	First Mercury Financial Corp.*		30,809
	478	FPIC Insurance Group, Inc.*		24,564
	7,116	Infinity Property & Casualty Corp.		293,179
	37,811	IPC Holdings Ltd.		1,142,270
	7,503	LandAmerica Financial Group, Inc.		181,948
	16,164	Maiden Holdings Ltd.		70,313
	1,300	National Western Life Insurance Co. Class A		314,691
	23,700	Platinum Underwriters Holdings Ltd.		840,876
	3,535	Safety Insurance Group, Inc.		134,083
	756	Selective Insurance Group		17,328
	960	State Auto Financial Corp.		27,907
	8,880	Stewart Information Services Corp.		264,180
	1,556	United America Indemnity Ltd. Class A*		22,142
				5,467,093
Materials — 2.7%
	8,752	A. Schulman, Inc.		173,115
	274	Aptargroup, Inc.		10,716
	2,433	Ashland, Inc.		71,141
	1,391	Buckeye Technologies, Inc.*		11,392
	13,107	Bway Holding Co.*		153,745

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Materials — (continued)
	751	CF Industries Holdings, Inc.	$	68,687
	2,135	Compass Minerals International, Inc.		111,853
	2,724	Ferro Corp.		54,752
	920	Glatfelter		12,457
	1,829	HB Fuller Co.		38,171
	13,244	Headwaters, Inc.*		176,807
	10,474	Innophos Holdings, Inc.		255,356
	11,348	Koppers Holdings, Inc.		424,529
	2,433	Minerals Technologies, Inc.		144,423
	768	NewMarket Corp.		40,366
	1,147	Quaker Chemical Corp.		32,644
	179	Schnitzer Steel Industries, Inc. Class A		7,024
	34,445	ShengdaTech, Inc.*(a)		241,115
	18,574	Solutia, Inc.*		260,036
	32,098	Spartech Corp.		317,770
	2,876	Stepan Co.		156,943
	12,020	Terra Industries, Inc.		353,388
	9,434	Wausau Paper Corp.		95,567
	1,976	Westlake Chemical Corp.(a)		41,555
	6,469	Zep, Inc.		114,113
				3,367,665
Media — 1.0%
	9,492	Arbitron, Inc.(a)		424,197
	7,981	Belo Corp. Class A		47,567
	7,159	Cox Radio, Inc. Class A*(a)		75,599
	106	DreamWorks Animation SKG, Inc. Class A*		3,334
	73,078	Entercom Communications Corp. Class A		366,851
	2,896	EW Scripps Co. Class A		20,475
	32,823	Gray Television, Inc.		56,455
	7,612	Journal Communications, Inc. Class A		37,147
	16,977	LIN TV Corp. Class A*		87,601
	4,333	RCN Corp.*		53,123
	101	Sinclair Broadcast Group, Inc. Class A		509
				1,172,858
Pharmaceuticals, Biotechnology & Life Sciences — 7.4%
	21,650	Acadia Pharmaceuticals, Inc.*		58,022
	8,847	Accelrys, Inc.*		48,570
	10,838	Adolor Corp.*		37,391
	11,003	Affymax, Inc.*(a)		218,410
	22,840	Affymetrix, Inc.*		176,782
	17,404	Albany Molecular Research, Inc.*		314,838
	19,254	Alkermes, Inc.*		256,078
	2,550	Alnylam Pharmaceuticals, Inc.*		73,822
	777	Bio-Rad Laboratories, Inc. Class A*		77,016
	5,294	Caliper Life Sciences, Inc.*(a)		14,823
	20,061	Caraco Pharmaceutical Laboratories Ltd.*		250,963
	11,305	Cepheid, Inc.*		156,348
	3,089	Cougar Biotechnology, Inc.*(a)		103,142
	4,481	Cubist Pharmaceuticals, Inc.*		99,613
	2,782	CV Therapeutics, Inc.*		30,046
	87,856	Depomed, Inc.*(a)		320,674
	1,332	Dionex Corp.*		84,649
	25,262	Emergent Biosolutions, Inc.*		330,680

