<PAGE>
GOLDMAN SACHS TRUST
GOLDMAN SACHS DOMESTIC EQUITY FUNDS
Institutional Shares
Service Shares
Class A, B and C Shares
----------------
Supplement dated July 2, 1999 to
Prospectuses dated April 30, 1999
Under "Service Providers," subsection "Fund Managers--Growth Equity
Investment Team," the following Fund Manager should be added:
<TABLE>
<CAPTION>
Years Primarily Five Year
Name and Title Fund Responsibility Responsible Employment History
-------------- ------------------- --------------- ------------------
- ------------------------------------------------------------------------------------
<C> <C> <C> <S>
Steve Barry Senior Portfolio Manager-- Since Mr. Barry joined the
Vice President Growth Opportunities 1999 Investment Adviser as a
portfolio manager in
1999. From 1988 to 1999,
he was a portfolio
manager at Alliance
Capital Management.
</TABLE>
508366
EQSTK 7/99
