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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType Other
Document Period End Date dei_DocumentPeriodEndDate Dec. 31, 2012
Registrant Name dei_EntityRegistrantName JOHN HANCOCK VARIABLE INSURANCE TRUST
Central Index Key dei_EntityCentralIndexKey 0000756913
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Oct. 01, 2013
Document Effective Date dei_DocumentEffectiveDate Oct. 01, 2013
Prospectus Date rr_ProspectusDate Apr. 29, 2013
Supplement -- [Text Block] jhvit_SupplementTextBlock_04

 

John Hancock Variable Insurance Trust

Supplement dated September 30, 2013

to the Prospectus dated April 29, 2013

 

Lifestyle Aggressive Trust

Lifestyle Balanced Trust

Lifestyle Conservative Trust

Lifestyle Growth Trust

Lifestyle Moderate Trust

(collectively, the "Lifestyle Trusts")

 

Lifestyle Balanced PS Series

Lifestyle Conservative PS Series

Lifestyle Growth PS Series

Lifestyle Moderate PS Series

(collectively, the "Lifestyle PS Series")

 

 

 

Lifestyle Balanced PS Series

 

The information found under "Annual Fund Operating Expenses" has been amended and restated as follows:

 

Share Class

Management

Fee⁴

Distribution

and service (12b-1) fees

Other

expenses

 Acquired fund fees and expenses¹

Total annual fund operating expenses

Contractual expense reimbursement²

Total annual fund operating expenses after expense reimbursements

Series I³

 0.04% 0.05% 0.06% 0.74% 0.89% -0.02% 0.87%
Series II 0.04% 0.25% 0.06% 0.74% 1.09% -0.02% 1.07%
Series NAV³ 0.04% 0.00% 0.06% 0.74% 0.84% -0.02% 0.82%

 

¹"Acquired Fund Fees and Expenses" are based on the indirect net expenses associated with the fund’s investment in underlying funds and are included in "Total Annual Fund Operating Expenses". The Total Annual Fund Operating Expenses shown may not correlate to the fund’s ratio of expenses to average net assets shown in the "Financial Highlights" section of the fund prospectus, which does not include Acquired Fund Fees and Expenses.

 

²The Advisor has contractually limited other fund level expenses to 0.04%. These expenses consist of operating expenses of the fund, excluding advisory fees, 12b-1 fees, short dividends, acquired fund fees, taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of business. The current expense limitation agreement expires on April 30, 2015 unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

 

³For funds and classes that have not commenced operations or have an inception date of less than six months as of December 31, 2012, expenses are estimated.

 

⁴"Management fee" has been restated to reflect the contractual management fee schedule effective October 1, 2013.

 

The table under "Examples" in "Annual Fund Operating Expenses" is amended and restated as follows:

 

  Year 1 Year 3 Year 5 Year 10
Series I $89 $280 $489 $1,092
Series II $109 $343 $597 $1,325
Series NAV $84 $264 $462 $1,033

 

 

 

Lifestyle Conservative PS Series

 

The information found under "Annual Fund Operating Expenses" has been amended and restated as follows:

 

Share Class

Management

Fee⁴

Distribution

and service (12b-1) fees

Other

expenses

 Acquired fund fees and expenses¹

 Total annual fund operating expenses

Contractual expense reimbursement²

Total annual fund operating expenses after expense reimbursements

Series I³ 0.04% 0.05% 0.15% 0.69% 0.93% -0.11% 0.82%
Series II 0.04% 0.25% 0.15% 0.69% 1.13% -0.11% 1.02%
Series NAV³ 0.04% 0.00% 0.15% 0.69% 0.88% -0.11% 0.77%

 

¹"Acquired Fund Fees and Expenses" are based on the indirect net expenses associated with the fund’s investment in underlying funds and are included in "Total Annual Fund Operating Expenses". The Total Annual Fund Operating Expenses shown may not correlate to the fund’s ratio of expenses to average net assets shown in the "Financial Highlights" section of the fund prospectus, which does not include Acquired Fund Fees and Expenses.

