GOLDMAN SACHS TRUST
GOLDMAN SACHS FIXED INCOME FUNDS
Institutional Shares
Administration Shares
Service Shares
Class A and Class B Shares
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Supplement dated August 1, 1997 to
Propsectuses dated May 1, 1997
Under Management, the following paragraph is added:
High Yield Fund. The Fund's portfolio managers are
Richard Lucy, Richard Buckholz, Christopher Testa,
Michael L. Pasternak and Andrew Jessop. Mr. Lucy is a
Vice President of Goldman Sachs and Co-Head of GSAM's
Fixed Income Department. Mr. Buckholz is a Vice
President of Goldman Sachs and is responsible for
emerging markets fixed income portfolio management. Mr.
Testa is a Vice President of Goldman Sachs and Director
of Credit Research responsible for corporate bond
research. Mr. Pasternak is a Vice President of Goldman
Sachs and is responsible for managing high yield assets.
Mr. Jessop is a Vice President of Goldman Sachs and is
responsible for credit analysis and corporate valuation.
Mr. Lucy joined the Investment Adviser in 1992. Prior to
1992, he managed fixed income assets at Brown Brothers
Harriman & Co. Prior to joining GSAM, Mr. Buckholz was
Head of Emerging Market Fixed Income Research at Bear
Stearns & Company and previously in a similar position at
Citibank. Mr. Testa joined GSAM in 1994. Prior to
joining GSAM, Mr. Testa was a credit analyst with CS
First Boston and prior to that he was an analyst for
Metropolitan Life Insurance Company investing in private
placements and public debt. Prior to joining GSAM in
July of 1997, Mr. Pasternak spent eight years managing
high yield corporate bond and loan portfolios at Saudi
International Bank (an affiliate of JP Morgan), in
London. Prior to that, he was an officer of the Bank in
Eurocurrency Lending and Syndications, and served as an
investment analyst in New York. Prior to joining GSAM in
July of 1997, Mr. Jessop spent six years managing high
yield portfolios at Saudi International Bank in London.
Prior to that, he worked for the Bank on the interest
rate swap desk and served as an investment analyst in New
York.
