Goldman Sachs Domestic Equity Insights Funds

497 1 d435982d497.htm GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS Goldman Sachs Domestic Equity Insights Funds

GOLDMAN SACHS TRUST

Goldman Sachs Domestic Equity Insights Funds

Class A, Class C, Institutional, Service, Investor,

Class R, Class R6 and Class T Shares (as applicable) of the

Goldman Sachs Large Cap Growth Insights Fund

Goldman Sachs Large Cap Value Insights Fund

Goldman Sachs Small Cap Equity Insights Fund

Goldman Sachs Small Cap Growth Insights Fund

Goldman Sachs Small Cap Value Insights Fund

Goldman Sachs U.S. Equity Insights Fund

(the “Funds”)

Supplement dated September 11, 2017 to the

Prospectus and Statement of Additional Information (“SAI”),

each dated February 28, 2017, as supplemented to date

The Board of Trustees of the Goldman Sachs Trust recently approved reductions to each Fund’s contractual management fee rate, as outlined below.

Reductions in Fund Contractual Management Fee Rates


	Goldman Sachs Large Cap Growth Insights Fund		Goldman Sachs Large Cap Value Insights Fund		Goldman Sachs U.S. Equity Insights Fund
	Current Fee	Reduced Fee	Current Fee	Reduced Fee	Current Fee	Reduced Fee
First $1 Billion	0.65%	0.52%	0.60%	0.52%	0.65%	0.52%
Next $1 Billion	0.59%	0.47%	0.54%	0.47%	0.59%	0.47%
Next $3 Billion	0.56%	0.44%	0.51%	0.44%	0.56%	0.44%
Next $3 Billion	0.55%	0.44%	0.50%	0.44%	0.55%	0.44%
Over $8 Billion	0.54%	0.43%	0.49%	0.43%	0.54%	0.43%
	Goldman Sachs Small Cap Equity Insights Fund		Goldman Sachs Small Cap Growth Insights Fund		Goldman Sachs Small Cap Value Insights Fund
	Current Fee	Reduced Fee	Current Fee	Reduced Fee	Current Fee	Reduced Fee
First $2 Billion	0.85%	0.80%	0.85%	0.80%	0.85%	0.80%
Next $3 Billion	0.77%	0.72%	0.77%	0.72%	0.77%	0.72%
Next $3 Billion	0.73%	0.68%	0.73%	0.68%	0.73%	0.68%
Over $8 Billion	0.72%	0.67%	0.72%	0.67%	0.72%	0.67%

Effective immediately, the Funds’ Prospectus and SAI are revised as follows:

The following replaces in its entirety the “Annual Fund Operating Expenses” table and its related footnotes in the “Goldman Sachs Large Cap Growth Insights Fund—Summary—Fees and Expenses of the Fund” section of the Prospectus:


	Class A			Class C			Institutional			Service			Investor			Class R			Class R6			Class T
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
Management Fees²		0.52%			0.52%			0.52%			0.52%			0.52%			0.52%			0.52%			0.52%
Distribution and/or Service (12b-1) Fees		0.25%			0.75%			None			0.25%			None			0.50%			None			0.25%
Other Expenses³		0.24%			0.49%			0.10%			0.36%			0.24%			0.24%			0.10%			0.24%
Service Fees		Non	e		0.25	%		Non	e		Non	e		Non	e		Non	e		Non	e		Non	e
Shareholder Administration Fees		Non	e		Non	e		Non	e		0.25	%		Non	e		Non	e		Non	e		Non	e
All Other Expenses		0.24	%		0.24	%		0.10	%		0.11	%		0.24	%		0.24	%		0.10	%		0.24	%
Total Annual Fund Operating Expenses		1.01%			1.76%			0.62%			1.13%			0.76%			1.26%			0.62%			1.01%
Expense Limitation⁴		(0.06)%			(0.06)%			(0.06)%			(0.07)%			(0.06)%			(0.06)%			(0.07)%			(0.06)%
Total Annual Fund Operating Expenses After Expense Limitation⁴		0.95%			1.70%			0.56%			1.06%			0.70%			1.20%			0.55%			0.95%

²	The Fund’s “Management Fees” have been restated to reflect current fees.

³	The “Other Expenses” for Class T Shares have been estimated to reflect expenses expected to be incurred during the current fiscal year.

