485BPOS
2012-08-31
0001141819
2012-12-28
TRUST FOR PROFESSIONAL MANAGERS
false
2012-12-26
2012-12-28
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund <br />shares are held in a taxable account. These costs, which are not reflected in <br />Total Annual Fund Operating Expenses or in the Example, affect the Fund's <br />performance. During the most recent fiscal year, the Fund's portfolio<br />turnover rate was 38.8% of the average value of its portfolio.</tt>
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<tt>The investment objective of the PMC Diversified Equity Fund (the "Diversified <br />Equity Fund" or the "Fund") is long-term capital appreciation.</tt>
<tt>This Example is intended to help you compare the costs of investing in the Fund <br />with the cost of investing in other mutual funds. The Example assumes that you <br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your <br />investment has a 5% return each year and that the Fund's operating expenses <br />remain the same (taking into account the expense limitation).</tt>
reflects no deduction for fees, expenses, or taxes
<tt>Under normal market conditions, the Fund will invest at least 80% of its net <br />assets (plus any borrowings for investment purposes) in equity securities of <br />U.S. companies and non-U.S. companies with varying market capitalizations.<br /><br />To achieve its investment objective, the Fund will generally invest in common<br />stocks and preferred stocks, convertible securities and other equity securities<br />of U.S. and non-U.S. companies, including when-issued securities. The Fund may<br />invest up to 50% of its net assets in foreign securities, including American<br />Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global<br />Depositary Receipts ("GDRs"). The Fund may invest up to 10% of its net assets <br />in the equity securities of companies located in countries considered to have<br />emerging market economies. The Fund may also engage in securities lending<br />representing up to one-third of the value of its total assets to earn income. <br />In addition to direct investments in equity securities, at any time the Fund may<br />seek to achieve its investment objective by allocating up to 100% of its assets<br />among shares of different exchange-traded funds ("ETFs") that invest in equity<br />securities.<br /> <br />The Manager of Managers Approach. The Adviser is responsible for developing,<br />constructing and monitoring the asset allocation and portfolio strategy for the<br />Fund and may actively manage a portion of the Fund's portfolio by investing in<br />ETFs. The Adviser believes that an investment's reward and risk characteristics<br />can be enhanced by employing multiple sub-advisory firms, with complementary<br />styles and approaches, who manage distinct segments of a market, asset class or<br />investment style for the Fund. The Fund invests in issuers that the Fund's<br />sub-advisers believe offer the potential for capital growth. In identifying<br />candidates for investment, the Fund's sub-advisers may consider the issuer's<br />likelihood of above average earnings growth, the securities' attractive relative<br />valuation, the quality of the securities, and whether the issuer has any<br />proprietary advantages. The Fund generally sells securities when the Fund's<br />sub-advisers believe they are fully priced or when significantly more attractive<br />investment candidates become available. The Fund may invest in companies of any<br />market-capitalization, and may invest in securities of domestic or foreign<br />issuers. Because the Fund is designed to maintain a "core" or "blend" approach,<br />the Adviser selects sub-advisers to manage the Fund's portfolio of securities in<br />such a way so as mitigate significant growth or value style biases at the Fund<br />level. Individual sub-advisers may specialize in one or the other style, but it<br />is expected that in concert the blend of the sub-advisers will exhibit a core<br />style.</tt>
PMC Diversified Equity Fund
Please note that Total Annual Fund Operating Expenses in the table above do
not correlate to the ratio of Expenses to Average Net Assets found within
the "Financial Highlights" section of this prospectus, which does not include
Acquired Fund Fees and Expenses.
Example.
After-tax returns are calculated using the historically highest individual
federal marginal income tax rates and do not reflect the impact of state
and local taxes.
Investment Objective.
Remember, the Fund's past performance, before and after taxes, is not necessarily
an indication of how the Fund will perform in the future.
Remember, in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund.
Principal Risks.
Shareholder Fees (fees paid directly from your investment) None
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
The Return After Taxes on Distributions and Sale of Fund Shares may be higher
than other return figures when a capital loss is realized upon the redemption
of Fund shares and provides an assumed tax benefit that increases the after-tax
return.