Shares		Description	Value
Common Stocks — (continued)
Pharmaceuticals, Biotechnology & Life Sciences — (continued)
	32,517	Enzon Pharmaceuticals, Inc.*(a)	$	239,975
	43,438	eResearchTechnology, Inc.*		517,347
	13,473	Genomic Health, Inc.*(a)		305,163
	32,400	Geron Corp.*(a)		127,980
	66,574	Idenix Pharmaceuticals, Inc.*(a)		481,330
	3,252	Idera Pharmaceuticals, Inc.*(a)		45,756
	15,410	Isis Pharmaceuticals, Inc.*		260,275
	9,824	Lexicon Pharmaceuticals, Inc.*		17,487
	8,020	Ligand Pharmaceuticals, Inc. Class B*		23,659
	843	MAP Pharmaceuticals, Inc.*		8,531
	13,537	Martek Biosciences Corp.*		425,332
	8,189	Maxygen, Inc.*		34,639
	8,172	Medivation, Inc.*(a)		216,231
	13,787	MiddleBrook Pharmaceuticals, Inc.*(a)		20,680
	12,517	Molecular Insight Pharmaceuticals, Inc.*(a)		96,131
	3,667	Momenta Pharmaceuticals, Inc.*		48,074
	2,236	Myriad Genetics, Inc.*		145,072
	124,198	Nabi Biopharmaceuticals*		578,763
	4,741	Nanosphere, Inc.*		40,441
	3,996	Nektar Therapeutics*		14,346
	23,524	NPS Pharmaceuticals, Inc.*		167,961
	26,114	Par Pharmaceutical Cos, Inc.*		320,941
	74,486	PDL BioPharma, Inc.		693,465
	1,743	PharmaNet Development Group, Inc.*		12,584
	8,415	Progenics Pharmaceuticals, Inc.*(a)		112,004
	99,001	Questcor Pharmaceuticals, Inc.*		727,657
	2,729	Regeneron Pharmaceuticals, Inc.*		59,574
	3,146	Salix Pharmaceuticals Ltd.*		20,166
	6,635	Savient Pharmaceuticals, Inc.*		98,928
	2,617	Synta Pharmaceuticals Corp.*(a)		19,941
	1,846	Targacept, Inc.*		10,725
	8,083	Varian, Inc.*		346,761
	2,897	Viropharma, Inc.*		38,009
	94,878	XOMA Ltd.*(a)		199,244
				9,127,039
Real Estate — 7.0%
	7,414	Agree Realty Corp. (REIT)		212,040
	12,575	AMB Property Corp. (REIT)		569,647
	29,035	Associated Estates Realty Corp. (REIT)		378,326
	268	BioMed Realty Trust, Inc. (REIT)		7,089
	88,587	DCT Industrial Trust, Inc. (REIT)		663,517
	12,436	EastGroup Properties, Inc. (REIT)		603,643
	4,792	Education Realty Trust, Inc. (REIT)		53,095
	5,350	Equity One, Inc. (REIT)		109,621
	1,864	Essex Property Trust, Inc. (REIT)		220,567
	17,680	Franklin Street Properties Corp. (REIT)		229,840
	2,183	Glimcher Realty Trust (REIT)		22,790
	4,657	JER Investors Trust, Inc. (REIT)(a)		22,447
	11,149	Jones Lang LaSalle, Inc.		484,759
	10,407	Kilroy Realty Corp. (REIT)		497,351
	1,311	LaSalle Hotel Properties (REIT)		30,573
	17,000	LTC Properties, Inc. (REIT)		498,440
	2,150	Maguire Properties, Inc. (REIT)		12,814
	14,543	National Health Investors, Inc. (REIT)		497,080

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Real Estate — (continued)
	30,706	Nationwide Health Properties, Inc. (REIT)	$	1,104,802
	13,660	NorthStar Realty Finance Corp. (REIT)(a)		105,865
	33,841	Omega Healthcare Investors, Inc. (REIT)		665,314
	3,791	One Liberty Properties, Inc. (REIT)		66,987
	10,691	Post Properties, Inc. (REIT)		299,027
	17,671	Realty Income Corp. (REIT)(a)		452,378
	2,517	Saul Centers, Inc. (REIT)		127,209
	183	Stratus Properties, Inc.*		5,036
	9,908	Sunstone Hotel Investors, Inc. (REIT)		133,758
	3,231	Tanger Factory Outlet Centers (REIT)(a)		141,485
	3,191	Taubman Centers, Inc. (REIT)		159,550
	1,584	Universal Health Realty Income Trust (REIT)		61,618
	9,553	Urstadt Biddle Properties, Inc. Class A (REIT)		179,119
				8,615,787
Retailing — 5.7%
	34,906	Aeropostale, Inc.*(a)		1,120,832
	25,389	America’s Car-Mart, Inc.*(a)		471,981
	3,928	Audiovox Corp. Class A*		36,805
	14,730	Big Lots, Inc.*		409,936
	63,805	Blockbuster, Inc. Class A*(a)		130,800
	10	Brown Shoe Co., Inc.		164
	4,202	Charlotte Russe Holding, Inc.*		43,070
	15,936	Charming Shoppes, Inc.*(a)		77,927
	3,260	Citi Trends, Inc.*		53,105
	10,995	Core-Mark Holding Co., Inc.*		274,765
	6,372	Dollar Tree, Inc.*		231,686
	20,037	Finish Line Class A		200,170
	42,207	Fred’s, Inc. Class A		600,184
	6,214	Genesco, Inc.*		208,045
	606	Gymboree Corp.*		21,513
	8,368	Hibbett Sports, Inc.*(a)		167,527
	3,932	HOT Topic, Inc.*		25,991
	13,909	Jo-Ann Stores, Inc.*		291,811
	22,777	Netflix, Inc.*(a)		703,354
	5,777	New York & Co., Inc.*		55,113
	7,263	Overstock.com, Inc.*(a)		143,880
	8,107	Sonic Automotive, Inc. Class A(a)		68,585
	8,864	Stage Stores, Inc.		121,082
	2,745	Stamps.com, Inc.*		32,034
	4,496	The Buckle, Inc.(a)		249,708
	4,382	The Cato Corp. Class A		76,904
	14,793	The Childrens Place Retail Stores, Inc.*		493,347
	27,034	Zale Corp.*(a)		675,850
				6,986,169
Semiconductors & Semiconductor Equipment — 1.8%
	5,017	Actel Corp.*		62,612
	877	ATMI, Inc.*		15,769
	8,682	Cohu, Inc.		137,349
	33,849	Kulicke & Soffa Industries, Inc.*		152,659
	48,104	LSI Corp.*		257,837
	45,151	LTX-Credence Corp.*		78,563