⁴

The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinary expenses) to 0.004% of the Fund’s average daily net assets through at least February 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

The following replaces in its entirety the “Goldman Sachs Large Cap Growth Insights Fund—Summary—Expense Example” section of the Prospectus:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

This Example assumes that you invest $10,000 in Class A, Class C, Institutional, Service, Investor, Class R, Class R6 and/or Class T Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Service, Investor, Class R, Class R6 and/or Class T Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the expense limitation arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:



	1 Year		3 Years		5 Years		10 Years
Class A Shares	$	642	$	848	$	1,072	$	1,713
Class C Shares
– Assuming complete redemption at end of period	$	273	$	548	$	949	$	2,068
– Assuming no redemption	$	173	$	548	$	949	$	2,068
Institutional Shares	$	57	$	192	$	340	$	769
Service Shares	$	108	$	352	$	616	$	1,368
Investor Shares	$	72	$	237	$	416	$	937
Class R Shares	$	122	$	394	$	686	$	1,517
Class R6 Shares	$	56	$	191	$	339	$	768
Class T Shares	$	344	$	558	$	788	$	1,450

The following replaces in its entirety the “Annual Fund Operating Expenses” table and its related footnotes in the “Goldman Sachs Large Cap Value Insights Fund—Summary—Fees and Expenses of the Fund” section of the Prospectus:


	Class A			Class C			Institutional			Service			Investor			Class R			Class R6			Class T
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
Management Fees²		0.52%			0.52%			0.52%			0.52%			0.52%			0.52%			0.52%			0.52%
Distribution and/or Service (12b-1) Fees		0.25%			0.75%			None			0.25%			None			0.50%			None			0.25%
Other Expenses³		0.29%			0.54%			0.15%			0.39%			0.29%			0.29%			0.15%			0.29%
Service Fees		Non	e		0.25	%		Non	e		Non	e		Non	e		Non	e		Non	e		Non	e
Shareholder Administration Fees		Non	e		Non	e		Non	e		0.25	%		Non	e		Non	e		Non	e		Non	e
All Other Expenses		0.29	%		0.29	%		0.15	%		0.14	%		0.29	%		0.29	%		0.15	%		0.29	%
Total Annual Fund Operating Expenses		1.06%			1.81%			0.67%			1.16%			0.81%			1.31%			0.67%			1.06%
Expense Limitation⁴		(0.11)%			(0.11)%			(0.11)%			(0.10)%			(0.11)%			(0.11)%			(0.12)%			(0.11)%
Total Annual Fund Operating Expenses After Expense Limitation⁴		0.95%			1.70%			0.56%			1.06%			0.70%			1.20%			0.55%			0.95%

²	The Fund’s “Management Fees” have been restated to reflect current fees.

³	The “Other Expenses” for Class T Shares have been estimated to reflect expenses expected to be incurred during the current fiscal year.

⁴

The following replaces in its entirety the “Goldman Sachs Large Cap Value Insights Fund—Summary—Expense Example” section of the Prospectus:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.



	1 Year		3 Years		5 Years		10 Years
Class A Shares	$	642	$	858	$	1,092	$	1,764
Class C Shares
– Assuming complete redemption at end of period	$	273	$	559	$	970	$	2,118
– Assuming no redemption	$	173	$	559	$	970	$	2,118
Institutional Shares	$	57	$	203	$	362	$	824
Service Shares	$	108	$	359	$	629	$	1,400
Investor Shares	$	72	$	248	$	439	$	991
Class R Shares	$	122	$	404	$	708	$	1,569
Class R6 Shares	$	56	$	202	$	361	$	823
Class T Shares	$	344	$	568	$	810	$	1,502

The following replaces in its entirety the “Annual Fund Operating Expenses” table and its related footnotes in the “Goldman Sachs Small Cap Equity Insights Fund—Summary—Fees and Expenses of the Fund” section of the Prospectus:


