0001193125-13-008013.txt : 20130109 0001193125-13-008013.hdr.sgml : 20130109 20130109141501 ACCESSION NUMBER: 0001193125-13-008013 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130109 DATE AS OF CHANGE: 20130109 EFFECTIVENESS DATE: 20130109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FINANCIAL INVESTORS TRUST CENTRAL INDEX KEY: 0000915802 IRS NUMBER: 841255767 STATE OF INCORPORATION: DE FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-72424 FILM NUMBER: 13520242 BUSINESS ADDRESS: STREET 1: P.O. BOX 328 CITY: DENVER STATE: CO ZIP: 80201-0328 BUSINESS PHONE: 3036232577 MAIL ADDRESS: STREET 1: P.O. BOX 328 CITY: DENVER STATE: CO ZIP: 80201-0328 FORMER COMPANY: FORMER CONFORMED NAME: FGIC PUBLIC TRUST DATE OF NAME CHANGE: 19940325 FORMER COMPANY: FORMER CONFORMED NAME: FEDERAL PUBLIC TRUST DATE OF NAME CHANGE: 19931206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FINANCIAL INVESTORS TRUST CENTRAL INDEX KEY: 0000915802 IRS NUMBER: 841255767 STATE OF INCORPORATION: DE FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08194 FILM NUMBER: 13520243 BUSINESS ADDRESS: STREET 1: P.O. BOX 328 CITY: DENVER STATE: CO ZIP: 80201-0328 BUSINESS PHONE: 3036232577 MAIL ADDRESS: STREET 1: P.O. BOX 328 CITY: DENVER STATE: CO ZIP: 80201-0328 FORMER COMPANY: FORMER CONFORMED NAME: FGIC PUBLIC TRUST DATE OF NAME CHANGE: 19940325 FORMER COMPANY: FORMER CONFORMED NAME: FEDERAL PUBLIC TRUST DATE OF NAME CHANGE: 19931206 0000915802 S000039426 Stonebridge Small-Cap Growth Fund C000121520 Stonebridge Small-Cap Growth Fund 485BPOS 1 d459062d485bpos.htm FINANCIAL INVESTORS TRUST Financial Investors Trust

As filed with the Securities and Exchange Commission on January 9, 2013

1933 Act Registration No. 33-72424

1940 Act Registration No. 811-8194

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

    x

    Pre-Effective Amendment No.

   

    Post-Effective Amendment No. 108

    x
and/or   

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

    x

Amendment No. 109

    x

(Check appropriate box or boxes.)

FINANCIAL INVESTORS TRUST

(Exact name of Registrant as Specified in Charter)

1290 Broadway, Suite 1100

Denver, CO 80203

(Address of principal executive offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (303) 623-2577

David T. Buhler, Esq., Secretary

Financial Investors Trust

1290 Broadway, Suite 1100

Denver, CO 80203

(Name and Address of Agent of Service)

Copy to:

Peter H. Schwartz, Esq.

Davis Graham & Stubbs LLP

1550 17th Street, Suite 500

Denver, CO 80202

Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this Amendment

  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) (1)
   on (date), pursuant to paragraph (a) (1)
   75 days after filing pursuant to paragraph (a) (2)
   on (date), pursuant to paragraph (a) (2)

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, certifies that it meets all the requirements for effectiveness of this Registration Statement pursuant to rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment No. 108 of its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Denver, and State of Colorado, on January 9, 2013.

 

FINANCIAL INVESTORS TRUST

(Registrant)

 By:

  

/s/ Edmund J. Burke

 

Edmund J. Burke

 

President

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

 

Signature

       

Title

        

Date

/s/ Edmund J. Burke

           

Edmund J. Burke

     

President, Trustee and Chairman

      

January 9, 2013

/s/ John R. Moran, Jr.

           

John R. Moran, Jr.*

     

Trustee

      

January 9, 2013

/s/ Jeremy W. Deems

           

Jeremy W. Deems*

     

Trustee

      

January 9, 2013

/s/ Mary K. Anstine

           

Mary K. Anstine*

     

Trustee

      

January 9, 2013

/s/ Jerry G. Rutledge

           

Jerry G. Rutledge*

     

Trustee

      

January 9, 2013

/s/ Michael “Ross” Shell

           

Michael “Ross” Shell*

     

Trustee

      

January 9, 2013

/s/ Jeremy O. May

           

Jeremy O. May

     

Treasurer

      

January 9, 2013

* Signature affixed by David T. Buhler pursuant to a power of attorney dated September 11, 2012.

EXHIBIT INDEX

 

Index No.   

