N-CSRS

Investment Abbreviation:

American Depositary Receipt

N-CSRS 1 e36889nvcsrs.htm FORM N-CSR N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES

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 60606-6303

(Address of principal executive offices) (Zip code)


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

(Name and address of agents for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2007


ITEM 1.		REPORTS TO STOCKHOLDERS.

		The Semi-Annual Report to Stockholders is filed herewith.

Goldman

Sachs Variable Insurance Trust

GOLDMAN SACHS ASSET MANAGEMENT, L.P. 32 OLD SLIP, NEW YORK, NEW YORK 10005

Growth Opportunities Fund

Equity Index Fund

Core Fixed Income Fund

Government Income Fund

Money Market Fund

Semiannual Report

June 30, 2007

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Shareholder Letter

Dear Shareholders:

This report provides an overview on the performance of the Goldman Sachs Variable Insurance Trust — Growth Opportunities Fund during the six-month reporting period that ended June 30, 2007.

Market Review

The U.S. equity markets benefited from strong momentum during the reporting period. This occurred despite sell-offs in the sub-prime mortgage and the Chinese markets, which affected the global equity markets. Strong corporate earnings announcements, higher oil prices, private equity activity and market speculation were the main drivers of performance during the period. The Federal Reserve Board left short-term interest rates unchanged as it believes that inflation is less likely to moderate than had been expected. During the reporting period, computer hardware and energy-related companies led the market, while the biotechnology industry lagged.

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Composition

Top 10 Portfolio Holdings as of June 30, 2007*


	% of
Company	Net Assets			Business

Fortune Brands, Inc.		2.5	%	Consumer Durables & Apparel
Thermo Fisher Scientific, Inc.		2.4		Pharmaceuticals, Biotechnology & Life Sciences
W.W. Grainger, Inc.		2.2		Capital Goods
Activision, Inc.		2.2		Software & Services
Charles River Laboratories International, Inc.		2.1		Pharmaceuticals, Biotechnology & Life Sciences
CheckFree Corp.		2.1		Software & Services
Alliant Techsystems, Inc.		2.1		Capital Goods
Global Payments, Inc.		2.0		Software & Services
St. Jude Medical, Inc.		2.0		Health Care Equipment & Services
Legg Mason, Inc.		1.9		Diversified Financials

* Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained by the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of stocks or bonds should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Shareholder Letter (continued)

Performance Review

Over the six-month period ended June 30, 2007, the Fund’s Service Shares generated a cumulative total return of 15.32%. This compares to the 10.97% cumulative total return on the Fund’s benchmark, the Russell Midcap Growth Index (with dividends reinvested), over the same time period.

During the reporting period, the Fund generated strong absolute and relative returns and outperformed its benchmark. Healthcare and Energy holdings had strong performance and contributed to returns, while some Technology and Utilities holdings detracted from results versus the benchmark.

Within the Healthcare sector, MedImmune and Cytyc were top contributors to performance. During the second quarter, AstraZeneca agreed to buy MedImmune for $15.6 billion in cash, which represented a significant premium to the company’s stock price. The bidding process was fairly competitive, with at least four large pharmaceutical companies wanting to purchase the maker of FluMist. Shares of Cytyc surged after an announcement that it would be acquired by Hologic at a significant premium to its pre-deal share price. Acquisitions are one way in which the gap between the stock price and the economic value of a business can close. We believe the MedImmune and Cytyc acquisitions reinforce our approach of owning high quality businesses for the long term. We sold out of both of these holdings after the deals were announced as their share prices appreciated significantly.

On the positive side within the Technology sector, Research In Motion and NAVTEQ Corp. were top performers and contributed to returns. Research In Motion’s shares rose as the company cited strength in its consumer, enterprise and international business units as key growth drivers. Research In Motion also introduced the new “Blackberry Curve” product during the period, its third new product release in less than a year. In addition, the consumer-focused Blackberry products are broadening the brand’s appeal to a larger potential market. We sold out of Research in Motion as the company has substantially appreciated in value and has grown beyond the market cap size we deem appropriate for a mid-cap growth portfolio. NAVTEQ, a leader in digital navigation systems, rallied after the Chief Executive Officer and President delivered promising comments about the future of the company at an industry conference. The company is taking several steps that we believe should help it continue to grow. These initiatives include investing in new products and services to further differentiate their maps and making selective strategic acquisitions to broaden their offerings. In addition, the company sees maps for mobile phones as a new opportunity and NAVTEQ is among the leading players in this area. The company also announced it would provide maps for BMW’s newest navigation systems.

Almost all of the Fund’s Energy holdings, including Cameron International Corp., Dresser-Rand Group, Inc., Smith International, Inc., Weatherford International Ltd. and Grant Prideco, Inc. ended the period up and outperformed the rest of the sector and the market. The oil services companies held by the Fund have continued to benefit from strong demand and pricing power, which have helped earnings move up substantially.

Shares of W.W. Grainger, Inc., a distributor of building maintenance and repair supplies in the producer goods and services sector, rose after it reported record first quarter 2007 sales and earnings. It also raised its previous guidance. Results were driven by management’s strong execution on their strategy and investments the company has made to spur its growth

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

are paying off. W.W. Grainger continues to gain market share in a fragmented industry by serving existing customers well and leveraging its supply chain, branch network and sales resources to find and serve new customers.

On the downside in the Technology sector, shares of Jabil Circuit, Inc. and Electronic Arts, Inc. fell and detracted from performance. Jabil Circuit is a maker of electronics and circuit boards and also provides assembly services to manufacturers. Despite reporting strong results, its shares were down after it said sales would be choppy over the next two quarters as the company restructures and shifts its relationship with two major customers. Electronic Arts was weak as the company has been impacted by the transition to a new generation of gaming hardware, which has taken longer than expected. The industry environment has been challenging as gaming software vendors have been releasing games for new consoles, yet sales for these consoles have not yet taken off. We believe that, as the user base of new gaming hardware grows, Electronic Arts should benefit as it has invested heavily in games for new hardware. Consequently, its game sales should increase and its development costs should decline. We believe the company’s product pipeline is robust as it plans to release 10 to 13 new titles for the popular Nintendo Wii platform this year. In addition, the company should gain market share with the help of important brands such as Grand Theft Auto IV and Halo 3, which are expected to launch during the Thanksgiving/ Christmas holidays.

Elsewhere, NeuStar, Inc., which provides the communications industry with essential clearinghouse services, was weak given concerns that Wall Street consensus revenue estimates were too high. However, NeuStar maintains its full-year guidance and transaction growth has been stronger than expected. We believe the fundamentals of its business remain strong despite Wall Street’s perception of some of NeuStar’s new contracts.

We thank you for your investment and look forward to serving your investment needs in the future.

Goldman Sachs Growth Equity Management Team

July 12, 2007

Shares of the Goldman Sachs Variable Insurance Trust (“VIT”) Growth Opportunities Fund are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

The VIT Growth Opportunities Fund invests in U.S. equity investments with a primary focus on mid-cap companies. The Fund is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies,

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Shareholder Letter (continued)

particular industry sectors and/or general economic conditions. The securities of mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. The Fund may invest in foreign securities, which may be more volatile and less liquid than investments in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The Fund may participate in the Initial Public Offering (“IPO”) market, and a portion of the Fund’s returns consequently may be attributable to its investment in IPOs. The market value of IPO shares may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, and the small number of shares available for trading and limited information about the issuer. When a fund’s asset base is small, IPOs may have a magnified impact on the fund’s performance. As a fund’s assets grow, it is probable that the effect of the fund’s investment in IPOs on its total returns may not be as significant, which could reduce the fund’s performance.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

SECTOR ALLOCATION†

Percentage of Net Assets

† The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term Investments include a time deposit and securities lending collateral, if any. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Shareholder Letter

Dear Shareholders:

This report provides an overview on the performance of the Goldman Sachs Variable Insurance Trust — Equity Index Fund during the six-month reporting period that ended June 30, 2007.

Market Review

Signs of stress in the fixed income markets brought a cautious end to the first half of 2007, with U.S. stocks and bonds both weakening. Risk aversion tended to increase in the second quarter of 2007, especially after hopes for a short-term interest rate cut by the Federal Reserve Board eroded through May. However, in contrast to their less discriminating behavior during the panicky episodes of April 2005 and May 2006, investors focused their dismay in Spring 2007 on specific sectors and instruments rather than on the broad market. The second quarter did bring a record high for the S&P 500 Index, but the underpinnings of the global liquidity that has been buoying the capital markets clearly began to creak. After peaking in early June, major equity averages weakened and closed the month with modest losses. However, all told, the S&P 500 Index returned 6.96% during the first six months of the year.

Investment Objective

The Fund seeks to achieve investment results that correspond to the aggregate price and yield performance of a benchmark index that measures the investment returns of large capitalization stocks.

Portfolio Composition

Top 10 Portfolio Holdings as of June 30, 2007*


	% of
Company	Net Assets			Business

Exxon Mobil Corp.		3.5	%	Energy
General Electric Co.		2.9		Capital Goods
AT&T, Inc.		1.9		Telecommunication Services
Citigroup, Inc.		1.9		Diversified Financials
Microsoft Corp.		1.8		Software & Services
Bank of America Corp.		1.6		Diversified Financials
Procter & Gamble Co.		1.4		Household & Personal Products
American International Group, Inc.		1.3		Insurance
Chevron Corp.		1.3		Energy
Pfizer, Inc.		1.3		Pharmaceuticals, Biotechnology & Life Sciences

* Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained by the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of stocks or bonds should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Performance Review

Over the six-month period ended June 30, 2007, the Fund’s Service Shares generated a cumulative total return of 6.88%. This compares to the 6.96% cumulative total return of the Fund’s benchmark, the S&P 500 Index (with dividends reinvested), over the same time period. As these returns indicate, the Fund’s performance was largely in line with that of its benchmark Index during the reporting period.

Nine of ten sectors in the S&P 500 Index gained ground during the first half of 2007. Energy was the top group with a 17.2% return. Firm product prices continued to boost oil stocks, and shares of oil service companies also performed well. The Materials sector was the second best performer, gaining 16.6%, led by Freeport-McMoRan Copper & Gold, Inc. and United States Steel Corp. Telecommunication Services returned 15.8%, while Industrials was up 10.9% for the reporting period. Long-dormant shares of General Electric Co. reached a five-year high on June 20.

The weakest and only area posting a negative return during the reporting period was the interest-rate sensitive Financials sector as it returned -0.80%. Towards the end of the period, broker/ dealer stocks faltered on fears that mortgage woes and tighter credit would dampen business. In addition, banks continued to lag on concerns regarding their direct loan exposures. In particular, notable declines occurred in the shares of financial guarantors like MBIA, Inc. and MGIC Investment Corp. and those of credit rating purveyors like Moody’s Corp.

The largest total contributor to returns over the period was AT&T, Inc. as it returned 16.1%. At the end of the period, AT&T was the third largest stock in the S&P 500 Index. Energy firm Exxon Mobil Corp., the largest holding in the benchmark, was the second biggest contributor during the period, returning 9.5%. Apple Computer, Inc., helped by a warm reception of the iPhone, was the third largest contributor with a gain of 43.9%. Of the three largest detractors to return, two were financial stocks. Citigroup, Inc. detracted the most with a -7.9% return, followed by Amgen, Inc. and Bank of America Corp., which returned -19.1% and -8.4%, respectively.

The best individual performing security in the S&P 500 for the first six months was electronics retailer RadioShack Corp. with a 97.5% return. Also impressive were MedImmune and Amazon.com, Inc. with returns of 79.0% and 73.4%, respectively. Lexmark International, Inc. posted the worst return for the period, losing 32.6%. The next worst performers were homebuilders Pulte Homes, Inc. and Lennar Corp. Because of the slowdown in new home sales, these stocks lost 32.2% and 30.3%, respectively.

We thank you for your investment and look forward to serving your investment needs in the future.

July 17, 2007

Shares of the Goldman Sachs Variable Insurance Trust (“VIT”) Equity Index Fund are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Shareholder Letter (continued)

information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

The VIT Equity Index Fund invests in a broadly diversified portfolio of large-cap U.S. equity investments and is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The Fund’s performance may vary substantially from the performance of the benchmark it tracks (S&P 500 Index) as a result of share purchases and redemptions, transaction costs, expenses and other factors. The Fund may make investments in derivative instruments, including options, futures, swaps, structured securities and other derivative investments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and the risks that transactions may not be liquid.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

SECTOR ALLOCATION†

Percentage of Net Assets

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Shareholder Letter

Dear Shareholders:

This report provides an overview on the performance of the Goldman Sachs Variable Insurance Trust — Core Fixed Income Fund during the six-month reporting period that ended June 30, 2007.

Market Review

Although the U.S. economy started the year off on a weak note, led primarily by continued softness in the housing sector, growth rebounded in the second quarter of 2007 on firmer industrial data, a healthy job market and widespread economic strength outside of the U.S. Specifically, manufacturing and business confidence showed signs of recovery in the U.S. Perhaps for the first time, we believe that the realization that the strength of the global economy had positively impacted the U.S. (rather than the U.S. negatively impacting the global economy) resulted in a significant change in market expectations. However, on a less positive note, rising delinquencies within the sub-prime sector of the mortgage market further exacerbated concerns regarding the housing market and potential spillover into the broader economy. Continued woes in the sub-prime market also sparked a rise in risk-aversion, resulting in a sell-off of riskier assets and a flight to quality globally in the latter part of the period.

Recent trends in economic data have led the market to assume that the Federal Reserve Board (the “Fed”) will not reduce short-term interest rates in 2007. Inflation figures, overall, remained within a fairly narrow range during the period and pointed to signs of moderating. The Fed maintained short-term interest rates at 5.25% over the period. Despite recognizing that “inflation risks remain,” the Fed dropped its tightening bias and stated that “future policy adjustments” will depend on the outlook for inflation and growth. Despite the sharp downturn in housing, the Fed expects growth to expand at a moderate pace for the remainder of 2007.

The yield curve steepened over the period, as yields generally rose across the curve, with the 10-year portion rising 35 basis points to close the period at 5.10%. Investment grade sector spreads came under pressure over the period, as most spread markets responded poorly to the prospect of higher rates and a rise in risk aversion. Volatility increased over the period but remains far below its long-term average.

Investment Objective

The Fund seeks a total return consisting of capital appreciation and income that exceeds the total return of the Lehman Brothers Aggregate Bond Index.

Performance Review

Over the six-month period ended June 30, 2007, the Fund’s Service Shares generated a cumulative total return of 0.97%. This compares to the 0.98% cumulative total return on the Fund’s benchmark, the Lehman Brothers Aggregate Bond Index (with dividends reinvested), over the same time period.

The Fund generally performed in line with its benchmark over the reporting period. Among the key drivers of returns were our short duration strategy and curve steepening positioning as interest rates rose over the period. The Fund’s country trades detracted from returns over the period. At the cross-sector level, our underweight exposure to the corporate sector relative to the benchmark detracted from results as the sector outperformed equivalent-

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

duration swaps for the corporate sector. Within mortgages, our selection of 30-year pass-throughs and super-senior adjustable rate mortgages positively impacted performance.

We believe that using derivatives in the portfolio, including futures, has been an effective portfolio management tool. Futures have been efficiently employed to hedge duration (interest rate sensitivity) drift that may occur due to the passage of time, changing interest rates or changing mortgage durations. In addition, futures allowed us to optimize security selection by giving us the flexibility to select the most attractive securities for the portfolio, regardless of the securities’ maturity/duration. Finally, futures were key in implementing certain interest rate and spread views.

We thank you for your investment and look forward to serving your investment needs in the future.

Goldman Sachs Fixed Income Management Team

July 17, 2007

Shares of the Goldman Sachs Variable Insurance Trust (“VIT”) Core Fixed Income Fund are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

The VIT Core Fixed Income Fund’s investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. The Fund’s investments in mortgage-backed securities are subject to prepayment risks. These risks may result in greater share price volatility. The Fund may make investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, options on swaps, structured securities and other derivative investments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and the risks that transactions may not be liquid. Foreign and emerging markets investments may be more volatile and less liquid than investment in U.S. securities and will be subject to the risks of currency fluctuations and political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The Fund may also engage in foreign currency transactions for hedging purposes including cross hedging or for speculative purposes. Forward foreign currency exchange contracts are subject to the risk that the counterparty to the contract will default on its obligations.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Shareholder Letter (continued)

SECTOR ALLOCATION¹

Percentage of Net Assets

¹ The percentage shown for each investment sector reflects the value of investments in that sector as a percentage of net assets. Short-term investments include repurchase agreements, if any. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

² “Federal Agencies” are mortgage backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government.

³ “Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate similar to any other publicly traded company.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Shareholder Letter

Dear Shareholders:

This report provides an overview on the performance of the Goldman Sachs Variable Insurance Trust — Government Income Fund during the six-month reporting period that ended June 30, 2007.

Market Review

Investment Objective

The Fund seeks a high level of current income, consistent with safety of principal.

Performance Review

Over the six-month period ended June 30, 2007, the Fund’s Service Shares generated a cumulative total return of 1.11%. This return compares to the 1.07% cumulative total return of the Fund’s benchmark, the Lehman Brothers Government/ Mortgage Index (with dividends reinvested), over the same time period.

The Fund’s performance relative to its benchmark over the period was impacted by a combination of top-down and bottom-up strategies. We maintained a defensive posture during the period, positioning the Fund to have a shorter duration relative to the benchmark based on our belief that interest rates would move higher. This strategy was a key driver of

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Shareholder Letter (continued)

returns as interest rates rose and the yield curve steepened over the period. We continued to underweight mortgage exposure relative to the benchmark based on negative fundamentals, such as tight spreads and low volatility. This strategy contributed to returns as the mortgage sector underperformed and spreads widened over the period. Our bottom-up strategies had a mixed impact on returns. Within mortgages, security selection strategies across the pass-through, collateralized mortgage obligation (“CMO”) and adjustable-rate mortgage (“ARM”) subsectors contributed to returns. However, select commercial mortgage-backed securities (“CMBS”) underperformed. We continue to focus our security selection strategies within mortgages on bonds with less exposure to volatility and housing turnover. These include seasoned 15-year mortgage-backed securities, super-senior AAA ARM floaters, and super-senior AAA CMBS. Finally, holdings within the government sector had mixed performance. While select Treasury holdings underperformed, the Fund’s agency debentures contributed to performance.

We thank you for your investment and look forward to serving your investment needs in the future.

Goldman Sachs Fixed Income Management Team

July 16, 2007

Shares of the Goldman Sachs Variable Insurance Trust (“VIT”) Government Income Fund are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

The VIT Government Income Fund’s net asset value and yield are not guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises. Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. The Fund’s investments in mortgage-backed securities are subject to prepayment risks. These risks may result in greater share price volatility. The Fund may make investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, options on swaps, structured securities and other derivative investments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument, risks of default by a counterparty; and the risks that transactions may not be liquid.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

SECTOR ALLOCATION¹

Percentage of Net Assets

² “Federal Agencies” are mortgage backed securities guaranteed by the GNMA, FNMA and FHLMC. GNMA instruments are backed by the full faith and credit of the U.S. Government.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Shareholder Letter

Dear Shareholders:

This report provides an overview on the performance of the Goldman Sachs Variable Insurance Trust — Money Market Fund during the six-month reporting period that ended June 30, 2007.

Market Review

Economic data was mixed during the reporting period. We witnessed a slower economy in the first quarter of 2007 as the housing market continued to show signs of a slowdown and inflation remained above the Federal Reserve Board’s (the “Fed”) comfort level. January’s 15.8% decline in new home sales was the largest drop since January of 1994. This decline, as well as concerns about the sub-prime mortgage market, reflects the continuing weakness in this sector. The economy was stronger in the second quarter, specifically in the manufacturing sector and labor market. The Institute for Supply Management Manufacturing Index rose to 56.0 in June, its highest level since the beginning of 2006. Employers added 132,000 workers in June, more than expected, with upward revisions to April and May. This points to continued strength in the labor market. The unemployment rate held at 4.5% in June, close to a six-year low. Despite stronger growth throughout the quarter, the housing market remained weak.

The Federal Open Market Committee (the “FOMC”) met twice in the reporting period, leaving the Federal Funds rate unchanged at 5.25%. As expected, throughout the period, the FOMC maintained its focus on core inflation. Goldman Sachs Economists revised their Federal Funds forecast and are no longer anticipating any easing for the remainder of 2007.

Investment Objective

The Fund seeks to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments.

Standardized

Weighted

7-Day

30-Day

Avg.

Current

Effective

Current

Maturity

As of June 30, 2007

Yield

(days)

VIT Money Market Fund

4.87

4.99

4.87

An investment in a money market portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market portfolio seeks to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in a money market portfolio.

The yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above.

Yields will fluctuate as market conditions change. The yield quotations more closely reflect the current earnings of the Fund.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Performance Review

The Fund remained neutral during the reporting period. We purchased securities primarily in the one- to three-month sector in order to maintain duration. We made allocations to the six- and one-year sector when we saw value on the longer end of the curve. Given the view of Goldman, Sachs & Co. economists that rates will remain on hold through the end of the year, and based on where we believe interest rates are headed, we continue to look for value on the longer end of the yield curve. We intend to maintain the weighted average maturities of Fund in the 35 – 45 day range.

We thank you for your investment and look forward to serving your investment needs in the future.

Goldman Sachs Money Market Management Team

July 18, 2007

Shares of the Goldman Sachs Variable Insurance Trust (“VIT”) Money Market Fund are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Shareholder Letter (continued)

SECTOR ALLOCATION†

Percentage of Net Assets

† The Fund is actively managed and, as such, its composition may differ over time. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above chart may not sum to 100% due to the exclusion of other assets and liabilities.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments

June 30, 2007 (Unaudited)



Shares		Description	Value
Common Stocks – 99.1%

Automobiles & Components – 2.0%
	206,600	Gentex Corp.	$	4,067,954

Banks – 2.0%
	61,710	Commerce Bancorp, Inc.^(a)		2,282,653
	36,000	MGIC Investment Corp.		2,046,960

				4,329,613

Capital Goods – 9.9%
	46,000	Alliant Techsystems, Inc.*		4,560,900
	39,500	American Standard Companies, Inc.		2,329,710
	24,300	Kennametal Inc.		1,993,329
	51,890	Rockwell Automation, Inc.		3,603,241
	38,200	Roper Industries, Inc.		2,181,220
	56,080	Suntech Power Holdings Co., Ltd. ADR*^(a)		2,045,238
	51,300	W.W. Grainger, Inc.		4,773,465

				21,487,103

Consumer Durables & Apparel – 6.4%
	68,000	Coach, Inc.*		3,222,520
	65,110	Fortune Brands, Inc.		5,363,111
	10,800	Harman International Industries, Inc.		1,261,440
	136,700	Newell Rubbermaid, Inc.		4,023,081

				13,870,152

Consumer Services – 2.7%
	39,100	Apollo Group, Inc. Class A*		2,284,613
	75,600	Hilton Hotels Corp.		2,530,332
	21,950	Weight Watchers International, Inc.		1,115,938

				5,930,883

Diversified Financials – 3.1%
	28,000	HFF, Inc. Class A*		434,280
	42,600	Legg Mason, Inc.		4,190,988
	70,300	Raymond James Financial, Inc.		2,172,270

				6,797,538

Energy – 11.2%
	57,450	Cameron International Corp.*		4,105,952
	86,600	Dresser-Rand Group, Inc.*		3,420,700
	71,200	Grant Prideco, Inc.*		3,832,696
	69,600	Newfield Exploration Co.*		3,170,280
	63,000	Quicksilver Resources, Inc.*^(a)		2,808,540
	60,800	Smith International, Inc.		3,565,312
	60,010	Weatherford International Ltd.*		3,314,952

				24,218,432

Food, Beverage & Tobacco – 0.6%
	30,600	Hansen Natural Corp.*		1,315,188

Health Care Equipment & Services – 10.2%
	88,690	Charles River Laboratories International, Inc.*		4,578,178
	36,200	Covance, Inc.*		2,481,872
	41,405	C.R. Bard, Inc.		3,421,295
	61,000	Psychiatric Solutions, Inc.*		2,211,860
	102,000	St. Jude Medical, Inc.*		4,231,980
	98,620	Thermo Fisher Scientific, Inc.*		5,100,626

				22,025,811

Household & Personal Products – 1.4%
	46,100	Chattem, Inc.*^(a)		2,921,818

Insurance – 3.2%
	54,400	Aon Corp.		2,317,984
	42,100	Principal Financial Group, Inc.		2,454,009
	49,400	Willis Group Holdings Ltd.		2,176,564

				6,948,557

Media – 4.3%
	358,200	Entravision Communications Corp. Class A*		3,736,026
	9,500	Focus Media Holding Ltd. ADR*		479,750
	50,100	Getty Images, Inc.*		2,395,281
	14,100	Lamar Advertising Co. Class A		884,916
	66,300	National CineMedia, Inc.*		1,857,063

				9,353,036

Pharmaceuticals & Biotechnology – 3.2%
	84,600	Amylin Pharmaceuticals, Inc.*^(a)		3,482,136
	61,700	Celgene Corp.*		3,537,261

				7,019,397

Retailing – 7.0%
	62,600	Advance Auto Parts, Inc.		2,537,178
	113,180	Chico’s FAS, Inc.*		2,754,801
	43,900	J.C. Penney Co., Inc.		3,177,482
	114,070	Urban Outfitters, Inc.*		2,741,102
	123,900	Williams-Sonoma, Inc.		3,912,762

				15,123,325

Semiconductors & Semiconductor Equipment – 4.6%
	88,500	Formfactor, Inc.*		3,389,550
	78,800	Linear Technology Corp.^(a)		2,850,984
	38,000	Marvell Technology Group Ltd.*		691,980
	76,100	Tessera Technologies, Inc.*		3,085,855

				10,018,369

Software & Services – 16.2%
	253,566	Activision, Inc.*		4,734,077
	13,400	Baidu.com ADR*		2,250,932
	30,300	Bankrate, Inc.*^(a)		1,451,976
	113,500	CheckFree Corp.*		4,562,700
	24,810	Cognizant Technology Solutions Corp. Class A*		1,862,983
	78,800	Electronic Arts, Inc.*		3,728,816
	110,100	Global Payments, Inc.		4,365,465
	143,100	Iron Mountain, Inc.*		3,739,203
	67,000	MoneyGram International, Inc.		1,872,650
	64,900	NAVTEQ Corp.*		2,747,866
	54,100	Salesforce.com, Inc.*		2,318,726
	69,100	The Knot, Inc.*		1,395,129

				35,030,523

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

June 30, 2007 (Unaudited)



Shares		Description	Value
Common Stocks – (continued)

Technology Hardware & Equipment – 4.5%
	103,820	Amphenol Corp. Class A	$	3,701,183
	115,511	Cogent, Inc.*^(a)		1,696,857
	151,500	Jabil Circuit, Inc.		3,343,605
	34,700	Network Appliance, Inc.*		1,013,240

				9,754,885

Telecommunication Services – 6.6%
	63,200	American Tower Corp. Class A*		2,654,400
	73,300	Clearwire Corp. Class A*^(a)		1,790,719
	102,700	Crown Castle International Corp.*		3,724,929
	16,900	Leap Wireless International, Inc.*		1,428,050
	50,800	MetroPCS Communications, Inc.*		1,678,432
	101,500	NeuStar, Inc. Class A*		2,940,455

				14,216,985

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
(Cost $190,927,048)			$	214,429,569


			Interest
Shares		Description	Rate		Value
Securities Lending Collateral – 8.1%

	17,484,125	Boston Global Investment Trust – Enhanced Portfolio		5.309%	$	17,484,125
(Cost $17,484,125)

TOTAL INVESTMENTS – 107.2%
(Cost $208,411,173)					$	231,913,694

LIABILITIES IN EXCESS OF OTHER ASSETS – (7.2%)						(15,650,347	)

NET ASSETS – 100.0%					$	216,263,347

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 this security is on loan.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments

June 30, 2007 (Unaudited)



Shares		Description	Value
Common Stocks – 98.0%

Automobiles & Components – 0.6%
	56,381	Ford Motor Co.^(a)	$	531,109
	16,700	General Motors Corp.		631,260
	7,900	Harley-Davidson, Inc.		470,919
	5,800	Johnson Controls, Inc.		671,466
	6,200	The Goodyear Tire & Rubber Co.*		215,512

				2,520,266

Banks – 5.0%
	16,100	BB&T Corp.		654,948
	4,750	Comerica, Inc.		282,483
	5,900	Commerce Bancorp, Inc.		218,241
	4,000	Compass Bancshares, Inc.		275,920
	17,498	Countrywide Financial Corp.		636,052
	29,100	Fannie Mae		1,901,103
	16,605	Fifth Third Bancorp		660,381
	3,900	First Horizon National Corp.		152,100
	20,000	Freddie Mac		1,214,000
	14,300	Hudson City Bancorp, Inc.		174,746
	10,949	Huntington Bancshares, Inc.		248,980
	11,600	KeyCorp		398,228
	2,300	M&T Bank Corp.		245,870
	7,800	Marshall & Ilsley Corp.		371,514
	2,600	MGIC Investment Corp.		147,836
	17,700	National City Corp.		589,764
	10,373	PNC Financial Services Group, Inc.		742,499
	20,925	Regions Financial Corp.		692,618
	11,085	Sovereign Bancorp, Inc.		234,337
	10,700	SunTrust Banks, Inc.		917,418
	9,800	Synovus Financial Corp.		300,860
	52,034	U.S. Bancorp		1,714,520
	57,391	Wachovia Corp.		2,941,289
	26,740	Washington Mutual, Inc.		1,140,194
	100,260	Wells Fargo & Co.		3,526,144
	3,300	Zions Bancorp		253,803

				20,635,848

Capital Goods – 8.9%
	21,600	3M Co.		1,874,664
	5,400	American Standard Companies, Inc.		318,492
	19,400	Caterpillar, Inc.		1,519,020
	5,600	Cooper Industries Ltd. Class A		319,704
	3,200	Cummins, Inc.		323,872
	7,000	Danaher Corp.		528,500
	6,900	Deere & Co.		833,106
	6,300	Dover Corp.		322,245
	4,500	Eaton Corp.		418,500
	24,000	Emerson Electric Co.		1,123,200
	2,700	Fluor Corp.		300,699
	12,200	General Dynamics Corp.		954,284
	309,400	General Electric Co.		11,843,832
	3,700	Goodrich Corp.		220,372
	23,275	Honeywell International, Inc.		1,309,917
	12,600	Illinois Tool Works, Inc.		682,794
	8,900	Ingersoll-Rand Co., Ltd. Class A		487,898
	5,600	ITT Corp.		382,368
	3,800	L-3 Communications Holdings, Inc.		370,082
	10,682	Lockheed Martin Corp.		1,005,497
	11,900	Masco Corp.		338,793
	10,392	Northrop Grumman Corp.		809,225
	7,395	PACCAR, Inc.		643,661
	3,900	Pall Corp.		179,361
	3,575	Parker Hannifin Corp.		350,028
	4,200	Precision Castparts Corp.		509,712
	13,400	Raytheon Co.		722,126
	4,600	Rockwell Automation, Inc.		319,424
	4,900	Rockwell Collins, Inc.		346,136
	3,200	Terex Corp.*		260,160
	3,700	Textron, Inc.		407,407
	23,738	The Boeing Co.		2,282,646
	59,537	Tyco International Ltd.*		2,011,755
	30,000	United Technologies Corp.		2,127,900
	2,100	W.W. Grainger, Inc.		195,405

				36,642,785

Commercial Services & Supplies – 0.6%
	7,600	Allied Waste Industries, Inc.*		102,296
	2,800	Avery Dennison Corp.		186,144
	4,200	Cintas Corp.		165,606
	4,500	Equifax, Inc.		199,890
	4,000	Monster Worldwide, Inc.*		164,400
	6,700	Pitney Bowes, Inc.		313,694
	6,700	R.R. Donnelley & Sons Co.		291,517
	5,200	Robert Half International, Inc.		189,800
	15,935	Waste Management, Inc.		622,262

				2,235,609

Consumer Durables & Apparel – 1.2%
	1,900	Black & Decker Corp.		167,789
	2,700	Brunswick Corp.		88,101
	3,600	Centex Corp.		144,360
	11,200	Coach, Inc.*		530,768
	8,200	D.R. Horton, Inc.		163,426
	9,000	Eastman Kodak Co.		250,470
	4,600	Fortune Brands, Inc.		378,902
	2,000	Harman International Industries, Inc.		233,600
	4,750	Hasbro, Inc.		149,198
	3,200	Jones Apparel Group, Inc.		90,400
	2,400	KB HOME		94,488
	5,200	Leggett & Platt, Inc.		114,660
	4,000	Lennar Corp. Class A		146,240
	3,200	Liz Claiborne, Inc.		119,360
	11,912	Mattel, Inc.		301,254
	8,433	Newell Rubbermaid, Inc.		248,183
	11,300	NIKE, Inc. Class B		658,677
	1,800	Polo Ralph Lauren Corp.		176,598
	6,700	Pulte Homes, Inc.		150,415
	1,700	Snap-On, Inc.		85,867
	2,400	The Stanley Works		145,680

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

June 30, 2007 (Unaudited)



Shares		Description	Value
Common Stocks – (continued)

Consumer Durables & Apparel – (continued)
	2,700	VF Corp.	$	247,266
	2,259	Whirlpool Corp.		251,201

				4,936,903

Consumer Services – 1.6%
	4,200	Apollo Group, Inc. Class A*		245,406
	13,200	Carnival Corp.		643,764
	4,200	Darden Restaurants, Inc.		184,758
	10,100	H&R Block, Inc.		236,037
	5,700	Harrah’s Entertainment, Inc.		485,982
	11,400	Hilton Hotels Corp.		381,558
	10,400	International Game Technology		412,880
	10,000	Marriott International, Inc. Class A		432,400
	36,165	McDonald’s Corp.		1,835,735
	22,300	Starbucks Corp.*		585,152
	6,300	Starwood Hotels & Resorts Worldwide, Inc.		422,541
	2,500	Wendy’s International, Inc.		91,875
	5,826	Wyndham Worldwide Corp.*		211,251
	15,640	Yum! Brands, Inc.		511,741

				6,681,080

Diversified Financials – 9.6%
	35,900	American Express Co.		2,196,362
	7,080	Ameriprise Financial, Inc.		450,076
	133,328	Bank of America Corp.		6,518,406
	22,700	Bank of New York Mellon Corp.*		940,688
	3,652	Bear Stearns Companies, Inc.		511,280
	12,273	Capital One Financial Corp.		962,694
	1,056	Chicago Mercantile Exchange Holdings, Inc. Class A		564,284
	5,700	CIT Group, Inc.		312,531
	148,640	Citigroup, Inc.		7,623,746
	13,000	ETrade Financial Corp.		287,170
	2,800	Federated Investors, Inc. Class B		107,324
	4,930	Franklin Resources, Inc.		653,077
	6,000	Janus Capital Group, Inc.		167,040
	102,625	JPMorgan Chase & Co.		4,972,181
	3,900	Legg Mason, Inc.		383,682
	15,800	Lehman Brothers Holdings, Inc.		1,177,416
	12,700	Mellon Financial Corp.		558,800
	26,100	Merrill Lynch & Co., Inc.		2,181,438
	6,900	Moody’s Corp.		429,180
	31,634	Morgan Stanley		2,653,460
	5,800	Northern Trust Corp.		372,592
	12,471	SLM Corp.		718,080
	11,900	State Street Corp.		813,960
	8,100	T. Rowe Price Group, Inc.		420,309
	30,700	The Charles Schwab Corp.		629,964
	12,300	The Goldman Sachs Group, Inc.		2,666,025

				39,271,765

Energy – 10.6%
	13,758	Anadarko Petroleum Corp.		715,278
	9,900	Apache Corp.		807,741
	9,680	Baker Hughes, Inc.		814,378
	9,000	BJ Services Co.		255,960
	12,500	Chesapeake Energy Corp.		432,500
	64,753	Chevron Corp.		5,454,793
	49,041	ConocoPhillips		3,849,719
	5,600	Consol Energy, Inc.		258,216
	13,300	Devon Energy Corp.		1,041,257
	21,030	El Paso Corp.		362,347
	4,400	ENSCO International, Inc.		268,444
	7,400	EOG Resources, Inc.		540,644
	169,360	Exxon Mobil Corp.		14,205,917
	27,244	Halliburton Co.		939,918
	7,900	Hess Corp.		465,784
	20,712	Marathon Oil Corp.		1,241,892
	5,700	Murphy Oil Corp.		338,808
	8,600	Nabors Industries Ltd.*		287,068
	5,300	National Oilwell Varco, Inc.*		552,472
	4,000	Noble Corp.		390,080
	25,200	Occidental Petroleum Corp.		1,458,576
	8,100	Peabody Energy Corp.		391,878
	3,500	Rowan Companies, Inc.		143,430
	35,500	Schlumberger Ltd.		3,015,370
	6,000	Smith International, Inc.		351,840
	18,506	Spectra Energy Corp.		480,416
	3,700	Sunoco, Inc.		294,816
	17,900	The Williams Companies, Inc.		565,998
	8,627	Transocean, Inc.*		914,289
	16,500	Valero Energy Corp.		1,218,690
	10,200	Weatherford International Ltd.*		563,448
	11,000	XTO Energy, Inc.		661,100

				43,283,067

Food & Staples Retailing – 2.3%
	13,412	Costco Wholesale Corp.		784,870
	46,313	CVS/Caremark Corp.		1,688,109
	13,300	Safeway, Inc.		452,599
	6,373	SUPERVALU, INC.		295,197
	18,600	Sysco Corp.		613,614
	21,000	The Kroger Co.		590,730
	30,100	Walgreen Co.		1,310,554
	73,200	Wal-Mart Stores, Inc.		3,521,652
	4,100	Whole Foods Market, Inc.		157,030

				9,414,355

Food, Beverage & Tobacco – 4.7%
	63,500	Altria Group, Inc.		4,453,890
	22,900	Anheuser-Busch Companies, Inc.		1,194,464
	19,549	Archer-Daniels-Midland Co.		646,876
	2,500	Brown-Forman Corp. Class B		182,700
	6,500	Campbell Soup Co.		252,265
	8,600	Coca-Cola Enterprises, Inc.		206,400
	15,400	ConAgra Foods, Inc.		413,644
	5,600	Constellation Brands, Inc. Class A*		135,968
	3,700	Dean Foods Co.		117,919
	10,500	General Mills, Inc.		613,410
	9,500	H.J. Heinz Co.		450,965

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND



Shares		Description	Value
Common Stocks – (continued)

Food, Beverage & Tobacco – (continued)
	7,500	Kellogg Co.	$	388,425
	48,019	Kraft Foods, Inc.		1,692,670
	3,800	McCormick & Co., Inc.		145,084
	1,500	Molson Coors Brewing Co. Class B		138,690
	3,900	Pepsi Bottling Group, Inc.		131,352
	48,910	PepsiCo., Inc.		3,171,813
	5,300	Reynolds American, Inc.		345,560
	22,000	Sara Lee Corp.		382,800
	60,700	The Coca-Cola Co.		3,175,217
	5,200	The Hershey Co.		263,224
	7,500	Tyson Foods, Inc. Class A		172,800
	4,800	UST, Inc.		257,808
	6,650	Wm. Wrigley Jr. Co.		367,812

				19,301,756

Health Care Equipment & Services – 3.9%
	15,492	Aetna, Inc.		765,305
	5,800	AmerisourceBergen Corp.		286,926
	1,600	Bausch & Lomb, Inc.		111,104
	19,500	Baxter International, Inc.		1,098,630
	7,400	Becton, Dickinson and Co.		551,300
	7,425	Biomet, Inc.		339,471
	36,006	Boston Scientific Corp.*		552,332
	3,100	C.R. Bard, Inc.		256,153
	11,500	Cardinal Health, Inc.		812,360
	8,600	CIGNA Corp.		449,092
	4,700	Coventry Health Care, Inc.*		270,955
	8,200	Express Scripts, Inc.*		410,082
	4,590	Hospira, Inc.*		179,194
	5,000	Humana, Inc.*		304,550
	5,900	IMS Health, Inc.		189,567
	3,700	Laboratory Corp. of America Holdings*		289,562
	2,300	Manor Care, Inc.		150,167
	8,914	McKesson Corp.		531,631
	8,500	Medco Health Solutions, Inc.*		662,915
	34,600	Medtronic, Inc.		1,794,356
	4,200	Patterson Cos., Inc.*		156,534
	4,700	Quest Diagnostics, Inc.		242,755
	10,400	St. Jude Medical, Inc.*		431,496
	8,900	Stryker Corp.		561,501
	13,250	Tenet Healthcare Corp.*		86,257
	40,200	UnitedHealth Group, Inc.		2,055,828
	3,800	Varian Medical Systems, Inc.*		161,538
	18,400	WellPoint, Inc.*		1,468,872
	7,070	Zimmer Holdings, Inc.*		600,172

				15,770,605

Household & Personal Products – 2.1%
	13,200	Avon Products, Inc.		485,100
	4,600	Clorox Co.		285,660
	15,400	Colgate-Palmolive Co.		998,690
	13,640	Kimberly-Clark Corp.		912,379
	94,678	Procter & Gamble Co.		5,793,347
	3,300	The Estee Lauder Companies, Inc. Class A		150,183

				8,625,359

Insurance – 4.6%
	9,800	ACE Ltd.		612,696
	14,600	Aflac, Inc.		750,440
	3,100	AMBAC Financial Group, Inc.		270,289
	78,079	American International Group, Inc.		5,467,872
	8,750	Aon Corp.		372,838
	3,100	Assurant, Inc.		182,652
	5,268	Cincinnati Financial Corp.		228,631
	12,400	Genworth Financial, Inc.		426,560
	9,600	Hartford Financial Services Group, Inc.		945,696
	8,360	Lincoln National Corp.		593,142
	13,400	Loews Corp.		683,132
	16,500	Marsh & McLennan Companies, Inc.		509,520
	4,150	MBIA, Inc.		258,213
	22,200	MetLife, Inc.		1,431,456
	8,000	Principal Financial Group, Inc.		466,320
	14,100	Prudential Financial, Inc.		1,370,943
	3,300	SAFECO Corp.		205,458
	18,138	The Allstate Corp.		1,115,668
	12,200	The Chubb Corp.		660,508
	22,000	The Progressive Corp.		526,460
	19,790	The Travelers Cos Inc		1,058,765
	2,800	Torchmark Corp.		187,600
	10,218	UnumProvident Corp.		266,792
	5,500	XL Capital Ltd. Class A		463,595

				19,055,246

Materials – 3.1%
	6,600	Air Products & Chemicals, Inc.		530,442
	26,108	Alcoa, Inc.		1,058,157
	3,151	Allegheny Technologies, Inc.		330,477
	1,800	Ashland, Inc.		115,110
	3,200	Ball Corp.		170,144
	3,300	Bemis Co., Inc.		109,494
	27,800	E.I. du Pont de Nemours & Co.		1,413,352
	2,600	Eastman Chemical Co.		167,258
	5,200	Ecolab, Inc.		222,040
	11,255	Freeport-McMoRan Copper & Gold, Inc.		932,139
	3,500	Hercules, Inc.*		68,775
	2,500	International Flavors & Fragrances, Inc.		130,350
	12,940	International Paper Co.		505,307
	5,298	MeadWestvaco Corp.		187,125
	16,254	Monsanto Co.		1,097,795
	13,711	Newmont Mining Corp.		535,552
	9,000	Nucor Corp.		527,850
	3,900	Pactiv Corp.*		124,371
	4,900	PPG Industries, Inc.		372,939

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

June 30, 2007 (Unaudited)



Shares		Description	Value
Common Stocks – (continued)

Materials – (continued)
	9,500	Praxair, Inc.	$	683,905
	4,375	Rohm & Haas Co.		239,225
	4,716	Sealed Air Corp.		146,290
	3,800	Sigma-Aldrich Corp.		162,146
	3,100	Temple-Inland, Inc.		190,743
	28,777	The Dow Chemical Co.		1,272,519
	3,620	United States Steel Corp.		393,675
	2,900	Vulcan Materials Co.		332,166
	6,392	Weyerhaeuser Co.		504,521

				12,523,867

Media – 3.3%
	22,064	CBS Corp. Class B		735,173
	532	Citadel Broadcasting Corp.		3,431
	15,100	Clear Channel Communications, Inc.		571,082
	93,617	Comcast Corp. Class A*		2,632,510
	1,900	Dow Jones & Co., Inc.		109,155
	2,500	E.W. Scripps Co., Class A		114,225
	7,200	Gannett Co., Inc.		395,640
	13,971	Interpublic Group of Cos., Inc.*		159,269
	1,100	Meredith Corp.		67,760
	4,200	New York Times Co. Class A^(a)		106,680
	70,500	News Corp., Class A		1,495,305
	10,200	Omnicom Group, Inc.		539,784
	22,900	The DIRECTV Group, Inc.*		529,219
	10,200	The McGraw-Hill Companies, Inc.		694,416
	59,829	The Walt Disney Co.		2,042,562
	113,498	Time Warner, Inc.		2,387,998
	2,379	Tribune Co.		69,943
	20,764	Viacom, Inc. Class B*		864,405