Shares		Description	Value
Common Stocks — (continued)
Semiconductors & Semiconductor Equipment — (continued)
	100	Micrel, Inc.	$	907
	14,172	Semtech Corp.*		197,841
	131,569	Silicon Image, Inc.*		702,579
	77,458	Silicon Storage Technology, Inc.*		252,513
	78	Standard Microsystems Corp.*		1,948
	167	TriQuint Semiconductor, Inc.*		800
	506	Veeco Instruments, Inc.*		7,494
	29,759	Volterra Semiconductor Corp.*		378,832
				2,247,703
Software & Services — 8.1%
	39,160	Acxiom Corp.		491,066
	17,217	Advent Software, Inc.*(b)		606,555
	7,024	Ansys, Inc.*		265,999
	13,357	ArcSight, Inc.*		101,914
	42,314	Art Technology Group, Inc.*		148,945
	16,614	AsiaInfo Holdings, Inc.*		152,516
	7,474	Blackbaud, Inc.		137,895
	13,447	Bottomline Technologies, Inc.*		139,849
	5,416	Catapult Communications Corp.*		26,051
	36,137	Ciber, Inc.*		252,598
	6,098	Commvault Systems, Inc.*		73,481
	3,432	CSG Systems International, Inc.*		60,163
	7,936	Cybersource Corp.*		127,849
	2,074	Deltek, Inc.*		12,610
	23,752	DemandTec, Inc.*		214,005
	4,580	Digital River, Inc.*		148,392
	50,026	EarthLink, Inc.*		425,221
	14,797	ExlService Holdings, Inc.*		129,918
	4,656	Gartner, Inc.*		105,598
	6,592	Genpact Ltd.*		68,491
	4,815	Gevity HR, Inc.		35,053
	1,845	Heartland Payment Systems, Inc.		47,158
	4,413	iGate Corp.*		38,261
	7,580	infoGROUP, Inc.		50,104
	721	InfoSpace, Inc.		7,823
	10,502	Integral Systems, Inc.*		218,126
	10,077	JDA Software Group, Inc.*		153,271
	1,362	Lawson Software, Inc.*		9,534
	11,068	Lionbridge Technologies, Inc.*		27,006
	5,305	Manhattan Associates, Inc.*		118,514
	680	Mantech International Corp. Class A*		40,317
	294	Mastech Holdings, Inc.*		2,236
	5,643	MAXIMUS, Inc.		207,888
	45,653	Mentor Graphics Corp.*		518,162
	7,141	MicroStrategy, Inc. Class A*		425,104
	3,001	MSC.Software Corp.*		32,111
	3,035	Net 1 UEPS Technologies, Inc.*		67,772
	14,031	OpenTV Corp. Class A*		19,784
	13,232	QAD, Inc.		91,565
	66,011	RealNetworks, Inc.*		335,336
	11,935	Renaissance Learning, Inc.		155,036
	21,633	RightNow Technologies, Inc.*		271,927
	60,135	Sapient Corp.*		446,803
	1,864	SI International, Inc.*		56,013
	8,758	Sohu.com, Inc.*		488,258
	543	Solera Holdings, Inc.*		15,595

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Software & Services — (continued)
	5,131	Sonic Solutions, Inc.*	$	22,576
	3,436	SPSS, Inc.*		100,881
	2,577	SRA International, Inc. Class A*		58,317
	13,449	Startek, Inc.*		86,343
	1,173	SuccessFactors, Inc.*		12,786
	4,899	Sybase, Inc.*		150,007
	10,459	Symyx Technologies*		103,649
	18,658	Take-Two Interactive Software, Inc.*		305,991
	1,383	Taleo Corp. Class A*		27,508
	25,012	TeleCommunication Systems, Inc. Class A*		172,833
	1,372	TeleTech Holdings, Inc.*		17,068
	19,928	The Hackett Group, Inc.*		108,408
	9,504	TIBCO Software, Inc.*		69,569
	51,007	TiVo, Inc.*		373,371
	34,784	TNS, Inc.*		673,766
	2,750	United Online, Inc.		25,877
	3,221	Vasco Data Security International, Inc.*		33,370
	1,603	Vocus, Inc.*		54,438
	3,814	Wind River Systems, Inc.*		38,140
				10,002,771
Technology Hardware & Equipment — 6.3%
	18,424	3Com Corp.*		42,928
	6,046	3PAR, Inc.*		38,997
	18,554	Adaptec, Inc.*		60,857
	16,008	ADTRAN, Inc.		311,996
	10,822	Agilysys, Inc.		109,194
	1,538	Anaren, Inc.*		15,611
	12,602	Avanex Corp.*		58,977
	4,424	Avid Technology, Inc.*(a)		106,441
	11,031	Avocent Corp.*		225,694
	41,697	Bell Microproducts, Inc.*		75,055
	48,977	Benchmark Electronics, Inc.*		689,596
	20,870	BigBand Networks, Inc.*		77,010
	2,428	Black Box Corp.		83,839
	14,407	Brightpoint, Inc.*		103,730
	57,625	Brocade Communications Systems, Inc.*		335,378
	1,322	Coherent, Inc.*		46,997
	44,642	Emulex Corp.*		476,330
	3,046	F5 Networks, Inc.*		71,216
	8,867	Gerber Scientific, Inc.*		81,044
	10,354	Hutchinson Technology, Inc.*		119,899
	25,187	Hypercom Corp.*		100,244
	13,233	Imation Corp.		298,934
	22,900	Ingram Micro, Inc. Class A*		368,003
	20,894	Insight Enterprises, Inc.*		280,189
	4,152	InterDigital, Inc.*		99,856
	6,200	Isilon Systems, Inc.*		27,342
	6,470	Keithley Instruments, Inc.		54,154
	42	Littelfuse, Inc.*		1,249
	484	Mercury Computer Systems, Inc.*		4,308
	16,214	Methode Electronics, Inc.		144,953
	1,495	Multi-Fineline Electronix, Inc.*		22,111
	1,525	Netezza Corp.*		16,180
	7,012	Novatel Wireless, Inc.*(a)		42,493
	19,048	Palm, Inc.(a)		113,717

