0000915802
2011-09-01
2012-08-31
0000915802
fit4:S000027283Member
fit4:C000082313Member
2011-09-01
2012-08-31
0000915802
fit4:S000027283Member
2011-09-01
2012-08-31
pure
iso4217:USD
Other
0000915802
FINANCIAL INVESTORS TRUST
2012-12-31
2012-08-31
2012-04-30
false
-0.02
0.0115
0.0176
-0.0051
0.0125
127
504
906
2028
0.0061
<p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"><b>FEES AND EXPENSES OF THE FUND</b></p>
<p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p>
<p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"><b>Shareholder Fees</b> <i>(fees paid directly from your investment)</i></p>
<p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"><b>EXAMPLE</b></p>
<p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify">This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 12px; FONT-SIZE: 12pt">You would pay the following expenses if you did not redeem your shares:</p>
<p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 12px; FONT-SIZE: 12pt"><b>Annual Fund Operating Expenses </b><br/> <i>(expenses that you pay each year as a percentage of the value of your investment)</i></p>
<div style="WIDTH: 624px">August 31, 2013</div>
<div style="WIDTH: 624px"> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="center"><b>FINANCIAL INVESTORS TRUST</b></p> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="center"><b>Vulcan Value Partners Fund</b></p> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="center"><b>Vulcan Value Partners Small Cap Fund</b></p> <p style="MARGIN: 0px" align="justify"><br/></p> <p style="MARGIN: 0px; FONT-SIZE: 7.2pt" align="justify">SUPPLEMENT DATED DECEMBER 31, 2012 TO THE PROSPECTUS FOR VULCAN VALUE PARTNERS FUND AND VULCAN VALUE PARTNERS SMALL CAP FUND DATED AUGUST 31, 2012. </p> <p style="MARGIN: 0px"><br/></p> <p style="MARGIN: 0px; FONT-SIZE: 12pt"><b><u>Prospectus</u></b></p> <p style="MARGIN: 0px"><br/></p> <p style="MARGIN: 0px"><br/></p> <p style="MARGIN: 0px; FONT-SIZE: 12pt"><b>Effective January 1, 2013, the section "Fees and Expenses of the Fund" in the summary section of for the Vulcan Value Partners Small Cap Fund is hereby deleted and replaced in its entirety with the following:</b></p> <p style="MARGIN: 0px"><br/></p> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"><b>FEES AND EXPENSES OF THE FUND</b></p> <p style="MARGIN: 0px" align="justify"><br/></p> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="MARGIN: 0px"><br/></p></div> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="462"> </td><td width="166"></td> </tr><tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="629" colspan="2"> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"><b>Shareholder Fees</b> <i>(fees paid directly from your investment)</i></p></td></tr> <tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="462"> <p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 12px; FONT-SIZE: 12pt">Redemption Fee (as a percentage of exchange price or amount redeemed within 90 days of purchase)</p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="166"> <p style="TEXT-INDENT: 33px; MARGIN: 0px; FONT-SIZE: 12pt" align="justify">2.00%</p></td></tr> <tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="462"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 12pt; PADDING-TOP: 0px"> </p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="166"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 12pt; PADDING-TOP: 0px"> </p></td></tr> <tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="629" colspan="2"> <p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 12px; FONT-SIZE: 12pt"><b>Annual Fund Operating Expenses</b> <br/><i>(expenses that you pay each year as a percentage of the value of your investment)</i></p></td></tr> <tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="462"> <p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 12px; FONT-SIZE: 12pt">Management Fees</p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="166"> <p style="TEXT-INDENT: 33px; MARGIN: 0px; FONT-SIZE: 12pt" align="justify">1.15%</p></td></tr> <tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="462"> <p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 12px; FONT-SIZE: 12pt">Other Expenses</p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="166"> <p style="TEXT-INDENT: 33px; MARGIN: 0px; FONT-SIZE: 12pt" align="justify">0.61%</p></td></tr> <tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="462"> <p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 12px; FONT-SIZE: 12pt">Total Annual Fund Operating Expenses</p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="166"> <p style="TEXT-INDENT: 33px; MARGIN: 0px; FONT-SIZE: 12pt" align="justify">1.76%</p></td></tr> <tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="462"> <p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 12px; FONT-SIZE: 12pt">Fee Waiver and Expense Reimbursement<i><sup>(1)</sup></i></p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="166"> <p style="TEXT-INDENT: 28px; MARGIN: 0px; FONT-SIZE: 12pt" align="justify">-0.51%</p></td></tr> <tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="462"> <p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 12px; FONT-SIZE: 