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<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"><b>Goldman Sachs Global Trends Allocation Fund </b></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 19, 2019, to the </p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center">Prospectuses and Summary Prospectuses, each dated April 30, 2018 </p> <p style="margin-top:18pt; margin-bottom:0pt; ">Effective immediately, the Fund’s Prospectuses and Summary Prospectuses are hereby revised as follows: </p> <p style="margin-top:6pt; margin-bottom:0pt; "><b>The Average Annual Total Return tables in the “Goldman Sachs Global Trends Allocation Fund—Summary—Performance” section of the </b><b>Institutional Shares</b><b> Prospectus and the “Performance” section of the Goldman Sachs Global Trends Allocation Fund’s </b><b>Institutional Shares</b><b> Summary Prospectus are replaced with the following: </b></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></td> <td valign="bottom" width="2%"></td> <td width="45%"></td> <td valign="bottom" width="2%"></td> <td></td> <td valign="bottom" width="3%"></td> <td width="48%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" ></td> <td valign="bottom" > </td> <td valign="top" >AVERAGE ANNUAL TOTAL RETURN</td> <td valign="bottom" > </td> <td valign="bottom" ></td> <td valign="bottom"> </td> <td valign="bottom"></td></tr> </table> <p style="margin-top:0pt;margin-bottom:0pt"> </p><div align="right"> <table cellspacing="0" cellpadding="0" width="98%" border="0" style="border-collapse:collapse; "> <tr> <td width="78%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000"><b>For the period ended December 31, 2017</b></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>Since<br/>Inception</b></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>Institutional Shares </b>(Inception 10/16/13)<b></b></div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13.36%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.49%</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; ">60% MSCI World / 40% Bloomberg Barclays U.S. Aggregate Composite Index</div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14.52%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.82%</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; ">MSCI World Index (Net, USD, Unhedged; reflects no deduction for fees or expenses)</div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22.40%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.26%</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; ">Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees or 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">3.54%</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">2.94%</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> </table></div> <p style="margin-top:6pt; margin-bottom:0pt; "><b>The Average Annual Total Return tables in the “Goldman Sachs Global Trends Allocation Fund—Summary—Performance” section of the </b><b>Service Shares</b><b> Prospectus and the “Performance” section of the Goldman Sachs Global Trends Allocation Fund’s </b><b>Service Shares</b><b> Summary Prospectus are replaced with the following: </b></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></td> <td valign="bottom" width="2%"></td> <td width="45%"></td> <td valign="bottom" width="2%"></td> <td></td> <td valign="bottom" width="3%"></td> <td width="48%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" ></td> <td valign="bottom" > </td> <td valign="top" >AVERAGE ANNUAL TOTAL RETURN</td> <td valign="bottom" > </td> <td valign="bottom" ></td> <td valign="bottom"> </td> <td valign="bottom"></td></tr> </table> <p style="margin-top:0pt;margin-bottom:0pt"> </p><div align="right"> <table cellspacing="0" cellpadding="0" width="98%" border="0" style="border-collapse:collapse; "> <tr> <td width="69%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000"><b>For the period ended December 31, 2017</b></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>5 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>Since<br/>Inception</b></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>Service Shares </b>(Inception 4/16/12)<b></b></div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13.11%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.58%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.54%</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; ">60% MSCI World / 40% Bloomberg Barclays U.S. Aggregate Composite Index</div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14.52%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.85%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.90%</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; ">MSCI World Index (Net, USD, Unhedged; reflects no deduction for fees or expenses)</div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22.40%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.63%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.50%</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; ">Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees or 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">3.54%</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">2.10%</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">2.36%</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> </table></div>