0.388
Actual after-tax returns depend on an investor's tax situation and may differ
from those shown, and after-tax returns are not relevant to investors who hold
their Fund shares through tax-deferred arrangements such as 401(k) plans or
individual retirement accounts.
Calendar Year Returns as of December 31
Performance.
<tt>After-tax returns are calculated using the historically highest individual      <br />federal marginal income tax rates and do not reflect the impact of state and    <br />local taxes. Actual after-tax returns depend on an investor's tax situation and <br />may differ from those shown, and after-tax returns are not relevant to investors<br />who hold their Fund shares through tax-deferred arrangements such as 401(k)     <br />plans or individual retirement accounts. The Return After Taxes on Distributions <br />and Sale of Fund Shares may be higher than other return figures when a capital <br />loss is realized upon the redemption of Fund shares and provides an assumed tax <br />benefit that increases the after-tax return.</tt>
The performance information demonstrates the risks of investing in the Fund by
showing changes in the Fund's performance from year to year and by showing how
the Fund's average annual total returns for the one year and since inception
periods compare with those of a broad measure of market performance.
<tt>The Fund's calendar year-to-date return as of September 30, 2012 was<br />13.48%. During the period shown in the bar chart, the best performance <br />for a quarter was 12.44% (for the quarter ended September 30, 2010) and <br />the worst performance was -18.01% (for the quarter ended September 30, <br />2011).</tt>
(866) PMC-7338
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns (for the periods ended December 31, 2011)
Portfolio Turnover.
<tt>Before investing in the Fund, you should carefully consider your own investment <br />goals, the amount of time you are willing to leave your money invested, and the <br />amount of risk you are willing to take. Remember, in addition to possibly not <br />achieving your investment goals, you could lose money by investing in the Fund. <br />The principal risks of investing in the Fund are:<br /> <br />· Management Risk. The Adviser's investment strategies for the Fund, including <br />  the "manager of managers" approach described above, may not result in an     <br />  increase in the value of your investment or in overall performance equal to  <br />  other investments.                                                           <br />  <br />· General Market Risk. The value of the Fund's shares will fluctuate based on <br />  the performance of the Fund's investments and other factors affecting the          <br />  securities markets generally.                                                  <br />  <br />· Securities Lending Risk. The Fund may lend its portfolio securities to brokers,<br />  dealers and financial institutions under agreements which require that the     <br />  loans be secured continuously by collateral, typically cash, which the Fund    <br />  will invest during the term of the loan. The risk in lending portfolio         <br />  securities, as with other extensions of credit, consists of potential default  <br />  or insolvency of the borrower. In either of these cases, the Fund could        <br />  experience delays in recovering securities or collateral or could lose all or  <br />  part of the value of the loaned securities. The Fund also bears the risk that  <br />  the value of investments made with collateral may decline.                     <br />  <br />· When-Issued Securities Risk. The price or yield obtained in a when-issued      <br />  transaction may be less favorable than the price or yield available in the     <br />  market when the securities delivery takes place, or that failure of a party <br />  to a transaction to consummate the trade may result in a loss to the Fund or      <br />  missing an opportunity to obtain a price considered advantageous.  <br />            <br />· Foreign Securities and Currency Risk. Risks relating to political, social and  <br />  economic developments abroad and differences between U.S. and foreign          <br />  regulatory requirements and market practices, including fluctuations in foreign<br />  currencies. Countries in emerging markets are generally more volatile and can  <br />  have relatively unstable governments, social and legal systems that do not     <br />  protect shareholders, economies based on only a few industries, and securities <br />  markets that trade a small number of issues.                                   <br />  <br />· Equity Market Risk. Common stocks are susceptible to general stock market      <br />  fluctuations and to volatile increases and decreases in value as market        <br />  confidence in and perceptions of their issuers change. Preferred stock is      <br />  subject to the risk that the dividend on the stock may be changed or omitted by<br />  the issuer, and that participation in the growth of an issuer may be limited.  <br />  <br />· Large-Cap Company Risk. Larger, more established companies may be unable to    <br />  respond quickly to new competitive challenges such as changes in consumer      <br />  tastes or innovative smaller competitors. Also, large-cap companies are        <br />  sometimes unable to attain the high growth rates of successful, smaller        <br />  companies, especially during extended periods of economic expansion.           <br />  <br />· Mid-Cap, Small-Cap and Micro-Cap Company Risk. Securities of mid-cap, small-cap<br />  and micro-cap companies may be more volatile and less liquid than the          <br />  securities of large-cap companies.                                             <br />  <br />· ETF Risk. Risk associated with bearing indirect fees and expenses charged by   <br />  ETFs in which the Fund may invest in addition to its direct fees and expenses, <br />  as well as indirectly bearing the principal risks of those ETFs. Also, risk    <br />  that the market price of the ETF's shares may trade at a discount to their net <br />  asset value or that an active trading market for an ETF's shares may not       <br />  develop or be maintained.</tt>
Fees and Expenses of the Fund.