12pt">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="166"> <p style="TEXT-INDENT: 33px; MARGIN: 0px; FONT-SIZE: 12pt" align="justify">1.25%</p></td></tr></table> <div style="WIDTH: 624px"> <p align="justify"><sup>(1)</sup> Vulcan Value Partners, LLC ("Vulcan" or the "Adviser") has contractually agreed to limit the Fund's total annual fund operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.25% of the Fund's average daily net assets. This agreement is in effect through August 31, 2013. If the Adviser foregoes any fees and/or reimburses the Fund pursuant to this letter agreement with respect to a particular fiscal year, then the Adviser shall be entitled to recover from the Fund the amount foregone or reimbursed to the extent that the Fund's expenses in later periods fall below the annual rates set forth in the relevant agreement. The Adviser may not discontinue this waiver without the approval by the Fund's Board of Trustees.</p> <p style="MARGIN: 0px" align="justify"><br/></p> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"><b>EXAMPLE</b></p> <p style="MARGIN: 0px" align="justify"><br/></p> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify">This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="MARGIN: 0px"><br/></p></div> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="268"> </td><td width="81"> </td><td width="94"> </td><td width="94"> </td><td width="94"></td> </tr><tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="268"> <p style="MARGIN: 0px; FONT-SIZE: 12pt"><b>Number of Years <br/>You Own Your Shares</b></p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #3f3f3f 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="81"> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="center"><b>1<br/>Year</b></p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #3f3f3f 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="94"> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="center"><b>3<br/>Years</b></p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #3f3f3f 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="94"> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="center"><b>5<br/>Years</b></p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #3f3f3f 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="94"> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="center"><b>10 Years</b></p></td></tr> <tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="268"> <p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 12px; FONT-SIZE: 12pt">You would pay the following expenses if you did not redeem your shares:</p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="81"> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify">$127</p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="94"> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify">$504</p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="94"> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify">$906</p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="94"> <p style="TEXT-INDENT: -5px; MARGIN: 0px; FONT-SIZE: 12pt" align="justify">$2,028</p></td></tr></table>
<div style="WIDTH: 624px"> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="center"><b>FINANCIAL INVESTORS TRUST</b></p> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="center"><b>Vulcan Value Partners Fund</b></p> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="center"><b>Vulcan Value Partners Small Cap Fund</b></p> <p style="MARGIN: 0px" align="justify"><br/></p> <p style="MARGIN: 0px; FONT-SIZE: 7.2pt" align="justify">SUPPLEMENT DATED DECEMBER 31, 2012 TO THE PROSPECTUS FOR VULCAN VALUE PARTNERS FUND AND VULCAN VALUE PARTNERS SMALL CAP FUND DATED AUGUST 31, 2012. </p> <p style="MARGIN: 0px"><br/></p> <p style="MARGIN: 0px; FONT-SIZE: 12pt"><b><u>Prospectus</u></b></p> <p style="MARGIN: 0px"><br/></p> <p style="MARGIN: 0px"><br/></p> <p style="MARGIN: 0px; FONT-SIZE: 12pt"><b>Effective January 1, 2013, the section "Fees and Expenses of the Fund" in the summary section of for the Vulcan Value Partners Small Cap Fund is hereby deleted and replaced in its entirety with the following:</b></p> <p style="MARGIN: 0px"><br/></p> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"><b>FEES AND EXPENSES OF THE FUND</b></p> <p style="MARGIN: 0px" align="justify"><br/></p> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="MARGIN: 0px"><br/></p></div> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="462"> </td><td width="166"></td> </tr><tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="629" colspan="2"> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"><b>Shareholder Fees</b> <i>(fees paid directly from your investment)</i></p></td></tr> <tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="462"> <p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 12px; FONT-SIZE: 12pt">Redemption Fee (as a percentage of exchange price or amount redeemed within 90 days of purchase)</p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="166"> <p style="TEXT-INDENT: 33px; MARGIN: 0px; FONT-SIZE: 12pt" align="justify">2.00%</p></td></tr> <tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="462"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 