<PAGE>
GOLDMAN SACHS INSTITUTIONAL LIQUID ASSETS
ILA ("Units" or "Shares")
ILA Administration ("Units" or "Shares")
ILA Service ("Units" or "Shares")
ILA Service, ILA Class B and Class C ("Units" or "Shares")
ILA Cash Management Shares
----------------
Supplement dated October 6, 1999 to
Prospectuses dated May 1, 1999
Effective as of the date of this supplement, the above referenced
prospectuses are revised to reflect that the Institutional Liquid Assets--
Federal Portfolio is not permitted to invest in the securities of other
investment companies. In addition, the Institutional Liquid Assets--Prime
Obligations Portfolio is not permitted to invest in reverse repurchase
agreements.
509983
ILASTCK 10/99
<PAGE>
GOLDMAN SACHS FINANCIAL SQUARE FUNDS
FST Shares
FST Administration Shares
FST Service Shares
FST Preferred Shares
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Supplement dated October 6, 1999 to
Prospectuses dated May 1, 1999
Effective as of the date of this supplement, the above referenced
prospectuses are revised to reflect that the Financial Square Federal Fund is
not permitted to invest in the securities of other investment companies. In
addition, the Financial Square Prime Obligations Fund is not permitted to
invest in reverse repurchase agreements.
FSTSTCK 10/99
