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GOLDMAN SACHS VARIABLE INSURANCE TRUST
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2018-02-21
2018-02-21
<p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>GOLDMAN SACHS VARIABLE INSURANCE TRUST </b></p> <p style="margin-top:6pt; margin-bottom:0pt; " align="center">Institutional and Service Shares of the </p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center">Goldman Sachs Government Money Market Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center">(the “Fund”) </p> <p style="margin-top:6pt; margin-bottom:0pt; " align="center">Supplement dated February 21, 2018 to the </p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center">Institutional and Service Shares Prospectuses (the “Prospectuses”) and Statement of Additional Information (“SAI”), each dated April 28, 2017 </p> <p style="margin-top:12pt; margin-bottom:0pt; ">At its meeting held on February 15, 2018, the Board of Trustees of Goldman Sachs Variable Insurance Trust approved a reduction to the Fund’s contractual management fee rate, as outlined below. </p> <p style="margin-top:0pt;margin-bottom:0pt"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; "> <tr> <td width="32%"></td> <td valign="bottom" width="16%"></td> <td width="36%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" align="center" style="border-left:1px solid #000000; border-top:1px solid #000000; padding-left:8pt">Current Fee</td> <td valign="bottom" style=" border-left:1px solid #000000; border-top:1px solid #000000"> </td> <td valign="bottom" align="center" style="border-top:1px solid #000000; border-right:1px solid #000000; padding-right:2pt" >Reduced Fee</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" align="center" style="border-left:1px solid #000000; border-bottom:1px solid #000000; padding-left:8pt"><b>0.205%</b></td> <td valign="bottom" style=" border-left:1px solid #000000; border-bottom:1px solid #000000"> </td> <td valign="bottom" align="center" style="border-right:1px solid #000000; border-bottom:1px solid #000000; padding-right:2pt" ><b>0.16%</b></td></tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; ">Effective immediately, the Fund’s Prospectuses and SAI are revised as follows: </p> <p style="margin-top:6pt; margin-bottom:0pt; "><b>The following replaces in its entirety the “Annual Fund Operating Expenses” table and its related footnotes in the “Summary—Fees and Expenses of the Fund” section of the </b><b>Institutional Shares </b><b>Prospectus: </b></p> <p style="margin-top:0pt;margin-bottom:0pt"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="86%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"> <div style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>Government</b></div> <div style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>Money</b></div> <div style="margin-top:0pt; margin-bottom:1pt; " align="center"><b>Market Fund</b></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Annual Fund Operating Expenses</b></div></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom"><b>(expenses that you pay each year as a percentage of the value of your investment):</b></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Management Fees<sup>1</sup></div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.16%</td> <td valign="bottom"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Distribution and Service (12b-1) Fees</div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">None</td> <td valign="bottom"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Other Expenses</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.09%</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Total Annual Fund Operating Expenses</b></div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Expense Limitation<sup>2</sup></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">(0.07)%</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Total Annual Fund Operating Expenses After Expense Limitation</b></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.18%</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> </table> <p style="margin-top:0pt;margin-bottom:0pt"> </p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="2%" valign="top" align="left"><sup>1</sup> </td> <td align="left" valign="top">The Fund’s “Management Fees” have been restated to reflect current fees. </td></tr></table> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="2%" valign="top" align="left"><sup>2</sup> </td> <td align="left" valign="top">The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and, indemnification, and extraordinary expenses) equal on an annualized basis to 0.004% of the Fund’s average daily net assets. This arrangement will remain in effect through at least April 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. The Fund’s “Total Annual Fund Operating Expenses After Expense Limitation” have been restated to reflect the expense limitation currently in effect. </td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; "><b>The following replaces in its entirety the “Summary—Expense Example” section of the </b><b>Institutional Shares </b><b>Prospectus: </b></p> <p style="margin-top:6pt; margin-bottom:0pt; ">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example does not reflect the fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option. Had those fees and expenses been included, the costs shown below would be higher. </p> <p style="margin-top:6pt; margin-bottom:0pt; ">This Example assumes that you invest $10,000 in Institutional Shares of the Fund for the time periods indicated and then redeem all of your Institutional Shares at the end of those periods (except that the Example incorporates the expense limitation arrangement for only the first year). The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> <p style="margin-top:0pt;margin-bottom:0pt"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; "> <tr> <td width="52%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td></tr> <tr style=""> <td height="9"></td> <td height="9" colspan="4" ></td> <td height="9" colspan="4"></td> <td height="9" colspan="4" ></td> <td height="9" colspan="4"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000" ><b>1 Year</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000" > </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>3 Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000" ><b>5 Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000" > </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Institutional Shares</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" >$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">18</td> <td valign="bottom" style="border-bottom:1px solid #000000" > </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">73</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" >$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">134</td> <td valign="bottom" style="border-bottom:1px solid #000000" > </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">311</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom"></td> <td valign="bottom" > </td> <td valign="bottom" ></td> <td valign="bottom" ></td> <td valign="bottom" ></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom" > </td> <td valign="bottom" ></td> <td valign="bottom" ></td> <td valign="bottom" ></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; "><b>The following replaces in its entirety the “Annual Fund Operating Expenses” table and its related footnotes in the “Summary—Fees and Expenses of the Fund” section of the </b><b>Service Shares</b><b> Prospectus: </b></p> <p style="margin-top:0pt;margin-bottom:0pt"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="86%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"> <div style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>Government</b></div> <div style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>Money</b></div> <div style="margin-top:0pt; margin-bottom:1pt; " align="center"><b>Market Fund</b></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Annual Fund Operating Expenses</b></div></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom"><b>(expenses that you pay each year as a percentage of the value of your investment):</b></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Management Fees<sup>1</sup></div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.16%</td> <td valign="bottom"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Distribution and Service (12b-1) Fees</div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Other Expenses</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.09%</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Total Annual Fund Operating Expenses</b></div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.50%</td> <td valign="bottom"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Expense Limitation<sup>2</sup></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">(0.07)%</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Total Annual Fund Operating Expenses After Expense Limitation</b></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.43%</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> </table> <p style="margin-top:0pt;margin-bottom:0pt"> </p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="2%" valign="top" align="left"><sup>1</sup> </td> <td align="left" valign="top">The Fund’s “Management Fees” have been restated to reflect current fees. </td></tr></table> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="2%" valign="top" align="left"><sup>2</sup> </td> <td align="left" valign="top">The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and, indemnification, and extraordinary expenses) equal on an annualized basis to 0.004% of the Fund’s average daily net assets. This arrangement will remain in effect through at least April 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. The Fund’s “Total Annual Fund Operating Expenses After Expense Limitation” have been restated to reflect the expense limitation currently in effect. </td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; "><b>The following replaces in its entirety the “Summary—Expense Example” section of the </b><b>Service Shares</b><b> Prospectus: </b></p> <p style="margin-top:6pt; margin-bottom:0pt; ">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example does not reflect the fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option. Had those fees and expenses been included, the costs shown below would be higher. </p> <p style="margin-top:6pt; margin-bottom:0pt; ">This Example assumes that you invest $10,000 in Service Shares of the Fund for the time periods indicated and then redeem all of your Service Shares at the end of those periods (except that the Example incorporates the expense limitation arrangement for only the first year). The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> <p style="margin-top:0pt;margin-bottom:0pt"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; "> <tr> <td width="51%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td></tr> <tr style=""> <td height="9"></td> <td height="9" colspan="4" ></td> <td height="9" colspan="4"></td> <td height="9" colspan="4" ></td> <td height="9" colspan="4"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000" ><b>1 Year</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000" > </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>3 Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000" ><b>5 Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000" > </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Service Shares</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" >$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">44</td> <td valign="bottom" style="border-bottom:1px solid #000000" > </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">153</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" >$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">273</td> <td valign="bottom" style="border-bottom:1px solid #000000" > </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">621</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> </table>
<p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>GOLDMAN SACHS VARIABLE INSURANCE TRUST </b></p> <p style="margin-top:6pt; margin-bottom:0pt; " align="center">Institutional and Service Shares of the </p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center">Goldman Sachs Government Money Market Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center">(the “Fund”) </p> <p style="margin-top:6pt; margin-bottom:0pt; " align="center">Supplement dated February 21, 2018 to the </p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center">Institutional and Service Shares Prospectuses (the “Prospectuses”) and Statement of Additional Information (“SAI”), each dated April 28, 2017 </p> <p style="margin-top:12pt; margin-bottom:0pt; ">At its meeting held on February 15, 2018, the Board of Trustees of Goldman Sachs Variable Insurance Trust approved a reduction to the Fund’s contractual management fee rate, as outlined below. </p> <p style="margin-top:0pt;margin-bottom:0pt"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; "> <tr> <td width="32%"></td> <td valign="bottom" width="16%"></td> <td width="36%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" align="center" style="border-left:1px solid #000000; border-top:1px solid #000000; padding-left:8pt">Current Fee</td> <td valign="bottom" style=" border-left:1px solid #000000; border-top:1px solid #000000"> </td> <td valign="bottom" align="center" style="border-top:1px solid #000000; border-right:1px solid #000000; padding-right:2pt" >Reduced Fee</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" align="center" style="border-left:1px solid #000000; border-bottom:1px solid #000000; padding-left:8pt"><b>0.205%</b></td> <td valign="bottom" style=" border-left:1px solid #000000; border-bottom:1px