Description of Exhibit

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 fit-20121228.xml XBRL INSTANCE DOCUMENT 0000915802 fit:S000039426Member 2012-01-01 2012-12-31 0000915802 2012-01-01 2012-12-31 0000915802 fit:S000039426Member fit:C000121520Member 2012-01-01 2012-12-31 0000915802 fit:S000039426Member rr:AfterTaxesOnDistributionsMember fit:C000121520Member 2012-01-01 2012-12-31 0000915802 fit:S000039426Member rr:AfterTaxesOnDistributionsAndSalesMember fit:C000121520Member 2012-01-01 2012-12-31 0000915802 fit:S000039426Member fit:RussellTwoThousandGrowthIndexMember 2012-01-01 2012-12-31 pure iso4217:USD <div style="display:none">~ http://www.alpsfunds.com/role/ScheduleShareholderFeesStonebridgeSmall-CapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.alpsfunds.com/role/ScheduleAnnualFundOperatingExpensesStonebridgeSmall-CapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.alpsfunds.com/role/ScheduleExpenseExampleTransposedStonebridgeSmall-CapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.alpsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedStonebridgeSmall-CapGrowthFund column period compact * ~</div> 2012-12-31 485BPOS 2012-10-31 FINANCIAL INVESTORS TRUST 0000915802 false 2012-12-28 2012-12-31 STONEBRIDGE SMALL-CAP GROWTH FUND (THE &#8220;FUND&#8221;) <b>Investment Objectives </b> The Stonebridge Small-Cap Growth Fund (the &#8220;Fund&#8221;) seeks long-term growth of capital. <b>Fees and Expenses Of The Fund </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>Shareholder Fees</b> (fees paid directly from your investment) 0 0 0.0075 0 0.0121 0.0196 &#8220;Other Expenses&#8221; are based on estimated amounts for the current fiscal year. <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) <b>Example</b> This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Number of Years You Own Your Shares 199 615 1057 2282 <b>Portfolio Turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). For U.S. federal income tax purposes, a higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. <b>Principal Investment Strategies Of The Fund </b> The Fund invests primarily in common stocks of companies that Stonebridge Capital Management, Incorporated (the &#8220;Adviser&#8221; or &#8220;Stonebridge&#8221;), the investment adviser of the Fund, believes have good prospects for superior earnings growth. <br /><br />The Fund invests at least 80% of its assets in small capitalization companies that the Adviser believes may have higher growth rates than larger companies. The Adviser employs a fundamental, research-driven and bottom-up process for picking common stocks of companies from a universe of potential investments that typically contains over 3,000 publicly traded small-cap companies with market capitalizations at the time of purchase of between $100 million and $3 billion. This potential investment universe is typically pared with a preference for companies with strong balance sheets, high/growing return on invested capital, positive free cash flow, and earnings growth in excess of 20%. The Adviser may further refine this investment universe based upon certain qualitative and quantitative criteria, such as novel technologies/products, leading/growing market share, operating leverage, competitive advantages and the current position in the economic cycle. As a result of this process and further fundamental analysis, the Adviser seeks to identify approximately 30 - 50 stocks that it believes are likely to enable the Fund to achieve its investment objectives. The Adviser generally will purchase an investment for the Fund from this selected group of possible investments if it meets the aforementioned criteria and if, in the Adviser&#8217;s view, there is significant potential for the stock to generate excess returns based on the Adviser&#8217;s proprietary target price for that stock. <br /><br />The Fund currently invests a significant portion of its total assets in technology companies and in companies engaged in the development, production and distribution of health care products and services. The Fund may continue to make such investments in the future. The Fund may invest up to 10% of its total assets in the securities of foreign issuers, all of which may be in securities of foreign companies located in countries with emerging securities markets. The weighted average market capitalization of the Fund&#8217;s portfolio at any time, on a cost basis, will be below $3 billion. Please review the remainder of this Prospectus and the Statement of Additional Information for more detailed descriptions of these principal investments and other securities in which the Fund may invest. <b>Principal Risks Of The Fund </b> As with any mutual fund, there are risks to investing. Neither the Fund nor the Adviser can guarantee that the Fund will meet its investment objectives. Any of the investments made by the Fund can result in an investment loss, which may be significant. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are:<br /><br /><b>Stock Market Risk </b><br />The value of stocks and other equity securities in the Fund&#8217;s portfolio will fluctuate depending on the performance of the companies that issued them, general market and economic conditions and investor confidence, and, as a result, the Fund&#8217;s share price may decline suddenly or over a sustained period of time.<br /><br /><b>Growth Style Risk </b><br />The Fund may invest in growth stocks, which are characterized by high price-to-earnings ratios, and which may be more volatile than value stocks with lower price-to-earnings ratios.