REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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PRE-EFFECTIVE AMENDMENT NO.
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POST-EFFECTIVE AMENDMENT NO. 404
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[X]
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AND/OR
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REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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AMENDMENT NO. 415
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[X]
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[X]
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immediately upon filing pursuant to paragraph (b) of Rule 485; or
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on ______________, pursuant to paragraph (b) of Rule 485; or
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60 days after filing pursuant to paragraph (a)(1) of Rule 485;
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on ______________ pursuant to paragraph (a)(1) of Rule 485; or
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75 days after filing pursuant to paragraph (a)(2) of Rule 485; or
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on ______________ pursuant to paragraph (a)(2) of Rule 485; or
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on ______________ pursuant to paragraph (a)(3) of Rule 485.
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This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
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INVESTMENT MANAGERS SERIES TRUST
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By:
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/s/ John P. Zader
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John P. Zader, President
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Signature
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Title
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†
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Ashley Toomey Rabun
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Trustee
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†
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William H. Young
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Trustee
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†
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Charles H. Miller
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Trustee
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/s/ John P. Zader
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John P. Zader
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Trustee and President
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†
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Eric M. Banhazl
/s/ Rita Dam
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Trustee and Vice President
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Rita Dam
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Treasurer and Principal Financial and Accounting Officer
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† By
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/s/Rita Dam
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Exhibit
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Exhibit No.
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XBRL Instance Document
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EX-101.INS
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XBRL Taxonomy Extension Schema Document
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EX-101.SCH
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XBRL Taxonomy Extension Calculation Linkbase
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EX-101.CAL
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XBRL Taxonomy Extension Definition Linkbase
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EX-101.DEF
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XBRL Taxonomy Extension Labels Linkbase
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EX-101.LAB
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XBRL Taxonomy Extension Presentation Linkbase
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EX-101.PRE
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Label | Element | Value | ||||||||||
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
Document Type | dei_DocumentType | 485BPOS | ||||||||||
Period End Date | dei_DocumentPeriodEndDate | Apr. 30, 2013 | ||||||||||
Registrant Name | dei_EntityRegistrantName | Investment Managers Series Trust | ||||||||||
CIK | dei_EntityCentralIndexKey | 0001318342 | ||||||||||
Amendment | dei_AmendmentFlag | false | ||||||||||
Creation Date | dei_DocumentCreationDate | Aug. 22, 2013 | ||||||||||
Effective Date | dei_DocumentEffectiveDate | Sep. 01, 2013 | ||||||||||
Prospectus Date | rr_ProspectusDate | Sep. 01, 2013 | ||||||||||
Liberty Street Horizon Fund
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
Risk/Return | rr_RiskReturnHeading | SUMMARY SECTION |
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Investment objective: | rr_ObjectiveHeading | Investment Objective |
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Investment objective | rr_ObjectivePrimaryTextBlock | The Liberty Street Horizon Fund (the “Fund”) seeks to achieve long-term growth of capital. |
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Fees and expenses of the fund: | rr_ExpenseHeading | Fees and Expenses of the Fund |
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Fees and expenses of the fund, narrative | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in A Shares of the Fund. More information about these fees and other discounts is available from your financial professional and in the section titled “Reduced Sales Charges – A Shares” on page 25 of the Prospectus. |
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Shareholder fees, caption | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment) |
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Annual fund operating expenses, heading | rr_OperatingExpensesCaption | Annual Fund Operating Expenses |
