485BPOS 2011-10-31 0001236572 2012-09-28 SCHRODER GLOBAL SERIES TRUST false 2012-09-27 2012-09-28 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes for you <br />if your Fund shares are held in a taxable account. These costs, which are not <br />reflected in annual fund operating expenses or in the Example, affect the <br />Fund's performance. During the most recent fiscal year, the Fund's portfolio <br />turnover rate was 90% of the average value of its portfolio. The Fund commenced <br />investment activities on November 9, 2010, and the portfolio turnover rate is <br />not annualized.</tt> <div style="display:none">~ http://www.schroderfunds.com/role/ExpenseExample_S000029494Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.schroderfunds.com/role/BarChartData_S000029494Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks long-term capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund with <br />the costs of investing in other mutual funds. The Example assumes that you invest <br />$10,000 in the Fund for the time periods indicated, your investment has a 5% return <br />each year, and the Fund's operating expenses remain the same. Although your actual <br />costs may be higher or lower, the Example shows what your costs would be based on <br />these assumptions. The Example is based on the Net Annual Fund Operating Expenses <br />through February 28, 2014 and on Total Annual Fund Operating Expenses thereafter. <br />Returns in the table reflect the current redemption fee.</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund invests primarily in a diversified portfolio of equity and equity <br />related securities of companies located in a number of countries around the <br />world (including the United States) that the Fund's investment sub-adviser <br />considers to be high-quality companies.<br /> <br />The sub-adviser's Quantitative Equity Products ("QEP") team applies a proprietary <br />investment analysis that seeks to identify companies that the QEP team considers <br />to be high quality companies. The QEP team considers high quality companies to <br />have some or all of the following characteristics: profitability, stability, <br />financial strength, and management quality. The QEP team seeks to avoid companies <br />that it considers to have glamour stock attributes, such as high beta, volatility, <br />and excessive trading activity. The sub-adviser is not constrained by benchmark <br />weights when it constructs the Fund's portfolio. The Fund generally sells <br />securities when the Fund's sub-adviser believes they no longer have high quality <br />characteristics or to take advantage of other investments the Fund's sub-adviser <br />considers more attractive. The sub-adviser's process includes a careful evaluation <br />of a variety of risks that may affect the Fund's portfolio holdings. The <br />sub-adviser's investment process may result in frequent trading of the Fund's <br />portfolio securities.<br /> <br />The Fund may invest in common and preferred stocks, convertible securities and<br />warrants of companies of any size market capitalization, including large, well<br />known companies, as well as smaller, less closely followed companies, including<br />micro-cap companies. The Fund may invest in american depositary receipts (ADRs),<br />as well as global depositary receipts (GDRs), european depositary receipts<br />(EDRs) or other similar securities representing ownership of foreign securities.<br />The Fund may also invest in residential or commercial real estate investment<br />trusts (REITs), closed-end funds, open-end funds, or exchange-traded funds.<br />REITs may be listed on an exchange or unlisted. The Fund may use exchange-traded<br />or over-the-counter derivatives, including options, swap transactions, and<br />futures contracts, in order to gain long or short exposure to particular securities <br />or markets in connection with hedging transactions, for efficient portfolio <br />management or otherwise to enhance return. The Fund may, but is not required to, <br />enter into foreign currency exchange transactions, for hedging purposes or to <br />adjust the exposure of the Fund to changes in the values of various foreign <br />currencies.<br /> <br />The Fund may, from time to time, invest more than 25% of its assets in any one<br />country or group of countries and may invest in emerging market countries. (The<br />sub-adviser currently considers an issuer to be located in a country if it is<br />organized under the laws of and its equity securities are principally traded in<br />that country, or if it is domiciled or has its principal place of business in a<br />country and its equity securities are principally traded in that country, or if<br />the sub-adviser determines that the issuer has more than 50% of its assets in,<br />or derives more than 50% of its revenues from, that country.)