GOLDMAN SACHS TRUST

GOLDMAN SACHS VARIABLE INSURANCE TRUST

GOLDMAN SACHS CREDIT STRATEGIES FUND

71 South Wacker Drive

Chicago, Illinois 60606

August [•], 2013October [    ], 2020

Dear Shareholder or Variable Contract Owner:

You are cordially invited to attend a Joint Special Meeting (the “Meeting”) of the Goldman Sachs Trust (“GST”), and the Goldman Sachs Variable Insurance Trust (“GSVIT”) and the Goldman Sachs Credit Strategies Fund (“GSCSF”) (collectively, the “Trusts”) to be held on October [•]January [8], 2013,2021, at [•[10:00 a.m.] (Eastern time), at. The Meeting will be conducted as a virtual meeting hosted by means of a live webcast. The Boards of Trustees of the offices Trusts have implemented a virtual meeting format primarily to reflect our and global concerns regarding the spread of Goldman Sachs Asset Management, L.P., located at 200 West Street, [Conference Room [•],] New York, New York 10282. Please note that if you planCOVID-19. Shareholders will be able to listen, vote, and submit questions from their home or any location with internet connectivity.

You or your proxyholder will be able to attend the Meeting photographic identificationonline, vote and submit questions by visiting https://www.viewproxy.com/goldmansachs/broadridgevsm/ and using a control number assigned by Broadridge Financial Solutions, Inc. To register and receive access to the virtual meeting, you will be required for admission.need to follow the instructions provided in the Notice of Joint Special Meeting and Joint Proxy Statement that follow.

At this important meeting, you will be asked to consider and act upon one or more of the following proposals.

Proposal 1 is to be voted upon by all Shareholders of each series of the Trusts (each, a “Fund” and, collectively, the “Funds”):

Proposal 2proposal(s). Each proposal is to be voted upon only by the respective Shareholders of each of the Goldman Sachs BRIC (Brazil, Russia, India, China)Concentrated Growth Fund (the “Concentrated Growth Fund”), Goldman Sachs Emerging Markets Equity Insights Fund (the “Emerging Markets Equity Insights Fund”), Goldman Sachs Emerging Markets Equity Fund (the “Emerging Markets Equity Fund”), Goldman Sachs ESG Emerging Markets Equity Fund (the “ESG Emerging Markets Equity Fund”), Goldman Sachs Imprint Emerging Markets Opportunities Fund (the “Imprint Emerging Markets Opportunities Fund”), Goldman Sachs Technology Opportunities Fund (the “Technology Opportunities Fund”) and Goldman Sachs N-11 EquityStrategic Growth Fund (the “Strategic Growth Fund”), each a series of GST:GST, and the Goldman Sachs Strategic Growth Fund (the “VIT Strategic Growth Fund”), a series of GSVIT (each, a “Fund”, and, collectively, the “Funds”). You are only being asked to vote on the Fund(s) of which you hold shares.

Proposal 3 is to be voted upon only by Shareholders of Goldman Sachs Financial Square Money Market Fund, a series of GST, and Goldman Sachs Money Market Fund, a series of GSVIT:

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Proposal 4 is to be voted upon only by Shareholders of Goldman Sachs Concentrated International Equity Fund, a series of GST:

Proposal 5 is to be voted upon by all Shareholders of each Fund:

A formal Notice of Joint Special Meeting and Joint Proxy Statement setting forth in detail the matters to come before the Meeting are attached hereto,to this letter, and a proxy card and voting instruction form is enclosed for your use. You should read the Joint Proxy Statement carefully.

WHETHER OR NOT YOU PLAN TO BE PRESENT AT THE MEETING, YOUR VOTE IS VERY IMPORTANT. The Boards of Trustees of the Trusts unanimously recommend that you vote“FOR” each of the proposalsProposal 1 with respect to your Fund(s). However, before you vote, please read the Joint Proxy Statement for a complete description of the proposals.Proposal. If you do not plan to be present at the Meeting, you can vote by signing, dating and

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returning the enclosed proxy card or voting instruction form promptly or by using the Internet or telephone voting options as described on your proxy card or voting instruction form. If you have any questions regarding the proxy materials, please contact the TrustsBroadridge at 1-800-621-2550.833-934-2733. Your prompt response will help reduce proxy costs—which are paid by the Funds and their Shareholders—costs and will also mean that you can avoid receiving follow-up phone calls or mailings.

Sincerely,

[•]

James A. McNamara

President

PLEASE SIGN, DATE AND RETURN THE ENCLOSED PROXY

CARD OR VOTING INSTRUCTION FORM IN THE ENCLOSED ENVELOPE OR USE THE INTERNET OR TELEPHONE VOTING OPTIONS TO CAST YOUR VOTE AS SOON AS POSSIBLE.POSSIBLE TO ENSURE A QUORUM FOR THE MEETING. YOUR VOTE IS IMPORTANT.

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Important Information to Help You Understand and Vote on the ProposalsProposal – Questions and Answers

The following questions and answers provide an overview of the matters on which you are being asked to vote. The accompanying Joint Proxy Statement contains more detailed information about each proposal, and we encourage you to read it in its entirety before voting.Your vote is important.

QUESTIONS SPECIFIC TO THE PROPOSALS

PROPOSAL 1— ELECTION OF TRUSTEES

Each of Messrs. Burke and LoRusso has served (and currently serves) as a Trustee of each of GST, GSVIT and GSCSF since originally appointed in 2010. Mr. McNamara has served (and currently serves) as a Trustee of each of GST and GSVIT since originally appointed in 2007 and as a Trustee of GSCSF since its formation in 2009. The two non-incumbent Nominees – Messrs. Markley and Templin – were unanimously approved by the Board to stand for election, upon a recommendation from each Trust’s Governance and Nominating Committee, as part of the Committee’s succession planning process.

Information about each of the Nominees, including age, principal occupations during the past five years and other information, such as the Nominee’s experience, qualifications, attributes or skills, is set forth in the Joint Proxy Statement.

While the Board can ordinarily appoint new Trustees without a Shareholder vote, the Board cannot do so if, after such appointment, fewer than two-thirds of the Trustees would have been elected by Shareholders. If the two non-incumbent Nominees were appointed to the Board, the number of Trustees elected by Shareholders would represent fewer than two-thirds of the members of the Board. Accordingly, a Shareholder meeting to elect the two non-incumbent Nominees is required. Additionally, the Board believes this is an appropriate time for the incumbent Trustees that were previously appointed (rather than elected) to stand for election. Electing these five Nominees would give the Board additional flexibility in the future to appoint a limited number of additional new Trustees, if necessary, without incurring the costs of holding one or more expensive Shareholder meetings. Your vote is important and can make a difference in the governance of the Funds.

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QUESTIONS SPECIFIC TO PROPOSAL 2 — 1—TO APPROVE A CHANGE TO THE CONCENTRATION POLICY OFFUNDS’ SUB-CLASSIFICATION UNDER THE GOLDMAN SACHS BRIC (BRAZIL, RUSSIA, INDIA, CHINA) FUND AND GOLDMAN SACHS N-11 EQUITY FUND1940 ACT FROM “DIVERSIFIED” TO PERMIT (BUT NOT REQUIRE) EACH FUND TO INVEST UP TO 35% OF ITS TOTAL ASSETS IN THE SECURITIES OF ISSUERS CONDUCTING THEIR PRINCIPAL BUSINESS ACTIVITIES IN THE SAME INDUSTRY IF, AT THE TIME OF INVESTMENT, THAT INDUSTRY REPRESENTS 20% OR MORE OF THE FUND’S BENCHMARK INDEX.“NON-DIVERSIFIED.”

Currently, each Fund may not invest 25% or more of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry (excluding the U.S. Government or any of its agencies or instrumentalities). The Board, subject to Shareholder approval, has approved an amendment to each Fund’s concentration policy to permit (but not require) the Fund to invest up to 35% of its total assets in the securities of issuers conducting their principal business activities in the same industry if, at the time of investment, that industry represents 20% or more of the Fund’s benchmark index, which is described below.

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The proposed amendment to each Fund’s concentration policy would provide the Funds with greater flexibility to take advantage of investment opportunities in certain “emerging market” countries, subject to the objective limits set forth above which tie such concentration to representation of an industry or industries in each Fund’s benchmark index.

PROPOSAL 3 — TO APPROVE A CHANGE TO THE CONCENTRATION POLICY OF THE GOLDMAN SACHS FINANCIAL SQUARE MONEY MARKET FUND AND GOLDMAN SACHS MONEY MARKET FUND TO PERMIT (BUT NOT REQUIRE) EACH FUND TO INVEST MORE THAN 25% OF ITS TOTAL ASSETS IN OBLIGATIONS (OTHER THAN COMMERCIAL PAPER) ISSUED OR GUARANTEED BY U.S. BANKS AND U.S. BRANCHES OF U.S. OR FOREIGN BANKS AND REPURCHASE AGREEMENTS AND SECURITIES LOANS COLLATERALIZED BY SUCH BANK OBLIGATIONS.

Currently, the Goldman Sachs Financial Square Money Market Fund’s concentration policyrequires the Fund to invest more than 25% of its total assets in obligations issued or guaranteed by banks (whether foreign or domestic) and repurchase agreements and securities loans collateralized by such obligations. Similarly, the Goldman Sachs Money Market Fund’s concentration policyrequiresthe Fund to invest more than 25% of its total assets in bank obligations (whether foreign or domestic). However, each Fund’s concentration policy provides a limited exception for temporary defensive investments. The Board, subject to Shareholder approval, has approved an amendment to each Fund’s concentration policy to permit –but not require – the Fund to invest more than 25% of its total assets in obligations (other than commercial paper) issued or guaranteed by U.S. banks and U.S. branches of U.S. or foreign banks and repurchase agreements and securities loans collateralized by such bank obligations.

PROPOSAL 4 — TO APPROVE A CHANGE TO THE GOLDMAN SACHS CONCENTRATED INTERNATIONAL EQUITY FUND’S SUB-CLASSIFICATION UNDER THE 1940 ACT FROM “DIVERSIFIED” TO “NON-DIVERSIFIED.”

The Board, subject to Shareholder approval, hasBoards of Trustees of the Trusts have approved a change to theeach Fund’s sub-classification under the 1940 Act to a “non-diversified”“non-diversified” company and to eliminate the Fund’sany related fundamental investment restriction. This change is subject to the respective Shareholder approval of each Fund, with Shareholders of each respective Fund voting separately on a Fund-by-Fund basis. Changing theeach Fund’s status to non-diversified would provide Goldman Sachs Asset Management, International,L.P., the Fund’sFunds’ investment adviser, with enhanced flexibility to manage the assets of the Fund. The portfolio managers of the Fund believe that, by investinginvest a greater portion of theeach Fund’s assets in fewer issuers,one or more issuers. Given the weightings of the largest holdings in the Funds’ respective benchmarks and the appreciation of the Funds’ largest holdings, the portfolio managers of each Fund believe that it is important to have this additional flexibility, and that they will be better able to meet theexecute each Fund’s investment objective. In orderstrategy and other policies with this additional flexibility. If Proposal 1 is approved for any Fund, that Fund, as a non-diversified fund, may be more susceptible to concentrateadverse developments affecting any single issuer held in such a manner, theits portfolio, managers believe it is importantand may be more susceptible to have the additional flexibility that a non-diversified fund provides.

