GemCom, LLC

0000910472-13-001164.txt : 20130328 0000910472-13-001164.hdr.sgml : 20130328 20130328160111 ACCESSION NUMBER: 0000910472-13-001164 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130328 DATE AS OF CHANGE: 20130328 EFFECTIVENESS DATE: 20130328 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Two Roads Shared Trust CENTRAL INDEX KEY: 0001552947 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-182417 FILM NUMBER: 13723981 BUSINESS ADDRESS: STREET 1: 4020 SOUTH 147TH STREET CITY: OMAHA STATE: NE ZIP: 68137 BUSINESS PHONE: 402-895-1600 MAIL ADDRESS: STREET 1: 4020 SOUTH 147TH STREET CITY: OMAHA STATE: NE ZIP: 68137 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Two Roads Shared Trust CENTRAL INDEX KEY: 0001552947 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22718 FILM NUMBER: 13723982 BUSINESS ADDRESS: STREET 1: 4020 SOUTH 147TH STREET CITY: OMAHA STATE: NE ZIP: 68137 BUSINESS PHONE: 402-895-1600 MAIL ADDRESS: STREET 1: 4020 SOUTH 147TH STREET CITY: OMAHA STATE: NE ZIP: 68137

0001552947 S000040050 Anfield Universal Fixed Income Fund

C000124329 Anfield Universal Fixed Income Fund Class A AFLEX

C000124330 Anfield Universal Fixed Income Fund Class A-1 AFLMX

C000124331 Anfield Universal Fixed Income Fund Class C AFLKX

C000124332 Anfield Universal Fixed Income Fund Class I AFLIX

C000124333 Anfield Universal Fixed Income Fund Class R AFLRX

0001552947 S000040051 Charioteer Mortgage Income Fund

C000124334 Charioteer Mortgage Income Fund Class R CHARX

C000124335 Charioteer Mortgage Income Fund Class A CHAAX

C000124336 Charioteer Mortgage Income Fund Class A-1 CHAEX

C000124337 Charioteer Mortgage Income Fund Class C CHACX

C000124338 Charioteer Mortgage Income Fund Class I CHAOX

485BPOS 1 f485bposxbrl.htm 485BPOS GemCom, LLC

Filed with the Securities and Exchange Commission on March 28, 2013

1933 Act Registration File No. 333-182417

1940 Act File No. 811-22718

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ X ]

[ ] Pre-Effective Amendment No.

[X] Post-Effective Amendment No. 8

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ X ]

[ X ] Amendment No. 11

(Check appropriate box or boxes.)

TWO ROADS SHARED TRUST

(Exact Name of Registrant as Specified in Charter)

17605 Wright Street, Suite 2

Omaha, NE 68130

(Address of Principal Executive Offices, including Zip Code)

Registrant’s Telephone Number, including Area Code:

402-895-1600

The Corporation Trust Company

1209 Orange Street

Wilmington, DE 19801

(Name and. Address of Agent for Service)

Copy to:

Aisha J. Hunt

Dechert LLP

One Maritime Plaza, Suite 2300

San Francisco, CA 94111

(415) 262-4594 (phone)

(415) 262-4555 (fax)

James Ash

Gemini Fund Services, LLC

450 Wireless Blvd.

Hauppauge, NY 11788

(631) 470-2619 (phone)

It is proposed that this filing will become effective (check appropriate box)

[X] immediately upon filing pursuant to paragraph (b)

[ ] on (date) pursuant to paragraph (b)

[ ] 60 days after filing pursuant to paragraph (a)(l)

[ ] on (date) pursuant to paragraph (a)(l)

[ ] 75 days after filing pursuant to paragraph (a)(l)

[ ] on (date) pursuant to paragraph (a)(2) of Rule 485.

[ ] as soon as practicable after the effective date of this registration statement

If appropriate, check the following box:

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

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment No. 8 to the Registration Statement pursuant to 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 8 to the Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Hauppauge, State of New York, on the 28th day of March, 2013.

Two Roads Shared Trust

By: ________________________

Andrew Rogers*

President and Principal Executive Officer

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


Signature	Title	Date
Mark D. Gersten*	_________________________ Trustee & Chairman	March 28, 2013
Mark Garbin*	_________________________ Trustee	March 28, 2013
Neil M. Kaufman*	_________________________ Trustee	March 28, 2013
Anita K. Krug*	_________________________ Trustee	March 28, 2013
Andrew Rogers*	_________________________ President and Principal Executive Officer	March 28, 2013
James Colantino*	_________________________ Treasurer and Principal Financial Officer	March 28, 2013