 

²The Advisor has contractually limited other fund level expenses to 0.04%. These expenses consist of operating expenses of the fund, excluding advisory fees, 12b-1 fees, short dividends, acquired fund fees, taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of business. The current expense limitation agreement expires on April 30, 2015 unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

 

³For funds and classes that have not commenced operations or have an inception date of less than six months as of December 31, 2012, expenses are estimated.

 

⁴"Management fee" has been restated to reflect the contractual management fee schedule effective October 1, 2013.

 

The table under "Examples" in "Annual Fund Operating Expenses" is amended and restated as follows:

 

  Year 1 Year 3 Year 5 Year 10
Series I $84 $274 $493 $1,122
Series II $104 $337 $600 $1,354
Series NAV $79 $258 $466 $1,063

 

 

 

Lifestyle Growth PS Series

 

The information found under "Annual Fund Operating Expenses" has been amended and restated as follows:

 

Share Class

Management

Fee⁴

Distribution

and service (12b-1) fees

Other

expenses

 Acquired fund fees and expenses¹

Total annual fund operating expenses

Contractual expense reimbursement²

Total annual fund operating expenses after expense reimbursements

Series I³ 0.04% 0.05% 0.06% 0.77% 0.92% -0.02% 0.90%
Series II 0.04% 0.25% 0.06% 0.77% 1.12% -0.02% 1.10%
Series NAV³ 0.04% 0.00% 0.06% 0.77% 0.87% -0.02% 0.85%

 

¹"Acquired Fund Fees and Expenses" are based on the indirect net expenses associated with the fund’s investment in underlying funds and are included in "Total Annual Fund Operating Expenses". The Total Annual Fund Operating Expenses shown may not correlate to the fund’s ratio of expenses to average net assets shown in the "Financial Highlights" section of the fund prospectus, which does not include Acquired Fund Fees and Expenses.

 

²The Advisor has contractually limited other fund level expenses to 0.04%. These expenses consist of operating expenses of the fund, excluding advisory fees, 12b-1 fees, short dividends, acquired fund fees, taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of business. The current expense limitation agreement expires on April 30, 2015 unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

 

³For funds and classes that have not commenced operations or have an inception date of less than six months as of December 31, 2012, expenses are estimated.

 

⁴"Management fee" has been restated to reflect the contractual management fee schedule effective October 1, 2013.

The table under "Examples" in "Annual Fund Operating Expenses" is amended and restated as follows:

 

  Year 1 Year 3 Year 5 Year 10
Series I $92 $289 $505 $1,128
Series II $112 $352 $613 $1,359
Series NAV $87 $273 $478 $1,069

 

 

 

Lifestyle Moderate PS Series

 

The information found under "Annual Fund Operating Expenses" has been amended and restated as follows:

 

Share Class

Management

Fee⁴

Distribution

and service (12b-1) fees

Other

expenses

 Acquired fund fees and expenses¹

Total annual fund operating expenses

Contractual expense reimbursement²

Total annual fund operating expenses after expense reimbursements

Series I³ 0.04% 0.05% 0.11% 0.72% 0.92% -0.07% 0.85%
Series II 0.04% 0.25% 0.11% 0.72% 1.12% -0.07% 1.05%
Series NAV³ 0.04% 0.00% 0.11% 0.72% 0.87% -0.07% 0.80%

 

¹"Acquired Fund Fees and Expenses" are based on the indirect net expenses associated with the fund’s investment in underlying funds and are included in "Total Annual Fund Operating Expenses". The Total Annual Fund Operating Expenses shown may not correlate to the fund’s ratio of expenses to average net assets shown in the "Financial Highlights" section of the fund prospectus, which does not include Acquired Fund Fees and Expenses.

 

²The Advisor has contractually limited other fund level expenses to 0.04%. These expenses consist of operating expenses of the fund, excluding advisory fees, 12b-1 fees, short dividends, acquired fund fees, taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of business. The current expense limitation agreement expires on April 30, 2015 unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

 

³For funds and classes that have not commenced operations or have an inception date of less than six months as of December 31, 2012, expenses are estimated.