Shares		Description	Value
Common Stocks — (continued)
Technology Hardware & Equipment — (continued)
	5,965	PC Connection, Inc.*	$	39,906
	2,395	Plantronics, Inc.		53,935
	8,192	Plexus Corp.*		169,574
	25,887	Polycom, Inc.*		598,766
	90,785	Quantum Corp.*		95,324
	917	Rimage Corp.*		12,801
	77,864	Sanmina-SCI Corp.*		109,010
	3,822	Scansource, Inc.*		110,035
	2,887	Seachange International, Inc.*		27,894
	1,827	STEC, Inc.*		14,068
	10,422	Symmetricom, Inc.*		51,797
	6,094	Synaptics, Inc.*(a)		184,161
	23,224	SYNNEX Corp.*		518,824
	12,068	Tech Data Corp.*		360,230
	37,598	Tellabs, Inc.*		152,648
	5,338	Tollgrade Communications, Inc.*		22,420
	3,203	TTM Technologies, Inc.*(a)		31,774
	115,819	UTStarcom, Inc.*(a)		390,310
	10,152	Vishay Intertechnology, Inc.*		67,206
				7,715,205
Telecommunication Services — 0.9%
	4,787	Centennial Communications Corp.*		29,871
	9,111	FiberTower Corp.*		12,573
	30,125	IDT Corp. Class B*		22,290
	3,024	Leap Wireless International, Inc.*		115,214
	6,013	NTELOS Holdings Corp.		161,690
	11,885	Premiere Global Services, Inc.*		167,103
	10,836	Syniverse Holdings, Inc.*		179,986
	772	tw telecom, inc.*		8,021
	28,883	USA Mobility, Inc.*		317,713
	25,279	Virgin Mobile USA, Inc. Class A*		74,320
				1,088,781
Transportation — 3.3%
	9,601	Alaska Air Group, Inc.*		195,764
	5,756	American Commercial Lines, Inc.*(a)		61,244
	21,585	Arkansas Best Corp.(a)		727,199
	5,985	Celadon Group, Inc.*		68,648
	12,828	Dollar Thrifty Automotive Group*		24,758
	6,363	HUB Group, Inc. Class A*		239,567
	3,500	J.B. Hunt Transport Services, Inc.		116,795
	28,118	Marten Transport Ltd.*		548,582
	471	Old Dominion Freight Line, Inc.*		13,348
	15,881	Pacer International, Inc.		261,560
	8,469	Park-Ohio Holdings Corp.*		151,510
	17,153	Saia, Inc.*		227,792
	15,884	SkyWest, Inc.		253,826
	7,243	Universal Truckload Services, Inc.*		176,440
	32,570	Werner Enterprises, Inc.(a)		707,095
	29,035	YRC Worldwide, Inc.*(a)		347,259
				4,121,387
Utilities — 2.0%
	668	MGE Energy, Inc.		23,747
	18,925	New Jersey Resources Corp.		679,218
	32,129	Portland General Electric Co.		760,172

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Utilities — (continued)
	12,703	The Laclede Group, Inc.	$	615,968
	235	UIL Holdings Corp.		8,068
	11,582	Unisource Energy Corp.		338,079
				2,425,252
TOTAL COMMON STOCKS			$	121,353,757

			Expiration
Units		Description	Month	Value
Right* — 0.0%
Semiconductors & Semiconductor Equipment — 0.0%
	100	Micrel, Inc.	03/09	$	—

Principal		Interest			Maturity
Amount		Rate			Date	Value
Short-Term Obligation — 2.1%
JPMorgan Chase Euro — Time Deposit
$	2,530,563		1.484	%	10/01/08	$	2,530,563
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL						$	123,884,320

		Interest
Shares		Rate	Value
Securities Lending Collateral(c) — 16.2%
Boston Global Investment Trust — Enhanced Portfolio
	20,454,491	3.910%	$	20,045,401
TOTAL INVESTMENTS — 116.7%			$	143,929,721
LIABILITIES IN EXCESS OF OTHER ASSETS — (16.7)%				(20,557,947	)
NET ASSETS — 100.0%			$	123,371,774

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) All or a portion of security is segregated for initial margin requirements on futures transactions.

(c) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2008.

Investment Abbreviation:
REIT	— Real Estate Investment Trust

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 SMALL CAP EQUITY FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2008, the following futures contract was open:

	Number of
	Contracts	Settlement	Notional		Unrealized
Type	Long	Month	Value		Loss
Russell 2000 Index	41	December 2008	$	2,778,775	$	(2,947	)

TAX INFORMATION — At September 30, 2008, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. Federal income tax purposes were as follows:

Tax Cost	$	151,211,200
Gross unrealized gain		6,462,804
Gross unrealized loss		(13,744,283	)
Net unrealized security loss	$	(7,281,479	)

