Mitchell Form 485BPOS

/s/ Carol J. Highsmith

February 25, 2013

Carol J. Highsmith, Vice President, Attorney in Fact

0001193125-13-072946.txt : 20130225 0001193125-13-072946.hdr.sgml : 20130225 20130225094542 ACCESSION NUMBER: 0001193125-13-072946 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130225 DATE AS OF CHANGE: 20130225 EFFECTIVENESS DATE: 20130225 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VALUED ADVISERS TRUST CENTRAL INDEX KEY: 0001437249 IRS NUMBER: 262762915 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-151672 FILM NUMBER: 13637265 BUSINESS ADDRESS: STREET 1: 2960 N MERIDIAN STREET STE 300 CITY: INDIANAPOLIS STATE: IN ZIP: 46208 BUSINESS PHONE: 317-917-7000 MAIL ADDRESS: STREET 1: 2960 N MERIDIAN STREET STE 300 CITY: INDIANAPOLIS STATE: IN ZIP: 46208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VALUED ADVISERS TRUST CENTRAL INDEX KEY: 0001437249 IRS NUMBER: 262762915 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22208 FILM NUMBER: 13637266 BUSINESS ADDRESS: STREET 1: 2960 N MERIDIAN STREET STE 300 CITY: INDIANAPOLIS STATE: IN ZIP: 46208 BUSINESS PHONE: 317-917-7000 MAIL ADDRESS: STREET 1: 2960 N MERIDIAN STREET STE 300 CITY: INDIANAPOLIS STATE: IN ZIP: 46208

0001437249 S000039642 Mitchell Capital All-Cap Growth Fund

C000122796 Mitchell Capital All-Cap Growth Fund MCAEX

485BPOS 1 d478503d485bpos.htm MITCHELL FORM 485BPOS Mitchell Form 485BPOS

Securities Act File No. 333-151672

Investment Company Act File No. 811-22208

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A


		REGISTRATION STATEMENT *UNDER* *THE SECURITIES ACT OF 1933*		x
		Pre-Effective Amendment No.		¨
		Post-Effective Amendment No. 102		x
		and/or
		REGISTRATION STATEMENT *UNDER* *THE INVESTMENT COMPANY ACT OF 1940*		x
		Amendment No. 103		x

VALUED ADVISERS TRUST

(Exact Name of Registrant as Specified in Charter)

2960 N. Meridian St., Suite 300, Indianapolis, Indiana 46208

(Address of Principal Executive Offices, Zip Code)

Registrant’s Telephone Number, including Area Code: (317) 917-7000

Capitol Services, Inc.

615 S. Dupont Hwy., Dover, Delaware 19901

(Name and Address of Agent for Service)

With Copies to:

John H. Lively

The Law Offices of John H. Lively & Associates, Inc.

A member firm of The 1940 Act Law Group

2041 W. 141^st Terrace, Suite 119

Leawood, KS 66224

It is proposed that this filing will become effective:

immediately upon filing pursuant to paragraph (b);

on (date) pursuant to paragraph (b);

60 days after filing pursuant to paragraph (a)(1);

on (date) pursuant to paragraph (a)(1);

75 days after filing pursuant to paragraph (a)(2); or

on (date) pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

EXPLANATORY NOTE

This Post-Effective Amendment No. 102 to the Trust’s Registration Statement on Form N-1A is filed for the sole purpose of submitting the XBRL exhibits for the risk/return summary first provided in Post-Effective Amendment No. 99 filed on February 1, 2013 and incorporates Parts A, B and C from said amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 (“Securities Act”) and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 102 to the Registrant’s Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Indianapolis, and State of Indiana on this 25th day of February, 2013.


VALUED ADVISERS TRUST

By:		*
		R. Jeffrey Young, President

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.