We encourage you to vote over the Internet by going to the website provided on your enclosed proxy card or voting instruction form, or by telephone by calling the toll-free number on your enclosed proxy card or voting instruction form, in each case using the voting control number that appears on your proxy card or voting instruction form. These voting methods will save your Fund money. However, whichever method you choose, please take the time to read the Joint Proxy Statement before you vote.

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THE ATTACHED JOINT PROXY STATEMENT CONTAINS MORE DETAILED INFORMATION

ABOUT THE PROPOSALS.PROPOSAL. PLEASE READ IT CAREFULLY. YOUR VOTE IS IMPORTANT.

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PRELIMINARY COPY

SUBJECT TO COMPLETION, DATED SEPTEMBER 18, 2020

GOLDMAN SACHS TRUST

GOLDMAN SACHS VARIABLE INSURANCE TRUST

GOLDMAN SACHS CREDIT STRATEGIES FUND

71 South Wacker Drive

Chicago, Illinois 60606

NOTICE OF JOINT SPECIAL MEETING

To Be Held On January [8], 2021

October [•], 2013[    ], 2020

August [•], 2013Dear Shareholder or Variable Contract Owner,

To the ShareholdersA Joint Special Meeting (the “Meeting”) of the Goldman Sachs Trust (“GST”) and the Goldman Sachs Credit StrategiesVariable Insurance Trust (“GSVIT”) (collectively, the “Trusts”) will be held virtually on January [8], 2021, at [10:00 a.m.] (Eastern time), by means of a live webcast, for the purposes set forth below. Each proposal is to be voted upon only by the respective Shareholders of each fund voting separately on a fund-by-fund basis for the Goldman Sachs Concentrated Growth Fund (“GSCSF”(the “Concentrated Growth Fund”), Goldman Sachs Emerging Markets Equity Insights Fund (the “Emerging Markets Equity Insights Fund”), Goldman Sachs Emerging Markets Equity Fund (the “Emerging Markets Equity Fund”), Goldman Sachs ESG Emerging Markets Equity Fund (the “ESG Emerging Markets Equity Fund”), Goldman Sachs Imprint Emerging Markets Opportunities Fund (the “Imprint Emerging Markets Opportunities Fund”), Goldman Sachs Technology Opportunities Fund (the “Technology Opportunities Fund”), Goldman Sachs Strategic Growth Fund (the “Strategic Growth Fund”), each a series of GST and owners, annuitants or beneficiaries of variable life insurance and variable annuity contracts (“variable contracts”) issued by life insurance companies (the “Life Companies”) having separate accounts (the “Accounts”) that invest in shares of the Goldman Sachs Strategic Growth Fund (the “VIT Strategic Growth Fund”), a series of the Goldman Sachs Variable Insurance Trust (“GSVIT” and, together with GST and GSCSF, the “Trusts”) who are entitled to give voting instructions in connection with their variable contracts:

A Special Meeting (the “Meeting”) of the Trusts will be held on October [•], 2013, at [•] (Eastern time), at the offices of Goldman Sachs Asset Management, L.P. (“GSAM”), located at 200 West Street, [Conference Room [•],] New York, New York 10282 for the following purposes:

Proposal 1 is to be voted upon by all Shareholders of each series of the Trustscontracts (each, a “Fund”, and, collectively, the “Funds”):.

Proposal 2 is to be voted upon only by Shareholders of Goldman Sachs BRIC (Brazil, Russia, India, China) Fund and Goldman Sachs N-11 Equity Fund, each a series of GST:

Proposal 3 is to be voted upon only by Shareholders of Goldman Sachs Financial Square Money Market Fund, a series of GST, and Goldman Sachs Money Market Fund, a series of GSVIT:

Proposal 4 is to be voted upon only by Shareholders of Goldman Sachs Concentrated International Equity Fund, a series of GST:

Proposal 5 is to be voted upon by all Shareholders of each Fund:

should be received no later than 5:00 p.m., Eastern Time, on January [7], 2021, but in any event must be received by the scheduled time for commencement of the Meeting. Once Shareholders have obtained a new control number, they must visit https://www.viewproxy.com/goldmansachs/broadridgevsm/ and submit their name and newly issued control number in order to register to participate in and vote at the Meeting.

After Shareholders have submitted their registration information, they will receive an email from Broadridge that confirms that their registration request has been received and is under review by Broadridge. Once a Shareholder’s registration request has been accepted, the Shareholder will receive (i) an email containing an event link and dial-in information to attend the Meeting, and (ii) an email with a password to enter at the event link in order to access the Meeting. Shareholders may vote before or during the Meeting at https://www.viewproxy.com/goldmansachs/broadridgevsm/. Only Shareholders of a Fund present virtually or by proxy will be able to vote, or otherwise exercise the powers of a Shareholder, at the Meeting.

The Meeting webcast will begin promptly at [10:00 a.m.] (Eastern time). We encourage you to access the Meeting prior to the start time. For additional information on how you can attend and participate in the virtual Meeting, please see the instructions beginning on page [6] of the joint proxy statement that follows. Because the Meeting will be a completely virtual meeting, there will be no physical location for Shareholders to attend.

The matters referred to above are discussed in the Joint Proxy Statement attached to this Notice. Goldman Sachs & Co., LLC, GSAM, the Life Companies and the Accounts are the only shareholdersShareholders of GSVIT.the VIT Strategic Growth Fund. Each Life Company hereby solicits and agrees to vote the shares of a GSVITthe VIT Strategic Growth Fund at the Meeting, and, as applicable, in accordance with timely instructions received from owners of variable contracts issued by it and having contract values allocated to one of its Accounts invested in such shares. Shareholders and variable contract owners of record at the close of business on August 5, 2013,October [12], 2020, the record date for the Meeting, are entitled to receive notice of and to vote, or instruct the Life Company that issued the contract as to the manner in which shares of a GSVITthe VIT Strategic Growth Fund attributable to the contract should be voted, at the Meeting and at any postponements or adjournments thereof. Each Shareholder and variable contract owner is invited to attend the Meeting in person. Please note that if you plan to attend the Meeting, photographic identification will be required for admission.If you will not be present at the Meeting, we urge you to sign, date and promptly return the enclosed proxy card or voting instruction form in the envelope provided, which is addressed for your convenience and needs no postage if mailed in the United States. You may also vote easily and quickly by Internet or by telephone. In order to avoid the additional expense to the Funds of further solicitation, we ask your cooperation in returning your proxy promptly.

By Order of the Boards of Trustees

of Goldman Sachs Trust and Goldman Sachs

Variable Insurance Trust and Goldman

Sachs Credit Strategies Fund

[•]

Caroline Kraus

Secretary

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YOUR VOTE IS IMPORTANT

NO MATTER HOW MANY SHARES YOU OWN

To secure the largest possible representation at the Meeting, please mark your proxy card or voting instruction form, sign it, date it, and return it in the postage paid envelope provided (unless you are voting by Internet or by telephone).If you sign, date and return a proxy card or voting instruction form but give no voting instructions, your shares will be voted “FOR” all of the proposalsProposal indicated on the card. If you prefer, you may instead vote via the Internet or by telephone. To vote in this manner, you should refer to the directions below.

To vote via the Internet, please access the website found on your proxy card or voting instruction form and follow the on-screen instructions on the website.

To vote by telephone, please call the toll-free number found on your proxy card or voting instruction form from within the United States, and follow the recorded instructions (shareholders(Shareholders outside the United States should vote via the Internet or by submitting a proxy card or voting instruction form instead).

You may revoke your proxy or voting instruction form at any time at or before the Meeting, by submitting to the Secretary of the Trusts at the Trusts’ principal executive offices a written notice of revocation or subsequently executed proxy or voting instruction form or by attending the Meeting and electing to vote in person.

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INSTRUCTIONS FOR SIGNING PROXY CARDS

The following general guidelines for signing proxy cards may be of assistance to you and will help avoid the time and expense to the Trusts involved in validating your vote if you fail to sign your proxy card properly.

1.Individual Accounts:Sign your name exactly as it appears in the registration on the proxy card or voting instruction form.

2.Joint Accounts:Either party may sign, but the name of the party signing should conform exactly to the name shown in the registration on the proxy card or voting instruction form.

3.All Other Accounts:The capacity of the individual signing the proxy card or voting instruction form should be indicated unless it is reflected in the form of registration. For example:

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TABLE OF CONTENTS

-i-5

PRELIMINARY COPY

SUBJECT TO COMPLETION, DATED SEPTEMBER 18, 2020

JOINT SPECIAL MEETING

OF

GOLDMAN SACHS TRUST

AND

GOLDMAN SACHS VARIABLE INSURANCE TRUST

GOLDMAN SACHS CREDIT STRATEGIES FUND

71 South Wacker Drive

Chicago, Illinois 60606

JOINT PROXY STATEMENT

August [•], 2013October [    ], 2020

This Joint Proxy Statement is furnished in connection with the solicitation of proxies by and on behalf of the Boards of Trustees of the Goldman Sachs Trust (“GST”), and the Goldman Sachs Variable Insurance Trust (“GSVIT”) and the Goldman Sachs Credit Strategies Fund (“GSCSF”) (collectively, the “Trusts”) for use at the Trusts’ Joint Special Meeting to be held virtually on January [8], 2021, at the offices of Goldman Sachs Asset Management, L.P. (“GSAM” or “Investment Adviser”), located at 200 West Street, [Conference Room [•],] New York, New York 10282, on October [•], 2013, at [•[10:00 a.m.] (Eastern time), or any postponement or adjournment thereof, for the purposes set forth in the accompanying Notice of Joint Special Meeting. Such meeting and any postponement or adjournment thereof is referred to as the “Meeting.” Please note that if you plan to attend the Meeting, photographic identification will be required for admission. This Joint Proxy Statement, the accompanying Notice of Joint Special Meeting, and the accompanying proxy card and voting instruction form (or, if applicable, the appropriate notice of where to access these materials) are being mailed to shareholdersShareholders on or about August [•October [    ], 2020.

The Meeting will be a virtual meeting conducted exclusively via live webcast starting at [10:00 a.m.] (Eastern time). You will be able to attend the Meeting online, submit your questions during the Meeting and vote your shares electronically. To participate in the Meeting, Shareholders must register in advance by visiting https://www.viewproxy.com/goldmansachs/broadridgevsm/ and submitting the required information to Broadridge Financial Solutions, Inc. (“Broadridge”), 2013.the Fund’s proxy tabulator.

Shareholders whose shares are registered directly with a Fund in the Shareholder’s name will be asked to submit their name and control number found on the Shareholder’s proxy card in order to register to participate in and vote at the Meeting. Shareholders whose shares are held by a broker, bank or other nominee must first obtain a “legal proxy” from the applicable nominee/record holder, who will then provide the Shareholder with a newly-issued control number. We note that obtaining a legal proxy may take several days. Requests for registration should be received no later than 5:00 p.m., Eastern Time, on January [7], 2021, but in any event must be received by the scheduled time for commencement of the Meeting. Once Shareholders have obtained a new control number, they must visit https://www.viewproxy.com/goldmansachs/broadridgevsm/ and submit their name and newly issued control number in order to register to participate in and vote at the Meeting.