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

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

Schedule of Investments

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — 98.3%
Banks — 3.7%
	35,903	Hudson City Bancorp, Inc.(a)	$	662,410
	114,473	Marshall & Ilsley Corp.(a)		2,306,631
	24,880	PNC Financial Services Group, Inc.		1,858,536
	23,871	Regions Financial Corp.		229,162
	7,825	SunTrust Banks, Inc.		352,057
	59,849	U.S. Bancorp		2,155,761
	30,105	UnionBanCal Corp.		2,206,395
	334,662	Wells Fargo & Co.		12,559,865
				22,330,817
Capital Goods — 7.6%
	47,037	AGCO Corp.*(b)		2,004,247
	7,709	Armstrong World Industries, Inc.		222,790
	67,205	Bucyrus International, Inc.		3,002,719
	89,523	Caterpillar, Inc.(a)		5,335,571
	168,344	Emerson Electric Co.		6,866,752
	4,022	Flowserve Corp.		357,033
	851	Fluor Corp.		47,401
	107,477	General Dynamics Corp.		7,912,457
	307,339	General Electric Co.		7,837,144
	652	Graco, Inc.		23,218
	13,120	Honeywell International, Inc.		545,136
	26,503	Joy Global, Inc.		1,196,345
	60,089	Lockheed Martin Corp.		6,589,961
	23,624	Northrop Grumman Corp.		1,430,197
	2,826	Raytheon Co.		151,219
	72,515	Tyco International Ltd.		2,539,475
				46,061,665
Commercial & Professional Services — 0.1%
	21,861	Copart, Inc.*		830,718
	1,548	Manpower, Inc.		66,812
				897,530
Consumer Durables & Apparel — 0.1%
	15,401	Coach, Inc.*		385,641
Consumer Services — 2.5%
	30,952	Apollo Group, Inc. Class A*		1,835,453
	215,176	McDonald’s Corp.		13,276,359
	1,663	Panera Bread Co. Class A*		84,647
	7,290	Yum! Brands, Inc.		237,727
				15,434,186
Diversified Financials — 7.6%
	343,912	Bank of America Corp.(b)		12,036,920
	120,304	Bank of New York Mellon Corp.		3,919,504
	12,246	BlackRock, Inc.		2,381,847
	28	Capital One Financial Corp.(a)		1,428
	6,207	CME Group, Inc.		2,305,963
	167,533	Eaton Vance Corp.		5,902,188
	18,852	Federated Investors, Inc. Class B		543,880
	8,114	Invesco Ltd.		170,232
	312,225	JPMorgan Chase & Co.		14,580,907
	18,362	Moody’s Corp.		624,308
	58,907	Morgan Stanley & Co.		1,354,861
	30,443	SEI Investments Co.		675,835
	8,072	State Street Corp.		459,135

Shares		Description	Value
Common Stocks — (continued)
Diversified Financials — (continued)
	26,021	T. Rowe Price Group, Inc.	$	1,397,588
				46,354,596
Energy — 12.7%
	68,051	Alpha Natural Resources, Inc.*		3,499,863
	70,236	Apache Corp.(b)		7,324,210
	43,546	Baker Hughes, Inc.		2,636,275
	1,900	Cameron International Corp.*		73,226
	21,404	Chevron Corp.		1,765,402
	9,128	Cimarex Energy Co.		446,451
	44,617	ConocoPhillips		3,268,195
	77,223	Devon Energy Corp.		7,042,738
	16,043	EOG Resources, Inc.		1,435,207
	269,270	Exxon Mobil Corp.		20,911,508
	73,722	FMC Technologies, Inc.*		3,431,759
	309,872	Halliburton Co.		10,036,754
	28,975	Hess Corp.		2,378,268
	26,256	Murphy Oil Corp.		1,684,060
	11,336	Noble Energy, Inc.		630,168
	66,572	Occidental Petroleum Corp.		4,689,997
	10,557	Patterson-UTI Energy, Inc.		211,351
	15,171	Pioneer Natural Resources Co.		793,140
	15,965	St. Mary Land & Exploration Co.		569,152
	5,147	Sunoco, Inc.		183,130
	3,268	Superior Energy Services, Inc.*		101,766
	27,665	Ultra Petroleum Corp.*		1,530,981
	50,965	Valero Energy Corp.		1,544,240
	47,442	W&T Offshore, Inc.		1,294,692
				77,482,533
Food & Staples Retailing — 5.3%
	140,857	BJ’s Wholesale Club, Inc.*(a)		5,473,703
	143,496	Costco Wholesale Corp.(a)		9,317,195
	38,796	CVS/Caremark Corp.		1,305,873
	277,083	The Kroger Co.		7,614,241
	140,111	Wal-Mart Stores, Inc.		8,391,248
				32,102,260
Food, Beverage & Tobacco — 5.3%
	247,355	Altria Group, Inc.		4,907,523
	42,988	Anheuser-Busch Companies, Inc.		2,789,062
	18,831	Archer-Daniels-Midland Co.		412,587
	64,648	Bunge Ltd.(a)		4,084,461
	13,475	Hormel Foods Corp.		488,873
	68,559	Lorillard, Inc.		4,877,973
	18,156	PepsiCo, Inc.		1,293,978
	160,337	Philip Morris International, Inc.		7,712,210
	336,010	Tyson Foods, Inc. Class A		4,011,959
	4,956	Universal Corp.		243,290
	22,500	UST, Inc.		1,497,150
				32,319,066
Health Care Equipment & Services — 3.5%
	68,174	AmerisourceBergen Corp.		2,566,751
	3,349	Baxter International, Inc.		219,795
	1,709	Becton, Dickinson and Co.		137,164
	198,684	Boston Scientific Corp.*		2,437,852
	771	C.R. Bard, Inc.		73,145
	146,271	Covidien Ltd.		7,863,529