solid #000000"> </td> <td valign="bottom" align="center" style="border-right:1px solid #000000; border-bottom:1px solid #000000; padding-right:2pt" ><b>0.16%</b></td></tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; ">Effective immediately, the Fund’s Prospectuses and SAI are revised as follows: </p> <p style="margin-top:6pt; margin-bottom:0pt; "><b>The following replaces in its entirety the “Annual Fund Operating Expenses” table and its related footnotes in the “Summary—Fees and Expenses of the Fund” section of the </b><b>Institutional Shares </b><b>Prospectus: </b></p> <p style="margin-top:0pt;margin-bottom:0pt"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="86%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"> <div style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>Government</b></div> <div style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>Money</b></div> <div style="margin-top:0pt; margin-bottom:1pt; " align="center"><b>Market Fund</b></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Annual Fund Operating Expenses</b></div></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom"><b>(expenses that you pay each year as a percentage of the value of your investment):</b></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Management Fees<sup>1</sup></div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.16%</td> <td valign="bottom"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Distribution and Service (12b-1) Fees</div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">None</td> <td valign="bottom"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Other Expenses</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.09%</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Total Annual Fund Operating Expenses</b></div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Expense Limitation<sup>2</sup></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">(0.07)%</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Total Annual Fund Operating Expenses After Expense Limitation</b></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.18%</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> </table> <p style="margin-top:0pt;margin-bottom:0pt"> </p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="2%" valign="top" align="left"><sup>1</sup> </td> <td align="left" valign="top">The Fund’s “Management Fees” have been restated to reflect current fees. </td></tr></table> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="2%" valign="top" align="left"><sup>2</sup> </td> <td align="left" valign="top">The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and, indemnification, and extraordinary expenses) equal on an annualized basis to 0.004% of the Fund’s average daily net assets. This arrangement will remain in effect through at least April 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. The Fund’s “Total Annual Fund Operating Expenses After Expense Limitation” have been restated to reflect the expense limitation currently in effect. </td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; "><b>The following replaces in its entirety the “Summary—Expense Example” section of the </b><b>Institutional Shares </b><b>Prospectus: </b></p> <p style="margin-top:6pt; margin-bottom:0pt; ">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example does not reflect the fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option. Had those fees and expenses been included, the costs shown below would be higher. </p> <p style="margin-top:6pt; margin-bottom:0pt; ">This Example assumes that you invest $10,000 in Institutional Shares of the Fund for the time periods indicated and then redeem all of your Institutional Shares at the end of those periods (except that the Example incorporates the expense limitation arrangement for only the first year). The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> <p style="margin-top:0pt;margin-bottom:0pt"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; "> <tr> <td width="52%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td></tr> <tr style=""> <td height="9"></td> <td height="9" colspan="4" ></td> <td height="9" colspan="4"></td> <td height="9" colspan="4" ></td> <td height="9" colspan="4"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000" ><b>1 Year</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000" > </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>3 Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000" ><b>5 Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000" > </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Institutional Shares</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" >$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">18</td> <td valign="bottom" style="border-bottom:1px solid #000000" > </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">73</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" >$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">134</td> <td valign="bottom" style="border-bottom:1px solid #000000" > </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">311</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> </table>
0.0016
0
0.0009
0.0025
-0.0007
0.0018
18
73
134
311
<p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>GOLDMAN SACHS VARIABLE INSURANCE TRUST </b></p> <p style="margin-top:6pt; margin-bottom:0pt; " align="center">Institutional and Service Shares of the </p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center">Goldman Sachs Government Money Market Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center">(the “Fund”) </p> <p style="margin-top:6pt; margin-bottom:0pt; " align="center">Supplement dated February 21, 2018 to the </p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center">Institutional and Service Shares Prospectuses (the “Prospectuses”) and Statement of Additional Information (“SAI”), each dated April 28, 2017 </p> <p style="margin-top:12pt; margin-bottom:0pt; ">At its meeting held on February 15, 2018, the Board of Trustees of Goldman Sachs Variable Insurance Trust approved a reduction to the Fund’s contractual management fee rate, as outlined below. </p> <p style="margin-top:0pt;margin-bottom:0pt"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; "> <tr> <td width="32%"></td> <td valign="bottom" width="16%"></td> <td width="36%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" align="center" style="border-left:1px solid #000000; border-top:1px solid #000000; padding-left:8pt">Current Fee</td> <td valign="bottom" style=" border-left:1px solid #000000; border-top:1px solid #000000"> </td> <td valign="bottom" align="center" style="border-top:1px solid #000000; border-right:1px solid #000000; padding-right:2pt" >Reduced Fee</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" align="center" style="border-left:1px solid #000000; border-bottom:1px solid #000000; padding-left:8pt"><b>0.205%</b></td> <td valign="bottom" style=" border-left:1px solid #000000; border-bottom:1px