Principal Investment Strategies.
<tt>The performance information demonstrates the risks of investing in the Fund by <br />showing changes in the Fund's performance from year to year and by showing how <br />the Fund's average annual total returns for the one year and since inception <br />periods compare with those of a broad measure of market performance. Remember, <br />the Fund's past performance, before and after taxes, is not necessarily an <br />indication of how the Fund will perform in the future. Updated performance <br />information is available by calling toll-free at (866) PMC-7338.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and <br />hold shares of the Fund.</tt>
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MSCI World Index (reflects no deduction for fees, expenses, or taxes)
-0.0502
0.0635
2009-08-26
Return After Taxes on Distributions and Sale of Fund Shares
-0.0184
0.0724
2009-08-26
Return After Taxes on Distributions
-0.0446
0.0796
2009-08-26
PMDEX
worst performance
best performance
2012-09-30
Return Before Taxes
149
2010-09-30
502
-0.1801
-0.0023
0.1722
1972
889
0.1244
-0.0376
0.0043
0.0095
2013-12-29
2011-09-30
year-to-date return
-0.0376
0.0025
0.0146
0.0169
0.0868
2009-08-26
0.1348
0.0006
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when <br />Fund shares are held in a taxable account. These costs, which are not reflected <br />in Total Annual Fund Operating Expenses or in the Example, affect the Fund's <br />performance. During the most recent fiscal year, the Fund's portfolio turnover <br />rate was 331.9% of the average value of its portfolio.</tt>
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<tt>The investment objective of the PMC Core Fixed Income Fund (the "Core Fixed <br />Income Fund" or the "Fund") is to provide current income consistent with low <br />volatility of principal.</tt>
<tt>This Example is intended to help you compare the costs of investing in the Fund <br />with the cost of investing in other mutual funds. The Example assumes that you <br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your <br />investment has a 5% return each year and that the Fund's operating expenses <br />remain the same (taking into account the expense limitation).</tt>
reflects no deduction for fees, expenses, or taxes
<tt>Under normal market conditions, the Fund will invest at least 80% of its net <br />assets (plus any borrowings for investment purposes) in fixed income securities <br />that are rated investment grade or better (i.e., securities rated in the top <br />four ratings categories by independent rating organizations such as Standard <br />& Poor's Ratings Group ("S&P") and Moody's Investors Service, Inc. ("Moody's") <br />or another nationally recognized statistical rating organization ("NRSRO"), <br />or determined to be of comparable quality by the Adviser or sub-adviser if <br />the security is unrated). In addition, the Fund may invest up to 20% of its <br />net assets, measured at the time of purchase, in high-yield debt securities <br />that are rated BB+ or lower by S&P or Ba1 or lower by Moody's, or if unrated <br />or split rated, securities deemed by the Adviser or sub-adviser to be of <br />comparable quality). Such securities are considered to be below "investment <br />grade" and are also known as "junk bonds." The lowest rating for any <br />high-yield debt security in which the Fund may invest is CCC+. The Fund may <br />invest in fixed income securities with a range of maturities, from short-term <br />obligations carrying maturities of less than one year to long-term obligations <br />carrying maturities of more than 20 years. It is expected that the weighted <br />average maturity of the securities in the Fund will closely approximate<br />the weighted average maturity of the Barclays Capital Aggregate Bond Index.<br /><br /> The Fund intends to invest in the following types of fixed income securities:<br />   <br />·  U.S. Government and       ·  U.S. Treasury          <br />   Agency Obligations           obligations and other     <br />                                "stripped securities"     <br />·  mortgage-backed           ·  asset-backed securities<br />   securities                 <br />·  U.S. and foreign          ·  municipal securities   <br />   corporate debt             <br />·  obligations of            ·  zero-coupon,           <br />   international agencies or    pay-in-kind or            <br />   supranational entities       deferred-payment          <br />                                securities                <br />·  when-issued securities    ·  delayed-delivery       <br />                                securities                <br />·  custodial receipts        ·  high-yield debt        <br />                                securities                <br />·  emerging markets debt     ·  convertible securities <br />  <br />The Fund may invest up to 20% of its net assets in fixed income securities<br />issued by foreign corporations and foreign governments, including corporations<br />and governments in emerging markets, that are denominated in a currency other<br />than the U.S. dollar. The foreign fixed income securities in which the Fund<br />invests may have maturities of any length, and may be investment grade,<br />non-investment grade or unrated. The Fund may also engage in securities lending<br />representing up to one-third of the value of its total assets to earn income. In<br />addition to direct investments in fixed income securities, at any time the Fund<br />may seek to achieve its investment objective by allocating up to 100% of its<br />assets among shares of different exchange-traded funds ("ETFs") that invest in<br />fixed income securities that are rated investment grade or better by Moody's,<br />S&P or another NRSRO.<br /> <br />The Manager of Managers Approach. The Adviser is responsible for developing,<br />constructing and monitoring the asset allocation and portfolio strategy for the<br />Fund and may actively manage a portion of the Fund's portfolio by investing in<br />ETFs. The Adviser believes that an investment's reward and risk characteristics<br />can be enhanced by employing multiple sub-advisory firms, with complementary<br />styles and approaches, who manage distinct segments of a market, asset class or<br />investment style for the Fund. In managing the Fund, the Fund's sub-advisers<br />generally rely on detailed proprietary research. The sub-advisers focus on the<br />sectors and securities they believe are undervalued relative to the market. The<br />Fund's sub-advisers will trade the Fund's portfolio securities actively, and may<br />experience a high portfolio turnover rate. In selecting individual securities<br />for investment, the Fund's sub-advisers typically:<br /> <br />· use in-depth fundamental research to identify sectors and securities for       <br />  investment by the Fund and to analyze risk;                                    <br />  <br />· exploit inefficiencies in the valuation of risk and reward;<br />  <br />· look to capitalize on rapidly shifting market risks and dynamics caused by     <br />  economic and technical factors; and                                            <br />  <br />· consider the liquidity of securities and the portfolio overall as an important <br />  factor in portfolio construction.                                              <br /> <br />The Fund's sub-advisers generally sell securities in order to take advantage of<br />investments in other securities offering what the sub-adviser believes is the<br />potential for more attractive current income or capital gain or both.</tt>
PMC Core Fixed Income Fund
Please note that Total Annual Fund Operating Expenses in the table above
do not correlate to the ratio of Expenses to Average Net Assets found
within the "Financial Highlights" section of this prospectus, which does
not include Acquired Fund Fees and Expenses.
Example.
After-tax returns are calculated using the historically highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
Investment Objective.
Remember, the Fund's past performance, before and after taxes, is not necessarily
an indication of how the Fund will perform in the future.
Remember, in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund.
Principal Risks.
Shareholder Fees (fees paid directly from your investment) None
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
3.319
Actual after-tax returns depend on an investor's tax situation and may differ from
those shown, and after-tax returns are not relevant to investors who hold their Fund
shares through tax-deferred arrangements such as 401(k) plans or individual retirement
accounts.
Calendar Year Returns as of December 31
Performance.
<tt>After-tax returns are calculated using the historically highest individual      <br />federal marginal income tax rates and do not reflect the impact of state and    <br />local taxes. Actual after-tax returns depend on an investor's tax situation and <br />may differ from those shown, and after-tax returns are not relevant to investors<br />who hold their Fund shares through tax-deferred arrangements such as 401(k)     <br />plans or individual retirement accounts.</tt>
The performance information demonstrates the risks of investing in the Fund by
showing changes in the Fund's performance from year to year and by showing how
the Fund's average annual total returns for the one year and since inception
periods compare with those of a broad measure of market performance.