After Shareholders have submitted their registration information, they will receive an email from Broadridge that confirms that their registration request has been received and is under review by Broadridge. Once a Shareholder’s registration request has been accepted, the Shareholder will receive (i) an email containing an event link and dial-in information to attend the Meeting, and (ii) an email with a password to enter at the event

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link in order to access the Meeting. Shareholders may vote before or during the Meeting at https://www.viewproxy.com/goldmansachs/broadridgevsm/. Only Shareholders of a Fund present virtually or by proxy will be able to vote, or otherwise exercise the powers of a Shareholder, at the Meeting.

In light of the rapidly changing developments related to coronavirus (COVID-19), we are pleased to offer our Shareholders a completely virtual Meeting, which provides worldwide access and communication, while protecting the health and safety of our Shareholders, Trustees and management. We are committed to ensuring that Shareholders will be afforded the same rights and opportunities to participate as they would at an in-person meeting. We will try to answer as many Shareholder-submitted questions as time permits that comply with the Meeting rules of conduct. However, we reserve the right to edit profanity or other inappropriate language, or to exclude questions that are not pertinent to meeting matters or that are otherwise inappropriate. If substantially similar questions are received, we will group such questions together and provide a single response to avoid repetition.

This Joint Proxy Statement is also being furnished by certain life insurance companies (the “Life Companies”) to owners, annuitants or beneficiaries of variable life insurance and variable annuity contracts (“variable contracts”) issued by a Life Company and having contract assets on the record date allocated to a separate account of a Life Company that has invested in shares of a series of GSVITthe VIT Strategic Growth Fund (an “Account”).

The Trustees have fixed the close of business on August 5, 2013October [12], 2020, as the record date for the determination of Shareholders entitled to notice of, and to vote at, the Meeting (the “Record Date”). Shareholders of record of the respective Trusts on the Record Date are entitled to one vote per share at the Meeting.Exhibit Ato this Joint Proxy Statement sets forth the number of shares of beneficial interest of each investment portfolio (“Fund”) of the TrustsFund outstanding as of the Record Date.Exhibit B to this Joint Proxy Statement sets forth the persons who owned beneficially more than 5% of any class of a Fundthe Funds as of June 30, 2013.August 27, 2020.

Goldman Sachs & Co., LLC, GSAM, the Life Companies and the Accounts are the only shareholdersShareholders of GSVIT.the VIT Strategic Growth Fund. Each Life Company hereby solicits and agrees to vote the shares of a series of GSVITthe VIT Strategic Growth Fund at the Meeting, and, as applicable, in accordance with timely instructions received from persons entitled to give voting instructions under variable contracts issued by it and having contract values allocated to one of its Accounts invested in shares of a series of GSVIT.the VIT Strategic Growth Fund. As a variable contract owner of record at the close of business on the Record Date, you have the right to instruct the Life Company that issued your contract as to the manner in which shares of a series of GSVITthe VIT Strategic Growth Fund attributable to your contract should be voted. The Life Companies will vote shares attributable to variable contracts as to which noproxy cards or voting instructionsinstruction forms are receivedneither executed nor returned in proportion (“for”for,” “against” or “withhold authority”“abstain”) to those shares for which instructions are received. As a result, a small number of variable contract owners could determine the outcome of the vote if other owners fail to vote. GSAM will vote shares of GSVITthe VIT Strategic Growth Fund that it owns, if any, in proportion to the votes cast by the Life Companies on behalf of variable contract owners.

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It is expected that the solicitation of proxies will be primarily by mail. However, theThe Trusts’ officers, and personnel of the Funds’ investment advisersadviser and transfer agent and any authorized proxy solicitation agent, may also solicit proxies by telephone, facsimile, Internet or in person. If a Trust records votes through the Internet or by telephone, it will use procedures designed to authenticate shareholders’Shareholders’ identities, to allow shareholdersShareholders to authorize the voting of their shares in accordance with their instructions, and to confirm that their identities have been properly recorded. The Funds

GSAM will pay their pro-rata share of the expenses associated with this Joint Proxy Statement and solicitation. The Trusts have engaged Broadridge Financial Solutions, Inc. (“Broadridge”), an independent proxy solicitation firm, to assist in the distribution of the proxy materials and the solicitation and tabulation of proxies. The cost of Broadridge’s services with respect to the Trusts is estimated to be approximately $3.8 million,$370,000, plus reasonable out-of-pocket expenses.

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To vote by mail, sign, date and promptly return the enclosed proxy card or voting instruction form in the accompanying postage pre-paid envelope. To vote by Internet or telephone, please use the control number on your proxy card or voting instruction form and follow the instructions as described on your proxy card or voting instruction form. If you have any questions regarding the proxy materials, please contact the TrustsBroadridge at 1-800-621-2550.833-934-2733.If the enclosed proxy card or voting instruction form is properly executed and received prior to the Meeting and has not been revoked, the shares represented thereby will be voted in accordance with the instructions marked on the returned proxy card or voting instruction form or, if no instructions are marked on the returned proxy card or voting instruction form, the proxy card or voting instruction form will be voted: “FOR” the election of the Trustee Nominees described in this Joint Proxy Statement;voted “FOR” Proposal 2, Proposal 3 and/or Proposal 4, if applicable;1, and, voted in the discretion of the persons named as proxies, in connection with any other matter that may properly come before the Meeting or any adjournment(s) or postponement(s) thereof.

Any person giving a proxy may revoke it at any time before it is exercised by submitting to the Secretary of the Trusts at the Trusts’ principal executive offices a written notice of revocation or subsequently executed proxy or voting instruction form or by attending the virtual Meeting and electing to vote in person.voting during the webcast.

If (i) you are a member of a household in which multiple Shareholders of any of the Trustseither Trust share the same address, (ii) your shares are held in “street name” and (iii) your broker or bank has received consent to household material, then your broker or bank may have sent to your household only one copy of this Joint Proxy Statement, unless your broker or bank previously received contrary instructions from a Shareholder in your household. If you are part of a household that has received only one copy of this Joint Proxy Statement, your respective Trust will deliver promptly a separate copy of this Joint Proxy Statement to you upon written or oral request. To receive a separate copy of this Joint Proxy Statement please contact the Trusts by calling toll free 1-800-621-2550 (for institutional shareholders) or 1-800-526-7384 (for retail shareholders), or by mail at Goldman Sachs Funds, P.O. Box 06050, Chicago, Illinois 60606-6306. If your shares are held with certain banks, trust companies, brokers, dealers,registered investment advisers and other financial intermediaries (each, an “Authorized Institution”) and you would like to receive a separate copy of future proxy statements, notices of internet availability of proxy materials, prospectuses or annual reports or you are now receiving multiple copies of these documents and would like to receive a single copy in the future, please contact your Authorized Institution.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR

THE JOINT SPECIAL MEETING TO BE HELD ON OCTOBER [•]January [8], 20132021

This Joint Proxy Statement is available online at www.proxyvote.com (please have the control number found on your proxy card or voting instruction form ready when you visit this website).IN ADDITION, COPIES OF EACH FUND’S MOST RECENT ANNUAL AND SEMI-ANNUAL REPORT, INCLUDING FINANCIAL STATEMENTS, HAVE PREVIOUSLY BEEN MAILED TO SHAREHOLDERS. COPIES OF EACH FUND’S MOST RECENT ANNUAL AND SEMI-ANNUAL REPORT, INCLUDING FINANCIAL STATEMENTS, ARE ALSO AVAILABLE AT WWW.GSAMFUNDS.COM/MUTUALFUNDS AND WWW.GSAMFUNDS.COM/VITFUNDS, AS APPLICABLE. EACH TRUST WILL FURNISH TO ANY SHAREHOLDER UPON REQUEST, WITHOUT CHARGE, AN ADDITIONAL COPY OF ANY FUND’S MOST RECENT ANNUAL REPORT AND SUBSEQUENT SEMI-ANNUAL REPORT TO SHAREHOLDERS. ANNUAL REPORTS AND SEMI-ANNUAL REPORTS TO SHAREHOLDERS MAY BE OBTAINED BY WRITING TO: GOLDMAN SACHS TRUST OR GOLDMAN SACHS VARIABLE INSURANCE TRUST, OR GOLDMAN SACHS CREDIT STRATEGIES FUND, P.O. BOX 06050, CHICAGO, ILLINOIS 60606-6306; OR BY TELEPHONE TOLL-FREE AT: 1-800-621-2550.1-800-621-2550 (FOR INSTITUTIONAL SHAREHOLDERS) AND 1-800-526-7384 (FOR RETAIL SHAREHOLDERS).

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PROPOSAL 1

TO APPROVE A CHANGE TO EACH RESPECTIVE FUND’S ELECTIONSUB-CLASSIFICATION UNDER THE INVESTMENT COMPANY ACT OF TRUSTEES

All Funds listed inExhibit A

Proposal 1 relates to the election of members of the Boards of Trustees of the Trusts (the “Board”). You are being asked to elect each of the following five nominees to serve as Trustees of each of GST and GSVIT: Donald C. Burke, Joseph P. LoRusso, Herbert J. Markley, James A. McNamara and Roy W. Templin (each, a “Nominee” and, collectively, the “Nominees”). These five individuals have not previously been elected by shareholders of those Trusts. You are also being asked to elect Messrs. Burke, LoRusso, Markley and Templin as Trustees of GSCSF. (Mr. McNamara was elected by the initial shareholder of that Trust.)

In 2007, eight Trustees were elected by Shareholders of GST and GSVIT. However, two of such Trustees no longer serve on the Board. Each of Messrs. Burke and LoRusso has served (and currently serves) as a Trustee of each of GST, GSVIT and GSCSF since originally appointed in 2010. Mr. McNamara has served (and currently serves) as a Trustee of each of GST and GSVIT since originally appointed in 2007 and as a Trustee of GSCSF since its formation in 2009. The other two Nominees – Messrs. Markley and Templin – do not currently serve on the Board. However, effective June 13, 2013, the Board unanimously appointed Messrs. Markley and Templin to serve on each Trust’s Advisory Board pending their election as Trustees. Messrs. Markley and Templin were unanimously approved by the Board, including the Trustees who are not “interested persons” (as defined by the Investment Company Act of 1940 (“1940 Act”)) of the Trusts (the “Independent Trustees”), to stand for election, upon a recommendation from each Trust’s Governance and Nominating Committee, as part of the Committee’s succession planning process.

If elected by Shareholders at the Meeting, the Nominees will hold office for an indefinite term. The Board would also be able to fill future vacancies by appointment (subject to the requirement of the 1940 Act that, after such appointment, at least two-thirds of the Trustees holding office must have been elected by shareholders) without incurring the additional expense associated with calling one or more shareholder meetings to fill those vacancies.

