<PAGE>
GOLDMAN SACHS TRUST
GOLDMAN SACHS FIXED INCOME FUNDS
Class A, B, C Shares
Institutional Shares
Service Shares
----------------
Supplement dated December 21, 1999 to
Prospectuses dated March 1, 1999
Under "Service Providers," subsection "U.S. Fixed Income-Municipal
Investment Management Team," Benjamin S. Thompson should be removed and the
following portfolio managers should be added:
<TABLE>
<CAPTION>
Years Primarily Five Year
Name and Title Fund Responsibility Responsible Employment History
-------------- ------------------- --------------- ------------------
- --------------------------------------------------------------------------------------------
<C> <C> <C> <S>
Tom Kenny Portfolio Manager-- Since Mr. Kenny joined the
Managing Director Short Duration Tax-Free Fund 1999 Investment Adviser in
and Head of Municipal Income Fund 1999 1999. Previously, he
Municipal Bond spent 13 years at
Portfolio Franklin Templeton where
Management he was a portfolio
manager of high yield
municipal and municipal
funds, Director of
Municipal Research and
Director of the
Municipal Bond
Department.
- --------------------------------------------------------------------------------------------
Ben Barber Portfolio Manager-- Since Mr. Barber joined the
Vice President Short Duration Tax-Free Fund 1999 Investment Adviser in
Municipal Income Fund 1999 1999. Prior to his
current position, he
managed high yield
municipal and municipal
bond funds at Franklin
Templeton for eight
years.
</TABLE>
511659
FISTK 12/99