				13,518,557

Pharmaceuticals & Biotechnology – 7.6%
	46,500	Abbott Laboratories		2,490,075
	9,400	Allergan, Inc.		541,816
	35,108	Amgen, Inc.*		1,941,121
	5,700	Applera Corporation – Applied Biosystems Group		174,078
	3,100	Barr Pharmaceuticals, Inc.*		155,713
	10,385	Biogen Idec, Inc.*		555,598
	59,000	Bristol-Myers Squibb Co.		1,862,040
	11,300	Celgene Corp.*		647,829
	29,700	Eli Lilly & Co.		1,659,636
	9,400	Forest Laboratories, Inc.*		429,110
	7,800	Genzyme Corp.*		502,320
	27,800	Gilead Sciences, Inc.*		1,077,806
	87,060	Johnson & Johnson		5,364,637
	6,966	King Pharmaceuticals, Inc.*		142,524
	65,300	Merck & Co., Inc.		3,251,940
	1,700	Millipore Corp.*		127,653
	7,500	Mylan Laboratories, Inc.		136,425
	3,900	PerkinElmer, Inc.		101,634
	210,884	Pfizer, Inc.		5,392,304
	44,700	Schering-Plough Corp.		1,360,668
	12,600	Thermo Fisher Scientific, Inc.*		651,672
	3,200	Waters Corp.*		189,952
	2,900	Watson Pharmaceuticals, Inc.*		94,337
	40,500	Wyeth		2,322,270

				31,173,158

Real Estate – 1.2%
	3,000	Apartment Investment & Management Co. (REIT)		151,260
	6,500	Archstone-Smith Trust (REIT)		384,215
	2,400	Avalonbay Communities, Inc. (REIT)		285,312
	3,500	Boston Properties, Inc. (REIT)		357,455
	5,800	CB Richard Ellis Group, Inc. Class A*		211,700
	3,700	Developers Diversified Realty Corp. (REIT)		195,027
	8,800	Equity Residential (REIT)		401,544
	7,300	General Growth Properties, Inc. (REIT)		386,535
	15,200	Host Hotels & Resorts, Inc. (REIT)		351,424
	7,000	Kimco Realty Corp. (REIT)		266,490
	5,200	Plum Creek Timber Co., Inc. (REIT)		216,632
	7,800	ProLogis (REIT)		443,820
	3,700	Public Storage, Inc. (REIT)		284,234
	6,600	Simon Property Group, Inc. (REIT)		614,064
	4,000	Vornado Realty Trust (REIT)		439,360

				4,989,072

Retailing – 3.3%
	2,700	Abercrombie & Fitch Co.		197,046
	9,300	Amazon.com, Inc.*		636,213
	4,772	AutoNation, Inc.*		107,084
	1,500	AutoZone, Inc.*		204,930
	8,600	Bed Bath & Beyond, Inc.*		309,514
	12,350	Best Buy Co., Inc.		576,374
	3,500	Big Lots, Inc.*		102,970
	4,000	Circuit City Stores, Inc.		60,320
	1,800	Dillards, Inc. Class A		64,674
	9,687	Dollar General Corp.		212,339
	4,700	Family Dollar Stores, Inc.		161,304
	5,050	Genuine Parts Co.		250,480
	6,600	IAC/InterActiveCorp*		228,426
	6,800	J.C. Penney Co., Inc.		492,184
	9,700	Kohl’s Corp.*		688,991
	10,400	Limited Brands, Inc.		285,480
	45,800	Lowe’s Companies, Inc.		1,405,602
	14,034	Macy’s, Inc.		558,273
	6,700	Nordstrom, Inc.		342,504
	8,400	Office Depot, Inc.*		254,520
	2,400	OfficeMax, Inc.		94,320
	4,300	RadioShack Corp.		142,502
	2,500	Sears Holdings Corp.*		423,750
	21,100	Staples, Inc.		500,703

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND



Shares		Description	Value
Common Stocks – (continued)

Retailing – (continued)
	25,800	Target Corp.	$	1,640,880
	15,850	The Gap, Inc.		302,735
	59,597	The Home Depot, Inc.		2,345,142
	3,500	The Sherwin-Williams Co.		232,645
	13,700	The TJX Companies, Inc.		376,750
	4,100	Tiffany & Co.		217,546

				13,416,201

Semiconductors & Semiconductor – 2.6%
	17,300	Advanced Micro Devices, Inc.*		247,390
	10,900	Altera Corp.		241,217
	9,900	Analog Devices, Inc.		372,636
	41,800	Applied Materials, Inc.		830,566
	14,050	Broadcom Corp. Class A*		410,963
	175,500	Intel Corp.		4,169,880
	6,000	KLA-Tencor Corp.		329,700
	7,800	Linear Technology Corp.		282,204
	22,400	LSI Logic Corp.*		168,224
	9,600	Maxim Integrated Products, Inc.		320,736
	6,800	MEMC Electronic Materials, Inc.*		415,616
	22,600	Micron Technology, Inc.*		283,178
	8,600	National Semiconductor Corp.		243,122
	3,900	Novellus Systems, Inc.*		110,643
	10,700	NVIDIA Corp.*		442,017
	6,000	Teradyne, Inc.*		105,480
	43,400	Texas Instruments, Inc.		1,633,142
	8,700	Xilinx, Inc.		232,899

				10,839,613

Software & Services – 5.6%
	17,600	Adobe Systems, Inc.*		706,640
	2,900	Affiliated Computer Services, Inc. Class A*		164,488
	7,100	Autodesk, Inc.*		334,268
	16,700	Automatic Data Processing, Inc.		809,449
	6,200	BMC Software, Inc.*		187,860
	12,604	CA, Inc.		325,561
	5,600	Citrix Systems, Inc.*		188,552
	4,400	Cognizant Technology Solutions Corp. Class A*		330,396
	5,300	Computer Sciences Corp.*		313,495
	9,400	Compuware Corp.*		111,484
	4,000	Convergys Corp.*		96,960
	34,100	eBay, Inc.*		1,097,338
	9,200	Electronic Arts, Inc.*		435,344
	15,800	Electronic Data Systems Corp.		438,134
	4,700	Fidelity National Information Services, Inc.		255,116
	22,349	First Data Corp.		730,142
	5,050	Fiserv, Inc.*		286,840
	6,590	Google, Inc. Class A*		3,449,074
	10,500	Intuit, Inc.*		315,840
	253,100	Microsoft Corp.		7,458,857
	9,600	Novell, Inc.*		74,784
	118,720	Oracle Corp.*		2,339,971
	9,950	Paychex, Inc.		389,244
	26,718	Symantec Corp.*		539,704
	22,749	The Western Union Co		473,862
	10,000	Unisys Corp.*		91,400
	7,200	VeriSign, Inc.*		228,456
	36,600	Yahoo!, Inc.*		992,958

				23,166,217

Technology Hardware & Equipment – 6.8%
	12,024	Agilent Technologies, Inc.*		462,203
	26,100	Apple Computer, Inc.*		3,185,244
	14,031	Avaya, Inc.*		236,282
	2,785	Ciena Corp.*		100,622
	182,400	Cisco Systems, Inc.*		5,079,840
	47,100	Corning, Inc.*		1,203,405
	68,300	Dell, Inc.*		1,949,965
	63,300	EMC Corp.*		1,145,730
	79,098	Hewlett-Packard Co.		3,529,353
	41,000	International Business Machines Corp.		4,315,250
	5,900	Jabil Circuit, Inc.		130,213
	6,125	JDS Uniphase Corp.*		82,259
	17,200	Juniper Networks, Inc.*		432,924
	2,800	Lexmark International, Inc. Class A*		138,068
	4,325	Molex, Inc.		129,793
	69,235	Motorola, Inc.		1,225,459
	5,300	NCR Corp.*		278,462
	10,900	Network Appliance, Inc.*		318,280
	4,400	QLogic Corp.*		73,260
	49,900	QUALCOMM, Inc.		2,165,161
	6,900	SanDisk Corp.*		337,686
	28,300	Solectron Corp.*		104,144
	108,100	Sun Microsystems, Inc.*		568,606
	2,700	Tektronix, Inc.		91,098
	13,900	Tellabs, Inc.*		149,564
	28,300	Xerox Corp.*		522,984

				27,955,855

Telecommunication Services – 3.7%
	10,300	ALLTEL Corp.		695,765
	185,337	AT&T, Inc.		7,691,485
	3,300	CenturyTel, Inc.		161,865
	9,900	Citizens Communications Co.		151,173
	4,640	Embarq Corp.		294,037
	47,563	Qwest Communications International, Inc.*		461,361
	87,310	Sprint Nextel Corp.		1,808,190
	87,230	Verizon Communications, Inc.		3,591,259
	14,881	Windstream Corp.		219,644

				15,074,779

Transportation – 1.7%
	10,852	Burlington Northern Santa Fe Corp.		923,939
	5,300	C.H. Robinson Worldwide, Inc.		278,356
	13,000	CSX Corp.		586,040

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

June 30, 2007 (Unaudited)



Shares		Description	Value
Common Stocks – (continued)

Transportation – (continued)
	9,200	FedEx Corp.	$	1,020,924
	12,100	Norfolk Southern Corp.		636,097
	1,700	Ryder System, Inc.		91,460
	24,318	Southwest Airlines Co.		362,582
	8,100	Union Pacific Corp.		932,715
	31,800	United Parcel Service, Inc. Class B		2,321,400

				7,153,513

Utilities – 3.4%
	19,500	AES Corp.*		426,660
	5,000	Allegheny Energy, Inc.*		258,700
	6,300	Ameren Corp.		308,763
	11,840	American Electric Power Co., Inc.		533,274
	9,698	CenterPoint Energy, Inc.		168,745
	6,400	CMS Energy Corp.*		110,080
	7,900	Consolidated Edison, Inc.		356,448
	5,350	Constellation Energy Group, Inc.		466,359
	10,350	Dominion Resources, Inc.		893,308
	5,400	DTE Energy Co.		260,388
	37,913	Duke Energy Corp.		693,808
	11,397	Dynegy, Inc. Class A*		107,588
	9,600	Edison International		538,752
	5,900	Entergy Corp.		633,365
	20,100	Exelon Corp.		1,459,260
	9,000	FirstEnergy Corp.		582,570
	12,300	FPL Group, Inc.		697,902
	2,331	Integrys Energy Group, Inc.		118,252
	5,400	KeySpan Corp.		226,692
	1,400	Nicor, Inc.		60,088
	8,400	NiSource, Inc.		173,964
	10,300	PG&E Corp.		466,590
	3,000	Pinnacle West Capital Corp.		119,550
	11,500	PPL Corp.		538,085
	7,877	Progress Energy, Inc.		359,112
	7,600	Public Service Enterprise Group, Inc.		667,128
	5,200	Questar Corp.		274,820
	7,813	Sempra Energy		462,764
	22,700	Southern Co.		778,383
	6,200	TECO Energy, Inc.		106,516
	13,680	TXU Corp.		920,664
	12,710	Xcel Energy, Inc.		260,174

				14,028,752

TOTAL COMMON STOCKS
(Cost $280,603,901)			$	402,214,228

Expiration

Units

Description

Date

Value

Warrant* – 0.0%

1,845

Raytheon Co.

06/16/11

34,022

(Cost $0)

Principal

Interest

Maturity

Amount

Rate

Date

Value

U.S. Government Obligation – 0.3%

United States Treasury Bill

1,100,000

4.701

09/06/07

1,090,572

(Cost $1,090,491)


Short-Term Obligation – 2.0%

JPMorgan Chase Euro – Time Deposit
$	8,067,578	5.282	%	07/02/07	$	8,067,578
(Cost $8,067,578)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
(Cost $289,761,970)					$	411,406,400


			Interest
Shares			Rate		Value
Securities Lending Collateral – 0.1%

	627,900	Boston Global Investment Trust – Enhanced Portfolio		5.309%	$	627,900
(Cost $627,900)

TOTAL INVESTMENTS – 100.4%
(Cost $290,389,870)					$	412,034,300

LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4%)						(1,484,986	)

NET ASSETS — 100.0%					$	410,549,314

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 this security is on loan.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2007, the following future contracts were open:

Number of

Settlement

Unrealized

Type

Contracts Long

Month

Market Value

Gain

S & P 500 Index

122

September 2007

9,243,940

46,391

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

June 30, 2007 (Unaudited)



Principal		Interest			Maturity
Amount		Rate			Date
							Value
Corporate Bonds – 20.4%

Automotive – 0.1%
DaimlerChrysler NA
$	275,000		8.500	%		01/18/31	$	346,835

Banks – 4.4%
Asian Development Bank
	5,000,000		1.000			10/01/15		3,489,995
Greater Bay Bancorp Series B
	500,000		5.250			03/31/08		498,705
MUFG Capital Finance 1 Ltd.^(a)
	850,000		6.346			07/29/49		834,228
Nordea Bank Sweden AB^(a)(b)
	2,100,000		8.950			11/29/49		2,239,637
Popular North America, Inc.
	1,425,000		5.650			04/15/09		1,421,756
Resona Bank Ltd.^(a)(b)
	1,250,000		5.850			09/29/49		1,195,153
Tokai Preferred Capital Co. LLC^(a)(b)
	1,250,000		9.980			12/29/49		1,300,093
VTB Capital (Vneshtorgbank)^(a)(b)
	980,000		5.956			08/01/08		980,980

								11,960,547

Brokerage – 0.1%
Lehman Brothers Holdings Capital Trust V^(a)
	250,000		5.857			11/29/49		244,890

Electric – 2.3%
Arizona Public Service Co.
	475,000		6.375			10/15/11		484,146
	350,000		6.250			08/01/16		351,647
CenterPoint Energy, Inc. Series B
	1,000,000		7.250			09/01/10		1,044,288
MidAmerican Energy Holding Co.
	1,250,000		7.520			09/15/08		1,277,597
	750,000		6.125			04/01/36		723,205
Pacific Gas & Electric Co.
	1,800,000		6.050			03/01/34		1,742,648
Progress Energy, Inc.
	200,000		5.625			01/15/16		196,601
	350,000		7.000			10/30/31		374,451

								6,194,583

Energy – 0.5%
Canadian Natural Resources Ltd.
	225,000		5.700			05/15/17		217,357
	50,000		5.850			02/01/35		45,103
	400,000		6.500			02/15/37		391,866
	150,000		6.250			03/15/38		141,847
Kerr McGee Corp.
	550,000		6.950			07/01/24		570,791

								1,366,964

Entertainment – 0.7%
Time Warner Cable, Inc.^(b)
	1,000,000		5.400			07/02/12		981,624
Time Warner Entertainment Co. LP
	750,000		8.375			03/15/23		864,607

								1,846,231

Environmental – 0.3%
Waste Management, Inc.
	750,000		7.375			08/01/10		785,374

Financial Companies – 4.5%
Farmer Mac Guaranteed Notes Trust Series 2006-2^(b)
	4,400,000		5.500			07/15/11		4,424,944
GATX Financial Corp.
	1,000,000		8.875			06/01/09		1,057,171
HBOS Treasury Services PLC^(b)
	4,700,000		5.250			02/21/17		4,597,399
PHH Corp.
	1,225,000		6.000			03/01/08		1,227,690
Residential Capital Corp.
	1,000,000		6.125			11/21/08		992,018
	100,000		6.500			04/17/13		96,577

								12,395,799

Food & Beverage – 0.4%
Nabisco, Inc.
	1,000,000		7.050			07/15/07		1,000,579

Life Insurance – 0.5%
American International Group, Inc.
	225,000		6.250			03/15/37		212,066
Phoenix Life Insurance Co.^(b)
	450,000		7.150			12/15/34		462,056
Swiss Reinsurance Capital I LP^(a)(b)
	700,000		6.854			05/29/49		704,133

								1,378,255

Media – 0.9%
Comcast Corp.
	625,000		6.450			03/15/37		601,988
Cox Communications, Inc.
	1,750,000		4.625			01/15/10		1,708,355
Viacom, Inc.
	300,000		5.750			04/30/11		299,578

								2,609,921

Pipelines – 0.9%
Boardwalk Pipelines LP
	575,000		5.875			11/15/16		560,601
Energy Transfer Partners LP
	275,000		5.650			08/01/12		273,444
	475,000		5.950			02/01/15		468,419

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND



Principal		Interest			Maturity
Amount		Rate			Date
							Value
Corporate Bonds – (continued)

Pipelines – (continued)
Enterprise Products Operating LP
$	450,000		5.600	%		10/15/14	$	438,662
	325,000		5.000			03/01/15		303,705
ONEOK Partners LP
	325,000		6.650			10/01/36		323,820

								2,368,651

Property/Casualty Insurance – 1.5%
AON Capital Trust A
	500,000		8.205			01/01/27		540,807
Arch Capital Group Ltd.
	475,000		7.350			05/01/34		503,472
Aspen Insurance Holdings Ltd.
	350,000		6.000			08/15/14		338,717
Chubb Corp.^(a)
	525,000		6.375			03/29/67		510,468
Endurance Specialty Holdings Ltd.
	375,000		6.150			10/15/15		363,216
Marsh & McClennan Companies, Inc.
	600,000		5.150			09/15/10		586,238
White Mountains Reinsurance Group Ltd.^(b)
	600,000		6.375			03/20/17		576,474
ZFS Finance USA Trust^(a)(b)
	675,000		5.875			05/09/62		665,044

								4,084,436

REITs – 0.6%
Highwoods Properties, Inc.^(b)
	425,000		5.850			03/15/17		408,829
iStar Financial, Inc. Series B
	1,300,000		5.700			03/01/14		1,268,297

								1,677,126

Retailers – 0.2%
CVS/Caremark Corp.
	525,000		5.750			06/01/17		506,532

Tobacco – 0.1%
Altria Group, Inc.
	125,000		7.750			01/15/27		146,023

Wireless Telecommunications – 1.3%
America Movil SA de CV
	1,000,000		5.500			03/01/14		973,320
New Cingular Wireless Services, Inc.
	675,000		7.875			03/01/11		725,680
	500,000		8.750			03/01/31		624,430
Nextel Communications, Inc.
	900,000		6.875			10/31/13		894,375
Sprint Capital Corp.
	25,000		6.875			11/15/28		23,811
Telecom Italia Capital SA
	300,000		4.875			10/01/10		292,784

								3,534,400

Wirelines Telecommunications – 1.1%
Deutsche Telekom International Finance BV
	700,000		8.250			06/15/30		837,680
GTE Corp.
	750,000		7.510			04/01/09		773,092
Telecom Italia Capital SA
	225,000		4.000			01/15/10		216,363
	800,000		4.950			09/30/14		740,464
Telefonica Europe BV
	300,000		7.750			09/15/10		318,260

								2,885,859

TOTAL CORPORATE BONDS
(Cost $56,261,619)							$	55,333,005

Mortgage-Backed Obligations – 57.2%

Adjustable Rate FHLMC^(a) – 2.2%
$	2,321,097		4.847	%		09/01/35	$	2,295,278
	3,659,960		4.732			10/01/35		3,570,228

								5,865,506

Adjustable Rate FNMA^(a) – 4.0%
	1,793,334		4.451			05/01/33		1,785,572
	1,485,481		3.845			10/01/33		1,460,826
	2,370,588		4.563			05/01/35		2,388,193
	2,810,405		5.353			09/01/35		2,811,645
	2,488,000		5.088			12/01/35		2,470,118

								10,916,354

Adjustable Rate Non-Agency^(a) – 21.6%
Banc of America Commercial Mortgage, Inc. Series 2005-6, Class A4
	3,000,000		5.353			09/10/47		2,887,107
Bear Stearns Mortgage Funding Trust Series 2006-AR1, Class 2A1
	2,274,375		5.540			08/25/36		2,273,506
Chase Mortgage Finance Corp. Series 2007-A1, Class 2A1
	2,857,962		4.142			02/25/37		2,797,022
Countrywide Alternative Loan Trust Series 2005-59, Class 1A2A
	957,849		5.700			11/20/35		962,110
Countrywide Alternative Loan Trust Series 2006-OA10, Class 4A1
	2,565,263		5.510			08/25/46		2,563,834
Countrywide Alternative Loan Trust Series 2006-OA16, Class A2
	4,403,585		5.510			10/25/46		4,393,793
Downey Savings & Loan Association Mortgage Loan Trust Series 2006-AR2, Class 2A1A
	1,899,162		5.520			11/19/37		1,902,817
GE Capital Commercial Mortgage Corp. Series 2005-C4, Class A4
	3,000,000		5.512			11/10/45		2,916,801

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2007 (Unaudited)



Principal		Interest			Maturity
Amount		Rate			Date
							Value
Mortgage-Backed Obligations – (continued)

Adjustable Rate Non-Agency^(a) – (continued)
Indymac Index Mortgage Loan Trust Series 2006-AR2, Class 1A1A
$	1,685,189		5.540	%		04/25/46	$	1,686,339
Indymac Index Mortgage Loan Trust Series 2006-AR4, Class A1A
	1,745,724		5.530			05/25/46		1,748,411
J.P. Morgan Mortgage Trust Series 2007-A1, Class 1A1
	971,821		4.202			07/25/35		949,450
J.P. Morgan Mortgage Trust Series 2007-A1, Class 2A2
	956,745		4.763			07/25/35		941,360
J.P. Morgan Mortgage Trust Series 2007-A1, Class 5A2
	937,878		4.768			07/25/35		921,587
Luminent Mortgage Capital Trust Series 2006-2, Class A1A
	1,703,206		5.520			02/25/46		1,704,177
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	1,850,239		5.879			12/25/46		1,850,239
Merrill Lynch Mortgage Investors, Inc. Series 2005-A9, Class 2A1C
	3,000,000		5.149			12/25/35		2,948,562
Morgan Stanley Capital I Series 2006-T21, Class A4
	3,500,000		5.162			10/12/52		3,346,513
Morgan Stanley Capital I Series 2007-T25, Class A3
	2,000,000		5.514			11/12/49		1,946,491
Thornburg Mortgage Securities Trust Series 2006-4, Class A2B
	2,689,876		5.440			07/25/36		2,687,638
Thornburg Mortgage Securities Trust Series 2006-5, Class A1
	2,472,274		5.440			08/25/36		2,469,643
Wachovia Bank Commercial Mortgage Trust Series 2005-C21, Class A4
	3,000,000		5.368			10/15/44		2,900,825
Washington Mutual, Inc. Series 2005-AR10, Class 1A3
	2,000,000		4.835			09/25/35		1,967,458
Washington Mutual, Inc. Series 2006-AR11, Class 1A
	3,404,541		5.989			09/25/46		3,408,796
Washington Mutual, Inc. Series 2006-AR11, Class 3A1A
	922,235		5.949			09/25/46		922,955
Washington Mutual, Inc. Series 2007-OA2, Class 1A
	919,428		5.729			03/25/47		917,992
Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2006-AR9, Class 2A
	2,820,885		5.869			11/25/46		2,823,089
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR10, Class 5A3
	1,562,687		5.607			07/25/36		1,555,377

								58,393,892

Commercial Mortgage Backed Securities – 7.2%
Sequential Fixed Rate
Banc of America Commercial Mortgage, Inc. Series 2006-5, Class A4
	1,500,000		5.414			09/10/47		1,453,414
Bear Stearns Commercial Mortgage Securities Series 1999-WF2, Class A2
	2,687,378		7.080			07/15/31		2,745,793
Bear Stearns Commercial Mortgage Securities Series 2006-T24, Class A4
	1,750,000		5.537			10/12/41		1,707,564
Citigroup Commercial Mortgage Trust Series 2006-C5, Class A4
	3,000,000		5.431			10/15/49		2,901,992
GE Capital Commercial Mortgage Corp. Series 2002-1A, Class A3
	2,700,000		6.269			12/10/35		2,763,797
J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2005-LDP2, Class A4
	1,500,000		4.738			07/15/42		1,396,936
J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2006-CB17, Class A4
	2,000,000		5.429			12/12/43		1,932,985
LB-UBS Commercial Mortgage Trust Series 2006-C1, Class A4
	2,000,000		5.156			02/15/31		1,911,916
Morgan Stanley Dean Witter Capital I Series 2003-TOP9, Class A2
	2,700,000		4.740			11/13/36		2,582,068

TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES							$	19,396,465

Collateralized Mortgage Obligations – 1.3%
Interest Only^(a)(e) – 0.2%
FHLMC Series 2005-3038, Class XA
	74,809		0.000			09/15/35		74,301
FHLMC Series 2006-3167, Class X
	262,567		0.000			06/15/36		242,877
FHLMC Series 2006-3176, Class XI
	1,039,149		0.000			10/15/35		10,638
FHLMC Series 2007-3275, Class UF
	97,546		0.000			02/15/37		118,311
FNMA Series 2004-71, Class DI
	651,720		0.000			04/25/34		48,634
FNMA Series 2006-81, Class LF
	93,999		0.000			09/25/36		99,908
FNMA Series 2007-56, Class GY
	99,492		0.000			06/25/37		115,432

								710,101

Planned Amortization Class – 1.1%
FNMA Series 2003-92, Class PD
	3,000,000		4.500			03/25/17		2,895,097

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	3,605,198

FHLMC – 8.6%
	98,498		7.000			08/01/10		100,631
	182		7.000			09/01/11		186
	15,970		7.000			11/01/11		16,396

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND



Principal		Interest			Maturity
Amount		Rate			Date
							Value
Mortgage-Backed Obligations – (continued)

FHLMC – (continued)
$	28,421		7.000	%		12/01/11	$	29,180
	112,781		7.500			06/01/15		116,860
	309,250		7.000			07/01/16		315,378
	1,660,642		5.500			02/01/18		1,641,993
	119,323		5.500			04/01/18		117,983
	205,825		4.500			05/01/18		196,338
	48,854		4.500			06/01/18		46,602
	194,879		4.500			09/01/18		185,895
	211,580		5.500			09/01/18		209,204
	143,455		4.500			10/01/18		136,843
	516		7.500			10/01/18		517
	148,022		4.500			11/01/18		141,199
	1,029,109		4.500			12/01/18		981,674
	3,547,165		5.000			12/01/18		3,443,983
	54,264		4.500			01/01/19		51,763
	107,177		4.500			03/01/19		102,152
	4,398,355		4.000			06/01/19		4,079,190
	26,169		9.500			08/01/19		28,090
	4,889,795		5.000			11/01/19		4,740,017
	215,481		5.000			02/01/20		208,447
	1,116		9.500			08/01/20		1,201
	397,929		6.500			10/01/20		408,180
	26,734		9.500			02/01/21		28,444
	47,016		6.500			01/01/24		47,848
	267,304		6.500			12/01/27		271,888
	150,243		6.000			03/01/29		149,818
	2,063		6.000			04/01/29		2,057
	79,571		7.500			12/01/29		83,046
	2,175		7.500			11/01/30		2,270
	515,596		6.500			12/01/31		524,408
	696,812		7.000			05/01/32		719,409
	3,325		6.000			08/01/32		3,313
	434,766		7.000			12/01/32		448,865
	3,678,786		6.500			10/01/34		3,741,656

								23,322,924

FNMA – 11.3%
	8,397		6.500			05/01/08		8,533
	663		8.000			04/01/09		667
	2,937		9.000			02/01/10		3,056
	82,969		6.000			08/01/13		83,362
	18,677		7.500			01/01/14		18,712
	375,858		7.500			08/01/15		388,690
	97,453		6.000			04/01/16		98,038
	208,916		6.500			05/01/16		212,860
	312,214		6.500			09/01/16		318,107
	402,061		6.500			11/01/16		409,650
	97,436		6.000			12/01/16		98,021
	780,061		6.000			02/01/17		784,759
	135,230		7.500			04/01/17		139,866
	1,170,779		6.000			10/01/17		1,177,831
	1,081,816		5.500			02/01/18		1,069,727
	331,934		4.500			04/01/18		316,498
	2,842,574		4.500			05/01/18		2,710,385
	1,168,304		5.000			05/01/18		1,134,203
	3,841,786		4.500			06/01/18		3,663,129
	205,194		4.500			07/01/18		195,652
	110,617		6.500			08/01/18		112,094
	461,823		7.000			08/01/18		480,575
	4,388,031		4.000			09/01/18		4,082,908
	5,412,752		4.500			01/01/19		5,161,040
	726		7.000			07/01/25		751
	28,975		7.500			10/01/25		30,165
	11,323		7.000			11/01/25		11,719
	75,300		9.000			11/01/25		81,673
	4,210		7.000			08/01/27		4,346
	26,262		7.000			09/01/27		27,112
	954		7.000			01/01/28		985
	4,543		7.500			03/01/28		4,730
	827,521		6.000			02/01/29		824,584
	467,466		6.000			03/01/29		465,663
	189,378		6.500			03/01/29		192,904
	408,073		6.000			05/01/29		406,499
	44,625		6.500			05/01/29		45,442
	1,171,573		6.000			06/01/29		1,167,054
	288,453		6.500			06/01/29		293,738
	135,572		6.500			07/01/29		138,055
	263,992		6.500			08/01/29		268,829
	7,786		7.000			09/01/29		8,068
	125,657		6.500			10/01/29		127,959
	100,398		8.000			10/01/29		106,246
	172,468		6.500			11/01/29		175,627
	124,695		6.500			12/01/29		126,979
	52,867		7.000			12/01/29		54,779
	20,042		7.500			12/01/29		20,906
	9,312		7.500			04/01/30		9,706
	1,646		8.500			04/01/30		1,766
	53,478		7.500			05/01/30		55,775
	13,382		8.000			05/01/30		13,862
	558		8.500			06/01/30		599
	13,260		7.500			08/01/30		13,821
	35,451		7.500			09/01/30		36,950
	254,738		6.500			04/01/31		259,164
	49,779		7.000			05/01/32		51,487
	366,550		7.000			06/01/32		378,774
	435,543		7.000			08/01/32		450,068
	130,239		8.000			08/01/32		137,244
	1,838,709		7.500			12/01/36		1,901,784

								30,564,176

GNMA – 1.0%
	609		6.500			09/15/08		612
	66,210		7.000			03/15/12		67,536
	65,344		7.000			06/15/23		67,673
	22,365		7.000			10/15/25		23,150
	29,991		7.000			11/15/25		31,044
	4,652		7.000			02/15/26		4,811
	20,599		7.000			04/15/26		21,304
	9,722		7.000			03/15/27		10,052
	1,402		7.000			06/15/27		1,449

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2007 (Unaudited)



Principal		Interest			Maturity
Amount		Rate			Date
							Value
Mortgage-Backed Obligations – (continued)

GNMA – (continued)
$	25,893		7.000	%		10/15/27	$	26,772
	177,771		7.000			11/15/27		183,808
	10,385		7.000			01/15/28		10,741
	70,884		7.000			02/15/28		73,307
	23,431		7.000			03/15/28		24,233
	12,441		7.000			04/15/28		12,866
	1,433		7.000			05/15/28		1,482
	28,739		7.000			06/15/28		29,721
	47,244		7.000			07/15/28		48,859
	143,909		7.000			08/15/28		148,829
	65,321		7.000			09/15/28		67,554
	11,496		7.000			11/15/28		11,889
	6,169		7.500			11/15/30		6,474
	4,209		7.000			10/15/31		4,370
	1,492		7.000			12/15/31		1,549
	38,360		7.500			10/15/32		40,123
	1,675,154		6.000			08/20/34		1,668,941

								2,589,149

TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $156,605,072)							$	154,653,664

Agency Debentures – 6.2%

FFCB
$	1,600,000		5.400	%		06/08/17	$	1,591,573
FHLB
	1,800,000		4.000			12/30/11		1,708,038
	6,990,000		4.875			12/14/12		6,839,868
	5,000,000		4.750			11/14/14		4,802,849
Tennessee Valley Authority
	2,000,000		5.375			04/01/56		1,898,541

TOTAL AGENCY DEBENTURES
(Cost $17,256,079)							$	16,840,869

U.S. Treasury Obligations – 7.2%

United States Treasury Bonds
$	4,000,000		5.375	%		02/15/31	$	4,112,480
	3,340,000		4.500			02/15/36		3,027,109
	2,500,000		4.750			02/15/37		2,358,600
United States Treasury Inflation-Protected Securities
	1,096,250		2.375			01/15/25		1,054,000
	922,212		2.375			01/15/27		885,646
United States Treasury Notes
	1,500,000		4.875			08/15/16		1,481,715
	1,600,000		4.625			02/15/17		1,549,936
United States Treasury Principal-Only STRIPS^(d)
	1,400,000		0.000			11/15/21		659,582
	5,000,000		0.000			11/15/24		2,017,550
	1,300,000		0.000			08/15/25		505,427
	1,400,000		0.000			08/15/26		518,196
	3,200,000		0.000			11/15/26		1,171,296

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $19,654,915)							$	19,341,537

Short-Term Obligation – 8.5%

JPMorgan Chase Euro – Time Deposit
$	22,960,355		5.282			07/02/07	$	22,960,355
(Cost $22,960,355)

TOTAL INVESTMENTS – 99.5%
(Cost $272,738,040)							$	269,129,430

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%								1,277,702

NET ASSETS – 100.0%							$	270,407,132

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


(a)		Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2007.

(b)		Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $18,536,366, which represents approximately 6.9% of net assets as of June 30, 2007.

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

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

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



Investment Abbreviations:
CMBS	—	Commercial Mortgage Backed Securities
CMO	—	Collateralized Mortgage Obligations
FFCB	—	Federal Farm Credit Bank
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
PAC	—	Planned Amortization Class
REIT	—	Real Estate Investment Trust
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At June 30, 2007, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:


Open Forward Foreign Currency	Purchase/		Expiration		Value on				Unrealized
Contracts with Unrealized Gain	Sale Contract		Date		Settlement Date		Current Value		Gain


Australian Dollar		Purchase		9/19/2007	$	3,821,067	$	3,834,992	$	13,925
British Pound		Purchase		9/19/2007		881,081		889,924		8,843
Canadian Dollar		Purchase		7/12/2007		2,561,329		2,745,287		183,958
Euro		Purchase		9/19/2007		4,700,970		4,741,175		40,205
Japanese Yen		Sale		9/19/2007		3,162,929		3,113,930		48,999
Japanese Yen		Purchase		9/19/2007		1,058,000		1,058,731		731
New Zealand Dollar		Purchase		9/19/2007		1,052,260		1,075,309		23,049
Norwegian Krone		Purchase		9/19/2007		3,128,369		3,179,319		50,950
Swiss Franc		Purchase		9/19/2007		1,058,000		1,064,431		6,431
Swiss Franc		Sale		8/15/2007		10,910		10,798		112
Swedish Krona		Purchase		9/11/2007		489,388		502,779		13,391

TOTAL OPEN FORWARD FOREIGN CURRENCY CONTRACTS WITH UNREALIZED GAIN									$	390,594


Open Forward Foreign Currency	Purchase/		Expiration		Value on				Unrealized
Contracts with Unrealized Loss	Sale Contract		Date		Settlement Date		Current Value		Loss


Australian Dollar		Sale		9/19/2007	$	211,000	$	212,781	$	(1,781	)
Australian Dollar		Purchase		9/19/2007		211,000		210,928		(72	)
British Pound		Sale		9/19/2007		849,000		865,820		(16,820	)
Canadian Dollar		Sale		7/12/2007		2,555,486		2,745,287		(189,801	)
Canadian Dollar		Sale		9/19/2007		211,000		212,266		(1,266	)
Canadian Dollar		Purchase		9/19/2007		3,361,381		3,339,897		(21,484	)
Euro		Sale		9/19/2007		4,675,903		4,701,640		(25,737	)
Japanese Yen		Purchase		9/19/2007		1,267,000		1,260,769		(6,231	)
Japanese Yen		Sale		9/19/2007		211,000		212,570		(1,570	)
New Zealand Dollar		Sale		9/19/2007		1,270,000		1,287,828		(17,828	)
Norwegian Krone		Sale		9/19/2007		633,653		648,273		(14,620	)
Swiss Franc		Sale		9/19/2007		3,672,462		3,697,072		(24,610	)

TOTAL OPEN FORWARD FOREIGN CURRENCY CONTRACTS WITH UNREALIZED LOSS									$	(321,820	)

FUTURES CONTRACTS — At June 30, 2007, the following futures contracts were open:


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


Eurodollars		14	September 2007	$	3,313,450		$	(11,335	)
Eurodollars		(15)	December 2007		(3,551,813	)		14,238
Eurodollars		(4)	March 2008		(947,900	)		4,437
Eurodollars		(4)	June 2008		(948,250	)		3,936
U.S. Treasury Bonds		101	September 2007		10,882,750			(67,634	)
2 Year U.S. Treasury Notes		116	September 2007		23,638,625			(6,052	)
5 Year U.S. Treasury Notes		(33)	September 2007		(3,434,578	)		(5,600	)
10 Year U.S. Treasury Notes		(9)	September 2007		(951,328	)		12,007

TOTAL				$	28,000,956		$	(56,003	)

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Schedule of Investments

June 30, 2007 (Unaudited)


Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations – 54.4%

Adjustable Rate FHLMC^(a) – 2.0%
$	773,699		4.846	%	09/01/35	$	765,093
	914,990		4.731		10/01/35		892,557

							1,657,650

Adjustable Rate FNMA^(a) – 4.0%
	597,778		4.451		05/01/33		595,191
	742,740		3.845		10/01/33		730,413
	1,185,294		4.563		05/01/35		1,194,096
	829,000		5.088		12/01/35		823,042

							3,342,742

Adjustable Rate Non-Agency^(a) – 12.5%
Bear Stearns Commercial Mortgage Securities Series 2006-PW12, Class A4
	500,000		5.900		09/11/38		498,121
Citigroup Commercial Mortgage Trust Series 2006-C4, Class A3
	500,000		5.914		03/15/49		498,303
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1, Class A4
	1,000,000		5.400		07/15/44		967,131
Commercial Mortgage Pass Through Certificates Series 2006-C7, Class A4
	1,000,000		5.962		06/10/46		999,291
Countrywide Alternative Loan Trust Series 2005-59, Class 1A2A
	638,566		5.700		11/20/35		641,406
Indymac Index Mortgage Loan Trust Series 2006-AR2, Class 1A1A
	674,075		5.540		04/25/46		674,535
J.P. Morgan Mortgage Trust Series 2007-A1, Class 2A2
	956,745		4.763		07/25/35		941,361
Lehman XS Trust Series 2007-4N, Class 3A2A
	958,838		5.779		03/25/37		957,639
Luminent Mortgage Trust Series 2006-2, Class A1A
	681,282		5.520		02/25/46		681,671
Merrill Lynch Mortgage Investors, Inc. Series 2005-A9, Class 2A1C
	1,000,000		5.150		12/25/35		982,854
Washington Mutual, Inc. Series 2005-AR10, Class 1A3
	1,000,000		4.835		09/25/35		983,729
Washington Mutual, Inc. Series 2006-AR11, Class 3A1A
	922,235		5.949		09/25/46		922,955
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR10, Class 5A3
	781,344		5.607		07/25/36		777,689

							10,526,685

Commercial Mortgage Backed Securities – 3.4%
Sequential Fixed Rate
Banc of America Commercial Mortgage, Inc. Series 2006-4, Class A4
	1,000,000		5.634		07/10/46		983,869
Banc of America Commercial Mortgage, Inc. Series 2006-5, Class A4
	1,000,000		5.414		09/10/47		968,942
Commercial Mortgage-Pass Through Certificates Series 2006-C8, Class A4
	1,000,000		5.306		12/10/46		957,911

TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES							2,910,722

Collateralized Mortgage Obligations – 11.2%
Interest Only^(a)(d) – 0.2%
FNMA Series 2004-47, Class EI
	394,842		0.000		06/25/34		31,162
FNMA Series 2004-62, Class DI
	169,353		0.000		07/25/33		12,243
FNMA Series 2007-53, Class UF
	99,790		0.000		06/15/37		117,819

							161,224

Planned Amortization Class – 11.0%
FNMA Series 2003-32, Class PD
	1,926,867		4.000		07/25/22		1,918,112
FNMA Series 2003-70, Class BS
	2,858,409		4.000		04/25/22		2,830,601
FNMA Series 2719, Class GC
	4,580,000		5.000		06/25/26		4,499,282

							9,247,995

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							9,409,219

FHLMC – 7.1%
	1,754,635		4.500		12/01/18		1,673,758
	1,759,356		4.000		06/01/19		1,631,689
	1,491,703		4.500		06/01/19		1,422,945
	409		8.000		06/01/19		409
	12,468		10.000		03/01/21		13,563
	25,542		6.500		06/01/23		26,237
	1,241,315		6.500		10/01/34		1,262,529

							6,031,130

FNMA – 14.2%
	398		8.000		04/01/09		400
	84,562		5.000		11/01/17		82,147
	378,037		5.000		12/01/17		367,238
	330,305		5.000		01/01/18		320,870
	938,609		5.000		02/01/18		911,213
	278,413		5.000		03/01/18		270,287
	41,492		4.500		04/01/18		39,562
	433,512		5.000		04/01/18		420,859
	355,319		4.500		05/01/18		338,796
	167,109		5.000		05/01/18		162,231
	480,222		4.500		06/01/18		457,890
	885,182		5.000		06/01/18		859,345
	25,649		4.500		07/01/18		24,456
	26,325		5.000		07/01/18		25,557
	1,755,212		4.000		09/01/18		1,633,163
	801,234		4.500		09/01/18		763,974
	25,406		4.500		10/01/18		24,225

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND


Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations – (continued)

FNMA – (continued)
$	1,015,760		4.500	%	11/01/18	$	968,523
	534,504		5.000		11/01/18		518,903
	122,487		4.500		12/01/18		116,791
	808,295		5.000		12/01/18		784,702
	25,630		4.500		01/01/19		24,438
	35,568		4.500		03/01/19		33,914
	887,971		5.000		04/01/19		862,053
	816,419		5.000		06/01/19		792,589
	297,869		4.500		09/01/19		284,017
	85,176		4.500		03/01/20		81,215
	221,937		4.500		04/01/20		211,616
	25,147		8.000		09/01/21		26,483
	92,965		7.500		05/01/36		96,154
	400,853		7.500		06/01/36		414,604
	85,391		7.500		07/01/36		88,320

							12,006,535

GNMA – 0.0%
	2,080		6.500		06/15/09		2,105

TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $46,407,811)						$	45,886,788

Agency Debentures – 28.7%

FFCB
$	500,000		5.400	%	06/08/17	$	497,367
FHLB
	7,000,000		3.500		04/06/09		6,801,256
	4,500,000		4.000		12/19/11		4,244,649
	9,500,000		4.000		12/30/11		9,014,645
FNMA
	3,000,000		3.860		02/22/08		2,971,698
Tennessee Valley Authority
	700,000		5.375		04/01/56		664,489

TOTAL AGENCY DEBENTURES
(Cost $24,595,192)						$	24,194,104

U.S. Treasury Obligations – 10.0%

United States Treasury Inflation-Protected Securities
$	219,250		2.375	%	01/15/25	$	210,800
	204,936		2.375		01/15/27		196,810
United States Treasury Notes
	1,900,000		4.875		08/15/09		1,899,202
	100,000		4.500		09/30/11		98,383
	400,000		5.125		05/15/16		402,240
	2,100,000		4.875		08/15/16		2,074,401
United States Treasury Notes – (continued)
	1,100,000		4.625		02/15/17		1,065,581
	900,000		4.500		02/15/36		815,688
	1,100,000		4.750		02/15/37		1,037,784
United States Treasury Principal-Only STRIPS^(c)
	200,000		0.000		08/15/25		77,758
	300,000		0.000		08/15/26		111,042
	1,300,000		0.000		11/15/26		475,839

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $8,585,475)						$	8,465,528

Short-Term Obligation – 6.9%

JPMorgan Chase Euro – Time Deposit
$	5,800,330		5.282	%	07/02/07	$	5,800,330
(Cost $5,800,330)

TOTAL INVESTMENTS – 100.0%
(Cost $85,388,808)						$	84,346,750

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%							17,302

NET ASSETS – 100.0%						$	84,364,052

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


(a)		Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2007.