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

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Health Care Equipment & Services — (continued)
	2,699	Hill-Rom Holdings, Inc.	$	81,807
	122,808	Medco Health Solutions, Inc.*		5,526,360
	31,497	Medtronic, Inc.		1,578,000
	14,886	Varian Medical Systems, Inc.*		850,437
				21,334,840
Household & Personal Products — 2.1%
	22,541	Avon Products, Inc.		937,029
	55,508	Herbalife Ltd.(a)		2,193,676
	138,200	Procter & Gamble Co.		9,631,158
				12,761,863
Insurance — 2.3%
	1,484	Arch Capital Group Ltd.*		108,377
	909	Endurance Specialty Holdings Ltd.		28,106
	5,258	First American Corp.		155,111
	8,678	Loews Corp.		342,694
	127,044	MetLife, Inc.(a)		7,114,464
	12,102	Prudential Financial, Inc.		871,344
	39,059	The Chubb Corp.		2,144,339
	71,000	The Travelers Companies, Inc.		3,209,200
				13,973,635
Materials — 2.4%
	26,675	CF Industries Holdings, Inc.		2,439,695
	44,774	Monsanto Co.		4,431,731
	10,102	Nucor Corp.		399,029
	4,363	Sonoco Products Co.		129,494
	92,241	Terra Industries, Inc.		2,711,885
	65,843	The Mosaic Co.		4,478,641
				14,590,475
Media — 3.0%
	235,763	CBS Corp. Class B		3,437,424
	3,636	Comcast Corp. Class A		71,702
	185,615	The DIRECTV Group, Inc.*		4,857,545
	746,832	Time Warner, Inc.		9,790,967
				18,157,638
Pharmaceuticals, Biotechnology & Life Sciences — 10.6%
	4,948	Abbott Laboratories		284,906
	70,898	Amgen, Inc.*		4,202,125
	80,559	Biogen Idec, Inc.*		4,051,312
	130,865	Eli Lilly & Co.		5,761,986
	256,975	Gilead Sciences, Inc.*		11,712,921
	49,769	Johnson & Johnson		3,447,996
	317,746	Merck & Co., Inc.		10,028,064
	147,914	PDL BioPharma, Inc.		1,377,079
	1,119,396	Pfizer, Inc.		20,641,662
	7,630	Thermo Fisher Scientific, Inc.*		419,650
	69,211	Wyeth		2,556,654
				64,484,355
Real Estate — 2.3%
	46,970	AMB Property Corp. (REIT)		2,127,741
	37,183	AvalonBay Communities, Inc. (REIT)(a)		3,659,551
	48,838	Equity Residential (REIT)		2,168,895
	1,923	Essex Property Trust, Inc. (REIT)		227,548
	19,187	Jones Lang LaSalle, Inc.		834,251
	2,339	Kilroy Realty Corp. (REIT)		111,781

Shares		Description	Value
Common Stocks — (continued)
Real Estate — (continued)
	63,487	Nationwide Health Properties, Inc. (REIT)(a)	$	2,284,262
	6,151	ProLogis (REIT)		253,852
	17,748	Simon Property Group, Inc. (REIT)		1,721,556
	10,012	SL Green Realty Corp. (REIT)		648,778
				14,038,215
Retailing — 3.9%
	217,473	Aeropostale, Inc.*(a)		6,983,058
	4,504	Best Buy Co., Inc.		168,900
	134,596	Big Lots, Inc.*(a)		3,745,807
	103,359	Dollar Tree, Inc.*		3,758,157
	70,910	GameStop Corp. Class A*		2,425,831
	50,069	Netflix, Inc.*(a)		1,546,131
	78,042	Ross Stores, Inc.		2,872,726
	60,735	The TJX Companies, Inc.		1,853,632
	9,947	Urban Outfitters, Inc.*		317,011
				23,671,253
Semiconductors & Semiconductor Equipment — 1.6%
	251,569	Intel Corp.		4,711,887
	104,013	LSI Corp.*		557,510
	216,695	Texas Instruments, Inc.		4,658,942
				9,928,339
Software & Services — 6.5%
	102,621	Accenture Ltd. Class A		3,899,598
	1,495	Acxiom Corp.		18,747
	124,624	Adobe Systems, Inc.*		4,918,909
	1,318	Advent Software, Inc.*		46,433
	7,598	Autodesk, Inc.*		254,913
	38,899	Broadridge Financial Solutions, Inc.		598,656
	85,002	eBay, Inc.*		1,902,363
	12,647	Google, Inc. Class A*		5,065,376
	9,797	Mentor Graphics Corp.*(a)		111,196
	472,140	Microsoft Corp.		12,601,417
	98,467	Oracle Corp.*		1,999,865
	17,457	Salesforce.com, Inc.*		844,919
	15,533	Sohu.com, Inc.*		865,965
	136,857	Symantec Corp.*		2,679,660
	60,258	VeriSign, Inc.*		1,571,529
	94,036	Western Union Co.		2,319,868
				39,699,414
Technology Hardware & Equipment — 6.8%
	51,857	Apple, Inc.*		5,894,067
	59,996	Brocade Communications Systems, Inc.*		349,177
	349,166	Cisco Systems, Inc.*		7,877,185
	9	CommScope, Inc.*		312
	62,523	Dell, Inc.*		1,030,379
	352,829	EMC Corp.*		4,219,835
	205,284	Hewlett-Packard Co.		9,492,332
	56,483	Ingram Micro, Inc. Class A*		907,682
	16,575	Lexmark International, Inc. Class A*		539,848
	124,319	NetApp, Inc.*		2,266,335
	8,992	QLogic Corp.*		138,117