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Date Of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | 2014-08-31 | ||||||||||
Portfolio turnover, heading | rr_PortfolioTurnoverHeading | Portfolio Turnover |
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Portfolio turnover, narrative | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 4% of the average value of its portfolio. |
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Portfolio Turnover Rate | rr_PortfolioTurnoverRate | 4.00% | ||||||||||
Expense Breakpoint Discounts | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in A Shares of the Fund. | ||||||||||
Expense Breakpoint, Minimum Investment Required | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 50,000 | ||||||||||
Example, heading | rr_ExpenseExampleHeading | Example |
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Expense Example, Narrative | rr_ExpenseExampleNarrativeTextBlock | This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that all dividend and capital gains are reinvested, and that the Fund’s operating expenses (assuming fee waivers in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Expense Example, No Redemption, Narrative | rr_ExpenseExampleNoRedemptionNarrativeTextBlock | You would pay the following expenses if you did not redeem your shares: |
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Strategy, Heading | rr_StrategyHeading | Principal Investment Strategies |
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Strategy, Narrative | rr_StrategyNarrativeTextBlock | The Fund's sub-advisor is Horizon Asset Management LLC ("Horizon" or the "Sub-Advisor"). In order to best implement its investment philosophy Horizon may allocate assets of the Fund across the following strategies. A portion of the Fund's assets is managed using Horizon's Core Value strategy, which relies on Horizon’s in-house research to identify companies possessing under-appreciated business models, including businesses that tend to be relatively protected from severe price competition or technological obsolescence which, as a consequence, Horizon believes can sustain high returns on equity. Selections in Core Value include companies with a variety of market capitalizations as well as companies outside the United States, although typically, the majority of stocks held in Core Value tend to be larger U.S. companies. In addition, portions of the Fund's assets are managed using Horizon's Research Select and Spin-Off strategies. Research Select involves the selection of investments in the areas of catalyst driven and event driven opportunities, in distressed securities, in companies that Horizon believes have certain assets the true values of which are not fully reflected on their balance sheets, and in securities with pricing anomalies and other areas of inefficiency. The Spin-Off strategy seeks to identify inefficiencies in the pricing of companies that are at transitory points in their business cycles with a particular focus on corporate divestitures, carve-outs, and other forms of corporate restructurings. The Fund may also invest in specialty stocks that Horizon believes maintain the most favorable risk/reward characteristics.
The Fund pursues its investment objective by primarily investing in U.S. and foreign equity stocks. The Fund’s equity investments may include common stock, preferred stock, securities convertible into common stock, warrants, rights and other equity securities having the characteristics of common stock (such as depositary receipts). The Fund may invest in any size company, including small- and medium-sized companies, and may invest in companies which are financially distressed. In addition, under certain market conditions, the Fund may invest in companies at the time of their initial public offering (“IPO”). The Fund’s investments in foreign equity stocks may be in both developed and emerging markets.
The Fund may also invest up to 20% of its assets in fixed income securities with maturities typically between one year and ten years, which may include debt securities that are rated below investment grade, or unrated securities that Horizon deems to be of comparable quality. |
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Risk, Heading | rr_RiskHeading | Principal Risks of Investing |
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Risk, Narrative | rr_RiskNarrativeTextBlock | Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause you to lose part or all of your investment in the Fund.
• Management Risk: The Fund is subject to management risk because it is an actively managed portfolio. The Sub-Advisor applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.
• General Market Risk: An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.
• Small- and Medium-Sized Company Risk: The securities of small- or medium-sized companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger companies or the market averages in general.
• Distressed Securities Risk: Financially distressed securities involve considerable risk that can result in substantial or even total loss of the Fund’s investment. It is often difficult to obtain information as to the true condition of financially distressed securities. These securities are often subject to litigation among the participants in bankruptcy or reorganization proceedings.
• Foreign Investment Risk: The Fund's investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers. Adverse political, economic or social developments could undermine the value of the Fund's investments or prevent the Fund from realizing the full value of its investments.
• Emerging Markets Risk: The Fund’s investments in foreign issuers in developing or emerging market countries involve exposure to changes in economic and political factors. The economies of most emerging market countries are in the infancy stage of capital market development. As a result, their economic systems are still evolving and their political systems are typically less stable than those in developed economies. Emerging market countries often suffer from currency devaluation and higher rates of inflation.
• Interest Rate Risk: Changes in interest rates will affect the value of a Fund’s investments in fixed income securities and preferred stocks.