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

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

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



Investment Abbreviations:
CMBS	—	Commercial Mortgage Backed Securities
CMO	—	Collateralized Mortgage Obligations
FFCB	—	Federal Farm Credit Bank
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
PAC	—	Planned Amortization Class
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Schedule of Investments (continued)

June 30, 2007 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2007, the following futures contracts were open:


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


Eurodollars		10		September 2007	$	2,366,750		$	(8,096	)
Eurodollars		(1	)	December 2007		(236,787	)		949
Eurodollars		(2	)	March 2008		(473,950	)		2,218
Eurodollars		(4	)	June 2008		(948,250	)		3,936
U.S. Treasury Bonds		83		September 2007		8,943,250			(131,035	)
2 Year U.S. Treasury Notes		(15	)	September 2007		(3,056,719	)		3,235
5 Year U.S. Treasury Notes		(46	)	September 2007		(4,787,594	)		(4,616	)
10 Year U.S. Treasury Notes		18		September 2007		1,902,656			(11,640	)

TOTAL					$	3,709,356		$	(145,049	)

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Schedule of Investments

June 30, 2007 (Unaudited)



Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Commercial Paper and Corporate Obligations – 34.0%

Aspen Funding Corp.
$	5,000,000		5.235	%		07/23/07	$	4,984,004
Atlantic Asset
	4,000,000		5.235			07/06/07		3,997,092
BA Credit Card Trust (Emerald)
	4,000,000		5.245			07/19/07		3,989,510
Beta Finance Corp.
	1,000,000		5.240			07/24/07		996,652
Charta LLC
	5,000,000		5.300			08/24/07		4,960,250
Citibank Credit Card Issuance Trust (Dakota Corp.)
	3,000,000		5.240			07/20/07		2,991,703
General Electric Capital Corp.
	4,000,000		5.150			10/15/07		3,939,345
Grampian Funding LLC
	5,000,000		5.190			11/21/07		4,896,921
Irish Life & Permanent PLC
	3,000,000		5.180			10/16/07		2,953,812
Lake Constance Funding Ltd.
	4,000,000		5.260			09/13/07		3,956,751
Landale Funding LLC
	5,000,000		5.250			09/10/07		4,948,229
Liberty Street Funding Corp.
	2,453,000		5.290			08/20/07		2,434,977
Macquarie Bank Ltd.
	1,148,000		5.270			07/05/07		1,147,328
Nationwide Building Society
	5,000,000		5.240			08/10/07		4,970,889
Newport Funding Corp.
	5,000,000		5.235			07/23/07		4,984,004
Tulip Funding Corp.
	5,000,000		5.330			07/30/07		4,978,532
United Parcel Service of America, Inc.
	2,000,000		5.210			07/31/07		1,991,317
Westpac Banking Corp.
	3,000,000		5.200			12/21/07		2,925,033
Windmill Funding Corp.
	5,000,000		5.300			07/11/07		4,992,639

TOTAL COMMERCIAL PAPER AND CORPORATE
	OBLIGATIONS						$	71,038,988

Eurodollar Certificates of Deposit – 0.5%

Societe Generale
$	1,000,000		5.300	%		01/03/08	$	1,000,000

Medium Term Notes – 2.8%

UBS AG Stamford
$	1,000,000		5.400	%		11/28/07	$	1,000,000
Wal-Mart Stores, Inc.^(a)
	5,000,000		5.502			07/16/07		5,000,132

TOTAL MEDIUM TERM NOTES							$	6,000,132

Variable Rate Obligations^(b) – 29.7%

Barclays Bank PLC
$	4,000,000		5.281	%		07/16/07	$	3,999,543
Caja Madrid
	5,000,000		5.360			07/19/07		5,000,000
Crown Point Capital Co. LLC
	5,000,000		5.310			09/10/07		4,999,817
HBOS Treasury Services PLC
	5,000,000		5.290			07/09/07		5,000,000
IBM Corp.^(a)
	10,000,000		5.330			07/08/07		10,000,000
Merrill Lynch & Co., Inc.
	2,000,000		5.330			07/16/07		2,000,000
Nordea Bank AB^(a)
	4,000,000		5.330			07/11/07		4,000,000
Royal Bank of Canada
	5,000,000		5.265			07/03/07		4,998,882
Royal Bank of Scotland Group PLC
	5,000,000		5.265			07/26/07		4,998,910
Societe Generale
	2,000,000		5.270			07/26/07		1,999,564
	5,000,000		5.271			07/02/07		4,999,997
UBS AG Stamford
	2,000,000		5.290			07/16/07		2,000,000
Unicredito Italiano NY
	4,000,000		5.330			09/11/07		4,000,003
Wells Fargo & Co.
	4,000,000		5.310			07/03/07		4,000,000

TOTAL VARIABLE RATE
OBLIGATIONS							$	61,996,716

Yankee Certificates of Deposit – 13.9%

Barclays Bank PLC
$	5,000,000		5.310	%		08/03/07	$	5,000,000
	1,000,000		5.320			08/23/07		1,000,000
Credit Suisse First Boston, Inc.
	2,000,000		5.310			05/22/08		2,000,000
DePfa Bank PLC
	5,000,000		5.310			08/09/07		5,000,000
	5,000,000		5.310			08/10/07		5,000,000
Deutsche Bank AG
	3,000,000		5.310			10/11/07		3,000,000
	1,000,000		5.400			11/21/07		1,000,000
Norinchukin Bank NY
	2,000,000		5.320			08/20/07		1,999,940
	5,000,000		5.340			09/10/07		4,999,864

TOTAL YANKEE
CERTIFICATES OF DEPOSIT							$	28,999,804

TOTAL INVESTMENTS BEFORE REPURCHASE
AGREEMENT							$	169,035,640

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Schedule of Investments (continued)

June 30, 2007 (Unaudited)



Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Repurchase Agreement^(c) – 18.4%

Joint Repurchase Agreement Account II
$	38,300,000		5.369	%		07/02/07	$	38,300,000
Maturity Value: $38,317,136

TOTAL INVESTMENTS – 99.3%							$	207,335,640

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%
								1,408,725

NET ASSETS – 100.0%							$	208,744,365

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 $19,000,132, which represents approximately 9.1% of net assets as of June 29, 2007.

(b)		Variable or floating rate security index is based on either Federal Funds, U.S. Treasury Bill, or London Interbank Offering Rate.

(c)		Joint repurchase agreement was entered into on June 29, 2007. Additional information appears on page 39.

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

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At June 30, 2007, the Fund had an undivided interest in the Joint Repurchase Agreement Account II, which equaled $38,300,000, in principal amount.

Repurchase Agreements


	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value


Banc of America Securities LLC	$	1,000,000,000		5.36	%		07/02/07	$	1,000,446,667

Barclays Capital PLC		1,000,000,000		5.38			07/02/07		1,000,448,333

Bear Stearns		750,000,000		5.40			07/02/07		750,337,500

Citigroup Global Markets, Inc.		1,500,000,000		5.40			07/02/07		1,500,675,000

Credit Suisse First Boston LLC		250,000,000		5.38			07/02/07		250,112,083

Deutsche Bank Securities, Inc.		100,000,000		5.25			07/02/07		100,043,750

Deutsche Bank Securities, Inc.		2,000,000,000		5.35			07/02/07		2,000,891,667

Greenwich Capital Markets		500,000,000		5.38			07/02/07		500,224,167

Lehman Brothers Holdings, Inc.		250,000,000		5.29			07/02/07		250,110,208

Lehman Brothers Holdings, Inc.		250,000,000		5.30			07/02/07		250,110,417

UBS Securities LLC		100,000,000		5.35			07/02/07		100,044,583

Wachovia Capital Markets		250,000,000		5.40			07/02/07		250,112,500

TOTAL	$	7,950,000,000						$	7,953,556,875

At June 30, 2007, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 5.000% to 6.000%, due 06/14/13 to 08/15/19; Federal Home Loan Mortgage Association, 3.500% to 8.000%, due 01/01/08 to 02/01/46; Federal National Mortgage Association, 0.000% to 11.500%, due 01/01/08 to 06/01/47; Government National Mortgage Association, 4.500% to 8.500%, due 07/15/09 to 06/15/37. The aggregate market value of the collateral, including accrued interest, was $8,144,019,914.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Assets and Liabilities

June 30, 2007 (Unaudited)


		Growth
		Opportunities
		Fund

Assets:

Investment in securities, at value (identified cost $190,927,048, $289,761,970, $272,738,040 and $85,388,808, respectively and amortized cost $169,035,640 Money Market Fund only)^(a)		$	214,429,569
Repurchase agreement, at value (cost $38,300,000 Money Market Fund only)			—
Securities lending collateral, at value which equals cost			17,484,125
Cash^(b)			—
Foreign currencies, at value (identified cost $0, $0, $30,932, $0 and $0, respectively)			—
Receivables:
	Investment securities sold		3,028,454
	Interest and dividends, at value		55,512
	Securities lending income		9,750
	Reimbursement from adviser		53,963
	Forward foreign currency exchange contracts, at value		—
	Variation margin		—
	Fund shares sold		—
Other assets			4,035

Total assets			235,065,408

Liabilities:

Due to Custodian			275,149
Payables:
	Payable upon return of securities loaned		17,484,125
	Investment securities purchased		604,499
	Amounts owed to affiliates		206,483
	Fund shares repurchased		193,315
	Forward foreign currency exchange contracts, at value		—
	Variation margin		—
Accrued expenses and other liabilities			38,490

Total liabilities			18,802,061

Net Assets:

Paid-in capital			176,783,916
Accumulated undistributed (distributions in excess of) net investment income (loss)			(652,068	)
Accumulated net realized gain (loss) on investment, futures and foreign currency related transactions			16,628,978
Net unrealized gain (loss) on investments, futures and translation of assets and liabilities denominated in foreign currencies			23,502,521

NET ASSETS		$	216,263,347

Total Service shares of beneficial interest outstanding, $0.001 par value (unlimited number of shares authorized)			30,909,321
Net asset value, offering and redemption price per share:		$	7.00

(a) Includes loaned securities having market values of $17,111,687 and $607,740 for the Growth Opportunities and Equity Index Funds, respectively.

(b) Includes $323,103 and $186,155 for the Core Fixed Income and Government Income Funds, respectively, relating to initial margin requirements for futures transactions.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS



Equity			Core Fixed			Government			Money
Index Fund			Income Fund			Income Fund			Market Fund



$	411,406,400		$	269,129,430		$	84,346,750		$	169,035,640
	—			—			—			38,300,000
	627,900			—			—			—
	501,401			2,835,025			284,360			66,703
	—			31,254			—			—
	146,934			—			173,652			—
	470,976			1,988,486			459,910			809,539
	282			—			—			—
	60,534			74,049			41,396			42,400
	—			390,594			—			—
	—			106,485			69,437			—
	—			58,107			116,749			623,393
	—			—			—			2,324

	413,214,427			274,613,430			85,492,254			208,879,999



	—			—			—			—
	627,900			—			—			—
	1,654,771			3,390,802			1,031,536			—
	117,170			120,263			46,877			86,416
	167,475			289,112			2,253			—
	—			321,820			—			—
	10,980			—			—			—
	86,817			84,301			47,536			49,218

	2,665,113			4,206,298			1,128,202			135,634



	361,306,376			283,705,265			89,356,889			208,744,259
	3,323,630			56,100			(2,450	)		1,974
	(75,771,512	)		(9,758,715	)		(3,803,280	)		(1,868	)
	121,690,820			(3,595,518	)		(1,187,107	)		—

$	410,549,314		$	270,407,132		$	84,364,052		$	208,744,365

	34,800,830			27,581,808			8,551,634			208,742,391
$	11.80		$	9.80		$	9.87		$	1.00

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Operations

For the Six Months Ended June 30, 2007 (Unaudited)


		Growth
		Opportunities
		Fund

Investment income:

Interest (including securities lending income of $35,743, $1,331, $0, $0, and $0, respectively)^(a)		$	54,049
Dividends			521,038

Total investment income			575,087

Expenses:

Management fees			1,079,217
Distribution and Service fees			269,804
Shareholder meeting expense			44,821
Transfer agent fees			43,169
Professional fees			36,939
Custody and accounting fees			11,082
Trustee fees			9,719
Printing fees			8,593
Other			3,698

Total expenses			1,507,042

Less — expense reductions			(279,887	)

Net expenses			1,227,155

NET INVESTMENT INCOME (LOSS)			(652,068	)

Realized and unrealized gain (loss) on investment, futures and foreign currency related transactions:

Net realized gain (loss) from:
	Investment transactions		12,308,997
	Futures transactions		—
	Foreign currency related transactions		(66	)
Net change in unrealized gain (loss) on:
	Investments		19,261,869
	Futures		—
	Translation of assets and liabilities denominated in foreign currencies		52

Net realized and unrealized gain (loss) on investment, futures and foreign currency related transactions			31,570,852

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	30,918,784


(a)		For the Core Fixed Income Fund, foreign taxes withheld on interest income were $1,538.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS


									Money
Equity			Core Fixed			Government			Market
Index Fund			Income Fund			Income Fund			Fund



$	180,620		$	7,382,178		$	2,093,476		$	5,607,762
	3,939,970			—			—			—

	4,120,590			7,382,178			2,093,476			5,607,762



	631,032			554,236			232,222			365,700
	520,708			346,268			107,486			261,213
	68,868			44,729			22,965			28,788
	84,137			55,424			17,202			41,794
	65,138			34,189			38,383			33,424
	35,973			27,825			16,900			13,411
	9,719			9,719			9,719			9,719
	12,467			2,866			742			8,757
	11,148			8,839			5,984			3,483

	1,439,190			1,084,095			451,603			766,289

	(604,396	)		(341,325	)		(161,037	)		(256,818	)

	834,794			742,770			290,566			509,471

	3,285,796			6,639,408			1,802,910			5,098,291



	22,779,598			(33,062	)		51,666			—
	318,681			(665,879	)		(92,846	)		—
	—			17,751			—			—
	1,565,678			(3,262,840	)		(672,202	)		—
	37,369			150,680			(90,302	)		—
	—			(18,208	)		—			—

	24,701,326			(3,811,558	)		(803,684	)		—

$	27,987,122		$	2,827,850		$	999,226		$	5,098,291

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Changes in Net Assets



	Growth Opportunities

	For the
	Six Months Ended			For the
	June 30, 2007			Year Ended
	(Unaudited)			December 31, 2006
From operations:

Net investment income (loss)	$	(652,068	)	$	(1,404,218	)
Net realized gain (loss) from investment, futures and foreign currency related transactions		12,308,931			91,071,705
Net change in unrealized gain (loss) on investments, futures and translation of assets and liabilities denominated in foreign currencies		19,261,921			(76,856,373	)

Net increase in net assets resulting from operations		30,918,784			12,811,114

Distributions to shareholders:

From net investment income		—			—
From net realized gains		—			(89,741,828	)

Total distributions to shareholders		—			(89,741,828	)

From share transactions:

Proceeds from sales of shares		232,523			565,388
Reinvestments of dividends and distributions		—			89,741,828
Cost of shares repurchased		(30,138,635	)		(71,951,318	)

Net increase (decrease) in net assets resulting from share transactions		(29,906,112	)		18,355,898

Payment from previous investment manager of merged fund		—			2,462

Net increase (decrease) in net assets resulting from capital transactions		(29,906,112	)		18,358,360

TOTAL INCREASE (DECREASE)		1,012,672			(58,572,354	)

Net assets:

Beginning of period		215,250,675			273,823,029

End of period	$	216,263,347		$	215,250,675

Accumulated undistributed (distribution in excess of) net investment income (loss)	$	(652,068	)	$	—

Summary of share transactions:

Shares sold		35,923			61,670
Impact of conversion of shares due to merger		—			(105,942,206	)
Shares issued on reinvestment of dividends and distributions		—			14,544,860
Shares repurchased		(4,593,467	)		(8,003,266	)

NET INCREASE (DECREASE)		(4,557,544	)		(99,338,942	)

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS



Equity Index						Core Fixed Income						Government Income						Money Market

For the						For the						For the						For the
Six Months Ended			For the			Six Months Ended			For the			Six Months Ended			For the			Six Months Ended			For the
June 30, 2007			Year Ended			June 30, 2007			Year Ended			June 30, 2007			Year Ended			June 30, 2007			Year Ended
(Unaudited)			December 31, 2006			(Unaudited)			December 31, 2006			(Unaudited)			December 31, 2006			(Unaudited)			December 31, 2006



$	3,285,796		$	6,852,464		$	6,639,408		$	13,456,074		$	1,802,910		$	3,657,080		$	5,098,291		$	9,943,381
	23,098,279			25,077,385			(681,190	)		(4,151,657	)		(41,180	)		(1,195,978	)		—			—
	1,603,047			31,725,131			(3,130,368	)		2,614,860			(762,504	)		1,067,756			—			—

	27,987,122			63,654,980			2,827,850			11,919,277			999,226			3,528,858			5,098,291			9,943,381



	—			(6,863,196	)		(6,520,453	)		(13,428,582	)		(1,805,360	)		(3,790,127	)		(5,096,317	)		(9,943,381	)
	—			—			—			—			—			—			—			—

	—			(6,863,196	)		(6,520,453	)		(13,428,582	)		(1,805,360	)		(3,790,127	)		(5,096,317	)		(9,943,381	)



	7,827,968			6,907,077			5,570,206			6,755,685			6,381,932			5,206,721			74,861,346			122,952,588
	—			6,863,196			6,520,453			13,428,582			1,805,360			3,790,127			5,096,317			9,965,929
	(63,736,322	)		(121,920,092	)		(23,758,695	)		(65,768,167	)		(10,079,679	)		(24,444,204	)		(70,654,175	)		(155,695,349	)

	(55,908,354	)		(108,149,819	)		(11,668,036	)		(45,583,900	)		(1,892,387	)		(15,447,356	)		9,303,488			(22,776,832	)

	—			241,488			—			—			—			2,488			—			—

	(55,908,354	)		(107,908,331	)		(11,668,036	)		(45,583,900	)		(1,892,387	)		(15,444,868	)		9,303,488			(22,776,832	)

	(27,921,232	)		(51,116,547	)		(15,360,639	)		(47,093,205	)		(2,698,521	)		(15,706,137	)		9,305,462			(22,776,832	)



	438,470,546			489,587,093			285,767,771			332,860,976			87,062,573			102,768,710			199,438,903			222,215,735

$	410,549,314		$	438,470,546		$	270,407,132		$	285,767,771		$	84,364,052		$	87,062,573		$	208,744,365		$	199,438,903

$	3,323,630		$	37,834		$	56,100		$	(62,855	)	$	(2,450	)	$	—		$	1,974		$	—



	663,100			642,626			558,062			1,414,696			639,112			521,937			74,861,346			122,952,588
	—			(127,249,407	)		—			(281,251,666	)		—			(85,825,236	)		—			—
	—			619,981			661,677			1,366,538			182,027			383,634			5,096,317			9,965,929
	(5,595,240	)		(12,847,336	)		(2,382,875	)		(8,050,378	)		(1,007,516	)		(3,162,454	)		(70,654,175	)		(155,695,349	)

	(4,932,140	)		(138,834,136	)		(1,163,136	)		(286,520,810	)		(186,377	)		(88,082,119	)		9,303,488			(22,776,832	)

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


																												Ratio
																												assuming
			Income (loss) from																									no expense
			investment operations																									reductions

						Net						Distributions to													Ratio of			Ratio of
	Net asset					realized						shareholders			Net asset					Net assets,		Ratio of			net investment			total
	value,		Net			and			Total from			from net			value,					end of		net expenses			loss			expenses			Portfolio
Year — Service	beginning		investment			unrealized			investment			investment			end of		Total			period		to average			to average			to average			turnover
Class	of period		loss			gain (loss)			operations			income			period		return^(b)			(in 000s)		net assets			net assets			net assets			rate

For the Six Months ended June 30, (Unaudited)

2007	$	6.07	$	(0.02	) ^(a)	$	0.95		$	0.93		$	—		$	7.00		15.32	%	$	216,263		1.14	% ⁽ⁱ⁾		(0.60	)% ^(d)(i)		1.38	% ^(h)(i)		29	%
For the Years ended December 31,^(c)

2006		9.69		(0.06	) ^(a)		0.68			0.62			(4.24	)		6.07		5.74			215,251		1.15			(0.60	)^(d)		1.37			82
2005		10.90		(0.05	) ^(e)(g)		1.54			1.49			(2.70	)		9.69		14.68			273,823		1.15			(0.50	)		1.15			27
2004^(f)		10.13		(0.07	) ^(g)		1.78			1.71			(0.94	)		10.90		18.62			299,355		1.14			(0.70	)		1.15			38
2003^(f)		7.25		(0.07	) ^(g)		2.95			2.88			—			10.13		39.72			296,204		1.11			(0.70	)		1.13			46
2002^(f)		9.25		(0.07	) ^(g)		(1.93	)		(2.00	)		—			7.25		(21.62	)		287,593		1.05			(0.70	)		1.06			41


(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the period. Total returns for periods less than one full year are not annualized. The Goldman Sachs Growth Opportunities Fund first began operations as the Allmerica Select Capital Appreciation Fund (the “Predecessor AIT Fund”) of the Allmerica Investment Trust. On January 9, 2006, the Predecessor AIT Fund was reorganized as a new portfolio of the Goldman Sachs Variable Insurance Trust. Performance prior to January 9, 2006 is that of the Predecessor AIT Fund. The Predecessor AIT Fund was considered the accounting survivor of the reorganization and as such, the historical total return information of the Predecessor AIT Fund is provided.
(c)	The Predecessor AIT Fund was the accounting survivor of the reorganization and as such, the prior years financial highlights reflect the financial information of the Predecessor AIT Fund through January 8, 2006. In connection with such acquisition, the Goldman Sachs Growth Opportunities Fund issued Service Class Shares to the former shareholders of the Predecessor AIT Fund at $10.00 per share. Historical per-share amounts prior to the Fund reorganization have been adjusted to reflect the conversion ratio utilized for the reorganization.
(d)	Ratio of net investment loss assuming no expense reductions is (0.82)% for the year ended December 31, 2006 and (0.84%) for the six months ended June 30, 2007.
(e)	Investment income per share reflects a special dividend of $0.005 for the Predecessor AIT Fund.
(f)	Effective January 1, 2005, brokerage commissions are included with realized gain or loss on investment transactions. Prior to January 1, 2005, these amounts were presented as a reduction of expenses. Prior year amounts have not been restated to reflect this change.
(g)	Calculated based on the SEC methodology.
(h)	Includes non-recurring expense for a special shareholder meeting which amounted to approximately 0.02% of average net assets.
(i)	Annualized.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


																																		Ratio
																																		assuming
			Income (loss) from																															no expense
			investment operations									Distributions to shareholders																						reductions

						Net																									Ratio of			Ratio of
	Net asset					realized									From						Net asset					Net assets,		Ratio of			net investment			total
	value,		Net			and			Total from			From net			net						value,					end of		net expenses			income			expenses			Portfolio
Year — Service	beginning		investment			unrealized			investment			investment			realized			Total			end of		Total			period		to average			to average			to average			turnover
Class	of period		income			gain (loss)			operations			income			gains			distributions			period		return^(b)			(in 000s)		net assets			net assets			net assets			rate

For the Six Months ended June 30, (Unaudited)

2007	$	11.04	$	0.09	^(a)	$	0.67		$	0.76		$	—		$	—		$	—		$	11.80		6.88	%	$	410,549		0.40	% ^(k)		1.56	% ^(d)(k)		0.67	% ^(j)(k)		6	%
For the Years ended December 31,^(c)

2006		9.71		0.16	^(a)		1.34			1.50			(0.17	)		—			(0.17	)		11.04		15.49	⁽ⁱ⁾		438,471		0.41			1.53	^(d)		0.67			4
2005		9.43		0.13	^(e)(h)		0.28			0.41			(0.13	)		—			(0.13	)		9.71		4.38			489,587		0.52			1.35			0.52			7
2004^(f)		8.69		0.14	^(h)		0.74			0.88			(0.14	)		—			(0.14	)		9.43		10.32			595,037		0.50			1.53			0.52			4
2003^(f)		6.88		0.10	^(g)(h)		1.81			1.91			(0.10	)		—			(0.10	)		8.69		27.83			666,455		0.45			1.37			0.50			23
2002^(f)		9.62		0.10	^(h)		(2.19	)		(2.09	)		(0.10	)		(0.55	)		(0.65	)		6.88		(22.22	)		342,683		0.45			1.16			0.47			10


(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the period. Total returns for periods less than one full year are not annualized. The Goldman Sachs Equity Index Fund first began operations as the Allmerica Equity Index Fund (the “Predecessor AIT Fund”) of the Allmerica Investment Trust. On January 9, 2006, the Predecessor AIT Fund was reorganized as a new portfolio of the Goldman Sachs Variable Insurance Trust. Performance prior to January 9, 2006 is that of the Predecessor AIT Fund. The Predecessor AIT Fund was considered the accounting survivor of the reorganization and as such, the historical total return information of the Predecessor AIT Fund is provided.
(c)	The Predecessor AIT Fund was the accounting survivor of the reorganization and as such, the prior years financial highlights reflect the financial information of the Predecessor AIT Fund through January 8, 2006. In connection with such acquisition, the Goldman Sachs Equity Index Fund issued Service Class Shares to the former shareholders of the Predecessor AIT Fund at $10.00 per share. Historical per-share amounts prior to the Fund reorganization have been adjusted to reflect the conversion ratio utilized for the reorganization.
(d)	Ratio of net investment income assuming no expense reductions is 1.27% for the year ended December 31, 2006 and 1.29% for the six months ended June 30, 2007.
(e)	Investment income per share reflects a special dividend of $0.028 for the Predecessor AIT Fund.
(f)	Effective January 1, 2005, brokerage commissions are included with realized gain or loss on investment transactions. Prior to January 1, 2005, these amounts were presented as a reduction of expenses. Prior year amounts have not been restated to reflect this change.
(g)	Net investment income per share before expense reductions was $0.099.
(h)	Calculated based on the SEC methodology.
(i)	Total return reflects the impact of a payment from previous investment manager of a merged fund to compensate for possible adverse effects of trading activity of certain contract holders of the merged fund prior to January 9, 2006 received this year. Excluding such payments, the total return would have been 15.39%.
(j)	Includes non-recurring expense for a special shareholder meeting which amounted to approximately 0.02% of average net assets.
(k)	Annualized.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


																																	Ratio
																																	assuming
			Income (loss) from																														no expense
			investment operations								Distributions to shareholders																						reductions

						Net																								Ratio of			Ratio of
	Net asset					realized								From						Net asset					Net assets,		Ratio of			net investment			total
	value,		Net			and			Total from		From net			net						value,					end of		net expenses			income			expenses			Portfolio
Year — Service	beginning		investment			unrealized			investment		investment			realized			Total			end of		Total			period		to average			to average			to average			turnover
Class	of period		income			gain (loss)			operations		income			gains			distributions			period		return^(b)			(in 000s)		net assets			net assets			net assets			rate^(e)

For the Six Months ended June 30, (Unaudited)

2007	$	9.94	$	0.24	^(a)	$	(0.14	)	$	0.10	$	(0.24	)	$	—		$	(0.24	)	$	9.80		0.97	%	$	270,407		0.54	% ^(k)		4.79	% ^(d)(k)		0.77	% ^(j)(k)		25	%
For the Years ended December 31,^(c)

2006		9.98		0.44	^(a)		(0.03	)⁽ⁱ⁾		0.41		(0.45	)		—			(0.45	)		9.94		4.23	^(h)		285,768		0.54			4.49	^(d)		0.78			265
2005		10.29		0.42	^(g)		(0.24	)		0.18		(0.49	)		—			(0.49	)		9.98		1.84			332,861		0.64			4.05			0.64			110
2004		10.58		0.41	^(g)		—			0.41		(0.56	)		(0.14	)		(0.70	)		10.29		3.98			402,219		0.64			3.78			0.64			113
2003		10.72		0.38	^(g)		(0.03	)^(f)		0.35		(0.49	)		—			(0.49	)		10.58		3.31			530,199		0.63			3.42			0.63			192
2002		10.46		0.51	^(g)		0.32			0.83		(0.57	)		—			(0.57	)		10.72		8.14			620,074		0.58			4.85			0.58			130


(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the period. Total returns for periods less than one full year are not annualized. The Goldman Sachs Core Fixed Income Fund first began operations as the Allmerica Select Investment Grade Income Fund (the “Predecessor AIT Fund”) of the Allmerica Investment Trust. On January 9, 2006, the Predecessor AIT Fund was reorganized as a new portfolio of the Goldman Sachs Variable Insurance Trust. Performance prior to January 9, 2006 is that of the Predecessor AIT Fund. The Predecessor AIT Fund was considered the accounting survivor of the reorganization and as such, the historical total return information of the Predecessor AIT Fund is provided.
(c)	The Predecessor AIT Fund was the accounting survivor of the reorganization and as such, the prior years financial highlights reflect the financial information of the Predecessor AIT Fund through January 8, 2006. In connection with such acquisition, the Goldman Sachs Core Fixed Income Fund issued Service Class Shares to the former shareholders of the Predecessor AIT Fund at $10.00 per share. Historical per-share amounts prior to the Fund reorganization have been adjusted to reflect the conversion ratio utilized for the reorganization.
(d)	Ratio of net investment income assuming no expense reductions is 4.25% for the year ended December 31, 2006 and 4.56% for the six months ended June 30, 2007.
(e)	The portfolio turnover rate excluding the effect of mortgage dollar rolls is 25% for the period ended June 30, 2007 and 259% for the year ended December 31, 2006. Prior year ratios include the effect of mortgage dollar roll transactions.
(f)	The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for the period. This is due to the timing of sales and repurchases of Fund shares in relation to the fluctuating market values of the investments of the Fund.
(g)	Calculated based on the SEC methodology.
(h)	Total return reflects the impact of payments received for class action settlements received this year. Excluding such payment, the total return would have been 3.81%.
(i)	Reflects an increase of $0.04 due to payments received for class action settlements received this year.
(j)	Includes non-recurring expense for a special shareholder meeting which amounted to approximately 0.02% of average net assets.
(k)	Annualized.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


																																	Ratio
																																	assuming
			Income (loss) from																														no expense
			investment operations								Distributions to shareholders																						reductions

						Net																								Ratio of			Ratio of
	Net asset					realized								From						Net asset					Net assets,		Ratio of			net investment			total
	value,		Net			and			Total from		From net			net						value,					end of		net expenses			income			expenses			Portfolio
Year — Service	beginning		investment			unrealized			investment		investment			realized			Total			end of		Total			period		to average			to average			to average			turnover
Class	of period		income			gain (loss)			operations		income			gains			distributions			period		return^(b)			(in 000s)		net assets			net assets			net assets			rate^(e)

For the Six Months ended June 30, (Unaudited)

2007	$	9.96	$	0.22	^(a)	$	(0.10	)	$	0.12	$	(0.21	)	$	—		$	(0.21	)	$	9.87		1.11	%	$	84,364		0.68	% ^(h)		4.19	% ^(d)(h)		1.02	% ^(g)(h)		19	%
For the Years ended December 31,^(c)

2006		9.98		0.39	^(a)		0.01			0.40		(0.42	)		—			(0.42	)		9.96		4.05			87,063		0.68			3.96	^(d)		1.02			523
2005		10.19		0.32	^(f)		(0.16	)		0.16		(0.37	)		—			(0.37	)		9.98		1.55			102,769		0.74			3.18			0.74			44
2004		10.39		0.28	^(f)		(0.07	)		0.21		(0.39	)		(0.02	)		(0.41	)		10.19		2.12			128,860		0.73			3.02			0.73			77
2003		10.63		0.28	^(f)		(0.10	)		0.18		(0.42	)		—			(0.42	)		10.39		1.67			20,018		0.71			2.82			0.71			55
2002		10.13		0.39	^(f)		0.53			0.92		(0.42	)		—			(0.42	)		10.63		9.28			291,995		0.68			3.48			0.68			79

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the period. Total returns for periods less than one full year are not annualized. The Goldman Sachs Government Income Fund first began operations as the Allmerica Government Bond Fund (the “Predecessor AIT Fund”) of the Allmerica Investment Trust. On January 9, 2006, the Predecessor AIT Fund was reorganized as a new portfolio of the Goldman Sachs Variable Insurance Trust. Performance prior to January 9, 2006 is that of the Predecessor AIT Fund. The Predecessor AIT Fund was considered the accounting survivor of the reorganization and as such, the historical total return information of the Predecessor AIT Fund is provided.

(c) The Predecessor AIT Fund was the accounting survivor of the reorganization and as such, the prior years financial highlights reflect the financial information of the Predecessor AIT Fund through January 8, 2006. In connection with such acquisition, the Goldman Sachs Government Income Fund issued Service Class Shares to the former shareholders of the Predecessor AIT Fund at $10.00 per share. Historical per-share amounts prior to the Fund reorganization have been adjusted to reflect the conversion ratio utilized for the reorganization.

(d) Ratio of net investment income assuming no expense reductions is 3.62% for the year ended December 31, 2006 and 3.85% for the six months ended June 30, 2007.

(e) The portfolio turnover rate excluding the effect of mortgage dollar rolls is 19% for the period ended June 30, 2007 and 447% for the year ended December 31, 2006. Prior year ratios include the effect of mortgage dollar roll transactions.

(f) Calculated based on the SEC methodology.

(g) Includes non-recurring expense for a special shareholder meeting which amounted to approximately 0.03% of average net assets.

(h) Annualized.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


																						Ratio
																						assuming no
																						expense
																						reductions
																			Ratio of
	Net asset					Distributions			Net asset					Net assets,		Ratio of			net investment			Ratio of
	value,		Net			from net			value,					end of		net expenses			income			total expenses
Year — Service	beginning		investment			investment			end		Total			period		to average			to average			to average
Class	of period		income			income			of period		return^(b)			(in 000s)		net assets			net assets			net assets

For the Six Months ended June 30, (Unaudited)

2007	$	1.00	$	0.02	^(a)	$	(0.02	)	$	1.00		2.44	%	$	208,744		0.49	% ^(g)		4.88	% ^(d)(g)		0.72	% ^(g)
For the Years Ended December 31,^(c)

2006		1.00		0.05	^(a)		(0.05	)		1.00		4.65			199,439		0.49			4.59	^(d)		0.71
2005		1.00		0.03	^(e)		(0.03	)^(f)		1.00		2.75			222,194		0.55			2.65			0.55
2004		1.00		0.01	^(e)		(0.01	)		1.00		0.91			264,679		0.52			0.88			0.52
2003		1.00		0.01	^(e)		(0.01	)		1.00		0.80			377,155		0.53			0.82			0.53
2002		1.00		0.02	^(e)		(0.02	)		1.00		1.66			704,805		0.45			1.63			0.45


(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes reinvestment of all distributions. Total returns for periods less than one full year are not annualized. The Goldman Sachs Money Market Fund first began operations as the Allmerica Money Market Fund (the “Predecessor AIT Fund”) of the Allmerica Investment Trust. On January 9, 2006, the Predecesser AIT Fund was reorganized as a new portfolio of the Goldman Sachs Variable Insurance Trust. Performance prior to January 9, 2006, is that of the Predecessor AIT Fund. The Predecessor AIT Fund was considered the accounting survivor of the reorganization and as such, the historical total return information of the Predecessor AIT Fund is provided.
(c)	The Predecessor AIT Fund was the accounting survivor of the reorganization and as such, the prior years financial highlights reflect the financial information of the Predecessor AIT Fund through January 8, 2006. In connection with such acquisition, the Goldman Sachs Money Market Fund issued Service Class Shares to the former shareholders of the Predecessor AIT Fund.
(d)	Ratio of net investment income assuming no expense reductions is 4.37% for the year ended December 31, 2006 and 4.65% for the six months ended June 30, 2007..
(e)	Calculated based on the SEC methodology.
(f)	Distribution from net realized gain on investments and return of capital amounted to less than $0.0005.


(g)	Annualized.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”) as an open-end, management investment company. The Trust includes the Goldman Sachs Growth Opportunities Fund, Goldman Sachs Equity Index Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Government Income Fund and Goldman Sachs Money Market Fund (collectively, the “Funds” or individually a “Fund”).

On January 9, 2006, pursuant to an Agreement and Plan of Reorganization (the “Reorganization Agreement”) previously approved by the Trust’s Board of Trustees, all of the assets, subject to liabilities, of Allmerica Investment Trust’s (“AIT”) Select Capital Appreciation, Equity Index, Select Investment Grade Income, Government Bond and Money Market Funds (collectively the “Predecessor AIT Funds” or individually the “Predecessor AIT Fund”) were transferred to the newly formed Goldman Sachs Variable Insurance Trust’s Growth Opportunities, Equity Index, Core Fixed Income, Government Income and Money Market Funds, respectively, in exchange for beneficial interest of the Funds’ Service Class Shares of equal value on the close of business on January 6, 2006. The Predecessor AIT Funds were the accounting survivor in the reorganization and as such, the financial statements and financial highlights reflect the financial information of the Predecessor AIT Funds through January 8, 2006. Each Fund is a diversified portfolio under the Act offering one class of shares — Service Shares.

Shares of the Trust may be purchased and held by separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Trust are not offered directly to the general public.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Funds. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that may affect the reported amounts. Actual results could differ from those estimates.

A. Investment Valuation — Investments in equity securities and investment companies traded on a U.S. securities exchange or the NASDAQ system are valued daily at their last sale price or official close price on the principal exchange or system on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price. Debt securities are valued at prices supplied by independent pricing services, broker/dealer-supplied valuations or matrix pricing systems. 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 the current value. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share on valuation date. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. Securities for which quotations are not readily available or deemed not to reflect market value by the investment adviser are valued at fair value using methods approved by the Trust’s Board of Trustees.

The Money Market Fund uses the amortized-cost method, as permitted by Rule 2a-7 under the Act, for valuing portfolio securities, 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.

B. Security Transactions and Investment Income — Security transactions are reflected as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Dividend income is recorded on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Certain mortgage security paydown gains and losses are recorded as interest income (loss) and are included in interest income in the accompanying Statements of Operations. Original issue discounts (OID) on debt securities are accreted to interest income over the life of the security with a corresponding increase in the cost basis of that security. Market discounts and market premiums on debt securities are accreted/amortized to interest income over the expected life of the security with a corresponding adjustment in the cost basis of that security.

Pursuant to applicable law and procedures adopted by the Trust’s Board of Trustees, securities transactions in portfolio securities (including futures transactions) may be effected from time to time through Goldman Sachs & Co. (“Goldman”) or an affiliate. In order for Goldman Sachs or an affiliate, acting as agent, to effect securities or futures transactions for a Fund, the commissions, fees or other remuneration received by Goldman Sachs or an affiliate must be reasonable and fair compared to the commissions, fees or other remuneration received by other brokers in connection with comparable transactions involving similar securities or futures contracts.

C. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds on a straight-line and/or “pro-rata” basis depending upon the nature of the expense.

D. Federal Taxes and Distributions to Shareholders — It is the Funds’ policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”) applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal tax provisions are required. Dividends and distributions to shareholders are recorded on the ex-dividend date. Income distributions, if any, are declared and paid annually for the Growth Opportunities and Equity Index Funds, declared and paid quarterly for the Core Fixed Income and Government Income Funds and declared daily and paid monthly for the Money Market Fund. Capital gains distributions, if any, are declared and paid annually for all Funds. Net capital losses are carried forward to future years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gain distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules, which may differ from generally accepted accounting principles. Therefore, the source of the Funds’ distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain, or as a tax return of capital.

In addition, distributions paid by the Funds’ investments in real estate investment trusts (“REITs”) often include a “return of capital” which is recorded by the Funds as a reduction of the cost basis of the securities held. The Code requires a REIT to distribute at least 95% of its taxable income to investors. In many cases, however, because of “non-cash” expenses such as property depreciation, a REIT’s cash flow will exceed its taxable income. The REIT may distribute this excess cash to offer a more competitive yield. This portion of the distribution is deemed a return of capital and is generally not taxable to shareholders.

E. Foreign Currency Translations — The books and records of the Funds are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates; and (ii) purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions.

Net realized and unrealized gain (loss) on foreign currency transactions will represent: (i) foreign exchange gains and losses from the sale and holdings of foreign currencies; (ii) currency gains and losses between trade date and settlement date on investment securities transactions and forward exchange contracts; and (iii) gains and losses from the difference between amounts of dividends, interest and foreign withholding taxes recorded and the amounts actually received. The effect of changes in foreign currency exchange rates on securities and derivative instruments are not segregated in the Statement of Operations from the effects of changes in market prices of those securities and derivative instruments, but are included with

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

the net realized and unrealized gain (loss) on securities and derivative instruments. Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities as a result of changes in foreign exchange rates are included as increases and decreases in unrealized gain (loss) on foreign currency related transactions.

F. Forward Foreign Currency Exchange Contracts — The Core Fixed Income Fund 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 Fund 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 in the Fund’s financial statements. The Fund records realized gains or losses at the time a forward contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. At June 30, 2007, the Fund had segregated sufficient cash and/or securities to cover any commitments under these contracts.

G. Forward Sales Contracts — The Core Fixed Income and Government Income Funds may enter into forward security sales of mortgage-backed securities in which the Funds sell securities in the current month for delivery of securities, defined by pool-stipulated characteristics, on a specified future date. The value of the contract is recorded as a liability on each Fund’s records with the difference between its market value and cash proceeds received being recorded as an unrealized gain or loss. Gains or losses are realized upon delivery of the security sold.

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

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

I. 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 Funds, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Funds may be delayed or limited and there may be a decline in the value of the collateral during the period while the Funds seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at the Funds’ custodian or designated subcustodians under triparty repurchase agreements.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

3. AGREEMENTS

GSAM, an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), assumed the role of investment adviser pursuant to Management Agreements (the “Agreements”) with the Trust on behalf of the Funds. Under each Agreement, GSAM manages the Funds, subject to the general supervision of the Trust’s Board of Trustees.

As compensation for the services rendered pursuant to each Agreement, the assumption of the expenses related thereto and administering the Funds’ business affairs, including providing facilities, GSAM is entitled to a fee (“Management Fee”), computed daily and payable monthly, equal to an annual percentage rate of the Funds’ average daily net assets.

For the six months ended June 30, 2007, GSAM received a Management fee on a contractual basis at the following rates:



	Contractual Management Fee

Fund	Up to $1 billion			Next $1 billion			Over $2 billion			Effective Fee


Growth Opportunities		1.00	%		1.00	%		0.90	%		1.00	%

Core Fixed Income		0.40	%		0.36	%		0.34	%		0.40	%

Government Income		0.54	%		0.49	%		0.47	%		0.54	%

The Agreement for the Equity Index Fund provides for a Management fee at an annual rate equal to 0.30% of the Fund’s average daily net assets. If the Fund’s average daily net assets are between $300 million and $400 million, 0.05% of the Management fee will be waived on a voluntary basis. If the Fund’s average daily net assets exceed $400 million, 0.10% of the Management fee will be waived on a voluntary basis. These waivers may be modified or terminated at any time without shareholder approval. Effective fee is 0.20% for the six months ended June 30, 2007.

As authorized by this Agreement, GSAM has entered into a Sub-advisory Agreement with SSgA Funds Management, Inc. (“SSgA”) who serves as the sub-adviser to the Equity Index Fund and provides the day-to-day advice regarding the Fund’s portfolio transactions. As compensation for its services, SSgA is entitled to a fee, computed daily and payable monthly by GSAM, at the following annual rates of the Fund’s average daily net assets: 0.03% on the first $50 million, 0.02% on the next $200 million, 0.01% on the next $750 million and 0.008% over $1 billion. Effective fee is 0.017% for the six months ended June 30, 2007.

The Agreement for the Money Market Fund provides for a Management fee at an annual rate equal to 0.35% of the Fund’s average daily net assets.

Prior to January 9, 2006, Allmerica Financial Investment Management Services, Inc., a wholly-owned subsidiary of Allmerica Financial Life Insurance and Annuity Company (“AFLIAC”), served as investment manager and administrator to

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

3. AGREEMENTS (continued)

the Trust. For these services and under the terms of the management agreement, the Funds paid a monthly fee, calculated and accrued daily, at an annual rate based upon the following fee schedules:



	Percentage of Average Daily Net Assets

	First			Next			Next			Next			Next			Over
Fund	$100,000,000			$150,000,000			$250,000,000			$250,000,000			$250,000,000			$1,000,000,000


Growth Opportunities (formerly AIT Select Capital Appreciation Fund)		1.00	%		0.90	%		0.80	%		0.70	%		0.70	%		0.65	%

Government Income (formerly AIT Government Bond Fund)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%

Money Market (formerly AIT Money Market Fund)		0.35	%		0.30	%		0.30	%		0.25	%		0.20	%		0.20	%


	First			Next			Over
Fund	$50,000,000			$200,000,000			$250,000,000


Equity Index (formerly AIT Equity Index Fund)		0.35	%		0.30	%		0.25	%


	First			Next			Over
Fund	$50,000,000			$50,000,000			$100,000,000


Core Fixed Income (formerly AIT Select Investment Grade Income Fund)		0.50	%		0.45	%		0.40	%

During the year ended December 31, 2006, AFLIAC made voluntary contributions in the amount of $2,462, $241,488, and $2,488 to the Growth Opportunities, Equity Index, and Government Income Funds, respectively, to compensate for possible adverse effects of trading activity by certain contract holders prior to January 9, 2006.

In connection with the reorganization of the Funds of the Allmerica Investment Trust on January 9, 2006, GSAM has contractually agreed to reimburse the following Funds as necessary to limit the total annual operating expenses of the Funds to the following levels through July 2007:


Fund


Growth Opportunities	1.144	%

Equity Index	0.404	%

Core Fixed Income	0.544	%

Government Income	0.684	%

Money Market	0.494	%

GSAM has also voluntarily agreed to limit certain “Other Expenses” of the Funds (excluding Management fees, Distribution and Service Fees, Transfer Agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification costs, shareholder meeting and other extraordinary expenses exclusive of any custody and transfer agent fee credit reductions) to the extent that such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Funds. GSAM has agreed to maintain this expense limitation reduction on a voluntary basis. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations for the Growth Opportunities Fund, Equity Index Fund, Core Fixed Income Fund, Government Income Fund, and Money Market Fund as an annual percentage rate of average daily net assets were 0.004%, 0.064%, 0.004%, 0.004%, and 0.004%, respectively.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

3. AGREEMENTS (continued)

Goldman Sachs also serves as the Transfer Agent of the Funds for a fee. The fees charged for such transfer agency services are calculated daily and payable monthly equal to an annual rate of 0.04% of the average daily net assets of the Funds.

The Trust has adopted, on behalf of the Service Shares of the Funds, a Distribution and Service Plan (the “Plan”). Under the Plan, Goldman Sachs is entitled to a monthly fee for distribution services equal to, on an annual basis, 0.25% of each Fund’s average daily net assets attributable to Service Shares. Goldman Sachs has voluntarily agreed to waive distribution and service fees for Service Shares so as not to exceed 0.10% of average daily net assets for the Growth Opportunities, Equity Index, Core Fixed Income, Government Income and Money Market Funds. These waivers may be modified or terminated at any time at the option of Goldman Sachs.

For the six months ended June 30, 2007, GSAM has voluntarily agreed to waive certain fees and reimburse other expenses. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent resulting in a reduction in the Funds’ expenses. These expense reductions were as follows (in thousands):



	Fee Waivers				Expense Credits
												Total
			Distribution		Custody			Transfer		Other Expense		Expense
Fund	Management		and Service		Fee			Agent Fee		Reimbursement		Reductions


Growth Opportunities	$	—	$	162	$	—		$	7	$	111	$	280

Equity Index		210		311		—	*		14		69		604

Core Fixed Income		—		207		—			10		124		341

Government Income		—		64		1			3		93		161

Money Market		—		157		1			6		93		257

* Amount is less than $500.

