OAKMARK FAMILY OF FUNDS
GOLDMAN SACHS SHORT DURATION
TAX-FREE FUND
OAKMARK UNITS
___________________________________
Supplement dated May 1, 1998 to
Prospectus dated March 1, 1998
Under "MANAGEMENT," after the "Distributor and Transfer Agent"
subsection on page 21, the following will be included:
Year 2000
Many computer systems were designed using only two digits
to signify the year (for example, "98" for "1998"). On
January 1, 2000, if these computer systems are not
corrected, they may incorrectly interpret "00" as the
year "1900" rather than the year "2000," leading to
computer shutdowns or errors (commonly known as the "Year
2000 Problem"). To the extent these systems conduct
forward-looking calculations, these computer problems may
occur prior to January 1, 2000. Like other investment
companies and financial and business organizations, the
Fund could be adversely affected in its ability to
process securities trades, price securities, provide
shareholder account services and otherwise conduct normal
business operations if the computer systems used by the
Investment Adviser or other Fund service providers do not
adequately address this problem in a timely manner. The
Investment Adviser has established a dedicated group to
analyze these issues and to implement the systems
modifications necessary to prepare for the Year 2000
Problem. Currently, the Investment Adviser does not
anticipate that the transition to the 21st century will
have any material impact on its ability to continue to
service the Fund at current levels. In addition, the
Investment Adviser has sought assurances from the Fund's
other service providers that they are taking the steps
necessary so that they do not experience Year 2000
Problems, and the Investment Adviser will continue to
monitor the situation. At this time, however, no
assurance can be given that the actions taken by the
Investment Adviser and the Fund's other service providers
will be sufficient to avoid any adverse effect on the
Fund due to the Year 2000 Problem.