• Initial Public Offerings Risk: The Fund may purchase securities of companies in initial public offerings. Special risks associated with these securities may include limited numbers of shares available for trading, unseasoned trading, lack of investor knowledge of the companies and the companies’ limited operating histories. These factors may contribute to substantial price volatility for the shares of these companies.
• Lower-Rated Securities Risk: Debt securities rated below investment grade (often called “junk bonds”) generally have greater credit risk than higher-rated securities. Companies issuing high yield, fixed-income securities are less financially strong, are more likely to encounter financial difficulties and are more vulnerable to changes in the economy than those companies with higher credit ratings.
• Non-Diversification Risk: The Fund is non-diversified, which means the Fund may focus its investments in the securities of a comparatively small number of issuers. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers. |
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May Lose Money | rr_RiskLoseMoney | Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause you to lose part or all of your investment in the Fund. | ||||||||||
Risk, Nondiversified | rr_RiskNondiversifiedStatus | Non-Diversification Risk: The Fund is non-diversified, which means the Fund may focus its investments in the securities of a comparatively small number of issuers. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers. | ||||||||||
Bar Chart and Performance Table, Heading | rr_BarChartAndPerformanceTableHeading | Performance |
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Performance, Narrative | rr_PerformanceNarrativeTextBlock | The performance information provided below indicates some of the risks of investing in the Fund by comparing the Fund with the performance of a broad-based market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The predecessor to the Fund (the “Predecessor Fund”) commenced operations on May 4, 2007. Effective as of the close of business on October 9, 2009, the Predecessor Fund reorganized into the Fund. Performance results for the period prior to October 9, 2009, are for the Predecessor Fund. The bar chart shows performance of the Fund’s Institutional shares. Class A & C shares performance would be lower than the Institutional Class performance because of the higher expenses paid by Class A & C shares. Updated performance information is available on the Fund’s website at www.libertystreetfunds.com. |
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Performance, Information Illustrates Variability of Returns | rr_PerformanceInformationIllustratesVariabilityOfReturns | The performance information provided below indicates some of the risks of investing in the Fund by comparing the Fund with the performance of a broad-based market index. | ||||||||||
Performance, Availability at Web Site Address | rr_PerformanceAvailabilityWebSiteAddress | www.libertystreetfunds.com | ||||||||||
Performance, Past Does Not Indicate Future | rr_PerformancePastDoesNotIndicateFuture | The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. | ||||||||||
Bar Chart, Heading | rr_BarChartHeading | Annual Total Return for Institutional Shares For each calendar year at NAV |
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Bar Chart, Closing | rr_BarChartClosingTextBlock | The year-to-date total return for the Institutional Shares class as of June 30, 2013 was 20.08%.
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Year to Date Return, Label | rr_YearToDateReturnLabel | year-to-date total return | ||||||||||
Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2013 | ||||||||||
Year to Date Return | rr_BarChartYearToDateReturn | 20.08% | ||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Highest Calendar Quarter Return at NAV (non-annualized): | ||||||||||
Highest Quarterly Return Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2009 | ||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 24.53% | ||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Lowest Calendar Quarter Return at NAV (non-annualized): | ||||||||||
Lowest Quarterly Return Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2008 | ||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (29.16%) | ||||||||||