At June 30, 2007, the amounts owed to affiliates were as follows (in thousands):


	Management		Distribution and		Transfer Agent
Fund	Fees		Service Fees		Fees		Total


Growth Opportunities	$	181	$	18	$	7	$	206

Equity Index		69		35		13		117

Core Fixed Income		89		22		9		120

Government Income		37		7		3		47

Money Market		62		18		6		86

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

4. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2007, were as follows:


							Sales and
			Purchases		Sales and		Maturities
	Purchases of U.S.		(Excluding U.S.		Maturities of U.S.		(Excluding U.S.
	Government and		Government and		Government and		Government and
Fund	Agency Obligations		Agency Obligations)		Agency Obligations		Agency Obligations)


Growth Opportunities	$	—	$	63,385,308	$	—	$	95,837,995

Equity Index		—		23,155,136		—		75,558,627

Core Fixed Income		31,199,532		34,314,634		29,945,169		58,202,449

Government Income		13,210,388		2,511,183		10,981,821		12,265,823

For the six months ended June 30, 2007, Goldman Sachs earned approximately $100, $1,700, $14,600, and $4,000 of brokerage commissions from portfolio transactions, including futures transactions, executed on behalf of the Growth Opportunities, Equity Index, Core Fixed Income, and Government Income Funds, respectively.

5. SECURITIES LENDING

Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Growth Opportunities and Equity Index Funds may lend their securities through a securities lending agent, Boston Global Advisers (“BGA”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities 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, a Delaware statutory trust. The Enhanced Portfolio is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM, for which GSAM receives an investment advisory fee of up to 0.10% of the average daily net assets of the Enhanced Portfolio. The Enhanced Portfolio invests in high quality money market instruments. The Funds bear the risk of incurring a loss from the investment of cash collateral due to either credit or market factors. Both the Funds and BGA receive compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended June 30, 2007, are reported parenthetically under Investment Income on the Statement of Operations. A portion of this amount, $2,255 and $884, represents compensation earned by the Growth Opportunities and Equity Index Funds, respectively from lending their securities to Goldman Sachs. For the six months ended June 30, 2007, BGA earned approximately $4,927 and $181 in fees as securities lending agent for the Growth Opportunities and Equity Index Funds, respectively. The amount payable to Goldman Sachs upon return of securities loaned as of June 30, 2007 was $0, and $601,900, respectively.

6. LINE OF CREDIT FACILITY

The Funds participate in a $450,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other registered investment companies having management or investment advisory agreements with GSAM or affiliates. Under the most restrictive arrangement under the facility, the Funds must own securities having a market value in excess of 300% of each Fund’s total bank borrowings. The facility is to be used solely for temporary or emergency purposes. The

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

6. LINE OF CREDIT FACILITY (continued)

interest rate on borrowings is based on the federal funds rate plus a spread. This committed facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the period ended June 30, 2007, the Funds did not have any borrowings under this facility.

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2006, the Funds’ capital loss carryforwards and certain timing differences were as follows:


		Growth
		Opportunities			Equity Index			Core Fixed Income			Government Income			Money Market






Capital loss carryforward*:
	Expiring 2007	$	—		$	(92,037	)	$	—		$	—		$	—
	Expiring 2008		(285,234	)		(26,761,314	)		—			—			—
	Expiring 2009		—			(13,380,657	)		—			—			—
	Expiring 2010		—			(14,005,437	)		—			—			—
	Expiring 2011		—			(16,843,955	)		—			—			—
	Expiring 2012		—			(7,271,316	)		(1,472,715	)		(1,242,253	)		—
	Expiring 2013		—			—			(657,789	)		(1,135,876	)		—
	Expiring 2014		—			—			(7,130,150	)		(1,392,726	)		(1,868	)

Total capital loss carryforward		$	(285,234	)	$	(78,354,716	)	$	(9,260,654	)	$	(3,770,855	)	$	(1,868	)

Timing differences		$	—		$	10,700		$	—		$	(42,177	)	$	—

* Expiration occurs on December 31 of the year indicated. Utilization of these losses may be limited under the Internal Revenue Code.

At June 30, 2007, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Growth
	Opportunities			Equity Index			Core Fixed Income			Government Income


Tax Cost	$	208,845,352		$	310,868,791		$	272,761,594		$	85,392,623

Gross unrealized gain		29,412,945			108,271,325			577,576			139,863
Gross unrealized loss		(6,344,603	)		(7,105,816	)		(4,209,740	)		(1,185,736	)

Net unrealized security gain (loss)	$	23,068,342		$	101,165,509		$	(3,632,164	)	$	(1,045,873	)

The difference between book-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark-to market gains on Section 1256 futures contracts and forward foreign currency contracts recognized for tax purposes.

The amortized cost for the Money Market Fund stated in the accompanying statements of assets and liabilities also represents aggregate cost for U.S. federal income tax purposes.

8. OTHER MATTERS

New Accounting Pronouncement — On September 15, 2006, the FASB released Statement Financial Accounting Standard No. 157 “Fair Value Measurement” (“FAS 157”) which provides enhanced guidance for using fair value to measure assets and liabilities. The standard requires companies to provide expanded information about the assets and liabilities measured at fair value and the potential effect of these fair valuations of an entity’s financial performance. The standard does not expand the use of fair value in any new circumstances, but provides clarification on acceptable fair valuation methods and applications. FAS 157 is effective for financial statements issued for fiscal years beginning after

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

8. OTHER MATTERS (continued)

November 15, 2007. The investment adviser does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required.

Mergers and Reorganizations — At a meeting held on July 12, 2005, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the “Reorganization Agreement”) providing for the tax-free acquisition of the Predecessor AIT Funds into the Goldman Sachs Funds (the “Funds”). The acquisition was completed January 9, 2006 as of the close of business on January 6, 2006.

Pursuant to the Reorganization Agreement, the assets and liabilities of the Predecessor AIT Funds were transferred into the Funds’ Service Share Class, in a tax-free exchange as follows:


	Exchanged Shares				Predecessor Fund’s
	of Survivor		Value of		Shares Outstanding
The Fund/Predecessor AIT Fund	Issued		Exchanged Shares		as of January 6, 2006


Goldman Sachs Growth Opportunities/AIT Select Capital Appreciation		28,131,531	$	281,315,315		134,161,366

Goldman Sachs Equity Index/AIT Equity Index		50,110,652		501,106,524		177,469,590

Goldman Sachs Core Fixed Income/AIT Select Investment Grade Income		33,304,201		333,042,015		314,849,722

Goldman Sachs Government Income/AIT Government Bond		10,218,399		102,183,989		96,128,724

Goldman Sachs Money Market/AIT Money Market		219,573,618		219,573,618		219,573,618

The following chart shows the Funds’ and Predecessor AIT Funds’ aggregate net assets (immediately before and after the completion of the acquisition) and the Predecessor AIT Funds did not have any unrealized appreciation on January 6, 2006.


			Predecessor		Fund’s
	Funds’		AIT Fund’s		Aggregate
	Aggregate		Aggregate		Net Assets
	Net Assets		Net Assets		Immediately
	before		before		after
The Fund/Predecessor AIT Fund	Reorganization		Reorganization		Reorganization


Goldman Sachs Growth Opportunities/AIT Select Capital Appreciation	$	—	$	281,315,315	$	281,315,315

Goldman Sachs Equity Index/AIT Equity Index		—		501,106,524		501,106,524

Goldman Sachs Core Fixed Income/AIT Select Investment Grade Income		—		333,042,015		333,042,015

Goldman Sachs Government Income/AIT Government Bond		—		102,183,989		102,183,989

Goldman Sachs Money Market/AIT Money Market		—		219,573,618		219,573,618

9. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

On December 14, 2006, the Board of Trustees of the Trust, upon the recommendation of the Board’s audit committee, approved a change of the Funds’ independent registered public accounting firm from Ernst & Young LLP to PricewaterhouseCoopers LLP. For the years ended December 31, 2006 and December 31, 2005, Ernst & Young LLP’s audit reports contained no adverse opinion or disclaimer of opinion; nor were their reports qualified or modified as to uncertainty,

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

9. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

audit scope, or accounting principles. Further, there were no disagreements between the Funds and Ernst & Young LLP on accounting principles or practices, financial statement disclosure or audit scope or procedures, which if not resolved to the satisfaction of Ernst & Young LLP would have caused them to make reference to the disagreement in their reports.

10. SUBSEQUENT EVENT

Effective July 2, 2007, Goldman Sachs has voluntarily reduced the transfer agent fee for each Fund from an annual rate of 0.04% to an annual rate of 0.02% of the average daily net assets.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

The Growth Opportunities, Equity Index, Government Income, Core Fixed Income and Money Market Funds are investment portfolios of Goldman Sachs Variable Insurance Trust (the “Trust”) that commenced investment operations on January 9, 2006. The respective Funds are the accounting successors to investment portfolios of Allmerica Investment Trust, which were reorganized into the Funds. The Trustees oversee the management of the Trust, and review the investment performance and expenses of the Funds at regularly scheduled meetings held during the Funds’ fiscal year. In addition, the Trustees determine annually whether to approve and continue the Trust’s investment management agreements (the “Management Agreements”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) for the Funds and the Sub-Advisory Agreement (the “Sub-Advisory Agreement”, and together with the Management Agreements, the “Agreements”) between the Investment Adviser and SSgA Funds Management, Inc. (the “Sub-Advisor”) for the Equity Index Fund.

The Agreements were most recently approved by the Trustees, including all of the Trustees who are not parties to the Agreements or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), on June 13, 2007 (the “Annual Contract Meeting”).

To assist the Trustees in their deliberations at the Annual Contract Meeting, and in addition to the reviews of the Funds’ investment performance, expenses and other matters at regularly scheduled Board meetings, the Trustees have a Contract Review Committee (the “Committee”) whose members include all of the Independent Trustees. The Committee held meetings on December 14, 2006, February 7, 2007 and May 9, 2007. At these Committee meetings, the Independent Trustees considered matters relating to the Management Agreements including: (a) the Funds’ investment performance; (b) the Funds’ management fee arrangements; (c) the Investment Adviser’s undertakings to reimburse certain expenses of the Funds that exceed specified levels; (d) potential economies of scale and the levels of breakpoints in the fee schedules under the Management Agreements; (e) the relative expense levels of the Funds as compared to comparable funds; (f) data relating to the Investment Adviser’s profitability with respect to the Trust and the Funds; (g) capacity issues relating to certain of the funds managed by the Investment Adviser; (h) information on the advisory fees charged to institutional accounts; (i) the quality of the non-advisory services provided by the Investment Adviser and its affiliates; (j) information on the processes followed by a third party mutual fund data provider engaged as part of the Trustees’ contract review (the “Outside Data Provider”) in producing investment performance and expense comparisons for the Funds; (k) an update on soft dollars and other trading related issues; and (l) the quality of the services provided by the Funds’ unaffiliated service providers and reports on due diligence visits to outside service providers.

At the Annual Contract Meeting, the Trustees reviewed the matters that were considered at the Committee meetings and also considered additional matters including: (a) a summary of fee concessions by the Investment Adviser and its affiliates with respect to the Goldman Sachs mutual funds since 2003; (b) the quality of the Investment Adviser’s services; (c) the structure, staff and capabilities of the Investment Adviser and its portfolio management team; (d) the groups within the Investment Adviser that support the portfolio management team, including the legal and compliance departments, the valuation oversight group, the risk and performance analytics group, the business planning team and the technology group; (e) the Investment Adviser’s business continuity and disaster recovery planning; (f) the Investment Adviser’s financial resources and its ability to hire and retain talented personnel; (g) the fees received by the Investment Adviser’s affiliates from the Funds for transfer agency, securities lending, distribution, portfolio brokerage and other services; (h) the terms of the Agreements; (i) the administrative services provided under the Management Agreements, including the nature and extent of the Investment Adviser’s oversight of the Funds’ other service providers, including the custodian and fund accounting agent; (j) the Investment Adviser’s policies addressing various potential conflicts of interest; and (k) with respect to the Equity Index Fund, the spread between the Investment Adviser’s management fee for the Equity Index Fund and the Sub-Adviser’s sub-advisory fee for that Fund. At the Annual Contract Meeting, the Trustees also considered at further length the Funds’ investment performance, fees and expenses, including the Funds’ expense trends over time and the breakpoints in the contractual fee rates under the Agreements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

payable by the Funds on their Service Share Class. Information was also provided to the Trustees relating to revenue sharing payments made by the Investment Adviser, portfolio manager compensation, the alignment of the interests of the Funds and the portfolio managers, the number and types of accounts managed by the portfolio managers, and other matters. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent counsel, without representatives of the Investment Adviser present.

The presentations made at the Contract Review Committee meetings and the Annual Contract Meeting encompassed the Funds and other mutual fund portfolios for which the Board of Trustees has responsibility. While the management agreements for the Funds and these other mutual fund portfolios were approved at the same Annual Contract Meeting, the Trustees considered the Agreements as they applied to each Fund separately.

In evaluating the Agreements at the Annual Contract Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser, the Sub-Adviser, their services and the Funds. At those meetings the Trustees received materials relating to the Investment Adviser’s investment management and other services under the Management Agreements, including: (a) information on the investment performance of the Funds in comparison to other mutual funds and benchmark performance indices; (b) general investment outlooks in the markets in which the Funds invest; (c) compliance reports; and (d) expenses borne by the Funds. In addition, the Trustees were provided with disclosure materials regarding the Goldman Sachs mutual funds and their expenses that are provided to investors who invest in the funds, as well as information on the Goldman Sachs mutual funds’ competitive universe and discussed the broad range of other investment choices that are available to those investors.

In connection with their approval of the Management Agreements, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services, and the other, non-advisory services, that are provided to the Funds by the Investment Adviser and its affiliates. These services include services as the Funds’ transfer agent, securities lending agent and distributor. In addition, affiliates of the Investment Adviser receive compensation in connection with the execution of the Funds’ portfolio transactions. The Trustees concluded that the Investment Adviser was both able to commit substantial financial and other resources to the operations of the Funds and had continued to commit those resources in multiple areas including portfolio management, trading, technology, human resources, tax, treasury, legal, compliance, vendor oversight and risk management. The Trustees also believed that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser, including education and training initiatives.

The Trustees also considered the investment performance of the Funds and the Investment Adviser. In this regard, the Trustees compared the investment performance of the Funds to the performance of other SEC-registered funds and to rankings and ratings issued by the Outside Data Provider. The Trustees also reviewed the Funds’ investment performance relative to their performance benchmarks. This information on the Funds’ investment performance was provided for a one year period and for the period since January 2006, when the Investment Adviser assumed responsibility for managing the Funds. In addition, the Trustees considered the investment performance trends of the Funds over time, and reviewed the investment performance of the Funds in light of their investment objectives and policies, as well as in light of periodic analyses of their quality and risk profiles. In addition, the Trustees considered whether the Funds had operated within their investment policies, and their record of compliance with their investment limitations. The Trustees concluded that each of the Growth Opportunities, Equity Index, Government Income and Core Fixed Income Funds was providing investment performance within a competitive range for long-term investors. With respect to the Money Market Fund, the Trustees considered the Fund’s investment performance in light of its investment objective and credit parameters. They also considered the investor constituencies the Fund serves, and the Fund’s compliance with regulations of the SEC applicable to money market mutual funds and the stability of net asset values. In light of these considerations, the Trustees concluded that the Money Market Fund was providing investment performance within a competitive range for investors.

The Board of Trustees also considered the contractual fee rates payable by each Fund under the Management Agreements and payable by the Investment Adviser under the Sub-Advisory Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds. They also considered information that indicated that these mutual fund services differed in various significant respects from the services

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

provided to the Investment Adviser’s institutional accounts, which generally paid lower fees. In addition, the fees paid by the Funds and the Funds’ total operating expense ratios (before and after applicable expense reimbursements) were compared to similar information for comparable mutual funds advised by other, unaffiliated investment management firms. Most of the comparisons of the Funds’ fee rates and total operating expense ratios were prepared by the Outside Data Provider.

More particularly, the Trustees reviewed analyses prepared by the Outside Data Provider of the expense rankings of the Funds. The analyses provided a comparison of the Funds’ management fee rates to relevant peer groups and category universes; an expense analysis which compared the Funds’ expenses to peer groups and category universes; and a history comparing the Funds’ expenses to the category averages. The analyses also compared the Funds’ transfer agency fees, custody and accounting fees and other expenses to a peer group and median. The Trustees believed that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees paid by the Funds. In addition, the Trustees considered the Investment Adviser’s voluntary undertaking to limit the Funds’ “other expenses” ratio (excluding certain expenses) to a specified level. This voluntary undertaking is in addition to the Investment Adviser’s separate contractual agreement to reimburse the Funds as necessary to limit the total annual operating expenses of the Service Shares of the Funds to specified levels until July 2007.

The Board of Trustees also considered the breakpoints in the contractual fee rate under the Management Agreements for the Funds, which had been implemented at the following annual percentages of the average daily net assets of the Government Income Fund, Core Fixed Income Fund and Growth Opportunities Fund:


	Government			Core Fixed
	Income Fund			Income Fund

Up to $1 billion		0.54	%		0.40	%
Next $1 billion		0.49			0.36
Over $2 billion		0.47			0.34


	Growth Opportunities Fund

First $2 billion		1.00	%
Over $2 billion		0.90

The Trustees also considered and approved the following breakpoints in the contractual fee rate in the Sub-Advisory Agreement:


	Equity Index Fund
	(Sub-Advisory Fee)

First $50 million		0.03	%
Next $200 million		0.02
Next $750 million		0.01
Over $1 billion		0.008

In approving these breakpoints, the Trustees had reviewed information regarding the Investment Adviser’s potential economies of scale, and whether the Funds and their shareholders were participating in the benefits of those economies. In this regard, the Trustees considered the amounts of assets in the Funds; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; and information comparing fee rates charged by the Investment Adviser with fee rates charged by other, unaffiliated investment managers to other mutual funds. Upon reviewing these matters again at the Annual Contract Meeting in 2007, the Trustees continued to believe that the fee breakpoints were a way to ensure that benefits of scalability would be passed along to shareholders at the specified asset levels.

In addition, with respect to the Equity Index Fund and the Money Market Fund, the Trustees noted that the management fee rates of the Investment Advisor did not have breakpoints. Regarding the Equity Index Fund, the Trustees considered both the Investment Adviser’s voluntary management fee waiver and that Fund’s future growth prospects. With respect to the

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

Money Market Fund, the Trustees considered the Fund’s relatively lower asset level as compared to many other money market funds. Furthermore, with respect to each of the Funds, the Trustees considered information relating to the Investment Adviser’s past revenues and costs with respect to the Trust and its investment portfolios.

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from the Funds as stated above, including the fees received by them for transfer agency, securities lending, distribution and brokerage services, and the brokerage and research services received by the Investment Adviser in connection with the placement of brokerage transactions for the Funds. In this regard, the Trustees noted that the Investment Adviser had adopted a policy to cease obtaining third party non-broker research based on the Funds’ brokerage transactions. They also noted that the Funds’ sole share class, Service Shares, had a distribution and service plan under which an affiliate of the Investment Adviser would receive fees.

In addition, the Trustees reviewed the Investment Adviser’s pre-tax revenues and pre-tax margins with respect to the Trust and the Funds. In this regard the Trustees reviewed, among other things, profitability analyses and summaries, revenue and expense schedules, and expense allocation methodologies, as well as a report of independent accountants regarding the results of certain agreed-upon procedures to verify expense allocation calculations that were designed to assist the Trustees in their evaluation of the Investment Adviser’s schedules of revenues and expenses. The Trustees considered the Investment Adviser’s revenues and margins both in absolute terms and in comparison to the information on the reported margins earned by other asset management firms.

After deliberation and consideration of the information provided, including the factors described above, the Trustees concluded that the management fees paid by the Funds were reasonable in light of the services provided by the Investment Adviser, its costs and the Funds’ current and reasonably foreseeable asset levels, and that the Management Agreements should be approved and continued.

In addition, the Trustees concluded that the Sub-Advisory Agreement with the Sub-Adviser with respect to the Equity Index Fund should be continued and approved. In reaching this determination, the Trustees relied on information provided by the Investment Adviser and the Sub-Adviser. The Trustees noted that the Fund had commenced operations in January 2006, and reviewed the Fund’s operations and investment performance since then. The Trustees reviewed the respective services provided for the Fund by the Investment Adviser under its Management Agreement and by the Sub-Adviser under its Sub-Advisory Agreement. The Trustees noted that the compensation paid to the Sub-Adviser was paid by the Investment Adviser, not by the Fund, and that the retention of the Sub-Adviser did not increase the fees incurred by the Fund for advisory services. The Trustees also considered Sub-Adviser’s experience in index investing and its compliance policies and procedures and code of ethics. After deliberation and consideration of the information provided, the Trustees concluded that the sub-advisory fee to be paid by the Investment Adviser to the Sub-Adviser with respect to the Equity Index Fund is reasonable in light of the services to be provided by the Sub-Adviser and the Fund’s reasonably foreseeable asset levels, and that the Sub-Advisory Agreement should also be approved and continued.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Fund Expenses (Unaudited) — Six Month Period Ended June 30, 2007

As a shareholder of the Service Shares of the Funds, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2007 through June 30, 2007.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund, you do not incur any transaction costs, such as sales charges (loads), redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing on going costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Growth Opportunities Fund Equity Index Fund

Expenses Paid Expenses Paid

Beginning Ending for the six Beginning Ending for the six

Account Value Account Value months ended Account Value Account Value months ended

1/1/07 6/30/07 6/30/07* 1/1/07 6/30/07 6/30/07*

Actual
$ 1,000.00 $ 1,153.20 $ 6.09 $ 1,000.00 $ 1,068.80 $ 2.05

Hypothetical 5% return
1,000.00 1,019.14 † 5.71 1,000.00 1,022.81 † 2.01

[Additional columns below]

[Continued from above table, first column(s) repeated]

Core Fixed Income Fund Government Income Fund Money Market Fund

Expenses Paid Expenses Paid Expenses Paid

Beginning Ending for the six Beginning Ending for the six Beginning Ending for the six

Account Value Account Value months ended Account Value Account Value months ended Account Value Account Value months ended

1/1/07 6/30/07 6/30/07* 1/1/07 6/30/07 6/30/07* 1/1/07 6/30/07 6/30/07*

Actual
$ 1,000.00 $ 1,009.70 $ 2.69 $ 1,000.00 $ 1,011.10 $ 3.39 $ 1,000.00 $ 1,024.40 $ 2.47

Hypothetical 5% return
1,000.00 1,022.12 † 2.71 1,000.00 1,021.42 † 3.41 1,000.00 1,022.36 † 2.46

* Expenses are calculated using each Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2007. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund


Growth Opportunities	1.14	%
Equity Index	0.40
Core Fixed Income	0.54
Government Income	0.68
Money Market	0.49

† Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.


TRUSTEES Ashok N. Bakhru, Chairman John P. Coblentz, Jr. Diana M. Daniels Patrick T. Harker Jessica Palmer Alan A. Shuch Richard P. Strubel Kaysie P. Uniacke		OFFICERS Kaysie P. Uniacke, President James A. McNamara, Senior Vice President John M. Perlowski, Senior Vice President and Treasurer Peter V. Bonanno, Secretary

GOLDMAN, SACHS & CO. Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT Investment Advisers

Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission Web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. When available, the Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. When available, Form N-Q may be obtained upon request and without charge by calling 1-800-621-2550.





This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Please consider a Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Funds’ entire investment portfolio,which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.
This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust Funds.


Copyright 2007 Goldman, Sachs & Co. All rights reserved.

VITSVCSAR/07-1658/160

Goldman

Sachs Variable Insurance Trust

GOLDMAN SACHS ASSET MANAGEMENT, L.P. 32 OLD SLIP, NEW YORK, NEW YORK 10005

Growth and Income Fund

Semiannual Report

June 30, 2007

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Shareholder Letter

Dear Shareholders:

This report provides an overview on the performance of the Goldman Sachs Variable Insurance Trust — Growth and Income Fund during the six-month reporting period that ended June 30, 2007.

Market Review

The U.S. equity markets hit new highs in the first half of 2007. The S&P 500 Index and Dow Jones Industrials Average both reached new levels as they returned 6.96% and 8.76%, respectively, during the reporting period. While the equity markets finished the first half of the year in positive territory, concerns related to sub-prime mortgage loans undercut investor optimism and the reporting period closed on a cautious note. Consistent with recent trends, leveraged buyout and merger and acquisition (“M&A”) activity remained high as corporate and private buyers sought attractive assets. On the economic front, the Federal Reserve Board kept short-term interest rates steady and both 2- and 10-year Treasury yields spiked above 5% in June 2007.

Investment Objective

The Fund seeks long-term growth of capital and growth of income.

Portfolio Composition

Top 10 Portfolio Holdings as of June 30, 2007*


	% of
Company	Net Assets			Business

AT&T, Inc.		5.6	%	Telecommunication Services
General Electric Co.		4.2		Capital Goods
Exxon Mobil Corp.		4.0		Energy
Citigroup, Inc.		3.7		Diversified Financials
Sprint Nextel Corp.		3.5		Telecommunication Services
Entergy Corp.		3.4		Utilities
Wachovia Corp.		3.2		Banks
Hewlett-Packard Co.		2.4		Technology Hardware & Equipment
Bank of America Corp.		2.3		Diversified Financials
Time Warner, Inc.		2.3		Media

* Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained by the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of stocks or bonds should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Shareholder Letter (continued)

Performance Review

Over the six-month period ended June 30, 2007, the Fund’s Institutional Shares generated a cumulative total return of 6.83%. This return compares to the 6.23% cumulative total return of the Fund’s benchmark, the Russell 1000 Value Index (with dividends reinvested), over the same time period.

The Fund outperformed its benchmark during the reporting period. While the market rewarded stocks with low dividend yields, strong stock selection in the portfolio led to its robust results. In particular, holdings in the Utilities, Health Care and Consumer Staples sectors contributed to positive returns versus the benchmark. In contrast, its Financials, Basic Materials and Services investments detracted from results.

Highlights during the period included several key long-term holdings, such as Utilities sector holding Entergy Corp., which was aided by improved operating results. One of the Fund’s largest holdings, Williams Companies, Inc., an Energy sector holding, also contributed to results as its stock was lifted by a recovery in natural gas fundamentals. The Fund also benefited from M&A activity as health care company MedImmune was acquired by AstraZeneca at a sizable premium. MedImmune had long served as an example of what we considered to be a mispriced company despite its robust pipeline of products. We subsequently eliminated the stock from the portfolio after its shares rose sharply on the news.

Several investments offset the gains in the portfolio. Real estate investment trust (REIT) holding Apartment Investment & Management Co. was hurt by industry headwinds such as rising interest rates. In the Services sector, shares of Motorola declined after the company issued a disappointing forecast. The added uncertainty in the company’s prospects prompted us to eliminate the holding from the Fund. Elsewhere in the portfolio, Wachovia Corp. detracted from performance. Despite the stock’s weakness, we continue to view it as an attractively valued investment.

We thank you for your investment and look forward to serving your investment needs in the future.

Goldman Sachs Value Portfolio Management Team

July 17, 2007

Shares of the Goldman Sachs Variable Insurance Trust (“VIT”) Growth and Income Fund are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

The VIT Growth and Income Fund invests primarily in large-capitalization U.S. equity investments and also invests in fixed income securities. The Fund’s equity investments will be subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The Fund may invest in foreign securities, which may be more volatile and less liquid than investments in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all.

SECTOR ALLOCATION^†

Percentage of Net Assets

^† The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term Investments include a time deposit and securities lending collateral. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Schedule of Investments

June 30, 2007 (Unaudited)



Shares		Description	Value

Common Stocks – 97.2%

Automobiles & Components – 0.7%
	66,799	Autoliv, Inc.	$	3,798,859

Banks – 10.8%
	86,375	Countrywide Financial Corp.		3,139,731
	71,724	First Horizon National Corp.		2,797,236
	62,850	Freddie Mac		3,814,995
	195,457	KeyCorp		6,710,039
	156,973	Regions Financial Corp.		5,195,806
	325,745	Wachovia Corp.		16,694,431
	213,497	Washington Mutual, Inc.		9,103,512
	273,249	Wells Fargo & Co.		9,610,168

				57,065,918

Capital Goods – 7.5%
	53,843	Caterpillar, Inc.		4,215,907
	575,958	General Electric Co.		22,047,672
	51,366	The Boeing Co.		4,939,354
	123,490	United Technologies Corp.		8,759,146

				39,962,079

Commercial Services & Supplies – 1.9%
	254,874	Waste Management, Inc.		9,952,830

Consumer Durables & Apparel – 1.3%
	226,575	Newell Rubbermaid, Inc.		6,668,102

Consumer Services – 2.3%
	239,492	McDonald’s Corp.		12,156,614

Diversified Financials – 11.0%
	29,003	AllianceBernstein Holding LP		2,525,871
	249,723	Bank of America Corp.		12,208,958
	382,656	Citigroup, Inc.		19,626,426
	221,865	JPMorgan Chase & Co.		10,749,359
	32,210	Lehman Brothers Holdings, Inc.		2,400,289
	67,089	Merrill Lynch & Co., Inc.		5,607,299
	64,368	Morgan Stanley		5,399,188

				58,517,390

Energy – 14.7%
	132,329	Devon Energy Corp.		10,360,037
	66,730	EOG Resources, Inc.		4,875,294
	97,595	Energy Transfer Partners LP		6,024,539
	224,634	Enterprise Products Partners LP		7,145,608
	255,303	Exxon Mobil Corp.		21,414,816
	111,657	Magellan Midstream Partners LP		5,200,983
	23,000	Marathon Oil Corp.		1,379,080
	44,800	Occidental Petroleum Corp.		2,593,024
	269,303	Williams Companies, Inc.		8,515,361
	119,337	Williams Partners LP		5,761,590
	76,931	XTO Energy, Inc.		4,623,553

				77,893,885

Food & Staples Retailing – 0.6%
	63,832	SUPERVALU, INC.		2,956,698

Food, Beverage & Tobacco – 4.1%
	111,313	Altria Group, Inc.		7,807,494
	70,194	Archer-Daniels-Midland Co.		2,322,719
	43,000	Reynolds American, Inc.		2,803,600
	48,966	The Coca-Cola Co.		2,561,412
	192,490	Unilever NV		5,971,040

				21,466,265

Health Care Equipment & Services – 1.6%
	148,956	Baxter International, Inc.		8,392,181

Household & Personal Products – 2.2%
	165,084	Procter & Gamble Co.		10,101,490
	26,688	The Clorox Co.		1,657,325

				11,758,815

Insurance – 4.7%
	81,088	American International Group, Inc.		5,678,593
	35,792	Hartford Financial Services Group, Inc.		3,525,870
	42,500	MBIA, Inc.		2,644,350
	68,678	PartnerRe Ltd.		5,322,545
	53,618	The Allstate Corp.		3,298,043
	55,355	XL Capital Ltd. Class A		4,665,873

				25,135,274

Materials – 3.2%
	95,217	E.I. du Pont de Nemours & Co.		4,840,832
	32,200	Freeport-McMoRan Copper & Gold, Inc.		2,666,804
	132,272	International Paper Co.		5,165,222
	39,257	United States Steel Corp.		4,269,199

				16,942,057

Media – 2.3%
	579,993	Time Warner, Inc.		12,203,053

Pharmaceuticals, Biotechnology & Life Sciences – 5.2%
	84,200	Johnson & Johnson		5,188,404
	291,592	Pfizer, Inc.		7,456,008
	102,199	Thermo Fisher Scientific, Inc.*		5,285,732
	168,804	Wyeth		9,679,221

				27,609,365

REIT – 2.5%
	93,298	Apartment Investment & Management Co.		4,704,085
	162,482	CapitalSource, Inc.^(a)		3,995,432
	99,500	DCT Industrial Trust, Inc.		1,070,620
	15,425	Developers Diversified Realty Corp.		813,052
	63,739	Mack-Cali Realty Corp.		2,772,009

				13,355,198

Software & Services – 0.8%
	235,123	Activision, Inc.*		4,389,746

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND



Shares		Description	Value
Common Stocks – (continued)

Software & Services – (continued)
Technology Hardware & Equipment – 2.5%
	284,746	Hewlett-Packard Co.	$	12,705,367
	5,200	International Business Machines Corp.		547,300

				13,252,667

Telecommunication Services – 9.0%
	712,541	AT&T, Inc.		29,570,451
	884,311	Sprint Nextel Corp.		18,314,081

				47,884,532

Transportation – 0.6%
	42,363	United Parcel Service, Inc. Class B		3,092,499

Utilities – 7.7%
	49,964	Edison International		2,803,980
	168,865	Entergy Corp.		18,127,658
	50,300	Equitable Resources, Inc.		2,492,868
	71,787	Exelon Corp.		5,211,736
	46,955	FirstEnergy Corp.		3,039,397
	196,651	PPL Corp.		9,201,300

				40,876,939

TOTAL COMMON STOCKS
(Cost $445,626,224)			$	515,330,966

Principal

Interest

Maturity

Amount

Rate

Date

Value

Short-Term Obligation – 2.0%

JPMorgan Chase Euro – Time Deposit

10,326,039

5.282

07/02/07

$10,326,039

(Cost $10,326,039)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL

(Cost $455,952,263)

$525,657,005

Interest

Shares

Description

Rate

Value

Securities Lending Collateral – 0.7%

3,730,650

Boston Global
Investment Trust –

Enhanced Portfolio

5.309%

$3,730,650

(Cost $3,730,650)

TOTAL INVESTMENTS – 99.9%

(Cost $459,682,913)

$529,387,655

OTHER ASSETS IN EXCESS
OF LIABILITIES – 0.1%

566,939

NET ASSETS – 100.0%

$529,954,594

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.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)



Assets:

Investment in securities, at value (identified cost $455,952,263)^(a)		$	525,657,005
Securities lending collateral, at value which equals cost			3,730,650
Cash			1,495,478
Receivables:
	Investment securities sold		3,676,986
	Fund shares sold		1,244,079
	Dividends and interest		575,850
	Foreign tax reclaims		12,636
	Securities lending income		644
Other assets			3,185

Total assets			536,396,513

Liabilities:

Payables:
	Payable upon return of securities loaned		3,730,650
	Investment securities purchased		2,041,366
	Amounts owed to affiliates		342,785
	Fund shares repurchased		231,118
Accrued expenses			96,000

Total liabilities			6,441,919

Net Assets:

Paid-in capital			420,502,889
Accumulated undistributed net investment income			5,904,047
Accumulated net realized gain on investments transactions			33,842,916
Net unrealized gain on investments			69,704,742

NET ASSETS		$	529,954,594

Total shares of beneficial interest outstanding, par value $0.001 (unlimited shares authorized)			35,664,368
Net asset value, offering and redemption price per share		$	14.86

(a) Includes loaned securities having market value of $3,597,517.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)


Investment income:

Dividends	$	6,132,774
Interest (including securities lending income of $8,913)		337,637

Total income		6,470,411

Expenses:

Management fees		1,786,501
Transfer agent fees		95,281
Printing fee		69,563
Shareholder meeting expense		59,205
Professional fees		33,590
Custody and accounting fees		16,485
Trustee fees		9,719
Other		7,010

Total expenses		2,077,354

Less — expense reductions		(15,283	)

Net expenses		2,062,071

NET INVESTMENT INCOME		4,408,340

Realized and unrealized gain on investment transactions:

Net realized gain from investment transactions		25,318,116
Net change in unrealized gain on investments		1,911,077

Net realized and unrealized gain on investments transactions		27,229,193

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	31,637,533

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statements of Changes in Net Assets


	For the
	Six Months Ended			For the
	June 30, 2007			Year Ended
	(Unaudited)			December 31, 2006
From operations:

Net investment income	$	4,408,340		$	7,653,950
Net realized gain on investment transactions		25,318,116			29,381,353
Net change in unrealized gain on investments		1,911,077			36,557,636

Net increase in net assets resulting from operations		31,637,533			73,592,939

Distributions to shareholders:

From net investment income		—			(6,608,062	)
From net realized gain		—			(15,880,947	)

Total distributions to shareholders		—			(22,489,009	)

From share transactions:

Proceeds from sales of shares		86,411,817			88,935,399
Reinvestments of dividends and distributions		—			22,488,997
Cost of shares repurchased		(20,110,371	)		(43,664,607	)

Net increase in net assets resulting from share transactions		66,301,446			67,759,789

TOTAL INCREASE		97,938,979			118,863,719

Net assets:

Beginning of period		432,015,615			313,151,896

End of period	$	529,954,594		$	432,015,615

Accumulated undistributed net investment income	$	5,904,047		$	1,495,707

Summary of share transactions:

Shares sold		5,994,248			6,612,585
Shares issued on reinvestment of dividends and distributions		—			1,613,271
Shares repurchased		(1,395,086	)		(3,318,130	)

NET INCREASE		4,599,162			4,907,726

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period



			Income (loss) from																														Ratios assuming no
			investment operations								Distributions to shareholders																						expense reductions

					Net																									Ratio of			Ratio of			Ratio of
	Net asset				realized						From			From						Net asset					Net assets,		Ratio of			net investment			total			net investment
	value,		Net		and			Total from			net			net						value,					end of		net expenses			income			expenses			income			Portfolio
	beginning		investment		unrealized			investment			investment			realized			Total			end of		Total			period		to average			to average			to average			to average			turnover
Year	of period		income^(a)		gain (loss)			operations			income			gains			distributions			period		return^(b)			(in 000s)		net assets			net assets			net assets			net assets			rate

FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)

2007	$	13.91	$	0.13	$	0.82		$	0.95		$	—		$	—		$	—		$	14.86		6.83	%	$	529,955		0.85	% ^(c)		1.86	% ^(c)		0.86	%^(c)		1.85	% ^(c)		29	%
FOR THE YEARS ENDED DECEMBER 31,

2006		11.97		0.28		2.43			2.71			(0.23	)		(0.54	)		(0.77	)		13.91		22.63			432,016		0.86			2.15			0.87			2.14			52
2005		11.71		0.21		0.25			0.46			(0.20	)		—			(0.20	)		11.97		3.93			313,152		0.88			1.77			0.88			1.77			46
2004		10.00		0.19		1.69			1.88			(0.17	)		—			(0.17	)		11.71		18.80			276,395		0.86			1.75			0.86			1.75			58
2003		8.14		0.13		1.85			1.98			(0.12	)		—			(0.12	)		10.00		24.36			230,316		1.02			1.44			1.20			1.26			51
2002		9.33		0.13		(1.19	)		(1.06	)		(0.13	)		—			(0.13	)		8.14		(11.34	)		36,911		1.05			1.51			1.27			1.29			98

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Fund. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that may affect the reported amounts. Actual results could differ from those estimates.

A. Investment Valuation — Investments in equity securities and investment companies traded on a U.S. securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities are valued at the last bid price. Debt securities are valued at prices supplied by independent pricing services, broker/dealer-supplied valuations or matrix pricing systems. 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 the current value. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share on valuation date. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. Securities for which quotations are not readily available or are deemed not to reflect market value by the investment adviser are valued at fair value using methods approved by the Trust’s Board of Trustees.

B. Security Transactions and Investment Income — Security transactions are reflected as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified-cost basis. Dividend income is recorded on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Fund, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted.

Pursuant to applicable law and procedures adopted by the Trust’s Board of Trustees, securities transactions in portfolio securities (including futures transactions) may be effected from time to time through Goldman Sachs or an affiliate. In order for Goldman Sachs or an affiliate, acting as agent, to effect securities or futures transactions for a Fund, the commissions, fees or other remuneration received by Goldman Sachs or an affiliate must be reasonable and fair compared to the commissions, fees or other remuneration received by other brokers in connection with comparable transactions involving similar securities or futures contracts.

D. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”) applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal tax provisions are required. Dividends and distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually. Net capital losses are carried forward to future years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gain distributions.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules, which may differ from generally accepted accounting principles. Therefore, the source of the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income or net realized gain, or as a tax return of capital.

In addition, distributions paid by the Fund’s investments in real estate investment trusts (“REITs”) often include a “return of capital” which is recorded by the Fund as a reduction of the cost basis of the securities held. The Code requires a REIT to distribute at least 95% of its taxable income to investors. In many cases, however, because of “non-cash” expenses such as property depreciation, a REIT’s cash flow will exceed its taxable income. The REIT may distribute this excess cash to offer a more competitive yield. This portion of the distribution is deemed a return of capital and is generally not taxable to shareholders.

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

3. AGREEMENTS

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser pursuant to a Management Agreement (the “Agreement”) with the Trust on behalf of the Fund. Under this Agreement, GSAM manages the Fund, subject to the general supervision of the Trust’s Board of Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administering the Fund’s business affairs, including providing facilities, GSAM is entitled to a fee (“Management fee”) computed daily and payable monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the six months ended June 30, 2007, GSAM received a Management fee on a contractual basis at the following rates:

Contractual Management Fee

Up to

Next

Over

Effective

$1 billion

$2 billion

Fee

0.75%

0.68%

0.65%

0.75%

GSAM has voluntarily agreed to limit certain “Other Expenses” of the Fund (excluding Management fees, Transfer Agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification costs, shareholder meeting and other extraordinary expenses exclusive of any custody and transfer agent fee credit reductions) to the extent that such expenses exceed, on an annual basis, 0.114% of the average daily net assets of the Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. For the six months ended June 30, 2007, GSAM made no reimbursements to the Fund.

In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent resulting in a reduction in the Fund’s expenses. For the six months ended June 30, 2007, custody and transfer agent fees were reduced by approximately $300 and $15,000, respectively.

Goldman Sachs also serves as the Transfer Agent of the Fund for a fee. The fees charged for such transfer agency services are calculated daily and payable monthly equal to an annual rate of 0.04% of the average daily net assets of the Fund. Goldman Sachs serves as the distributor of the Fund’s shares at no cost to the Fund.

At June 30, 2007, amounts owed to affiliates were approximately $325,400 and $17,400 for Management and Transfer Agent fees, respectively.

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

4. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long term securities for the six months ended June 30, 2007 were $204,666,488 and $134,711,807, respectively. For the six months ended June 30, 2007, Goldman Sachs earned approximately $15,200 of brokerage commissions from portfolio transactions, executed on behalf of the Fund.

5. SECURITIES LENDING

Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Fund may lend its securities through a securities lending agent, Boston Global Advisers (“BGA”) — a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities 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 Fund, 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 Fund on the next business day. As with other extensions of credit, the Fund bears the risk of delay on recovery or loss of rights in the collateral should the borrower of the securities fail financially.

The Fund invests the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio of Boston Global Investment Trust, a Delaware statutory trust. The Enhanced Portfolio is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM, for which GSAM receives an investment advisory fee of up to 0.10% of the average daily net assets of the Enhanced Portfolio. The Enhanced Portfolio invests in high quality money market instruments. The Fund bears the risk of incurring a loss from the investment of cash collateral due to either credit or market factors. Both the Fund and BGA receive compensation relating to the lending of the Fund’s securities. The amount earned by the Fund for the six months ended June 30, 2007 is reported parenthetically under Investment Income on the Statement of Operations. A portion of this amount, $131, represents compensation earned by the Fund from lending its securities to Goldman Sachs. For the six months ended June 30, 2007, BGA earned $1,109 in fees as securities lending agent. The amount payable to Goldman Sachs upon return of securities loaned as of June 30, 2007 was $867,000.

6. LINE OF CREDIT FACILITY

The Fund participates in a $450,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other registered investment companies having management or investment advisory agreements with GSAM or affiliates. Under the most restrictive arrangement under the facility, the Fund must own securities having a market value in excess of 300% of the total bank borrowings. The facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. This committed facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the period ended June 30, 2007, the Fund did not have any borrowings under the facility.

7. TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2006, the Fund’s capital loss carryforwards and certain timing differences on a tax basis were as follows.


Capital loss carryforward:⁽¹⁾
Expiring 2010	$	(2,370,037	)

Timing differences (deferred REIT distributions)		31,956

(1) Expiration occurs on December 31, of the year indicated. Utilization of these losses may be limited under the Internal Revenue Code.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

7. TAX INFORMATION (continued)

At June 30, 2007, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Tax cost	$	458,795,213

Gross unrealized gain		74,815,863
Gross unrealized loss		(4,223,421	)

Net unrealized security gain		70,592,442

The difference between book-basis and tax basis unrealized gains (losses) is attributable primarily to differences related to the tax treatment of partnership investments, wash sales and return of capital distributions from underlying fund investments. The cumulative timing differences consist of deferred income distributions from underlying fund investments.

8. OTHER MATTERS

New Accounting Pronouncements — On September 15, 2006, the FASB released Statement Financial Accounting Standard No. 157 “Fair Value Measurement” (“FAS 157”) which provides enhanced guidance for using fair value to measure assets and liabilities. The standard requires companies to provide expanded information about the assets and liabilities measured at fair value and the potential effect on these fair valuations of an entity’s financial performance. The standard does not expand the use of fair value in any new circumstances, but provides clarification on acceptable fair valuation methods and applications. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. The investment adviser does not believe the adoption of FAS 157 will impact the amounts reported in the financials statements, however, additional disclosures will be required.

9. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

On December 14, 2006, the Board of Trustees of the Trust, upon the recommendation of the Board’s audit committee, approved a change of the Fund’s independent registered public accounting firm from Ernst & Young LLP to PricewaterhouseCoopers LLP. For the years ended December 31, 2006 and December 31, 2005, Ernst & Young LLP’s audit reports contained no adverse opinion or disclaimer of opinion; nor were their reports qualified or modified as to uncertainty, audit scope, or accounting principles. Further, there were no disagreements between the Fund and Ernst & Young LLP on accounting principles or practices, financial statement disclosure or audit scope or procedures, which if not resolved to the satisfaction of Ernst & Young LLP would have caused them to make reference to the disagreement in their reports.

10. SUBSEQUENT EVENTS

Effective July 2, 2007, Goldman Sachs voluntarily reduced the transfer agent fee from an annual rate of 0.04% to an annual rate of 0.02% of the average daily net assets of the Institutional and Service Shares.

On July 26, 2007, the Fund’s Service shares commenced operations.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

The Trustees oversee the management of Goldman Sachs Variable Insurance Trust (the “Trust”), and review the investment performance and expenses of the investment fund covered by this Report (the “Fund”) at regularly scheduled meetings held during the Fund’s fiscal year. In addition, the Trustees determine annually whether to approve and continue the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) for the Fund.

