GOLDMAN SACHS INSTITUTIONAL LIQUID ASSETS TAX-EXEMPT NEW YORK PORTFOLIO

Fund Inception: February 15, 1991

Fund Objective

The portfolio seeks to provide shareholders with a high level of income exemption from federal income tax, New York State and New York City personal income taxes. The portfolio invests at least 80% of net assets in tax-exempt municipal obligations and up to 10% of total and at least 80% of net assets in other in New York obligations (except investment companies in extraordinary circumstances).^{^} There are currently no trade limits on daily purchases.

^{^}Ordinarily expect that 100% of a Fund’s assets will be invested in municipal obligations, but the Funds may, for temporary defensive purposes, hold cash or invest in short-term taxable securities.

For more complete information, including charges and expenses, call or write for a free prospectus. Read it carefully before you invest or send money.

Past performance is no guarantee of future results. Yield will vary and an investor's shares, when redeemed, may be worth more or less than their original cost.

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