Information concerning the Nominees and other relevant factors is provided below. Using the enclosed proxy card or voting instruction form or voting by the Internet or by telephone, a Shareholder may authorize proxies to vote his or her shares for the Nominees or may withhold from the proxies authority to vote his or her shares for one or more of the Nominees. If no contrary instructions are given, the proxies will vote “FOR” the Nominees. Each of the Nominees has consented to his nomination and has agreed to serve if elected. If, at the time of the Meeting, for any reason, any Nominee is not available for election or able to serve as a Trustee, the proxies will exercise their voting power in favor of such substitute Nominee, if any, as the Trustees may designate. The Trusts have no reason to believe that it will be necessary to designate a substitute Nominee. Each Trust proposes the election by all of its respective Shareholders of the five Nominees named in the table below to serve as members of the Board.

Each Trust’s Governance and Nominating Committee, which is responsible for reviewing and making recommendations to the Board with respect to the composition of the Board, reviewed the requisite skills of the Nominees and criteria for new Trustees. Moreover, the Governance and Nominating Committee conducted a search for qualified candidates for Board membership, interviewed candidates extensively and sought nominees who were both qualified and who would bring relevant expertise to the Board.FROM “DIVERSIFIED” TO “NON-DIVERSIFIED” AND TO ELIMINATE ANY RELATED FUNDAMENTAL INVESTMENT RESTRICTION FOR EACH FUND

The following table sets forth the names of the Nominees and Trustees and their addresses, ages, term of office (including length of time served as a Trustee or Advisory Board Member, as applicable), principal occupations for at least the past five years, any other directorships they hold in companies which are subject to the reporting requirements of the Securities Exchange Act of 1934 (the “Exchange Act”), or are registered as investment companies under the 1940 Act, and the number of portfolios in the Goldman Sachs Mutual Fund Complex (as defined below) that they oversee (or will oversee if elected). Nominees who are not deemed to be “interested persons” of the Trusts are referred to as “Independent Trustees.” Trustees who are deemed to be “interested persons” of the Trusts are referred to as “Interested Trustees.”

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Nominees

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Current (Non-Nominee) Trustees

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The significance or relevance of a Nominee’s or Trustee’s particular experience, qualifications, attributes and/or skills is considered by the Board on an individual basis. Experience, qualifications, attributes and/or skills common to all Nominees and Trustees include the ability to critically review, evaluate and discuss information provided to them and to interact effectively with the other Trustees and with representatives of the Investment Adviser and its affiliates, other service providers, legal counsel and the Funds’ independent registered public accounting firm, the capacity to address financial and legal issues and exercise reasonable business judgment, and a commitment to the representation of the interestsobjectives of the Funds and their Shareholders. The Governance and Nominating Committee’s charter contains certain other factors that are consideredprincipal means by the Governance and Nominating Committee in identifying and evaluating potential nominees to serve as Independent Trustees. Based on each Nominee’s or Trustee’s experience, qualifications, attributes and/or skills, considered individually and with respect to the experience, qualifications, attributes and/or skills of other Nominees and Trustees, the Board has concluded that each Nominee and Trustee should serve as a Trustee. Below is a brief discussion of the experience, qualifications, attributes and/or skills of each individual Trustee or Nominee as of July 25, 2013 that led the Board to conclude that such individual should serve as a Trustee.

Ashok N. Bakhru.Mr. Bakhru has served as a Trustee of GST and GSVIT since 1991 and as Trustee of GSCSF since 2009, and has been Chairman of the GST and GSVIT Boards since 1996 and Chairman of GSCSF Board since 2009. Previously, Mr. Bakhru served as Director, Apollo Investment Corporation (a business development company) (2008-2013), and President of ABN Associates, a management and financial consulting firm, and was the Chief Financial Officer, Chief Administrative Officer and Director of Coty Inc., a multinational cosmetics, fragrance and personal care company. In addition, Mr. Bakhru formerly held several senior management positions at Scott Paper Company, a major manufacturer of paper products, including Senior Vice President and Chief Financial Officer. Mr. Bakhru also serves on the Governing Council of the Independent Directors Council and the Board of Governors of the Investment Company Institute. He also serves on the Advisory Board of BoardIQ, an investment

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publication. In addition, Mr. Bakhru has served as Director of Equity-Linked Investments II and Private Equity Investors III and IV, which are private equity partnerships based in New York City. Mr. Bakhru was also a Director of Arkwright Mutual Insurance Company. Based on the foregoing, Mr. Bakhru is experienced with financial and investment matters.

Donald C. Burke. Mr. Burke has served as Trustee since 2010. Mr. Burke serves as a Director of Avista Corp., an energy company. Mr. Burke was a Managing Director of BlackRock, Inc., where he was President and Chief Executive Officer of BlackRock’s U.S. funds and a director and chairman of several offshore funds advised by BlackRock. As President and Chief Executive Officer of BlackRock’s U.S. funds, he was responsible for all accounting, tax and regulatory reporting requirements for over 300 open-end and closed-end BlackRock funds. Previously, he was a Managing Director, First Vice President and Vice President of Merrill Lynch Investment Managers, L.P. (“MLIM”), where he worked for 16 years prior to MLIM’s merger with BlackRock, and was instrumental in the integration of BlackRock’s and MLIM’s operating infrastructure following the merger. While at MLIM, he was Chief Financial Officer and Treasurer of MLIM’s U.S. funds and Head of Global Operations and Client Services, where he was responsible for the development and maintenance of MLIM’s operating infrastructure across the Americas, Europe and the Pacific Rim. He also developed controls for the MLIM U.S. funds’ financial statement certification process to comply with the Sarbanes-Oxley Act of 2002, worked with fund auditors in connection with the funds’ annual audits and established the department responsible for all tax issues impacting the MLIM U.S. funds. Previously, Mr. Burke was Tax Manager at Deloitte & Touche, where he was designated as one of the firm’s lead specialists in the investment company industry, and advised multinational corporations, partnerships, universities and high net worth individuals in tax matters. Mr. Burke is a certified public accountant. Based on the foregoing, Mr. Burke is experienced with accounting, financial and investment matters.

John P. Coblentz, Jr.Mr. Coblentz has served as Trustee of GST and GSVIT since 2003 and as a Trustee of GSCSF since 2009. Mr. Coblentz has been designated as the Board’s “audit committee financial expert” given his extensive accounting and finance experience. Mr. Coblentz was a partner with Deloitte & Touche LLP for 28 years. While at Deloitte & Touche LLP, Mr. Coblentz was lead partner responsible for all auditing and accounting services to a variety of large, global companies, a significant portion of which operated in the financial services industry. Mr. Coblentz was also the national managing partner for the firm’s risk management function, a member of the firm’s Management Committee and the first managing partner of the firm’s Financial Advisory Services practice, which brought together the firm’s mergers and acquisition services, forensic and dispute services, corporate finance, asset valuation and reorganization businesses under one management structure. He served as a member of the firm’s Board of Directors. Mr. Coblentz is a certified public accountant. Based on the foregoing, Mr. Coblentz is experienced with accounting, financial and investment matters.

Diana M. Daniels.Ms. Daniels has served as Trustee of GST and GSVIT since 2007 and as a Trustee of GSCSF since 2009. Ms. Daniels also serves as a Trustee Emeritus and Presidential Councillor of Cornell University. Ms. Daniels held several senior management positions at The Washington Post Company and its subsidiaries, where she worked for 29 years. While at The Washington Post Company, Ms. Daniels served as Vice President, General Counsel, Secretary to the Board of Directors and Secretary to the Audit Committee. Previously, Ms. Daniels served as Vice President and General Counsel of Newsweek, Inc. Ms. Daniels also serves on the Executive Committee of the Governing Council of the Independent Directors Council of the Investment Company Institute. Ms. Daniels has also served as Vice Chair and Chairman of the Executive Committee of the Board of Trustees of Cornell University and as a member of the Corporate Advisory Board of Standish Mellon Management Advisors and of the Legal Advisory Board of New York Stock Exchange. Ms. Daniels is also a member of the American Law Institute and of the Advisory Council of the Inter-American Press Association. Based on the foregoing, Ms. Daniels is experienced with legal, financial and investment matters.

Joseph P. LoRusso. Mr. LoRusso has served as Trustee since 2010. Mr. LoRusso held a number of senior management positions at Fidelity Investments for over 15 years, where he was most recently President of Fidelity Investments Institutional Services Co. (“FIIS”). As President of FIIS, Mr. LoRusso oversaw the development, distribution and servicing of Fidelity’s investment and retirement products through various financial intermediaries. Previously, he served as President, Executive Vice President and Senior Vice President of Fidelity Institutional Retirement Services Co., where he helped establish Fidelity’s 401(k) business and built it into the largest in the U.S. In these positions, he oversaw sales, marketing, implementation, client services, operations and technology. Mr. LoRusso also served on Fidelity’s Executive Management Committee. Prior to his experience with Fidelity, he

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was Second Vice President in the Investment and Pension Group of John Hancock Mutual Life Insurance, where he had responsibility for developing and running the company’s 401(k) business. Previously, he worked at The Equitable (now a subsidiary of AXA Financial), where he was Product Manager of the company’s then-nascent 401(k) business, and at Arthur Andersen & Co. (now Accenture), as a Senior Consultant within the firm’s consulting practice. Based on the foregoing, Mr. LoRusso is experienced with financial and investment matters.

Jessica Palmer.Ms. Palmer has served as Trustee of GST and GSVIT since 2007 and as a Trustee of GSCSF since 2009. Ms. Palmer serves as a Director of Emerson Center for the Arts and Culture, a not-for-profit organization. Ms. Palmer worked at Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) for over 20 years, where she was a Managing Director. While at Citigroup Corporate and Investment Banking, Ms. Palmer was Head of Global Risk Management, Chair of the Global Commitment Committee, Co-Chair of International Investment Banking (New York) and Head of Fixed Income Capital Markets. Ms. Palmer was also a member of the Management Committee and Risk Management Operating Committee of Citigroup, Inc. Prior to that, Ms. Palmer was a Vice President at Goldman Sachs in its international corporate finance department. Ms. Palmer was also Assistant Vice President of the International Division at Wells Fargo Bank, N.A. Ms. Palmer was also a member of the Board of Trustees of a private elementary and secondary school. Based on the foregoing, Ms. Palmer is experienced with financial and investment matters.

Richard P. Strubel. Mr. Strubel has served as Trustee of GST and GSVIT since 1987 and as a Trustee of GSCSF since 2009. Mr. Strubel also serves as Chairman of the Northern Funds, a family of retail and institutional mutual funds managed by The Northern Trust Company. He also serves on the board of Gildan Activewear Inc., which is listed on the New York Stock Exchange (“NYSE”). Mr. Strubel was Vice-Chairman of the Board of Cardean Learning Group (formerly known as Unext), and previously served as Unext’s President and Chief Operating Officer Mr. Strubel was Managing Director of Tandem Partners, Inc., a privately-held management services firm, and served as President and Chief Executive Officer of Microdot, Inc. Previously, Mr. Strubel served as President of Northwest Industries, then a NYSE-listed company, a conglomerate with various operating entities located around the country. Before joining Northwest, Mr. Strubel was an associate and later managing principal of Fry Consultants, a management consulting firm based in Chicago. Mr. Strubel is also a Trustee Emeritus of the University of Chicago and is an adjunct professor at the University of Chicago Booth School of Business. Based on the foregoing, Mr. Strubel is experienced with financial and investment matters.