The Management Agreement was most recently approved by the Trustees, including all of the Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), on June 13, 2007 (the “Annual Contract Meeting”).

To assist the Trustees in their deliberations at the Annual Contract Meeting, and in addition to the reviews of the Fund’s investment performance, expenses and other matters at regularly scheduled Board meetings, the Trustees have a Contract Review Committee (the “Committee”) whose members include all of the Independent Trustees. The Committee held meetings on December 14, 2006, February 7, 2007 and May 9, 2007. At these Committee meetings, the Independent Trustees considered matters relating to the Management Agreement including: (a) the Fund’s investment performance; (b) the Fund’s management fee arrangements; (c) the Investment Adviser’s undertaking to reimburse certain expenses of the Fund that exceed a specified level; (d) potential economies of scale and the level of breakpoints in the fee schedule under the Management Agreement; (e) the relative expense level of the Fund as compared to comparable funds; (f) data relating to the Investment Adviser’s profitability with respect to the Trust and the Fund; (g) capacity issues relating to certain of the funds managed by the Investment Adviser; (h) information on the advisory fees charged to institutional accounts; (i) the quality of the non-advisory services provided by the Investment Adviser and its affiliates; (j) information on the processes followed by a third party mutual fund data provider engaged as part of the Trustees’ contract review (the “Outside Data Provider”) in producing investment performance and expense comparisons for the Fund; (k) an update on soft dollars and other trading related issues; and (l) the quality of the services provided by the Fund’s unaffiliated service providers and reports on due diligence visits to outside service providers.

At the Annual Contract Meeting, the Trustees reviewed the matters that were considered at the Committee meetings and also considered additional matters including: (a) a summary of fee concessions by the Investment Adviser and its affiliates with respect to the Goldman Sachs mutual funds since 2003; (b) the quality of the Investment Adviser’s services; (c) the structure, staff and capabilities of the Investment Adviser and its portfolio management team; (d) the groups within the Investment Adviser that support the portfolio management team, including the legal and compliance departments, the valuation oversight group, the risk and performance analytics group, the business planning team and the technology group; (e) the Investment Adviser’s business continuity and disaster recovery planning; (f) the Investment Adviser’s financial resources and its ability to hire and retain talented personnel; (g) the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, distribution, portfolio brokerage and other services; (h) the terms of the Management Agreement; (i) the administrative services provided under the Management Agreement, including the nature and extent of the Investment Adviser’s oversight of the Fund’s other service providers, including the custodian and fund accounting agent; and (j) the Investment Adviser’s policies addressing various potential conflicts of interest. At the Annual Contract Meeting, the Trustees also considered at further length the Fund’s investment performance, fees and expenses, including the Fund’s expense trends over time and the breakpoints in the contractual fee rate under the Management Agreement approved in 2006.

In connection with the Committee meetings and the Annual Contract Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities under applicable law. Also, in conjunction with these meetings, the Trustees attended other sessions at which the Trustees reviewed the commission rates paid by the Fund on brokerage transactions, the Investment Adviser’s receipt of research services in connection with those transactions, and the payment of Rule 12b-1 distribution and service fees that are payable by the Fund on its Service Share Class. Information was also provided to the Trustees relating to revenue sharing payments made by the Investment Adviser, portfolio manager compensation, the alignment of the interests of the Fund and the portfolio managers, the number and types of accounts managed by the portfolio managers, and other matters. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent counsel, without representatives of the Investment Adviser present.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

The presentations made at the Contract Review Committee meetings and the Annual Contract Meeting encompassed the Fund and other mutual fund portfolios for which the Board of Trustees has responsibility. While the management agreements for the Fund and these other mutual fund portfolios were approved at the same Annual Contract Meeting, the Trustees considered the Management Agreement as it applied to the Fund separately.

In evaluating the Management Agreement at the Annual Contract Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser, its services and the Fund. At those meetings the Trustees received materials relating to the Investment Adviser’s investment management and other services under the Management Agreement, including: (a) information on the investment performance of the Fund in comparison to other mutual funds and benchmark performance indices; (b) general investment outlooks in the markets in which the Fund invests; (c) compliance reports; and (d) expenses borne by the Fund. In addition, the Trustees were provided with disclosure materials regarding the Goldman Sachs mutual funds and their expenses that are provided to investors who invest in the funds, as well as information on the Goldman Sachs mutual funds’ competitive universe and discussed the broad range of other investment choices that are available to those investors.

In connection with their approval of the Management Agreement, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services, and the other, non-advisory services, that are provided to the Fund by the Investment Adviser and its affiliates. These services include services as the Fund’s transfer agent, securities lending agent and distributor. In addition, affiliates of the Investment Adviser receive compensation in connection with the execution of the Fund’s portfolio transactions. The Trustees concluded that the Investment Adviser was both able to commit substantial financial and other resources to the operations of the Fund and had continued to commit those resources in multiple areas including portfolio management, trading, technology, human resources, tax, treasury, legal, compliance, vendor oversight and risk management. The Trustees also believed that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser, including education and training initiatives.

The Trustees also considered the investment performance of the Fund and the Investment Adviser. In this regard, the Trustees compared the investment performance of the Fund to the performance of other SEC-registered funds and to rankings and ratings issued by the Outside Data Provider. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. This information on the Fund’s investment performance was provided for one, three and five year periods. In addition, the Trustees considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies, as well as in light of periodic analyses of its quality and risk profile. In addition, the Trustees considered whether the Fund had operated within its investment policies, and its record of compliance with its investment limitations. The Trustees concluded that the Fund was providing investment performance within a competitive range for long-term investors.

The Board of Trustees also considered the contractual fee rate payable by the Fund under the Management Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as a registered mutual fund. They also considered information that indicated that these mutual fund services differed in various significant respects from the services provided to the Investment Adviser’s institutional accounts, which generally paid lower fees. In addition, the fees paid by the Fund and the Fund’s total operating expense ratios (before and after applicable expense reimbursements) were compared to similar information for comparable mutual funds advised by other, unaffiliated investment management firms. Most of the comparisons of the Fund’s fee rates and total operating expense ratios were prepared by the Outside Data Provider.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

In addition, the Trustees considered the Investment Adviser’s voluntary undertaking to limit the Fund’s “other expenses” ratio (excluding certain expenses) to a specified level.

The Board of Trustees also considered the breakpoints in the contractual fee rate under the Management Agreement for the Fund that had been implemented at the following annual percentages of the average daily net assets of the Fund:

0.75% on the first $1 billion; 0.68% on the next $1 billion; and 0.65% over $2 billion.

In approving these fee breakpoints, the Trustees had reviewed information regarding the Investment Adviser’s potential economies of scale, and whether the Fund and its shareholders were participating in the benefits of those economies. In this regard, the Trustees considered the amount of assets in the Fund; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; and information comparing fee rates charged by the Investment Adviser with fee rates charged by other, unaffiliated investment managers to other mutual funds. Upon reviewing these matters again at the Annual Contract Meeting in 2007, the Trustees continued to believe that the fee breakpoints were a way to ensure that benefits of scalability would be passed along to shareholders at the specified asset levels.

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from the Fund as stated above, including the fees received by them for transfer agency, securities lending, distribution and brokerage services, and the brokerage and research services received by the Investment Adviser in connection with the placement of brokerage transactions for the Fund. In this regard, the Trustees noted that the Investment Adviser had adopted a policy to cease obtaining third party non-broker research based on the Fund’s brokerage transactions. They also noted that the Fund had offered a share class, Service Shares, with a distribution and service plan under which an affiliate of the Investment Adviser would receive fees.

In addition, the Trustees reviewed the Investment Adviser’s pre-tax revenues and pre-tax margins with respect to the Trust and the Fund. In this regard the Trustees reviewed, among other things, profitability analyses and summaries, revenue and expense schedules, and expense allocation methodologies, as well as a report of independent accountants regarding the results of certain agreed-upon procedures to verify expense allocation calculations that were designed to assist the Trustees in their evaluation of the Investment Adviser’s schedules of revenues and expenses. The Trustees considered the Investment Adviser’s revenues and margins both in absolute terms and in comparison to the information on the reported margins earned by other asset management firms.

After deliberation and consideration of the information provided, including the factors described above, the Trustees concluded that the management fees paid by the Fund were reasonable in light of the services provided by the Investment Adviser, its costs and the Fund’s current and reasonably foreseeable asset levels, and that the Management Agreement should be approved and continued.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH AND INCOME FUND

Fund Expenses (Unaudited) — Six Month Period Ended June 30, 2007

          As a shareholder of the Fund, you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

          The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2007 through June 30, 2007.

          Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid” to estimate the expenses you paid on your account during this period.

          Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

          Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund, you do not incur any transaction costs, such as sales charges (loads), redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing on going costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Expenses Paid

for the

Beginning

Ending

six months

Account Value

ended

1/1/07

6/30/07

6/30/07*

Actual

1,000.00

1,068.30

4.36

Hypothetical 5% return

1,000.00

1,020.58

4.26

* Expenses are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2007. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period was 0.85%.

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratio and an assumed rate of return of 5% per year before expenses.


TRUSTEES		OFFICERS
Ashok N. Bakhru, Chairman		Kaysie P. Uniacke, President
John P. Coblentz, Jr.		James A. McNamara, Senior Vice President
Diana M. Daniels		John M. Perlowski, Senior Vice President
Patrick T. Harker		and Treasurer
Jessica Palmer		Peter V. Bonanno, Secretary
Alan A. Shuch
Richard P. Strubel
Kaysie P. Uniacke

GOLDMAN, SACHS & CO. Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission Web site at http://www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. Beginning the fiscal quarter ended September 30, 2004 and every first and third fiscal quarter thereafter, the Fund’s Form N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. When available, Form N-Q may be obtained upon request and without charge by calling 1-800-621-2550.





This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Please consider a Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio,which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Growth and Income Fund.


Copyright 2007 Goldman, Sachs & Co. All rights reserved.

VITG&ISAR/07-1654/51.3K

Goldman

Sachs Variable Insurance Trust

GOLDMAN SACHS ASSET MANAGEMENT, L.P. 32 OLD SLIP, NEW YORK, NEW YORK 10005

Structured U.S. Equity Fund

Semiannual Report

June 30, 2007

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

Shareholder Letter

Dear Shareholders:

This report provides an overview on the performance of the Goldman Sachs Variable Insurance Trust — Structured U.S. Equity Fund during the six-month reporting period that ended June 30, 2007.

Market Review

The S&P 500 Index returned 6.96% for the six-month period ending June 30, 2007. Nine of the ten sectors in the Index posted positive results for the period, led by the Energy (+17.0%) and Materials (+16.6%) sectors. The Energy sector also contributed most positively (weight times performance) to returns for the month, followed by the Information Technology (+9.1%) sector. The Information Technology sector had the second biggest positive impact on performance due to its large weight in the Index.

Investment Objective

The Fund seeks long-term growth of capital and dividend income. The Fund seeks this objective through a broadly diversified portfolio of large-cap and blue chip investments representing all major sectors of the U.S. economy.

Portfolio Composition

Top 10 Portfolio Holdings as of June 30, 2007*


	% of
Company	Net Assets			Business

Exxon Mobil Corp.		5.2	%	Energy
Microsoft Corp.		3.3		Software & Services
Pfizer, Inc.		3.0		Pharmaceuticals, Biotechnology & Life Sciences
Cisco Systems, Inc.		2.9		Technology Hardware & Equipment
JPMorgan Chase & Co.		2.8		Diversified Financials
General Electric Co.		2.3		Capital Goods
Time Warner, Inc.		2.3		Media
Bank of America Corp.		2.2		Diversified Financials
Merrill Lynch & Co., Inc.		2.1		Diversified Financials
CBS Corp.		1.8		Media

* Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained by the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of stocks or bonds should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise.

Performance Review

Over the six-month period ended June 30, 2007, the Fund’s Institutional and Service Shares generated a cumulative total return of 4.98% and 4.91%, respectively. These returns compare to the 6.96% cumulative total return of the Fund’s benchmark, the Standard & Poor’s 500 Index (with dividends reinvested), over the same time period.

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

Shareholder Letter (continued)

Our model is based on six investment themes — Valuation, Profitability, Earnings Quality, Management Impact, Momentum and Analyst Sentiment. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Profitability assesses whether the company is earning more than its cost of capital. Earnings Quality evaluates whether the company’s earnings are coming from a steady cash flow, as opposed to accruals. Management Impact captures a company’s management strategy and effectiveness through the company’s investing and financing behavior. Momentum predicts drift in stock prices caused by under-reaction to company-specific information. Finally, the Analyst Sentiment theme looks at how Wall Street analysts’ views about a company’s earnings and prospects are changing over time.

Similar to the August-November 2006 period, we witnessed signs of another “speculative rally” in the first half of 2007. Specifically, firms with negative earnings and low Standard & Poor’s quality ratings outperformed their “higher quality” peers. On average, the opposite is true over longer periods of time. We believe this low quality rally, which ebbed and flowed over the reporting period, was a factor in our model’s underperformance, as investors sought more richly valued stocks with lesser earnings quality. In addition, the ebb and flow of the preference for low quality securities meant that our Momentum theme, which depends on stocks establishing price trends in one direction or the other, detracted from results.

Returns to our investment themes were negative overall for the six-month period. Momentum was, by far, the worst performing theme, as companies with strong momentum characteristics underperformed their industry counterparts. This was particularly evident among low volatility, Information Technology stocks. Valuation and Earnings Quality also detracted from returns, albeit to a lesser extent. Conversely, Analyst Sentiment, Profitability and Management Impact contributed positively to returns for the period, but did little to offset losses experienced elsewhere.

In addition, “Earnings Surprises” (large price movements associated with earnings announcements) also had a negative impact on the Fund’s performance. Stock selection among sectors was negative overall for the period. The Fund’s holdings in the Information Technology and Healthcare sectors detracted the most from performance during the period. On the upside, stock selection in the Industrials and Consumer Staples sectors were the most successful.

In June 2007, we made two enhancements to our U.S. model. The first enhancement, an extension of our Momentum theme, seeks to capture cross-company lead-lag effects. The opportunity to generate incremental returns is created when stock prices react with a delay to news about related companies. The second enhancement is based on the observation that returns to the investment themes vary with information uncertainty. We think prices adjust more slowly when there is more uncertainty and, thus, by increasing our exposure to stocks with more “vagueness” in their information, we improve the potential return to our investment themes. Our tests of the enhanced version of the model shows that historical excess returns increase consistently across capitalization ranges and time periods. Although our underlying philosophy remains unchanged, our models are constantly evolving in an effort to enhance future results. We believe both of these enhancements improve our model’s efficacy and will provide a significant benefit to our portfolios.

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

We thank you for your investment and look forward to serving your investment needs in the future.

Goldman Sachs Quantitative Equity Management Team

July 17, 2007

Shares of the Goldman Sachs Variable Insurance Trust (“VIT”) Structured U.S. Equity Fund are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

The VIT Structured U.S. Equity Fund invests in a broadly diversified portfolio of U.S. stocks. The Fund is subject to market risks, as the share prices of the securities in the portfolio may go up or down. This could occur in response to the prospects of the companies issuing the stock, overall sector performance and/ or general economic conditions.

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

Shareholder Letter (continued)

SECTOR ALLOCATION^†

Percentage of Net Assets

^† The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term Investments include repurchase agreements and securities lending collateral. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

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

Schedule of Investments

June 30, 2007 (Unaudited)



Shares		Description	Value
Common Stocks – 100.0%

Banks – 3.6%
	123,300	Countrywide Financial Corp.	$	4,481,955
	303,386	Hudson City Bancorp, Inc.		3,707,377
	163,100	Regions Financial Corp.		5,398,610
	83,500	SunTrust Banks, Inc.		7,159,290
	73,600	U.S. Bancorp		2,425,120
	192,600	Wachovia Corp.		9,870,750
	6,900	Washington Mutual, Inc.		294,216
	227,800	Wells Fargo & Co.		8,011,726

				41,349,044

Capital Goods – 8.6%
	11,900	3M Co.		1,032,801
	24,700	AGCO Corp.*		1,072,227
	33,000	Cummins, Inc.		3,339,930
	44,400	Deere & Co.		5,360,856
	707,688	General Electric Co.		27,090,297
	18,900	Honeywell International, Inc.		1,063,692
	40,600	Lockheed Martin Corp.		3,821,678
	256,700	Northrop Grumman Corp.		19,989,229
	123,600	PACCAR, Inc.		10,758,144
	172,500	Raytheon Co.		9,296,025
	500	SPX Corp.		43,905
	9,200	Terex Corp.*		747,960
	107,339	The Boeing Co.		10,321,718
	136,300	Tyco International Ltd.*		4,605,577
	9,900	W.W. Grainger, Inc.		921,195

				99,465,234

Commercial Services & Supplies – 0.9%
	500	Dun & Bradstreet Corp.		51,490
	110,700	Manpower, Inc.		10,210,968

				10,262,458

Consumer Durables & Apparel – 0.2%
	72,500	Hasbro, Inc.		2,277,225
	6,800	Mattel, Inc.		171,972

				2,449,197

Consumer Services – 2.1%
	14,500	Carnival Corp.		707,165
	22,600	ITT Educational Services, Inc.*		2,652,788
	255,419	Marriott International, Inc. Class A		11,044,318
	157,000	McDonald’s Corp.		7,969,320
	60,200	Yum! Brands, Inc.		1,969,744

				24,343,335

Diversified Financials – 10.0%
	166,900	AmeriCredit Corp.*		4,431,195
	24,300	Ameriprise Financial, Inc.		1,544,751
	522,222	Bank of America Corp.		25,531,434
	241,614	Citigroup, Inc.		12,392,382
	665,800	JPMorgan Chase & Co.		32,258,010
	287,400	Merrill Lynch & Co., Inc.		24,020,892
	115,500	Moody’s Corp.		7,184,100
	102,500	Morgan Stanley		8,597,700
	1,800	SLM Corp.		103,644

				116,064,108

Energy – 10.7%
	131,300	Chevron Corp.		11,060,712
	269,300	Devon Energy Corp.		21,083,497
	12,700	Dresser-Rand Group, Inc.*		501,650
	715,266	Exxon Mobil Corp.		59,996,512
	53,200	GlobalSantaFe Corp.		3,843,700
	25,400	Halliburton Co.		876,300
	53,200	Holly Corp.		3,946,908
	199,600	Marathon Oil Corp.		11,968,016
	900	Overseas Shipholding Group, Inc.		73,260
	500	SEACOR Holdings, Inc.*		46,680
	80,600	Tesoro Corp.		4,606,290
	8,700	Tidewater, Inc.		616,656
	77,000	Valero Energy Corp.		5,687,220

				124,307,401

Food & Staples Retailing – 1.5%
	48,522	CVS/Caremark Corp.		1,768,627
	316,500	Safeway, Inc.		10,770,495
	172,100	The Kroger Co.		4,841,173
	1,300	Wal-Mart Stores, Inc.		62,543

				17,442,838

Food, Beverage & Tobacco – 5.6%
	169,600	Altria Group, Inc.		11,895,744
	38,200	Molson Coors Brewing Co. Class B		3,531,972
	372,500	The Coca-Cola Co.		19,485,475
	542,300	Tyson Foods, Inc. Class A		12,494,592
	324,767	UST, Inc.		17,443,236

				64,851,019

Health Care Equipment & Services – 4.2%
	339,594	AmerisourceBergen Corp.		16,799,715
	1,600	Apria Healthcare Group, Inc.*		46,032
	188,400	Cigna Corp.		9,838,248
	117,669	Humana, Inc.*		7,167,219
	63,200	Medco Health Solutions, Inc.*		4,928,968
	30,500	WellCare Health Plans, Inc.*		2,760,555
	81,100	Zimmer Holdings, Inc.*		6,884,579

				48,425,316

Household & Personal Products – 1.2%
	95,100	Energizer Holdings, Inc.*		9,471,960
	6,500	NBTY, Inc.*		280,800
	63,400	Procter & Gamble Co.		3,879,446

				13,632,206

Insurance – 4.8%
	68,030	AMBAC Financial Group, Inc.		5,931,535
	369,600	Genworth Financial, Inc.		12,714,240
	383,300	Loews Corp.		19,540,634

The accompanying notes are an integral part of these financial statements.

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

Schedule of Investments (continued)

June 30, 2007 (Unaudited)



Shares		Description	Value
Common Stocks – (continued)

Insurance – (continued)
	268,863	MBIA, Inc.	$	16,728,656
	3,000	Nationwide Financial Services, Inc.		189,660

				55,104,725

Materials – 2.9%
	17,400	Celanese Corp. Series A		674,772
	361,900	Domtar Corp.*		4,038,804
	250,400	Monsanto Co.		16,912,016
	9,800	Newmont Mining Corp.		382,788
	183,100	Nucor Corp.		10,738,815
	3,700	United States Steel Corp.		402,375

				33,149,570

Media – 6.2%
	635,930	CBS Corp. Class B		21,189,188
	14,600	Liberty Media Holding Corp., Capital Series Class A*		1,718,128
	30,840	The McGraw-Hill Companies, Inc.		2,099,587
	97,600	News Corp. Class B^(a)		2,238,944
	1,240,453	Time Warner, Inc.		26,099,131
	157,879	The DIRECTV Group, Inc.*		3,648,584
	414,886	The Walt Disney Co.		14,164,208

				71,157,770

Pharmaceuticals, Biotechnology & Life Sciences – 8.3%
	33,890	Amgen, Inc.*		1,873,778
	129,600	Applera Corporation-Applied Biosystems Group		3,957,984
	180,800	Forest Laboratories, Inc.*		8,253,520
	433,200	Gilead Sciences, Inc.*		16,795,164
	358,808	Merck & Co., Inc.		17,868,638
	229,400	Millennium Pharmaceuticals, Inc.*		2,424,758
	1,333,115	Pfizer, Inc.		34,087,751
	304,100	Schering-Plough Corp.		9,256,804
	26,600	Watson Pharmaceuticals, Inc.*		865,298

				95,383,695

Real Estate – 1.2%
	63,600	CB Richard Ellis Group, Inc. Class A*		2,321,400
	11,000	Developers Diversified Realty Corp. (REIT)		579,810
	78,400	Health Care Property Investors, Inc. (REIT)		2,268,112
	28,800	HRPT Properties Trust (REIT)		299,520
	69,200	iStar Financial, Inc. (REIT)		3,067,636
	20,300	ProLogis (REIT)		1,155,070
	36,400	Simon Property Group, Inc. (REIT)		3,386,656
	6,400	SL Green Realty Corp. (REIT)		792,896

				13,871,100

Retailing – 2.6%
	77,400	Amazon.com, Inc.*		5,294,934
	539,794	AutoNation, Inc.*		12,112,977
	60,700	Expedia, Inc.*		1,777,903
	80,600	IAC/InterActiveCorp*		2,789,566
	253,700	RadioShack Corp.		8,407,618

				30,382,998

Semiconductors & Semiconductor Equipment – 2.4%
	246,500	Intel Corp.		5,856,840
	11,300	Novellus Systems, Inc.*		320,581
	558,052	Texas Instruments, Inc.		20,999,497

				27,176,918

Software & Services – 7.8%
	472,500	Accenture Ltd. Class A		20,265,525
	12,900	Computer Sciences Corp.*		763,035
	72,700	Mastercard, Inc. Class A		12,058,749
	1,311,040	Microsoft Corp.		38,636,349
	637,300	Symantec Corp.*		12,873,460
	209,611	Synopsys, Inc.*		5,540,018

				90,137,136

Technology Hardware & Equipment – 6.8%
	300	Andrew Corp.*		4,332
	97,200	Apple Computer, Inc.*		11,862,288
	70,000	Avnet, Inc.*		2,774,800
	1,197,740	Cisco Systems, Inc.*		33,357,059
	382,000	EMC Corp.*		6,914,200
	342,300	Hewlett-Packard Co.		15,273,426
	178,600	Lexmark International, Inc. Class A*		8,806,766

				78,992,871

Telecommunication Services – 4.9%
	29,600	ALLTEL Corp.		1,999,480
	491,442	AT&T, Inc.		20,394,843
	166,500	CenturyTel, Inc.		8,166,825
	767,895	Sprint Nextel Corp.		15,903,105
	18,380	Telephone & Data Systems, Inc.		1,150,037
	8,400	United States Cellular Corp.*		761,040
	195,200	Verizon Communications, Inc.		8,036,384

				56,411,714

Transportation – 0.8%
	39,900	Avis Budget Group, Inc.*		1,134,357
	53,800	J.B. Hunt Transport Services, Inc.		1,577,416
	55,500	Union Pacific Corp.		6,390,825

				9,102,598

Utilities – 2.7%
	1,400	Constellation Energy Group, Inc.		122,038
	6,101	Dynergy Inc. Class A*		57,593
	20,500	Entergy Corp.		2,200,675
	396,000	PG&E Corp.		17,938,800

The accompanying notes are an integral part of these financial statements.

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



Shares		Description	Value
Common Stocks – (continued)

Utilities – (continued)
	307,800	Reliant Energy, Inc.*	$	8,295,210
	38,070	TXU Corp.		2,562,111

				31,176,427

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
(Cost $991,626,153)			$	1,154,639,678


			Interest
Shares		Description	Rate			Value
Securities Lending Collateral — 0.2%

	1,878,625	Boston Global Investment Trust – Enhanced Portfolio		5.309	%	$	1,878,625
(Cost $1,878,625)

TOTAL INVESTMENTS – 100.2%
(Cost $993,504,778)						$	1,156,518,303

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%							(2,097,290)

NET ASSETS – 100.0%						$	1,154,421,013

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.

The accompanying notes are an integral part of these financial statements.

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

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)


Assets:

Investment in securities, at value (identified cost $991,626,153)^(a)		$	1,154,639,678
Securities lending collateral, at value which equals cost			1,878,625
Cash^(b)			89,737
Receivables:
	Dividends and interest		1,409,675
	Fund shares sold		124,973
	Securities lending income		337
Other assets			9,319

Total assets			1,158,152,344

Liabilities:

Due to custodian			115,037
Payables:
	Payable upon return of securities loaned		1,878,625
	Fund shares repurchased		942,705
	Amounts owed to affiliates		674,697
Accrued expenses			120,267

Total liabilities			3,731,331

Net Assets:

Paid-in capital			990,449,718
Accumulated undistributed net investment income			5,714,821
Accumulated net realized loss on investments and futures transactions			(4,757,051	)
Net unrealized gain on investments			163,013,525

NET ASSETS		$	1,154,421,013

Net Assets:
	Institutional	$	910,603,217
	Service		243,817,796

Shares outstanding:
	Institutional		59,142,061
	Service		15,841,055

Total shares of beneficial interest outstanding, $0.001 par value (unlimited shares authorized)			74,983,116

Net asset value, offering and redemption price per share:
	Institutional		$15.40
	Service		15.39

(a) Includes loaned securities having market value of $1,814,554.

(b) Represents restricted cash relating to initial margin requirements and collateral on futures transactions.

The accompanying notes are an integral part of these financial statements.

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

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)


Investment income:

Dividends		$	9,976,108
Interest (including securities lending income of $16,745)			65,869

Total investment income			10,041,977

Expenses:

Management fees			3,722,242
Distribution and Service fees — Service Class			314,118
Transfer agent fees^(a)			232,185
Shareholder meeting expense			169,813
Professional fees			42,252
Custody and accounting fees			41,578
Printing fees			35,022
Trustee fees			9,719
Other			13,771

Total expenses			4,580,700

Less — expense reductions			(253,544	)

Net expenses			4,327,156

NET INVESTMENT INCOME			5,714,821

Realized and unrealized gain on investment and futures transactions:

Net realized gain from:
	Investment transactions		46,846,266
	Futures transactions		153,576
Net change in unrealized gain on:
	Investments		3,740,350
	Futures		23,939

Net realized and unrealized gain on investment and futures transactions			50,764,131

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	56,478,952

(a) Institutional and Service Class had Transfer Agent fees of $181,910 and $50,275, respectively.

The accompanying notes are an integral part of these financial statements.

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

Statements of Changes in Net Assets



		For the
		Six Months Ended			For the
		June 30, 2007			Year Ended
		(Unaudited)			December 31, 2006
From operations:

Net investment income		$	5,714,821		$	11,278,478
Net realized gain from investment and futures transactions			46,999,842			89,765,481
Net change in unrealized gain on investments and futures			3,764,289			26,559,337

Net increase in net assets resulting from operations			56,478,952			127,603,296

Distributions to shareholders:

From net investment income
	Institutional		—			(9,387,354	)
	Service*		—			(2,504,014	)

Total distributions to shareholders			—			(11,891,368	)

From share transactions:

Proceeds from sales of shares			12,852,891			92,250,219
Proceeds received in connection with merger			—			286,785,341
Reinvestments of dividends and distributions			—			11,891,368
Cost of shares repurchased			(87,070,004	)		(154,874,176	)

Net increase (decrease) in net assets resulting from share transactions			(74,217,113	)		236,052,752

TOTAL INCREASE (DECREASE)			(17,738,161	)		351,764,680

Net assets:

Beginning of period			1,172,159,174			820,394,494

End of period		$	1,154,421,013		$	1,172,159,174

Accumulated undistributed net investment income		$	5,714,821		$	—

* Service Share Class commenced operations on January 9, 2006.

The accompanying notes are an integral part of these financial statements.

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

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period



			Income (loss) from																								Ratios assuming no
			investment operations																								expense reductions

					Net						Distribution to													Ratio of			Ratio of			Ratio of
	Net asset				realized						shareholders								Net assets,		Ratio of			net investment			total			net investment
	value,		Net		and			Total from			from net			Net asset					end of		net expenses			income to			expenses			income to			Portfolio
Year - Share	beginning		investment		unrealized			investment			investment			value, end		Total			period		to average			average			to average			average			turnover
Class	of period		income^(a)		gain (loss)			operations			income			of period		return^(b)			(in 000s)		net assets			net assets			net assets			net assets			rate

For the Six Months ended June 30, (Unaudited)

2007 - Institutional	$	14.67	$	0.08	$	0.65		$	0.73		$	—		$	15.40		4.98	%	$	910,603		0.71	%^(d)		1.02	%^(d)		0.72	%^(d)		1.01	%^(d)		49	%
2007 - Service		14.67		0.07		0.65			0.72			—			15.39		4.91			243,818		0.79	^(d)		0.94	^(d)		0.97	^(d)		0.76	^(d)		49
For the Years ended December 31,

2006 - Institutional		13.13		0.14		1.55			1.69			(0.15	)		14.67		12.89			910,345		0.72			1.01			0.72			1.01			99
2006 - Service ^(c)		13.54		0.13		1.14			1.27			(0.14	)		14.67		9.38			261,814		0.80	^(d)		0.92	^(d)		0.97	^(d)		0.75	^(d)		99

2005 - Institutional		12.42		0.13		0.68			0.81			(0.10	)		13.13		6.51			820,394		0.74			1.00			0.76			0.99			109
2004 - Institutional		10.92		0.14		1.49			1.63			(0.13	)		12.42		14.94			521,137		0.75			1.26			0.78			1.23			128
2003 - Institutional		8.49		0.07		2.43			2.50			(0.07	)		10.92		29.47			383,025		0.85			0.79			0.85			0.79			92
2002 - Institutional		10.94		0.06		(2.45	)		(2.39	)		(0.06	)		8.49		(21.89	)		143,439		0.85			0.60			0.86			0.59			84

The accompanying notes are an integral part of these financial statements.

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

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs Structured U.S. Equity Fund (“Fund” or “Structured U.S. Equity Fund”). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service.

On January 9, 2006, pursuant to an Agreement and Plan of Reorganization (the “Reorganization Agreement”) previously approved by the Trust’s Board of Trustees, all of the assets, subject to liabilities, of the Core Equity Fund of the Allmerica Investment Trust (the “Allmerica Fund”), were transferred to the Structured U.S. Equity Fund in exchange for the Structured U.S. Equity Fund’s Service Shares. Holders of shares of the Allmerica Fund received Service shares of the Structured U.S. Equity Fund in an amount equal to the aggregate net asset value of their investment in the Allmerica Fund as of the close of business on January 6, 2006. On the date of the exchange, the Structured U.S. Equity Fund began to offer Service Shares. The exchange was a tax-free event to the Allmerica Fund shareholders.

2. SIGNIFICANT ACCOUNTING POLICIES

Net investment income (other than class-specific expenses) and unrealized and realized gain or losses are allocated daily to each class of shares of the Fund based upon the relative proportion of net assets of each class.

Pursuant to applicable law and procedures adopted by the Trust’s Board of Trustees, securities transactions in portfolio securities (including futures transactions) may be effected from time to time through Goldman, Sachs & Co. (“Goldman Sachs”) or an affiliate. In order for Goldman Sachs or an affiliate, acting as agent, to effect securities or futures transactions for a Fund, the commissions, fees or other remuneration received by Goldman Sachs or an affiliate must be reasonable and fair compared to the commissions, fees or other remuneration received by other brokers in connection with comparable transactions involving similar securities or futures contracts.

C. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Fund on a straight-line and/or “pro-rata” basis depending upon the nature of the expense. Each class of shares of the Fund separately bears its respective class-specific Transfer Agency fees. Service Shares bear all expenses and fees relating to their Distribution and Service Plan.

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

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules, which may differ from generally accepted accounting principles. Therefore, the source of the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain, or as a tax return of capital.

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

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

F. Segregation Transactions — The Fund may enter into certain derivative transactions to seek to increase total return. Futures contracts, written options, when-issued securities and forward commitments represent examples of such transactions. As a result of entering into these transactions, the Fund is required to segregate liquid assets with a current value equal to or greater than the market value of the corresponding transactions.

3. AGREEMENTS

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

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

3. AGREEMENTS (continued)

For the six months ended June 30, 2007, GSAM received a Management fee on a contractual basis at the following rates:



Contractual Management Fee

First $1 Billion		Next $1 Billion		Over $2 Billion		Effective Fee


	0.65%		0.59%		0.56%		0.64%

In connection with the reorganization of the Allmerica Fund into the Fund, GSAM has contractually agreed to reimburse the Fund as necessary to limit the total annual operating expenses of the Services Shares of the Fund to 0.81% until July 2007.

GSAM has also voluntarily agreed to limit certain “Other Expenses” of the Fund (excluding Management fees, Distribution and Service fees, Transfer Agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification costs, shareholder meeting and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent that such expenses exceed, on an annual basis, 0.044% of the average daily net assets of the Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. For the six months ended June 30, 2007, GSAM made no reimbursements to the Fund.

The Fund has entered into certain offset arrangements with the custodian and transfer agent resulting in a reduction in the Fund’s expenses. For the six months ended June 30, 2007, custody and transfer agent fees were reduced by approximately $900 and $39,000, respectively.

Goldman Sachs also serves as Transfer Agent of the Fund for a fee. The fees charged for such transfer agency services are calculated daily and payable monthly equal to an annual rate of 0.04% of the average daily net assets of the Institutional and Service Shares.

The Trust has adopted, on behalf of Service Shares of the Fund, a Distribution and Service Plan (the “Plan”). Under the Plan, Goldman Sachs is entitled to a monthly fee for distribution services equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Services Shares. Goldman Sachs has voluntarily agreed to waive Distribution and Service Shares so as not to exceed 0.08% of the Fund’s average daily net assets attributable to Service Shares. This waiver may be modified or terminated at any time at the option of Goldman Sachs. For the six months ended June 30, 2007, Goldman Sachs waived approximately $213,600 in Distribution and Service fees for the Fund.

At June 30, 2007, amounts owed to affiliates were approximately $619,600, $16,400 and $38,700 for Management, Distribution and Service, and Transfer Agent fees, respectively.

4. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long term securities for the six months ended June 30, 2007, were $572,145,637 and $635,198,904, respectively. For the six months ended June 30, 2007, Goldman Sachs earned approximately $3,800 of brokerage commissions from portfolio transactions, including futures transactions, executed on behalf of the Fund.

5. SECURITIES LENDING

Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Fund may lend its securities through a securities lending agent, Boston Global Advisers (“BGA”) — a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities 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 Fund, at their last sale price or official closing price on the principal exchange or the system on which they are traded, and any additional

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

5. SECURITIES LENDING (continued)

required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund bears the risk of delay on recovery or loss of rights in the collateral should the borrower of the securities fail financially.

The Fund invests the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio of Boston Global Investment Trust, a Delaware statutory trust. The Enhanced Portfolio is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM, for which GSAM receives an investment advisory fee of up to 0.10% of the average daily net assets of the Enhanced Portfolio. The Enhanced Portfolio invests in high quality money market instruments. The Fund bears the risk of incurring a loss from the investment of cash collateral due to either credit or market factors. Both the Fund and BGA receive compensation relating to the lending of the Fund’s securities. The amount earned by the Fund for the six months ended June 30, 2007, is reported parenthetically under Investment Income on the Statement of Operations. A portion of this amount, $5,910, represents compensation earned by the Fund from lending its securities to Goldman Sachs. For the six months ended June 30, 2007, BGA earned $2,854 in fees as securities lending agent.

6. LINE OF CREDIT FACILITY

The Fund participates in a $450,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other registered investment companies having management or investment advisory agreements with GSAM or affiliates. Under the most restrictive arrangement under the facility, the Fund must own securities having a market value in excess of 300% of the total bank borrowings. The facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The committed facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the period ended June 30, 2007, the Fund did not have any borrowings under the facility.

7. TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2006, the Fund’s capital loss carryforwards on a tax basis were as follows:


Capital loss carryforward:⁽¹⁾
	Expiring 2009	$	(24,505,886	)
	Expiring 2010		(35,676,026	)

Total capital loss carryforward		$	(60,181,912	)

(1) Expiration occurs on December 31 of the year indicated. Utilization of these losses may be limited under the Code.

At June 30, 2007, the Fund’s aggregate security unrealized gains and losses based on a cost for U.S. federal income tax purposes were as follows:


Tax cost	$	997,433,010

Gross unrealized gain		173,566,419
Gross unrealized loss		(14,481,126	)

Net unrealized security gain	$	159,085,293

The difference between book-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and mark-to-market losses on Section 1256 futures contracts.

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

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

8. OTHER MATTERS

Merger and Reorganization — At a meeting held on July 12, 2005, the Board of Trustees of the Trust approved the Reorganization Agreement providing for the tax-free acquisition of the Allmerica Fund (“Acquired Fund”) by the Structured U.S. Equity Fund (“Survivor Fund”). Following the approval of the Board of Trustees and shareholders of the Allmerica Fund, the acquisition was completed on January 9, 2006, as of the close of business on January 6, 2006.

Pursuant to the Agreement, the assets and liabilities of the Allmerica Fund Service Class were transferred into the Structured U.S. Equity Fund Service Class in a tax-free exchange as follows:

Acquired Fund’s

Exchanged Shares

Value of

Shares Outstanding

Survivor/Acquired Fund

of Survivor Issued

Exchanged Shares

as of January 6, 2006

Structured U.S. Equity Fund Service Class/Allmerica Fund Service Class

21,180,601

286,785,341

154,899,319

The following chart shows the Survivor Fund’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Fund’s unrealized appreciation.

Survivor Fund’s

Acquired Fund’s

Survivor Fund’s

Aggregate

Net Assets

Acquired Fund’s

before

immediately

Unrealized

Capital Loss

Survivor/Acquired Fund

acquisition

after acquisition

Appreciation

Carryforward

Structured U.S. Equity Fund/Allmerica Fund

846,672,156

286,785,341

1,133,457,497

53,289,382

(215,995,972

)

New Accounting Pronouncement — On September 15, 2006, the FASB released Statement Financial Accounting Standard No. 157 “Fair Value Measurement” (“FAS 157”) which provides enhanced guidance for using fair value to measure assets and liabilities. The standard requires companies to provide expanded information about the assets and liabilities measured at fair value and the potential effect of these fair valuations of an entity’s financial performance. The standard does not expand the use of fair value in any new circumstances, but provides clarification on acceptable fair valuation methods and applications. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. The investment adviser does not believe the adoption of FAS 157 will impact the amounts reported in the financials statements, however, additional disclosures will be required.

9. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:



	For the Six Months Ended
	June 30, 2007						For the Year Ended
	(Unaudited)						December 31, 2006


	Shares			Dollars			Shares			Dollars


Institutional Shares
Shares sold		725,651		$	10,761,228			5,925,895		$	80,892,610
Reinvestment of dividends and distributions		—			—			638,161			9,387,354
Shares repurchased		(3,629,881	)		(54,919,172	)		(7,009,766	)		(94,999,905	)

		(2,904,230	)		(44,157,944	)		(445,710	)		(4,719,941	)

Service Shares*
Shares sold		140,808			2,091,663			833,578			11,357,609
Shares issued in connection with merger		—			—			21,180,601			286,785,341
Reinvestment of dividend and distributions		—			—			170,226			2,504,014
Shares repurchased		(2,143,056	)		(32,150,832	)		(4,341,102	)		(59,874,271	)

		(2,002,248	)		(30,059,169	)		17,843,303			240,772,693

NET INCREASE (DECREASE)		(4,906,478	)	$	(74,217,113	)		17,397,593		$	236,052,752

* Service Share Class commenced operations on January 9, 2006.

11. SUBSEQUENT EVENT

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

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

At the Annual Contract Meeting, the Trustees reviewed the matters that were considered at the Committee meetings and also considered additional matters including: (a) a summary of fee concessions by the Investment Adviser and its affiliates with respect to the Goldman Sachs mutual funds since 2003; (b) the quality of the Investment Adviser’s services; (c) the structure, staff and capabilities of the Investment Adviser and its portfolio management team; (d) the groups within the Investment Adviser that support the portfolio management team, including the legal and compliance departments, the valuation oversight group, the risk and performance analytics group, the business planning team and the technology group; (e) the Investment Adviser’s business continuity and disaster recovery planning; (f) the Investment Adviser’s financial resources and its ability to hire and retain talented personnel; (g) the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, distribution, portfolio brokerage and other services; (h) the terms of the Management Agreement; (i) the administrative services provided under the Management Agreement, including the nature and extent of the Investment Adviser’s oversight of the Fund’s other service providers, including the custodian and fund accounting agent; and (j) the Investment Adviser’s policies addressing various potential conflicts of interest. At the Annual Contract Meeting, the Trustees also considered at further length the Fund’s investment performance, fees and expenses, including the Fund’s expense trends over time and the breakpoints in the contractual fee rate under the Management Agreement approved in 2006.

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

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

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

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees paid by the Fund. In addition, the Trustees considered the Investment Adviser’s voluntary undertaking to limit the Fund’s “other expenses” ratio (excluding certain expenses) to a specified level. This voluntary undertaking is in addition to the Investment Adviser’s separate contractual agreement to reimburse the Fund as necessary to limit the total annual operating expenses of the Service Shares of the Fund to a specified level until July 2007.

The Board of Trustees also considered the reduction in the contractual fee rate payable under the Management Agreement for the Fund that was approved by the Trustees in June 2004, and the breakpoints in the contractual fee rate under the Management Agreement for the Fund that had been implemented at the following annual percentages of the average daily net assets of the Fund:

0.65% on the first $1 billion; 0.59% on the next $1 billion; and 0.56% over $2 billion.

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

Fund Expenses (Unaudited) — Six Month Period Ended June 30, 2007

          As a shareholder of the Institutional or Service Shares of the Fund, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (with respect to Service Shares) and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Institutional Shares and Service Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

          The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2007 through June 30, 2007.

          Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid” to estimate the expenses you paid on your account during this period.

          Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

          Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund, you do not incur any transaction costs, such as sales charges (loads), redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing on going costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.




						Expenses Paid
						for the
	Beginning		Ending			6 months
	Account Value		Account Value			ended
Share Class	1/1/07		06/30/07			6/30/07*






Institutional
Actual	$	1,000.00	$	1,049.80		$	3.71
Hypothetical 5% return		1,000.00		1,021.17	+		3.66

Service
Actual	$	1,000.00	$	1,049.10		$	4.12
Hypothetical 5% return		1,000.00		1,020.78	+		4.06

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2007. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.71% and 0.79% for Institutional and Service Shares, respectively.

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.


TRUSTEES		OFFICERS
Ashok N. Bakhru, Chairman		Kaysie P. Uniacke, President
John P. Coblentz, Jr.		James A. McNamara, Senior Vice President
Diana M. Daniels		John M. Perlowski, Senior Vice President
Patrick T. Harker		and Treasurer
Jessica Palmer		Peter V. Bonanno, Secretary
Alan A. Shuch
Richard P. Strubel
Kaysie P. Uniacke

GOLDMAN, SACHS & CO. Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT Investment Adviser

Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission Web site at http://www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. Beginning the fiscal quarter ended September 30, 2004 and every first and third fiscal quarter thereafter, the Fund’s Form N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. When available, Form N-Q may be obtained upon request and without charge by calling 1-800-621-2550.





This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Please consider a Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio,which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Structured U.S. Equity Fund.

Copyright 2007 Goldman, Sachs & Co. All rights reserved.

VITSTRCUSSAR/07-1652/40.6K

Goldman

Sachs Variable Insurance Trust

GOLDMAN SACHS ASSET MANAGEMENT, L.P. 32 OLD SLIP, NEW YORK, NEW YORK 10005

Structured Small Cap Equity Fund

Semiannual Report

June 30, 2007

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Shareholder Letter

Dear Shareholders:

This report provides an overview on the performance of the Goldman Sachs Variable Insurance Trust — Structured Small Cap Equity Fund during the six-month reporting period that ended June 30, 2007.

Market Review

The Russell 2000 Index returned 6.45% for the six-month period ended June 30, 2007. Eight of the ten sectors in the Index posted positive results for the period, led by the Materials (+22.1%) and Industrials (+15.4%) sectors. Because of its high weight in the Russell 2000 Index, the Information Technology (+11.7%) sector had the biggest impact on performance among small-cap stocks. Growth stocks outpaced their value counterparts, largely due to the strength of Information Technology stocks.