	Class A			Class C			Institutional			Service			Investor			Class R			Class R6			Class T
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
Management Fees²		0.80%			0.80%			0.80%			0.80%			0.80%			0.80%			0.80%			0.80%
Distribution and/or Service (12b-1) Fees		0.25%			0.75%			None			0.25%			None			0.50%			None			0.25%
Other Expenses³		0.38%			0.63%			0.23%			0.49%			0.36%			0.38%			0.22%			0.38%
Service Fees		Non	e		0.25	%		Non	e		Non	e		Non	e		Non	e		Non	e		Non	e
Shareholder Administration Fees		Non	e		Non	e		Non	e		0.25	%		Non	e		Non	e		Non	e		Non	e
All Other Expenses		0.38	%		0.38	%		0.23	%		0.24	%		0.36	%		0.38	%		0.22	%		0.38	%
Total Annual Fund Operating Expenses		1.43%			2.18%			1.03%			1.54%			1.16%			1.68%			1.02%			1.43%
Expense Limitation⁴		(0.20)%			(0.20)%			(0.19)%			(0.20)%			(0.18)%			(0.20)%			(0.19)%			(0.20)%
Total Annual Fund Operating Expenses After Expense Limitation⁴		1.23%			1.98%			0.84%			1.34%			0.98%			1.48%			0.83%			1.23%

²	The Fund’s “Management Fees” have been restated to reflect current fees.

³	The “Other Expenses” for Class T Shares have been estimated to reflect expenses expected to be incurred during the current fiscal year.

⁴

The following replaces in its entirety the “Goldman Sachs Small Cap Equity Insights Fund—Summary—Expense Example” section of the Prospectus:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.



	1 Year		3 Years		5 Years		10 Years
Class A Shares	$	668	$	959	$	1,271	$	2,153
Class C Shares
– Assuming complete redemption at end of period	$	301	$	663	$	1,151	$	2,498
– Assuming no redemption	$	201	$	663	$	1,151	$	2,498
Institutional Shares	$	86	$	309	$	550	$	1,242
Service Shares	$	136	$	467	$	821	$	1,818
Investor Shares	$	100	$	351	$	621	$	1,393
Class R Shares	$	151	$	510	$	894	$	1,970
Class R6 Shares	$	85	$	306	$	545	$	1,231
Class T Shares	$	372	$	672	$	994	$	1,903

The following replaces in its entirety the “Annual Fund Operating Expenses” table and its related footnotes in the “Goldman Sachs Small Cap Growth Insights Fund—Summary—Fees and Expenses of the Fund” section of the Prospectus:


	Class A			Class C			Institutional			Investor			Class R			Class R6			Class T
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
Management Fees²		0.80%			0.80%			0.80%			0.80%			0.80%			0.80%			0.80%
Distribution and/or Service (12b-1) Fees		0.25%			0.75%			None			None			0.50%			None			0.25%
Other Expenses³		0.40%			0.65%			0.26%			0.37%			0.40%			0.22%			0.40%
Service Fees		Non	e		0.25	%		Non	e		Non	e		Non	e		Non	e		Non	e
All Other Expenses		0.40	%		0.40	%		0.26	%		0.37	%		0.40	%		0.22	%		0.40	%
Total Annual Fund Operating Expenses		1.45%			2.20%			1.06%			1.17%			1.70%			1.02%			1.45%
Fee Waiver and Expense Limitation⁴		(0.26)%			(0.26)%			(0.22)%			(0.23)%			(0.26)%			(0.19)%			(0.26)%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation⁴		1.19%			1.94%			0.84%			0.94%			1.44%			0.83%			1.19%

²	The Fund’s “Management Fees” have been restated to reflect current fees.

³	The “Other Expenses” for Class T Shares have been estimated to reflect expenses expected to be incurred during the current fiscal year.

⁴

The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Fund’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, Class R and Class T Shares of the Fund. These arrangements will remain in effect through at least February 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

The following replaces in its entirety the “Goldman Sachs Small Cap Growth Insights Fund—Summary—Expense Example” section of the Prospectus:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

This Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor, Class R, Class R6 and/or Class T Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor, Class R, Class R6 and/or Class T Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:



	1 Year		3 Years		5 Years		10 Years
Class A Shares	$	665	$	959	$	1,275	$	2,169
Class C Shares
– Assuming complete redemption at end of period	$	297	$	663	$	1,156	$	2,514
– Assuming no redemption	$	197	$	663	$	1,156	$	2,514
Institutional Shares	$	86	$	315	$	563	$	1,274
Investor Shares	$	96	$	349	$	621	$	1,400
Class R Shares	$	147	$	510	$	899	$	1,987
Class R6 Shares	$	85	$	306	$	545	$	1,231
Class T Shares	$	368	$	672	$	998	$	1,920

The following replaces in its entirety the “Annual Fund Operating Expenses” table and its related footnotes in the “Goldman Sachs Small Cap Value Insights Fund—Summary—Fees and Expenses of the Fund” section of the Prospectus:


	Class A			Class C			Institutional			Investor			Class R			Class R6			Class T
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
Management Fees²		0.80%			0.80%			0.80%			0.80%			0.80%			0.80%			0.80%
Distribution and/or Service (12b-1) Fees		0.25%			0.75%			None			None			0.50%			None			0.25%
Other Expenses³		0.43%			0.68%			0.29%			0.43%			0.43%			0.29%			0.43%
Service Fees		Non	e		0.25	%		Non	e		Non	e		Non	e		Non	e		Non	e
All Other Expenses		0.43	%		0.43	%		0.29	%		0.43	%		0.43	%		0.29	%		0.43	%
Total Annual Fund Operating Expenses		1.48%			2.23%			1.09%			1.23%			1.73%			1.09%			1.48%
Expense Limitation⁴		(0.25)%			(0.25)%			(0.25)%			(0.25)%			(0.25)%			(0.26)%			(0.25)%
Total Annual Fund Operating Expenses After Expense Limitation⁴		1.23%			1.98%			0.84%			0.98%			1.48%			0.83%			1.23%

²	The Fund’s “Management Fees” have been restated to reflect current fees.

³	The “Other Expenses” for Class T Shares have been estimated to reflect expenses expected to be incurred during the current fiscal year.

⁴

The following replaces in its entirety the “Goldman Sachs Small Cap Value Insights Fund—Summary—Expense Example” section of the Prospectus:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

This Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor, Class R, Class R6 and/or Class T Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor, Class R, Class R6 and/or Class T Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the expense limitation arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:



	1 Year		3 Years		5 Years		10 Years
Class A Shares	$	668	$	969	$	1,291	$	2,201
Class C Shares
– Assuming complete redemption at end of period	$	301	$	673	$	1,172	$	2,545
– Assuming no redemption	$	201	$	673	$	1,172	$	2,545
Institutional Shares	$	86	$	322	$	577	$	1,306
Investor Shares	$	100	$	366	$	652	$	1,467
Class R Shares	$	151	$	521	$	915	$	2,020
Class R6 Shares	$	85	$	321	$	576	$	1,305
Class T Shares	$	372	$	682	$	1,015	$	1,953

The following replaces in its entirety the “Annual Fund Operating Expenses” table and its related footnotes in the “Goldman Sachs U.S. Equity Insights Fund—Summary—Fees and Expenses of the Fund” section of the Prospectus:


	Class A			Class C			Institutional			Service			Investor			Class R			Class R6			Class T
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
Management Fees²		0.52%			0.52%			0.52%			0.52%			0.52%			0.52%			0.52%			0.52%
Distribution and/or Service (12b-1) Fees		0.25%			0.75%			None			0.25%			None			0.50%			None			0.25%
Other Expenses³		0.27%			0.52%			0.13%			0.38%			0.27%			0.27%			0.12%			0.27%
Service Fees		Non	e		0.25	%		Non	e		Non	e		Non	e		Non	e		Non	e		Non	e
Shareholder Administration Fees		Non	e		Non	e		Non	e		0.25	%		Non	e		Non	e		Non	e		Non	e
All Other Expenses		0.27	%		0.27	%		0.13	%		0.13	%		0.27	%		0.27	%		0.12	%		0.27	%
Total Annual Fund Operating Expenses		1.04%			1.79%			0.65%			1.15%			0.79%			1.29%			0.64%			1.04%
Expense Limitation⁴		(0.09)%			(0.09)%			(0.09)%			(0.09)%			(0.09)%			(0.09)%			(0.09)%			(0.09)%
Total Annual Fund Operating Expenses After Expense Limitation⁴		0.95%			1.70%			0.56%			1.06%			0.70%			1.20%			0.55%			0.95%

²	The Fund’s “Management Fees” have been restated to reflect current fees.

³	The “Other Expenses” for Class T Shares have been estimated to reflect expenses expected to be incurred during the current fiscal year.

⁴

The following replaces in its entirety the “Goldman Sachs U.S. Equity Insights Fund—Summary—Expense Example” section of the Prospectus:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.