*		February 25, 2013
Dr. Merwyn Vanderlind, Trustee		Date

*		February 25, 2013
Ira Cohen, Trustee		Date

*		February 25, 2013
R. Jeffrey Young, President and Trustee		Date

/s/ Robert W. Silva		February 25, 2013
Robert W. Silva, Treasurer and Principal		Date
Financial Officer

INDEX TO EXHIBITS

(FOR REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AND THE

INVESTMENT COMPANY ACT OF 1940)


EXHIBIT NO. UNDER PART C OF FORM N-1A		NAME OF EXHIBIT

EX-101.ins		XBRL Instance Document

EX-101.sch		XBRL Taxonomy Extension Schema Document

EX-101.cal		XBRL Taxonomy Extension Calculation Linkbase Document

EX-101.lab		XBRL Taxonomy Extension Labels Linkbase

EX-101.pre		XBRL Taxonomy Extension Presentation Linkbase Document

EX-101.def		XBRL Taxonomy Extension Definition Linkbase

EX-101.INS 2 vat15-20130201.xml XBRL INSTANCE DOCUMENT 0001437249 vat15:S000039642Member 2012-02-02 2013-02-01 0001437249 2012-02-02 2013-02-01 0001437249 vat15:S000039642Member vat15:C000122796Member 2012-02-02 2013-02-01 pure iso4217:USD <div style="display:none">~ http://www.rooseveltmcf.com/role/ScheduleShareholderFeesMitchellCapitalAll-CapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.rooseveltmcf.com/role/ScheduleAnnualFundOperatingExpensesMitchellCapitalAll-CapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.rooseveltmcf.com/role/ScheduleExpenseExampleTransposedMitchellCapitalAll-CapGrowthFund column period compact * ~</div> 2013-02-01 2013-02-01 false 2013-02-01 485BPOS VALUED ADVISERS TRUST 0001437249 Investment Objective FUND SUMMARY MITCHELL CAPITAL ALL-CAP GROWTH FUND The Mitchell Capital All-Cap Growth Fund (the “Fund”) seeks capital appreciation. Fees and Expenses of the Fund The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0076 0.0151 -0.0052 0.0099 Expense Example: 101 426 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate 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 operating expenses or in the example above, affect the Fund’s performance. Principal Investment Strategies The Fund invests primarily in a portfolio of common stocks that Mitchell Capital Management Co. (the “Adviser”) believes have above average future growth potential relative to their peers. The Fund will invest primarily in U.S. companies without regard to market capitalization or industry segmentation. In selecting securities for the Fund’s portfolio, the Adviser follows a three-step process. First, the Adviser applies a proprietary screen to parse the universe of available equities down to what it considers to be a manageable list. This screen focuses on debt levels, rate of revenue and earnings growth, earnings stability and specific valuation measures. The Adviser will look at companies that are experiencing improvement in the rate of revenue and earnings growth. Second, the Adviser narrows the list of prospective companies by, among other things, reviewing financial statements, conducting interviews with company management and industry contacts and analyzing competitive advantages. The third step is building a consensus among the portfolio managers to make the decision to invest in the company. The portfolio managers consider the company and its industry growth rate, ability to defend the competitive advantage, diversification of the portfolio and valuation when building a consensus. Once the consensus is built, the portfolio managers determine the amount of the initial purchase. The Fund may also invest in foreign companies, including companies located in emerging market countries, either directly or through American Depositary Receipts (“ADRs”), which are receipts issued by U.S. banks for shares of a foreign corporation that entitle the holder to dividends and capital gains on the underlying security. ADRs are denominated in U.S. dollars, and trade on U.S. exchanges. The Adviser will normally seek to construct a diversified portfolio generally consisting of 25-50 securities positions. The Adviser may sell a security when it determines a company’s fundamentals are deteriorating, valuation exceeds historical ranges and when new opportunities are uncovered. Principal Risks The principal risks of investing in the Fund are summarized below. There may be circumstances that could prevent the Fund from achieving its investment goal and you may lose money by investing in the Fund. You should carefully consider the Fund’s investment risks before deciding whether to invest in the Fund. Stock Market Risk. Movements in the stock market may adversely affect the specific securities held by the Fund on a daily basis, and, as a result, such movements may negatively affect the Fund’s net asset value. Management Risk. The Fund’s ability to achieve its investment objective is dependent on the Adviser’s ability to identify profitable investment opportunities for the Fund. Growth Stock Risk. Investments in growth stocks may involve special risks and their prices may