Investment Objective

The Fund seeks long-term growth of capital. The Fund seeks this objective through a broadly diversified portfolio of equity investments in U.S. issuers.

Portfolio Composition

Top 10 Portfolio Holdings as of June 30, 2007*


	% of
Company	Net Assets			Business

USEC, Inc.		2.6	%	Energy
CF Industries Holdings, Inc.		2.3		Materials
American Greetings Corp.		1.6		Consumer Durables & Apparel
Novatel Wireless, Inc.		1.6		Technology Hardware & Equipment
Belden CDT, Inc.		1.5		Capital Goods
Anthracite Capital, Inc.		1.5		Real Estate
Bally Technologies, Inc.		1.4		Consumer Services
Papa John’s International, Inc.		1.4		Consumer Services
Cooper Tire & Rubber Co.		1.3		Automobiles & Components
Millennium Pharmaceuticals, Inc.		1.3		Pharmaceuticals, Biotechnology & Life Sciences

* Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained by the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of stocks or bonds should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise.

Performance Review

Over the six-month period ended June 30, 2007, the Fund’s Institutional Shares generated a cumulative total return of 0.83%. This return compares to the 6.45% cumulative total return of the Fund’s benchmark, the Russell 2000 Index (with dividends reinvested), over the same time period.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Shareholder Letter (continued)

company’s intrinsic value to its market value. Profitability assesses whether the company is earning more than its cost of capital. Earnings Quality evaluates whether the company’s earnings are coming from a steady cash flow, as opposed to accruals. Management Impact captures a company’s management strategy and effectiveness through the company’s investing and financing behavior. Momentum predicts drift in stock prices caused by under-reaction to company-specific information. Finally, the Analyst Sentiment theme looks at how Wall Street analysts’ views about a company’s earnings and prospects are changing over time.

Similar to the August-November 2006 period, we witnessed signs of another “speculative rally” in the first half of 2007. Specifically, firms with negative earnings and low Standard & Poor’s quality ratings outperformed their “higher quality” peers. On average, the opposite is true over longer periods of time. We believe this low quality rally, which ebbed and flowed over the reporting period, was a factor in our model’s significant underperformance, as investors sought more richly valued stocks with lesser earnings quality. In addition, the ebb and flow of the preference for low quality securities meant that our Momentum theme, which depends on stocks establishing price trends in one direction or the other, detracted from results.

Returns to our investment themes were mixed during the reporting period. Momentum was the worst performing theme, as companies with strong momentum characteristics underperformed their industry counterparts. This was particularly evident among low volatility, overweight positions in the Information Technology sector. In addition, Profitability and Earnings Quality detracted from relative returns for the period. In contrast, Analyst Sentiment, Management Impact and Valuation contributed positively to relative performance for the period.

Large stock specific events, the effects of which we usually expect to be minimized by holding a diversified portfolio, also negatively impacted the Fund’s performance. Overall, the Fund’s holdings in the Information Technology, Healthcare and Industrials sectors detracted the most from performance during the period. On the upside, stock selection in the Energy and Utilities sectors were the most successful.

In June 2007, we made two enhancements to our U.S. model. The first enhancement, an extension of our Momentum theme, seeks to capture cross-company lead-lag effects. The opportunity to generate incremental returns is created when stock prices react with a delay to news about related companies. The second enhancement is based on the observation that returns to the investment themes vary with information uncertainty. We think prices adjust more slowly when there is more uncertainty and, thus, by increasing our exposure to stocks with more “vagueness” in their information, we improve the potential return to our investment themes. Our tests of the enhanced version of the model show that historical excess returns increase consistently across capitalization ranges and time periods. Although our underlying philosophy remains unchanged, our models are constantly evolving in an effort to enhance future results. We believe both of these enhancements improve our model’s efficacy and will provide a significant benefit to our clients’ portfolios.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

We thank you for your investment and look forward to serving your investment needs in the future.

Goldman Sachs Quantitative Equity Management Team

July 17, 2007

Shares of the Goldman Sachs Variable Insurance Trust (“VIT”) Structured Small Cap Equity Fund are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

The VIT Structured Small Cap Equity Fund invests in a broadly diversified portfolio of small-capitalization U.S. equity investments and is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/ or general economic conditions. Stocks of smaller companies are often more volatile and less liquid and present greater risks than stocks of larger companies. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

SECTOR ALLOCATION^†

Percentage of Net Assets

(BAR GRAPH)

^† The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term Investments include repurchase agreements and securities lending collateral. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments

June 30, 2007 (Unaudited)



Shares		Description	Value
Common Stocks – 99.8%

Automobiles & Components – 2.6%
	33,600	American Axle & Manufacturing Holdings, Inc.	$	995,232
	100	ArvinMeritor, Inc.		2,220
	93,200	Cooper Tire & Rubber Co.		2,574,184
	5,700	Lear Corp.*		202,977
	152,000	Visteon Corp.*		1,231,200

				5,005,813

Banks – 6.2%
	100	1st Source Corp.		2,492
	100	Ameris Bancorp		2,247
	26,300	Bank Mutual Corp.		303,239
	100	Bank of Granite Corp.		1,669
	100	Banner Corp.		3,406
	6,040	Cascade Bancorp		139,765
	8,600	Central Pacific Financial Corp.		283,886
	29,700	Chittenden Corp.		1,038,015
	100	Citizens First Bancorp, Inc.		2,180
	110	Community Trust Bancorp, Inc.		3,553
	22,100	Downey Financial Corp.^(a)		1,458,158
	26,200	East West Bancorp, Inc.		1,018,656
	6,400	First Citizens BancShares, Inc. Class A		1,244,160
	18,293	First Regional Bancorp*		465,374
	300	First Republic Bank		16,098
	306	First South Bancorp, Inc.^(a)		8,231
	100	FNB Corp.		3,590
	3,300	Frontier Financial Corp.		74,349
	100	Hancock Holding Co.		3,755
	63,661	Hanmi Financial Corp.		1,086,057
	100	Heritage Commerce Corp.		2,368
	100	Horizon Financial Corp.		2,179
	100	IndyMac Bancorp, Inc.		2,917
		Intervest Bancshares Corp.		69,020
	100	Nara Bancorp, Inc.		1,593
	17,348	PFF Bancorp, Inc.		484,530
	100	Pinnacle Financial Partners, Inc.*		2,936
	27,407	Preferred Bank		1,096,280
	65,200	Provident Financial Services, Inc.		1,027,552
	100	Renasant Corp.		2,274
	100	SCBT Financial Corp.		3,640
	100	Southwest Bancorp, Inc.		2,404
	100	Sterling Financial Corp.		2,894
	100	Susquehanna Bancshares, Inc.		2,237
	11,400	The PMI Group, Inc.		509,238
	100	TriCo Bancshares		2,236
	63,900	Umpqua Holdings Corp.		1,502,289
	3,645	Vineyard National Bancorp		83,726
	100	Virginia Financial Group, Inc.		2,220
	100	Washington Trust Bancorp, Inc.		2,521
	100	Westfield Financial, Inc.		997

				11,964,931

Capital Goods – 7.7%
	800	Acuity Brands, Inc.		48,224
	21,400	AGCO Corp.*		928,974
	100	Ampco-Pittsburgh Corp.		4,009
	5,100	AZZ, Inc.*		171,615
	23,600	Baldor Electric Co.		1,163,008
	54,000	Belden CDT, Inc.		2,988,900
	100	CIRCOR International, Inc.		4,043
	19,500	EMCOR Group, Inc.*		1,421,550
	5,000	EnPro Industries, Inc.*		213,950
	16,600	Force Protection, Inc.*^(a)		342,624
	4,300	General Cable Corp.*		325,725
	100	Infrasource Services, Inc.*		3,710
	10,100	NACCO Industries, Inc. Class A		1,570,449
	20,100	Perini Corp.*		1,236,753
	100	PGT, Inc.*		1,093
	100	Powell Industries, Inc.*		3,176
	16,300	RBC Bearings, Inc.*		672,375
	23,200	Robbins & Myers, Inc.		1,232,616
	100	Sequa Corp. Class A*		11,200
	1,600	SPX Corp.		140,496
	6,100	Stanley, Inc.*		107,482
	48,300	Superior Essex, Inc.*		1,804,005
	27,900	Tredegar Corp.		594,270
	100	Valmont Industries, Inc.		7,276

				14,997,523

Commercial Services & Supplies – 5.2%
	68,500	ABM Industries, Inc.		1,767,985
	24,498	Amrep Corp.^(a)		1,164,880
	37,500	Bowne & Co., Inc.		731,625
	100	Cornell Cos., Inc.*		2,456
	7,200	Deluxe Corp.		292,392
	15,400	Diamond Management & Technology Consultants, Inc.		203,280
	100	Heidrick & Struggles International, Inc.*		5,124
	124,586	IKON Office Solutions, Inc.		1,944,787
	100	Interface, Inc. Class A		1,886
	7,900	PHH Corp.*		246,559
	100	Resources Connection, Inc.*		3,318
	78,991	Spherion Corp.*		741,726
	49,000	TeleTech Holdings, Inc.*		1,591,520
	7,600	United Stationers, Inc.*		506,464
	100	Viad Corp.		4,217
	42,411	Volt Information Sciences, Inc.*		782,059
	1,239	Waste Industries USA, Inc.		42,299

				10,032,577

Consumer Durables & Apparel – 3.4%
	108,000	American Greetings Corp. Class A		3,059,640
	2,600	Deckers Outdoor Corp.*		262,340
	33,000	Kellwood Co.		927,960
	31,700	Kimball International, Inc. Class B		444,117
	45,200	Perry Ellis International, Inc.*		1,454,084
	17,800	Tempur-Pedic International, Inc.		461,020

				6,609,161

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

June 30, 2007 (Unaudited)



Shares		Description	Value
Common Stocks – (continued)

Consumer Services – 4.7%
	100	Bally Technologies, Inc.*	$	2,642
	39,084	CPI Corp.		2,716,338
	1,800	ITT Educational Services, Inc.*		211,284
	29,700	Jack in the Box, Inc.*		2,106,918
	28,700	Landry’s Restaurants, Inc.		868,462
	161	Marcus Corp.		3,825
	16,300	O’Charley’s, Inc.		328,608
	110	Papa John’s International, Inc.*		3,164
	41,815	Pre-Paid Legal Services, Inc.*^(a)		2,689,123
	6,100	Sotheby’s		280,722

				9,211,086

Diversified Financials – 1.8%
	2,800	Advance America Cash Advance Centers, Inc.		49,672
	150	Advanta Corp. Class B		4,671
	14,300	AmeriCredit Corp.*		379,665
	2,100	Capital Southwest Corp.		327,159
	8,200	Cohen & Steers, Inc.		356,290
	7,400	Cowen Group, Inc.*		132,534
	49,431	EZCORP, Inc. Class A*		654,467
	100	Highland Distressed Opportunities, Inc.		1,425
	1,200	Piper Jaffray Cos.*		66,876
	100	Sanders Morris Harris Group, Inc.		1,164
	100	SWS Group, Inc.		2,162
	100	The First Marblehead Corp.		3,864
	34,055	World Acceptance Corp.*		1,455,170

				3,435,119

Energy – 7.1%
	200	Cabot Oil & Gas Corp.		7,376
	8,300	General Maritime Corp.		222,274
	18,600	Gulfmark Offshore, Inc.*		952,692
	18,904	Holly Corp.		1,402,488
	13,100	Matrix Service Co.*		325,535
	23,200	Newpark Resources, Inc.*		179,800
	100	NGP Capital Resources Co.		1,672
	16,935	Overseas Shipholding Group, Inc.		1,378,509
	2,300	Plains Exploration & Production Co.*		109,963
	2,000	SEACOR Holdings, Inc.*		186,720
	21,700	Ship Finance International Ltd.		644,056
	27,390	Swift Energy Co.*		1,171,196
	31,300	Trico Marine Services, Inc.*^(a)		1,279,544
	2,800	Universal Compression Holdings, Inc.*		202,916
	227,500	USEC, Inc.*		5,000,450
	12,800	Western Refining, Inc.		739,840

				13,805,031

Food & Staples Retailing – 1.5%
	18,073	Ingles Markets, Inc. Class A		622,615
	6,000	Longs Drug Stores Corp.		315,120
	47,800	Performance Food Group Co.*		1,553,022
	100	Ruddick Corp.		3,012
	12,477	Spartan Stores, Inc.		410,618

				2,904,387

Food, Beverage & Tobacco – 2.1%
	59,200	Alliance One International, Inc.*		594,960
	100	Boston Beer Co., Inc. Class A*		3,935
	83,600	Chiquita Brands International, Inc.*^(a)		1,585,056
	4,400	Dean Foods Co.		140,228
	7,800	Fresh Del Monte Produce, Inc.		195,390
	20,400	Imperial Sugar Co.^(a)		628,116
	100	The JM Smucker Co.		6,366
	13,300	Universal Corp.		810,236

				3,964,287

Health Care Equipment & Services – 6.5%
	66,300	Align Technology, Inc.*		1,601,808
	52,500	Apria Healthcare Group, Inc.*		1,510,425
	32,000	Conmed Corp.*		936,960
	39,721	Corvel Corp.*		1,038,307
	3,900	Cynosure, Inc. Class A*		142,077
	82	Genesis HealthCare Corp.*		5,611
	80,500	Immucor, Inc.*		2,251,585
	100	IRIS International, Inc.*		1,684
	33,900	Kindred Healthcare, Inc.*		1,041,408
	6,400	Matria Healthcare, Inc.*		193,792
	10,500	Medcath Corporation*		333,900
	46,366	Molina Healthcare, Inc.*		1,415,090
	17,200	Sonic Innovations, Inc.*		150,500
	23,400	West Pharmaceutical Services, Inc.		1,103,310
	40,778	Zoll Medical Corp.*		909,757

				12,636,214

Household & Personal Products – 1.0%
	100	Alberto-Culver Co.		2,372
	100	Energizer Holdings, Inc.*		9,960
	43,000	NBTY, Inc.*		1,857,600

				1,869,932

Insurance – 4.7%
	14,150	American Physicians Capital, Inc.*		573,075
	59,000	Aspen Insurance Holdings Ltd.		1,656,130
	26,600	Assured Guaranty Ltd.		786,296
	22,900	IPC Holdings Ltd.		739,441
	11,300	LandAmerica Financial Group, Inc.^(a)		1,090,337
	29,000	Max Capital Group Ltd.		820,700
	125,900	Meadowbrook Insurance Group, Inc.*		1,379,864
	1,300	National Western Life Insurance Co. Class A		328,796
	800	NYMAGIC, Inc.		32,160
	3,600	Odyssey RE Holdings Corp.		154,404
	23,900	Reinsurance Group of America, Inc.		1,439,736

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND



Shares		Description	Value
Common Stocks – (continued)

Insurance – (continued)
	900	SeaBright Insurance Holdings, Inc.*	$	15,732
	200	Universal American Financial Corp.*		4,256

				9,020,927

Materials – 6.4%
	14,200	Brush Engineered Materials, Inc.*		596,258
	100	Buckeye Technologies, Inc.*		1,547
	75,018	CF Industries Holdings, Inc.		4,492,828
	100	Chesapeake Corp.		1,257
	12,500	Cleveland-Cliffs, Inc.		970,875
	8,700	Domtar Corp.*		97,092
	6,500	Innospec, Inc.		384,865
	11,900	OM Group, Inc.*		629,748
	39,600	Rock-Tenn Co. Class A		1,256,112
	47,900	Ryerson, Inc.		1,803,435
	1,300	Schnitzer Steel Industries, Inc.		62,322
	82,883	Terra Industries, Inc.*		2,106,886
	100	Tronox, Inc. Class B		1,405

				12,404,630

Media – 0.2%
	3,340	Arbitron, Inc.		172,110
	100	Cox Radio, Inc. Class A*		1,424
	100	Harris Interactive, Inc.*		535
	100	Hearst-Argyle Television, Inc.		2,410
	4,100	Scholastic Corp.*		147,354

				323,833

Pharmaceuticals, Biotechnology – 5.1%
	6,300	Albany Molecular Research, Inc.*		93,555
	39,300	Applera Corp. – Celera Group*		487,320
	1,100	Bradley Pharmaceuticals, Inc.*		23,881
	14,150	Caraco Pharmaceutical Laboratories Ltd.*		214,797
	1,000	GTx, Inc.*		16,190
	234,800	Millennium Pharmaceuticals, Inc.*		2,481,836
	6,800	Noven Pharmaceuticals, Inc.*		159,460
	6,900	Omrix Biopharmaceuticals, Inc.*		217,074
	500	Parexel International Corp.*		21,030
	10,200	PharmaNet Development Group, Inc.*		325,176
	18,000	Pharmion Corp.*		521,100
	23,100	Pozen, Inc.*		417,417
	100	Rigel Pharmaceuticals, Inc.*		891
	140,214	Savient Pharmaceuticals, Inc.*		1,741,458
	100	SuperGen, Inc.*		556
	14,500	Tanox, Inc.*^(a)		281,445
	32,100	Varian, Inc.*		1,760,043
	34,900	Watson Pharmaceuticals, Inc.*		1,135,297

				9,898,526

Real Estate – 7.4%
	1,100	Agree Realty Corp. (REIT)		34,375
	243,159	Anthracite Capital, Inc. (REIT)		2,844,960
	6,800	Arbor Realty Trust, Inc. (REIT)		175,508
	20,800	Crystal River Capital, Inc. (REIT)		505,024
	100	Douglas Emmett, Inc. (REIT)		2,474
	34,000	Entertainment Properties Trust (REIT)		1,828,520
	16,600	Equity One, Inc. (REIT)		424,130
	13,959	Gramercy Capital Corp. (REIT)		384,431
	100	Health Care Property Investors, Inc. (REIT)		2,893
	44,700	HRPT Properties Trust (REIT)		464,880
	29,600	iStar Financial, Inc. (REIT)		1,312,168
	18,200	Jones Lang LaSalle, Inc.		2,065,700
	100	LTC Properties, Inc. (REIT)		2,275
	14,791	Medical Properties Trust, Inc. (REIT)		195,685
	4,565	National Health Investors, Inc. (REIT)		144,802
	24,800	NorthStar Realty Finance Corp. (REIT)		310,248
	19,000	Potlatch Corp. (REIT)		817,950
	100	PS Business Parks, Inc. (REIT)		6,337
	11,800	RAIT Financial Trust (REIT)		307,036
	100	Realty Income Corp. (REIT)		2,519
	14,300	Redwood Trust, Inc. (REIT)^(a)		691,834
	100	Regency Centers Corp. (REIT)		7,050
	86,700	Senior Housing Properties Trust (REIT)		1,764,345

				14,295,144

Retailing – 3.9%
	100	American Eagle Outfitters, Inc.		2,566
	88,500	Asbury Automotive Group, Inc.		2,208,075
	31,600	Big Lots, Inc.*		929,672
	13,400	Blue Nile, Inc.*^(a)		809,360
	14,750	Brown Shoe Co., Inc.		358,720
	100	Dillards, Inc. Class A		3,593
	100	Haverty Furniture Cos., Inc.		1,167
	45,800	Jo-Ann Stores, Inc.*		1,302,094
	100	OfficeMax, Inc.		3,930
	15,000	RadioShack Corp.		497,100
	41,400	Sonic Automotive, Inc. Class A		1,199,358
	100	Syms Corp.*		1,973
	8,300	Systemax, Inc.^(a)		172,723
	8,300	West Marine, Inc.*		114,208

				7,604,539

Semiconductors & Semiconductor Equipment – 3.4%
	2,100	Actel Corp.*		29,211
	48,000	Advanced Energy Industries, Inc.*		1,087,680
	424,018	Atmel Corp.*		2,357,540
	35,300	Exar Corp.*		473,020
	100	Micrel, Inc.		1,272
	25,600	MIPS Technologies, Inc.*		225,024
	100	Novellus Systems, Inc.*		2,837
	48,500	RF Micro Devices, Inc.*		302,640
	271,200	Skyworks Solutions, Inc.*		1,993,320

				6,472,544

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

June 30, 2007 (Unaudited)



Shares		Description	Value
Common Stocks – (continued)

Software & Services – 7.7%
	35,600	Ansoft Corp.*	$	1,049,844
	24,793	Authorize.Net Holdings, Inc.*		443,547
	166,041	Captaris, Inc.*		850,130
	39,800	Chordiant Software, Inc.*		623,268
	11,100	Ciber, Inc.*		90,798
	54,300	CMGI, Inc.*		105,885
	100	Convergys Corp.*		2,424
	2,800	Covansys Corporation*		95,004
	1,200	Double-Take Software, Inc.*		19,692
	100	eCollege.com, Inc.*		2,225
	500	Epicor Software Corp.*		7,435
	19,500	Gartner, Inc.*		479,505
	41,000	InfoSpace, Inc.		951,610
	134,038	Interwoven, Inc.*		1,881,893
	6,700	Manhattan Associates, Inc.*		186,997
	19,600	MicroStrategy, Inc. Class A*		1,852,004
	41,965	MPS Group, Inc.*		561,072
	100	Novell, Inc.*		779
	235,611	RealNetworks, Inc.*		1,924,942
	70,300	S1 Corp.*		561,697
	100	Sohu.com, Inc.*		3,199
	100	Switch & Data Facilities Co., Inc.*		1,919
	70,600	Synopsys, Inc.*		1,865,958
	100	Total System Services, Inc.		2,951
	14,500	United Online, Inc.		239,105
	53,500	Vignette Corp.*		1,025,060

				14,828,943

Technology Hardware & Equipment – 6.0%
	33,324	Agilysis, Inc.		749,790
	63,500	Andrew Corp.*		916,940
	1,600	Avnet, Inc.*		63,424
	700	C-COR, Inc.*		9,842
	19,381	Carrier Access Corp.*		90,897
	100	Ditech Networks, Inc.*		819
	8,200	Electronics for Imaging, Inc.*		231,404
	100	EMS Technologies, Inc.*		2,206
	20,000	Ingram Micro, Inc.*		434,200
	342	Insight Enterprises, Inc.*		7,719
	5,200	Loral Space & Communications, Inc.*		256,256
	25,000	Methode Electronics, Inc.		391,250
	100	Newport Corp.*		1,548
	117,200	Novatel Wireless, Inc.*		3,049,544
	2,100	OSI Systems, Inc.*		57,435
	72,000	Polycom, Inc.*		2,419,200
	100	SYNNEX Corp.*		2,061
	29,610	Tech Data Corp.*		1,138,800
	319,600	UTStarcom, Inc.*^(a)		1,792,956

				11,616,291

Telecommunication Services – 2.0%
	100	Atlantic Tele-Network, Inc.		2,864
	28,000	Cbeyond, Inc.*		1,078,280
	19,200	Centennial Communications Corp.*		182,208
	100	Consolidated Communications Holdings, Inc.		2,260
	21,209	CT Communications, Inc.		647,086
	9,400	Golden Telecom, Inc.		517,094
	31,700	IDT Corp. Class B		327,144
	5,800	NTELOS Holdings Corp.		160,312
	38,300	PAETEC Holding Corp.*		432,407
	2,400	Rural Cellular Corp. Class A*		105,144
	14,900	USA Mobility, Inc.*		398,724

				3,853,523

Transportation – 1.8%
	700	Allegiant Travel Co.*		21,518
	103,700	ExpressJet Holdings, Inc.*		620,126
	18,700	HUB Group, Inc. Class A*		657,492
	100	Interpool, Inc.		2,690
	12,400	PAM Transportation Services, Inc.*		226,672
	10,900	Pinnacle Airlines Corp.*^(a)		204,375
	50,300	Saia, Inc.*		1,371,178
	15,360	U.S. Xpress Enterprises, Inc.*		285,389

				3,389,440

Utilities – 1.4%
	100	Alliant Energy Corp.		3,885
	100	Northeast Utilities		2,836
	100	OGE Energy Corp.		3,665
	10,500	Oneok, Inc.		529,305
	68,300	Reliant Energy, Inc.*		1,840,685
	41,100	SEMCO Energy, Inc*		319,347

				2,699,723

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
(Cost $178,889,304)			$	192,844,124

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND


			Interest
Shares		Description	Rate			Value
Securities Lending Collateral – 5.4%

	10,311,500	Boston Global Investment Trust – Enhanced Portfolio		5.309	%	$	10,311,500
(Cost $10,311,500)

TOTAL INVESTMENTS – 105.2%
(Cost $189,200,804)						$	203,155,624

LIABILITIES IN EXCESS OF OTHER ASSETS – (5.2%)							(10,014,403)

NET ASSETS – 100.0%						$	193,141,221

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.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2007, the following futures contracts were open:

Number of

Settlement

Unrealized

Type

Contracts Long

Month

Market Value

Loss

Russell 2000 Index

September 2007

168,420

(2,314

)

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)



Assets:

Investment in securities, at value (identified cost $178,889,304)^(a)		$	192,844,124
Securities lending collateral, at value which equals cost			10,311,500
Receivables:
	Fund shares sold		287,949
	Dividends and interest		210,567
	Investment securities sold		197,845
	Securities lending income		15,255
Other assets			5,898

Total assets			203,873,138

Liabilities:

Due to custodian			11,483
Payables:
	Payable upon return of securities loaned		10,311,500
	Amounts owed to affiliates		175,131
	Fund shares repurchased		115,022
	Variation margin		640
Accrued expenses and other liabilities			118,141

Total liabilities			10,731,917

Net Assets:

Paid-in capital			158,532,648
Accumulated undistributed net investment income			630,339
Accumulated net realized gain on investment and futures transactions			20,025,728
Net unrealized gain on investments and futures			13,952,506

NET ASSETS		$	193,141,221

Total shares of beneficial interest outstanding, $0.001 par value (unlimited shares authorized)			13,262,111
Net asset value, offering and redemption price per share:		$	14.56

(a) Includes loaned securities having market value of $10,025,078.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)


Investment income:

Dividends		$	1,384,200
Interest (including securities lending income of $157,255)			162,988

Total investment income			1,547,188

Expenses:

Management fees			744,553
Shareholder Meeting Expense			49,976
Transfer Agent fees			39,706
Professional fees			38,919
Printing fees			37,289
Custody and accounting fees			18,363
Trustee fees			9,719
Other			7,044

Total expenses			945,569

Less — expense reductions			(26,885	)

Net expenses			918,684

NET INVESTMENT INCOME			628,504

Realized and unrealized gain (loss) on investment and futures transactions:

Net realized gain from:
	Investment transactions		14,421,076
	Futures transactions		31,154
Net change in unrealized gain (loss) on:
	Investments		(13,282,552	)
	Futures		1,958

Net realized and unrealized gain on investment and futures transactions			1,171,636

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	1,800,140

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Statements of Changes in Net Assets


	For the
	Six Months Ended			For the
	June 30, 2007			Year Ended
	(Unaudited)			December 31, 2006
From operations:

Net investment income	$	628,504		$	1,000,165
Net realized gain on investment and futures transactions		14,452,230			18,804,169
Net change in unrealized gain (loss) on investments and futures		(13,280,594	)		3,015,667

Net increase in net assets resulting from operations		1,800,140			22,820,001

Distributions to shareholders:

From net investment income		—			(1,307,803	)
From net realized gains		—			(14,275,219	)

Total distributions to shareholders		—			(15,583,022	)

From share transactions:

Proceeds from sales of shares		6,511,407			22,042,825
Reinvestments of dividends and distributions		—			15,583,022
Cost of shares repurchased		(18,099,620	)		(36,975,581	)

Net increase (decrease) in net assets resulting from share transactions		(11,588,213	)		650,266

TOTAL INCREASE (DECREASE)		(9,788,073	)		7,887,245

Net assets:

Beginning of period		202,929,294			195,042,049

End of period	$	193,141,221		$	202,929,294

Accumulated undistributed net investment income	$	630,339		$	1,835

Summary of share transactions:

Shares sold		445,649			1,486,377
Shares issued on reinvestment of dividends and distributions		—			1,080,652
Shares repurchased		(1,235,753	)		(2,513,513	)

NET INCREASE (DECREASE)		(790,104	)		53,516

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period



			Income (loss) from																															Ratios assuming no
			investment operations									Distributions to shareholders																						expense reductions

						Net																									Ratio of			Ratio of			Ratio of
	Net asset					realized									From						Net asset					Net assets,		Ratio of			net investment			total			net investment
	value,		Net			and			Total from			From net			net						value,					end		net expenses			income			expenses			income			Portfolio
	beginning		investment			unrealized			investment			investment			realized			Total			end of		Total			of period		to average			to average			to average			to average			turnover
Year	of period		income^(a)			gain (loss)			operations			income			gain			distributions			period		return^(b)			(in 000s)		net assets			net assets			net assets			net assets			rate

For the Six Months ended June 30, (Unaudited)

2007	$	14.44	$	0.05	^(c)	$	0.07		$	0.12		$	—		$	—		$	—		$	14.56		0.83	%	$	193,141		0.89	% ^(c)(d)		0.69	% ^(c)(d)(e)		0.92	% ^(c)(d)		0.64	% ^(c)(d)(e)		74	%
For the Years ended December 31,

2006		13.93		0.07			1.64			1.71			(0.10	)		(1.10	)		(1.20	)		14.44		12.27			202,929		0.87			0.49			0.99			0.37			133
2005		14.40		0.05			0.86			0.91			(0.04	)		(1.34	)		(1.38	)		13.93		6.07			195,042		0.89			0.37			0.93			0.33			119
2004		12.99		0.02			2.10			2.12			(0.03	)		(0.68	)		(0.71	)		14.40		16.33			191,821		0.90			0.14			0.97			0.07			146
2003		9.19		0.04			4.18			4.22			(0.03	)		(0.39	)		(0.42	)		12.99		46.00			181,765		1.03			0.40			1.25			0.18			141
2002		10.84		0.03			(1.65	)		(1.62	)		(0.03	)		—			(0.03	)		9.19		(14.97	)		47,005		1.04			0.25			1.29			0.00			128

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.26% of average net assets.

(d) Includes non-recurring expense for a special shareholder meeting which amounted to approximately 0.02% of average net assets.

(e) Annualized.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs Structured Small Cap Equity Fund (“Fund”). The Fund is a diversified portfolio under the Act offering Institutional Shares.

2. SIGNIFICANT ACCOUNTING POLICIES

Pursuant to applicable law and procedures adopted by the Trust’s Board of Trustees, securities transactions in portfolio securities (including futures transactions) may be effected from time to time through Goldman, Sachs & Co. (“Goldman Sachs”) or an affiliate. In order for Goldman Sachs or an affiliate, acting as agent, to effect securities or futures transactions for a Fund, the commissions, fees or other remuneration received by Goldman Sachs or an affiliate must be reasonable and fair compared to the commissions, fees or other remuneration received by other brokers in connection with comparable transactions involving similar securities or futures contracts.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules, which may differ from generally accepted accounting principles. Therefore, the source of the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain, or as a tax return of capital.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

3. AGREEMENTS

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs, serves as investment adviser pursuant to a Management Agreement (the “Agreement”) with the Trust on behalf of the Fund. Under this Agreement, GSAM manages the Fund, subject to the general supervision of the Trust’s Board of Trustees.

For the six months ended June 30, 2007, GSAM received a Management fee at the following rates:

Contractual Management Fee

Effective Net

Management Fee

Up to $2 billion

Over $2 billion

Effective Fee

(after waiver)

0.75%

0.68%

0.75%

0.73%

GSAM has voluntarily agreed to waive a portion of its Management fee equal to 0.02% of the Fund’s average daily net assets. For the six months ended June 30, 2007, GSAM waived approximately $19,900 of the Fund’s Management fee.

GSAM has voluntarily agreed to limit certain “Other Expenses” of the Fund (excluding Management fees, Transfer Agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification costs, shareholder meeting and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent that such expenses exceed, on an annual basis, 0.114% of the average daily net assets of the Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. For the six months ended June 30, 2007, GSAM made no reimbursement to the Fund.

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

3. AGREEMENTS (continued)

In addition, the Fund has entered into certain offset arrangements with the custodian and transfer agent resulting in a reduction in the Fund’s expenses. For the six months ended June 30, 2007, custody and transfer agent fees were reduced by approximately $200 and $6,800, respectively.

At June 30, 2007, the amounts owed to affiliates were approximately $168,700 and $6,400 for Management and Transfer Agent fees, respectively.

4. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long term securities for the six months ended June 30, 2007, were $146,909,144 and $157,613,462, respectively. For the six months ended June 30, 2007, Goldman Sachs earned approximately $600 of brokerage commissions from portfolio transactions, including futures transactions, executed on behalf of the Fund.

5. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (the “SEC”) and the terms and conditions contained therein, the Fund may lend its securities through a securities lending agent, Boston Global Advisers (“BGA”) — a wholly owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities 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 Fund, 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 Fund on the next business day. As with other extensions of credit, the Fund bears the risk of delay on recovery or loss of rights in the collateral should the borrower of the securities fail financially.

Both the Fund and BGA receive compensation relating to the lending of the Fund’s securities. The amount earned by the Fund for the six months ended June 30, 2007, is reported parenthetically under Investment Income on the Statement of Operations. A portion of this amount, $17,476, represents compensation earned by the Fund from lending its securities to Goldman Sachs. For the six months ended June 30, 2007, BGA earned $22,345 in fees as securities lending agent. The amount payable to Goldman Sachs upon return of securities loaned as of June 30, 2007 was $736,000.

6. LINE OF CREDIT FACILITY

The Fund participates in a $450,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other registered investment companies having management or investment advisory agreements with GSAM or affiliates. Under the most restrictive arrangement under the facility, the Fund must own securities having a market value in excess of 300% of the total bank borrowings. The facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The committed facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the period ended June 30, 2007, the Fund did not have any borrowings under the facility.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

7. TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2006, the Fund had certain timing differences on a tax basis of $1,835 related to the recognition of certain REIT dividends for tax purposes. At June 30, 2007, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Tax cost	$	189,404,873

Gross unrealized gain		21,770,544
Gross unrealized loss		(8,019,793	)

Net unrealized security gain	$	13,750,751

The difference between book-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and mark-to-market losses on Section 1256 futures contracts.

8. OTHER MATTERS

9. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

10. SUBSEQUENT EVENT

Effective July 2, 2007, Goldman Sachs voluntarily reduced the transfer agent fee from an annual rate of 0.04% to an annual rate of 0.02% of the average daily net assets.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

At the Annual Contract Meeting, the Trustees reviewed the matters that were considered at the Committee meetings and also considered additional matters including: (a) a summary of fee concessions by the Investment Adviser and its affiliates with respect to the Goldman Sachs mutual funds since 2003; (b) the quality of the Investment Adviser’s services; (c) the structure, staff and capabilities of the Investment Adviser and its portfolio management team; (d) the groups within the Investment Adviser that support the portfolio management team, including the legal and compliance departments, the valuation oversight group, the risk and performance analytics group, the business planning team and the technology group; (e) the Investment Adviser’s business continuity and disaster recovery planning; (f) the Investment Adviser’s financial resources and its ability to hire and retain talented personnel; (g) the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, distribution, portfolio brokerage and other services; (h) the terms of the Management Agreement; (i) the administrative services provided under the Management Agreement, including the nature and extent of the Investment Adviser’s oversight of the Fund’s other service providers, including the custodian and fund accounting agent; and (j) the Investment Adviser’s policies addressing various potential conflicts of interest. At the Annual Contract Meeting, the Trustees also considered at further length the Fund’s investment performance, fees and expenses, including the Fund’s expense trends over time and the breakpoint in the contractual fee rate under the Management Agreement approved in 2006.

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

the Outside Data Provider were useful in evaluating the reasonableness of the management fees paid by the Fund. In addition, the Trustees considered the Investment Adviser’s voluntary undertaking to waive a portion of its management fees with respect to the Fund and to limit the Fund’s “other expenses” ratio (excluding certain expenses) to a specified level.

The Board of Trustees also considered the breakpoint in the contractual fee rate under the Management Agreement for the Fund that had been implemented at the following annual percentage of the average daily net assets of the Fund:

0.75% on the first $2 billion and 0.68% over $2 billion.

In approving this fee breakpoint, the Trustees had reviewed information regarding the Investment Adviser’s potential economies of scale, and whether the Fund and its shareholders were participating in the benefits of those economies. In this regard, the Trustees considered the amount of assets in the Fund; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; and information comparing fee rates charged by the Investment Adviser with fee rates charged by other, unaffiliated investment managers to other mutual funds. Upon reviewing these matters again at the Annual Contract Meeting in 2007, the Trustees continued to believe that the fee breakpoint was a way to ensure that benefits of scalability would be passed along to shareholders at the specified asset level.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRUCTURED SMALL CAP EQUITY FUND

Fund Expenses (Unaudited) — Six Month Period Ended June 30, 2007

          As a shareholder of the Fund, you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

          The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2007 through June 30, 2007.

          Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid” to estimate the expenses you paid on your account during this period.

          Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

          Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund, you do not incur any transaction costs, such as sales charges (loads), redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing on going costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Expenses Paid

for the

Beginning

Ending

six months

Account Value

ended

1/1/07

06/30/07

6/30/07*

Actual

1,000.00

1,008.30

4.63

Hypothetical 5% return

1,000.00

1,020.18

4.66

* Expenses are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2007. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period was 0.89%.

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratio and an assumed rate of return of 5% per year before expenses.


TRUSTEES		OFFICERS
Ashok N. Bakhru, Chairman		Kaysie P. Uniacke, President
John P. Coblentz, Jr.		James A. McNamara, Senior Vice President
Diana M. Daniels		John M. Perlowski, Senior Vice President
Patrick T. Harker		and Treasurer
Jessica Palmer		Peter V. Bonanno, Secretary
Alan A. Shuch
Richard P. Strubel
Kaysie P. Uniacke

GOLDMAN, SACHS & CO. Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT Investment Adviser

Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission Web site at http://www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. Beginning the fiscal quarter ended September 30, 2004 and every first and third fiscal quarter thereafter, the Fund’s Form N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. When available, Form N-Q may be obtained upon request and without charge by calling 1-800-621-2550.





This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Please consider a Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio,which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Structured Small Cap Equity Fund.

Copyright 2007 Goldman, Sachs & Co. All rights reserved.

VITSTRCSCSAR/07-1657/30.9K

Goldman

Sachs Variable Insurance Trust

GOLDMAN SACHS ASSET MANAGEMENT, L.P. 32 OLD SLIP, 32nd FLOOR, NEW YORK, NEW YORK 10005

Capital Growth Fund

Semiannual Report

June 30, 2007

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Shareholder Letter

Dear Shareholders:

This report provides an overview on the performance of the Goldman Sachs Variable Insurance Trust — Capital Growth Fund during the six-month reporting period that ended June 30, 2007.

Market Review

The U.S. equity markets benefited from strong momentum during the reporting period. This occurred despite sell-offs in the sub-prime mortgage and the Chinese markets, which affected the global equity markets. Strong corporate earnings announcements, higher oil prices, private equity activity and market speculation were the main drivers of performance during the period. The Federal Reserve Board left short-term interest rates unchanged as it believes that inflation is less likely to ease as had been expected. During the reporting period, computer hardware and energy-related companies led the market, while the biotechnology industry lagged.

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Composition

Top 10 Portfolio Holdings as of June 30, 2007*


	% of
Company	Net Assets			Business

Google, Inc.		4.2	%	Software & Services
Microsoft Corp.		3.7		Software & Services
Suncor Energy, Inc.		3.4		Energy
Freddie Mac		3.1		Banks
Baker Hughes, Inc.		2.8		Energy
American Tower Corp.		2.8		Telecommunication Services
Cisco Systems, Inc.		2.7		Technology Hardware & Equipment
The McGraw-Hill Companies, Inc.		2.4		Media
PepsiCo., Inc.		2.3		Food, Beverage & Tobacco
QUALCOMM, Inc.		2.2		Technology Hardware & Equipment

* Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained by the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of stocks or bonds should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Shareholder Letter (continued)

Performance Review

Over the six-month period that ended June 30, 2007, the Fund’s Institutional and Service Shares generated cumulative total returns of 8.20% and 8.12%, respectively. These returns compare to the 8.13% cumulative total return of the Fund’s benchmark, the Russell 1000 Growth Index (with dividends reinvested), over the same time period.

The Fund generated strong absolute returns during the reporting period, and its performance was largely in line with its benchmark.

Health care company MedImmune was the top contributor to performance during the reporting period. In the second quarter, AstraZeneca agreed to buy MedImmune for $15.6 billion in cash, which represented a 21% premium to the company’s stock price prior to the deal’s announcement. The bidding process was fairly competitive, with at least four large pharmaceutical companies wanting to purchase the maker of FluMist. Shares of MedImmune were up 76% year-to-date when we sold the position in early May. We believe acquisitions are one way in which the gap between the stock price and the economic value of a business can close. We believe the MedImmune acquisition is another strong data point reinforcing that our approach of owning high quality businesses for the long term works.

Shares of pharmaceutical company Amgen, Inc. detracted from performance as concerns about anemia drugs negatively impacted this class of drugs. The Food and Drug Administration’s (“FDA’s”) focus on anemia medications has stemmed from doctors over-prescribing these types of drugs as well as prescribing them for unapproved uses. Several months ago, the FDA required a change in the labeling of anemia drugs, a result of some studies that showed that these medications had the potential to increase the growth of tumors and the risk of death in patients who were not on chemotherapy. In May, the FDA’s external panel of experts voted in favor of tighter restrictions on this class of drugs and wants to require companies to include additional warnings on labels and conduct more safety studies. We believed that the FDA’s external advisory panel would not have been as critical. If the FDA follows the recommendations of the outside panel, which it typically does, we believe this could lead to a decrease in the sale of anemia drugs, such as Amgen’s Aranesp and Epogen. Although there may be further downside for Amgen in the short term, it is trading at a significant discount to large-cap pharmaceutical stocks, which reflects the misfortunes of its anemia franchise.

During the period, Energy was the top contributing sector to overall performance, and the Fund continued to benefit from our stock selection in the sector. Performance was mainly driven by companies such as Schlumberger Ltd., Canadian Natural Resources Ltd. and Baker Hughes, Inc., all of which have continued to benefit from strong demand and pricing power, which have helped increase earnings substantially. In particular, shares of Baker Hughes were up after reporting better-than-expected fiscal first quarter earnings. In addition, Baker Hughes benefited from increased exploration and production spending. It also saw strength in its North America and international markets, despite a slowdown in drilling in Canada.

Telecommunications company Research In Motion Ltd. was a top contributor to performance during the period. At the end of June, the company reported earnings that exceeded subscriber guidance and raised guidance for its current quarter. Research In Motion continues to benefit from strength in its consumer, enterprise and international business units. We believe the BlackBerry maker’s growth prospects are favorable as businesses

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

advance the use of mobile e-mail and introduce it more deeply within the organizations. In addition, the consumer-focused BlackBerry products are broadening the brand’s appeal into a larger market. We have high conviction in the company’s product pipeline for this year and believe BlackBerry’s strong brand name and superior technology provide competitive advantages over substitute products.

Linear Technology Corp.’s announcement of a substantial stock repurchase program drove shares of the company up during the quarter. The company plans to repurchase $3 billion in stock, roughly 30% of Linear’s market value at the time of the announcement, and will be funded by the proceeds from a $1.7 billion convertible note offering. We believe the company is well positioned for future growth as analog chip sales remain strong due to continued demand for devices such as cell phones, MP3 players and high-definition televisions.

The sell-off in the sub-prime mortgage market negatively impacted Financials stocks and it was the worst performing sector of the market during the reporting period. We believe that the Financial companies we own have minimal exposure to the sub-prime mortgage market. Therefore, we feel that their franchises should remain unharmed by this industry segment. Shares of Freddie Mac were down during the year-to-date period. Freddie Mac’s exposure is limited to AAA rated securities backed by sub-prime loans and we don’t think this portion of Freddie Mac’s business will have a material impact on its earnings. We believe Freddie Mac underperformed primarily because management delayed timely financial reporting from the second quarter to the second half of 2007. We feel that the timely reporting of financial results is an important catalyst for the stock price of Freddie Mac to more closely reflect the value of the underlying business.

We thank you for your investment and look forward to serving your investment needs in the future.

Goldman Sachs Growth Team

July 17, 2007

Shares of the Goldman Sachs Variable Insurance Trust (“VIT”) Capital Growth Fund are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

The VIT Capital Growth Fund invests primarily in large-capitalization U.S. equity investments and is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Shareholder Letter (continued)

sectors and/or general economic conditions. The Fund may invest in foreign securities, which may be more volatile and less liquid than investment in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The Fund may participate in the Initial Public Offering (IPO) market, and a portion of the Fund’s returns consequently may be attributable to its investment in IPOs. The market value of IPO shares may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, and the small number of shares available for trading and limited information about the issuer. When a fund’s asset base is small, IPOs may have a magnified impact on the fund’s performance. As a fund’s assets grow, it is probable that the effect of the fund’s investment in IPOs on its total returns may not be as significant, which could reduce the fund’s performance.

