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Dear Friends:

If you are a shareholder of the Dearborn Partners Rising Dividend Mutual Fund (the “Fund”), you have received a Proxy Ballot to vote on an upcoming ownership change at Dearborn Partners, L.L.C. (“Dearborn” or the “Adviser”). The Proxy ballots were mailed on July 28, with the shareholder meeting slated for September 15. Details of that transaction are below.

We recommend that shareholders vote FOR the proposal.

Beginning mid-August, a proxy solicitation firm will start calling all investors who have not yet voted. We encourage you to vote YES now so that you will not be bothered with those calls.

To see the complete Proxy Vote Materials, click here.

Details of the ownership transaction:

We are pleased to announce that current Class A partners Carol M. Lippman, CFA, Michael B. Andelman and Richard R. Seitz have agreed to acquire the majority ownership of Class A shares from Dearborn Partners LLC’s founding partners: George Jameson, Wayne Stevens, and the Jerome E. Hickey Trust, effective on January 1, 2018. This is an internal transaction, and there are no new owners joining Dearborn.

Carol Lippman and Mike Andelman are the Co-Portfolio Managers of the Fund. Mrs. Lippman joined the firm in 2011, and Mr. Andelman has been with Dearborn since 2004. Richard Seitz is a Managing Director at Dearborn and is in charge of marketing and sales of the firm’s investment products. Mr. Seitz has been with the firm since 2012.

The Adviser’s new ownership structure will not result in any significant changes for the shareholders of the Fund. However, under current law, change in ownership of the Adviser constitutes a change of control of the Adviser, which, upon the effective date of the change in ownership, will trigger an automatic termination of the existing investment advisory agreement between Dearborn and Trust for Professional Managers (the “Trust”), on behalf of the Fund. For Dearborn to continue as the investment adviser to the Fund, a new investment advisory agreement between Dearborn and the Trust, on behalf of the Fund must be approved by the Fund’s shareholders. Accordingly, you are asked to approve a new investment advisory agreement between Dearborn and the Trust, on behalf of the Fund to enable Dearborn to continue serving as the investment adviser to the Fund. Importantly, the proposed new advisory agreement will not result in any change in the Fund’s investment strategies. Additionally, the Fund’s existing investment team will continue to manage the Fund.

If you have any questions, please don’t hesitate to contact Katie Wolford at 312-795-5330 or kwolford@dearpart.com.

You may download a copy of our materials by clicking on the following links.

Fact Sheet
Regular Account Application
IRA Application
IRA Transfer Form
IRA Disclosure Statement

Statutory Prospectus
Summary Prospectus
Statement of Additional Information
Privacy Notice

Annual Report
Semiannual Report

Risk/Return Summary - XBRL Version

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Please refer to the prospectus for important information about the Fund including objectives, risks, charges, and expenses. Read and consider it carefully before investing. You may also obtain a hard copy of the prospectus by calling 888.983.3380.

Mutual fund investing involves risk. Principal loss is possible.

The Dearborn Partners Rising Dividend Fund is distributed by Quasar Distributors, LLC.