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

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

Shares		Description	Value
Common Stocks — (continued)
Technology Hardware & Equipment — (continued)
	95,234	QUALCOMM, Inc.	$	4,092,205
	201,586	Seagate Technology		2,443,222
	4,469	Tech Data Corp.*		133,400
	67,833	Tellabs, Inc.*		275,402
	13,401	Teradata Corp.*		261,319
	69,335	Western Digital Corp.*		1,478,222
				41,399,039
Telecommunication Services — 3.3%
	327,766	AT&T, Inc.		9,151,227
	5,209	Sprint Nextel Corp.		31,775
	337,346	Verizon Communications, Inc.		10,825,433
				20,008,435
Transportation — 2.8%
	13,204	Burlington Northern Santa Fe Corp.		1,220,446
	51,147	CSX Corp.		2,791,092
	16,209	Expeditors International of Washington, Inc.		564,721
	171,216	J.B. Hunt Transport Services, Inc.(a)		5,713,478
	21,241	Landstar System, Inc.		935,878
	11,756	Norfolk Southern Corp.		778,365
	37,329	Union Pacific Corp.		2,656,332
	1,413	United Parcel Service, Inc. Class B		88,864
	73,651	Werner Enterprises, Inc.(a)		1,598,963
	42,865	YRC Worldwide, Inc.*(a)		512,665
				16,860,804
Utilities — 2.3%
	20,000	Dominion Resources, Inc.		855,600
	119,700	Duke Energy Corp.		2,086,371
	1,221	Entergy Corp.		108,681
	76,198	Exelon Corp.		4,771,519
	51,320	FirstEnergy Corp.		3,437,927
	3,687	FPL Group, Inc.		185,456
	20,967	NRG Energy, Inc.*		518,933
	1,274	OGE Energy Corp.		39,341
	63,644	PPL Corp.		2,356,101
				14,359,929
TOTAL COMMON STOCKS			$	598,636,528

Principal		Interest			Maturity
Amount		Rate			Date	Value
Short-Term Obligation — 1.3%
JPMorgan Chase Euro — Time Deposit
$	8,034,138		1.484	%	10/01/08	$	8,034,138
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL						$	606,670,666

		Interest
Shares		Rate	Value
Securities Lending Collateral(c) — 8.3%
Boston Global Investment Trust — Enhanced Portfolio
	51,257,811	3.910%	$	50,232,655
TOTAL INVESTMENTS — 107.9%			$	656,903,321
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.9)%				(47,941,256	)
NET ASSETS — 100.0%			$	608,962,065

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) All or a portion of security is segregated for initial margin requirements on futures transactions.

(c) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2008.

Investment Abbreviation:
REIT	— Real Estate Investment Trust

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 (continued)

September 30, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2008, the following futures contract was open:

	Number of	Settlement	Notional		Unrealized
Type	Contracts Long	Month	Value		Loss
S&P 500 E-mini	159	December 2008	$	9,280,830	$	(232,061	)

TAX INFORMATION — At September 30, 2008, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. Federal income tax purposes were as follows:

Tax Cost	$	725,538,658
Gross unrealized gain		14,594,806
Gross unrealized loss		(83,230,143	)
Net unrealized security loss	$	(68,635,337	)

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments

September 30, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

Investment Valuation — The investment valuation policy of the Funds is to value investments at market value. Investments in equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. Investments in equity securities and investment companies traded on a foreign securities exchange for which an independent fair value service cannot provide a quote are valued daily at their last sale price or official closing price on the principal exchange on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which considers yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as rating, interest rate and maturity date, to determine current value. If accurate quotations are not readily available, or if Goldman Sachs Asset Management, L.P. (“GSAM”) or Goldman Sachs Asset Management International (“GSAMI”) believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the Board of Trustees. 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. In the absence of market quotations, broker quotes will be utilized or the security will be fair valued. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share (“NAV”) 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 market quotations are not readily available or are deemed not to reflect market value by GSAM or GSAMI are valued at fair value using methods approved by the Board of Trustees.

     GSAM or GSAMI, consistent with its procedures and applicable regulatory guidance, may determine to make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Funds’ NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; government actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.

     The investment valuation policy of the Fund is to value investments using the amortized-cost method, as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended, which approximates market value. Under this method, all investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue over the period to maturity.

Fair Value of Investments — For the period ended September 30, 2008, the Funds adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes a fair value hierarchy that prioritizes the inputs and valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FAS 157 are described below:

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)

Level 1 -  Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 -  Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;

Level 3 -  Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

As required by FAS 157, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following is a summary of the levels within the fair value hierarchy in which the Funds invest:

Level	Capital Growth Investments in Securities Long- Assets		Growth and Income Investments in Securities Long- Assets		Mid Cap Value Investments in Securities Long- Assets		Growth Opportunities Investments in Securities Long- Assets		Money Market Investments in Securities Long- Assets
Level 1	$	383,949,145	$	510,438,331	$	1,195,559,972	$	155,557,211	$	—
Level 2		6,442,685		38,591,397		40,428,044		6,517,144		200,675,380	(b)
Level 3		—		—		—		—		—
Total	$	390,391,830	$	549,029,728	$	1,235,988,016	$	162,074,355	$	200,675,380

	Equity Index						Structured Small Cap Equity						Structured U.S. Equity						Strategic International Equity
Level		Investments in Securities Long- Assets		Other Investments- Derivative Liabilities				Investments in Securities Long- Assets		Other Investments- Derivative Liabilities				Investments in Securities Long- Assets		Other Investments- Derivative Liabilities				Investments in Securities Long- Assets			Other Investments- Derivative Liabilities
Level 1		$	250,364,259	$	(505,059	)		$	141,398,251	$	(2,947	)		$	648,869,183	$	(232,061	)		$	11,214,778		$	(321,111	)
Level 2			3,916,353		—				2,531,470		—				8,034,138		—				226,389,274	(a)		—
Level 3			—		—				—		—				—		—				—			—
Total		$	254,280,612	$	(505,059	)		$	143,929,721	$	(2,927	)		$	656,903,321	$	(232,061	)		$	237,604,052		$	(321,111	)

	Government Income								Core Fixed Income
Level		Investments in Securities Long- Assets		Other Investments- Derivative Assets		Other Investments- Derivative Liabilities				Investments in Securities Long- Assets		Investments in Securities Short- Liabilities			Other Investments- Derivative Assets		Other Investments- Derivative Liabilities
Level 1		$	3,011,998		$68,460	$	(54,483	)		$	13,120,278	$	(11,491,568	)	$	92,531	$	(178,643	)
Level 2			91,824,217		—		—				219,831,644		—			139,484		(301,423	)
Level 3			—		—		—				—		—			—		—
Total		$	94,836,215		$68,460	$	(54,483	)		$	232,951,922	$	(11,491,568	)	$	232,015	$	(480,066	)

(a) To adjust for differing local market close timing, the Funds may utilize fair value models prices for international equities provided by an independent service resulting in a Level 2 classification.