SECTOR ALLOCATION^†

Percentage of Net Assets

(BAR GRAPH)

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Schedule of Investments

June 30, 2007 (Unaudited)



Shares		Description	Value
Common Stocks – 99.2%

Banks – 4.2%
	279,055	Freddie Mac	$	16,938,639
	64,300	SunTrust Banks, Inc.		5,513,082

				22,451,721

Capital Goods – 4.1%
	121,200	Rockwell Automation, Inc.		8,416,128
	128,730	United Technologies Corp.		9,130,819
	55,410	W.W. Grainger, Inc.		5,155,900

				22,702,847

Consumer Durables & Apparel – 3.3%
	135,180	Fortune Brands, Inc.		11,134,777
	236,500	Newell Rubbermaid, Inc.		6,960,195

				18,094,972

Consumer Services – 1.7%
	72,400	Apollo Group, Inc. Class A*		4,230,332
	199,700	Starbucks Corp.*		5,240,128

				9,470,460

Diversified Financials – 8.6%
	139,960	American Express Co.		8,562,753
	10,400	Chicago Mercantile Exchange Holdings, Inc. Class A		5,557,344
	49,800	Legg Mason, Inc.		4,899,324
	104,990	Moody’s Corp.		6,530,378
	70,145	Morgan Stanley		5,883,763
	487,030	The Charles Schwab Corp.		9,993,855
	91,500	UBS AG		5,490,915

				46,918,332

Energy – 14.1%
	182,938	Baker Hughes, Inc.		15,390,574
	120,040	Canadian Natural Resources Ltd.		7,964,654
	189,700	Chesapeake Energy Corp.		6,563,620
	107,100	Grant Prideco, Inc.*		5,765,193
	133,500	Quicksilver Resources, Inc.*^(a)		5,951,430
	127,340	Schlumberger Ltd.		10,816,260
	205,120	Suncor Energy, Inc.		18,444,390
	110,000	Weatherford International Ltd.*		6,076,400

				76,972,521

Food & Staples Retailing – 3.3%
	179,700	CVS/Caremark Corp.		6,550,065
	243,420	Wal-Mart Stores, Inc.		11,710,936

				18,261,001

Food, Beverage & Tobacco – 3.1%
	58,100	Altria Group, Inc.		4,075,134
	195,000	PepsiCo., Inc.		12,645,750

				16,720,884

Health Care Equipment & Services – 3.0%
	96,400	Baxter International, Inc.		5,431,176
	102,578	Medtronic, Inc.		5,319,695
	141,200	St. Jude Medical, Inc.*		5,858,388

				16,609,259

Household & Personal Products – 0.9%
	83,900	Procter & Gamble Co.		5,133,841

Media – 4.9%
	60,811	Lamar Advertising Co. Class A		3,816,498
	162,000	National CineMedia, Inc.*		4,537,620
	191,950	The McGraw-Hill Companies, Inc.		13,067,956
	126,674	Viacom, Inc. Class B*		5,273,439

				26,695,513

Pharmaceuticals, Biotechnology – 10.5%
	202,554	Amgen, Inc.*		11,199,210
	207,712	Celgene Corp.*		11,908,129
	79,890	Charles River Laboratories International, Inc.*		4,123,922
	128,700	Genentech, Inc.*		9,737,442
	128,200	Merck & Co., Inc.		6,384,360
	185,300	Thermo Fisher Scientific, Inc.*		9,583,716
	83,635	Wyeth		4,795,631

				57,732,410

Retailing – 5.3%
	106,100	Chico’s FAS, Inc.*		2,582,474
	71,300	J.C. Penney Co., Inc.		5,160,694
	340,140	Lowe’s Companies, Inc.		10,438,897
	204,800	The Home Depot, Inc.		8,058,880
	79,700	Williams-Sonoma, Inc.		2,516,926

				28,757,871

Semiconductors & Semiconductor Equipment – 2.1%
	325,179	Linear Technology Corp.^(a)		11,764,976

Software & Services – 15.9%
	293,600	Activision, Inc.*		5,481,512
	99,800	CheckFree Corp.*		4,011,960
	69,720	Cognizant Technology Solutions Corp. Class A*		5,235,275
	182,825	Electronic Arts, Inc.*		8,651,279
	44,010	Google, Inc. Class A*		23,033,955
	688,568	Microsoft Corp.		20,292,099
	446,091	The Western Union Co.		9,292,075
	402,974	Yahoo!, Inc.*		10,932,685

				86,930,840

Technology Hardware & Equipment – 6.7%
	60,700	Apple Computer, Inc.*		7,407,828
	528,590	Cisco Systems, Inc.*		14,721,232
	109,200	Jabil Circuit, Inc.		2,410,044
	275,791	QUALCOMM, Inc.		11,966,571

				36,505,675

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Schedule of Investments (continued)

June 30, 2007 (Unaudited)



Shares		Description	Value
Common Stocks – (continued)

Telecommunication Services – 7.5%
	361,090	American Tower Corp. Class A*	$	15,165,780
	98,850	Crown Castle International Corp.*		3,585,289
	110,300	MetroPCS Communications, Inc.*		3,644,312
	102,000	NeuStar, Inc., Class A*		2,954,940
	43,300	Research In Motion Ltd.*		8,659,567
	347,200	Sprint Nextel Corp.		7,190,512

				41,200,400

TOTAL COMMON STOCKS
(Cost $480,912,509)			$	542,923,523

Principal

Interest

Maturity

Amount

Rate

Date

Value

Short-Term Obligation – 0.6%

JPMorgan Chase Euro – Time Deposit

3,168,508

5.282

07/02/07

$ 3,168,508

(Cost $3,168,508)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL

(Cost $484,081,017)

$546,092,031


			Interest
Shares		Description	Rate		Value
Securities Lending Collateral – 2.8%

	15,358,250	Boston Global Investment Trust – Enhanced Portfolio		5.309%	$	15,358,250
(Cost $15,358,250)

TOTAL INVESTMENTS – 102.6%
(Cost $499,439,267)					$	561,450,281

LIABILITIES IN EXCESS OF OTHER ASSETS – (2.6)%						(14,201,521	)

NET ASSETS – 100.0%					$	547,248,760

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 this security is on loan.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)



Assets:

Investment in securities, at value (identified cost $484,081,017)^(a)		$	546,092,031
Securities lending collateral, at value which equals cost			15,358,250
Cash			161,040
Receivables:
	Investment securities sold		7,293,324
	Dividends and interest		165,360
	Fund shares sold		28,597
	Securities lending income		1,906
Other assets			6,754

Total assets			569,107,262

Liabilities:

Due to Custodian			167,490
Payables:
	Payable upon return of securities loaned		15,358,250
	Investment securities purchased		5,493,376
	Amounts owed to affiliates		393,601
	Fund shares repurchased		297,282
Accrued expenses			148,503

Total liabilities			21,858,502

Net Assets:

Paid-in capital			686,133,694
Accumulated undistributed net investment income			3,874
Accumulated net realized loss on investment transactions			(200,899,822	)
Net unrealized gain on investments			62,011,014

NET ASSETS:		$	547,248,760

Net Assets: Institutional		$	172,136,448
	Service		375,112,312

Shares outstanding: Institutional			13,738,802
	Service		29,955,283

Total shares of beneficial interest outstanding, $0.001 par value (unlimited shares authorized)			43,694,085

Net asset value, offering and redemption price per share: Institutional		$	12.53
	Service		12.52

(a) Includes loaned securities having market value of $14,988,816.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)


Investment income:

Dividends^(a)	$	2,564,791
Interest (including securities lending income of $3,861)		57,257

Total income		2,622,048

Expenses:

Management fees		2,045,638
Distribution and Service fees — Service Class		472,096
Shareholder meeting expense		128,555
Printing fees		109,189
Transfer agent fees^(b)		109,102
Professional fees		36,576
Custody and accounting fees		15,733
Trustee fees		9,719
Other		5,263

Total expenses		2,931,871

Less — expense reductions		(301,896	)

Net expenses		2,629,975

NET INVESTMENT LOSS		(7,927	)

Realized and unrealized gain on investment transactions:

Net realized gain from investment transactions—(including commissions recaptured of $23,197)		31,495,139
Net change in unrealized gain on investments		11,591,788

Net realized and unrealized gain on investments transactions		43,086,927

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	43,079,000

(a) Foreign taxes withheld on dividends were $9,788.

(b) Institutional and Service Class had Transfer Agent fees of $33,554 and $75,548, respectively.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Statements of Changes in Net Assets


	For the
	Six Months Ended			For the
	June 30, 2007			Year Ended
	(Unaudited)			December 31, 2006
From operations:

Net investment income (loss)	$	(7,927	)	$	290,206
Net realized gain on investment transactions		31,495,139			71,843,720
Net change in unrealized gain (loss) on investments		11,591,788			(40,384,661	)

Net increase in net assets resulting from operations		43,079,000			31,749,265

Distributions to shareholders:

From net investment income
Institutional Shares		—			(204,339	)
Service Shares*		—			(77,094	)

Total distributions to shareholders		—			(281,433	)

From share transactions:

Proceeds from sales of shares		7,028,773			13,879,656
Proceeds received in connection with merger		—			454,868,620
Reinvestments of dividends and distributions		—			281,433
Cost of shares repurchased		(55,261,333	)		(116,148,847	)

Net increase (decrease) in net assets resulting from share transactions		(48,232,560	)		352,880,862

TOTAL INCREASE (DECREASE)		(5,153,560	)		384,348,694

Net assets:

Beginning of period		552,402,320			168,053,626

End of period	$	547,248,760		$	552,402,320

Accumulated undistributed net investment income	$	3,874		$	11,801

* Service Share Class commenced operations on January 9, 2006.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period



			Income (loss) from
			investment operations																									Ratios assuming no
																												expense reductions
						Net
						realized						Distributions to													Ratio of			Ratio of			Ratio of
	Net asset					and						shareholders			Net asset					Net assets		Ratio of			net investment			total			net investment
	value,		Net			unrealized			Total from			from net			value,					end of		net expenses			income			expenses			income (loss)			Portfolio
Year — Share	beginning		investment			gain			investment			investment			end of		Total			period		to average			to average			to average			to average			turnover
Class	of period		income^(b)			(loss)			operations			income			period		return^(c)			(in 000s)		net assets			net assets			net assets			net assets			rate

FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)

2007 — Institutional	$	11.58	$	—	^(e)	$	0.95		$	0.95		$	—		$	12.53		8.20	%	$	172,136		0.86	% ^(d)(f)		0.10	%^(d)(f)		0.87	% ^(d)(f)		0.09	%^(d)(f)		22	%
2007 — Service		11.58		—	^(e)		0.94			0.94			—			12.52		8.12			375,112		0.96	^(d)(f)		0.00	^(d)(f)		1.12	^(d)(f)		(0.16	) ^(d)(f)		22
FOR THE YEARS ENDED DECEMBER 31,

2006 — Institutional		10.68		0.01			0.90			0.91			(0.01	)		11.58		8.56			165,877		0.84			0.12			0.85			0.11			70
2006 — Service ^(a)		11.03		—	^(e)		0.55			0.55			—	^(e)		11.58		5.01			386,526		0.94	^(d)		0.03	^(d)		1.10	^(d)		(0.13	)^(d)		70

2005 — Institutional		10.39		0.02			0.29			0.31			(0.02	)		10.68		2.94			168,054		0.90			0.15			0.90			0.15			35
2004 — Institutional		9.59		0.07			0.80			0.87			(0.07	)		10.39		9.09			186,688		0.89			0.69			0.89			0.69			45
2003 — Institutional		7.77		0.03			1.81			1.84			(0.02	)		9.59		23.74			179,694		1.02			0.38			1.43			(0.03)			16
2002 — Institutional		10.28		0.01			(2.50	)		(2.49	)		(0.02	)		7.77		(24.33	)		18,052		1.10			0.16			1.77			(0.51)			24

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs Capital Growth Fund (the “Fund” or “Capital Growth Fund”). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service.

On January 9, 2006, pursuant to an Agreement and Plan of Reorganization (the “Reorganization Agreement”) previously approved by the Trust’s Board of Trustees, substantially all of the assets, subject to liabilities, of the Select Growth Fund of the Allmerica Investment Trust (the “Allmerica Fund”), were transferred to the Capital Growth Fund in exchange for the Capital Growth Fund’s Service shares. Holders of shares of the Allmerica Fund received Service shares of the Capital Growth Fund in an amount equal to the aggregate net asset value of their investment in the Allmerica Fund as of the close of business on January 6, 2006. On the date of the exchange, the Capital Growth Fund began to offer Service shares. The exchange was a tax-free event to the Allmerica Fund shareholders.

2. SIGNIFICANT ACCOUNTING POLICIES

Pursuant to applicable law and procedures adopted by the Trust’s Board of Trustees, securities transactions in portfolio securities (including futures transactions) may be effected from time to time through Goldman Sachs or an affiliate. In order for Goldman Sachs or an affiliate, acting as agent, to effect securities or futures transactions for a Fund, the commissions, fees or other remuneration received by Goldman Sachs or an affiliate must be reasonable and fair compared to the commissions, fees or other remuneration received by other brokers in connection with comparable transactions involving similar securities or futures contracts.

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules, which may differ from generally accepted accounting principles. Therefore, the source of the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income or net realized gain, or as a tax return of capital.

F. Commission Recapture — The Fund may direct portfolio trades, subject to obtaining best execution, to various brokers who have agreed to rebate a portion of the commissions generated. Such rebates are made directly to the Fund as cash payments and are included in net realized gain (loss) on investments in the Statement of Operations.

3. AGREEMENTS

For the six months ended June 30, 2007, GSAM received a Management fee on a contractual basis at the following rates:

Contractual Management Fee

Up to

Next

Over

Effective

$1 billion

$2 billion

Fee

0.75%

0.68%

0.65%

0.75%

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

3. AGREEMENTS (continued)

GSAM has voluntarily agreed to limit certain “Other Expenses” of the Fund (excluding Management fees, Distribution and Service fees, Transfer Agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification costs, shareholder meeting and other extraordinary expenses exclusive of any custody and transfer agent fee credit reductions) to the extent that such expenses exceed, on an annual basis, 0.114% of the average daily net assets of the Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. For the six months ended June 30, 2007, GSAM did not make any reimbursements to the Fund.

The Trust has adopted, on behalf of the Service Shares of the Fund, a Distribution and Service Plan (the “Plan”). Under the Plan, Goldman Sachs is entitled to a monthly fee for distribution services equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares. Goldman Sachs has voluntarily agreed to waive Distribution and Service fees for Service Shares so as not to exceed 0.10% of the Fund’s average daily net assets attributable to Service Shares. This waiver may be modified or terminated at any time at the option of Goldman Sachs. For the six months ended June 30, 2007, Goldman Sachs waived approximately $283,200 in Distribution and Service fees for the Fund.

At June 30, 2007, amounts owed to affiliates were approximately $343,800, $31,500 and $18,300 for Management, Distribution and Service, and Transfer Agent fees, respectively.

4. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long term securities for the six months ended June 30, 2007 were $122,346,552 and $166,873,557, respectively. For the six months ended June 30, 2007, Goldman Sachs earned approximately $2,600 of brokerage commissions from portfolio transactions, executed on behalf of the Fund.

5. SECURITIES LENDING

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

5. SECURITIES LENDING (continued)

factors. Both the Fund and BGA receive compensation relating to the lending of the Fund’s securities. The amount earned by the Fund for the six months ended June 30, 2007 is reported parenthetically under Investment Income on the Statement of Operations. A portion of this amount, $1,254, represents compensation earned by the Fund from lending its securities to Goldman Sachs. For the six months ended June 30, 2007, BGA earned $513 in fees as securities lending agent.

6. LINE OF CREDIT FACILITY

7. TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2006, the Fund’s capital loss carryforwards and certain timing differences on a tax basis were as follows:


Capital loss carryforward:⁽¹⁾
Expiring 2007	$	(11,863,148	)
Expiring 2008		(63,433,899	)
Expiring 2009		(93,913,780	)
Expiring 2010		(59,391,140	)
Expiring 2011		(1,064,803	)

Total capital loss carryforward		(229,666,770	)

Timing differences (post-October losses)		(143,717	)

(1) Expiration occurs on December 31, of the year indicated. Utilization of these losses may be limited under the Internal Revenue Code.

At June 30, 2007, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Tax cost	$	502,023,972

Gross unrealized gain		69,163,424
Gross unrealized loss		(9,737,115	)

Net unrealized security gain	$	59,426,309

The difference between book-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales.

8. OTHER MATTERS

Merger and Reorganization — At a meeting held on July 12, 2005, the Board of Trustees of the Trust approved the Reorganization (“Agreement”) providing for the tax-free acquisition of the Allmerica Fund (Acquired Fund) by the Capital Growth Fund (Survivor Fund). Following the approval of the Board of Trustees and shareholders of the Allmerica Fund, the acquisition was completed on January 9, 2006, as of the close of business on January 6, 2006.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

8. OTHER MATTERS (continued)

Pursuant to the Agreement, the assets and liabilities of the Allmerica Fund Service Class were transferred into the Capital Growth Fund Service Class in a tax-free exchange as follows:

Acquired Fund’s

Exchanged Shares

Value of

Shares Outstanding

Survivor/Acquired Fund

of Survivor Issued

Exchanged Shares

as of January 6, 2006

Capital Growth Fund Service Class/ Allmerica Fund Service Class

41,239,222

454,868,620

264,467,645

Survivor Fund’s

Acquired Fund’s

Survivor Fund’s

Aggregate

Acquired

Net Assets

Fund’s

Acquired Fund’s

before

immediately

Unrealized

Capital Loss

Survivor/Acquired Fund

acquisition

after acquisition

Appreciation

Carryforward

Capital Growth Fund/Allmerica Fund

173,497,578

454,868,620

628,366,198

74,244,861

(286,851,099

)

New Accounting Pronouncement — On September 15, 2006, the FASB released Statement Financial Accounting Standard No. 157 “Fair Value Measurement” (“FAS 157”) which provides enhanced guidance for using fair value to measure assets and liabilities. The standard requires companies to provide expanded information about the assets and liabilities measured at fair value and the potential effect of these fair valuations on an entity’s financial performance. The standard does not expand the use of fair value in any new circumstances, but provides clarification on acceptable fair valuation methods and applications. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. The investment adviser does not believe the adoption of FAS 157 will impact the amounts reported in the financials statements, however, additional disclosures will be required.

9. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:



	For the Six months ended
	June 30, 2007						For the Year ended
	(Unaudited)						December 31, 2006

	Shares			Dollars			Shares			Dollars






Institutional Shares
Shares sold		530,051		$	6,335,096			1,136,732		$	12,592,496
Reinvestment of dividends and distributions		—			—			17,510			204,339
Shares repurchased		(1,116,764	)		(13,382,478	)		(2,570,726	)		(28,428,053	)

		(586,713	)		(7,047,382	)		(1,416,484	)		(15,631,218	)

Service Shares*
Shares sold		59,198			693,677			118,288			1,287,160
Shares issued in connection with merger		—			—			41,239,222			454,868,620
Reinvestment of dividends and distributions		—			—			6,606			77,094
Shares repurchased		(3,486,823	)		(41,878,855	)		(7,981,208	)		(87,720,794	)

		(3,427,625	)		(41,185,178	)		33,382,908			368,512,080

NET INCREASE (DECREASE)		(4,014,338	)	$	(48,232,560	)		31,966,424		$	352,880,862

* Service Share Class commenced operations on January 9, 2006.

11. SUBSEQUENT EVENT

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

At the Annual Contract Meeting, the Trustees reviewed the matters that were considered at the Committee meetings and also considered additional matters including: (a) a summary of fee concessions by the Investment Adviser and its affiliates with respect to the Goldman Sachs mutual funds since 2003; (b) the quality of the Investment Adviser’s services; (c) the structure, staff and capabilities of the Investment Adviser and its portfolio management team; (d) the groups within the Investment Adviser that support the portfolio management team, including the legal and compliance departments, the valuation oversight group, the risk and performance analytics group, the business planning team and the technology group; (e) the Investment Adviser’s business continuity and disaster recovery planning; (f) the Investment Adviser’s financial resources and its ability to hire and retain talented personnel; (g) the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, distribution, portfolio brokerage and other services; (h) the terms of the Management Agreement; (i) the administrative services provided under the Management Agreement, including the nature and extent of the Investment Adviser’s oversight of the Fund’s other service providers, including the custodian and fund accounting agent; and (j) the Investment Adviser’s policies addressing various potential conflicts of interest. At the Annual Contract Meeting, the Trustees also considered at further length the Fund’s investment performance, fees and expenses,

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

including the Fund’s expense trends over time and the breakpoints in the contractual fee rate under the Management Agreement approved in 2006.

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

More particularly, the Trustees reviewed analyses prepared by the Outside Data Provider of the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fees to a relevant peer group and a category universe; an expense analysis which compared the Fund’s expenses to a peer group and a category universe; and a five-year history comparing the Fund’s expenses to the category average. The analyses also compared the Fund’s transfer agency fees, custody and accounting fees and other expenses to a peer group and median. The Trustees believed that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees paid by the Fund. In addition, the Trustees considered the Investment Adviser’s voluntary undertaking to limit the Fund’s “other expenses” ratio (excluding certain expenses) to a specified level. This voluntary undertaking is in addition to the Investment Adviser’s separate contractual agreement to reimburse the Fund as necessary to limit the total annual operating expenses of the Service Shares of the Fund to a specified level until July 2007.

0.75% on the first $1 billion; 0.68% on the next $1 billion; and 0.65% over $2 billion.

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

managers to other mutual funds. Upon reviewing these matters again at the Annual Contract Meeting in 2007, the Trustees continued to believe that the fee breakpoints were a way to ensure that benefits of scalability would be passed along to shareholders at the specified asset levels.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND

Fund Expenses (Unaudited) — Six Month Period Ended June 30, 2007

          As a shareholder of the Institutional or Service Shares of the Fund, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (with respect to Service Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Institutional Shares and Service Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

          The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2007 through June 30, 2007.

          Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading “Expenses Paid” to estimate the expenses you paid on your account during this period.

          Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

          Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund, you do not incur any transaction costs, such as sales charges (loads), redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing on going costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.




						Expenses Paid
						for the
	Beginning		Ending			six months
	Account Value		Account Value			ended
Share Class	1/1/07		6/30/07			6/30/07*






Institutional
Actual	$	1,000.00	$	1,082.00		$	4.44
Hypothetical 5% return		1,000.00		1,020.53	⁺		4.31

Service
Actual		1,000.00		1,081.20			4.95
Hypothetical 5% return		1,000.00		1,020.03	⁺		4.81

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2007. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.86% and 0.96% for Institutional and Service Shares, respectively.

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.


TRUSTEES		OFFICERS
Ashok N. Bakhru, Chairman		Kaysie P. Uniacke, President
John P. Coblentz, Jr.		James A. McNamara, Senior Vice President
Diana M. Daniels		John M. Perlowski, Senior Vice President
Patrick T. Harker		and Treasurer
Jessica Palmer		Peter V. Bonanno, Secretary
Alan A. Shuch
Richard P. Strubel
Kaysie P. Uniacke

GOLDMAN, SACHS & CO. Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission Web site at http://www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. Beginning the fiscal quarter ended September 30, 2004 and every first and third fiscal quarter thereafter, the Fund’s Form N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. When available, Form N-Q may be obtained upon request and without charge by calling 1-800-621-2550.





This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Please consider a Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.


Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Capital Growth Fund.

Copyright 2007 Goldman, Sachs & Co. All rights reserved.

VITCGSAR/07-1653/34.3K

Goldman

Sachs Variable Insurance Trust

GOLDMAN SACHS ASSET MANAGEMENT, L.P. 32 OLD SLIP, NEW YORK, NEW YORK 10005

Mid Cap Value Fund

Semiannual Report

June 30, 2007

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Shareholder Letter

Dear Shareholders:

This report provides an overview on the performance of the Goldman Sachs Variable Insurance Trust — Mid Cap Value Fund during the six-month reporting period that ended June 30, 2007.

Market Review

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Composition

Top 10 Portfolio Holdings as of June 30, 2007*


	% of
Company	Net Assets			Business

Range Resources Corp.		3.1	%	Energy
The Williams Co, Inc.		2.9		Energy
Entergy Corp.		2.9		Utilities
PPL Corp.		2.3		Utilities
AMBAC Financial Group, Inc.		2.1		Insurance
Johnson Controls, Inc.		2.1		Automobiles & Components
SUPERVALU, Inc.		2.0		Food & Staples Retailing
KeyCorp		2.0		Banks
Amphenol Corp.		2.0		Technology Hardware & Equipment
Edison International		1.8		Utilities

* Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained by the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of stocks or bonds should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Shareholder Letter (continued)

Performance Review

Over the six-month period ended June 30, 2007, the Fund’s Institutional and Service Shares generated cumulative total returns of 9.94% and 9.88%, respectively. These returns compare to the 8.69% cumulative total return of the Fund’s benchmark, the Russell Midcap Value Index (with dividends reinvested), over the same time period.

During the reporting period, the Fund’s holdings in the Energy and Health Care sectors were the largest contributors to performance, while its positions in the Technology and Financials sectors detracted from results versus the benchmark.

In the first six months of the year, a mix of successful stock picking and favorable acquisition activity drove the Fund’s results. Several of the portfolio’s high conviction Energy positions, such as EOG Resources, Inc. and Range Resources Corp. rebounded from last year’s weakness to lead performance during the reporting period. We continue to favor Energy companies with a mix of low cost structures, positive reserve trends and disciplined management teams.

The Fund also benefited from M&A activity as health care company MedImmune was acquired by AstraZeneca at a sizable premium. MedImmune had long served as an example of what we considered to be a mispriced company despite its robust pipeline of products. We subsequently eliminated the stock from the portfolio after its shares rose sharply on the news. SUPERVALU, Inc., a grocery store operator, also contributed to performance as its share price began to reflect the company’s benefits from recent restructuring efforts.

Several of the Fund’s holdings partially offset its gains during the reporting period. In the Technology sector, shares of Seagate Technology declined as the company faced aggressive competition and pricing pressures. While the Fund managed to avoid many of the sharp losses in the homebuilder industry, Lennar Corp. was still hit by housing concerns. We think this turnaround story is still attractive over the long term, but we reduced the position to reflect near-term uncertainty. In the Financials sector, KeyCorp and Webster Financial Corp. experienced weakness as both companies lowered their near-term outlooks. We continue to view both stocks as attractive opportunities.

We thank you for your investment and look forward to serving your investment needs in the future.

Goldman Sachs Value Portfolio Management Team

July 17, 2007

Shares of the Goldman Sachs Variable Insurance Trust (“VIT”) Mid Cap Value Fund are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

The VIT Mid Cap Value Fund invests primarily in mid-capitalization U.S. equity investments and is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The securities of mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. The Fund may invest in foreign securities, which may be more volatile and less liquid than investments in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The Fund may invest in fixed income securities. Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Shareholder Letter (continued)

SECTOR ALLOCATION^†

Percentage of Net Assets

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments

June 30, 2007 (Unaudited)



Shares		Description	Value
Common Stocks – 99.4%

Automobiles & Components – 3.8%
	13,032	Autoliv, Inc.	$	741,130
	1,430,900	Ford Motor Co.		13,479,078
	372,019	Johnson Controls, Inc.		43,068,640
	289,849	Tenneco, Inc.*		10,156,309
	321,674	The Goodyear Tire & Rubber Co.*		11,181,388

				78,626,545

Banks – 7.9%
	119,100	Astoria Financial Corp.		2,982,264
	364,700	Commerce Bancorp, Inc.		13,490,253
	268,969	Commerce Bancshares, Inc.		12,184,296
	238,931	First Horizon National Corp.^(a)		9,318,309
	726,006	Hudson City Bancorp, Inc.		8,871,793
	1,189,225	KeyCorp		40,826,094
	156,753	M&T Bank Corp.		16,756,896
	156,094	MGIC Investment Corp.^(a)		8,875,505
	83,669	Radian Group, Inc.		4,518,126
	191,482	The PMI Group, Inc.		8,553,501
	613,911	Webster Financial Corp.		26,195,582
	133,480	Zions Bancorp		10,265,947

				162,838,566

Capital Goods – 5.7%
	106,419	Alliant Techsystems, Inc.*		10,551,444
	242,517	American Standard Co., Inc.		14,303,653
	509,166	Cooper Industries Ltd. Class A		29,068,287
	168,720	Eaton Corp.		15,690,960
	211,303	Joy Global, Inc.		12,325,304
	269,150	Lennox International, Inc.		9,213,004
	385,395	Rockwell Collins, Inc.		27,224,303

				118,376,955

Commercial Services & Supplies – 3.5%
	2,333,626	Allied Waste Industries, Inc.*		31,410,606
	253,087	ChoicePoint, Inc.*		10,743,543
	253,300	Monster Worldwide, Inc.*		10,410,630
	89,900	Pitney Bowes, Inc.		4,209,118
	540,017	Republic Services, Inc.		16,546,121

				73,320,018

Consumer Durables & Apparel – 2.8%
	215,629	Fortune Brands, Inc.		17,761,361
	332,651	Lennar Corp. Class A		12,161,720
	987,772	Newell Rubbermaid, Inc.		29,070,130

				58,993,211

Consumer Services – 1.9%
	246,900	Boyd Gaming Corp.		12,145,011
	1,176,619	H&R Block, Inc.		27,497,586

				39,642,597

Diversified Financials – 4.6%
	417,436	CIT Group, Inc.		22,888,016
	250,825	ETrade Financial Corp.		5,540,724
	145,662	Lazard Ltd., Class A		6,559,160
	441,433	Northern Trust Corp.		28,357,656
	83,100	Nuveen Investments, Inc. Class A		5,164,665
	196,931	The Bear Stearns Companies, Inc.		27,570,340

				96,080,561

Energy – 10.9%
	410,026	EOG Resources, Inc.		29,956,499
	253,800	Hess Corp.		14,964,048
	1,724,590	Range Resources Corp.		64,516,912
	233,800	Smith International, Inc.		13,710,032
	1,930,360	The Williams Co, Inc.		61,037,983
	370,950	Ultra Petroleum Corp.*		20,491,278
	161,348	W-H Energy Services, Inc.*		9,989,055
	226,813	Weatherford International Ltd.*		12,529,150

				227,194,957

Food & Staples Retailing – 2.7%
	384,944	Safeway, Inc.		13,099,644
	909,672	SUPERVALU, Inc.		42,136,007

				55,235,651

Food, Beverage & Tobacco – 1.7%
	324,300	Coca-Cola Enterprises, Inc.		7,783,200
	96,200	Loews Corp.- Carolina Group		7,433,374
	159,851	Pepsi Bottling Group, Inc.		5,383,782
	163,283	Reynolds American, Inc.		10,646,052
	137,488	Smithfield Foods, Inc.*		4,233,255

				35,479,663

Health Care Equipment & Services – 2.2%
	129,598	Coventry Health Care, Inc.*		7,471,324
	220,701	Health Net, Inc.*		11,653,013
	836,492	IMS Health, Inc.		26,876,488

				46,000,825

Household & Personal Products – 1.4%
	482,307	Clorox Co.		29,951,265

Insurance – 6.9%
	506,953	AMBAC Financial Group, Inc.		44,201,232
	273,766	Assurant, Inc.		16,130,293
	259,296	Everest Re Group Ltd.		28,169,917
	254,819	PartnerRe Ltd.		19,748,473
	101,244	Philadelphia Consolidated Holding Corp.*		4,231,999
	159,528	RenaissanceRe Holdings Ltd.		9,889,141
	401,730	Unum Corp.		10,489,170
	115,200	XL Capital Ltd. Class A		9,710,208

				142,570,433

Materials – 5.0%
	125,631	Air Products & Chemicals, Inc.		10,096,963
	361,389	Airgas, Inc.		17,310,533
	141,812	Albemarle Corp.		5,464,016
	241,239	Celanese Corp. Series A		9,355,248
	1,220,114	Chemtura Corp.		13,555,467
	456,223	Commercial Metals Co.		15,406,651

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments (continued)

June 30, 2007 (Unaudited)



Shares		Description	Value
Common Stocks – (continued)

Materials – (continued)
	940,850	Domtar Corp.*	$	10,499,886
	198,230	United States Steel Corp.		21,557,513

				103,246,277

Media – 0.8%
	4,034,051	Charter Communications, Inc. Class A*^(a)		16,337,907

Pharmaceuticals, Biotechnology – 0.8%
	637,095	PerkinElmer, Inc.		16,602,696

REIT – 8.3%
	616,423	Apartment Investment & Management Co.		31,080,048
	477,834	Brandywine Realty Trust		13,656,496
	951,136	DCT Industrial Trust, Inc.		10,234,223
	179,371	Developers Diversified Realty Corp.		9,454,646
	175,464	Equity Residential		8,006,422
	551,826	Highwoods Properties, Inc.		20,693,475
	483,869	Liberty Property Trust		21,256,365
	357,168	Mack-Cali Realty Corp.		15,533,236
	476,318	Pennsylvania Real Estate Investment Trust		21,115,177
	192,700	Vornado Realty Trust		21,166,168

				172,196,256

Retailing – 1.4%
	191,900	J.C. Penney Co., Inc.		13,889,722
	294,804	Ross Stores, Inc.		9,079,963
	188,013	Williams-Sonoma, Inc.^(a)		5,937,451

				28,907,136

Semiconductors & Semiconductor Equipment – 1.2%
	773,053	LSI Corp.*		5,805,628
	196,500	National Semiconductor Corp.		5,555,055
	344,362	Tessera Technologies, Inc.*		13,963,879

				25,324,562

Software & Services – 3.0%
	1,883,311	Activision, Inc.*		35,161,416
	1,587,970	BearingPoint, Inc.*		11,608,061
	394,336	CheckFree Corp.*^(a)		15,852,307

				62,621,784

Technology Hardware & Equipment – 3.8%
	1,136,872	Amphenol Corp. Class A		40,529,486
	92,100	SanDisk Corp.*		4,507,374
	1,045,670	Seagate Technology		22,764,236
	550,085	Xerox Corp.*		10,165,571

				77,966,667

Telecommunication Services – 3.8%
	1,443,021	Cincinnati Bell, Inc.*^(a)		8,340,661
	527,673	Embarq Corp.		33,438,638
	468,949	MetroPCS Communications, Inc.*		15,494,075
	2,201,600	Qwest Communications International, Inc.*		21,355,520

				78,628,894

Transportation – 2.1%
	185,843	Avis Budget Group, Inc.*		5,283,516
	178,720	Landstar System, Inc.		8,623,240
	236,001	Norfolk Southern Corp.		12,406,573
	100,300	Ryder System, Inc.		5,396,140
	579,900	Southwest Airlines Co.		8,646,309
	55,838	Teekay Corp.		3,233,579

				43,589,357

Utilities – 13.2%
	113,814	AGL Resources, Inc.		4,607,191
	284,892	American Electric Power Co., Inc.		12,831,536
	348,672	CMS Energy Corp.		5,997,158
	70,198	Constellation Energy Group, Inc.		6,119,160
	1,154,207	DPL, Inc.		32,710,226
	654,702	Edison International		36,741,876
	553,816	Entergy Corp.		59,452,148
	362,226	FirstEnergy Corp.		23,446,889
	616,444	PG&E Corp.^(a)		27,924,913
	1,038,747	PPL Corp.		48,602,972
	58,600	SCANA Corp.		2,243,794
	305,712	Wisconsin Energy Corp.		13,521,642

				274,199,505

TOTAL COMMON STOCKS
(Cost $1,802,438,578)			$	2,063,932,288

Principal

Interest

Maturity

Amount

Rate

Date

Value

Short-Term Obligation – 0.4%

JPMorgan Chase Euro — Time Deposit

7,750,894

5.282

07/02/07

$7,750,894

(Cost $7,750,894)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL

(Cost $1,810,189,472)

$2,071,683,182

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND


			Interest
Shares		Description	Rate		Value
Securities Lending Collateral – 1.4%

	29,042,676	Boston Global Investment Trust –
		Enhanced Portfolio		5.309%	$	29,042,676
(Cost $29,042,676)

TOTAL INVESTMENTS – 101.2%
(Cost $1,839,232,148)					$	2,100,725,858

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.2)%						(24,935,668	)

NET ASSETS – 100.0%					$	2,075,790,190

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.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)



Assets:

Investment in securities, at value (identified cost $1,810,189,472)^(a)		$	2,071,683,182
Securities lending collateral, at value which equals cost			29,042,676
Cash			1,419,307
Receivables:
	Investment securities sold		69,397,097
	Dividends and interest		2,166,731
	Fund shares sold		233,961
	Securities lending income		4,069
Other assets			14,542

Total assets			2,173,961,565

Liabilities:

Payables:
	Investment securities purchased		54,163,531
	Payable upon return of securities loaned		29,042,676
	Fund shares repurchased		13,403,883
	Amounts owed to affiliates		1,387,647
Accrued expenses			173,638

Total liabilities			98,171,375

Net Assets:

Paid-in capital			1,594,138,762
Accumulated undistributed net investment income			8,862,563
Accumulated net realized gain on investment transactions			211,295,155
Net unrealized gain on investments			261,493,710

NET ASSETS		$	2,075,790,190

Net Assets:
	Institutional	$	1,810,529,991
	Service		265,260,199

Shares outstanding:
	Institutional		102,369,502
	Service		15,002,317

Total shares of beneficial interest outstanding, $0.001 par value (unlimited shares authorized)			117,371,819

Net asset value, offering and redemption price per share:
	Institutional	$	17.69
	Service		17.68

(a) Includes loaned securities having market value of $27,758,215.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)


Investment income:

Dividends^(a)	$	17,220,472
Interest (including securities lending income of $33,214)		573,649

Total income		17,794,121

Expenses:

Management fees		8,120,635
Transfer agent fees^(b)		407,302
Distribution and Service fees — Service Class		341,682
Shareholder meeting expense		328,836
Printing fees		96,508
Custody and accounting fees		80,414
Professional fees		37,568
Trustee fees		9,719
Other		19,798

Total expenses		9,442,462

Less — expense reductions		(272,112	)

Net expenses		9,170,350

NET INVESTMENT INCOME		8,623,771

Realized and unrealized gain (loss) on investment transactions:

Net realized gain from investment transactions (including commissions recaptured of $77,149)		184,575,311
Net change in unrealized loss on investments		(741,114	)

Net realized and unrealized gain on investment transactions		183,834,197

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	192,457,968

(a) Foreign taxes withheld on dividends were $1,696.

(b) Institutional and Service Class had Transfer Agent fees of $352,623 and $54,679, respectively.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statements of Changes in Net Assets


		For the
		Six Months Ended			For the
		June 30, 2007			Year Ended
		(Unaudited)			December 31, 2006
From operations:

Net investment income		$	8,623,771		$	14,687,979
Net realized gain on investment transactions			184,575,311			203,866,896
Net change in unrealized gain (loss) on investments			(741,114	)		46,378,460

Net increase in net assets resulting from operations			192,457,968			264,933,335

Distributions to shareholders:

From net investment income
	Institutional Shares		—			(15,146,501	)
	Service Shares*		—			(2,203,166	)
From net realized gains
	Institutional Shares		—			(166,862,249	)
	Service Shares*		—			(27,376,549	)

Total distributions to shareholders			—			(211,588,465	)

From share transactions:

Proceeds from sales of shares			67,814,171			296,268,653
Proceeds received in connection with merger			—			295,311,746
Reinvestments of dividends and distributions			—			211,588,415
Cost of shares repurchased			(132,281,069	)		(339,528,744	)

Net increase (decrease) in net assets resulting from share transactions			(64,466,898	)		463,640,070

TOTAL INCREASE			127,991,070			516,984,940

Net assets:

Beginning of period			1,947,799,120			1,430,814,180

End of period		$	2,075,790,190		$	1,947,799,120

Accumulated undistributed net investment income		$	8,862,563		$	238,792

* Service Share Class commenced operations on January 9, 2006.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period



			Income (loss) from																														Ratios assuming no
			investment operations								Distributions to shareholders																						expense reductions

					Net																									Ratio of			Ratio of			Ratio of
	Net asset				realized									From						Net asset					Net assets,		Ratio of			net investment			total			net investment
	value,		Net		and			Total from			From net			net						value,					end of		net expenses			income to			expenses			income to			Portfolio
Year — Share	beginning		investment		unrealized			investment			investment			realized			Total			end of		Total			period		to average			average			to average			average net			turnover
Class	of period		income^(b)		gain (loss)			operations			income			gains			distributions			period		return^(c)			(in 000s)		net assets			net assets			net assets			assets			rate

FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)

2007 — Institutional	$	16.09	$	0.07	$	1.53		$	1.60		$	—		$	—		$	—		$	17.69		9.94	%	$	1,810,530		0.87	% ^(d)(e)		0.88	%^(d)(e)		0.88	% ^(d)(e)		0.87	%^(d)(e)		40%
2007 — Service		16.09		0.06		1.53			1.59			—			—			—			17.68		9.88			265,260		0.97	^(d)(e)		0.77	^(d)(e)		1.13	^(d)(e)		0.61	^(d)(e)		40
FOR THE YEARS ENDED DECEMBER 31,

2006 — Institutional		15.53		0.13		2.39			2.52			(0.16	)		(1.80	)		(1.96	)		16.09		16.16			1,673,896		0.86			0.80			0.87			0.79			57
2006 — Service^(a)		15.96		0.12		1.95			2.07			(0.14	)		(1.80	)		(1.94	)		16.09		12.91			273,903		0.96	^(d)		0.72	^(d)		1.12	^(d)		0.56	^(d)		57

2005 — Institutional		15.28		0.13		1.82			1.95			(0.10	)		(1.60	)		(1.70	)		15.53		12.83			1,430,814		0.87			0.83			0.87			0.83			53
2004 — Institutional		13.37		0.10		3.34			3.44			(0.09	)		(1.44	)		(1.53	)		15.28		25.88			917,151		0.88			0.67			0.88			0.67			72
2003 — Institutional		10.61		0.12		2.89			3.01			(0.11	)		(0.14	)		(0.25	)		13.37		28.39			577,923		0.91			1.02			0.91			1.02			64
2002 — Institutional		11.29		0.14		(0.67	)		(0.53	)		(0.12	)		(0.03	)		(0.15	)		10.61		(4.69	)		357,537		0.91			1.20			0.91			1.20			95

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs Mid Cap Value Fund (the “Fund” or “Mid Cap Value Fund”). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service.

On January 9, 2006, pursuant to an Agreement and Plan of Reorganization (the “Reorganization Agreement”) previously approved by the Trust’s Board of Trustees, substantially all of the assets, subject to liabilities, of the Select Value Opportunity Fund of the Allmerica Investment Trust (the “Allmerica Fund”), were transferred to the Mid Cap Value Fund in exchange for the Mid Cap Value Fund’s Service shares. Holders of shares of the Allmerica Fund received Service shares of the Mid Cap Value Fund in an amount equal to the aggregate net asset value of their investment in the Allmerica Fund as of the close of business on January 6, 2006. On the date of the exchange, the Mid Cap Value Fund began to offer Service shares. The exchange was a tax-free event to the Allmerica Fund shareholders.

2. SIGNIFICANT ACCOUNTING POLICIES

B. Security Transactions and Investment Income — Security transactions are reflected as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified-cost basis. Dividend income is recorded on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Fund, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted.

Pursuant to applicable law and procedures adopted by the Trust’s Board of Trustees, securities transactions in portfolio securities (including futures transactions) may be effected from time to time through Goldman Sachs or an affiliate. In order for Goldman Sachs or an affiliate, acting as agent, to effect securities or futures transactions for a Fund, the commissions, fees or other remuneration received by Goldman Sachs or an affiliate must be reasonable and fair compared to the commissions, fees or other remuneration received by other brokers in connection with comparable transactions involving similar securities or futures contracts.

C. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Fund on a straight-line and/or “pro-rata” basis depending upon the nature of the expense. Each class of shares of the

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Fund separately bears its respective class-specific Transfer Agency fees. Service Shares bear all expenses and fees relating to their Distribution and Service Plan.

D. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”) applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal tax provisions are required. Dividends and distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually. Net capital losses are carried forward to future years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gain distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules, which may differ from generally accepted accounting principles. Therefore, the source of the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income or net realized gain, or as a tax return of capital.

In addition, distributions paid by the Fund’s investments in real estate investment trusts (“REIT”) often include a “return of capital” which is recorded by the Fund as a reduction of the cost basis of the securities held. The Code requires a REIT to distribute at least 95% of its taxable income to investors. In many cases, however, because of “non-cash” expenses such as property depreciation, a REIT’s cash flow will exceed its taxable income. The REIT may distribute this excess cash to offer a more competitive yield. This portion of the distribution is deemed a return of capital and is generally not taxable to shareholders.

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

F. Commission Recapture — The Fund may direct portfolio trades, subject to obtaining best execution, to various brokers who have agreed to rebate a portion of the commissions generated. Such rebates are made directly to the Fund as cash payments and are included in net realized gain (loss) on investments in the Statement of Operations.

3. AGREEMENTS

For the six months ended June 30, 2007, GSAM received a Management fee on a contractual basis at the following rates:



Contractual Management Fee

Up to		Over		Effective
$2 billion		$2 billion		Fee


	0.80%		0.72%		0.80%

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

3. AGREEMENTS (continued)

GSAM has voluntarily agreed to limit certain “Other Expenses” of the Fund (excluding Management fees, Distribution and Service fees, Transfer Agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification costs, shareholder meeting and other extraordinary expenses exclusive of any custody and transfer agent fee credit reductions) to the extent that such expenses exceed, on an annual basis, 0.054% of the average daily net assets of the Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. For the six months ended June 30, 2007, GSAM made no reimbursements to the Fund.

The Trust has adopted, on behalf of the Service Shares of the Fund, a Distribution and Service Plan (the “Plan”). Under the Plan, Goldman Sachs is entitled to a monthly fee for distribution services equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares. Goldman Sachs has voluntarily agreed to waive Distribution and Service fees for Service Shares so as not to exceed 0.10% of the Fund’s average daily net assets attributable to Service Shares. This waiver may be modified or terminated at any time at the option of Goldman Sachs. For the six months ended June 30, 2007, Goldman Sachs waived approximately $205,000 in Distribution and Service fees for the Fund.

At June 30, 2007, the amounts owed to affiliates were approximately $1,297,000, $21,000 and $69,600 for Management, Distribution and Service and Transfer Agent fees, respectively.

4. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long term securities for the six months ended June 30, 2007, were $818,194,830 and $848,388,807, respectively. For the six months ended June 30, 2007, Goldman Sachs earned approximately $20,500 of brokerage commissions from portfolio transactions executed on behalf of the Fund.

5. SECURITIES LENDING

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

5. SECURITIES LENDING (continued)

of the average daily net assets of the Enhanced Portfolio. The Enhanced Portfolio invests in high quality money market instruments. The Fund bears the risk of incurring a loss from the investment of cash collateral due to either credit or market factors. Both the Fund and BGA receive compensation relating to the lending of the Fund’s securities. The amount earned by the Fund for the six months ended June 30, 2007, is reported parenthetically under Investment Income on the Statement of Operations. A portion of this amount, $12,410 represents compensation earned by the Fund from lending its securities to Goldman Sachs. For the six months ended June 30, 2007, BGA earned $4,938 in fees as securities lending agent. The amount payable to Goldman Sachs upon return of securities loaned as of June 30, 2007 was $4,529,875.

6. LINE OF CREDIT FACILITY

7. TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2006 there were timing differences related to the recognition of certain REIT dividends for tax purposes in the amount of $212,744.

At June 30, 2007, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Tax cost	$	1,841,076,746

Gross unrealized gain		290,943,146
Gross unrealized loss		(31,294,034	)

Net unrealized security gain	$	259,649,112

The difference between book-basis and tax basis unrealized gains (losses) are attributable primarily to wash sales and return of capital distributions from underlying fund investments. The cumulative timing differences consist of deferred income distributions from underlying fund investments.

8. OTHER MATTERS

Merger and Reorganization — At a meeting held on July 12, 2005, the Board of Trustees of the Trust approved the Reorganization Agreement providing for the tax-free acquisition of the Allmerica Fund (Acquired Fund) by the Mid Cap Value Fund (Survivor Fund). Following the approval of the Board of Trustees and shareholders of the Allmerica Fund, the acquisition was completed on January 9, 2006, as of the close of business on January 6, 2006.

Pursuant to the Agreement, the assets and liabilities of the Allmerica Fund Service Class were transferred into the Mid Cap Value Fund Service Class in a tax-free exchange as follows:

Acquired Fund’s

Shares Outstanding

Exchanged Shares of

Value of Exchanged

as of January 6,

Survivor/Acquired Fund

Survivor Issued

Shares

2006

Mid Cap Value Fund Service Class/Allmerica Fund Service Class

18,503,242

295,311,746

179,590,581

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

8. OTHER MATTERS (continued)

Survivor Fund’s

Acquired Fund’s

Aggregate Net

Assets

Aggregate Fund’s

Assets Before

immediately

Unrealized

Survivor/Acquired Fund

acquisition

after acquisition

Appreciation

Mid Cap Value Fund Service Class/Allmerica Fund Service Class

1,475,213,407

295,311,746

1,770,525,153

43,643,427

New Accounting Pronouncement — On September 15, 2006, the FASB released Statement Financial Accounting Standard No. 157 “Fair Value Measurement” (“FAS 157”) which provides enhanced guidance for using fair value to measure assets and liabilities. The standard requires companies to provide expanded information about the assets and liabilities measured at fair value and the potential effect of these fair valuations on an entity’s financial performance. The standard does not expand the use of fair value in any new circumstances, but provides clarification on acceptable fair valuation methods and applications. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. The investment adviser does not believe the adoption of FAS 157 will impact the amounts reported in the financials statements, however, additional disclosures will be required.

9. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:



	For the Six months ended
	June 30, 2007						For the Year ended
	(Unaudited)						December 31, 2006

	Shares			Dollars			Shares			Dollars






Institutional Shares
Shares sold		3,917,295		$	954,608			17,306,248		$	282,619,040
Reinvestment of dividends and distributions		—			—			11,255,950			182,008,711
Shares repurchased		(5,600,089	)		(35,695,921	)		(16,631,073	)		(271,002,028	)

		(1,682,794	)		(34,741,313	)		11,931,125			193,625,723

Service Shares*
Shares sold		58,300			66,859,563			846,677			13,649,613
Shares issued in connection with merger		—			—			18,503,242			295,311,746
Reinvestment of dividends and distributions		—			—			1,828,165			29,579,704
Shares repurchased		(2,078,734	)		(96,585,148	)		(4,155,333	)		(68,526,716	)

		(2,020,434	)		(29,725,585	)		17,022,751			270,014,347

NET INCREASE (DECREASE)		(3,703,228	)	$	(64,466,898	)		28,953,876		$	463,640,070

* Service Share Class commenced operations on January 9, 2006.

11. SUBSEQUENT EVENT

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

At the Annual Contract Meeting, the Trustees reviewed the matters that were considered at the Committee meetings and also considered additional matters including: (a) a summary of fee concessions by the Investment Adviser and its affiliates with respect to the Goldman Sachs mutual funds since 2003; (b) the quality of the Investment Adviser’s services; (c) the structure, staff and capabilities of the Investment Adviser and its portfolio management team; (d) the groups within the Investment Adviser that support the portfolio management team, including the legal and compliance departments, the valuation oversight group, the risk and performance analytics group, the business planning team and the technology group; (e) the Investment Adviser’s business continuity and disaster recovery planning; (f) the Investment Adviser’s financial resources and its ability to hire and retain talented personnel; (g) the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, distribution, portfolio brokerage and other services; (h) the terms of the Management Agreement; (i) the administrative services provided under the Management Agreement, including the nature and extent of the Investment Adviser’s oversight of the Fund’s other service providers, including the custodian and fund accounting agent; and (j) the Investment Adviser’s policies addressing various potential conflicts of interest. At the Annual Contract Meeting, the Trustees also considered at further length the Fund’s investment performance, fees and expenses, including the Fund’s expense trends over time and the breakpoint in the contractual fee rate under the Management Agreement approved in 2006.

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

In addition, the Trustees considered the Investment Adviser’s voluntary undertaking to limit the Fund’s “other expenses” ratio (excluding certain expenses) to a specified level. This voluntary undertaking is in addition to the Investment Adviser’s separate contractual agreement to reimburse the Fund as necessary to limit the total annual operating expenses of the Service Shares of the Fund to a specified level until July 2007.

0.80% on the first $2 billion and 0.72% over $2 billion.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Fund Expenses (Unaudited) — Six Month Period Ended June 30, 2007

          As a shareholder of Institutional or Service Shares of the Fund, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (with respect to Service Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Institutional Shares and Service Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

          The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2007 through June 30, 2007.

          Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid” to estimate the expenses you paid on your account during this period.

          Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

          Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund, you do not incur any transaction costs, such as sales charges (loads), redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing on going costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.




						Expenses Paid
	Beginning		Ending			For the
	Account		Account			six months
	Value		Value			ended
Share Class	1/1/07		06/30/07			6/30/07*






Institutional
Actual	$	1,000.00	$	1,099.40		$	4.53
Hypothetical 5% return		1,000.00		1,020.48	+		4.36

Service
Actual		1,000.00		1,098.80			5.05
Hypothetical 5% return		1,000.00		1,019.98	+		4.86

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2007. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.87% and 0.97% for Institutional and Service Shares, respectively.

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.


TRUSTEES		OFFICERS
Ashok N. Bakhru, Chairman		Kaysie P. Uniacke, President
John P. Coblentz, Jr.		James A. McNamara, Senior Vice President
Diana M. Daniels		John M. Perlowski, Senior Vice President
Patrick T. Harker		and Treasurer
Jessica Palmer		Peter V. Bonanno, Secretary
Alan A. Shuch
Richard P. Strubel
Kaysie P. Uniacke

GOLDMAN, SACHS & CO. Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission Web site at http://www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. Beginning the fiscal quarter ended September 30, 2004 and every first and third fiscal quarter thereafter, the Fund’s Form N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. When available, Form N-Q may be obtained upon request and without charge by calling 1-800-621-2550.





This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Please consider a Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio,which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Mid Cap Value Fund.

Copyright 2007 Goldman, Sachs & Co. All rights reserved.

VITMIDCAPSAR/07-1655/30.4K

Goldman

Sachs Variable Insurance Trust

GOLDMAN SACHS ASSET MANAGEMENT, L.P. 32 OLD SLIP, NEW YORK, NEW YORK 10005

Strategic International Equity Fund

Semiannual Report

June 30, 2007

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Shareholder Letter

Dear Shareholders:

This report provides an overview on the performance of the Goldman Sachs Variable Insurance Trust — Strategic International Equity Fund during the six-month reporting period that ended June 30, 2007.

Market Overview

Overall, the international equity markets continued to rise during the reporting period, despite a sell-off in February and weakness in June. While fears about the U.S. housing market and sub-prime lending market continued, improved consumer confidence and employment prospects, coupled with robust merger and acquisition (“M&A”) activity and strong company earnings helped buoy the markets. European equities strengthened, as a broad-based domestic demand recovery and improved business and consumer optimism in the region fuelled gains. Japan, while lagging the broader markets, still generated positive results. An interest rate hike in the first quarter helped stabilize market sentiment in the country. However, leading economic indicators in the second quarter suggest a slowdown in growth. Emerging equity markets continued their ascent. The emerging Asian equity market was particularly robust on the back of strong earnings growth, positive inflation news and improved employment data from the U.S. that eased concern about a weakening export market. Latin America also generated strong returns, most notably in Brazil, where two rate cuts by its central bank, the strong appreciation of the Brazilian real and healthy macroeconomic data drove the local market.

Investment Objective

The Fund seeks long-term capital appreciation. The Fund seeks this objective by investing in the stocks of leading companies within developed and emerging countries around the world, outside the U.S.

Portfolio Composition

Top 10 Portfolio Holdings as of June 30, 2007*


	% of
Holding	Net Assets			Line of Business	Country

Banco Bilbao Vizcaya Argentaria SA		4.1	%	Banks	Spain
Deutsche Telekom AG		4.1		Telecommunication Services	Germany
Nestle SA		3.9		Food, Beverage & Tobacco	Switzerland
Taiwan Semiconductor Manufacturing Co., Ltd.		3.7		Semiconductors & Semiconductor Equipment	Taiwan
Invesco PLC		3.7		Diversified Financials	United Kingdom
Sumitomo Mitsui Financial Group, Inc.		3.7		Banks	Japan
UniCredito Italiano SpA		3.6		Banks	Italy
Old Mutual PLC		3.5		Insurance	United Kingdom
InBev NV		3.5		Food, Beverage & Tobacco	Belgium
Millea Holdings, Inc.		3.3		Insurance	Japan

* Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained by the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of stocks or bonds should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Shareholder Letter (continued)

Performance Review

Over the six-month period ended June 30, 2007, the Fund’s Institutional and Service Shares each generated cumulative total returns of 6.56%. These returns compare to the 11.09% cumulative total return of the Fund’s benchmark, the Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (unhedged, with dividends reinvested), over the same time period.

During the six-month period, the Fund’s underperformance was driven primarily by weak stock selection, particularly within the Energy, Industrials, Materials and Telecommunication Services sectors. This was partially offset by strong stock selection within the Financials, Healthcare and Utilities sectors. Weak stock selection within Japan also drove the Fund’s underperformance.

Sumitomo Mitsui Financial Group, Inc., a financial services group in Japan, was a leading detractor from relative performance during the period. Its share price fell, along with the financial services sector in general, as several of the large banks in the country reported disappointing earnings. In addition, the company was hurt by an ongoing review by the Financial Services Agency of Japan, and fears that this would negatively impact the Sumitomo Mitsui Financial Group’s sales. The company’s shares had reacted well to the Bank of Japan’s interest rate hike in February, which improved the outlook for banks’ earnings in general. Its shares, however, subsequently fell in March in concert with Japanese bank stocks, on concerns that Japanese banks may have difficulty raising corporate loan lending rates as was previously expected.

Alpen Co. Ltd., the largest sports specialty store in Japan, was also a leading detractor from performance. Its shares fell after the company’s profits were revised down and it experienced increased competition with their private brand products. While we believe the company has a strong distribution network and improving profit margins, we have exercised our sell discipline and begun exiting the position, in favor of more attractive investment opportunities.

LUKOIL ADR, Russia’s largest oil producer, detracted from relative performance as well. The stock fell during the period along with Russian stocks in general. This was triggered by concerns about geopolitics, specifically the presidential elections in 2008, and the profitability of oil companies in the face of rising production costs. We took advantage of the market weakness and added to the Fund’s position in the stock.

E.ON AG, an integrated utility company located in Germany, significantly contributed to performance. Following the company’s failed bid in April to acquire Endesa, Spain’s largest electricity producer, the market reacted positively to management announcing the company’s three-year investment strategy. This calls for the construction of 18 new power generators in Europe, as well as plans to acquire new power stations in Spain, Italy and France. In addition, E.ON’s shares rose after the company initiated a planned seven billion euro share buyback, with the intent to raise 3.5 billion euros by the end of this year.

We thank you for your investment and look forward to serving your investment needs in the future.

Goldman Sachs International Equity Portfolio Management Team

July 17, 2007

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Shares of the Goldman Sachs Variable Insurance Trust (“VIT”) Strategic International Equity Fund are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

The VIT Strategic International Equity Fund invests in equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States and is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Foreign and emerging market securities may be more volatile than investments in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Shareholder Letter (continued)

Schedule of Investments

June 30, 2007 (Unaudited)



Shares		Description	Value
Common Stocks – 95.2%

Australia – 2.1%
	1,201,253	Alumina Ltd. (Materials)	$	7,955,660

Belgium – 3.5%
	165,079	InBev NV (Food, Beverage & Tobacco)		13,075,154

Brazil – 1.4%
	154,983	Tim Participacoes SA ADR^(a)(Telecommunication Services)		5,342,264

France – 7.1%
	151,050	Ipsen SA^(a)(Pharmaceuticals, Biotechnology & Life Sciences)		7,750,355
	86,090	Sanofi-Aventis (Pharmaceuticals, Biotechnology & Life Sciences)		6,954,955
	145,559	Technip SA^(a)(Energy)		12,030,777

				26,736,087

Germany – 17.5%
	85,950	Bilfinger & Berger AG (Capital Goods)		7,639,701
	123,480	DaimlerChrysler AG (Automobiles & Components)		11,423,342
	827,750	Deutsche Telekom AG (Telecommunication Services)		15,300,921
	72,349	E.ON AG (Utilities)		12,147,956
	86,908	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)		11,978,734
	85,039	Rheinmetall AG (Capital Goods)		7,917,599

				66,408,253

Hong Kong – 3.3%
	967,500	Esprit Holdings Ltd. (Retailing)		12,292,534

India – 2.2%
	331,100	Satyam Computer Services Ltd. ADR (Software & Services)		8,198,036

Israel – 2.6%
	238,030	Teva Pharmaceutical Industries Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)		9,818,738

Italy – 5.3%
	285,441	Mediobanca SpA (Diversified Financials)		6,483,737
	1,510,245	UniCredito Italiano SpA (Banks)		13,488,864

				19,972,601

Japan – 10.3%
	104,400	Alpen Co. Ltd.^(a)(b)(Retailing)		1,777,883
	675,000	Hitachi Metals Ltd. (Materials)		7,395,817
	300,500	Millea Holdings, Inc. (Insurance)		12,354,236
	348,000	Mitsubishi Gas Chemical Co., Inc. (Materials)		3,176,826
	1,492	Sumitomo Mitsui Financial Group, Inc. (Banks)		13,909,031
	9,900	Union Tool Co. (Capital Goods)		365,134

				38,978,927

Netherlands – 2.6%
	219,386	TNT NV (Transportation)		9,905,638

Norway – 2.2%
	528,240	Prosafe ASA^(a)(Energy)		8,446,522

Russia – 4.2%
	88,036	LUKOIL ADR London Shares (Energy)		6,659,767
	16,213	LUKOIL ADR U.S. Shares (Energy)		1,228,135
	16,197	Sberbank RF GDR* (Banks)		7,896,824

				15,784,726

Spain – 6.3%
	633,244	Banco Bilbao Vizcaya Argentaria SA (Banks)		15,485,867
	327,688	Indra Sistemas SA (Software & Services)		8,171,300

				23,657,167

Sweden – 2.1%
	476,171	Tele2 AB Class B^(a)(Telecommunication Services)		7,767,135

Switzerland – 6.2%
	118,345	Credit Suisse Group (Diversified Financials)		8,401,438
	39,094	Nestle SA (Food, Beverage & Tobacco)		14,854,686

				23,256,124

Taiwan – 3.7%
	1,269,090	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		14,124,973

United Kingdom – 12.6%
	1,096,100	Invesco PLC (Diversified Financials)		14,123,237
	3,957,757	Old Mutual PLC (Insurance)		13,336,502
	783,940	Prudential PLC (Insurance)		11,158,765
	383,236	Wolseley PLC (Capital Goods)		9,197,493

				47,815,997

TOTAL COMMON STOCKS
(Cost $320,651,056)			$	359,536,536

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Principal

Interest

Maturity

Amount

Rate

Date

Value

Short-Term Obligation – 3.5%

JPMorgan Chase Euro – Time Deposit

13,159,834

5.282

07/02/07

$13,159,834

(Cost $13,159,834)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL

(Cost $333,810,890)

$372,696,370


			Interest
Shares		Description	Rate		Value
Securities Lending Collateral – 8.0%

	30,329,063	Boston Global Investment Trust – Enhanced Portfolio
(Cost $30,329,063)				5.309%	$	30,329,063

TOTAL INVESTMENTS – 106.7%
(Cost $364,139,953)					$	403,025,433

LIABILITIES IN EXCESS OF OTHER ASSETS – (6.7)%						(25,579,806	)

NET ASSETS — 100.0%					$	377,445,627

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)		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 $1,777,883 which represents approximately 0.5% of net assets as of June 30, 2007.



	As a % of
	Net Assets
Investments Industry Classifications^†

Automobiles & Components		3.0	%
Banks		13.5
Capital Goods		6.7
Diversified Financials		7.7
Energy		7.5
Food, Beverage & Tobacco		7.4
Insurance		9.8
Materials		4.9
Pharmaceuticals, Biotechnology & Life Sciences		9.7
Retailing		3.7
Semiconductors & Semiconductor Equipment		3.7
Short-term Investments ^#		11.5
Software & Services		4.3
Telecommunication Services		7.5
Transportation		2.6
Utilities		3.2

TOTAL INVESTMENTS		106.7	%


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

#		Short-term investments include securities lending collateral.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2007, the following future contracts were open:


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


Dow Jones Euro Stoxx 50 Index		94		September 2007	$	5,744,177	$	(80,215	)
Topix Index		38		September 2007		5,478,172		2,306

TOTAL					$	11,222,349	$	(77,909	)

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND^(a)

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)



Assets:

Investment in securities, at value (identified cost $333,810,890)^(b)		$	372,696,370
Securities lending collateral, at value which equals cost			30,329,063
Receivables:
	Investment securities sold, at value		24,758,469
	Variation margin^(c)		903,396
	Dividends and interest, at value		712,947
	Foreign tax reclaims		143,831
	Fund shares sold		101,353
	Securities lending income		33,532
Other assets			4,729

Total assets			429,683,690

Liabilities:

Due to Custodian — U.S. Dollar			94,142
Due to Custodian — foreign currency (identified cost $13,512)			14,447
Payables:
	Payable upon return of securities loaned		30,329,063
	Investment securities purchased, at value		20,981,238
	Amounts owed to affiliates		328,453
	Fund shares repurchased		278,210
Accrued expenses			212,510

Total liabilities			52,238,063

Net Assets:

Paid-in capital			332,405,266
Accumulated undistributed net investment income			4,919,206
Accumulated net realized gain on investment and foreign currency related transactions			1,287,268
Net unrealized gain on investments, futures and translation of assets and liabilities denominated in foreign currencies			38,833,887

NET ASSETS		$	377,445,627

Net Assets:
	Institutional	$	130,276,447
	Service		247,169,180

Shares outstanding:
	Institutional		8,435,101
	Service		16,005,442

Total shares of beneficial interest outstanding, $0.001 par value (unlimited shares authorized)			24,440,543

Net asset value, offering and redemption price per share:
	Institutional	$	15.44
	Service		15.44

(a) Effective April 30, 2007, the International Equity Fund changed its name to the Strategic International Equity Fund.

(b) Includes loaned securities having market value of $28,770,239.

(c) Includes restricted cash of $807,131 relating to initial margin requirements and collateral on futures transactions.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND^(a)

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)


Investment income:

Dividends^(b)		$	6,187,542
Interest (including securities lending income of $381,713)			446,915

Total income			6,634,457

Expenses:

Management fees			1,900,000
Distribution and Service fees — Service Class			314,110
Custody and accounting fees			92,429
Printing fees			88,030
Transfer agent fees^(c)			76,001
Shareholder meeting expense			70,037
Professional fees			38,237
Trustee fees			9,719
Other			5,871

Total expenses			2,594,434

Less — expense reductions			(301,979	)

Net expenses			2,292,455

NET INVESTMENT INCOME			4,342,002

Realized and unrealized gain (loss) on investment, futures and foreign currency transactions:

Net realized gain from:
	Investment transactions		27,803,440
	Foreign currency related transactions		113,513
Net change in unrealized gain (loss) on:
	Investments		(7,703,089	)
	Futures		(77,909	)
	Translation of assets and liabilities denominated in foreign currencies		18,772

Net realized and unrealized gain on investment, futures and foreign currency transactions			20,154,727

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	24,496,729

(a) Effective April 30, 2007, the International Equity Fund changed its name to the Strategic International Equity Fund.

(b) Foreign taxes withheld on dividends were $752,510.

(c) Institutional and Service Class had Transfer Agent fees of $50,268 and $25,733, respectively.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND^(a)

Statements of Changes in Net Assets


		For the
		Six Months Ended			For the
		June 30, 2007			Year Ended
		(Unaudited)			December 31, 2006
From operations:

Net investment income		$	4,342,002		$	6,263,847
Net realized gain on investment, futures and foreign currency related transactions			27,916,953			102,777,192
Net change in unrealized loss on investments, futures and translation of assets and liabilities denominated in foreign currencies			(7,762,226	)		(49,052,597	)

Net increase in net assets resulting from operations			24,496,729			59,988,442

Distributions to shareholders:

From net investment income
	Institutional		—			(1,941,306	)
	Service*		—			(3,906,762	)

Total distributions to shareholders			—			(5,848,068	)

From capital transactions:

Proceeds from sales of shares			3,974,147			9,861,496
Proceeds received in connection with merger			—			301,195,995
Reinvestments of dividends and distributions			—			5,848,063
Cost of shares repurchased			(39,071,572	)		(93,816,913	)

Net increase (decrease) in net assets resulting from share transactions			(35,097,425	)		223,088,641

Payment from previous investment manager of merged fund			—			1,418,133

Net increase (decrease) in net assets resulting from capital transactions			(35,097,425	)		224,506,774

TOTAL INCREASE (DECREASE)			(10,600,696	)		278,647,148

Net assets:

Beginning of period			388,046,323			109,399,175

End of period		$	377,445,627		$	388,046,323

Accumulated undistributed net investment income		$	4,919,206		$	577,204

(a) Effective April 30, 2007, the International Equity Fund changed its name to the Strategic International Equity Fund.

* Service Share Class commenced operations on January 9, 2006.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period



			Income (loss) from																									Ratios assuming no
			investment operations																									expense reductions

																															Ratio of
						Net						Distributions													Ratio of			Ratio of			net investment
	Net asset					realized						to shareholders			Net asset					Net assets,		Ratio of			net investment			total			income
	value,		Net			and			Total from			from net			value,					end of		net expenses			income			expenses			(loss) to			Portfolio
Year – Share	beginning		investment			unrealized			investment			investment			end of		Total			period		to average			to average			to average			average			turnover
Class	of period		income^(b)			gain (loss)			operations			income			period		return^(c)			(in 000s)		net assets			net assets			net assets			net assets			rate

FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)

2007 - Institutional	$	14.49	$	0.17^(f	⁾	$	0.78		$	0.95		$	—		$	15.44		6.56	%	$	130,276		1.17	% ^(g)(h)		2.35	% ^(f)(g)(h)		1.18	% ^(g)(h)		2.34	% ^(f)(g)(h)		50	%
2007 - Service		14.49		0.17^(f	⁾		0.78			0.95			—			15.44		6.56			247,169		1.19	^(g)(h)		2.29	^(f)(g)(h)		1.43	^(g)(h)		2.05	^(f)(g)(h)		50
FOR THE YEARS ENDED DECEMBER 31,

2006 - Institutional		12.05		0.22			2.44	^(d)		2.66			(0.22	)		14.49		22.10	^(e)		127,795		1.15			1.64			1.16			1.63			76
2006 - Service ^(a)		12.71		0.22			1.78	^(d)		2.00			(0.22	)		14.49		15.74	^(e)		260,251		1.17	^(h)		1.68	^(h)		1.41	^(h)		1.44	^(h)		76

2005 - Institutional		10.62		0.09			1.38			1.47			(0.04	)		12.05		13.70			109,399		1.20			0.81			1.36			0.66			56
2004 - Institutional		9.48		0.07			1.18			1.25			(0.11	)		10.62		13.48			108,624		1.20			0.75			1.35			0.60			63
2003 - Institutional		7.25		0.04			2.53			2.57			(0.34	)		9.48		35.49			106,792		1.37			0.49			2.60			(0.74	)		49
2002 - Institutional		8.99		0.03			(1.68	)		(1.65	)		(0.09	)		7.25		(18.34	)		13,214		1.46			0.32			2.96			(1.18	)		86

(a) Service Share Class commenced operations on January 9, 2006.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the period. Total returns for periods less than a full year are not annualized.

(d) Reflects an increase of $0.05 due to payments by previous investment manager of a merged fund to compensate for possible adverse affects of the trading activity by certain contract holders of the acquired fund prior to January 9, 2006.

(e) Performance has not been restated to reflect the impact of payments by previous investment manager of a merged fund recorded during the period related to (d) above. If reinstated, the performance would have been 21.69% and 15.26% for Institutional and Service Shares, respectively.

(f) Reflects income recognized from special dividend which amounted to $0.01 per share and 0.15% of average net assets.

(g) Includes non-recurring expense for a special shareholder meeting which amounted to approximately 0.02% of average net assets.

(h) Annualized.

The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs Strategic International Equity Fund (formerly “Goldman Sachs International Equity Fund”) (the “Fund” or “Strategic International Equity Fund”). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service.

On January 9, 2006, pursuant to an Agreement and Plan of Reorganization (the “Reorganization Agreement”) previously approved by the Trust’s Board of Trustees, substantially all of the assets, subject to liabilities, of the Select International Equity Fund of the Allmerica Investment Trust (the “Allmerica Fund”), were transferred to the Strategic International Equity Fund in exchange for the Strategic International Equity Fund’s Service shares. Holders of shares of the Allmerica Fund received Service shares of the Strategic International Equity Fund in an amount equal to the aggregate net asset value of their investment in the Allmerica Fund as of the close of business on January 6, 2006. On the date of the exchange, the Strategic International Equity Fund began to offer Service shares. The exchange was a tax-free event to the Allmerica Fund shareholders.

Effective April 30, 2007, the Fund changed its name to the Goldman Sachs Strategic International Equity Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

A. Investment Valuation — Investments in equity securities traded on a foreign securities exchange are valued daily at fair value determined by an independent service (if available) under valuation procedures approved by the Board of Trustees consistent with applicable regulatory guidance. The independent service takes into account multiple factors including, but not limited to certain depositary receipts, futures contracts and foreign currency exchange rates. While the independent service may not take into account market or security specific information, under the valuation procedures, these securities might also be fair valued by the adviser by taking into consideration market or security specific information, including, but are not limited to, corporate actions or events, market disruptions or governmental actions.

Investments in equity securities and investment companies traded on a U.S. securities exchange or the NASDAQ system or for investments in securities traded on a foreign securities exchange for which an independent service is not available are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities are valued at the last bid price. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share on valuation date. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. Securities for which quotations are not readily available or deemed not to reflect market value by the investment adviser are valued at fair value using methods approved by the Trust’s Board of Trustees.

Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid,

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

subject to government ownership controls, delayed settlements, and their prices may be more volatile than those of comparable securities in the United States.

In addition, it is the Fund’s policy to accrue for estimated capital gains taxes on foreign securities held by the Fund which are subject to such taxes.

Pursuant to applicable law and procedures adopted by the Trust’s Board of Trustees, securities transactions in portfolio securities (including futures transactions) may be effected from time to time through Goldman Sachs or an affiliate. In order for Goldman Sachs or an affiliate, acting as agent, to effect securities or futures transactions for a Fund, the commissions, fees or other remuneration received by Goldman Sachs or an affiliate must be reasonable and fair compared to the commissions, fees or other remuneration received by other brokers in connection with comparable transactions involving similar securities or futures contracts.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules, which may differ from generally accepted accounting principles. Therefore, the source of the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income or net realized gain, or as a tax return of capital.

E. Foreign Currency Translations — The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates; and (ii) purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions.

Net realized and unrealized gain (loss) on foreign currency transactions will represent: (i) foreign exchange gains and losses from the sale and holdings of foreign currencies; (ii) gains and losses from the sale of investments (applicable to fixed income securities); (iii) currency gains and losses between trade date and settlement date on investment securities transactions and forward exchange contracts; and (iv) gains and losses from the difference between amounts of interest, dividends and

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

foreign withholding taxes recorded and the amounts actually received. The effect of changes in foreign currency exchange rates on securities and derivative instruments are not segregated in the Statements of Operations from the effects of changes in market prices of those securities and derivative instruments, but are included with the net realized and unrealized gain (loss) on securities and derivative instruments. Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities as a result of changes in foreign exchange rates are included as increases and decreases in unrealized gain (loss) on foreign currency related transactions.

F. Forward Foreign Currency Exchange Contracts — The Fund 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 Fund 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 in the Fund’s financial statements. The Fund records realized gains or losses at the time a forward contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

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

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. 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 Fund’s strategies and potentially result in a loss.

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

3. AGREEMENTS

Pursuant to the Management Agreement (the “Agreement”), Goldman Sachs Asset Management International (“GSAMI”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as the investment adviser to the Fund. Under this Agreement, GSAMI manages the Fund subject to the general supervision of the Trust’s Board of Trustees.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

3. AGREEMENTS (continued)

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administering the Fund’s business affairs, including providing facilities, GSAMI is entitled to a fee (“Management fee”) computed daily and payable monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the six months ended June 30, 2007, GSAM received a Management fee on a contractual basis at the following rates:

Contractual Management Fee

Up to

Next

Over

Effective

$1 billion

$2 billion

Fee

1.00%

0.90%

0.86%

1.00%

In connection with the reorganization of the Allmerica Fund into the Fund, GSAMI has contractually agreed to reimburse the Fund as necessary to limit the total annual operating expenses of the Services Shares of the Fund to 1.22% through July 2007.

GSAMI has contractually agreed to limit certain “Other Expenses” (excluding Management fees, Distribution and Service fees, Transfer Agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification cost, shareholder meeting and other extraordinary expenses exclusive of any custody and transfer agent fee credit reductions) to the extent that such expenses exceed, on an annual basis, 0.164% of the average daily net assets of the Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAMI for prior fiscal year expense reimbursements, if any. For the six months ended June 30, 2007, GSAMI made no reimbursements to the Fund.

The Trust has adopted, on behalf of Service Shares of the Fund, a Distribution and Service Plan (the “Plan”). Under the Plan, Goldman Sachs is entitled to a monthly fee for distribution services equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares. Goldman Sachs has voluntarily agreed to waive Distribution and Service fees for Service Shares so as not to exceed 0.02% of the Fund’s average daily net assets attributable to Service Shares. These waivers may be modified or terminated at any time at the option of Goldman Sachs. For six months ended June 30, 2007, Goldman Sachs waived approximately $289,000 in Distribution and Service fees for the Fund.

At June 30, 2007, the amounts owed to affiliates were approximately $311,900, $4,100 and $12,500 for Management, Distribution and Service, and Transfer Agent fees, respectively.

4. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long term securities for the six months ended June 30, 2007, were $188,926,581 and $236,306,009, respectively. For the six months ended June 30, 2007, Goldman Sachs earned approximately $900 of brokerage commissions from portfolio transactions executed on behalf of the Fund.

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

5. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Fund may lend its securities through a securities lending agent, Boston Global Advisers (“BGA”) — a wholly owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities 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 Fund, 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 Fund on the next business day. As with other extensions of credit, the Fund bears the risk of delay on recovery or loss of rights in the collateral should the borrower of the securities fail financially.

The Fund invests the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio of Boston Global Investment Trust, a Delaware statutory trust. The Enhanced Portfolio is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM, for which GSAM receives an investment advisory fee of up to 0.10% of the average daily net assets of the Enhanced Portfolio. The Enhanced Portfolio invests in high quality money market instruments. The Fund bears the risk of incurring a loss from the investment of cash collateral due to either credit or market factors. Both the Fund and BGA receive compensation relating to the lending of the Fund’s securities. The amount earned by the Fund for the six months ended June 30, 2007, is reported parenthetically under Investment Income on the Statement of Operations. A portion of this amount, $2,327, represents compensation earned by the Fund from lending its securities to Goldman Sachs. For the six months ended June 30, 2007, BGA earned $45,063 in fees as securities lending agent.

6. LINE OF CREDIT FACILITY

The Fund participates in a $450,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other registered investment companies having management or investment advisory agreements with GSAMI or affiliates. Under the most restrictive arrangement under the facility, the Fund must own securities having a market value in excess of 300% of the total bank borrowings. The facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. This committed facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the period ended June 30, 2007, the Fund did not have any borrowings under the facility.

7. TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2006, the Fund’s capital loss carryforwards on a tax basis were as follows:


Capital loss carryforward:⁽¹⁾
	Expiring 2007	$	(2,072,911	)
	Expiring 2008		(2,072,911	)
	Expiring 2009		(11,410,092	)
	Expiring 2010		(10,254,170	)
	Expiring 2011		(609,034	)

Total capital loss carryforward		$	(26,419,118	)

(1) Expiration occurs on December 31, of the year indicated. Utilization of these losses may be limited under the Internal Revenue Code.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

7. TAX INFORMATION (continued)

At June 30, 2007, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Tax cost	$	364,350,521

Gross unrealized gain		43,575,259
Gross unrealized loss		(4,900,347	)

Net unrealized security gain	$	38,674,912

The difference between book-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales.

8. OTHER MATTERS

Mergers and Reorganizations — At a meeting held on July 12, 2005, the Board of Trustees of the Trust approved the Reorganization Agreement providing for the tax-free acquisition of the Allmerica Fund (“Acquired Fund”) by the Strategic International Equity Fund (“Survivor Fund”). Following the approval of the Board of Trustees and shareholders of the Allmerica Fund, the acquisition was completed on January 9, 2006, as of the close of business on January 6, 2006.

Pursuant to the Agreement, the assets and liabilities of the Allmerica Fund Service Class were transferred into the Strategic International Equity Fund Service Class in a tax-free exchange as follows:

Acquired Fund’s

Exchanged Shares

Value of

Shares Outstanding

Survivor/Acquired Fund

of Survivor Issued

Exchanged Shares

as of January 6, 2006

Strategic International Equity Fund Service Class/Allmerica Fund Service Class

23,697,561

301,195,995

208,893,793

Survivor Fund’s

Acquired Fund’s

Survivor Fund’s

Aggregate

Net Assets

Acquired Fund’s

before

immediately

Unrealized

Capital Loss

Survivor/Acquired Fund

acquisition

after acquisition

Appreciation

Carryforward

Strategic International Equity Service Class/Allmerica Fund Service Class

115,286,200

301,195,995

416,482,195

74,115,402

(86,962,722

)

During the year ended December 31, 2006, Allmerica Financial Life Insurance and Annuity Company and First Allmerica Financial Life Insurance Company (affiliates of the acquired fund) made voluntary contributions in the amounts of $437,534 and $980,599, respectively, to compensate for possible adverse effects of trading activity by certain contract holders on the acquired fund prior to the merger on January 9, 2006.

New Accounting Pronouncement — On September 15, 2006, the FASB released Statement Financial Accounting Standard No. 157 “Fair Value Measurement” (“FAS 157”) which provides enhanced guidance for using fair value to measure assets and liabilities. The standard requires companies to provide expanded information about the assets and liabilities measured at fair value and the potential effect of these fair valuations on an entity’s financial performance. The standard does not expand the use of fair value in any new circumstances, but provides clarification on acceptable fair valuation methods and applications. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. The investment adviser does not believe the adoption of FAS 157 will impact the amounts reported in the financials statements, however, additional disclosures will be required.

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

9. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:



	For the Six Months ended
	June 30, 2007						For the Year ended
	(Unaudited)						December 31, 2006

	Shares			Dollars			Shares			Dollars






Institutional Shares
Shares sold		223,375		$	3,324,019			638,762		$	8,349,938
Reinvestment of dividends and distributions		—			—			134,439			1,941,303
Shares repurchased		(610,126	)		(9,159,812	)		(1,028,308	)		(13,597,512	)

		(386,751	)		(5,835,793	)		(255,107	)		(3,306,271	)

Service Shares*
Shares sold		44,584			650,128			118,203			1,511,558
Shares issued in connection with merger		—			—			23,697,561			301,195,995
Reinvestment of dividends and distributions		—			—			270,551			3,906,760
Shares repurchased		(2,004,666	)		(29,911,760	)		(6,120,791	)		(80,219,401	)

		(1,960,082	)		(29,261,632	)		17,965,524			226,394,912

NET INCREASE (DECREASE)		(2,346,833	)	$	(35,097,425	)		17,710,417		$	223,088,641

* Service Share Class commenced operations on January 9, 2006.

11. SUBSEQUENT EVENT

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

The Trustees oversee the management of Goldman Sachs Variable Insurance Trust (the “Trust”), and review the investment performance and expenses of the investment fund covered by this Report (the “Fund”) at regularly scheduled meetings held during the Fund’s fiscal year. In addition, the Trustees determine annually whether to approve and continue the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management International (the “Investment Adviser”) for the Fund.

At the Annual Contract Meeting, the Trustees reviewed the matters that were considered at the Committee meetings and also considered additional matters including: (a) a summary of fee concessions by the Investment Adviser and its affiliates with respect to the Goldman Sachs mutual funds since 2003; (b) the quality of the Investment Adviser’s services; (c) the structure, staff and capabilities of the Investment Adviser and its portfolio management team; (d) the groups within the Investment Adviser that support the portfolio management team, including the legal and compliance departments, the valuation oversight group, the risk and performance analytics group, the business planning team and the technology group; (e) the Investment Adviser’s business continuity and disaster recovery planning; (f) the Investment Adviser’s financial resources and its ability to hire and retain talented personnel; (g) the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, distribution, portfolio brokerage and other services; (h) the terms of the Management Agreement; (i) the administrative services provided under the Management Agreement, including the nature and extent of the Investment Adviser’s oversight of the Fund’s other service providers, including the custodian and fund accounting agent; and (j) the Investment Adviser’s policies addressing various potential conflicts of interest. At the Annual Contract Meeting, the Trustees also considered at further length the Fund’s investment performance, fees and expenses,

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

including the Fund’s expense trends over time and the breakpoints in the contractual fee rate under the Management Agreement approved in 2006.

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

More particularly, the Trustees reviewed analyses prepared by the Outside Data Provider of the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee rates to a relevant peer group and a category universe; an expense analysis which compared the Fund’s expenses to a peer group and a category universe; and a five-year history comparing the Fund’s expenses to the category average. The analyses also compared the Fund’s transfer agency fees, custody and accounting fees and other expenses to a peer group and median. The Trustees believed that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees paid by the Fund. In addition, the Trustees considered the Investment Adviser’s voluntary undertaking to limit the Fund’s “other expenses” ratio (excluding certain expenses) to a specified level. This voluntary undertaking is in addition to the Investment Adviser’s separate contractual agreement to reimburse the Fund as necessary to limit the total annual operating expenses of the Service Shares of the Fund to a specified level until July 2007.

1.00% on the first $1 billion; 0.90% on the next $1 billion; and 0.86% over $2 billion.

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Fund Expenses (Unaudited) — Six Month Period Ended June 30, 2007

          As a shareholder of Institutional or Service Shares of the Fund, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (with respect to Service Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Institutional and Service Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

          The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2007 through June 30, 2007.

          Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid” to estimate the expenses you paid on your account during this period.

          Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

          Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund, you do not incur any transaction costs, such as sales charges (loads), redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing on going costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.




						Expenses Paid
						for the
	Beginning		Ending			six months
	Account Value		Account Value			ended
Share Class	1/1/07		06/30/07			6/30/07*






Institutional
Actual	$	1,000.00	$	1,065.60		$	5.99
Hypothetical 5% return		1,000.00		1,019.89	+		5.86

Service
Actual		1,000.00		1,065.60			6.09
Hypothetical 5% return		1,000.00		1,018.89	+		5.96

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2007. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 1.17% and 1.19% for Institutional and Service Shares, respectively.

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.


TRUSTEES		OFFICERS
Ashok N. Bakhru, Chairman		Kaysie P. Uniacke, President
John P. Coblentz, Jr.		James A. McNamara, Senior Vice President
Diana M. Daniels		John M. Perlowski, Senior Vice President
Patrick T. Harker		and Treasurer
Jessica Palmer		Peter V. Bonanno, Secretary
Alan A. Shuch
Richard P. Strubel
Kaysie P. Uniacke
GOLDMAN, SACHS & CO. Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL Investment Adviser

Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission Web site at http://www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. Beginning the fiscal quarter ended September 30, 2004 and every first and third fiscal quarter thereafter, the Fund’s Form N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. When available, the Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. When available, Form N-Q may be obtained upon request and without charge by calling 1-800-621-2550.





This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Please consider a Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Funds.






Effective April 30, 2007, the name of the Goldman Sachs Variable Insurance Trust (VIT) International Equity Fund was changed to the Goldman Sachs Variable Insurance Trust (VIT) Strategic International Equity Fund.
Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust: Strategic International Equity Fund.

Copyright 2007 Goldman, Sachs & Co. All rights reserved.

VITSTINTLSAR/07-1656/30.4K


ITEM 2.		CODE OF ETHICS.


		Not applicable to the Semi-Annual Report for the period ended June 30, 2007.


ITEM 3.		AUDIT COMMITTEE FINANCIAL EXPERT.

		Not applicable to the Semi-Annual Report for the period ended June 30, 2007.


ITEM 4.		PRINCIPAL ACCOUNTANT FEES AND SERVICES.

		Not applicable to the Semi-Annual Report for the period ended June 30, 2007.


ITEM 5.		AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.


ITEM 6.		SCHEDULE OF INVESTMENTS

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.


ITEM 7.		DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.


ITEM 8.		PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.


ITEM 9.		PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.


ITEM 10.		SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.


ITEM 11.		CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting.


ITEM 12.		EXHIBITS.


(a)(1)		Not applicable to the Semi-Annual Report for the period ended June 30, 2007.

(a)(2)	Exhibit 99.CERT Exhibit 99.906CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 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.


Goldman Sachs Variable Insurance Trust


/s/ Kaysie Uniacke

By: Kaysie Uniacke
Chief Executive Officer of
Goldman Sachs Variable Insurance Trust

Date: August 30, 2007


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


/s/ Kaysie Uniacke
By: Kaysie Uniacke
Chief Executive Officer of
Goldman Sachs Variable Insurance Trust

Date: August 30, 2007


/s/ John M. Perlowski
By: John M. Perlowski
Chief Financial Officer of
Goldman Sachs Variable Insurance Trust

Date: August 30, 2007


(a)	Includes loaned securities having market values of $17,111,687 and $607,740 for the Growth Opportunities and Equity Index Funds, respectively.
(b)	Includes $323,103 and $186,155 for the Core Fixed Income and Government Income Funds, respectively, relating to initial margin requirements for futures transactions.


*	Expiration occurs on December 31 of the year indicated. Utilization of these losses may be limited under the Internal Revenue Code.





	Core Fixed Income Fund							Government Income Fund							Money Market Fund


						Expenses Paid							Expenses Paid							Expenses Paid
	Beginning		Ending			for the six		Beginning		Ending			for the six		Beginning		Ending			for the six
	Account Value		Account Value			months ended		Account Value		Account Value			months ended		Account Value		Account Value			months ended
	1/1/07		6/30/07			6/30/07*		1/1/07		6/30/07			6/30/07*		1/1/07		6/30/07			6/30/07*


Actual	$	1,000.00	$	1,009.70		$	2.69	$	1,000.00	$	1,011.10		$	3.39	$	1,000.00	$	1,024.40		$	2.47
Hypothetical 5% return		1,000.00		1,022.12	†		2.71		1,000.00		1,021.42	†		3.41		1,000.00		1,022.36	†		2.46


†	Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.


(1)	Expiration occurs on December 31, of the year indicated. Utilization of these losses may be limited under the Internal Revenue Code.


	As a shareholder of the Fund, you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

	The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2007 through June 30, 2007.

	Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid” to estimate the expenses you paid on your account during this period.

	Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

	Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund, you do not incur any transaction costs, such as sales charges (loads), redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing on going costs only, and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.


	*	Expenses are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2007. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period was 0.85%.
	+	Hypothetical expenses are based on the Fund’s actual annualized net expense ratio and an assumed rate of return of 5% per year before expenses.


(a)	Includes loaned securities having market value of $1,814,554.
(b)	Represents restricted cash relating to initial margin requirements and collateral on futures transactions.


(a)	Institutional and Service Class had Transfer Agent fees of $181,910 and $50,275, respectively.


*	Service Share Class commenced operations on January 9, 2006.


(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period.
(c)	Reflects income recognized from special dividends which amounted to $0.02 per share and 0.26% of average net assets.
(d)	Includes non-recurring expense for a special shareholder meeting which amounted to approximately 0.02% of average net assets.
(e)	Annualized.


(a)	Foreign taxes withheld on dividends were $9,788.
(b)	Institutional and Service Class had Transfer Agent fees of $33,554 and $75,548, respectively.


(a)	Effective April 30, 2007, the International Equity Fund changed its name to the Strategic International Equity Fund.
(b)	Includes loaned securities having market value of $28,770,239.
(c)	Includes restricted cash of $807,131 relating to initial margin requirements and collateral on futures transactions.

	(a)		The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

	(b)		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting.