# EDGAR Filing Document

**Accession Number:** 0001174610
**File Stem:** 0001683863-23-002257
**Filing Date:** 2023-3
**Character Count:** 23758
**Document Hash:** afa3df2617a7c3f5836aa912badfd8f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-002257.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0001683863-23-002257

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230316

**EFFECTIVENESS DATE**: 20230316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PROSHARES TRUST
- **CENTRAL INDEX KEY:** 0001174610
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-89822
- **FILM NUMBER:** 23738806

**BUSINESS ADDRESS:**
- **STREET 1:** 7272 WISCONSIN AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 240-497-6400

**MAIL ADDRESS:**
- **STREET 1:** 7272 WISCONSIN AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** XTRASHARES TRUST
- **DATE OF NAME CHANGE:** 20030409

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PROFUNDS ETF TRUST
- **DATE OF NAME CHANGE:** 20020531

## Series and Classes Contracts Data

### ProShares Short FTSE China 50 (Series ID: S000018719)

---

|  |  |  |
|:---|:---|:---|
| Class Name                    | Ticker Symbol | Class ID   |
| ProShares Short FTSE China 50 | YXI           | C000051849 |

---

### ProShares UltraShort MSCI Emerging Markets (Series ID: S000018727)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                 | Ticker Symbol | Class ID   |
| ProShares UltraShort MSCI Emerging Markets | EEV           | C000051857 |

---

### ProShares UltraShort MSCI Japan (Series ID: S000018728)

---

|  |  |  |
|:---|:---|:---|
| Class Name                      | Ticker Symbol | Class ID   |
| ProShares UltraShort MSCI Japan | EWV           | C000051858 |

---

### ProShares UltraShort MSCI EAFE (Series ID: S000018730)

---

|  |  |  |
|:---|:---|:---|
| Class Name                     | Ticker Symbol | Class ID   |
| ProShares UltraShort MSCI EAFE | EFU           | C000051860 |

---

### ProShares UltraShort FTSE China 50 (Series ID: S000018731)

---

|  |  |  |
|:---|:---|:---|
| Class Name                         | Ticker Symbol | Class ID   |
| ProShares UltraShort FTSE China 50 | FXP           | C000051861 |

---

### ProShares Short MSCI Emerging Markets (Series ID: S000018740)

---

|  |  |  |
|:---|:---|:---|
| Class Name                            | Ticker Symbol | Class ID   |
| ProShares Short MSCI Emerging Markets | EUM           | C000051870 |

---

### ProShares Short MSCI EAFE (Series ID: S000018742)

---

|  |  |  |
|:---|:---|:---|
| Class Name                | Ticker Symbol | Class ID   |
| ProShares Short MSCI EAFE | EFZ           | C000051872 |

---

### ProShares UltraShort MSCI Brazil Capped (Series ID: S000022290)

---

|  |  |  |
|:---|:---|:---|
| Class Name                              | Ticker Symbol | Class ID   |
| ProShares UltraShort MSCI Brazil Capped | BZQ           | C000063928 |

---

### ProShares UltraShort FTSE Europe (Series ID: S000022292)

---

|  |  |  |
|:---|:---|:---|
| Class Name                       | Ticker Symbol | Class ID   |
| ProShares UltraShort FTSE Europe | EPV           | C000063930 |

---

### ProShares Ultra FTSE China 50 (Series ID: S000022299)

---

|  |  |  |
|:---|:---|:---|
| Class Name                    | Ticker Symbol | Class ID   |
| ProShares Ultra FTSE China 50 | XPP           | C000063937 |

---

### ProShares Ultra MSCI EAFE (Series ID: S000022302)

---

|  |  |  |
|:---|:---|:---|
| Class Name                | Ticker Symbol | Class ID   |
| ProShares Ultra MSCI EAFE | EFO           | C000063940 |

---

### ProShares Ultra MSCI Emerging Markets (Series ID: S000022303)

---

|  |  |  |
|:---|:---|:---|
| Class Name                            | Ticker Symbol | Class ID   |
| ProShares Ultra MSCI Emerging Markets | EET           | C000063941 |

---

### ProShares Ultra MSCI Japan (Series ID: S000022304)

---

|  |  |  |
|:---|:---|:---|
| Class Name                 | Ticker Symbol | Class ID   |
| ProShares Ultra MSCI Japan | EZJ           | C000063942 |

---

### ProShares Ultra MSCI Brazil Capped (Series ID: S000028919)

---

|  |  |  |
|:---|:---|:---|
| Class Name                         | Ticker Symbol | Class ID   |
| ProShares Ultra MSCI Brazil Capped | UBR           | C000088638 |

---

### ProShares Ultra FTSE Europe (Series ID: S000028921)

---

|  |  |  |
|:---|:---|:---|
| Class Name                  | Ticker Symbol | Class ID   |
| ProShares Ultra FTSE Europe | UPV           | C000088640 |

---

### ProShares Merger ETF (Series ID: S000037318)

---

|  |  |  |
|:---|:---|:---|
| Class Name           | Ticker Symbol | Class ID   |
| ProShares Merger ETF | MRGR          | C000115055 |

---

### ProShares Global Listed Private Equity ETF (Series ID: S000037319)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                 | Ticker Symbol | Class ID   |
| ProShares Global Listed Private Equity ETF | PEX           | C000115056 |

---

### ProShares DJ Brookfield Global Infrastructure ETF (Series ID: S000040181)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                        | Ticker Symbol | Class ID   |
| ProShares DJ Brookfield Global Infrastructure ETF | TOLZ          | C000124906 |

---

### ProShares MSCI EAFE Dividend Growers ETF (Series ID: S000046273)

---

|  |  |  |
|:---|:---|:---|
| Class Name                               | Ticker Symbol | Class ID   |
| ProShares MSCI EAFE Dividend Growers ETF | EFAD          | C000144590 |

---

### ProShares MSCI Emerging Markets Dividend Growers ETF (Series ID: S000046274)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                           | Ticker Symbol | Class ID   |
| ProShares MSCI Emerging Markets Dividend Growers ETF | EMDV          | C000144591 |

---

### ProShares MSCI Europe Dividend Growers (Series ID: S000046275)

---

|  |  |  |
|:---|:---|:---|
| Class Name                             | Ticker Symbol | Class ID   |
| ProShares MSCI Europe Dividend Growers | EUDV          | C000144592 |

---

### ProShares Pet Care ETF (Series ID: S000062559)

---

|  |  |
|:---|:---|
| Class Name             | Class ID   |
| ProShares Pet Care ETF | C000202974 |

---

### ProShares MSCI Transformational Changes ETF (Series ID: S000069834)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                  | Ticker Symbol | Class ID   |
| ProShares MSCI Transformational Changes ETF | ANEW          | C000222595 |

---

### ProShares Smart Materials ETF (Series ID: S000073416)

---

|  |  |
|:---|:---|
| Class Name                    | Class ID   |
| ProShares Smart Materials ETF | C000230303 |

---

### ProShares S&P Kensho Smart Factories ETF (Series ID: S000073417)

---

|  |  |
|:---|:---|
| Class Name                               | Class ID   |
| ProShares S&P Kensho Smart Factories ETF | C000230304 |

---

### ProShares S&P Kensho Cleantech ETF (Series ID: S000073419)

---

|  |  |
|:---|:---|
| Class Name                         | Class ID   |
| ProShares S&P Kensho Cleantech ETF | C000230306 |

---

### ProShares On-Demand ETF (Series ID: S000073420)

---

|  |  |
|:---|:---|
| Class Name             | Class ID   |
| ProShare On-Demand ETF | C000230307 |

---

### ProShares Nanotechnology ETF (Series ID: S000073421)

---

|  |  |
|:---|:---|
| Class Name                   | Class ID   |
| ProShares Nanotechnology ETF | C000230308 |

---

### ProShares Big Data Refiners ETF (Series ID: S000073423)

---

|  |  |
|:---|:---|
| Class Name                      | Class ID   |
| ProShares Big Data Refiners ETF | C000230310 |

---

### ProShares Supply Chain Logistics ETF (Series ID: S000075630)

---

|  |  |
|:---|:---|
| Class Name                           | Class ID   |
| ProShares Supply Chain Logistics ETF | C000234857 |

---

### ProShares S&P Global Core Battery Metals ETF (Series ID: S000078011)

---

|  |  |
|:---|:---|
| Class Name                                   | Class ID   |
| ProShares S&P Global Core Battery Metals ETF | C000238747 |

---

## Series and Classes Contracts Data

### ProShares Short FTSE China 50 (Series ID: S000018719)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000051849 | ProShares Short FTSE China 50 | YXI             |

### ProShares UltraShort MSCI Emerging Markets (Series ID: S000018727)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000051857 | ProShares UltraShort MSCI Emerging Markets | EEV             |

### ProShares UltraShort MSCI Japan (Series ID: S000018728)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000051858 | ProShares UltraShort MSCI Japan | EWV             |

### ProShares UltraShort MSCI EAFE (Series ID: S000018730)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000051860 | ProShares UltraShort MSCI EAFE | EFU             |

### ProShares UltraShort FTSE China 50 (Series ID: S000018731)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000051861 | ProShares UltraShort FTSE China 50 | FXP             |

### ProShares Short MSCI Emerging Markets (Series ID: S000018740)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000051870 | ProShares Short MSCI Emerging Markets | EUM             |

### ProShares Short MSCI EAFE (Series ID: S000018742)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000051872 | ProShares Short MSCI EAFE | EFZ             |

### ProShares UltraShort MSCI Brazil Capped (Series ID: S000022290)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000063928 | ProShares UltraShort MSCI Brazil Capped | BZQ             |

### ProShares UltraShort FTSE Europe (Series ID: S000022292)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000063930 | ProShares UltraShort FTSE Europe | EPV             |

### ProShares Ultra FTSE China 50 (Series ID: S000022299)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000063937 | ProShares Ultra FTSE China 50 | XPP             |

### ProShares Ultra MSCI EAFE (Series ID: S000022302)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000063940 | ProShares Ultra MSCI EAFE | EFO             |

### ProShares Ultra MSCI Emerging Markets (Series ID: S000022303)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000063941 | ProShares Ultra MSCI Emerging Markets | EET             |

### ProShares Ultra MSCI Japan (Series ID: S000022304)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000063942 | ProShares Ultra MSCI Japan | EZJ             |

### ProShares Ultra MSCI Brazil Capped (Series ID: S000028919)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000088638 | ProShares Ultra MSCI Brazil Capped | UBR             |

### ProShares Ultra FTSE Europe (Series ID: S000028921)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000088640 | ProShares Ultra FTSE Europe | UPV             |

### ProShares Merger ETF (Series ID: S000037318)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000115055 | ProShares Merger ETF | MRGR            |

### ProShares Global Listed Private Equity ETF (Series ID: S000037319)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000115056 | ProShares Global Listed Private Equity ETF | PEX             |

### ProShares DJ Brookfield Global Infrastructure ETF (Series ID: S000040181)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000124906 | ProShares DJ Brookfield Global Infrastructure ETF | TOLZ            |

### ProShares MSCI EAFE Dividend Growers ETF (Series ID: S000046273)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000144590 | ProShares MSCI EAFE Dividend Growers ETF | EFAD            |

### ProShares MSCI Emerging Markets Dividend Growers ETF (Series ID: S000046274)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000144591 | ProShares MSCI Emerging Markets Dividend Growers ETF | EMDV            |

### ProShares MSCI Europe Dividend Growers (Series ID: S000046275)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000144592 | ProShares MSCI Europe Dividend Growers | EUDV            |

### ProShares Pet Care ETF (Series ID: S000062559)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000202974 | ProShares Pet Care ETF |  |

### ProShares MSCI Transformational Changes ETF (Series ID: S000069834)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000222595 | ProShares MSCI Transformational Changes ETF | ANEW            |

### ProShares Smart Materials ETF (Series ID: S000073416)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000230303 | ProShares Smart Materials ETF |  |

### ProShares S&P Kensho Smart Factories ETF (Series ID: S000073417)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000230304 | ProShares S&P Kensho Smart Factories ETF |  |

### ProShares S&P Kensho Cleantech ETF (Series ID: S000073419)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000230306 | ProShares S&P Kensho Cleantech ETF |  |

### ProShares On-Demand ETF (Series ID: S000073420)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000230307 | ProShare On-Demand ETF |  |

### ProShares Nanotechnology ETF (Series ID: S000073421)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000230308 | ProShares Nanotechnology ETF |  |

### ProShares Big Data Refiners ETF (Series ID: S000073423)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000230310 | ProShares Big Data Refiners ETF |  |

### ProShares Supply Chain Logistics ETF (Series ID: S000075630)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000234857 | ProShares Supply Chain Logistics ETF |  |

### ProShares S&P Global Core Battery Metals ETF (Series ID: S000078011)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000238747 | ProShares S&P Global Core Battery Metals ETF |  |

**PROSHARES TRUST**

---

| | |
|:---|:---|
| **ProShares Short FTSE China 50 (YXI)** | **ProShares Big Data Refiners ETF (DAT)** |
| **ProShares Short MSCI EAFE (EFZ)** | **ProShares Nanotechnology ETF (TINY)** |
| **ProShares Short MSCI Emerging Markets (EUM)** | **ProShares On-Demand ETF (OND)** |
| **ProShares Ultra FTSE China 50 (XPP)** | **ProShares DJ Brookfield Global Infrastructure ETF (TOLZ)** |
| **ProShares Ultra FTSE Europe (UPV)** | **ProShares Global Listed Private Equity ETF (PEX)** |
| **ProShares Ultra MSCI Brazil Capped (UBR)** | **ProShares Merger ETF (MRGR)** |
| **ProShares Ultra MSCI EAFE (EFO)** | **ProShares MSCI EAFE Dividend Growers ETF (EFAD)** |
| **ProShares Ultra MSCI Emerging Markets (EET)** | **ProShares MSCI Emerging Markets Dividend Growers ETF** |
| **ProShares Ultra MSCI Japan (EZJ)** | (EMDV) |
| **ProShares UltraShort FTSE China 50 (FXP)** | **ProShares MSCI Europe Dividend Growers ETF (EUDV)** |
| **ProShares UltraShort FTSE Europe (EPV)** | **ProShares MSCI Transformational Changes ETF (ANEW)** |
| **ProShares UltraShort MSCI Brazil Capped (BZQ)** | **ProShares Pet Care ETF (PAWZ)** |
| **ProShares UltraShort MSCI EAFE (EFU)** | **ProShares S&P Kensho Cleantech ETF (CTEX)** |
| **ProShares UltraShort MSCI Emerging Markets (EEV)** | **ProShares S&P Kensho Smart Factories ETF (MAKX)** |
| **ProShares UltraShort MSCI Japan (EWV)** | **ProShares Smart Materials ETF (TINT)** |
|  | **ProShares Supply Chain Logistics ETF (SUPL)** |

---

**(each a "Fund" and, collectively, the "Funds")**

**Supplement dated March 16, 2023**

**to the Funds' Summary Prospectus, Statutory Prospectus and Statement of Additional Information**

**dated October 1, 2022, each as supplemented or amended**

Scott Hanson no longer serves as portfolio manager of the Funds and has been replaced by Eric Silverthorne. The following changes to each Fund's summary prospectus, statutory prospectus and statement of additional information are effective immediately:

**<u>Summary Prospectus and Statutory Prospectus</u>**

The "Management" section of each Fund's summary section, except for ProShares MSCI Transformational Changes ETF (ANEW), ProShares Big Data Refiners ETF (DAT), ProShares Nanotechnology ETF (TINY), ProShares On-Demand ETF (OND), ProShares S&P Kensho Cleantech ETF (CTEX), ProShares S&P Kensho Smart Factories ETF (MAKX), ProShares Smart Materials ETF (TINT), and ProShares Supply Chain Logistics ETF (SUPL), is deleted in its entirety and replaced with the following:

The Fund is advised by ProShare Advisors. Alexander Ilyasov, Senior Portfolio Manager, and Eric Silverthorne, Portfolio Manager, have jointly and primarily managed the Fund since August 2020 and March 2023, respectively.

The "Management" section in the summary section for ProShares MSCI Transformational Changes ETF (ANEW) is deleted in its entirety and replaced with the following:

The Fund is advised by ProShare Advisors. Alexander Ilyasov, Senior Portfolio Manager, and Eric Silverthorne, Portfolio Manager, have jointly and primarily managed the Fund since October 2020 and March 2023, respectively.

The "Management" section in each summary section for ProShares Big Data Refiners ETF (DAT), ProShares Nanotechnology ETF (TINY), ProShares On-Demand ETF (OND), ProShares S&P Kensho Cleantech ETF (CTEX), ProShares S&P Kensho Smart Factories ETF (MAKX), ProShares Smart Materials ETF (TINT), is deleted in its entirety and replaced with the following:

The Fund is advised by ProShare Advisors. Alexander Ilyasov, Senior Portfolio Manager, and Eric Silverthorne, Portfolio Manager, have jointly and primarily managed the Fund since September 2021 and March 2023, respectively.

The "Management" section in the summary section for ProShares Supply Chain Logistics ETF (SUPL) is deleted in its entirety and replaced with the following:

The Fund is advised by ProShare Advisors. Alexander Ilyasov, Senior Portfolio Manager, and Eric Silverthorne, Portfolio Manager, have jointly and primarily managed the Fund since April 2022 and March 2023, respectively.

The paragraph containing Scott Hanson's biography in the "Portfolio Management" section of each Statutory Prospectus is deleted in its entirety and replaced with the following:

Eric Silverthorne, ProShare Advisors: Portfolio Manager since March 2023, Associate Portfolio

Manager from February 2021 to March 2023. ProFund Advisors: Portfolio Manager since March 2023, Associate Portfolio Manager from February 2021 to March 2023 and October 2008 to November 2008 and Portfolio Analyst from May 2007 to October 2008.

**<u>Statement of Additional Information</u>**

Information about Scott Hanson in the "Portfolio Manager Ownership" and "Other Accounts Managed by Portfolio Managers" tables in the "PORTFOLIO MANAGEMENT" section of the SAI is deleted in its entirety and replaced with the following, respectively:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name of Portfolio Manager** | &nbsp;&nbsp; **Name of Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Dollar Range of**<br>**Equity Securities in**<br>**the Funds Managed**<br>**by the Portfolio**<br>**Manager** | **Aggregate Dollar Range**<br>**of Equity Securities in**<br>**All Registered**<br>**Investment Companies**<br>**in the Fund Complex** |
| &nbsp;&nbsp; Eric Silverthorne |  | $0-$10000 | $0-$10000 |
|  | **Number of All** | **Number of All Other** |  |
|  | **Registered Investment** | **Pooled Investment** | **Number of All Other** |
|  | **Companies** | **Vehicles Managed/Total** | **Accounts Managed/Total** |
| &nbsp;&nbsp; **Name of Portfolio Manager** | **Managed/Total Assets** | **Assets** | **Assets** |
| &nbsp;&nbsp; Eric Silverthorne | 0/$0 | 0/$0 | &nbsp;&nbsp; 0/$0 |

---

For more information, please contact the Fund at 1-866-776-5152.

**Please retain this supplement for future reference.**

------

**PROSHARES TRUST**

**ProShares S&P Global Core Battery Metals ETF (ION)**

**(the "Fund")**

**Supplement dated March 16, 2023**

**to the Fund's Summary Prospectus, Statutory Prospectus and Statement of Additional Information**

**dated November 2, 2022, each as supplemented or amended**

Scott Hanson no longer serves as portfolio manager of the Fund and has been replaced by Eric Silverthorne. The following changes to the Fund's summary prospectus, statutory prospectus and statement of additional information are effective immediately:

**<u>Summary Prospectus and Statutory Prospectus</u>**

The "Management" section in the Fund's summary section is deleted in its entirety and replaced with the following:

The Fund is advised by ProShare Advisors. Alexander Ilyasov, Senior Portfolio Manager, and Eric Silverthorne, Portfolio Manager, have jointly and primarily managed the Fund since November 2022 and March 2023, respectively.

The paragraph containing Scott Hanson's biography in the "Portfolio Management" section of the Statutory Prospectus is deleted in its entirety and replaced with the following:

Eric Silverthorne, ProShare Advisors: Portfolio Manager since March 2023, Associate Portfolio

Manager from February 2021 to March 2023. ProFund Advisors: Portfolio Manager since March 2023, Associate Portfolio Manager from February 2021 to March 2023 and October 2008 to November 2008 and Portfolio Analyst from May 2007 to October 2008.

**<u>Statement of Additional Information</u>**

Information about Scott Hanson in the "Portfolio Manager Ownership" and "Other Accounts Managed by Portfolio Managers" tables in the "PORTFOLIO MANAGEMENT" section of the SAI is deleted in its entirety and replaced with the following, respectively:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name of Portfolio Manager** | &nbsp;&nbsp; **Name of Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Dollar Range of**<br>**Equity Securities in**<br>**the Funds Managed**<br>**by the Portfolio**<br>**Manager** | **Aggregate Dollar Range**<br>**of Equity Securities in**<br>**All Registered**<br>**Investment Companies**<br>**in the Fund Complex** |
| &nbsp;&nbsp; Eric Silverthorne |  | $0-$10000 | $0-$10000 |
|  | **Number of All** | **Number of All Other** |  |
|  | **Registered Investment** | **Pooled Investment** | **Number of All Other** |
|  | **Companies** | **Vehicles Managed/Total** | **Accounts Managed/Total** |
| &nbsp;&nbsp; **Name of Portfolio Manager** | **Managed/Total Assets** | **Assets** | **Assets** |
| &nbsp;&nbsp; Eric Silverthorne | 0/$0 | 0/$0 | &nbsp;&nbsp; 0/$0 |

---

For more information, please contact the Fund at 1-866-776-5152.

**Please retain this supplement for future reference.**

------