fluctuate more dramatically than the overall stock market. Risks of Small and Medium Capitalization Companies. The Fund invests in small and medium sized companies, which may be more volatile and subject to greater risk than larger companies. Smaller companies may have limited financial resources, product lines and markets, and their securities may trade less frequently and in more limited volumes than the securities of larger companies, which could lead to higher transaction costs. Foreign Securities Risk. There may be less information about foreign companies in the form of reports and ratings than about U.S. issuers. Foreign issuers may not be subject to uniform accounting, auditing and financial reporting requirements comparable to those applicable to U.S. issuers. Foreign markets may not be as developed or efficient as those in the United States, and there is generally less government supervision and regulation of securities exchanges, brokers and listed issuers than in the United States. Investments in foreign securities also subject the Fund to risks associated with fluctuations in currency values. Emerging Markets Risk. To the extent the Fund invests in issuers located in emerging markets, the foreign securities risk may be heightened. Sector Risk. Although the Adviser does not expect to concentrate the Fund’s investment in any particular sector, the Adviser may allocate more of the Fund’s investments to particular segments of the market. A particular market sector can be more volatile or underperform relative to the market as a whole. To the extent that the Fund has overweighted holdings within a particular sector, the Fund is subject to an increased risk that its investments in that particular sector may decline because of changing expectations for the performance of that sector. New Fund Risk. The Fund was recently formed. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences. In addition, the Adviser has not previously managed a mutual fund. Performance The Fund recently commenced operations and, as a result, does not have a full calendar year of performance history. Investors should be aware that past performance is not necessarily an indication of how the Fund will perform in the future. May 31, 2014 There may be circumstances that could prevent the Fund from achieving its investment goal and you may lose money by investing in the Fund. The Fund recently commenced operations and, as a result, does not have a full calendar year of performance history. Investors should be aware that past performance is not necessarily an indication of how the Fund will perform in the future. 2013-02-01 -15 Estimated for first year of operations. This Example is intended to help you compare the cost 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 and that the Fund’s operating expenses remain the same. Only the one year number shown below reflects the Adviser’s agreement to waive fees and/or reimburse Fund expenses. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Estimated for first year of operations. Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement reflect that the Adviser has contractually agreed to waive or limit its fees and to assume other expenses of the Fund until May 31, 2014, so that the Total Annual Fund Operating Expenses does not exceed 0.99%. This operating expenses limitation does not apply to brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short), taxes, 12b-1 fees; extraordinary expenses and indirect expenses (such as "acquired fund fees and expenses"). The Adviser may be entitled to the reimbursement of any fees waived or expenses reimbursed pursuant to the agreement provided overall expenses fall below the limitations set forth above. The Adviser may recoup the sum of all fees previously waived or expenses reimbursed during any of the previous three (3) years, less any reimbursement previously paid, provided total expenses do not exceed the limitation set forth above. This waiver can be terminated only by, or with the consent of, the Board of Trustees. 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Mitchell Capital All-Cap Growth Fund

FUND SUMMARY

MITCHELL CAPITAL ALL-CAP GROWTH FUND

Investment Objective

The Mitchell Capital All-Cap Growth Fund (the “Fund”) seeks capital appreciation.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees (USD $)

Mitchell Capital All-Cap Growth Fund

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none

Redemption Fee none

Fee for Redemptions Paid by Wire 15

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses

Mitchell Capital All-Cap Growth Fund

Management Fees 0.75%

Distribution [and/or Service] (12b-1) Fees none

Other Expenses ^[1] 0.76%

Total Annual Fund Operating Expenses 1.51%

Fee Waiver/Expense Reimbursement (0.52%)

Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement ^[2] 0.99%

[1] Estimated for first year of operations.

