CLEARWATER INVESTMENT TRUST
CLEARWATER INTERNATIONAL FUND
2000 Wells Fargo Place
30 East Seventh Street
St. Paul, Minnesota 55101-4930
September 11, 2009
Dear Shareholder:
We are pleased to notify you of changes involving the Clearwater International
Fund (the "Fund"), a series of Clearwater Investment Trust (the "Trust").
The Trust's Board of Trustees (the "Board") has approved the hiring of Artisan
Partners Limited Partnership and Eagle Global Advisors, LLC to serve as
additional subadvisers to the Fund. In conjunction with these approvals, the
Board has also approved two subadvisory agreements: one subadvisory agreement
among Artisan Partners Limited Partnership, the Trust, and Clearwater Management
Co., Inc., the Fund's investment manager (the "Artisan Partners Agreement"); and
one subadvisory agreement among Eagle Global Advisors, LLC, the Trust, and
Clearwater Management Co., Inc. (the "Eagle Agreement").
I encourage you to read the attached Information Statement, which provides
information about Artisan Partners Limited Partnership, the Artisan Partners
Agreement, Eagle Global Advisors, LLC, the Eagle Agreement, and a discussion of
the factors that the Board considered in approving the Artisan Partners
Agreement and the Eagle Agreement. The Information Statement does not require
any action by you. Its purpose is to provide you with information about the new
subadvisers for the Fund.
Sincerely,
George H. Weyerhaeuser, Jr.
Chief Executive Officer and Treasurer
Clearwater Investment Trust
SCHEDULE 14C
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SCHEDULE 14C INFORMATION
INFORMATION STATEMENT PURSUANT TO SECTION 14(C)
OF THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 29)
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[ ] Preliminary Information Statement
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CLEARWATER INVESTMENT TRUST
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CLEARWATER INVESTMENT TRUST
CLEARWATER INTERNATIONAL FUND
September 11, 2009
INFORMATION STATEMENT REGARDING
THE NEW INVESTMENT SUBADVISORY CONTRACTS WITH
ARTISAN PARTNERS AND EAGLE GLOBAL ASSOCIATES
This Information Statement is being furnished on behalf of the Board of
Trustees ("Board" or "Trustees") of Clearwater Investment Trust (the "Trust") to
inform shareholders of the Clearwater International Fund (the "Fund") about the
hiring of two new subadvisers to the Fund. In connection with the hiring of the
new subadvisers, on behalf of the Fund, the Board approved two new subadvisory
agreements: one among the Trust, Clearwater Management Co., Inc. ("CMC") and
Artisan Partners Limited Partnership ("Artisan Partners"); and one among the
Trust, CMC and Eagle Global Advisors, LLC ("Eagle"). The hiring of each
subadviser was approved by the Board on the recommendation of CMC, without
shareholder approval, as is permitted by the exemptive order of the U.S.
Securities and Exchange Commission (the "SEC") dated November 14, 2001 (the
"Exemptive Order").
This Information Statement is being mailed on or about September 11, 2009
to shareholders of record of the Fund as of May 31, 2009. WE ARE NOT ASKING YOU
FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.
INTRODUCTION
CMC is the investment adviser to the series of the Trust, including the
Fund. CMC and the Fund's Trustees have delegated responsibility to manage the
assets in the Fund's investment portfolio to subadvisers. CMC may hire,
terminate, or replace subadvisers to the Fund that are unaffiliated with the
Trust or CMC, and to modify material terms and conditions of subadvisory
agreements relating to the management of the Fund. Section 15(a) of the
Investment Company Act of 1940, as amended (the "1940 Act"), generally requires
the shareholders of a mutual fund to approve an agreement pursuant to which a
person serves as the investment adviser or subadviser to the mutual fund. The
Trust and CMC have obtained the Exemptive Order, which permits the Trust and
CMC, subject to certain conditions and approval by the Board, to hire and retain
unaffiliated subadvisers and to modify subadvisory arrangements with
unaffiliated subadvisers without shareholder approval.
Consistent with the Exemptive Order, at a meeting held on June 6, 2009 (the
"Meeting"), the Board, including a majority of the Trustees who are not
"interested persons" of the Trust or of CMC under the 1940 Act (the "Independent
Trustees"), approved two subadvisory agreements: (1) the subadvisory agreement
among the Trust, CMC and Artisan Partners (the "Artisan Partners Agreement");
and (2) the subadvisory agreement among the Trust, CMC and Eagle (the "Eagle
Agreement"). As discussed later in this Information Statement, the Board
carefully considered each subadvisory arrangement and concluded that the
approval of each of
1
the Artisan Partners Agreement and the Eagle Agreement was in the best interests
of the Fund and its shareholders.