</tt> Schroder Global Quality Fund (formerly, Schroder QEP Global Quality Fund) Example. After-tax returns are shown only for Institutional Shares and are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Objective: Past performance (before and after taxes) is not necessarily predictive of future performance. It is possible to lose money on an investment in the Fund. Principal Risks. Shareholder Fees (fees paid directly from your investment) Institutional Shares - Institutional Service Shares (whether or not shares are redeemed) In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 0.90 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their shares in the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Calendar Year Total Returns Calendar Year End (through 12/31) Performance Information. <tt>After-tax returns are shown only for Institutional Shares and are estimated using <br />the highest historical individual federal marginal income tax rates and do not <br />reflect the impact of state and local taxes. Actual after-tax returns depend on <br />an investor's tax situation and may differ from those shown. After-tax returns <br />are not relevant to investors who hold their shares in the Fund through<br />tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <br />In some cases, the return after taxes may exceed the return before taxes due to <br />an assumed tax benefit from any losses on a sale of Fund shares at the end of the <br />measurement period. After-tax returns for Institutional Service Shares will vary.<br /><br />Returns for Institutional Service Shares will vary from the returns for<br />Institutional Shares.</tt> The following bar chart and table provide some indication of the risks of investing in the Fund by showing its total return for one year and since inception and by comparing the Fund's average annual total returns with those of a broad-based market index. <tt>Highest and Lowest<br />Quarter Returns<br />(for periods shows in<br />the bar chart)<br /> <br />Highest&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Lowest&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />10/1/11 -&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;7/1/11 -&#xA0;&#xA0;&#xA0;&#xA0;<br />12/31/11&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;9/30/11&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />7.53 %&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;-16.79 %&#xA0;&#xA0;<br /> <br />Total return for the period 1/1/12 through 6/30/12 was 6.94%.</tt> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2011 Portfolio Turnover. <tt>It is possible to lose money on an investment in the Fund. The Fund will be <br />affected by the investment decisions, techniques, and risk analyses of the <br />Fund's investment team, and there is no guarantee that the Fund will achieve <br />its investment objective. The values of investments held by the Fund may<br />fluctuate in response to actual or perceived issuer, political, market, and<br />economic factors influencing the financial markets generally, or relevant<br />industries or sectors within them. Fluctuations may be more pronounced if the<br />Fund invests substantially in one country or group of countries or in companies <br />with smaller market capitalizations. Other principal risks of investing in the <br />Fund include:<br /> <br />&#x2022; Foreign Investment/Currencies Risk: investments in non-U.S. issuers, directly<br />or through use of depositary receipts, may be affected by adverse political,<br />regulatory, economic, market or other developments affecting issuers located in<br />foreign countries, currency exchange rates or regulations, or foreign<br />withholding taxes;<br /> <br />&#x2022; Emerging Markets Securities Risk: compared to foreign developed markets,<br />investing in emerging markets may involve heightened volatility, greater<br />political, regulatory, legal and economic uncertainties, less liquidity,<br />dependence on particular commodities or international aid, high levels of<br />inflation, and certain special risks associated with smaller capitalization<br />companies;<br /> <br />&#x2022; Equity Securities Risk: equity securities may react more strongly to changes<br />in overall market conditions, or to a particular issuer's financial condition or<br />prospects, than other securities of the same issuer or relative to other asset<br />classes; in a liquidation or bankruptcy, claims of bond owners take priority<br />over those of preferred stockholders, whose claims take priority over those of<br />common stockholders;<br /> <br />&#x2022; Convertible Securities Risk: debt securities that are convertible into<br />preferred or common stocks are subject to the risks of both debt and equity<br />securities;<br /> <br />&#x2022; Warrants Risk: warrants involve the market risk related to the underlying<br />securities, the counterparty risk with respect to the issuing broker, and risk<br />of illiquidity within the trading market for warrants;<br /> <br />&#x2022; Investments in Pooled Vehicles Risk: investing in another investment company<br />subjects the Fund to that company's risks, and, in general, to a pro rata<br />portion of that company's fees and expenses;<br /> <br />&#x2022; Derivatives Risk: investing in derivative instruments may be considered<br />speculative and involves leverage, liquidity, and valuation risks and the <br />risk of losing more than the principal amount invested;<br /> <br />&#x2022; Liquidity Risk: illiquid securities may be highly volatile, difficult to<br />value, and difficult to sell or close out at favorable prices or times. <br />Investments in foreign securities, including emerging market securities, <br />tend to have greater exposure to liquidity risk;<br /> <br />&#x2022; Valuation Risk: certain securities may be difficult to value, and to the<br />extent the Fund sells a security at a price lower than that used to value the<br />security, its net asset value will be adversely affected;<br /> <br />&#x2022; Small and Mid Cap Companies Risk: investments in securities issued by smaller<br />companies tend to be more vulnerable to adverse developments than larger companies, <br />and may present increased liquidity risk;<br /> <br />&#x2022; Geographic Focus Risk: to the extent that the Fund invests a substantial<br />amount of its assets in one country or group of countries, its performance may<br />at times be worse than the performance of other mutual funds that invest more<br />broadly;<br /> <br />&#x2022; Depositary Receipts Risk: investments in non-U.S. issuers through depositary<br />receipts and similar instruments may involve certain risks not applicable to<br />investing in U.S. issuers, including changes in currency rates, application of<br />local tax laws, changes in governmental administration or economic or monetary<br />policy or changed circumstances in dealings between nations;<br /> <br />&#x2022; REIT Risk: REITs involve risks similar to those associated with direct<br />ownership of real estate. The Fund bears its share of the expenses incurred <br />by REITs in which it invests;<br />&#xA0;&#xA0;<br />&#x2022; Over-the-Counter Risk: securities traded in over-the-counter markets may trade<br />less frequently and in limited volumes and thus exhibit more volatility, and the<br />prices paid by the Fund for such securities may include an undisclosed dealer<br />markup;<br /> <br />&#x2022; Management Risk: because the Fund is actively managed, the Fund's investment<br />return depends on the ability of its adviser and/or sub-adviser to manage its<br />portfolio successfully; and<br /> <br />&#x2022; Portfolio Turnover Risk: if the Fund frequently trades its securities, this<br />will increase transaction costs, may result in taxable capital gains, and may<br />lower investment performance.<br /> <br />Please see "Principal Risks of Investing in the Funds" in the Fund's full<br />prospectus for a more detailed description of the Fund's risks. An investment <br />in the Fund is not a deposit of a bank and is not insured or guaranteed by the<br />Federal Deposit Insurance Corporation or any other government agency.</tt> Fees and Expenses of the Fund: After-tax returns for Institutional Service Shares will vary. Returns for Institutional Service Shares will vary from the returns for Institutional Shares. Principal Investment Strategies. www.schroderfunds.com <tt>The following bar chart and table provide some indication of the risks of <br />investing in the Fund by showing its total return for one year and since <br />inception and by comparing the Fund's average annual total returns with <br />those of a broad-based market index. The bar chart and table only show the <br />performance of the Fund's Institutional Shares. The Fund's Institutional <br />Service Shares have not yet commenced operations and do not yet have a <br />calendar year of investment performance. Past performance (before and<br />after taxes) is not necessarily predictive of future performance. Visit<br />www.schroderfunds.com for more current performance information.</tt> <tt>This table describes the fees and expenses that you may pay if you <br />buy and hold shares of the Fund.</tt> <div style="display:none">~ http://www.schroderfunds.com/role/OperatingExpensesData_S000029494Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Institutional Shares - Institutional Service Shares (whether or not shares are redeemed) <div style="display:none">~ http://www.schroderfunds.com/role/PerformanceTableData_S000029494Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.schroderfunds.com/role/ExpenseExampleNoRedemption_S000029494Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.schroderfunds.com/role/ShareholderFeesData_S000029494Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> MSCI World (Net Dividends Reinvested) Index (reflects no deduction for fees, expenses or taxes) -0.0554 -0.0328 2010-11-09 Return After Taxes on Distributions and Sale of Fund Shares - Institutional Shares -0.0247 -0.0146 2010-11-09 Return After Taxes on Distributions - Institutional