12pt; PADDING-TOP: 0px"> </p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="166"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 12pt; PADDING-TOP: 0px"> </p></td></tr> <tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="629" colspan="2"> <p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 12px; FONT-SIZE: 12pt"><b>Annual Fund Operating Expenses</b> <br/><i>(expenses that you pay each year as a percentage of the value of your investment)</i></p></td></tr> <tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="462"> <p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 12px; FONT-SIZE: 12pt">Management Fees</p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="166"> <p style="TEXT-INDENT: 33px; MARGIN: 0px; FONT-SIZE: 12pt" align="justify">1.15%</p></td></tr> <tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="462"> <p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 12px; FONT-SIZE: 12pt">Other Expenses</p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="166"> <p style="TEXT-INDENT: 33px; MARGIN: 0px; FONT-SIZE: 12pt" align="justify">0.61%</p></td></tr> <tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="462"> <p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 12px; FONT-SIZE: 12pt">Total Annual Fund Operating Expenses</p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="166"> <p style="TEXT-INDENT: 33px; MARGIN: 0px; FONT-SIZE: 12pt" align="justify">1.76%</p></td></tr> <tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="462"> <p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 12px; FONT-SIZE: 12pt">Fee Waiver and Expense Reimbursement<i><sup>(1)</sup></i></p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="166"> <p style="TEXT-INDENT: 28px; MARGIN: 0px; FONT-SIZE: 12pt" align="justify">-0.51%</p></td></tr> <tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="462"> <p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 12px; FONT-SIZE: 12pt">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="166"> <p style="TEXT-INDENT: 33px; MARGIN: 0px; FONT-SIZE: 12pt" align="justify">1.25%</p></td></tr></table> <div style="WIDTH: 624px"> <p align="justify"><sup>(1)</sup> Vulcan Value Partners, LLC ("Vulcan" or the "Adviser") has contractually agreed to limit the Fund's total annual fund operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.25% of the Fund's average daily net assets. This agreement is in effect through August 31, 2013. If the Adviser foregoes any fees and/or reimburses the Fund pursuant to this letter agreement with respect to a particular fiscal year, then the Adviser shall be entitled to recover from the Fund the amount foregone or reimbursed to the extent that the Fund's expenses in later periods fall below the annual rates set forth in the relevant agreement. The Adviser may not discontinue this waiver without the approval by the Fund's Board of Trustees.</p> <p style="MARGIN: 0px" align="justify"><br/></p> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"><b>EXAMPLE</b></p> <p style="MARGIN: 0px" align="justify"><br/></p> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify">This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="MARGIN: 0px"><br/></p></div> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="268"> </td><td width="81"> </td><td width="94"> </td><td width="94"> </td><td width="94"></td> </tr><tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="268"> <p style="MARGIN: 0px; FONT-SIZE: 12pt"><b>Number of Years <br/>You Own Your Shares</b></p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #3f3f3f 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="81"> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="center"><b>1<br/>Year</b></p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #3f3f3f 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="94"> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="center"><b>3<br/>Years</b></p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #3f3f3f 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="94"> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="center"><b>5<br/>Years</b></p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #3f3f3f 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="94"> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="center"><b>10 Years</b></p></td></tr> <tr> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="268"> <p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 12px; FONT-SIZE: 12pt">You would pay the following expenses if you did not redeem your shares:</p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="81"> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify">$127</p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="94"> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify">$504</p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="94"> <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify">$906</p></td> <td style="BORDER-BOTTOM: #3f3f3f 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="bottom" width="94"> <p style="TEXT-INDENT: -5px; MARGIN: 0px; FONT-SIZE: 12pt" align="justify">$2,028</p></td></tr></table>
2012-12-31