As a condition to relying on the Exemptive Order, the Trust and CMC are
required to furnish the Fund's shareholders with information about Artisan
Partners and Eagle within ninety days from the date that they were hired. This
Information Statement is intended to provide such information, along with
details of the new subadvisory agreements.
THE ADVISER
CMC is a privately-owned registered investment adviser. CMC serves as the
Fund's investment adviser pursuant to the management contract between the Fund
and CMC, dated January 24, 2009. CMC has been in the investment management
business since 1987. Its address is 30 East Seventh Street, Suite 2000, St.
Paul, Minnesota 55101. The Trust and CMC have received an exemptive order from
the Securities and Exchange Commission (the "Commission") permitting the
investment manager, subject to the approval of the Board of Trustees, to select
subadvisers to serve as portfolio managers of the funds it manages or to
materially modify an existing subadvisory contract without obtaining shareholder
approval of a new or amended subadvisory contract. CMC has ultimate
responsibility to oversee and to recommend the hiring, termination and
replacement of any subadviser. As a result, CMC selects and supervises
subadvisers for the Fund and administers the Fund's business operations. Under
its management contract with the Fund, CMC is also responsible for paying
directly or reimbursing the Fund for all direct expenses other than commissions
and other direct charges relating to the purchase and sale of portfolio
securities and other assets, taxes, interest and extraordinary expenses,
including without limitation, litigation expenses. Pursuant to the management
contract, the Trust compensates CMC for these services to the Fund by paying CMC
an annual advisory fee of 1.00% of the average daily net assets under
management.
Philip W. Pascoe is CMC's Chairman and Treasurer and is a director. Mr.
Pascoe has been associated with CMC since 1987 and with the Fund since its
inception. William T. Weyerhaeuser is CMC's Vice President and Secretary and is
a director. The other directors of CMC are Elizabeth D. Hlavka, W. John
Driscoll, Samuel B. Carr, Jr., Catherine W. Morley, Frank W. Piasecki and Daniel
C. Titcomb. Susanne Smith is Chief Compliance Officer of CMC. The address of
each is 30 East Seventh Street, Suite 2000, St. Paul, Minnesota 55101.
ARTISAN PARTNERS LIMITED PARTNERSHIP
Artisan Partners is a Delaware limited partnership and is registered with
the SEC as an investment adviser under the Investment Advisers Act of 1940, as
amended. Artisan Partners is controlled by its general partner, Artisan
Investments GP LLC, which is a Delaware limited liability company wholly-owned
by Artisan Partners Holdings LP. Artisan Partners' sole limited partner is
Artisan Partners Holdings LP. Artisan Partners Holdings LP is a limited
partnership organized under the laws of Delaware, and its sole general partner
is Artisan Investment Corporation, a Wisconsin corporation wholly-owned by ZFIC,
Inc., a Wisconsin corporation. ZFIC, Inc. is controlled by Andrew A. Ziegler
and Carlene M. Ziegler, who each own 50% of the outstanding voting securities of
ZFIC, Inc. The senior professionals employed by Artisan, along
2
with other investors who do not participate in day-to-day management of the
business, own limited partner interests in Artisan Partners Holdings LP. Artisan
Partners was organized in March 2009 to succeed to the investment management
business of Artisan Partners Holdings LP. Artisan Partners Holdings LP was
founded in November 1994 and began providing investment management services in
March 1995. The principal address for all Artisan entities and Mr. and Mrs.
Ziegler is 875 East Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202.