Shares -0.0473 -0.0203 2010-11-09 SQQJX 83 83 336 -0.0070 1678 -0.0200 687 0.0095 0.0055 2014-02-28 1678 336 687 0.00 0.0081 0.0151 0.0001 SQQIX Lowest Highest 2012-06-30 Return Before Taxes - Institutional Shares 73 2011-12-31 73 304 -0.1679 -0.0070 1566 -0.0200 634 0.0753 -0.0454 0.0085 0.0055 2014-02-28 2011-09-30 1566 304 634 Total return -0.0454 0.00 0.0071 0.0141 -0.0182 2010-11-09 0.0694 0.0001 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities <br />(or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher <br />transaction costs and may result in higher taxes for you if your Fund shares are held <br />in a taxable account. These costs, which are not reflected in annual fund operating <br />expenses or in the Example, affect the Fund's performance.</tt> <div style="display:none">~ http://www.schroderfunds.com/role/ExpenseExample_S000029493Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks long-term capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund <br />with the costs of investing in other mutual funds. The Example assumes that you <br />invest $10,000 in the Fund for the time periods indicated, your investment has <br />a 5% return each year, and the Fund's operating expenses remain the same. Although <br />your actual costs may be higher or lower, the Example shows what your costs would <br />be based on these assumptions. The Example is based on the Net Annual Fund Operating <br />Expenses through February 28, 2014 and on Total Annual Fund Operating Expenses <br />thereafter. Returns in the table reflect the current redemption fee.</tt> <tt>The Fund invests primarily in a diversified portfolio of equity and equity <br />related securities of companies located in a number of countries around the <br />world (including the United States), that the Fund's sub-adviser believes <br />present attractive valuations.<br /> <br />The sub-adviser's Quantitative Equity Products ("QEP") team applies a<br />proprietary investment analysis based on an evaluation of a number of valuation<br />metrics including those based on: dividends, cash-flow, earnings, sales and<br />asset-based measures. Geographic and sector allocations are principally the<br />result of this selection. The sub-adviser is not constrained by benchmark<br />weights when it constructs the Fund's portfolio. The Fund generally sells<br />securities when the sub-adviser believes they are fully priced or to take<br />advantage of other investments the Fund's sub-adviser considers more attractive.<br />The sub-adviser's process includes a careful evaluation of a variety of risks<br />that may affect the Fund's portfolio holdings. The sub-adviser's investment<br />process may result in frequent trading of the Fund's portfolio securities.<br /> <br />The Fund may invest in common and preferred stocks, convertible securities and<br />warrants of companies of any size market capitalization, including large, well<br />known companies, as well as smaller, less closely followed companies, including<br />micro-cap companies. The Fund may invest in american depositary receipts (ADRs),<br />as well as global depositary receipts (GDRs), european depositary receipts<br />(EDRs) or other similar securities representing ownership of foreign securities.<br />The Fund may also invest in residential or commercial real estate investment<br />trusts (REITs), closed-end funds, open-end funds, or exchange-traded funds.<br />REITs may be listed on an exchange or unlisted. The Fund may use exchange-traded<br />or over-the-counter derivatives, including options, swap transactions, and<br />futures contracts, in order to gain long or short exposure to particular<br />securities or markets in connection with hedging transactions, for efficient<br />portfolio management or otherwise to enhance return. The Fund may, but is not<br />required to, enter into foreign currency exchange transactions, for hedging<br />purposes or to adjust the exposure of the Fund to changes in the values of<br />various foreign currencies.<br /> <br />The Fund may, from time to time, invest more than 25% of its assets in any one<br />country or group of countries and may invest in emerging market countries. (The<br />sub-adviser currently considers an issuer to be located in a country if it is<br />organized under the laws of and its equity securities are principally traded in<br />that country, or if it is domiciled or has its principal place of business in a<br />country and its equity securities are principally traded in that country, or if<br />the sub-adviser determines that the issuer has more than 50% of its assets in,<br />or derives more than 50% of its revenues from, that country.)</tt> Schroder Global Value Fund (formerly, Schroder QEP Global Value Fund) Example. "Other Expenses" are based on estimated amounts for the current fiscal year. The Fund has not yet commenced operations and does not yet have a calendar year of investment performance. Investment Objective: It is possible to lose money on an investment in the Fund. Principal Risks. Shareholder Fees (fees paid directly from your investment) Institutional Shares - Institutional Service Shares (whether or not shares are redeemed) Performance Information. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. <tt>It is possible to lose money on an investment in the Fund. The Fund will be <br />affected by the investment decisions, techniques, and risk analyses of the <br />Fund's investment team, and there is no guarantee that the Fund will achieve <br />its investment objective. The values of investments held by the Fund may<br />fluctuate in response to actual or perceived issuer, political, market, and<br />economic factors influencing the financial markets generally, or relevant<br />industries or sectors within them. Fluctuations may be more pronounced if the<br />Fund invests substantially in one country or group of countries or in companies<br />with smaller market capitalizations. Other principal risks of investing in the<br />Fund include:<br /> <br />&#x2022; Foreign Investment/Currencies Risk: investments in non-U.S. issuers, directly<br />or through use of depositary receipts, may be affected by adverse political,<br />regulatory, economic, market or other developments affecting issuers located in<br />foreign countries, currency exchange rates or regulations, or foreign<br />withholding taxes;<br /><br />&#x2022; Emerging Markets Securities Risk: compared to foreign developed markets,<br />investing in emerging markets may involve heightened volatility, greater<br />political, regulatory, legal and economic uncertainties, less liquidity,<br />dependence on particular commodities or international aid, high levels of<br />inflation, and certain special risks associated with smaller capitalization<br />companies;<br /> <br />&#x2022; Equity Securities Risk: equity securities may react more strongly to changes<br />in overall market conditions, or to a particular issuer's financial condition or<br />prospects, than other securities of the same issuer or relative to other asset<br />classes; in a liquidation or bankruptcy, claims of bond owners take priority<br />over those of preferred stockholders, whose claims take priority over those of<br />common stockholders;<br /> <br />&#x2022; Convertible Securities Risk: debt securities that are convertible into<br />preferred or common stocks are subject to the risks of both debt and equity<br />securities;<br /> <br />&#x2022; Warrants Risk: warrants involve the market risk related to the underlying<br />securities, the counterparty risk with respect to the issuing broker, and risk<br />of illiquidity within the trading market for warrants;<br /> <br />&#x2022; Investments in Pooled Vehicles Risk: investing in another investment company<br />subjects the Fund to that company's risks, and, in general, to a pro rata<br />portion of that company's fees and expenses;<br /> <br />&#x2022; Derivatives Risk: investing in derivative instruments may be considered<br />speculative and involves leverage, liquidity, and valuation risks and the risk<br />of losing more than the principal amount invested;<br /> <br />&#x2022; Liquidity Risk: illiquid securities may be highly volatile, difficult to<br />value, and difficult to sell or close out at favorable prices or times.<br />Investments in foreign securities, including emerging market securities, tend <br />to have greater exposure to liquidity risk;<br /> <br />&#x2022; Valuation Risk: certain securities may be difficult to value, and to the<br />extent the Fund sells a security at a price lower than that used to value the<br />security, its net asset value will be adversely affected;<br /> <br />&#x2022; Small and Mid Cap Companies Risk: investments in securities issued by smaller<br />companies tend to be more vulnerable to adverse developments than larger<br />companies, and may present increased liquidity risk;<br /> <br />&#x2022; Geographic Focus Risk: to the extent that the Fund invests a substantial<br />amount of its assets in one country or group of countries, its performance may<br />at times be worse than the performance of other mutual funds that invest more<br />broadly;<br /> <br />&#x2022; Depositary Receipts Risk: investments in non-U.S. issuers through depositary<br />receipts and similar instruments may involve certain risks not applicable to<br />investing in U.S. issuers, including changes in currency rates, application of<br />local tax laws, changes in governmental administration or economic or monetary<br />policy or changed circumstances in dealings between nations;<br /> <br />&#x2022; REIT Risk: REITs involve risks similar to those associated with direct<br />ownership of real estate. The Fund bears its share of the expenses incurred by<br />REITs in which it invests;<br /> <br />&#x2022; Over-the-Counter Risk: securities traded in over-the-counter markets may trade<br />less frequently and in limited volumes and thus exhibit more volatility, and the<br />prices paid by the Fund for such securities may include an undisclosed dealer<br />markup;<br /> <br />&#x2022; Management Risk: because the Fund is actively managed, the Fund's investment<br />return depends on the ability of its adviser and/or sub-adviser to manage its<br />portfolio successfully; and<br /><br />&#x2022; Portfolio Turnover Risk: if the Fund frequently trades its securities, this<br />will increase transaction costs, may result in taxable capital gains, and may<br />lower investment performance.<br /> <br />Please see "Principal Risks of Investing in the Funds" in the Fund's full<br />prospectus for a more detailed description of the Fund's risks. An investment <br />in the Fund is not a deposit of a bank and is not insured or guaranteed by the<br />Federal Deposit Insurance Corporation or any other government agency.</tt> Fees and Expenses of the Fund: Principal Investment Strategies. <tt>The Fund has not yet commenced operations and does not<br />yet have a calendar year of investment performance.</tt> <tt>This table describes the fees and expenses that you may pay if you <br />buy and hold shares of the Fund.</tt> <div style="display:none">~ http://www.schroderfunds.com/role/OperatingExpensesData_S000029493Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Institutional Shares - Institutional Service Shares (whether or not shares are redeemed) An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.schroderfunds.com/role/ExpenseExampleNoRedemption_S000029493Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.schroderfunds.com/role/ShareholderFeesData_S000029493Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> SQVJX 82 82 333 -0.0070 -0.0200 0.0095 0.0055 2014-02-28 333 0.00 0.0080 0.0150 SQVIX 72 72 301 -0.0070 -0.0200 0.0085 0.0055 2014-02-28 301 0.00 0.0070 0.0140 0001236572 ck0001236572:SummaryS000029493Memberck0001236572:S000029493Memberck0001236572:C000090504Member 2012-09-28 2012-09-28 0001236572 ck0001236572:SummaryS000029493Memberck0001236572:S000029493Memberck0001236572:C000118028Member 2012-09-28 2012-09-28 0001236572 ck0001236572:SummaryS000029493Memberck0001236572:S000029493Member 2012-09-28 2012-09-28 0001236572 ck0001236572:SummaryS000029494Memberck0001236572:S000029494Memberck0001236572:C000090505Member 2012-09-28 2012-09-28 0001236572 ck0001236572:SummaryS000029494Memberck0001236572:S000029494Memberck0001236572:C000118029Member 2012-09-28 2012-09-28 0001236572 ck0001236572:SummaryS000029494Memberck0001236572:S000029494Memberrr:AfterTaxesOnDistributionsMemberck0001236572:C000090505Member 2012-09-28 2012-09-28 0001236572 ck0001236572:SummaryS000029494Memberck0001236572:S000029494Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0001236572:C000090505Member 2012-09-28 2012-09-28 0001236572 ck0001236572:SummaryS000029494Memberck0001236572:S000029494Memberck0001236572:RRINDEX00001Member 2012-09-28 2012-09-28 0001236572 ck0001236572:SummaryS000029494Memberck0001236572:S000029494Member 2012-09-28 2012-09-28 0001236572 2012-09-28 2012-09-28 pure iso4217:USD "Other Expenses" are based on estimated amounts for the current fiscal year. In order to limit the Fund's expenses, the Fund's adviser has contractually agreed through February 28, 2014 to pay or reimburse the Fund to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, other indirect acquired fund expenses, interest, taxes, extraordinary expenses, and, in respect of Institutional Service Shares, fees under the Shareholder Service Plan), for each class of the Fund's shares, exceed 0.70% of such class of shares' average daily net assets. If there are Acquired Fund Fees and Expenses, other indirect acquired fund expenses, interest, taxes, or extraordinary expenses, then the Net Annual Fund Operating Expenses of each class of shares of the Fund will be higher than shown. The expense limitation may only be terminated during its term by the Board of Trustees. In order to limit the Fund's expenses, the Fund's adviser has contractually agreed through February 28, 2014 to pay or reimburse the Fund to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, other indirect acquired fund expenses, interest, taxes, extraordinary expenses, and, in respect of Institutional Service Shares, fees under the Shareholder Service Plan), for each class of the Fund's shares, exceed 0.70% of such class of shares' average daily net assets. The expense limitation may only be terminated during its term by the Board of Trustees. "Net Annual Fund Operating Expenses" shown above include expenses incurred indirectly by the Fund (e.g., indirect Other Expenses and/or Acquired Fund Fees and Expenses), and thus may be higher than the Ratio of Expenses to Average Net Assets included in the "Financial Highlights" section of the full prospectus. If only the operating expenses of the Fund were included in Net Annual Fund Operating Expenses, and not the indirect expenses incurred by the Fund, the Net Annual Fund Operating Expenses of Institutional Shares would be 0.70% and of Institutional Service Shares would be 0.80%.