<tt>The Fund's calendar year-to-date return as of September 30, 2012 was 5.75%. <br />During the period shown in the bar chart, the best performance for a quarter <br />was 5.96% (for the quarter ended September 30, 2009) and the worst performance <br />was -1.65% (for the quarter ended June 30, 2008).</tt>
(866) PMC-7338
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns (for the periods ended December 31, 2011)
Portfolio Turnover.
<tt>Before investing in the Fund, you should carefully consider your own investment <br />goals, the amount of time you are willing to leave your money invested, and the <br />amount of risk you are willing to take. Remember, in addition to possibly not <br />achieving your investment goals, you could lose money by investing in the Fund. <br />The principal risks of investing in the Fund are:<br /> <br />· Management Risk. The Adviser's investment strategies for the Fund, including   <br />  the "manager of managers" approach described above, may not result in an       <br />  increase in the value of your investment or in overall performance equal to    <br />  other investments.                                                             <br />  <br />· General Market Risk. The value of the Fund's shares will fluctuate based on the<br />  performance of the Fund's investments and other factors affecting the          <br />  securities markets generally.                                                  <br />  <br />· Securities Lending Risk. The Fund may lend its portfolio securities to brokers,<br />  dealers and financial institutions under agreements which require that the     <br />  loans be secured continuously by collateral, typically cash, which the Fund    <br />  will invest during the term of the loan. The risk in lending portfolio         <br />  securities, as with other extensions of credit, consists of potential default  <br />  or insolvency of the borrower. In either of these cases, the Fund could        <br />  experience delays in recovering securities or collateral or could lose all <br />  or part of the value of the loaned securities. The Fund also bears the risk <br />  that the value of investments made with collateral may decline.                     <br />  <br />· When-Issued Securities Risk. The price or yield obtained in a when-issued      <br />  transaction may be less favorable than the price or yield available in the     <br />  market when the securities delivery takes place, or that failure of a party <br />  to a transaction to consummate the trade may result in a loss to the Fund or      <br />  missing an opportunity to obtain a price considered advantageous.              <br />  <br />· Foreign Securities and Currency Risk. Risks relating to political, social and  <br />  economic developments abroad and differences between U.S. and foreign regulatory <br />  requirements and market practices, including fluctuations in foreign currencies. <br />  Countries in emerging markets are generally more volatile and can have relatively <br />  unstable governments, social and legal systems that do not protect shareholders, <br />  economies based on only a few industries, and securities markets that trade a <br />  small number of issues.                                   <br />  <br />· ETF Risk. Risk associated with bearing indirect fees and expenses charged by   <br />  ETFs in which the Fund may invest in addition to its direct fees and expenses, <br />  as well as indirectly bearing the principal risks of those ETFs. Also, risk    <br />  that the market price of the ETF's shares may trade at a discount to their net <br />  asset value or that an active trading market for an ETF's shares may not       <br />  develop or be maintained.                                                      <br />  <br />· High Portfolio Turnover Rate Risk. A high portfolio turnover rate (100% or     <br />  more) has the potential to result in increased brokerage transaction costs <br />  and the realization by the Fund and distribution to shareholders of a greater      <br />  amount of capital gains than if the Fund had a low portfolio turnover rate. As <br />  a result, it is likely you may have a higher tax liability as distributions to <br />  shareholders of short-term capital gains are taxed as ordinary income under    <br />  federal income tax laws.                                                       <br />  <br />· Debt Securities Risk. Interest rates may go up resulting in a decrease in the  <br />  value of the securities held by the Fund. Credit risk is the risk that an      <br />  issuer will not make timely payments of principal and interest. A credit rating<br />  assigned to a particular debt security is essentially the opinion of an NRSRO  <br />  as to the credit quality of an issuer and may prove to be inaccurate. There is <br />  also the risk that a bond issuer may "call," or repay, its high yielding bonds <br />  before their maturity dates. Debt securities subject to prepayment can offer   <br />  less potential for gains during a declining interest rate environment and      <br />  similar or greater potential for loss in a rising interest rate environment. <br />  Limited trading opportunities for certain fixed income securities may make <br />  it more difficult to sell or buy a security at a favorable price or time. <br /><br />· High-Yield Debt Securities Risk. The fixed-income securities held by the Fund  <br />  that are rated below investment grade are subject to additional risk factors   <br />  such as increased possibility of default, illiquidity of the security, and     <br />  changes in value based on public perception of the issuer. Such securities are <br />  generally considered speculative because they present a greater risk of loss,  <br />  including default, than higher quality debt securities.                        <br />  <br />· Municipal Securities Risk. The value of municipal securities may be adversely  <br />  affected by local political and economic factors, by supply and demand factors <br />  or the creditworthiness of the issuer, or by the ability of the issuer or      <br />  projects backing such securities to generate taxes or revenues. There is a risk<br />  that the interest on an otherwise tax-exempt municipal security may be subject <br />  to income tax.                                                                 <br />  <br />· Asset-Backed and Mortgage-Backed Securities Risk. Asset-backed and             <br />  mortgage-backed securities are subject to risk of prepayment. These types of   <br />  securities may also decline in value because of mortgage foreclosures or       <br />  defaults on the underlying obligations.                                        <br />  <br />· U.S. Government and U.S. Agency Obligations Risk. Entities that are not backed <br />  by the full faith and credit of the U.S. Government may default on a financial <br />  obligation. The value of these types of securities may also decline when market<br />  interest rates increase.</tt>
Fees and Expenses of the Fund.
Principal Investment Strategies.
<tt>The performance information demonstrates the risks of investing in the Fund by <br />showing changes in the Fund's performance from year to year and by showing how <br />the Fund's average annual total returns for the one year and since inception <br />periods compare with those of a broad measure of market performance. Remember, <br />the Fund's past performance, before and after taxes, is not necessarily an <br />indication of how the Fund will perform in the future. Updated performance <br />information is available by calling toll-free at (866) PMC-7338.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and <br />hold shares of the Fund.</tt>
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Barclays Capital Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)
0.0784
0.0673
2007-09-28
Return After Taxes on Distributions and Sale of Fund Shares
0.0402
0.0622
2007-09-28
Return After Taxes on Distributions
0.0499
0.0652
2007-09-28
PMFIX
worst performance
best performance
2012-09-30
Return Before Taxes
108
2009-09-30
423
-0.0165
-0.0048
0.0758
1779
778
0.0596
0.0595
0.0043
0.0556
0.0080
2013-12-29
2008-06-30
0.1283
year-to-date return
0.0595
0.0025
0.0106
0.0154
0.0828
2007-09-28
0.0575
0.0006
0001141819
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Please note that Total Annual Fund Operating Expenses in the table above do not correlate to the ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of this prospectus, which does not include Acquired Fund Fees and Expenses.
Pursuant to an operating expense limitation agreement between Envestnet Asset Management, Inc. ("the Adviser") and the Fund, the Adviser has agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses (exclusive of front-end or contingent deferred loads, taxes, leverage, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses or extraordinary expenses such as litigation) do not exceed 1.00% of the Fund's average net assets through December 29, 2013. The operating expense limitation agreement can be terminated only by, or with the consent of, the Trust's Board of Trustees (the "Board of Trustees"). The Adviser is permitted to be reimbursed for management fee reductions and/or expense payments made in the prior three fiscal years, subject to the limitation on the Fund's expenses described herein.
Pursuant to an operating expense limitation agreement between Envestnet Asset Management, Inc. ("the Adviser") and the Fund, the Adviser has agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses (exclusive of front-end or contingent deferred loads, taxes, leverage, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses or extraordinary expenses such as litigation) do not exceed 1.40% of the Fund's average net assets through December 29, 2013. The operating expense limitation agreement can be terminated only by, or with the consent of, the Trust's Board of Trustees (the "Board of Trustees"). The Adviser is permitted to be reimbursed for management fee reductions and/or expense payments made in the prior three fiscal years, subject to the limitation on the Fund's expenses described herein