(b) The Funds utilize amortized cost which approximates fair value to value money market investments. This results in a Level 2 classification as amortized cost is considered a model-base price.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)

Forward Foreign Currency Exchange Contracts — The Funds may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge or cross-hedge against either specific transactions or portfolio positions. 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 and any resulting unrealized gains or losses are recorded by the Funds. The Funds record realized gains or losses on the settlement date of a contract.

     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, 2008, the Funds had segregated sufficient cash and/or securities to cover any commitments under these contracts.

Futures Contracts — The Funds may purchase or sell futures contracts 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 deposit cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Funds equal to the daily change in the contract value and are recorded as variation margin receivable or payable and offset in unrealized gains or losses. The Funds recognize a realized gain or loss when a contract is closed or expires.

     The use of futures contracts involves, to varying degrees, elements of market and counterparty risk which may exceed the amounts recognized in the Statements of Assets and Liabilities. Futures contracts may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day. Changes in the value of a futures contract may not directly correlate with changes in the value of the underlying securities. These risks may decrease the effectiveness of the Funds’ strategies and potentially result in a loss. At September 30, 2008, the Funds had segregated sufficient cash and/or securities to cover any commitments under these contracts.

Repurchase Agreements — The Money Market Fund may enter into repurchase agreements. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities 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 Fund, 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 Fund may be delayed or limited and there may be a decline in the value of the collateral during the period while the Fund seeks to assert its rights. The underlying securities for all repurchase agreements are held in safekeeping at the Fund’s 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 Fund, together with other registered investment companies having management agreements with GSAM, or its affiliates may transfer uninvested cash into joint accounts, the daily aggregate balance

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)

of which is invested in one or more repurchase agreements. In addition, the Fund’s credit exposure is allocated to the underlying repurchase counterparties on a pro-rata basis. With the exception of certain transaction fees, the Fund is not subject to any expenses in relation to these investments.

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2008, the money market Fund had an undivided interest in the Joint Repurchase Agreement Account II, which equaled $89,500,000 in principal amount.

REPURCHASE AGREEMENTS

	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value
ABN Amro, Inc.	$	1,000,000,000		2.25	%		10/01/08	$	1,000,062,500
Banc of America Securities LLC		1,500,000,000		2.25			10/01/08		1,500,093,750
Barclays Capital, Inc.		100,000,000		0.25			10/01/08		100,000,694
Barclays Capital, Inc.		497,800,000		1.00			10/01/08		497,813,828
Barclays Capital, Inc.		5,850,000,000		2.25			10/01/08		5,850,365,625
Credit Suisse Securities (USA) LLC		150,000,000		1.80			10/01/08		150,007,500
Deutsche Bank Securities, Inc.		300,000,000		2.75			10/01/08		300,022,917
Greenwich Capital Markets		750,000,000		2.50			10/01/08		750,052,083
JPMorgan Securities		1,600,000,000		2.00			10/01/08		1,600,088,889
Merrill Lynch & Co., Inc.		2,000,000,000		1.50			10/01/08		2,000,083,333
Morgan Stanley & Co.		800,000,000		0.40			10/01/08		800,008,889
Morgan Stanley & Co.		500,000,000		1.75			10/01/08		500,024,306
UBS Securities LLC		950,000,000		1.50			10/01/08		950,039,583
TOTAL								$	15,998,663,897

At September 30, 2008, the Joint Repurchase Agreement Account II was fully collateralized by Federal Farm Credit Bank, 0.000%, due 01/08/09; Federal Home Loan Bank, 0.000% to 5.250%, due 10/27/08 to 06/05/17; Federal Home Loan Mortgage Corp., 3.250% to 7.500%, due 03/05/09 to 12/01/47; Federal National Mortgage Association, 3.000% to 15.500%, due 12/01/08 to 10/01/48 and U.S. Treasury Note, 7.500%, due 11/15/16. The aggregate market value of the collateral, including accrued interest, was $16,356,152,736.

Securities Lending — Pursuant to exemptive relief granted by the Securities and Exchange Commission and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (GSAL) formerly Boston Global Advisers, a wholly-owned subsidiary of 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.

     The Funds invest the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio of Boston Global Investment Trust (“Enhanced Portfolio”), 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 may receive an investment advisory fee of up to 0.10% on an annualized basis of the average daily net assets of the Enhanced Portfolio. The Enhanced Portfolio invests in money market instruments, but is not a “money market fund” subject to the requirements of Rule 2a-7 of the Act. The Funds bear the risk of incurring a loss from the investment of cash collateral due to either credit or market factors.

     Both the Funds and GSAL receive compensation relating to the lending of the Funds’ securities.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)

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 for Urban Consumers(“CPIU”). The adjustments to principal due to inflation are reflected as interest income. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

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/ JAMES A. McNAMARA, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER
Date                   November 26, 2008

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/ JAMES A. McNAMARA, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER
Date           November 26, 2008
By (Signature and Title)*	/s/ JOHN M. PERLOWSKI, TREASURER/PRINCIPAL FINANCIAL OFFICER
Date           November 26, 2008

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