	1 Year		3 Years		5 Years		10 Years
Class A Shares	$	642	$	854	$	1,084	$	1,743
Class C Shares
– Assuming complete redemption at end of period	$	273	$	555	$	961	$	2,098
– Assuming no redemption	$	173	$	555	$	961	$	2,098
Institutional Shares	$	57	$	199	$	353	$	802
Service Shares	$	108	$	356	$	624	$	1,390
Investor Shares	$	72	$	243	$	430	$	970
Class R Shares	$	122	$	400	$	699	$	1,549
Class R6 Shares	$	56	$	196	$	348	$	790
Class T Shares	$	344	$	564	$	801	$	1,481

The following replaces in its entirety the “Service Providers—Management Fees” section of the Prospectus:

As compensation for its services and its assumption of certain expenses, the Investment Adviser is entitled to the following fees, computed daily and payable monthly, at the annual rates listed below (as a percentage of each respective Fund’s average daily net assets):



Fund	Contractual Management Fee Annual Rate		Average Daily Net Assets	Actual Rate For the Fiscal Year Ended October 31, 2016,*
Large Cap Growth Insights		0.52%	First $1 Billion		0.52%
		0.47%	Next $1 Billion
		0.44%	Next $6 Billion
		0.43%	Over $8 Billion
Large Cap Value Insights		0.52%	First $1 Billion		0.52%
		0.47%	Next $1 Billion
		0.44%	Next $6 Billion
		0.43%	Over $8 Billion
Small Cap Equity Insights		0.80%	First $2 Billion		0.80%
		0.72%	Next $3 Billion
		0.68%	Next $3 Billion
		0.67%	Over $8 Billion
Small Cap Growth Insights		0.80%	First $2 Billion		0.81%
		0.72%	Next $3 Billion
		0.68%	Next $3 Billion
		0.67%	Over $8 Billion
Small Cap Value Insights		0.80%	First $2 Billion		0.80%
		0.72%	Next $3 Billion
		0.68%	Next $3 Billion
		0.67%	Over $8 Billion
U.S. Equity Insights		0.52%	First $1 Billion		0.52%
		0.47%	Next $1 Billion
		0.44%	Next $6 Billion
		0.43%	Over $8 Billion

*	The Actual Rate may not correlate to the Contractual Management Fee Annual Rate as a result of management fee waivers that may be in effect from time to time.

Prior to September 11, 2017, the contractual management fee rate for each of the Large Cap Growth Insights and U.S. Equity Insights Funds was 0.65% on the first $1 billion of average daily net assets, 0.59% on the next $1 billion of average daily net assets, 0.56% on the next $3 billion of average daily net assets, 0.55% on the next $3 billion of average daily net assets, and 0.54% on amounts over $8 billion of average daily net assets.

Prior to September 11, 2017, the Large Cap Value Insights Fund’s contractual management fee rate was 0.60% on the first $1 billion of average daily net assets, 0.54% on the next $1 billion of average daily net assets, 0.51% on the next $3 billion of average daily net assets, 0.50% on the next $3 billion of average daily net assets, and 0.49% on amounts over $8 billion of average daily net assets.

Prior to September 11, 2017, the contractual management fee rate for each of the Small Cap Equity Insights, Small Cap Growth Insights and Small Cap Value Insights Funds was 0.85% on the first $2 billion of average daily net assets, 0.77% on the next $3 billion of average daily net assets, 0.73% on the next $3 billion of average daily net assets, and 0.72% on amounts over $8 billion of average daily net assets.

The Investment Adviser may waive a portion of its advisory fee from time to time, and may discontinue or modify any such waiver in the future, consistent with the terms of any fee waiver arrangement in place.

A discussion regarding the basis for the Board of Trustees’ approval of the Management Agreement for the Funds in 2016 is available in the Funds’ annual report for the period ended October 31, 2016, and a discussion regarding the basis for the Board of Trustees’ approval of the Management Agreement for the Funds in 2017 will be available in the Funds’ annual report for the period ending October 31, 2017.

The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinary expenses) to 0.004% of average daily net assets for the Funds through at least February 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. The expense limitations may be modified or terminated by the Investment Adviser at its discretion and without shareholder approval after such date, although the Investment Adviser does not presently intend to do so. A Fund’s “Other Expenses” may be further reduced by any custody and transfer agency fee credits received by the Fund.