[2] Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement reflect that the Adviser has contractually agreed to waive or limit its fees and to assume other expenses of the Fund until May 31, 2014, so that the Total Annual Fund Operating Expenses does not exceed 0.99%. This operating expenses limitation does not apply to brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short), taxes, 12b-1 fees; extraordinary expenses and indirect expenses (such as "acquired fund fees and expenses"). The Adviser may be entitled to the reimbursement of any fees waived or expenses reimbursed pursuant to the agreement provided overall expenses fall below the limitations set forth above. The Adviser may recoup the sum of all fees previously waived or expenses reimbursed during any of the previous three (3) years, less any reimbursement previously paid, provided total expenses do not exceed the limitation set forth above. This waiver can be terminated only by, or with the consent of, the Board of Trustees.

Expense Example:

This Example is intended to help you compare the cost 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 and that the Fund’s operating expenses remain the same. Only the one year number shown below reflects the Adviser’s agreement to waive fees and/or reimburse Fund expenses. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)

One Year

Three Years

Mitchell Capital All-Cap Growth Fund
101 426

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate 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 operating expenses or in the example above, affect the Fund’s performance.

Principal Investment Strategies

The Fund invests primarily in a portfolio of common stocks that Mitchell Capital Management Co. (the “Adviser”) believes have above average future growth potential relative to their peers. The Fund will invest primarily in U.S. companies without regard to market capitalization or industry segmentation.

In selecting securities for the Fund’s portfolio, the Adviser follows a three-step process. First, the Adviser applies a proprietary screen to parse the universe of available equities down to what it considers to be a manageable list. This screen focuses on debt levels, rate of revenue and earnings growth, earnings stability and specific valuation measures. The Adviser will look at companies that are experiencing improvement in the rate of revenue and earnings growth. Second, the Adviser narrows the list of prospective companies by, among other things, reviewing financial statements, conducting interviews with company management and industry contacts and analyzing competitive advantages. The third step is building a consensus among the portfolio managers to make the decision to invest in the company. The portfolio managers consider the company and its industry growth rate, ability to defend the competitive advantage, diversification of the portfolio and valuation when building a consensus. Once the consensus is built, the portfolio managers determine the amount of the initial purchase.

The Fund may also invest in foreign companies, including companies located in emerging market countries, either directly or through American Depositary Receipts (“ADRs”), which are receipts issued by U.S. banks for shares of a foreign corporation that entitle the holder to dividends and capital gains on the underlying security. ADRs are denominated in U.S. dollars, and trade on U.S. exchanges.

The Adviser will normally seek to construct a diversified portfolio generally consisting of 25-50 securities positions.

The Adviser may sell a security when it determines a company’s fundamentals are deteriorating, valuation exceeds historical ranges and when new opportunities are uncovered.

Principal Risks

The principal risks of investing in the Fund are summarized below. There may be circumstances that could prevent the Fund from achieving its investment goal and you may lose money by investing in the Fund. You should carefully consider the Fund’s investment risks before deciding whether to invest in the Fund.

Stock Market Risk. Movements in the stock market may adversely affect the specific securities held by the Fund on a daily basis, and, as a result, such movements may negatively affect the Fund’s net asset value.

Management Risk. The Fund’s ability to achieve its investment objective is dependent on the Adviser’s ability to identify profitable investment opportunities for the Fund.

Growth Stock Risk. Investments in growth stocks may involve special risks and their prices may fluctuate more dramatically than the overall stock market.

Risks of Small and Medium Capitalization Companies. The Fund invests in small and medium sized companies, which may be more volatile and subject to greater risk than larger companies. Smaller companies may have limited financial resources, product lines and markets, and their securities may trade less frequently and in more limited volumes than the securities of larger companies, which could lead to higher transaction costs.

Foreign Securities Risk. There may be less information about foreign companies in the form of reports and ratings than about U.S. issuers. Foreign issuers may not be subject to uniform accounting, auditing and financial reporting requirements comparable to those applicable to U.S. issuers. Foreign markets may not be as developed or efficient as those in the United States, and there is generally less government supervision and regulation of securities exchanges, brokers and listed issuers than in the United States. Investments in foreign securities also subject the Fund to risks associated with fluctuations in currency values.

Emerging Markets Risk. To the extent the Fund invests in issuers located in emerging markets, the foreign securities risk may be heightened.

Sector Risk. Although the Adviser does not expect to concentrate the Fund’s investment in any particular sector, the Adviser may allocate more of the Fund’s investments to particular segments of the market. A particular market sector can be more volatile or underperform relative to the market as a whole. To the extent that the Fund has overweighted holdings within a particular sector, the Fund is subject to an increased risk that its investments in that particular sector may decline because of changing expectations for the performance of that sector.

New Fund Risk. The Fund was recently formed. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences. In addition, the Adviser has not previously managed a mutual fund.

Performance

The Fund recently commenced operations and, as a result, does not have a full calendar year of performance history. Investors should be aware that past performance is not necessarily an indication of how the Fund will perform in the future.

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Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover 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. 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.

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Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."

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Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).

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Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.

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Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.

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Label Element Value

Risk/Return: rr_RiskReturnAbstract

Registrant Name dei_EntityRegistrantName VALUED ADVISERS TRUST

Prospectus Date rr_ProspectusDate Feb. 01, 2013

Mitchell Capital All-Cap Growth Fund

Risk/Return: rr_RiskReturnAbstract

Risk/Return [Heading] rr_RiskReturnHeading FUND SUMMARY

MITCHELL CAPITAL ALL-CAP GROWTH FUND

Objective [Heading] rr_ObjectiveHeading Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Mitchell Capital All-Cap Growth Fund (the “Fund”) seeks capital appreciation.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination May 31, 2014

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover

Portfolio Turnover [Text Block] 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 rate 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 operating expenses or in the example above, affect the Fund’s performance.

Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Estimated for first year of operations.

Expense Example [Heading] rr_ExpenseExampleHeading Expense Example:

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost 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 and that the Fund’s operating expenses remain the same. Only the one year number shown below reflects the Adviser’s agreement to waive fees and/or reimburse Fund expenses. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests primarily in a portfolio of common stocks that Mitchell Capital Management Co. (the “Adviser”) believes have above average future growth potential relative to their peers. The Fund will invest primarily in U.S. companies without regard to market capitalization or industry segmentation.

In selecting securities for the Fund’s portfolio, the Adviser follows a three-step process. First, the Adviser applies a proprietary screen to parse the universe of available equities down to what it considers to be a manageable list. This screen focuses on debt levels, rate of revenue and earnings growth, earnings stability and specific valuation measures. The Adviser will look at companies that are experiencing improvement in the rate of revenue and earnings growth. Second, the Adviser narrows the list of prospective companies by, among other things, reviewing financial statements, conducting interviews with company management and industry contacts and analyzing competitive advantages. The third step is building a consensus among the portfolio managers to make the decision to invest in the company. The portfolio managers consider the company and its industry growth rate, ability to defend the competitive advantage, diversification of the portfolio and valuation when building a consensus. Once the consensus is built, the portfolio managers determine the amount of the initial purchase.

The Fund may also invest in foreign companies, including companies located in emerging market countries, either directly or through American Depositary Receipts (“ADRs”), which are receipts issued by U.S. banks for shares of a foreign corporation that entitle the holder to dividends and capital gains on the underlying security. ADRs are denominated in U.S. dollars, and trade on U.S. exchanges.

The Adviser will normally seek to construct a diversified portfolio generally consisting of 25-50 securities positions.

The Adviser may sell a security when it determines a company’s fundamentals are deteriorating, valuation exceeds historical ranges and when new opportunities are uncovered.

Risk [Heading] rr_RiskHeading Principal Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The principal risks of investing in the Fund are summarized below. There may be circumstances that could prevent the Fund from achieving its investment goal and you may lose money by investing in the Fund. You should carefully consider the Fund’s investment risks before deciding whether to invest in the Fund.

Stock Market Risk. Movements in the stock market may adversely affect the specific securities held by the Fund on a daily basis, and, as a result, such movements may negatively affect the Fund’s net asset value.

Management Risk. The Fund’s ability to achieve its investment objective is dependent on the Adviser’s ability to identify profitable investment opportunities for the Fund.

Growth Stock Risk. Investments in growth stocks may involve special risks and their prices may fluctuate more dramatically than the overall stock market.

Risks of Small and Medium Capitalization Companies. The Fund invests in small and medium sized companies, which may be more volatile and subject to greater risk than larger companies. Smaller companies may have limited financial resources, product lines and markets, and their securities may trade less frequently and in more limited volumes than the securities of larger companies, which could lead to higher transaction costs.

Foreign Securities Risk. There may be less information about foreign companies in the form of reports and ratings than about U.S. issuers. Foreign issuers may not be subject to uniform accounting, auditing and financial reporting requirements comparable to those applicable to U.S. issuers. Foreign markets may not be as developed or efficient as those in the United States, and there is generally less government supervision and regulation of securities exchanges, brokers and listed issuers than in the United States. Investments in foreign securities also subject the Fund to risks associated with fluctuations in currency values.

Emerging Markets Risk. To the extent the Fund invests in issuers located in emerging markets, the foreign securities risk may be heightened.

Sector Risk. Although the Adviser does not expect to concentrate the Fund’s investment in any particular sector, the Adviser may allocate more of the Fund’s investments to particular segments of the market. A particular market sector can be more volatile or underperform relative to the market as a whole. To the extent that the Fund has overweighted holdings within a particular sector, the Fund is subject to an increased risk that its investments in that particular sector may decline because of changing expectations for the performance of that sector.

New Fund Risk. The Fund was recently formed. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences. In addition, the Adviser has not previously managed a mutual fund.

Risk Lose Money [Text] rr_RiskLoseMoney There may be circumstances that could prevent the Fund from achieving its investment goal and you may lose money by investing in the Fund.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The Fund recently commenced operations and, as a result, does not have a full calendar year of performance history. Investors should be aware that past performance is not necessarily an indication of how the Fund will perform in the future.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The Fund recently commenced operations and, as a result, does not have a full calendar year of performance history.

Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Investors should be aware that past performance is not necessarily an indication of how the Fund will perform in the future.

Mitchell Capital All-Cap Growth Fund | Mitchell Capital All-Cap Growth Fund

Risk/Return: rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none

Redemption Fee rr_RedemptionFeeOverRedemption none

Fee for Redemptions Paid by Wire rr_RedemptionFee 15

Management Fees rr_ManagementFeesOverAssets 0.75%

Distribution [and/or Service] (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none

Other Expenses rr_OtherExpensesOverAssets 0.76% ^[1]

Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.51%

Fee Waiver/Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.52%)

Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 0.99% ^[2]

One Year rr_ExpenseExampleYear01 101

Three Years rr_ExpenseExampleYear03 426

[1] Estimated for first year of operations.

[2] Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement reflect that the Adviser has contractually agreed to waive or limit its fees and to assume other expenses of the Fund until May 31, 2014, so that the Total Annual Fund Operating Expenses does not exceed 0.99%. This operating expenses limitation does not apply to brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short), taxes, 12b-1 fees; extraordinary expenses and indirect expenses (such as "acquired fund fees and expenses"). The Adviser may be entitled to the reimbursement of any fees waived or expenses reimbursed pursuant to the agreement provided overall expenses fall below the limitations set forth above. The Adviser may recoup the sum of all fees previously waived or expenses reimbursed during any of the previous three (3) years, less any reimbursement previously paid, provided total expenses do not exceed the limitation set forth above. This waiver can be terminated only by, or with the consent of, the Board of Trustees.

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Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover 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. 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.

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