*By: /s/ James Ash

James Ash

Exhibit Index


EX-101.INS	XBRL Instance Document
EX-101.SCH	XBRL Taxonomy Extension Schema Document
EX-101.CAL	XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB	XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 2 trst-20130315.xml 0001552947 2013-03-15 2013-03-15 0001552947 trst:S000040050Member 2013-03-15 2013-03-15 0001552947 trst:S000040050Member trst:C000124329Member 2013-03-15 2013-03-15 0001552947 trst:S000040050Member trst:C000124330Member 2013-03-15 2013-03-15 0001552947 trst:S000040050Member trst:C000124331Member 2013-03-15 2013-03-15 0001552947 trst:S000040050Member trst:C000124332Member 2013-03-15 2013-03-15 0001552947 trst:S000040050Member trst:C000124333Member 2013-03-15 2013-03-15 0001552947 trst:S000040051Member 2013-03-15 2013-03-15 0001552947 trst:S000040051Member trst:C000124335Member 2013-03-15 2013-03-15 0001552947 trst:S000040051Member trst:C000124336Member 2013-03-15 2013-03-15 0001552947 trst:S000040051Member trst:C000124337Member 2013-03-15 2013-03-15 0001552947 trst:S000040051Member trst:C000124338Member 2013-03-15 2013-03-15 0001552947 trst:S000040051Member trst:C000124334Member 2013-03-15 2013-03-15 iso4217:USD xbrli:pure 485BPOS 2013-03-15 Two Roads Shared Trust 0001552947 false trst AFLEX AFLMX AFLKX AFLIX AFLRX CHAAX CHAEX CHACX CHAOX CHARX 2013-03-15 2013-03-15 2013-03-15 Anfield Universal Fixed Income Fund Charioteer Mortgage Income Fund Investment Objective: Investment Objective: The Anfield Universal Fixed Income Fund (the Fund) seeks current income. The Charioteer Mortgage Income Fund (the Fund) seeks current income and capital appreciation. Fees and Expenses of the Fund: Fees and Expenses of the Fund: 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 on purchases of Class A shares and Class A1 shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled How to Purchase Shares in the Funds Prospectus. 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 on purchases of Class A shares and Class A1 shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled How to Purchase Shares in the Funds Prospectus. Shareholders Fees (fees paid directly from your investment) Shareholders Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example: 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. 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 Funds operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: 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 Funds operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: Portfolio Turnover: 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 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 Funds performance. No portfolio turnover rate is provided for the Fund because the Fund has not completed its first fiscal year as of the date of this Prospectus. 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 Funds performance. No portfolio turnover rate is provided for the Fund because the Fund has not completed its first fiscal year as of the date of this Prospectus. Principal Investment Strategies: Principal Investment Strategies: Under normal circumstances, the Fund invests at least 80% of its net assets, including any borrowings for investment purposes, in a diversified portfolio of fixed income instruments. The Fund is not managed relative to an index and has broad flexibility to allocate its assets across different types of securities and sectors of the fixed income markets. The principal investments of the Fund include corporate bonds, U.S. government and agency securities, foreign sovereign bonds, convertible securities, bank loans, mortgage-backed securities, and cash equivalent instruments. The Fund may also invest in various types of derivatives, including futures , options, credit default swaps, total return swaps and repurchase agreements. The Fund may use derivatives as a substitute for making direct investments in underlying instruments, to reduce certain exposures or to hedge against market volatility and other risks.   The Fund may invest in fixed income instruments with fixed or adjustable (floating) rates. The Funds average duration is typically expected to be within a range of 4 to 10 years. Duration is frequently used as a measure of a bonds sensitivity to interest rates. The longer the duration, the more sensitive a bond, or a portfolio of fixed income instruments, will be to changes in interest rates. By way of example, the price of a bond fund with an average duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point.   The Fund may invest in both investment grade and below investment grade (often referred to as high yield or junk bonds) securities, subject to a maximum of up to 30% of the Funds assets in below investment grade securities. The Fund will typically invest a substantial portion of the Funds investments in securities of issuers with a range of credit ratings that Anfield Capital Management, LLC (Anfield or Sub-Adviser), the Funds sub-adviser, determines to have stable or improving fundamentals. Securities of these issuers include secured bank loans and below investment grade bonds. The Sub-Adviser may also engage in short sales when it believes a security is overvalued in the market. The Fund may invest without limit in U.S. and non-U.S. dollar-denominated securities of U.S. and foreign issuers, including issuers located in emerging market countries.   Although the Fund normally does not engage in any direct borrowing, leverage is inherent in the derivatives it trades. Leverage magnifies exposure to the swings in prices of the reference asset underlying a derivative and results in increased volatility, which means the Fund will generally have the potential for greater gains, as well as the potential for greater losses, than a fund that does not use derivatives.   Anfields investment process includes both a top-down macroeconomic analysis and a bottom-up analysis of individual securities. In its evaluation of a potential investment, Anfield conducts a fundamental analysis of the individual issuer, reviews the valuation of the security and the relative valuations of similar securities, and analyzes the supply and demand for the security in the market. Anfield seeks to identify companies in stable and growing sectors of the economy that generate sufficient revenue to meet their debt obligations. Anfield will sell a portfolio holding when it no longer meets Anfields investment criteria or when a more attractive investment is available.   The Fund may engage in active and frequent trading. Under normal circumstances, the Fund invests at least 80% of its assets in a diversified portfolio of mortgage-related instruments. The mortgage-related instruments in which the Fund invests include mortgage-backed securities (MBS), including both agency (i.e., government or government agency issued) and non-agency (i.e., privately issued) residential mortgage-backed securities (RMBS), collateralized debt obligations (CDOs), commercial mortgage-backed securities (CMBS), collateralized loan obligations (CLOs), related credit derivatives, residential mortgage loans and other mortgage and real estate related fixed income instruments. A significant portion of the Funds assets is expected to be invested in non-agency RMBS. The Fund may also invest in various types of derivatives, including futures, options, and structured products. The Fund may use derivatives as a substitute for making direct investments in underlying instruments, to reduce certain exposures or to hedge against market volatility and other risks.   Compared with agency RMBS, the property and loans underlying non-agency RMBS typically have greater variation, are less standardized and may include loans made to borrowers with lower or impaired credit ratings. Although the Funds non-agency RMBS investments will generally be in RMBS that hold loans made to more creditworthy borrowers, including prime and Alt-A RMBS, the Fund may invest in RMBS that hold loans made to subprime borrowers. The Fund may invest, without limitation, in fixed income securities rated investment grade or below investment grade (often referred to as high yield or junk bonds). The Fund may also invest in securities that are not rated. The Fund typically invests in U.S. dollar-denominated securities, although the Fund may invest in non-U.S. dollar-denominated securities and securities issued by foreign issuers.   Although the Fund normally does not engage in any direct borrowing, leverage is inherent in the derivatives it may trade. Leverage magnifies exposure to the swings in prices of the reference asset underlying a derivative and results in increased volatility, which means the Fund will generally have the potential for greater gains, as well as the potential for greater losses, than a fund that does not use derivatives.   Auriga Capital Management, LLC (Auriga or Sub-Adviser) the Funds sub-adviser, seeks to generate returns primarily through security selection in mortgage credit markets. Principal Investment Risks: Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio. Many factors affect the Funds net asset value and performance. Active Trading Risk. A higher portfolio turnover due to active and frequent trading will result in higher transactional and brokerage costs. Bank Loan Risk. The Funds investments in secured and unsecured participations in bank loans and assignments of such loans may create substantial risk. In making investments in such loans, which are made by banks or other financial intermediaries to borrowers, the Fund will depend primarily upon the creditworthiness of the borrower for payment of principal and interest. Counterparty Credit Risk. The stability and liquidity of many derivative transactions depends in large part on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore, there is a risk that a counterparty could become the subject of insolvency proceedings, and that the recovery of securities and other assets from such counterparty will be delayed or be of a value less than the value of the securities or assets originally entrusted to such counterparty. Credit Risk. The risk that the Fund could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligations. Currency Risk. The risk that foreign currencies will decline in value relative to the U.S. dollar and adversely affect the value of the Funds investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies. Derivatives Risk. The derivative instruments in which the Fund may invest, including futures, options, credit default swaps, total return swaps, repurchase agreements and other similar instruments, may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager. Emerging Markets Risk. The risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk. Fixed Income Risk. When the Fund invests in fixed income securities or derivatives, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Funds share price and total return to be reduced and fluctuate more than other types of investments. Foreign (Non-U.S.) Investment Risk. Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers. Futures Contract Risk. Futures contracts are subject to the same risks as the underlying investments that they represent, but also may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying investments. Investments in futures contracts involve additional costs, may be more volatile than other investments and may involve a small initial investment relative to the risk assumed. If the Sub-Adviser incorrectly forecasts the value of investments in using a futures contract, the Fund might have been in a better position if the Fund had not entered into the contract. Because the futures utilized by the Fund are standardized and exchange traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures). High Yield Risk. Investment in or exposure to high yield (lower rated) debt instruments (also known as junk bonds) may involve greater levels of interest rate, credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments are considered predominantly speculative with respect to the issuers continuing ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes than higher rated debt instruments. Index Risk. If a derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. Issuer-Specific Risk. The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole. Leveraging Risk. The use of leverage, such as that embedded in options, will magnify the Funds gains or losses. Limited History of Operations. The Fund has a limited history of operation. In addition, the Sub-Adviser has not previously managed a mutual fund. Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. In the past, in stressed markets, certain types of mortgage-backed securities suffered periods of illiquidity if disfavored by the market. Management Risk. The risk that investment strategies employed by the Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies . Market Risk. Overall equity market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Funds investments goes down, your investment in the Fund decreases in value and you could lose money. Mortgage-Backed and Asset-Backed Securities Risk. The risk of investing in mortgage-backed and other asset-backed securities, including prepayment risk, extension risk, interest rate risk, market risk and management risk. Regulatory Risk. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund. For example, the U.S. Commodity Futures Trading Commission (CFTC) or SEC may issue regulations that, upon effectiveness, subject activities of mutual funds trading certain derivative instruments to additional regulation, which could increase the operating expenses of the Fund and impair the Funds ability to achieve its investment objective. Short Sales Risk. The risk on a short sale is the risk of loss if the value of a security sold short increases prior to the delivery date, since the Fund must pay more for the security than it received from the purchaser in the short sale. Therefore, the risk of loss may be unlimited. U.S. Government Securities Risk. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government. As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio. Many factors affect the Funds net asset value and performance. Concentration Risk. The risk resulting from maintaining exposure to the performance of the residential and commercial mortgages held in the mortgage-backed securities in which the Fund will principally invest, primarily increased mortgage-backed and asset-backed securities risk. Counterparty Credit Risk. The stability and liquidity of many derivative transactions depends in large part on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore, there is a risk that a counterparty could become the subject of insolvency proceedings, and that the recovery of securities and other assets from such counterparty will be delayed or be of a value less than the value of the securities or assets originally entrusted to such counterparty. Credit Risk. The risk that the Fund could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligations. Derivatives Risk. The derivative instruments in which the Fund may invest , including futures, options, structured products and other similar instruments, may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager. Fixed Income Risk. When the Fund invests in fixed income securities or derivatives, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Funds share price and total return to be reduced and fluctuate more than other types of investments. Foreign (Non-U.S.) Investment Risk. Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers. Futures Contract Risk. Futures contracts are subject to the same risks as the underlying investments that they represent, but also may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying investments. Investments in futures contracts involve additional costs, may be more volatile than other investments and may involve a small initial investment relative to the risk assumed. If the Sub-Adviser incorrectly forecasts the value of investments in using a futures contract, the Fund might have been in a better position if the Fund had not entered into the contract. Because the futures utilized by the Fund are standardized and exchange traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures). High Yield Risk. Investment in or exposure to high yield (lower rated) debt instruments (also known as junk bonds) may involve greater levels of interest rate, credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments are considered predominantly speculative with respect to the issuers continuing ability to make principal and interest payments and, therefore, such instruments generally involvegreater risk of default or price changes than higher rated debt instruments. Index Risk. If a derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. Issuer-Specific Risk. The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole. Leveraging Risk. The use of leverage, such as that embedded in options, will magnify the Funds gains or losses. Limited History of Operations. The Fund has a limited history of operation. In addition, the Adviser has not previously managed a mutual fund. Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. In the past, in stressed markets, certain types of mortgage-backed securities suffered periods of illiquidity if disfavored by the market. Management Risk. The risk that investment strategies employed by the Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies . Market Risk. Overall equity market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Funds investments goes down, your investment in the Fund decreases in value and you could lose money. Mortgage-Backed and Asset-Backed Securities Risk. The risk of investing in mortgage-backed and other asset-backed securities, including prepayment and extension risk, interest rate risk, market risk, liquidity risk and management risk. Mortgage-backed and asset-backed securities are particularly susceptible to prepayment risk and extension risk. If interest rates fall, the underlying debt may be repaid early, and the Fund may have to reinvest its assets in securities that have a lower yield. On the other hand, if interest rates rise, the duration of the mortgage-backed and asset-backed securities may be extended, making them more sensitive to changes in interest rates. Furthermore, fewer prepayments may be made, which would cause the average bond maturity to rise, increasing the potential for the Fund to lose money. The value of mortgage-backed and asset-backed securities may be considerably affected by changes in interest rates, the markets perception of issuers, declines in the value of collateral, and the creditworthiness of the parties involved. Regulatory Risk. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund. For example, the U.S. Commodity Futures Trading Commission (CFTC) or SEC may issue regulations that, upon effectiveness, subject activities of mutual funds trading certain derivative instruments to additional regulation, which could increase the operating expenses of the Fund and impair the Funds ability to achieve its investment objective. U.S. Government Securities Risk. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government. Performance: Performance: Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. Updated performance information will be available at no cost by visiting www.AnfieldFunds.com or by calling 1-866-851-2525. Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. Updated performance information will be available at no cost by visiting www.CharioteerFunds.com or by calling 1-866-851-2525. 0.0575 0.0575 0.0000 0.0000 0.0000 0.0575 0.0575 0.0000 0.0000 0.0000 0.0100 0.0100 0.0100 0.0000 0.0000 0.0100 0.0100 0.0100 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 <div style="display: none">~ http://tworoadssharedtrust.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact trst_S000040050Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://tworoadssharedtrust.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact trst_S000040051Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0.0115 0.0115 0.0115 0.0115 0.0115 0.0150 0.0150 0.0150 0.0150 0.0150 0.0025 0.0040 0.0100 0.0000 0.0050 0.0025 0.0040 0.0100 0.0000 0.0050 0.0105 0.0105 0.0105 0.0105 0.0105 0.0105 0.0105 0.0105 0.0105 0.0105 0.0245 0.0260 0.0320 0.0220 0.0270 0.0280 0.0295 0.0355 0.0255 0.0305 -0.0055 -0.0055 -0.0055 -0.0055 -0.0055 -0.0055 -0.0055 -0.0055 -0.0055 -0.0055 0.0190 0.0205 0.0265 0.0165 0.0215 0.0225 0.0240 0.0300 0.0200 0.0250 <div style="display: none">~ http://tworoadssharedtrust.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact trst_S000040050Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://tworoadssharedtrust.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact trst_S000040051Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 757 771 268 168 218 790 804 303 203 253 1245 1288 935 635 786 1344 1386 1038 741 891 <div style="display: none">~ http://tworoadssharedtrust.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact trst_S000040050Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://tworoadssharedtrust.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact trst_S000040051Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You may qualify for sales charge discounts on purchases of Class A shares and Class A1 shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. You may qualify for sales charge discounts on purchases of Class A shares and Class A1 shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. You may qualify for sales charge discounts on purchases of Class A shares and Class A1 shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. You may qualify for sales charge discounts on purchases of Class A shares and Class A1 shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. 25000 25000 25000 25000 Expenses are based on estimated amounts for the current fiscal year. Expenses are based on estimated amounts for the current fiscal year. 2014-03-15 2014-03-15 As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Under normal circumstances, the Fund invests at least 80% of its net assets, including any borrowings for investment purposes, in a diversified portfolio of fixed income instruments. Under normal circumstances, the Fund invests at least 80% of its assets in a diversified portfolio of mortgage-related instruments. Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. 1-866-851-2525 1-866-851-2525 www.AnfieldFunds.com www.CharioteerFunds.com Expenses are based on estimated amounts for the current fiscal year. The Funds Adviser and Sub-Adviser have contractually agreed to reduce the Funds fees and/or absorb expenses of the Fund until at least March 15, 2014 to ensure that total annual Fund operating expenses after fee waiver and reimbursement (exclusive of any taxes, short selling expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) will not exceed 1.90%, 2.05%, 2.65%, 1.65% and 2.15% of average daily net assets attributable to Class A, Class A1, Class C, Class I and Class R shares, respectively. This agreement may be terminated by the Funds Board of Trustees on 60 days written notice to the Adviser and Sub-Adviser. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. The Funds Sub-Adviser has contractually agreed to absorb expenses of the Fund until at least March 15, 2014 to ensure that total annual Fund operating expenses after reimbursement (exclusive of any taxes, short selling expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) will not exceed 2.25%, 2.40%, 3.00%, 2.00% and 2.50% of average daily net assets attributable to Class A, Class A1, Class C, Class I and Class R shares, respectively. This agreement may be terminated by the Funds Board of Trustees on 60 days written notice to the Sub-Adviser. These expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been reimbursed) if such recoupment can be achieved within the foregoing expense limits. 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Anfield Universal Fixed Income Fund

Anfield Universal Fixed Income Fund

Investment Objective:

The Anfield Universal Fixed Income Fund (the “Fund”) seeks current income.

Fees and Expenses of the Fund:

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 on purchases of Class A shares and Class A1 shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled How to Purchase Shares in the Fund’s Prospectus.

Shareholders Fees (fees paid directly from your investment)

Shareholder Fees Anfield Universal Fixed Income Fund

Anfield Universal Fixed Income Fund Class A

Anfield Universal Fixed Income Fund Class A1

Anfield Universal Fixed Income Fund Class C

Anfield Universal Fixed Income Fund Class I

Anfield Universal Fixed Income Fund Class R

Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) 5.75% 5.75% none none none

Maximum Deferred Sales Charge (Load) (as a % of original purchase price) 1.00% 1.00% 1.00% none none

Maximum Sales Charge (Load) Imposed On Reinvested Dividends and other Distributions none none none none none

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

Annual Fund Operating Expenses Anfield Universal Fixed Income Fund

Anfield Universal Fixed Income Fund Class A

Anfield Universal Fixed Income Fund Class A1

Anfield Universal Fixed Income Fund Class C

Anfield Universal Fixed Income Fund Class I

Anfield Universal Fixed Income Fund Class R

Management Fees 1.15% 1.15% 1.15% 1.15% 1.15%

Distribution and Service (12b-1) Fees 0.25% 0.40% 1.00% none 0.50%

Other Expenses ^[1] 1.05% 1.05% 1.05% 1.05% 1.05%

Total Annual Fund Operating Expenses 2.45% 2.60% 3.20% 2.20% 2.70%

Expense Waiver (0.55%) (0.55%) (0.55%) (0.55%) (0.55%)

Total Annual Fund Operating Expenses After Expense Waiver ^[2] 1.90% 2.05% 2.65% 1.65% 2.15%

[1] Expenses are based on estimated amounts for the current fiscal year.

[2] The Funds Adviser and Sub-Adviser have contractually agreed to reduce the Funds fees and/or absorb expenses of the Fund until at least March 15, 2014 to ensure that total annual Fund operating expenses after fee waiver and reimbursement (exclusive of any taxes, short selling expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) will not exceed 1.90%, 2.05%, 2.65%, 1.65% and 2.15% of average daily net assets attributable to Class A, Class A1, Class C, Class I and Class R shares, respectively. This agreement may be terminated by the Funds Board of Trustees on 60 days written notice to the Adviser and Sub-Adviser. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.

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. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example Anfield Universal Fixed Income Fund (USD $)

1 Year

3 Years

Anfield Universal Fixed Income Fund Class A
757 1,245

Anfield Universal Fixed Income Fund Class A1
771 1,288

Anfield Universal Fixed Income Fund Class C
268 935

Anfield Universal Fixed Income Fund Class I
168 635

Anfield Universal Fixed Income Fund Class R
218 786

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 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. No portfolio turnover rate is provided for the Fund because the Fund has not completed its first fiscal year as of the date of this Prospectus.

Principal Investment Strategies:

Under normal circumstances, the Fund invests at least 80% of its net assets, including any borrowings for investment purposes, in a diversified portfolio of fixed income instruments. The Fund is not managed relative to an index and has broad flexibility to allocate its assets across different types of securities and sectors of the fixed income markets. The principal investments of the Fund include corporate bonds, U.S. government and agency securities, foreign sovereign bonds, convertible securities, bank loans, mortgage-backed securities, and cash equivalent instruments. The Fund may also invest in various types of derivatives, including futures , options, credit default swaps, total return swaps and repurchase agreements. The Fund may use derivatives as a substitute for making direct investments in underlying instruments, to reduce certain exposures or to “hedge” against market volatility and other risks.

The Fund may invest in fixed income instruments with fixed or adjustable (floating) rates. The Fund’s average duration is typically expected to be within a range of 4 to 10 years. Duration is frequently used as a measure of a bond’s sensitivity to interest rates. The longer the duration, the more sensitive a bond, or a portfolio of fixed income instruments, will be to changes in interest rates. By way of example, the price of a bond fund with an average duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point.

The Fund may invest in both investment grade and below investment grade (often referred to as “high yield” or “junk” bonds) securities, subject to a maximum of up to 30% of the Fund’s assets in below investment grade securities. The Fund will typically invest a substantial portion of the Fund’s investments in securities of issuers with a range of credit ratings that Anfield Capital Management, LLC (“Anfield” or “Sub-Adviser”), the Fund’s sub-adviser, determines to have stable or improving fundamentals. Securities of these issuers include secured bank loans and below investment grade bonds. The Sub-Adviser may also engage in short sales when it believes a security is overvalued in the market. The Fund may invest without limit in U.S. and non-U.S. dollar-denominated securities of U.S. and foreign issuers, including issuers located in emerging market countries.

Although the Fund normally does not engage in any direct borrowing, leverage is inherent in the derivatives it trades. Leverage magnifies exposure to the swings in prices of the reference asset underlying a derivative and results in increased volatility, which means the Fund will generally have the potential for greater gains, as well as the potential for greater losses, than a fund that does not use derivatives.

Anfield’s investment process includes both a top-down macroeconomic analysis and a bottom-up analysis of individual securities. In its evaluation of a potential investment, Anfield conducts a fundamental analysis of the individual issuer, reviews the valuation of the security and the relative valuations of similar securities, and analyzes the supply and demand for the security in the market. Anfield seeks to identify companies in stable and growing sectors of the economy that generate sufficient revenue to meet their debt obligations. Anfield will sell a portfolio holding when it no longer meets Anfield’s investment criteria or when a more attractive investment is available.

The Fund may engage in active and frequent trading.

Principal Investment Risks:

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio. Many factors affect the Fund’s net asset value and performance.

• Active Trading Risk. A higher portfolio turnover due to active and frequent trading will result in higher transactional and brokerage costs.

• Bank Loan Risk. The Fund’s investments in secured and unsecured participations in bank loans and assignments of such loans may create substantial risk. In making investments in such loans, which are made by banks or other financial intermediaries to borrowers, the Fund will depend primarily upon the creditworthiness of the borrower for payment of principal and interest.

• Counterparty Credit Risk. The stability and liquidity of many derivative transactions depends in large part on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore, there is a risk that a counterparty could become the subject of insolvency proceedings, and that the recovery of securities and other assets from such counterparty will be delayed or be of a value less than the value of the securities or assets originally entrusted to such counterparty.

• Credit Risk. The risk that the Fund could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligations.

• Currency Risk. The risk that foreign currencies will decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

• Derivatives Risk. The derivative instruments in which the Fund may invest, including futures, options, credit default swaps, total return swaps, repurchase agreements and other similar instruments, may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager.

• Emerging Markets Risk. The risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

• Fixed Income Risk. When the Fund invests in fixed income securities or derivatives, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

• Foreign (Non-U.S.) Investment Risk. Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

• Futures Contract Risk. Futures contracts are subject to the same risks as the underlying investments that they represent, but also may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying investments. Investments in futures contracts involve additional costs, may be more volatile than other investments and may involve a small initial investment relative to the risk assumed. If the Sub-Adviser incorrectly forecasts the value of investments in using a futures contract, the Fund might have been in a better position if the Fund had not entered into the contract. Because the futures utilized by the Fund are standardized and exchange traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).

• High Yield Risk. Investment in or exposure to high yield (lower rated) debt instruments (also known as “junk bonds”) may involve greater levels of interest rate, credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes than higher rated debt instruments.

• Index Risk. If a derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index.

• Issuer-Specific Risk. The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.

• Leveraging Risk. The use of leverage, such as that embedded in options, will magnify the Fund’s gains or losses.

• Limited History of Operations. The Fund has a limited history of operation. In addition, the Sub-Adviser has not previously managed a mutual fund.

• Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. In the past, in stressed markets, certain types of mortgage-backed securities suffered periods of illiquidity if disfavored by the market.

• Management Risk. The risk that investment strategies employed by the Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies .

• Market Risk. Overall equity market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.

• Mortgage-Backed and Asset-Backed Securities Risk. The risk of investing in mortgage-backed and other asset-backed securities, including prepayment risk, extension risk, interest rate risk, market risk and management risk.

• Regulatory Risk. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund. For example, the U.S. Commodity Futures Trading Commission (“CFTC”) or SEC may issue regulations that, upon effectiveness, subject activities of mutual funds trading certain derivative instruments to additional regulation, which could increase the operating expenses of the Fund and impair the Fund’s ability to achieve its investment objective.

• Short Sales Risk. The risk on a short sale is the risk of loss if the value of a security sold short increases prior to the delivery date, since the Fund must pay more for the security than it received from the purchaser in the short sale. Therefore, the risk of loss may be unlimited.

• U.S. Government Securities Risk. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. Updated performance information will be available at no cost by visiting www.AnfieldFunds.com or by calling 1-866-851-2525.

Charioteer Mortgage Income Fund

Charioteer Mortgage Income Fund

Investment Objective:

The Charioteer Mortgage Income Fund (the “Fund”) seeks current income and capital appreciation.

Fees and Expenses of the Fund:

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 on purchases of Class A shares and Class A1 shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled How to Purchase Shares in the Fund’s Prospectus.

Shareholders Fees (fees paid directly from your investment)

Shareholder Fees Charioteer Mortgage Income Fund

Charioteer Mortgage Income Fund Class A

Charioteer Mortgage Income Fund Class A1

Charioteer Mortgage Income Fund Class C

Charioteer Mortgage Income Fund Class I

Charioteer Mortgage Income Fund Class R

Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) 5.75% 5.75% none none none

Maximum Deferred Sales Charge (Load) (as a % of original purchase price) 1.00% 1.00% 1.00% none none

Maximum Sales Charge (Load) Imposed On Reinvested Dividends and other Distributions none none none none none

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

Annual Fund Operating Expenses Charioteer Mortgage Income Fund

Charioteer Mortgage Income Fund Class A

Charioteer Mortgage Income Fund Class A1

Charioteer Mortgage Income Fund Class C

Charioteer Mortgage Income Fund Class I

Charioteer Mortgage Income Fund Class R

Management Fees 1.50% 1.50% 1.50% 1.50% 1.50%

Distribution and Service (12b-1) Fees 0.25% 0.40% 1.00% none 0.50%

Other Expenses ^[1] 1.05% 1.05% 1.05% 1.05% 1.05%

Total Annual Fund Operating Expenses 2.80% 2.95% 3.55% 2.55% 3.05%

Expense Waiver (0.55%) (0.55%) (0.55%) (0.55%) (0.55%)

Total Annual Fund Operating Expenses After Expense Waiver ^[2] 2.25% 2.40% 3.00% 2.00% 2.50%

[1] Expenses are based on estimated amounts for the current fiscal year.

[2] The Funds Sub-Adviser has contractually agreed to absorb expenses of the Fund until at least March 15, 2014 to ensure that total annual Fund operating expenses after reimbursement (exclusive of any taxes, short selling expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) will not exceed 2.25%, 2.40%, 3.00%, 2.00% and 2.50% of average daily net assets attributable to Class A, Class A1, Class C, Class I and Class R shares, respectively. This agreement may be terminated by the Funds Board of Trustees on 60 days written notice to the Sub-Adviser. These expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been reimbursed) if such recoupment can be achieved within the foregoing expense limits.

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. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example Charioteer Mortgage Income Fund (USD $)

1 Year

3 Years

Charioteer Mortgage Income Fund Class A
790 1,344

Charioteer Mortgage Income Fund Class A1
804 1,386

Charioteer Mortgage Income Fund Class C
303 1,038

Charioteer Mortgage Income Fund Class I
203 741

Charioteer Mortgage Income Fund Class R
253 891

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 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. No portfolio turnover rate is provided for the Fund because the Fund has not completed its first fiscal year as of the date of this Prospectus.

Principal Investment Strategies:

Under normal circumstances, the Fund invests at least 80% of its assets in a diversified portfolio of mortgage-related instruments. The mortgage-related instruments in which the Fund invests include mortgage-backed securities (“MBS”), including both agency (i.e., government or government agency issued) and non-agency (i.e., privately issued) residential mortgage-backed securities (“RMBS”), collateralized debt obligations (CDOs”), commercial mortgage-backed securities (“CMBS”), collateralized loan obligations (“CLOs”), related credit derivatives, residential mortgage loans and other mortgage and real estate related fixed income instruments. A significant portion of the Fund’s assets is expected to be invested in non-agency RMBS. The Fund may also invest in various types of derivatives, including futures, options, and structured products. The Fund may use derivatives as a substitute for making direct investments in underlying instruments, to reduce certain exposures or to “hedge” against market volatility and other risks.

Compared with agency RMBS, the property and loans underlying non-agency RMBS typically have greater variation, are less standardized and may include loans made to borrowers with lower or impaired credit ratings. Although the Fund’s non-agency RMBS investments will generally be in RMBS that hold loans made to more creditworthy borrowers, including “prime” and “Alt-A” RMBS, the Fund may invest in RMBS that hold loans made to “subprime” borrowers. The Fund may invest, without limitation, in fixed income securities rated investment grade or below investment grade (often referred to as “high yield” or “junk” bonds). The Fund may also invest in securities that are not rated. The Fund typically invests in U.S. dollar-denominated securities, although the Fund may invest in non-U.S. dollar-denominated securities and securities issued by foreign issuers.

Although the Fund normally does not engage in any direct borrowing, leverage is inherent in the derivatives it may trade. Leverage magnifies exposure to the swings in prices of the reference asset underlying a derivative and results in increased volatility, which means the Fund will generally have the potential for greater gains, as well as the potential for greater losses, than a fund that does not use derivatives.

Auriga Capital Management, LLC (“Auriga” or “Sub-Adviser”) the Fund’s sub-adviser, seeks to generate returns primarily through security selection in mortgage credit markets.

Principal Investment Risks:

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio. Many factors affect the Fund’s net asset value and performance.

•Concentration Risk. The risk resulting from maintaining exposure to the performance of the residential and commercial mortgages held in the mortgage-backed securities in which the Fund will principally invest, primarily increased mortgage-backed and asset-backed securities risk.

•Counterparty Credit Risk. The stability and liquidity of many derivative transactions depends in large part on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore, there is a risk that a counterparty could become the subject of insolvency proceedings, and that the recovery of securities and other assets from such counterparty will be delayed or be of a value less than the value of the securities or assets originally entrusted to such counterparty.

•Credit Risk. The risk that the Fund could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligations.

•Derivatives Risk. The derivative instruments in which the Fund may invest , including futures, options, structured products and other similar instruments, may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager.

•Fixed Income Risk. When the Fund invests in fixed income securities or derivatives, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

•Foreign (Non-U.S.) Investment Risk. Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

•Futures Contract Risk. Futures contracts are subject to the same risks as the underlying investments that they represent, but also may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying investments. Investments in futures contracts involve additional costs, may be more volatile than other investments and may involve a small initial investment relative to the risk assumed. If the Sub-Adviser incorrectly forecasts the value of investments in using a futures contract, the Fund might have been in a better position if the Fund had not entered into the contract. Because the futures utilized by the Fund are standardized and exchange traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).

•High Yield Risk. Investment in or exposure to high yield (lower rated) debt instruments (also known as “junk bonds”) may involve greater levels of interest rate, credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments and, therefore, such instruments generally involvegreater risk of default or price changes than higher rated debt instruments.

•Index Risk. If a derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index.

•Issuer-Specific Risk. The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.

•Leveraging Risk. The use of leverage, such as that embedded in options, will magnify the Fund’s gains or losses.

•Limited History of Operations. The Fund has a limited history of operation. In addition, the Adviser has not previously managed a mutual fund.

•Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. In the past, in stressed markets, certain types of mortgage-backed securities suffered periods of illiquidity if disfavored by the market.

•Management Risk. The risk that investment strategies employed by the Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies .

•Market Risk. Overall equity market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.

•Mortgage-Backed and Asset-Backed Securities Risk. The risk of investing in mortgage-backed and other asset-backed securities, including prepayment and extension risk, interest rate risk, market risk, liquidity risk and management risk. Mortgage-backed and asset-backed securities are particularly susceptible to prepayment risk and extension risk. If interest rates fall, the underlying debt may be repaid early, and the Fund may have to reinvest its assets in securities that have a lower yield. On the other hand, if interest rates rise, the duration of the mortgage-backed and asset-backed securities may be extended, making them more sensitive to changes in interest rates. Furthermore, fewer prepayments may be made, which would cause the average bond maturity to rise, increasing the potential for the Fund to lose money. The value of mortgage-backed and asset-backed securities may be considerably affected by changes in interest rates, the market’s perception of issuers, declines in the value of collateral, and the creditworthiness of the parties involved.

•Regulatory Risk. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund. For example, the U.S. Commodity Futures Trading Commission (“CFTC”) or SEC may issue regulations that, upon effectiveness, subject activities of mutual funds trading certain derivative instruments to additional regulation, which could increase the operating expenses of the Fund and impair the Fund’s ability to achieve its investment objective.

•U.S. Government Securities Risk. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. Updated performance information will be available at no cost by visiting www.CharioteerFunds.com or by calling 1-866-851-2525.

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Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.

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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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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. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.

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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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Total Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.

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Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."

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Maximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.

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Maximum Sales Charge (Load) Imposed on Reinvested Dividends[and other Distributions] (as a percentage of ____)

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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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"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.

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Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the 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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Anfield Universal Fixed Income Fund | Anfield Universal Fixed Income Fund Class A

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Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%

Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 1.05% ^[1]

Expenses (as a percentage of Assets) rr_ExpensesOverAssets 2.45%

Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.55%)

Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 1.90% ^[2]

Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on purchases of Class A shares and Class A1 shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.

Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 25,000

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 757

Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,245

Anfield Universal Fixed Income Fund | Anfield Universal Fixed Income Fund Class A1

Prospectus [Line Items] rr_ProspectusLineItems

Trading Symbol dei_TradingSymbol AFLMX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%

Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00%

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none

Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.15%

Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.40%

Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 1.05% ^[1]

Expenses (as a percentage of Assets) rr_ExpensesOverAssets 2.60%

Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.55%)

Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 2.05% ^[2]

Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on purchases of Class A shares and Class A1 shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.

Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 25,000

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 771

Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,288

Anfield Universal Fixed Income Fund | Anfield Universal Fixed Income Fund Class C

Prospectus [Line Items] rr_ProspectusLineItems

Trading Symbol dei_TradingSymbol AFLKX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none

Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00%

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none

Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.15%

Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%

Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 1.05% ^[1]

Expenses (as a percentage of Assets) rr_ExpensesOverAssets 3.20%

Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.55%)

Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 2.65% ^[2]

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 268

Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 935

Anfield Universal Fixed Income Fund | Anfield Universal Fixed Income Fund Class I

Prospectus [Line Items] rr_ProspectusLineItems

Trading Symbol dei_TradingSymbol AFLIX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none

Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice none

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none

Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.15%

Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none

Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 1.05% ^[1]

Expenses (as a percentage of Assets) rr_ExpensesOverAssets 2.20%

Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.55%)

Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 1.65% ^[2]

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 168

Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 635

Anfield Universal Fixed Income Fund | Anfield Universal Fixed Income Fund Class R

Prospectus [Line Items] rr_ProspectusLineItems

Trading Symbol dei_TradingSymbol AFLRX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none

Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice none

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none

Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.15%

Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%

Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 1.05% ^[1]

Expenses (as a percentage of Assets) rr_ExpensesOverAssets 2.70%

Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.55%)

Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 2.15% ^[2]

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 218

Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 786

Anfield Universal Fixed Income Fund

Prospectus [Line Items] rr_ProspectusLineItems

Risk/Return [Heading] rr_RiskReturnHeading
Anfield Universal Fixed Income Fund

Objective [Heading] rr_ObjectiveHeading
Investment Objective:

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Anfield Universal Fixed Income Fund (the “Fund”) seeks current income.

Expense [Heading] rr_ExpenseHeading
Fees and Expenses of the Fund:

Expense Narrative [Text Block] 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 on purchases of Class A shares and Class A1 shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled How to Purchase Shares in the Fund’s Prospectus.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption
Shareholders 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 2014-03-15

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 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. No portfolio turnover rate is provided for the Fund because the Fund has not completed its first fiscal year as of the date of this Prospectus.

Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Expenses are based on estimated amounts for the current fiscal year.

Expense Example [Heading] rr_ExpenseExampleHeading
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.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption
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. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading
Principal Investment Strategies:

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
Under normal circumstances, the Fund invests at least 80% of its net assets, including any borrowings for investment purposes, in a diversified portfolio of fixed income instruments. The Fund is not managed relative to an index and has broad flexibility to allocate its assets across different types of securities and sectors of the fixed income markets. The principal investments of the Fund include corporate bonds, U.S. government and agency securities, foreign sovereign bonds, convertible securities, bank loans, mortgage-backed securities, and cash equivalent instruments. The Fund may also invest in various types of derivatives, including futures , options, credit default swaps, total return swaps and repurchase agreements. The Fund may use derivatives as a substitute for making direct investments in underlying instruments, to reduce certain exposures or to “hedge” against market volatility and other risks.

The Fund may invest in fixed income instruments with fixed or adjustable (floating) rates. The Fund’s average duration is typically expected to be within a range of 4 to 10 years. Duration is frequently used as a measure of a bond’s sensitivity to interest rates. The longer the duration, the more sensitive a bond, or a portfolio of fixed income instruments, will be to changes in interest rates. By way of example, the price of a bond fund with an average duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point.

The Fund may invest in both investment grade and below investment grade (often referred to as “high yield” or “junk” bonds) securities, subject to a maximum of up to 30% of the Fund’s assets in below investment grade securities. The Fund will typically invest a substantial portion of the Fund’s investments in securities of issuers with a range of credit ratings that Anfield Capital Management, LLC (“Anfield” or “Sub-Adviser”), the Fund’s sub-adviser, determines to have stable or improving fundamentals. Securities of these issuers include secured bank loans and below investment grade bonds. The Sub-Adviser may also engage in short sales when it believes a security is overvalued in the market. The Fund may invest without limit in U.S. and non-U.S. dollar-denominated securities of U.S. and foreign issuers, including issuers located in emerging market countries.

Although the Fund normally does not engage in any direct borrowing, leverage is inherent in the derivatives it trades. Leverage magnifies exposure to the swings in prices of the reference asset underlying a derivative and results in increased volatility, which means the Fund will generally have the potential for greater gains, as well as the potential for greater losses, than a fund that does not use derivatives.

Anfield’s investment process includes both a top-down macroeconomic analysis and a bottom-up analysis of individual securities. In its evaluation of a potential investment, Anfield conducts a fundamental analysis of the individual issuer, reviews the valuation of the security and the relative valuations of similar securities, and analyzes the supply and demand for the security in the market. Anfield seeks to identify companies in stable and growing sectors of the economy that generate sufficient revenue to meet their debt obligations. Anfield will sell a portfolio holding when it no longer meets Anfield’s investment criteria or when a more attractive investment is available.

The Fund may engage in active and frequent trading.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal circumstances, the Fund invests at least 80% of its net assets, including any borrowings for investment purposes, in a diversified portfolio of fixed income instruments.

Risk [Heading] rr_RiskHeading
Principal Investment Risks:

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio. Many factors affect the Fund’s net asset value and performance.

• Active Trading Risk. A higher portfolio turnover due to active and frequent trading will result in higher transactional and brokerage costs.

• Bank Loan Risk. The Fund’s investments in secured and unsecured participations in bank loans and assignments of such loans may create substantial risk. In making investments in such loans, which are made by banks or other financial intermediaries to borrowers, the Fund will depend primarily upon the creditworthiness of the borrower for payment of principal and interest.

• Counterparty Credit Risk. The stability and liquidity of many derivative transactions depends in large part on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore, there is a risk that a counterparty could become the subject of insolvency proceedings, and that the recovery of securities and other assets from such counterparty will be delayed or be of a value less than the value of the securities or assets originally entrusted to such counterparty.

• Credit Risk. The risk that the Fund could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligations.

• Currency Risk. The risk that foreign currencies will decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

• Derivatives Risk. The derivative instruments in which the Fund may invest, including futures, options, credit default swaps, total return swaps, repurchase agreements and other similar instruments, may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager.

• Emerging Markets Risk. The risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

• Fixed Income Risk. When the Fund invests in fixed income securities or derivatives, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

• Foreign (Non-U.S.) Investment Risk. Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

• Futures Contract Risk. Futures contracts are subject to the same risks as the underlying investments that they represent, but also may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying investments. Investments in futures contracts involve additional costs, may be more volatile than other investments and may involve a small initial investment relative to the risk assumed. If the Sub-Adviser incorrectly forecasts the value of investments in using a futures contract, the Fund might have been in a better position if the Fund had not entered into the contract. Because the futures utilized by the Fund are standardized and exchange traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).

• High Yield Risk. Investment in or exposure to high yield (lower rated) debt instruments (also known as “junk bonds”) may involve greater levels of interest rate, credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes than higher rated debt instruments.

• Index Risk. If a derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index.

• Issuer-Specific Risk. The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.

• Leveraging Risk. The use of leverage, such as that embedded in options, will magnify the Fund’s gains or losses.

• Limited History of Operations. The Fund has a limited history of operation. In addition, the Sub-Adviser has not previously managed a mutual fund.

• Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. In the past, in stressed markets, certain types of mortgage-backed securities suffered periods of illiquidity if disfavored by the market.

• Management Risk. The risk that investment strategies employed by the Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies .

• Market Risk. Overall equity market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.

• Mortgage-Backed and Asset-Backed Securities Risk. The risk of investing in mortgage-backed and other asset-backed securities, including prepayment risk, extension risk, interest rate risk, market risk and management risk.

• Regulatory Risk. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund. For example, the U.S. Commodity Futures Trading Commission (“CFTC”) or SEC may issue regulations that, upon effectiveness, subject activities of mutual funds trading certain derivative instruments to additional regulation, which could increase the operating expenses of the Fund and impair the Fund’s ability to achieve its investment objective.

• Short Sales Risk. The risk on a short sale is the risk of loss if the value of a security sold short increases prior to the delivery date, since the Fund must pay more for the security than it received from the purchaser in the short sale. Therefore, the risk of loss may be unlimited.

• U.S. Government Securities Risk. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading
Performance:

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. Updated performance information will be available at no cost by visiting www.AnfieldFunds.com or by calling 1-866-851-2525.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-851-2525

Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.AnfieldFunds.com

Charioteer Mortgage Income Fund | Charioteer Mortgage Income Fund Class A

Prospectus [Line Items] rr_ProspectusLineItems

Trading Symbol dei_TradingSymbol CHAAX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%

Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00%

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none

Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.50%

Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%

Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 1.05% ^[1]

Expenses (as a percentage of Assets) rr_ExpensesOverAssets 2.80%

Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.55%)

Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 2.25% ^[3]

Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on purchases of Class A shares and Class A1 shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.

Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 25,000

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 790

Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,344

Charioteer Mortgage Income Fund | Charioteer Mortgage Income Fund Class A1

Prospectus [Line Items] rr_ProspectusLineItems

Trading Symbol dei_TradingSymbol CHAEX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%

Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00%

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none

Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.50%

Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.40%

Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 1.05% ^[1]

Expenses (as a percentage of Assets) rr_ExpensesOverAssets 2.95%

Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.55%)

Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 2.40% ^[3]

Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on purchases of Class A shares and Class A1 shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.

Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 25,000

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 804

Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,386

Charioteer Mortgage Income Fund | Charioteer Mortgage Income Fund Class C

Prospectus [Line Items] rr_ProspectusLineItems

Trading Symbol dei_TradingSymbol CHACX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none

Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00%

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none

Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.50%

Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%

Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 1.05% ^[1]

Expenses (as a percentage of Assets) rr_ExpensesOverAssets 3.55%

Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.55%)

Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 3.00% ^[3]

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 303

Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,038

Charioteer Mortgage Income Fund | Charioteer Mortgage Income Fund Class I

Prospectus [Line Items] rr_ProspectusLineItems

Trading Symbol dei_TradingSymbol CHAOX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none

Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice none

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none

Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.50%

Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none

Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 1.05% ^[1]

Expenses (as a percentage of Assets) rr_ExpensesOverAssets 2.55%

Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.55%)

Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 2.00% ^[3]

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 203

Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 741

Charioteer Mortgage Income Fund | Charioteer Mortgage Income Fund Class R

Prospectus [Line Items] rr_ProspectusLineItems

Trading Symbol dei_TradingSymbol CHARX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none

Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice none

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none

Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.50%

Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%

Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 1.05% ^[1]

Expenses (as a percentage of Assets) rr_ExpensesOverAssets 3.05%

Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.55%)

Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 2.50% ^[3]

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 253

Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 891

Charioteer Mortgage Income Fund

Prospectus [Line Items] rr_ProspectusLineItems

Risk/Return [Heading] rr_RiskReturnHeading
Charioteer Mortgage Income Fund

Objective [Heading] rr_ObjectiveHeading
Investment Objective:

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Charioteer Mortgage Income Fund (the “Fund”) seeks current income and capital appreciation.

Expense [Heading] rr_ExpenseHeading
Fees and Expenses of the Fund:

Expense Narrative [Text Block] 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 on purchases of Class A shares and Class A1 shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled How to Purchase Shares in the Fund’s Prospectus.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption
Shareholders 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 2014-03-15

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 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. No portfolio turnover rate is provided for the Fund because the Fund has not completed its first fiscal year as of the date of this Prospectus.

Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Expenses are based on estimated amounts for the current fiscal year.

Expense Example [Heading] rr_ExpenseExampleHeading
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.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption
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. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading
Principal Investment Strategies:

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
Under normal circumstances, the Fund invests at least 80% of its assets in a diversified portfolio of mortgage-related instruments. The mortgage-related instruments in which the Fund invests include mortgage-backed securities (“MBS”), including both agency (i.e., government or government agency issued) and non-agency (i.e., privately issued) residential mortgage-backed securities (“RMBS”), collateralized debt obligations (CDOs”), commercial mortgage-backed securities (“CMBS”), collateralized loan obligations (“CLOs”), related credit derivatives, residential mortgage loans and other mortgage and real estate related fixed income instruments. A significant portion of the Fund’s assets is expected to be invested in non-agency RMBS. The Fund may also invest in various types of derivatives, including futures, options, and structured products. The Fund may use derivatives as a substitute for making direct investments in underlying instruments, to reduce certain exposures or to “hedge” against market volatility and other risks.

Compared with agency RMBS, the property and loans underlying non-agency RMBS typically have greater variation, are less standardized and may include loans made to borrowers with lower or impaired credit ratings. Although the Fund’s non-agency RMBS investments will generally be in RMBS that hold loans made to more creditworthy borrowers, including “prime” and “Alt-A” RMBS, the Fund may invest in RMBS that hold loans made to “subprime” borrowers. The Fund may invest, without limitation, in fixed income securities rated investment grade or below investment grade (often referred to as “high yield” or “junk” bonds). The Fund may also invest in securities that are not rated. The Fund typically invests in U.S. dollar-denominated securities, although the Fund may invest in non-U.S. dollar-denominated securities and securities issued by foreign issuers.

Although the Fund normally does not engage in any direct borrowing, leverage is inherent in the derivatives it may trade. Leverage magnifies exposure to the swings in prices of the reference asset underlying a derivative and results in increased volatility, which means the Fund will generally have the potential for greater gains, as well as the potential for greater losses, than a fund that does not use derivatives.

Auriga Capital Management, LLC (“Auriga” or “Sub-Adviser”) the Fund’s sub-adviser, seeks to generate returns primarily through security selection in mortgage credit markets.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal circumstances, the Fund invests at least 80% of its assets in a diversified portfolio of mortgage-related instruments.

Risk [Heading] rr_RiskHeading
Principal Investment Risks:

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio. Many factors affect the Fund’s net asset value and performance.

•Concentration Risk. The risk resulting from maintaining exposure to the performance of the residential and commercial mortgages held in the mortgage-backed securities in which the Fund will principally invest, primarily increased mortgage-backed and asset-backed securities risk.

•Counterparty Credit Risk. The stability and liquidity of many derivative transactions depends in large part on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore, there is a risk that a counterparty could become the subject of insolvency proceedings, and that the recovery of securities and other assets from such counterparty will be delayed or be of a value less than the value of the securities or assets originally entrusted to such counterparty.

•Credit Risk. The risk that the Fund could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligations.

•Derivatives Risk. The derivative instruments in which the Fund may invest , including futures, options, structured products and other similar instruments, may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager.

•Fixed Income Risk. When the Fund invests in fixed income securities or derivatives, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

•Foreign (Non-U.S.) Investment Risk. Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

•Futures Contract Risk. Futures contracts are subject to the same risks as the underlying investments that they represent, but also may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying investments. Investments in futures contracts involve additional costs, may be more volatile than other investments and may involve a small initial investment relative to the risk assumed. If the Sub-Adviser incorrectly forecasts the value of investments in using a futures contract, the Fund might have been in a better position if the Fund had not entered into the contract. Because the futures utilized by the Fund are standardized and exchange traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).

•High Yield Risk. Investment in or exposure to high yield (lower rated) debt instruments (also known as “junk bonds”) may involve greater levels of interest rate, credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments and, therefore, such instruments generally involvegreater risk of default or price changes than higher rated debt instruments.

•Index Risk. If a derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index.

•Issuer-Specific Risk. The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.

•Leveraging Risk. The use of leverage, such as that embedded in options, will magnify the Fund’s gains or losses.

•Limited History of Operations. The Fund has a limited history of operation. In addition, the Adviser has not previously managed a mutual fund.

•Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. In the past, in stressed markets, certain types of mortgage-backed securities suffered periods of illiquidity if disfavored by the market.

•Management Risk. The risk that investment strategies employed by the Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies .

•Market Risk. Overall equity market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.

•Mortgage-Backed and Asset-Backed Securities Risk. The risk of investing in mortgage-backed and other asset-backed securities, including prepayment and extension risk, interest rate risk, market risk, liquidity risk and management risk. Mortgage-backed and asset-backed securities are particularly susceptible to prepayment risk and extension risk. If interest rates fall, the underlying debt may be repaid early, and the Fund may have to reinvest its assets in securities that have a lower yield. On the other hand, if interest rates rise, the duration of the mortgage-backed and asset-backed securities may be extended, making them more sensitive to changes in interest rates. Furthermore, fewer prepayments may be made, which would cause the average bond maturity to rise, increasing the potential for the Fund to lose money. The value of mortgage-backed and asset-backed securities may be considerably affected by changes in interest rates, the market’s perception of issuers, declines in the value of collateral, and the creditworthiness of the parties involved.

•Regulatory Risk. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund. For example, the U.S. Commodity Futures Trading Commission (“CFTC”) or SEC may issue regulations that, upon effectiveness, subject activities of mutual funds trading certain derivative instruments to additional regulation, which could increase the operating expenses of the Fund and impair the Fund’s ability to achieve its investment objective.

•U.S. Government Securities Risk. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading
Performance:

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. Updated performance information will be available at no cost by visiting www.CharioteerFunds.com or by calling 1-866-851-2525.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-851-2525

Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.CharioteerFunds.com

[1] Expenses are based on estimated amounts for the current fiscal year.

[2] The Funds Adviser and Sub-Adviser have contractually agreed to reduce the Funds fees and/or absorb expenses of the Fund until at least March 15, 2014 to ensure that total annual Fund operating expenses after fee waiver and reimbursement (exclusive of any taxes, short selling expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) will not exceed 1.90%, 2.05%, 2.65%, 1.65% and 2.15% of average daily net assets attributable to Class A, Class A1, Class C, Class I and Class R shares, respectively. This agreement may be terminated by the Funds Board of Trustees on 60 days written notice to the Adviser and Sub-Adviser. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.

[3] The Funds Sub-Adviser has contractually agreed to absorb expenses of the Fund until at least March 15, 2014 to ensure that total annual Fund operating expenses after reimbursement (exclusive of any taxes, short selling expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) will not exceed 2.25%, 2.40%, 3.00%, 2.00% and 2.50% of average daily net assets attributable to Class A, Class A1, Class C, Class I and Class R shares, respectively. This agreement may be terminated by the Funds Board of Trustees on 60 days written notice to the Sub-Adviser. These expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been reimbursed) if such recoupment can be achieved within the foregoing expense limits.

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Risk/Return Bar Chart and Table.

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Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.

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Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount.

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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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Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."

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Maximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.

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Maximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.

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Maximum Sales Charge (Load) Imposed on Reinvested Dividends[and other Distributions] (as a percentage of ____)

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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This element represents the disclosure for new funds that "Other Expenses" are based on estimated amounts for the current fiscal year.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.

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If applicable, include a statement explaining that updated performance information is available and providing a Web site address and/or toll-free (or collect) telephone number where the updated information may be obtained.

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If applicable, include a statement explaining that updated performance information is available and providing a Website address and/or toll-free (or collect) telephone number where the updated information may be obtained.

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Risk/Return Bar Chart and Table.

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For a Fund that provides annual total returns for only one calendar year or for a Fund that does not include the bar chart because it does not have annual returns for a full calendar year, modify, as appropriate, the narrative explanation required by stating that the information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance). Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

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-Exhibit b

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Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.

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Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.

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The date of the prospectus.

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- Definition

Narrative Risk Disclosure.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Summarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.

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Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Risk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated

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Shareholder Fees (fees paid directly from your investment).

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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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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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