The following replaces the rows for the Funds in the contractual rate table and the related footnotes in the “Management Services” section of the SAI:



Fund	Contractual Rate^†	Actual Rate for the Fiscal Year Ended October 31, 2016
Large Cap Value Insights Fund	0.52% on the first $1 billion 0.47% over $1 billion up to $2 billion 0.44% over $2 billion up to $8 billion 0.43% over $8 billion	0.52%*
U.S. Equity Insights Fund	0.52% on the first $1 billion 0.47% over $1 billion up to $2 billion 0.44% over $2 billion up to $8 billion 0.43% over $8 billion	0.52%*
Large Cap Growth Insights Fund	0.52% on the first $1 billion 0.47% over $1 billion up to $2 billion 0.44% over $2 billion up to $8 billion 0.43% over $8 billion	0.52%*
Small Cap Equity Insights Fund	0.80% on the first $2 billion 0.72% over $2 billion up to $5 billion 0.68% over $5 billion up to $8 billion 0.67% over $8 billion	0.80%*
Small Cap Value Insights Fund	0.80% on the first $2 billion 0.72% over $2 billion up to $5 billion 0.68% over $5 billion up to $8 billion 0.67% over $8 billion	0.80%*
Small Cap Growth Insights Fund	0.80% on the first $2 billion 0.72% over $2 billion up to $5 billion 0.68% over $5 billion up to $8 billion 0.67% over $8 billion	0.81%*

†

Effective September 11, 2017, the Board of Trustees approved reductions to the contractual management fee rates for the Large Cap Value Insights, U.S. Equity Insights, Large Cap Growth Insights, Small Cap Equity Insights, Small Cap Value Insights, Small Cap Growth Insights and International Equity Insights Funds. Prior to September 11, 2017, the contractual management fee rate for each of the U.S. Equity Insights and Large Cap Growth Insights Funds was 0.65% on the first $1 billion of average daily net assets, 0.59% on the next $1 billion of average daily net assets, 0.56% on the next $3 billion of average daily net assets, 0.55% on the next $3 billion of average daily net assets, and 0.54% on amounts over $8 billion of average daily net assets. Prior to September 11, 2017, the Large Cap Value Insights Fund’s contractual management fee rate was 0.60% on the first $1 billion of average daily net assets, 0.54% on the next $1 billion of average daily net assets, 0.51% on the next $3 billion of average daily net assets, 0.50% on the next $3 billion of average daily net assets, and 0.49% on amounts over $8 billion of average daily net assets. Prior to September 11, 2017, the contractual management fee rate for each of the Small Cap Equity Insights, Small Cap Value Insights and Small Cap Growth Insights Funds was 0.85% on the first $2 billion of average daily net assets, 0.77% on the next $3 billion of average daily net assets, 0.73% on the next $3 billion of average daily net assets, and 0.72% on amounts over $8 billion of average daily net assets. Prior to September 11, 2017, the International Equity Insights Fund’s contractual management fee rate was 0.85% on the first $1 billion of average daily net assets, 0.77% on the next $1 billion of average daily net assets, 0.73% on the next $3 billion of average daily net assets, 0.72% on the next $3 billion of average daily net assets, and 0.71% on amounts over $8 billion of average daily net assets.

The Investment Adviser has agreed to waive a portion of its management fees, such that the effective net management fee rates would not exceed 0.85%, 1.02% and 1.13% for the Focused International Equity, Emerging Markets Equity and N-11 Equity Funds, respectively. Where the application of the above contractual management fee breakpoint schedule would result in a lower management fee rate, the breakpoint schedule would be applied to the Fund’s assets. These fee waiver arrangements will remain in effect through at least February 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. Additionally, prior to September 11, 2017, the Investment Adviser waived a portion of its management fees, such that effective net management fee rates did not exceed 0.52%, 0.52%, 0.52%, 0.80%, 0.80%, 0.81% and 0.81% for the Large Cap Value Insights, U.S. Equity Insights, Large Cap Growth Insights, Small Cap Equity Insights, Small Cap Value Insights, Small Cap Growth Insights and International Equity Insights Funds, respectively. In the absence of such fee waivers, the effective management fee rates for the fiscal year ended October 31, 2016 for the Large Cap Value Insights, U.S. Equity Insights, Large Cap Growth Insights, Small Cap Equity Insights, Small Cap Value Insights, Small Cap Growth Insights, International Equity Insights, Focused International Equity, Emerging Markets Equity and N-11 Equity Funds would have been equal to 0.60%, 0.65%, 0.65%, 0.85%, 0.85%, 0.85%, 0.85%, 1.00%, 1.20% and 1.30%, respectively.

This Supplement should be retained with your Prospectus and SAI for future reference.

DOMINSFEECHG 09-17