<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"><b>Goldman Sachs Global Trends Allocation Fund </b></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 19, 2019, to the </p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center">Prospectuses and Summary Prospectuses, each dated April 30, 2018 </p> <p style="margin-top:18pt; margin-bottom:0pt; ">Effective immediately, the Fund’s Prospectuses and Summary Prospectuses are hereby revised as follows: </p> <p style="margin-top:6pt; margin-bottom:0pt; "><b>The Average Annual Total Return tables in the “Goldman Sachs Global Trends Allocation Fund—Summary—Performance” section of the </b><b>Institutional Shares</b><b> Prospectus and the “Performance” section of the Goldman Sachs Global Trends Allocation Fund’s </b><b>Institutional Shares</b><b> Summary Prospectus are replaced with the following: </b></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></td> <td valign="bottom" width="2%"></td> <td width="45%"></td> <td valign="bottom" width="2%"></td> <td></td> <td valign="bottom" width="3%"></td> <td width="48%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" ></td> <td valign="bottom" > </td> <td valign="top" >AVERAGE ANNUAL TOTAL RETURN</td> <td valign="bottom" > </td> <td valign="bottom" ></td> <td valign="bottom"> </td> <td valign="bottom"></td></tr> </table> <p style="margin-top:0pt;margin-bottom:0pt"> </p><div align="right"> <table cellspacing="0" cellpadding="0" width="98%" border="0" style="border-collapse:collapse; "> <tr> <td width="78%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000"><b>For the period ended December 31, 2017</b></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>Since<br/>Inception</b></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>Institutional Shares </b>(Inception 10/16/13)<b></b></div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13.36%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.49%</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; ">60% MSCI World / 40% Bloomberg Barclays U.S. Aggregate Composite Index</div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14.52%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.82%</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; ">MSCI World Index (Net, USD, Unhedged; reflects no deduction for fees or expenses)</div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22.40%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.26%</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; ">Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees or 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">3.54%</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">2.94%</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> </table></div>
AVERAGE ANNUAL TOTAL RETURN<br/><br/><b>For the period ended December 31, 2017</b>
0.1336
0.0449
2013-10-16
0.1452
0.0682
0.224
0.0926
0.0354
0.0294
<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"><b>Goldman Sachs Global Trends Allocation Fund </b></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 19, 2019, to the </p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center">Prospectuses and Summary Prospectuses, each dated April 30, 2018 </p> <p style="margin-top:18pt; margin-bottom:0pt; ">Effective immediately, the Fund’s Prospectuses and Summary Prospectuses are hereby revised as follows: </p><p style="margin-top:6pt; margin-bottom:0pt; "><b>The Average Annual Total Return tables in the “Goldman Sachs Global Trends Allocation Fund—Summary—Performance” section of the </b><b>Service Shares</b><b> Prospectus and the “Performance” section of the Goldman Sachs Global Trends Allocation Fund’s </b><b>Service Shares</b><b> Summary Prospectus are replaced with the following: </b></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></td> <td valign="bottom" width="2%"></td> <td width="45%"></td> <td valign="bottom" width="2%"></td> <td></td> <td valign="bottom" width="3%"></td> <td width="48%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" ></td> <td valign="bottom" > </td> <td valign="top" >AVERAGE ANNUAL TOTAL RETURN</td> <td valign="bottom" > </td> <td valign="bottom" ></td> <td valign="bottom"> </td> <td valign="bottom"></td></tr> </table> <p style="margin-top:0pt;margin-bottom:0pt"> </p><div align="right"> <table cellspacing="0" cellpadding="0" width="98%" border="0" style="border-collapse:collapse; "> <tr> <td width="69%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000"><b>For the period ended December 31, 2017</b></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>5 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>Since<br/>Inception</b></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>Service Shares </b>(Inception 4/16/12)<b></b></div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13.11%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.58%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.54%</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; ">60% MSCI World / 40% Bloomberg Barclays U.S. Aggregate Composite Index</div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14.52%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.85%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.90%</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; ">MSCI World Index (Net, USD, Unhedged; reflects no deduction for fees or expenses)</div></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22.40%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.63%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11.50%</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; ">Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees or 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">3.54%</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">2.10%</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">2.36%</td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td></tr> </table></div>
AVERAGE ANNUAL TOTAL RETURN<br/><br/><b>For the period ended December 31, 2017</b>
0.1311
0.0558
0.0554
2012-04-16
0.1452
0.0785
0.079
0.224
0.1163
0.115
0.0354
0.021
0.0236
N-1A