 

⁴"Management fee" has been restated to reflect the contractual management fee schedule effective October 1, 2013.

 

The table under "Examples" in "Annual Fund Operating Expenses" is amended and restated as follows:

 

  Year 1 Year 3 Year 5 Year 10
Series I $87 $279 $495 $1,118
Series II $107 $342 $603 $1,350
Series NAV $82 $263 $468 $1,059

 
(JHVIT - 497 Supplement) | (Lifestyle Balanced PS Series)
  
Risk/Return: rr_RiskReturnAbstract  
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2015-04-30
(JHVIT - 497 Supplement) | (Lifestyle Balanced PS Series) | Series I
  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.04% [1],[2]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.05% [1]
Other expenses rr_OtherExpensesOverAssets 0.06% [1]
Acquired fund fees and expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.74% [1],[3]
Total annual fund operating expenses rr_ExpensesOverAssets 0.89% [1]
Contractual expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.02%) [1],[4]
Total annual fund operating expenses after expense reimbursements rr_NetExpensesOverAssets 0.87% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 89
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 280
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 489
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,092
(JHVIT - 497 Supplement) | (Lifestyle Balanced PS Series) | Series II
  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.04% [2]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.06%
Acquired fund fees and expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.74% [3]
Total annual fund operating expenses rr_ExpensesOverAssets 1.09%
Contractual expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.02%) [4]
Total annual fund operating expenses after expense reimbursements rr_NetExpensesOverAssets 1.07%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 109
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 343
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 597
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,325
(JHVIT - 497 Supplement) | (Lifestyle Balanced PS Series) | Series NAV
  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.04% [1],[2]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none [1]
Other expenses rr_OtherExpensesOverAssets 0.06% [1]
Acquired fund fees and expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.74% [1],[3]
Total annual fund operating expenses rr_ExpensesOverAssets 0.84% [1]
Contractual expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.02%) [1],[4]
Total annual fund operating expenses after expense reimbursements rr_NetExpensesOverAssets 0.82% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 84
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 264
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 462
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,033
(JHVIT - 497 Supplement) | (Lifestyle Conservative PS Series)
  
Risk/Return: rr_RiskReturnAbstract  
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2015-04-30
(JHVIT - 497 Supplement) | (Lifestyle Conservative PS Series) | Series I
  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.04% [1],[2]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.05% [1]
Other expenses rr_OtherExpensesOverAssets 0.15% [1]
Acquired fund fees and expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.69% [1],[3]
Total annual fund operating expenses rr_ExpensesOverAssets 0.93% [1]
Contractual expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.11%) [1],[4]
Total annual fund operating expenses after expense reimbursements rr_NetExpensesOverAssets 0.82% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 84
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 274
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 493
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,122
(JHVIT - 497 Supplement) | (Lifestyle Conservative PS Series) | Series II
  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.04% [2]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.15%
Acquired fund fees and expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.69% [3]
Total annual fund operating expenses rr_ExpensesOverAssets 1.13%
Contractual expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.11%) [4]
Total annual fund operating expenses after expense reimbursements rr_NetExpensesOverAssets 1.02%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 104
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 337
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 600
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,354
(JHVIT - 497 Supplement) | (Lifestyle Conservative PS Series) | Series NAV
  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.04% [1],[2]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none [1]
Other expenses rr_OtherExpensesOverAssets 0.15% [1]
Acquired fund fees and expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.69% [1],[3]
Total annual fund operating expenses rr_ExpensesOverAssets 0.88% [1]
Contractual expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.11%) [1],[4]
Total annual fund operating expenses after expense reimbursements rr_NetExpensesOverAssets 0.77% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 79
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 258
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 466
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,063
(JHVIT - 497 Supplement) | (Lifestyle Growth PS Series)
  
Risk/Return: rr_RiskReturnAbstract  
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2015-04-30
(JHVIT - 497 Supplement) | (Lifestyle Growth PS Series) | Series I
  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.04% [1],[2]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.05% [1]
Other expenses rr_OtherExpensesOverAssets 0.06% [1]
Acquired fund fees and expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.77% [1],[3]
Total annual fund operating expenses rr_ExpensesOverAssets 0.92% [1]
Contractual expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.02%) [1],[4]
Total annual fund operating expenses after expense reimbursements rr_NetExpensesOverAssets 0.90% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 92
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 289
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 505
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,128
(JHVIT - 497 Supplement) | (Lifestyle Growth PS Series) | Series II
  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.04% [2]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.06%
Acquired fund fees and expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.77% [3]
Total annual fund operating expenses rr_ExpensesOverAssets 1.12%
Contractual expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.02%) [4]
Total annual fund operating expenses after expense reimbursements rr_NetExpensesOverAssets 1.10%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 112
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 352
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 613
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,359
(JHVIT - 497 Supplement) | (Lifestyle Growth PS Series) | Series NAV
  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.04% [1],[2]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none [1]
Other expenses rr_OtherExpensesOverAssets 0.06% [1]
Acquired fund fees and expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.77% [1],[3]
Total annual fund operating expenses rr_ExpensesOverAssets 0.87% [1]
Contractual expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.02%) [1],[4]
Total annual fund operating expenses after expense reimbursements rr_NetExpensesOverAssets 0.85% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 87
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 273
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 478
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,069
(JHVIT - 497 Supplement) | (Lifestyle Moderate PS Series)
  
Risk/Return: rr_RiskReturnAbstract  
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2015-04-30
(JHVIT - 497 Supplement) | (Lifestyle Moderate PS Series) | Series I
  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.04% [1],[2]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.05% [1]
Other expenses rr_OtherExpensesOverAssets 0.11% [1]
Acquired fund fees and expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.72% [1],[3]
Total annual fund operating expenses rr_ExpensesOverAssets 0.92% [1]
Contractual expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.07%) [1],[4]
Total annual fund operating expenses after expense reimbursements rr_NetExpensesOverAssets 0.85% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 87
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 279
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 495
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,118
(JHVIT - 497 Supplement) | (Lifestyle Moderate PS Series) | Series II
  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.04% [2]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.11%
Acquired fund fees and expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.72% [3]
Total annual fund operating expenses rr_ExpensesOverAssets 1.12%
Contractual expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.07%) [4]
Total annual fund operating expenses after expense reimbursements rr_NetExpensesOverAssets 1.05%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 107
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 342
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 603
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,350
(JHVIT - 497 Supplement) | (Lifestyle Moderate PS Series) | Series NAV
  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.04% [1],[2]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none [1]
Other expenses rr_OtherExpensesOverAssets 0.11% [1]
Acquired fund fees and expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.72% [1],[3]
Total annual fund operating expenses rr_ExpensesOverAssets 0.87% [1]
Contractual expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.07%) [1],[4]
Total annual fund operating expenses after expense reimbursements rr_NetExpensesOverAssets 0.80% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 82
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 263
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 468
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,059
[1] For funds and classes that have not commenced operations or have an inception date of less than six months as of December 31, 2012, expenses are estimated.
[2] "Management fee" has been restated to reflect the contractual management fee schedule effective October 1, 2013.
[3] "Acquired Fund Fees and Expenses" are based on the indirect net expenses associated with the fund's investment in underlying funds and are included in "Total Annual Fund Operating Expenses". The Total Annual Fund Operating Expenses shown may not correlate to the fund's ratio of expenses to average net assets shown in the "Financial Highlights" section of the fund prospectus, which does not include Acquired Fund Fees and Expenses.
[4] The Advisor has contractually limited other fund level expenses to 0.04%. These expenses consist of operating expenses of the fund, excluding advisory fees, 12b-1 fees, short dividends, acquired fund fees, taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of business. The current expense limitation agreement expires on April 30, 2015 unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.