James A. McNamara. Mr. McNamara has served as Trustee and President of GST and GSVIT Trust since 2007 and as Trustee and President of GSCSF since 2009, and has served as an officer of GST and GSVIT since 2001 and as an officer of GSCSF since 2009. Mr. McNamara is a Managing Director at Goldman Sachs. Mr. McNamara is currently head of Global Third Party Distribution at GSAM, where he was previously head of U.S. Third Party Distribution. Prior to that role, Mr. McNamara served as Director of Institutional Fund Sales. Prior to joining Goldman Sachs, Mr. McNamara was Vice President and Manager at Dreyfus Institutional Service Corporation. Based on the foregoing, Mr. McNamara is experienced with financial and investment matters.

Alan A. Shuch.Mr. Shuch has served as a Trustee of GST and GSVIT since 1990 and as a Trustee of GSCSF since 2009. Mr. Shuch is an Advisory Director to Goldman Sachs. Mr. Shuch serves on the Board of Trustees of a number of offshore funds managed by GSAM. He serves on GSAM’s Valuation Committee. Prior to retiring as a general partner of Goldman Sachs in 1994, Mr. Shuch was president and chief operating officer of GSAM which he founded in 1988. Mr. Shuch joined the Goldman Sachs Fixed Income Division in 1976. He was instrumental in building Goldman Sachs’ Corporate Bond Department and served as co-head of the Global Fixed Income Sales and the High Yield Bond and Preferred Stock Departments. He headed the Portfolio Restructuring and Fixed Income Quantitative and Credit Research Departments. Mr. Shuch also served on a variety of firm-wide committees including the International Executive, New Product and Strategic Planning Committees and was a member of the Stone Street/Bridge Street Private Equity Board. Mr. Shuch serves on Wharton’s Graduate Executive Board. Based on the foregoing, Mr. Shuch is experienced with financial and investment matters.

Herbert J. (H.J.) Markley. Mr. Markley held several senior management positions at Deere & Company, where he worked for 35 years, including Executive Vice President of Worldwide Parts Service, Global Supply Management and Logistics, Enterprise Information Technology and Corporate Communications. Mr. Markley’s experience at Deere included managing manufacturing and engineering facilities, including the two largest manufacturing

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facilities and a joint venture with Hitachi. He later served as Senior Vice President of Worldwide Human Resources where he helped to lay the foundation for a new human resources system, and as a President of the Agricultural Division, Deere’s largest business unit. In addition to his work with Deere, Mr. Markley has served on the Boards of Directors of the Dubuque Chamber of Commerce, the First National Bank of Dubuque, the University of Dubuque and the Iowa Public Television Foundation as well as the Board of Overseers of the Amos Tuck School of Business at Dartmouth College. Mr. Markley currently serves on the Trust’s Advisory Board. Based on the foregoing, Mr. Markley is experienced with financial and investment matters.

Roy W. Templin.Mr. Templin is a Director of Con-Way Incorporated, a transportation, supply-chain management and logistics services company, and serves on its Finance and Audit Committees (he is the Chair of the Finance Committee). Mr. Templin held a number of senior management positions at Whirlpool Corporation, an appliance manufacturer and marketer, including Executive Vice President and Chief Financial Officer, Vice President and Corporate Controller there. At Whirlpool, Mr. Templin served on the Executive Committee and was responsible for all aspects of finance globally, including treasury, accounting, risk management, investor relations, internal auditing, tax and facilities. Prior to joining Whirlpool, Mr. Templin served in several roles at Kimball International, a furniture and electronic assemblies manufacturer, including Vice President of Finance and Chief Accounting Officer. Mr. Templin was also a Director of Corporate Finance for Cummins, Inc., a diesel engine manufacturer, a Director of Financial Development at NCR Corporation, a computer hardware and electronics company, and a member of the audit staff of Price Waterhouse (now PricewaterhouseCoopers LLP). Mr. Templin is a certified public accountant. Mr. Templin currently serves on the Trust’s Advisory Board. Based on the foregoing, Mr. Templin is experienced with accounting, financial and investment matters.

Information Concerning Meetings of Trustees and Standing Board Committees

In the following discussion, the Funds are classified byseek to achieve their fiscal year ends, whichinvestment objectives are set forth onExhibit A. Each Fund has one of the following five fiscal year ends:

Because these fiscal reporting periods overlap with each other, information provided with respect to the fiscal year end of certain Funds may overlap the information provided with respect to other Funds.

The Trustees held ten meetings during the fiscal year ended August 31, 2012, nine meetings during the fiscal year ended October 31, 2012, nine meetings during the fiscal year ended November 30, 2012, eight meetings during the fiscal year ended December 31, 2012 (except for GSVIT, for which seven meetings were held during the fiscal year ended December 31, 2012), and seven meetings during the fiscal year ended March 31, 2013. No Trustee attended fewer than seventy-five percent of the meetings held by the Board or by any committee of which he or she was a member while he or she was a Trustee during any such year. Each Trust does not hold an annual meeting of Shareholders, and therefore does not have a policy regarding attendance of Trustees at annual meetings of Shareholders.

The Board has established six standing committees – Audit, Governance and Nominating, Compliance, Valuation, Dividend and Contract Review Committees.

The Audit Committee oversees the audit process and provides assistance to the Board with respect to fund accounting, tax compliance and financial statement matters. In performing its responsibilities, the Audit Committee selects and recommends annually to the Board an independent registered public accounting firm to audit the books and records of the Trusts for the ensuing year, and reviews with the firm the scope and results of each audit. All of

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the Independent Trustees serve on the Audit Committee. John P. Coblentz, Jr. has been designated as the Board’s “audit committee financial expert.” The Audit Committee held five meetings during each of the fiscal years ended August 31, 2012, October 31, 2012, November 30, 2012, December 31, 2012 and March 31, 2013, respectively.

The Governance and Nominating Committee has been established to: (i) assist the Board in matters involving mutual fund governance, which includes making recommendations to the Board with respect to the effectiveness of the Board in carrying out its responsibilities in governing the Fund and overseeing its management; (ii) select and nominate candidates for appointment or election to serve as Independent Trustees; and (iii) advise the Board on ways to improve its effectiveness. All of the Independent Trustees serve on the Governance and Nominating Committee. The Governance and Nominating Committee held two meetings during each of the fiscal years ended August 31, 2012, October 31, 2012, November 30, 2012, December 31, 2012 and March 31, 2013, respectively. As stated above, each Trustee holds office for an indefinite term until the occurrence of certain events. The Governance and Nominating Committee acts pursuant to a written charter, a copy of which is attached hereto asExhibit C.

In connection with the selection and nomination of candidates to the Board, the Governance and Nominating Committee evaluates the qualifications of candidates for Board membership and their independence from the Trusts’ investment advisers and other principal service providers. Persons selected as Independent Trustee candidates must be independent in terms of both the letter and the spirit of the 1940 Act. In this regard, with respect to Independent Trustee Nominees, the Governance and Nominating Committee considers the effect of any relationships beyond those delineated in the 1940 Act that might impair independence (for example, business, financial or family relationships with the investment advisers or other service providers). Without limiting the foregoing, the Governance and Nominating Committee considers, among other criteria, a candidate’s: (i) experience in business, financial or investment matters or in other fields of endeavor; (ii) reputation; (iii) ability to attend scheduled Board and committee meetings; (iv) general availability to attend to Board business on short notice; (v) actual or potential business, family or other conflicts bearing on either the candidate’s independence or the business of the Trust; (vi) length of potential service; (vii) commitment to the representation of the interests of the Funds and their shareholders; (viii) commitment to maintaining and improving Trustee skills and education; and (ix) experience in corporate governance and best business practices. In filling Board vacancies, the Governance and Nominating Committee will consider nominees recommended by Shareholders. Nominee recommendations should be submitted to a Trust at its mailing address stated in the Funds’ prospectuses and should be directed to the attention of the Governance and Nominating Committee. Shareholders can send other Board communications to the Governance and Nominating Committee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. In considering the selection and nomination of Independent Trustee candidates, it is expected that the Governance and Nominating Committee will consult with the interested Trustees of the Trust and such other persons as the Governance and Nominating Committee deems appropriate.

The Compliance Committee has been established for the purpose of overseeing the compliance processes (i) of the Funds; and (ii) insofar as they relate to services provided to the Funds, of the Funds’ investment advisers, distributor, administrator (if any) and transfer agent, except that compliance processes relating to the accounting and financial reporting processes, and certain related matters, are overseen by the Audit Committee. In addition, the Compliance Committee provides assistance to the full Board with respect to compliance matters. The Compliance Committee met three times during each of the fiscal years ended August 31, 2012, October 31, 2012, November 30, 2012, December 31, 2012 and March 31, 2013, respectively. All of the Independent Trustees serve on the Compliance Committee.

The Valuation Committee is authorized to act for the Board in connection with the valuation of portfolio securities held by the Fund in accordance with the Trusts’ Valuation Procedures. James A. McNamara and Alan A. Shuch serve on the Valuation Committee, together with certain employees of GSAM who are not Trustees. The Valuation Committee met twelve times during each of the fiscal years ended August 31, 2012, October 31, 2012, November 30, 2012, December 31, 2012 and March 31, 2013, respectively. The Valuation Committee reports periodically to the Board.

The Dividend Committee is authorized, subject to the ratification of Trustees who are not members of the committee, to declare dividends and capital gain distributions consistent with each Fund’s Prospectus. James A. McNamara and Scott McHugh, the Treasurer of each Trust, serve on the Dividend Committee. The Dividend Committee met twelve times during each of the fiscal years ended August 31, 2012, October 31, 2012, November 30, 2012, December 31, 2012 and March 31, 2013, respectively.

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The Contract Review Committee has been established for the purpose of overseeing the processes of the Board for reviewing and monitoring performance under the Funds’ investment management, distribution, transfer agency and certain other agreements with the Funds’ investment advisers and their affiliates. The Contract Review Committee is also responsible for overseeing the Board’s processes for considering and reviewing performance under the operation of the Funds’ distribution, service, shareholder administration and other plans, and any agreements related to the plans, whether or not such plans and agreements are adopted pursuant to Rule 12b-1 under the 1940 Act. The Contract Review Committee also provides appropriate assistance to the Board in connection with the Board’s approval, oversight and review of the Funds’ other service providers including, without limitation, the Funds’ custodian/accounting agent, sub-transfer agents, professional (legal and accounting) firms and printing firms. The Contract Review Committee met four times during each of the fiscal years ended August 31, 2012, October 31, 2012, November 30, 2012, December 31, 2012 and March 31, 2013, respectively. All of the Independent Trustees serve on the Contract Review Committee.

Risk Oversight

The Board is responsible for the oversight of the activities of the Funds, including oversight of risk management. Day-to-day risk management with respect to the Funds is the responsibility of GSAM or other service providers (depending on the nature of the risk), subject to supervision by GSAM. The risks of the Funds include, but are not limited to, investment risk, compliance risk, operational risk, reputational risk, credit risk and counterparty risk. Each of GSAM and the other service providers have their own independent interest in risk management and their policies and methods of risk management may differ from the Funds and each other’s in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result, the Board recognizes that it is not possible to identify all of the risks that may affect the Funds or to develop processes and controls to eliminate or mitigate all of their occurrences or effects because some risks are simply beyond the control of the Funds or GSAM, its affiliates or other service providers.