Artisan Partners was approved by the Board at the Meeting to serve as a
subadviser to the Fund. Artisan Partners is not affiliated with CMC or the
Trust. Artisan Partners will perform its duties and provide services subject to
the oversight and supervision of CMC. Under the terms of the Artisan Partners
Agreement, Artisan Partners develops, recommends and implements an investment
program and strategy for the portion of Fund assets allocated to it, consistent
with the Fund's investment objectives and policies. Artisan Partners is also
responsible for making all portfolio and brokerage decisions. The Artisan
Partners Agreement provides that it will remain in full force and effect for one
year from its effective date and from year to year thereafter only so long as
its continuance is approved annually in conformity with the Investment Company
Act of 1940, as amended. The terms of the Artisan Partners Agreement also state
that the Trust or CMC may terminate the Artisan Partners Agreement at any time
by not more than 60 days' nor less than 30 day's written notice to Artisan
Partners, and Artisan Partners may terminate the Artisan Partners Agreement at
any time by not less than 120 days' written notice to the Trust and CMC. The
Artisan Partners Agreement will terminate automatically upon assignment. The
Artisan Partners Agreement provides that Artisan Partners will not be subject
to, and will be held harmless from, any loss suffered by the Trust or CMC in
connection with the matters to which the Artisan Partners Agreement relates,
except for any loss caused by willful misfeasance, bad faith, or gross
negligence on the part of Artisan Partners.
Fees payable to Artisan Partners under the Artisan Partners Agreement are
calculated and accrued monthly on the basis of month-end net assets and are paid
quarterly by CMC. Artisan Partners is compensated out of the fees CMC receives
from the Fund. There will be no increase in the advisory fees paid by the Fund
to CMC as a consequence of the appointment of Artisan Partners as subadviser to
the Fund. CMC will pay the following fee based on the Fund's net assets under
Artisan Partners' management: 0.80% for the first $50 million, 0.60% for the
next $50 million, and 0.50% for all assets in excess of $100 million.
Artisan Partners provides similar advisory services to one other registered
investment company.
Name Approx. Advisory Fee Waiver of
of Total Fund (annually, as % Advisory
Fund Assets1 of daily net assets) Fee
- ------------- ------------ ------------------------------ ---------
Artisan $1.2 billion - 1.000% for assets up None
International to $500 million
Value Fund - 0.975% for assets from
500 million up to $750
million
- 0.950% for assets
from $750 million up
to $1 billion
- 0.925% for assets over $1
billion
3
1 As of June 30, 2009
The names of the general partner of Artisan Partners is Artisan Investments
GP LLC. Its address is 875 East Wisconsin Avenue, Suite 800, Milwaukee,
Wisconsin 53202. Artisan Partners has no executive officers.
EAGLE GLOBAL ASSET MANAGEMENT, LLC
Eagle Global Advisors, LLC is located at 5847 San Felipe, Suite 930,
Houston, Texas 77057. Eagle was founded in 1996 and is registered with the SEC
as an investment adviser under the Investment Advisers Act of 1940, as amended.
Eagle is a Texas limited liability company.
The Eagle Agreement is dated March 18, 2009. Eagle was approved by the
Board at the Meeting to serve as a subadviser to the Fund. Eagle is not
affiliated with CMC or the Trust. Eagle will perform its duties and provide
services subject to the oversight and supervision of CMC. Under the terms of
the Eagle Agreement, Eagle develops, recommends and implements an investment
program and strategy for the portion of Fund assets allocated to it, consistent
with the Fund's investment objectives and policies. Eagle is also responsible
for making all portfolio and brokerage decisions. The Eagle Agreement will
remain in full force and effect for one year from its effective date and from
year to year thereafter only so long as its continuance is approved annually in
conformity with the Investment Company Act of 1940, as amended. The terms of
the Eagle Agreement provide that the Trust or CMC may terminate the Eagle
Agreement at any time by not more than 60 days' nor less than 30 day's written
notice to Eagle, and Eagle may terminate the Eagle Agreement at any time by not
less than 120 days' written notice to the Trust and CMC. The Eagle Agreement
will terminate automatically upon assignment. The Eagle Agreement provides that
Eagle will not be subject to, and will be held harmless from, any loss suffered
by the Trust or CMC in connection with the matters to which the Eagle Agreement
relates, except for any loss created by the willful misfeasance, bad faith, or
gross negligence of Eagle.
Eagle is compensated out of the fees CMC receives from the Fund. There
will be no increase in the advisory fees paid by the Fund to CMC as a
consequence of the appointment of Eagle as subadviser to the Fund. CMC will pay
the following fee based on the Fund's net assets under Eagle's management: 0.60%
for the first $100 million and 0.50% for all assets in excess of $100 million.
Eagle provides similar subadvisory services to four other registered
investment companies.
Approx. Advisory Fee Waiver of
Total (annually, as % Advisory
Name of Fund Fund Assets1 of daily net assets) Fee
- --------------------- --------------- -------------------- ---------
Eaton Vance Tax- $178.47 million 0.50% None
Managed
International Equity
Eaton Vance $ 27.57 million 0.50% None
International Equity
Fund
Eaton Vance Global $ 22.80 million 0.50% None
Growth Fund
(International Only)
Timothy Plan $ 35.01 million 0.60% None
International Equity
Fund
4
1 As of June 30, 2009
The names and principal occupations of the principal executive officers of
Eagle are listed below. The address of each principal executive officer, as it
relates to the person's position with Eagle, is 5847 San Felipe, Suite 930,
Houston, Texas 77057.
Name Title
- ----------------- ----------------------------------------
Edward Allen, III Senior Partner
Thomas N. Hunt Senior Partner
Steve S. Russo Senior Partner, Chief Compliance Officer
John F. Gualy Partner
Malcolm S. Day Partner
APPOINTMENT OF ARTISAN PARTNERS AND EAGLE
AS SUBADVISERS TO THE FUND
At the Meeting, the Board approved the appointment of Artisan Partners as a
subadviser to the Fund. Artisan Partners began managing the assets allocated to
it by CMC on June 15, 2009. At the Meeting, the Board also approved the
appointment of Eagle as a subadviser of the Fund. Eagle began managing the
assets allocated to it by CMC on June 15, 2009. Parametric Portfolio Assets and
AXA Rosenberg Investment Management LLC continue to serve as subadvisers to the
Fund.
CMC'S RECOMMENDATION AND THE BOARD OF TRUSTEES' DECISION REGARDING ARTISAN
PARTNERS
CMC recommended to the Board that it approve the Artisan Partners Agreement
among the Trust, CMC, and Artisan Partners with respect to the Fund. CMC made
this recommendation based upon, among other factors: the qualifications and
performance of Artisan Partners' investment team, Artisan Partners' research and
investment process, and its investment strategies that will compliment the
strategies of the Fund's other subadvisers.
The Board received written information in advance of the Meeting, which
included: a summary of information about Artisan Partners drafted by Fiduciary
Counselling, Inc., Artisan Partners' Form ADV Parts 1 and II, its code of
ethics, and a copy of the proposed subadvisory agreement (including the proposed
subadvisory fees). The Board also considered the substance
5
of discussions with representatives of CMC and Artisan Partners. The Board
reviewed and analyzed the factors that the Board deemed relevant with respect to
Artisan Partners. These factors included the nature, quality, and extent of the
services to be provided to the Fund by Artisan Partners; Artisan Partners'
management process and style; Artisan Partners' historical performance record
managing registered investment companies and other accounts; the qualifications
and experience of the investment professionals who are responsible for the
day-to-day management of accounts in this style; and Artisan Partners' overall
resources and staff. The following discusses some of these and other factors
relevant to the Board's decision to approve the Artisan Partners agreement.
Nature, Extent, and Quality of Services. The Board considered the specific
investment processes Artisan Partners would use in managing the assets of the
Fund allocated to it. The Board looked at the qualifications of Artisan
Partners' investment team, including the two portfolio managers who would be
responsible for the portion of the Fund's assets allocated to Artisan Partners.
The Board observed that the portfolio management team was experienced and
qualified and seemed adequately prepared to handle the addition of assets from
the Fund. The Directors concluded that the nature, extent, and quality of the
subadvisory services expected to be provided by Artisan Partners were
appropriate for the Fund and that this supported a decision to approve the
Artisan Partners Agreement.
Investment Performance. The Board discussed Artisan Partners' performance
record compared to its benchmarks. The Board noted that both recently and
historically Artisan Partners outperformed both its relative benchmarks. The
Board noted that Artisan Partners' assets outperformed the benchmarks in all but
two of the last six years. The Board concluded that the historical investment
performance record of Artisan Partners supported a decision to approve the
Artisan Partners Agreement.
Subadvisory Fee and Expense Ratio Impact. The Board evaluated the proposed
subadvisory fee schedule and compared the fee schedule to those of the Fund's
current subadvisers. The Board noted that the fee schedule was slightly higher
than that of some of the Fund's other subadvisers and lower than that of others.
The Board discussed the subadvisory services to be performed by Artisan Partners
and noted that the services were comparable to those being performed by the
Fund's other subadvisers. The Board noted that the subadvisory fees would not
affect the Fund's expense ratio or otherwise increase the Fund's expenses. The
Trustees concluded that the proposed fee schedule was reasonable and supported a
decision to approve the Artisan Partners Agreement.