Performance Table: | rr_PerformanceTableHeading | Average Annual Total Returns (for the Periods Ended December 31, 2012) |
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Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | ||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after–tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | ||||||||||
One Class of After-Tax Shown | rr_PerformanceTableOneClassOfAfterTaxShown | This Fund is a multiple class fund that offers more than one class in this prospectus; after-tax returns are shown for Institutional Shares and after-tax returns for other classes will vary. | ||||||||||
Performance Table Closing | rr_PerformanceTableClosingTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after–tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. This Fund is a multiple class fund that offers more than one class in this prospectus; after-tax returns are shown for Institutional Shares and after-tax returns for other classes will vary. |
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Liberty Street Horizon Fund | S&P 500 Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 16.00% | ||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 1.66% | ||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 1.06% | ||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Jul. 11, 2007 | ||||||||||
Liberty Street Horizon Fund | A Shares
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
Trading Symbol | dei_TradingSymbol | LSHAX | ||||||||||
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 4.75% | [1] | |||||||||
Maximum deferred sales charge (load) (as a percentage of the lesser of original purchase or redemption proceeds) | rr_MaximumDeferredSalesChargeOverOfferingPrice | 1.00% | [2] | |||||||||
Wire fee | libertystreet_WireFee | 20.00 | ||||||||||
Overnight check delivery fee | libertystreet_CheckFee | 15.00 | ||||||||||
Retirement account fees (annual maintenance and full redemption requests) | rr_ShareholderFeeOther | 15.00 | ||||||||||
Management fees | rr_ManagementFeesOverAssets | 1.00% | ||||||||||
Distribution and/or service (Rule 12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.86% | ||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 2.11% | ||||||||||
Fee waiver and/or expense reimbursements | rr_FeeWaiverOrReimbursementOverAssets | (0.61%) | [3] | |||||||||
Total annual fund operating expenses after fee waiver and/or expense reimbursements | rr_NetExpensesOverAssets | 1.50% | [3] | |||||||||
Expense Example, 1 YEAR | rr_ExpenseExampleYear01 | 719 | ||||||||||
Expense Example, 3 YEARS | rr_ExpenseExampleYear03 | 1,049 | ||||||||||
Expense Example, 5 YEARS | rr_ExpenseExampleYear05 | 1,502 | ||||||||||
Expense Example, 10 YEARS | rr_ExpenseExampleYear10 | 2,755 | ||||||||||
Expense Example, No Redemption, 1 YEAR | rr_ExpenseExampleNoRedemptionYear01 | 619 | ||||||||||
Expense Example, No Redemption, 3 YEARS | rr_ExpenseExampleNoRedemptionYear03 | 1,049 | ||||||||||
Expense Example, No Redemption, 5 YEARS | rr_ExpenseExampleNoRedemptionYear05 | 1,502 | ||||||||||
Expense Example, No Redemption, 10 YEARS | rr_ExpenseExampleNoRedemptionYear10 | 2,755 | ||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 20.20% | ||||||||||
5 Years | rr_AverageAnnualReturnYear05 | (8.02%) | ||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | (5.11%) | ||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | May 04, 2007 | ||||||||||
Liberty Street Horizon Fund | C Shares
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
Trading Symbol | dei_TradingSymbol | LSHCX | ||||||||||
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||
Maximum deferred sales charge (load) (as a percentage of the lesser of original purchase or redemption proceeds) | rr_MaximumDeferredSalesChargeOverOfferingPrice | 0.75% | [4] | |||||||||
Wire fee | libertystreet_WireFee | 20.00 | ||||||||||
Overnight check delivery fee | libertystreet_CheckFee | 15.00 | ||||||||||
Retirement account fees (annual maintenance and full redemption requests) | rr_ShareholderFeeOther | 15.00 | ||||||||||
Management fees | rr_ManagementFeesOverAssets | 1.00% | ||||||||||
Distribution and/or service (Rule 12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 0.75% | ||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.86% | ||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 2.61% | ||||||||||