The Board effectuates its oversight role primarily through regular and special meetings of the Board and Board committees. In certain cases, risk management issues are specifically addressed in presentations and discussions. For example, GSAM has an independent dedicated Market Risk Group that assists GSAM in managing investment risk. Representatives from the Market Risk Group regularly meet with the Board to discuss their analysis and methodologies. In addition, investment risk is discussed in the context of regular presentations to the Board on Fund strategy and performance. Other types of risk are addressed as part of presentations on related topics (e.g. compliance policies) or in the context of presentations focused specifically on one or more risks. The Board also receives reports from GSAM management on operational risks, reputational risks and counterparty risks relating to the Funds.

Board oversight of risk management is also performed by various Board committees. For example, the Audit Committee meets with both the Funds’ independent registered public accounting firm and GSAM’s internal audit group to review risk controls in place that support the Funds as well as test results, and the Compliance Committee meets with the Chief Compliance Officer and representatives of GSAM’s compliance group to review testing results of the Funds’ compliance policies and procedures and other compliance issues. Board oversight of risk is also performed as needed between meetings through communications between GSAM and the Board. The Board may, at any time and in its discretion, change the manner in which it conducts risk oversight. The Board’s oversight role does not make the Board a guarantor of the Fund’s investments or activities.

Board and Advisory Board Compensation

Each Independent Trustee and Advisory Board Member is compensated with a unitary annual fee for his or her services as a Trustee or Advisory Board Member, as applicable, of a Trust and as a member of the Governance and Nominating Committee, Compliance Committee, Contract Review Committee, and Audit Committee. The Chairman and “audit committee financial expert” receive additional compensation for their services. The Independent Trustees and Advisory Board Members are also reimbursed for reasonable travel expenses incurred in connection with attending meetings. The Trusts may also pay the reasonable incidental costs of a Trustee or

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Advisory Board Member to attend training or other types of conferences relating to the investment company industry. The following table sets forth certain information with respect to the compensation of each Independent Trustee and Advisory Board Member for each Trust’s most recently completed fiscal year ended March 31, 2013.

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Compensation Table^*

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NOMINEE/TRUSTEE OWNERSHIP OF FUND SHARES

The following table shows the dollar range of shares beneficially owned by each Nominee/Trustee in the investment portfolios of each Trust and the Goldman Sachs Fund Complex as of June 30, 2013:below:

[As of [•], 2013, the Nominees, Trustees and Officers of the Trusts as a group owned less than 1% of the outstanding shares of beneficial interest of each Fund. The Trustees and officers of GSVIT cannot directly own shares of the GSVIT Funds without purchasing a variable contract through one of the Life Companies or through a qualified plan. None of the Nominees, Trustees or officers of GSVIT beneficially owned individually, nor did the Nominees, Trustees or officers beneficially own as a group, in excess of 1% of the outstanding shares of any of the GSVIT Funds as of June 30, 2013

THE TRUSTEES UNANIMOUSLY RECOMMEND THAT YOU VOTE IN FAVOR OF EACH NOMINEE

LISTED ABOVE.

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PROPOSAL 2

TO APPROVE A CHANGE TO EACH FUND’S CONCENTRATION POLICY TO PERMIT (BUT NOT

REQUIRE) THE FUND TO INVEST UP TO 35% OF ITS TOTAL ASSETS IN THE SECURITIES OF

ISSUERS CONDUCTING THEIR PRINCIPAL BUSINESS ACTIVITIES IN THE SAME INDUSTRY IF,

AT THE TIME OF INVESTMENT, THAT INDUSTRY REPRESENTS 20% OR MORE OF THE FUND’S

BENCHMARK INDEX

Goldman Sachs BRIC (Brazil, Russia, India, China) Fund and Goldman Sachs N-11 Equity Fund

The investment objective of the Goldman Sachs BRIC Fund (the “BRIC Fund”) is long-term capital appreciation. The BRIC Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes in a portfolio of equity investments in Brazil, Russia, India and China (“BRIC countries”) or in issuers that participate in the markets of the BRIC countries.

The investment objective of the Goldman Sachs N-11 Equity Fund (the “N-11 Fund”) is also long-term capital appreciation. The N-11 Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes in a portfolio of equity investments that are tied economically to the “N-11 countries,” as defined below, or in issuers that participate in the markets of the N-11 countries. The “N-11 countries” are countries that have been identified by the Goldman Sachs Global Economics, Commodities, and Strategy Research Team as the “Next Eleven” emerging countries after the BRICs (i.e., after Brazil, Russia, India and China) that share the potential to experience high economic growth and be important contributors to global gross domestic product (GDP) in the future. The N-11 countries are Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam. However, the Fund will not invest in issuers organized under the laws of Iran, or domiciled in Iran, or in certain other issuers as necessary to comply with U.S. economic sanctions against Iran.

BRIC and N-11 countries are considered “emerging market” countries, whose securities markets are generally characterized by a relatively small number of issuers and/or high industry concentration. Certain emerging market countries, due to the relatively small number of issuers, have a tendency to concentrate in certain industries, as reflected in the applicable benchmarks. Accordingly, investment opportunities in many emerging market countries may be concentrated in the securities of companies in any one industry.

The 1940 Act requires mutual funds, such as the Funds, to set forth in their registration statements certain “fundamental” investment policies that can only be changed by shareholder vote, including a fund’s policy to “concentrate” its investments in a particular industry or group of industries (i.e.,invest more than 25% of its assets in a particular industry or group of industries). Currently, each Fund may not invest 25% or more of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry (excluding the U.S. Government or any of its agencies or instrumentalities). The Board, subject to Shareholder approval, has approved an amendment to each Fund’s concentration policy to permit (but not require) the Fund to invest up to 35% of its total assets in the securities of issuers conducting their principal business activities in the same industry if, at the time of investment, that industry represents 20% or more of the Fund’s benchmark index, which is described below.

The benchmark index of the BRIC Fund is the MSCI^® BRIC Index and the benchmark index of the N-11 Fund is the MSCI^® GDP Weighted Next 11 ex Iran Index. The MSCI^® BRIC Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the following emerging market country indices: Brazil, Russia, India and China. The MSCI^® GDP Weighted Next 11 ex Iran Index comprises the following 10 emerging and frontier market indices: Bangladesh, Egypt, Indonesia, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam. This index is designed to reflect the performance of the Next 11 countries (other than Iran) based on the size of each country’s economy rather than the size of its equity market, by using country weights based on a country’s gross domestic product. The Board may approve new benchmark indices in the future.

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If Shareholders approve Proposal 2, in order for the BRIC Fund or N-11 Fund to concentrate in an industry, that industry must, at the time of investment, represent 20% or more of the Fund’s benchmark index. Moreover, under such circumstances, each Fund would only be permitted to invest up to 35% of its total assets in that industry. The proposed concentration policy is a means of providing flexibility within clearly defined, objective limits. The proposed concentration policy would not limit the types of industries in which the BRIC Fund or N-11 Fund would be able to concentrate if such industry represents 20% or more of the Fund’s benchmark index. The proposed amendment to each Fund’s concentration policy would provide the Funds with greater flexibility to take advantage of investment opportunities in the BRIC and N-11 countries, subject to the objective limits set forth above which tie such concentration to representation of an industry or industries in each Fund’s benchmark index.

The added flexibility that this concentration policy would allow is of particular importance considering the characteristics of the stock markets of the BRIC and N-11 countries and the possibility that the stock markets in many of these countries may be dominated by a particular industry or group of industries. While it should be recognized that concentration in one or more industries can expose a Fund to greater risk should those industries underperform, Goldman Sachs Asset Management International (“GSAMI”), each Fund’s investment adviser, is of the view that it is important to have the flexibility to concentrate in those industries that represent a large portion of the Fund’s benchmark index. The proposed concentration policy was approved unanimously by the Board of each Fund, with adoption and implementation of the new policy conditioned upon Shareholder approval.

If, during a period in which a Fund is investing more than 25% of its total assets in an industry, such industry ceases to represent 20% or more of the Fund’s benchmark index, the Fund will not make additional investments in such industry. However, such Fund would not be required to reduce its investment in that industry.

If 25% or more of a Fund’s total assets are invested in a particular industry or group of industries, the Fund will be subject to greater risk of loss as a result of adverse economic, business or other developments in that particular industry or group of industries than if the Fund’s investments were more broadly held across industries or groups of industries. In addition, a Fund’s performance would be more closely linked to the performance of, and would be affected by fluctuations in, that industry or group of industries. Market price movements affecting companies and their securities in any such industry in which a Fund invests 25% or more of its total assets will have a greater impact on the Fund’s performance because of its more concentrated position in such securities. For example, the Funds could invest a significant portion of their assets in financial services companies, including banks, which may be particularly affected by economic cycles, business developments, interest rate changes and regulatory changes.

Current and Proposed Concentration Policies

The Board and GSAMI propose the following changes with respect to the concentration policies of the Funds:

17

THE TRUSTEES UNANIMOUSLY RECOMMEND THAT YOU VOTE IN FAVOR OF

PROPOSAL 2.

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PROPOSAL 3

TO APPROVE A CHANGE TO EACH FUND’S CONCENTRATION POLICY TO PERMIT (BUT NOT REQUIRE) THE FUND TO INVEST MORE THAN 25% OF ITS TOTAL ASSETS IN OBLIGATIONS (OTHER THAN COMMERCIAL PAPER) ISSUED OR GUARANTEED BY U.S. BANKS AND U.S. BRANCHES OF U.S. OR FOREIGN BANKS AND REPURCHASE AGREEMENTS AND SECURITIES LOANS COLLATERALIZED BY SUCH BANK OBLIGATIONS.

Goldman Sachs Financial Square Money Market Fund and Goldman Sachs Variable Insurance Trust Money Market Fund

The investment objective of each of the Goldman Sachs Financial Square Money Market Fund and the Goldman Sachs Variable Insurance Trust Money Market Fund (together, the “Money Market Funds”) is 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. The Funds pursue their investment objective by investing in obligations issued or guaranteed by U.S. government agencies, authorities, instrumentalities or sponsored enterprises, obligations of banks (which, currently, must normally exceed 25% of each Fund’s total assets), commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities and repurchase agreements.

The 1940 Act requires mutual funds, such as the Money Market Funds, to set forth in their registration statements certain “fundamental” investment policies that can only be changed by shareholder vote, including a fund’s policy to “concentrate” its investments in a particular industry or group of industries (i.e.,invest more than 25% of its assets in a particular industry or group of industries). Although a mutual fund generally may not reserve the freedom to concentrate in a particular industry or group of industries, unless the fund clearly indicates when and under what circumstances any changes between concentration and non-concentration would be made, the SEC staff has taken the position that money market funds may reserve the freedom to concentrate their investments in certain bank instruments.