Benefits to the Subadviser. The Board considered the ancillary benefits
that could accrue to Artisan Partners due to its relationship with the Fund.
The Board considered that Artisan Partners anticipates it may experience some
added visibility in the institutional investment community due to its
relationship with the Fund. In addition, the Board noted that Artisan Partners
may direct the Fund's brokerage transactions to certain brokers to obtain
research and other services. The Board discussed Artisan Partners' brokerage
and trading policy. The Board determined that the benefits to Artisan Partners
were reasonable.
6
Conflicts of Interest. The Board noted that Artisan Partners has
represented that it has no arrangements to share its Fund-related revenues with
any third parties or service providers it manages. The Board noted that Artisan
Partners' policies and procedures appeared reasonable to manage any conflicts of
interest that could arise.
Other Considerations. The Board considered CMC's judgment that adding
Artisan Partners as a subadviser would add value to the Fund and would
complement the investment approaches of the Fund's other subadvisers. The
Directors discussed the Fund's international value investment strategy compared
to that of the other subadvisers and concluded that Artisan Partners' investment
approach supported approval of the Artisan Partners Agreement.
Conclusion. After full consideration of the factors described above, with
no single factor identified as being of paramount importance, the Trustees,
including a majority of Independent Trustees, concluded that the approval of the
Artisan Partners Agreement was in the best interests of the Fund and its
shareholders, and approved the Artisan Partners Agreement with, and the fee to
be paid by, CMC.
CMC'S RECOMMENDATION AND THE BOARD OF TRUSTEES' DECISION REGARDING EAGLE
CMC recommended to the Board that it approve the Eagle Agreement among the
Trust, CMC, and Eagle with respect to the Fund. CMC made this recommendation
based upon, among other factors: the experience and skill of Eagle's investment
team and the complementary nature of Eagle's investment strategies to the
strategies of the Fund's other subadvisers.
The Board received written information in advance of the Meeting, which
included: a summary of information related to the subadviser drafted by
Fiduciary Counselling, Inc., Eagle's Form ADV Parts 1 and II, its code of
ethics, and a copy of the proposed subadvisory agreement (including the proposed
subadvisory fees). The Board also considered the substance of discussions with
representatives of CMC and Eagle. The Board reviewed and analyzed the factors
that the Board deemed relevant with respect to Eagle. These factors included
the nature, quality, and extent of the services to be provided to the Fund by
Eagle; Eagle's management style; Eagle's historical performance record managing
registered investment companies; the qualifications and experience of the
investment professionals who are responsible for the day-to-day management of
accounts in this style; and Eagle's overall resources and staff. The following
discusses some of the factors relevant to the Board's decision to approve the
Eagle Agreement.
Nature, Extent, and Quality of Services. The Board considered the specific
investment processes Eagle would use in managing the assets of the Fund
allocated to it. The Board looked at the qualifications of Eagle's investment
team, including the portfolio managers and analysts who would be responsible for
the portion of the Fund's assets allocated to Eagle. The Board observed that
the investment team members had, on average, 16 years of experience. The Board
noted that the partners and analysts were experienced and qualified and that
Eagle seemed to have adequate resources and staff to manage the addition of
assets from the Fund. The Directors concluded that the nature, extent, and
quality of the subadvisory services expected to be provided
7
by Eagle were appropriate for the Fund and that this supported a decision to
approve the Eagle Agreement.
Investment Performance. The Board discussed Eagle's performance record
compared to its benchmark. The Board noted that Eagle outperformed its
benchmark consistently over the prior ten years. The Board concluded that the
historical investment performance record of Eagle supported a decision to
approve the Artisan Eagle.
Subadvisory Fee and Expense Ratio Impact. The Board evaluated the proposed
subadvisory fee schedule and compared the fee schedule to those of the Fund's
and the Trust's current subadvisers. The Board noted that the fee schedule was
slightly lower than that of two of the other subadvisers to the Fund, including
Artisan Partners. The Board discussed the subadvisory services to be performed
by Eagle and noted that the services were comparable to those being performed by
the Fund's other subadvisers. The Board noted that the subadvisory fees would
not affect the Fund's expense ratio or otherwise increase the Fund's expenses.
The Trustees concluded that the proposed fee schedule was reasonable and
supported a decision to approve the Eagle Agreement.