Fee waiver and/or expense reimbursements | rr_FeeWaiverOrReimbursementOverAssets | (0.61%) | [3] | |||||||||
Total annual fund operating expenses after fee waiver and/or expense reimbursements | rr_NetExpensesOverAssets | 2.00% | [3] | |||||||||
Expense Example, 1 YEAR | rr_ExpenseExampleYear01 | 280 | ||||||||||
Expense Example, 3 YEARS | rr_ExpenseExampleYear03 | 754 | ||||||||||
Expense Example, 5 YEARS | rr_ExpenseExampleYear05 | 1,331 | ||||||||||
Expense Example, 10 YEARS | rr_ExpenseExampleYear10 | 2,899 | ||||||||||
Expense Example, No Redemption, 1 YEAR | rr_ExpenseExampleNoRedemptionYear01 | 205 | ||||||||||
Expense Example, No Redemption, 3 YEARS | rr_ExpenseExampleNoRedemptionYear03 | 754 | ||||||||||
Expense Example, No Redemption, 5 YEARS | rr_ExpenseExampleNoRedemptionYear05 | 1,331 | ||||||||||
Expense Example, No Redemption, 10 YEARS | rr_ExpenseExampleNoRedemptionYear10 | 2,899 | ||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 24.69% | ||||||||||
5 Years | rr_AverageAnnualReturnYear05 | (7.61%) | ||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | (4.93%) | ||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | May 24, 2007 | ||||||||||
Liberty Street Horizon Fund | Institutional Shares
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
Trading Symbol | dei_TradingSymbol | LSHUX | ||||||||||
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||
Maximum deferred sales charge (load) (as a percentage of the lesser of original purchase or redemption proceeds) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none | ||||||||||
Wire fee | libertystreet_WireFee | 20.00 | ||||||||||
Overnight check delivery fee | libertystreet_CheckFee | 15.00 | ||||||||||
Retirement account fees (annual maintenance and full redemption requests) | rr_ShareholderFeeOther | 15.00 | ||||||||||
Management fees | rr_ManagementFeesOverAssets | 1.00% | ||||||||||
Distribution and/or service (Rule 12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.86% | ||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.86% | ||||||||||
Fee waiver and/or expense reimbursements | rr_FeeWaiverOrReimbursementOverAssets | (0.61%) | [3] | |||||||||
Total annual fund operating expenses after fee waiver and/or expense reimbursements | rr_NetExpensesOverAssets | 1.25% | [3] | |||||||||
Expense Example, 1 YEAR | rr_ExpenseExampleYear01 | 127 | ||||||||||
Expense Example, 3 YEARS | rr_ExpenseExampleYear03 | 526 | ||||||||||
Expense Example, 5 YEARS | rr_ExpenseExampleYear05 | 949 | ||||||||||
Expense Example, 10 YEARS | rr_ExpenseExampleYear10 | 2,130 | ||||||||||
Expense Example, No Redemption, 1 YEAR | rr_ExpenseExampleNoRedemptionYear01 | 127 | ||||||||||
Expense Example, No Redemption, 3 YEARS | rr_ExpenseExampleNoRedemptionYear03 | 526 | ||||||||||
Expense Example, No Redemption, 5 YEARS | rr_ExpenseExampleNoRedemptionYear05 | 949 | ||||||||||
Expense Example, No Redemption, 10 YEARS | rr_ExpenseExampleNoRedemptionYear10 | $ 2,130 | ||||||||||
2008 | rr_AnnualReturn2008 | (58.40%) | ||||||||||
2009 | rr_AnnualReturn2009 | 31.35% | ||||||||||
2010 | rr_AnnualReturn2010 | 16.49% | ||||||||||
2011 | rr_AnnualReturn2011 | (13.17%) | ||||||||||
2012 | rr_AnnualReturn2012 | 26.54% | ||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 26.54% | ||||||||||
5 Years | rr_AverageAnnualReturnYear05 | (6.90%) | ||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | (5.57%) | ||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Jul. 11, 2007 | ||||||||||
Liberty Street Horizon Fund | Institutional Shares | - Return After Taxes on Distributions
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 26.27% | ||||||||||
5 Years | rr_AverageAnnualReturnYear05 | (7.14%) | ||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | (5.80%) | ||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Jul. 11, 2007 | ||||||||||
Liberty Street Horizon Fund | Institutional Shares | - Return After Taxes on Distributions and Sale of Fund Shares
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 17.55% | ||||||||||
5 Years | rr_AverageAnnualReturnYear05 | (5.76%) | ||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | (4.66%) | ||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Jul. 11, 2007 | ||||||||||
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