Currently, the Goldman Sachs Financial Square Money Market Fund’s concentration policyrequires the Fund to invest more than 25% of its total assets in obligations issued or guaranteed by banks (whether foreign or domestic) and repurchase agreements and securities loans collateralized by such obligations. Similarly, the Goldman Sachs Variable Insurance Trust Money Market Fund’s concentration policyrequiresthe Fund to invest more than 25% of its total assets in bank obligations (whether foreign or domestic). However, each Fund’s concentration policy provides a limited exception for temporary defensive investments. The Board, subject to Shareholder approval, has approved an amendment to each Fund’s concentration policy to permit –but not require – the Fund to invest more than 25% of its total assets in obligations (other than commercial paper) issued or guaranteed by U.S. banks and U.S. branches of U.S. or foreign banks and repurchase agreements and securities loans collateralized by such bank obligations.

The proposed amendment to each Fund’s concentration policy would provide the Fund with greater flexibility to take advantage of investment opportunities, during adverse and normal economic conditions. The proposed concentration policies were approved unanimously by the Board of the Funds, with adoption and implementation of the new policies conditioned upon Shareholder approval.

For the purposes of both the current and the proposed concentration policies, state and municipal governments and their agencies, authorities and instrumentalities are not deemed to be industries; telephone companies are considered to be a separate industry from water, gas or electric utilities; personal credit finance companies and business credit finance companies are deemed to be separate industries; and wholly owned finance companies are considered to be in the industry of their parents if their activities are primarily related to financing the activities of their parents. Moreover, with respect to Goldman Sachs Variable Insurance Trust Money Market Fund, the Fund’s concentration policy does not apply to investments in municipal securities which have been pre-refunded by the use of obligations of the U.S. Government or any of its agencies or instrumentalities.

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Current and Proposed Concentration Policies

The Board and the Investment Adviser propose the following changes with respect to the concentration policy of each Fund:

THE TRUSTEES UNANIMOUSLY RECOMMEND THAT YOU VOTE IN FAVOR OF

PROPOSAL 3.

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PROPOSAL 4

TO APPROVE A CHANGE TO THE FUND’S SUB-CLASSIFICATION UNDER THE INVESTMENT COMPANY ACT OF 1940 FROM “DIVERSIFIED” TO “NON-DIVERSIFIED” AND TO ELIMINATE A RELATED FUNDAMENTAL INVESTMENT RESTRICTION.

Goldman Sachs Concentrated International Equity Fund

The investment objective of the Goldman Sachs Concentrated International Equity Fund (“Concentrated International Equity Fund”) is long-term capital appreciation. The Concentrated International Equity Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes in a diversified portfolio of equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States.

The Concentrated International EquityEach Fund is currently sub-classified as a “diversified” fund for purposes of Section 5(b)(1) of the 1940 Act. TheIn addition, each Fund, other than the ESG Emerging Markets Equity Fund, is also subject to a related fundamental investment restriction which prohibits it from making any investment inconsistent with its classification as a diversified fund. The ESG Emerging Markets Equity Fund, although not explicitly subject to such a fundamental investment restriction, is nonetheless prohibited from investing in a manner inconsistent with its classification as a diversified fund. As a diversified fund, the Concentrated International Equityeach Fund is limited as to the amount it may invest

9

in any single issuer. Specifically, with respect to 75% of its total assets, the Concentrated International Equityeach Fund currently may not invest in a security if, as a result of such investment, more than 5% of its total assets (calculated at the time of purchase) would be invested in securities of any one issuer. In addition, with respect to 75% of its total assets, theeach Fund may not hold more than 10% of the outstanding voting securities of any one issuer. The restrictions in Section 5(b)(1) do not apply to U.S. government securities, securities of other investment companies, cash and cash items (including receivables).

The Board, subject to Shareholder approval, hasBoards have approved a change to theeach Fund’s sub-classification under the 1940 Act to a “non-diversified”“non-diversified” company and to eliminate the Fund’sany related fundamental investment restriction. This change is subject to the respective Shareholder approval of each Fund, with Shareholders of each respective Fund voting separately on a Fund-by-Fund basis. This investment restriction (which may only be changed with shareholder approval) provides that the Concentrated International Equityeach applicable Fund, as a fundamental policy, may not “make any investment inconsistent with the Fund’s classification as a diversified company under the [1940]1940 Act.” If approved by the Concentrated International Equityrespective Shareholders of each Fund, the Funds will no longer be subject to the diversification limitation discussed above.

Changing the Concentrated International Equityeach Fund’s status to non-diversified would provide the Fund’sFunds’ investment adviser, GSAMI,GSAM, with enhanced flexibility to manageinvest a greater portion of each Fund’s assets in one or more issuers. The Concentrated Growth Fund, Strategic Growth Fund and VIT Strategic Growth Fund each seek to achieve their investment objective by investing, under normal circumstances, in issuers that have public stock market capitalizations similar to those of companies constituting the assetsRussell 1000^® Growth Index. The Emerging Markets Equity Insights Fund, Emerging Markets Equity Fund, ESG Emerging Markets Equity Fund, and Imprint Emerging Markets Opportunities Fund each seek to achieve their investment objective by investing, under normal circumstances, in issuers that have public stock market capitalizations similar to those of companies constituting the Fund.Morgan Stanley Capital International (“MSCI”) Emerging Markets Standard Index (Net, USD, Unhedged). The Technology Opportunities Fund seeks to achieve its investment objective by investing, under normal circumstances, in at least three foreign countriesissuers that have public stock market capitalizations similar to those of companies constituting the NASDAQ Composite Total Return Index. Given the weightings of the largest holdings in the Funds’ respective benchmarks and in up to approximately 40 companies that are considered by GSAMI to be positioned for long-term capital appreciation. Thethe appreciation of the Funds’ largest holdings, the portfolio managers of each Fund believe that by investing a greater portion of the Fund’s assets in fewer issuers, the Concentrated International Equity Fundit is important to have this additional flexibility, and that they will be better able to meet itsexecute each Fund’s investment objective. In order to concentrate in such a manner, the portfolio managers believe it is important to have thestrategy and other policies with this additional flexibility that a non-diversified fund provides.flexibility.

Shareholders should note that if the change in the Concentrated International Equitya Fund’s sub-classification to “non-diversified”“non-diversified” is approved, thethat Fund may be subject to additional investment risks. This is because, as a non-diversified fund, thethat Fund would be permitted to invest a largergreater percentage of its assets in one or more issuers or in fewer issuers than diversified funds. Thus, thethat Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolios,portfolio, and may be more susceptible to greater losses because of these developments. Accordingly, if Proposal 41 is approved by the respective Shareholders of any Fund, that Fund could be subject to greater risk than it currently is subject to as a diversified fund. The change of theeach Fund’s sub-classification to “non-diversified”“non-diversified” and the elimination of the Fund’sany related fundamental investment restriction was approved unanimously by the respective Board of the Fund,Funds, with adoption and implementation of the new policy conditioned upon the respective Shareholder approval.approval of each Fund.

It should be noted that, although the Concentrated International Equity Fundrespective Funds would no longer be subject to the 1940 Act diversification restrictions if shareholdersthe respective Shareholders of each Fund, voting separately on a Fund-by-Fund basis, approve the proposal at the Meeting, theeach Fund intends to continue to comply with Federal tax diversification restrictions of Subchapter M of the Internal Revenue Code of 1986 (the “IRC”). For purposes of the IRC, theeach Fund operates as a “regulated investment company.” Under the IRC, theeach Fund must diversify its holdings so that, in general, at the close of each quarter of its taxable year, (i) at least 50% of the fair market value of the Fund’s total (gross) assets is comprised of cash, cash items, U.S. government securities, securities of other regulated investment companies and other securities limited in respect of any one issuer to an amount not greater in value than 5% of the value of the Fund’s total assets and to not more than 10% of

2110

the outstanding voting securities of such issuer; and (ii) not more than 25% of the value of its total (gross) assets is invested in the securities of any one issuer (other than U.S. government securities and securities of other regulated investment companies), two or more issuers controlled by the Fund and engaged in the same, similar or related trades or businesses, or certain publicly traded partnerships. These Federal tax diversification requirements, or the Fund’sFunds’ determination to comply with them, may change in the future without shareholder approval.

Shareholders should note that if the change in a Fund’s sub-classification to “non-diversified” is not approved, that Fund will remain “diversified” and remain subject to any related fundamental investment restriction. Shareholders of each respective Fund will be voting separately on a Fund-by-Fund basis. If one Fund’s Shareholders do not approve Proposal 1, that will not impact any other Fund whose Shareholders approve Proposal 1 for that Fund.

THE TRUSTEES UNANIMOUSLY RECOMMEND THAT YOU VOTE IN FAVOR OF

PROPOSAL 4.

2211

PROPOSAL 52

TO TRANSACT SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY POSTPONEMENT OR ADJOURNMENT THEREOF.THEREOF

The management of the Trusts does not know of any other matters to be brought before the Meeting. If such matters are properly brought before the Meeting, proxies that do not contain specific instructions to the contrary will be voted in accordance with the judgment of the person or persons acting thereunder.

2312

OFFICERS OF THE TRUSTS

The following table sets forth the names of the Trusts’ officers and their ages, terms of office, including length of time served as officer, and principal occupations for the past five years. As a result of the responsibilities assumed by the Trusts’ investment advisers, custodian and distributor, each Trust has no employees. The Trusts’ officers do not receive any compensation from the Trusts for serving as such.

Officers of the Trusts

24

25

26

INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS

At a meeting of the Board of Trustees held on October 17-18, 2012, the Audit Committee selected and recommended, and the Board, including a majority of the Independent Trustees, approved, the selection of PricewaterhouseCoopers LLP to act as independent registered public accountants for the Trusts on behalf of the Funds with fiscal years ending August 31, 2013, October 31, 2013, and December 31, 2013. At a meeting of the Board of Trustees held on February 11-12, 2013, the Audit Committee selected and recommended, and the Board, including a majority of the Independent Trustees, approved, the selection of PricewaterhouseCoopers LLP to act as independent registered public accountants for the Trusts on behalf of the Funds with the fiscal year ending March 31, 2013 and on behalf of the Goldman Sachs MLP Energy Infrastructure Fund for its initial fiscal year period. At a meeting of the Board of Trustees held on April 17-18, 2013, the Audit Committee selected and recommended, and the Board, including a majority of the Independent Trustees, approved, the selection of PricewaterhouseCoopers LLP to act as independent registered public accountants for the Trusts on behalf of the Goldman Sachs Dynamic Emerging Markets Debt Fund for its fiscal year ending March 31, 2014.

Representatives of PricewaterhouseCoopers LLP are not expected to be present at the Meeting but will be available by telephone to respond to appropriate questions from shareholders if necessary. Representatives of PricewaterhouseCoopers LLP will be given the opportunity to make statements at the Meeting, if they so desire.

Audit Fees

The aggregate fees billed by PricewaterhouseCoopers LLP for professional services for the audits of the annual, and in certain cases semi-annual, financial statements of the Funds in each of the last two fiscal years of each Trust, were:

Fees included in the audit fees category are those associated with the annual and in certain cases semi-annual audits of financial statements and services that are normally provided in connection with statutory and regulatory filings.