solid #000000"> </td> <td valign="bottom" align="center" style="border-right:1px solid #000000; border-bottom:1px solid #000000; padding-right:2pt" ><b>0.16%</b></td></tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; ">Effective immediately, the Fund’s Prospectuses and SAI are revised as follows: </p> <p style="margin-top:6pt; margin-bottom:0pt; "><b>The following replaces in its entirety the “Annual Fund Operating Expenses” table and its related footnotes in the “Summary—Fees and Expenses of the Fund” section of the </b><b>Service Shares</b><b> Prospectus: </b></p> <p style="margin-top:0pt;margin-bottom:0pt"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="86%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"> <div style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>Government</b></div> <div style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>Money</b></div> <div style="margin-top:0pt; margin-bottom:1pt; " align="center"><b>Market Fund</b></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Annual Fund Operating Expenses</b></div></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom"><b>(expenses that you pay each year as a percentage of the value of your investment):</b></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Management Fees<sup>1</sup></div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.16%</td> <td valign="bottom"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Distribution and Service (12b-1) Fees</div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Other Expenses</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.09%</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Total Annual Fund Operating Expenses</b></div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.50%</td> <td valign="bottom"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Expense Limitation<sup>2</sup></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">(0.07)%</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Total Annual Fund Operating Expenses After Expense Limitation</b></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.43%</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> </table> <p style="margin-top:0pt;margin-bottom:0pt"> </p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="2%" valign="top" align="left"><sup>1</sup> </td> <td align="left" valign="top">The Fund’s “Management Fees” have been restated to reflect current fees. </td></tr></table> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="2%" valign="top" align="left"><sup>2</sup> </td> <td align="left" valign="top">The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and, indemnification, and extraordinary expenses) equal on an annualized basis to 0.004% of the Fund’s average daily net assets. This arrangement will remain in effect through at least April 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. The Fund’s “Total Annual Fund Operating Expenses After Expense Limitation” have been restated to reflect the expense limitation currently in effect. </td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; "><b>The following replaces in its entirety the “Summary—Expense Example” section of the </b><b>Service Shares</b><b> Prospectus: </b></p> <p style="margin-top:6pt; margin-bottom:0pt; ">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example does not reflect the fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option. Had those fees and expenses been included, the costs shown below would be higher. </p> <p style="margin-top:6pt; margin-bottom:0pt; ">This Example assumes that you invest $10,000 in Service Shares of the Fund for the time periods indicated and then redeem all of your Service Shares at the end of those periods (except that the Example incorporates the expense limitation arrangement for only the first year). The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> <p style="margin-top:0pt;margin-bottom:0pt"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; "> <tr> <td width="51%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td></tr> <tr style=""> <td height="9"></td> <td height="9" colspan="4" ></td> <td height="9" colspan="4"></td> <td height="9" colspan="4" ></td> <td height="9" colspan="4"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000" ><b>1 Year</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000" > </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>3 Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000" ><b>5 Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000" > </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10 Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Service Shares</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" >$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">44</td> <td valign="bottom" style="border-bottom:1px solid #000000" > </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">153</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" >$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">273</td> <td valign="bottom" style="border-bottom:1px solid #000000" > </td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">621</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> </table>
0.0016
0.0025
0.0009
0.005
-0.0007
0.0043
44
153
273
621
<b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment):</b>
<b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment):</b>
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example does not reflect the fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option. Had those fees and expenses been included, the costs shown below would be higher.<br/><br/>This Example assumes that you invest $10,000 in Institutional Shares of the Fund for the time periods indicated and then redeem all of your Institutional Shares at the end of those periods (except that the Example incorporates the expense limitation arrangement for only the first year). The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example does not reflect the fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Fund as an investment option. Had those fees and expenses been included, the costs shown below would be higher.<br/><br/>This Example assumes that you invest $10,000 in Service Shares of the Fund for the time periods indicated and then redeem all of your Service Shares at the end of those periods (except that the Example incorporates the expense limitation arrangement for only the first year). The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
The Fund’s “Management Fees” have been restated to reflect current fees.<br/><br/>The Fund’s “Total Annual Fund Operating Expenses After Expense Limitation” have been restated to reflect the expense limitation currently in effect.
The Fund’s “Management Fees” have been restated to reflect current fees.<br/><br/>The Fund’s “Total Annual Fund Operating Expenses After Expense Limitation” have been restated to reflect the expense limitation currently in effect.
April 28, 2018
April 28, 2018