Benefits to the Subadviser. The Board considered the ancillary benefits
that could accrue to Eagle due to its relationship with the Fund. The Board
considered that Eagle may experience some added recognition due to its
relationship with the Fund. The Board noted that Eagle may obtain additional
research by directing the Fund's brokerage transactions to certain brokers, as
is a common advisory practice. The Board determined that the benefits to Eagle
were reasonable.
Other Considerations. The Board considered CMC's judgment that adding
Eagle as a subadviser would add value to the Fund and would complement the
investment approaches of the Fund's other subadvisers. The Directors discussed
the Fund's investment strategy compared to that of the other subadvisers and
concluded that Eagle's investment approach supported approval of the Eagle
Agreement.
Conclusion. After full consideration of the factors described above, with
no single factor identified as being of paramount importance, the Trustees,
including a majority of Independent Trustees, concluded that the approval of the
Eagle Agreement was in the best interests of the Fund and its shareholders, and
approved the Eagle Agreement with, and the fee to be paid by, CMC.
GENERAL INFORMATION
Fund Administrator and Accounting Services Agent
- ------------------------------------------------
The Fund's Administrator and Accounting Services Agent is Northern Trust
Company, which is located at 50 LaSalle Street, Chicago, Illinois 60675. The
Trust, on behalf of the Fund, entered into a Fund Administration and Accounting
Services Agreement with Northern Trust Company on January 28, 2009. Northern
Trust Company provides various services for the Fund, including fund accounting,
maintenance of certain Fund records, calculation of the Fund's net asset value,
and preparation of certain shareholder reports.
8
Principal Underwriting Arrangements
- -----------------------------------
The Fund does not have a Principal Underwriter.
Affiliated Brokerage Transactions
- ---------------------------------
For the fiscal year ended December 31, 2008, the Fund had not yet commenced
operations and did not pay any commissions to affiliated brokers.
Record of Beneficial Ownership
- ------------------------------
As of June 30, 2009, the Fund had 18,325,905.595 total shares outstanding and
the following persons or entities owned of record 5% or more of the outstanding
shares of the Fund:
Shareholder Number of Shares Owned Percentage of Fund
- --------------------------- ---------------------- ------------------
Stanley R. Day, Jr. 2,118,159.533 11.56
Vivian W. Day 940,054.763 5.13
William L. Driscoll 1,943,780.981 10.61
Ellen R. Middleton 956,449.532 5.22
Frederick W Piasecki 1,426,500.914 7.78
Charles W. Rosenberry II 1,031,947.531 5.63
E. R. Titcomb, Jr. 2,601,093.660 14.19
Frederick W. Titcomb 1,453,442.614 7.93
Charles A. Weyerhaeuser 1,664,395.210 9.08
David M. Weyerhaeuser 1,873,961.556 10.23
George H. Weyerhaeuser, Jr. 1,604,948.690 8.76
F. T. Weyerhaeuser 1,305,214.407 7.12
Frederick J. Weyerhaeuser 1,232,880.172 6.73
W. T. Weyerhaeuser 3,081,351.957 16.81
Anne E. Zaccaro 1,291,425.944 7.04
HOUSEHOLDING
Only one copy of this Information Statement may be mailed to households,
even if more than one person in a household is a Fund shareholder of record,
unless the Trust has received instructions to the contrary. If you need
additional copies of this Informational Statement, please contact the Trust
toll-free at (888) 228-0935 or write the Trust at 2000 Wells Fargo Place, 30
East Seventh Street, St. Paul, Minnesota 55101-4930. If you do not want the
mailing of an Information Statement to be combined with those for other members
of your household in the future, or if you are receiving multiple copies and
would prefer to receive just one copy for the household, contact the Trust
toll-free at (888) 228-0935 or write the Trust at 2000 Wells Fargo Place, 30
East Seventh Street, St. Paul, Minnesota 55101-4930.
SHAREHOLDER REPORTS
Because the Fund's operations had not yet commenced as of the end of the
most recent fiscal year, additional information about the Fund's investments is
not available in the Trust's most recent annual report. The Fund's first
Semi-Annual Report will be available within 60 days of June 30, 2009 and may be
obtained by contacting the Trust at the phone number or address
9
provided below. Shareholders can obtain a copy of the Trust's most recent Annual
Report and the most recent Semi-Annual Report succeeding the Annual Report,
without charge, by contacting the Trust toll-free at (888) 228-0935 or writing
the Trust at 2000 Wells Fargo Place, 30 East Seventh Street, St. Paul, Minnesota
55101-4930.
10