Audit-Related Fees

The aggregate audit-related fees billed by PricewaterhouseCoopers LLP for services rendered to the Funds that are reasonably related to the performance of the audits of the financial statements of the Funds (but not reported as audit fees in the table above) in each of the last two fiscal years of each Trust, were:

27

Fees included in the audit-related category are those associated with other attest services.

With respect to Rule 2-01(c)(7)(i)(C) of Regulation S-X, there were no audit-related fees that were approved by the Audit Committee pursuant to thede minimis exception for the Funds’ two most recent fiscal years on behalf of (i) the Funds’ service providers that relate directly to the operations and financial reporting of the Funds, or (ii) the Funds themselves.

The following table shows the amount of audit-related fees billed by the Funds’ independent registered public accountant to GSAM, and any entity controlling, controlled by, or under common control with, GSAM, that provides ongoing services to the Funds, for engagements directly related to the Funds’ operations and financial reporting, in each of the last two fiscal years of each Trust.

Tax Fees

The aggregate fees billed by PricewaterhouseCoopers LLP for services rendered to the Funds for tax compliance, tax advice and tax planning in each of the last two fiscal years of each Trust, were:

Fees included in the tax fees category comprise all services performed by professional staff in the independent registered public accountants’ tax division except those services related to the audits. This category comprises fees for tax compliance services provided in connection with the preparation and review of the Funds’ tax returns.

With respect to Rule 2-01(c)(7)(i)(C) of Regulation S-X, there were no tax fees that were approved by the Audit Committee pursuant to thede minimis exception for the Funds’ two most recent fiscal years on behalf of (i) the Funds’ service providers that relate directly to the operations and financial reporting of the Funds, or (ii) the Funds themselves.

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No tax fees were billed by the Funds’ independent registered public accountants to GSAM, and any entity controlling, controlled by, or under common control with, GSAM, that provides ongoing services to the Funds, for engagements directly related to the Funds’ operations and financial reporting, in each of the last two fiscal years of each Trust.

All Other Fees

No fees were billed by PricewaterhouseCoopers LLP for products and services provided to the Trusts, other than the services reported in “Audit Fees,” “Audit Related Fees,” and “Tax Fees” above, in each of the last two fiscal years of each Trust.

PricewaterhouseCoopers LLP did not bill any fees for professional services rendered to the Trusts, their investment advisers or companies controlling, controlled by or under common control with the investment advisers that provided services to the Trusts during their most recent fiscal years for information technology services relating to financial information systems design and implementation.

With respect to Rule 2-01(c)(7)(i)(C) of Regulation S-X, there were no fees within this category that were approved by the Audit Committee pursuant to thede minimis exception for the Funds’ two most recent fiscal years on behalf of (i) the Funds’ service providers that relate directly to the operations and financial reporting of the Funds, or (ii) the Funds themselves.

No other fees were billed by the Funds’ independent registered public accountants to GSAM, and any entity controlling, controlled by, or under common control with, GSAM, that provides ongoing services to the Funds, for engagements directly related to the Funds’ operations and financial reporting, in each of the last two fiscal years of each Trust.

Aggregate Non-Audit Fees

The aggregate non-audit fees billed to the Trusts by PricewaterhouseCoopers LLP in each of the last two fiscal years of each Trust, were:

The aggregate non-audit fees billed to the Trusts’ investment advisers and service affiliates by PricewaterhouseCoopers LLP for non-audit services in each of the last two fiscal years of each Trust, were:

29

With regard to the aggregate non-audit fees billed to the Trusts’ investment advisers and service affiliates, the amounts include fees for non-audit services required to be pre-approved and fees for non-audit services that did not require pre-approval since they did not directly relate to the Trusts’ operations or financial reporting.

The Audit Committee has considered whether the provision of non-audit services that were rendered to the Funds’ investment advisers (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with, the investment adviser that provides ongoing services to the Funds that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, was compatible with maintaining the independence of the Trusts’ independent registered public accountants.

Pre-Approval of Audit and Non-Audit Services Provided to the Funds

The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of each Trust sets forth the procedures and the conditions pursuant to which services performed by an independent auditor of the Trust may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the SEC’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

VOTE REQUIRED FOR THE ELECTION OF TRUSTEES AND

APPROVAL OF OTHER MATTERS AT THE MEETING

A quorum for the transaction of business at the Meeting is established by the presence, in person or by proxy, of holders representing one-third of the votes entitled to be cast at the Meeting by each Fund individually, but any lesser number will be sufficient for adjournments. IfEach Fund must independently establish a proxy card is properly executed and returned accompanied by instructionsquorum to withhold authority, the shares represented thereby will be considered to be presenttransact business at the Meeting for purposes of determining the existence of a quorum for the transaction of business but will not be counted in favor of any Proposal. Because each Fund is a series of the respective Trust, with respect toconcerning that Fund. Proposal 1 your vote will be counted together with the votes of Shareholders of the other Funds, as applicable. With respect to Proposal 2, Proposal 3 and Proposal 4, each Proposal will be voted upon separately by the respective Shareholders of each applicable Fund. A vote for Proposal 2, Proposal 3 or Proposal 4 with respect to one Fund will not affect the approval of Proposal 2, Proposal 3 or Proposal 4 with respect to the other Funds. The election of each Nominee of a Trust requires a plurality of the votes cast by all Shareholders of that Trust present at the Meeting. Cumulative voting is not permitted. The adoption of Proposal 2, Proposal 3 and Proposal 41 requires an affirmative vote of the lesser of: (i)

30

67% or more of the voting securities of the applicableeach Fund that are present at the meeting or represented by proxy, if holders of shares representing more than 50% of the outstanding voting securities of theeach Fund are present or represented by proxy; or (ii) more than 50% of the outstanding voting securities of the applicableeach Fund (a “1940 Act Majority”).

Brokers who holdIf a proxy card is properly executed and returned accompanied by instructions to withhold authority (an abstention), the shares in street name for customers have discretionary authority to vote on “routine” proposals, such as the election of Trustees, when they have not received instructions from the beneficial owners of those shares. Broker “non-votes” are shares held in an account with an Authorized Institution for which the broker indicates that instructions have not been received from the beneficial owners or other persons entitled to vote, and the broker does not have discretionary voting authority. Abstentions and broker non-votes, if any,represented thereby will be counted as shares present and entitled to vote for purposes of determining whether a quorum is present, but will not be voted for or against any adjournment or Proposal.counted as a vote in favor of Proposal 1. Accordingly, abstentions and broker non-votes will have no effect on Proposal 1, other than for quorum purposes, for which the required vote is a plurality of the votes cast, but effectively will be a vote against adjournment, for which the required vote is a percentage of the shares present in person or by proxy, and against Proposal 2, Proposal 3 and Proposal 4,1, for which the required vote is a 1940 Act Majority. Ordinarily, broker non-votes, if any, would be counted as shares present and entitled to vote for purposes of determining whether a quorum is present, but would not be counted as a vote in favor of the Proposal. However, because Proposal 1 is considered non-routine, broker non-votes are inapplicable to this solicitation and will have no impact on establishing quorum or the votes cast for or against Proposal 1.

With respect to GSVIT, Life Companies that use shares of athe VIT Strategic Growth Fund as funding media for its variable contracts will vote shares of the Fund held by its Accounts in accordance with the instructions received from variable contract holders. AThe Life CompanyCompanies will also will vote shares of a Fund heldattributable to variable contracts as to which proxy cards or voting instruction forms are neither executed nor returned in such Accountproportion (“for,” “against” or “abstain”) to those shares for which it has notinstructions are received, timely instructions in the same proportion as it votes shares so held for which it has received instructions even in instances where a broker would be prevented from exercising discretion. Broker “non-votes” therefore will be voted by each Life Company just as any other shares for which the Life Company does not receive voting instructions. As a result, a small number of variable contract holders could determine the outcome of the vote if other variable contract holders fail to vote. A Life Company whose separate account invests in athe VIT Strategic Growth Fund will vote shares held by its general account and its subsidiaries in the same proportion as other votes cast by its Accounts in the aggregate.

In the event that at the time any session of the Meeting is called to order a quorum is not present in person or by proxy the persons named as proxies may vote those proxies which have been received to adjourn the Meeting to a later date. In the event thatfor any Fund, or if a quorum is present but sufficient votes in favor of a Proposal have not been received for any Fund, the persons named as proxiesMeeting may propose one or more adjournmentsbe adjourned for that Fund to a later date by the chair of the Meeting or by a vote of Shareholders of that Fund to permit further solicitation of proxies with respect to such proposal. If a quorum is present,Proposal for that Fund. In the event of a Shareholder vote on adjournment for any Fund, any such adjournment will require the affirmative vote of a majority of the shares of a Trust present in person or by proxy at the session of the Meeting to be adjourned,votes cast for that Fund, and the persons named as proxies will vote those proxies which they are entitled to vote in favor of any such Proposal in favor of such an adjournment, and will vote those proxies required to be voted against any such Proposal against any such adjournment. The chair of the Meeting may adjourn the Meeting for any Fund whether or not a quorum is present. A Shareholder vote may be taken on a Proposal in this Joint Proxy Statement prior to such adjournment if sufficient votes for its approval have been received. Such vote will be considered final regardless of whether the Meeting is adjourned to permit additional solicitation with respect to any other Proposal. Subject to the foregoing, the Meeting may be adjourned and re-adjourned for one or more Funds without further notice to shareholdersShareholders or variable contract owners.

SHAREHOLDER PROPOSALS

Each Trust is not required and does not intend to hold a meeting of shareholdersShareholders each year. Instead, meetings will be held only when and if required by law or as otherwise determined by the respective Board. Any shareholderShareholder desiring to present a proposal for consideration at the next meeting of shareholdersShareholders of their respective Fund must submit the proposal in writing, so that it is received by the appropriate Fund within a

13

reasonable time before any meeting. The proposals should be sent to each respective Trust at its address stated on the first page of this Joint Proxy Statement.

ADDITIONAL INFORMATION

Investment AdvisersAdviser/Administrator

Goldman Sachs Asset Management, L.P.

200 West Street

New York, New York 10282

Goldman Sachs Asset Management International

31

Christchurch Court

10-15 Newgate Street

London, England EC1A 7HD

Distributor

Goldman Sachs & Co. LLC

200 West Street

New York, NY10282

August [•], 2013October [    ], 2020

Shareholders and variable contract owners who do not expect to be present at the Meeting and who wish to have their shares voted are requested to vote by mail, Internet or telephone. If you choose to vote by mail, please sign and date the enclosed proxy card or voting instruction form and return it in the enclosed envelope. No postage is required if mailed in the United States. If you choose to vote by Internet or telephone, please use the control number on the proxy card or voting instruction form and follow the instructions on the proxy card or voting instruction form. If you have any questions regarding the proxy materials please contact the TrustsBroadridge at 1-800-621-2550.833-934-2733.

3214

EXHIBIT A

OUTSTANDING SHARES OF EACH FUND

Each Fund’s Shares outstanding as of August 5, 2013October [12], 2020 (the Record Date) is set forth in the table below.

A-1

A-2A-1

EXHIBIT B

FIVE PERCENT SHAREHOLDERS

As of June 30, 2013,August 27, 2020, the following persons or entities owned beneficially or of record more than 5% of the outstanding shares, as applicable, of any class of each Fund: