<PAGE>
GOLDMAN SACHS VARIABLE INSURANCE TRUST
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Supplement dated October 1, 1999 to
Prospectus dated May 1, 1999
Under "Service Providers," subsection "Value Team," Paul D. Farrell should be
removed and the following portfolio manager should be added:
<TABLE>
<CAPTION>
Years
Primarily Five Year Employment
Name and Title Fund Responsibility Responsible History
- ------------------------------------------------------------------------------------
<C> <C> <C> <S>
Eileen Rominger Senior Portfolio Manager-- Since Ms. Rominger joined the
Managing Director Growth and Income 1999 Investment Adviser as a
Mid Cap Value senior
portfolio manager in
1999. From 1981 to 1999,
she worked at
Oppenheimer Capital,
most recently as a
senior portfolio
manager.
</TABLE>
Under "Service Providers," subsection "Growth Equity Investment Team," the
following portfolio manager should be added:
<TABLE>
<CAPTION>
Years
Primarily
Name and Title Fund Responsibility Responsible Five Year Employment History
- -------------------------------------------------------------------------------
<C> <C> <C> <S>
Scott Kolar Portfolio Manager-- Since Mr. Kolar joined the
Associate Capital Growth 1999 Investment Adviser as an
equity analyst
in 1997 and became a portfolio
manager in 1999.
From 1994 to 1997, he was an
equity analyst and information
systems specialist at Liberty.
</TABLE>