<br /><br /><b>Small-Cap Company Risk </b><br />While small-cap companies may offer greater potential for capital appreciation than larger and more established companies, they may also involve greater risk of loss and price fluctuation. The trading markets for securities of small-cap issuers tend to be less liquid and more volatile than securities of larger companies. This means that the Fund could have greater difficulty buying or selling a security of a small-cap issuer at an acceptable price, especially in periods of market volatility.<br /><br /><b>Healthcare Sector Risk </b><br />The Fund may from time to time invest a substantial portion of its total assets in one or more industries within the healthcare sector (understood to refer generally to companies principally engaged in the development, production and distribution of healthcare products and services). The Fund does not, however, generally anticipate that its investments in any one such industry or related industries will exceed 25% of the Fund&#8217;s portfolio. As a result of such investments, market or economic factors affecting healthcare companies could have a major effect on the value of the Fund&#8217;s investments. In general, the performance of healthcare companies tends to be affected by factors such as rapid innovation, the expiration of patents, product liability lawsuits and other litigation, changes in law and regulatory requirements, and changes in the reimbursement rates for their products and services. In particular, the continuing implementation of the Patient Protection and Affordable Care Act may significantly affect the financial performance of healthcare companies.<br /><br /><b>Technology Sector Risk </b><br />The Fund may from time to time invest a substantial portion of its total assets in one or more industries within the technology sector. The Fund does not, however, generally anticipate that its investments in any one such industry or related industries will exceed 25% of the Fund&#8217;s portfolio. As a result of such investments, market or economic factors impacting technology companies could have a major effect on the value of the Fund&#8217;s investments. Stock prices of technology companies are particularly vulnerable to rapid changes in product cycles, government regulation, high personnel turnover and shortages of skilled employees, product development problems, and aggressive pricing and other forms of competition. In addition, technology stocks, particularly those of smaller, less seasoned companies, tend to have high price/earnings ratios and to be more volatile than the overall market.<br /><br /><b>Sector Risk </b><br />Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may perform differently than other sectors or as the market as a whole. Although the Fund does not intend to concentrate its investments in any particular sector or sectors, the Fund may, from time to time, emphasize investments in one or more sectors, such as, for example, the technology or healthcare sectors. Market conditions, interest rates and economic, regulatory or financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors, it may have increased relative exposure to the price movements of those sectors.<br /><br /><b>Foreign Securities Risk </b><br />Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates.<br /><br /><b>Emerging Markets Risk </b><br />In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies domiciled in emerging market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.<br /><br /><b>Managed Portfolio Risk </b><br />The Adviser&#8217;s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. <br /><br />Please see &#8220;What are the Principal and Non-Principal Risks of Investing in The Fund?&#8221; for a more detailed description of the risks of investing in the Fund. It is possible to lose money on an investment in the Fund. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. It is possible to lose money on an investment in the Fund. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. <b>Performance Information </b> The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. The performance shown reflects the performance of the Stonebridge Institutional Small-Cap Growth Fund, a series of the Stonebridge Funds Trust (the &#8220;Predecessor Institutional Fund&#8221;), as a result of a prior reorganization of the Predecessor Institutional Fund into the Fund, without the effect of any fee and expense limitations or waivers. The Fund also undertook a reorganization with the Stonebridge Small-Cap Growth Fund (the &#8220;Predecessor Investor Fund&#8221;) around the same time as its reorganization with the Predecessor Institutional Fund. The Fund&#8217;s performance information reflects the track record of the Predecessor Institutional Fund only. The Predecessor Investor Fund and the Predecessor Institutional Fund were both managed by the Adviser and had identical investment objectives, strategies and risks. The Adviser managed them in a substantially similar faction. The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The following information provides some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance has varied over time. 1-800-639-3935 The Fund&#8217;s past performance (including the performance of the Predecessor Institutional Fund) does not necessarily indicate how it will perform in the future. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. The table compares the average annual returns for the Predecessor Institutional Fund over the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund&#8217;s past performance (including the performance of the Predecessor Institutional Fund) does not necessarily indicate how it will perform in the future. Updated performance information is available by calling 1-800-639-3935. <b>Calendar Year Annual Returns </b> -0.2695 0.2969 0.0916 0.0221 0.1058 0.0362 -0.4859 0.4462 0.2146 -0.1109 Average Annual Total Returns (for the periods ended December 31, 2011) -0.1109 -0.1109 -0.0721 -0.0291 -0.0361 -0.0389 -0.0297 0.0209 -0.0028 -0.0043 -0.0021 0.0448 After-tax returns are calculated by using the highest historical individual U.S. federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts (i.e., retirement plans or Individual Retirement Accounts). Best Quarter 2009-06-30 0.4214 Worst Quarter 2008-12-31 -0.3095 <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-COLLAPSE:COLLAPSE" align="center"><tr><td width="51%"></td><td valign="bottom" width="1%"></td><td width="48%"></td></tr><tr><td valign="top" align="center"> <div style="margin-left:1.00em; text-indent:-1.00em" align="center"><font style="font-family:ARIAL" size="1">Best Quarter</font></div></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center"><font style="font-family:ARIAL" size="1">Worst Quarter</font></td></tr><tr><td valign="top" align="center"> <div style="margin-left:1.00em; text-indent:-1.00em" align="center"><font style="font-family:ARIAL" size="1">June&nbsp;30, 2009: 42.14%</font></div></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center"><font style="font-family:ARIAL" size="1">December 31, 2008: -30.95%</font></td></tr></table> -0.02 <div style="display:none">~ http://www.alpsfunds.com/role/ScheduleAnnualTotalReturnsStonebridgeSmall-CapGrowthFundBarChart column period compact * ~</div> "Other Expenses" are based on estimated amounts for the current fiscal year. After-tax returns are calculated by using the highest historical individual U.S. federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts (i.e., retirement plans or Individual Retirement Accounts). The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. EX-101.SCH 3 fit-20121228.xsd XBRL TAXONOMY EXTENSION SCHEMA 000000 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 000011 - Document - Risk/Return Summary {Unlabeled} - Stonebridge Small-Cap Growth Fund link:presentationLink link:calculationLink link:definitionLink 000012 - Schedule - Shareholder Fees {- Stonebridge Small-Cap Growth Fund} link:presentationLink link:calculationLink link:definitionLink 000013 - Schedule - Annual Fund Operating Expenses {- Stonebridge Small-Cap Growth Fund} link:presentationLink link:calculationLink link:definitionLink 000014 - Schedule - Expense Example {Transposed} {- Stonebridge Small-Cap Growth Fund} link:presentationLink link:calculationLink link:definitionLink 000015 - Schedule - Expense Example, No Redemption {Transposed} {- Stonebridge Small-Cap Growth Fund} link:presentationLink link:calculationLink link:definitionLink 000016 - Schedule - Annual Total Returns - Stonebridge Small-Cap Growth Fund [BarChart] link:presentationLink link:calculationLink link:definitionLink 000017 - Schedule - Average Annual Total Returns {Transposed} {- Stonebridge Small-Cap Growth Fund} link:presentationLink link:calculationLink link:definitionLink 000018 - Document - Risk/Return Detail {Unlabeled} - Stonebridge Small-Cap Growth Fund link:presentationLink link:calculationLink link:definitionLink 000019 - Disclosure - Risk/Return Detail Data {Elements} - Stonebridge Small-Cap Growth Fund link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 fit-20121228_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 5 fit-20121228_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 6 fit-20121228_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 7 fit-20121228_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 8 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 9 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName FINANCIAL INVESTORS TRUST
Prospectus Date rr_ProspectusDate Dec. 31, 2012
Document Creation Date dei_DocumentCreationDate Dec. 28, 2012
EXCEL 10 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%]C.64T934T.5\S8C!F7S0V,C=?.3@Q8E]A,6(W M-#`U.#8Y.30B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O6QE#I!8W1I=F53:&5E=#X-"B`@/'@Z4')O M=&5C=%-T#I0#I0#I0&UL/CPA6V5N9&EF72TM/@T*/"]H96%D M/@T*("`\8F]D>3X-"B`@(#QP/E1H:7,@<&%G92!S:&]U;&0@8F4@;W!E;F5D M('=I=&@@36EC'1087)T7V,Y931E-30Y7S-B M,&9?-#8R-U\Y.#%B7V$Q8C'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M,#`P,#DQ-3@P,CQS<&%N/CPO'0^1&5C(#,Q+`T*"0DR,#$R M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^ M#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]C.64T M934T.5\S8C!F7S0V,C=?.3@Q8E]A,6(W-#`U.#8Y.30-"D-O;G1E;G0M3&]C M871I;VXZ(&9I;&4Z+R\O0SHO8SEE-&4U-#E?,V(P9E\T-C(W7SDX,6)?83%B M-S0P-3@V.3DT+U=O'0O:'1M;#L@8VAA'0^/&(^26YV97-T M;65N="!/8FIE8W1I=F5S(#PO8CX\'0^/&(^1F5E'!E;G-E7,I/"]T9#X-"B`@("`@("`@("`@("`@ M/'1D(&-L87-S/3-$;G5M<#XR+C`P)3QS<&%N/CPO'!E;G-E6]U('!A>2!E86-H M('EE87(@87,@82!P97)C96YT86=E(&]F('1H92!V86QU92!O9B!Y;W5R(&EN M=F5S=&UE;G0I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^/&(^17AA;7!L93PO M8CX\6]U6]U'0^/&(^4&]R=&9O;&EO(%1U7,@86YD('-E;&QS('-E8W5R:71I97,@*&]R M("8C.#(R,#MT=7)N&%M M<&QE+"!A9F9E8W0@=&AE($9U;F0F(S@R,3<[2!I;B!C;VUM;VX@7,@82!F=6YD86UE;G1A;"P@2!P87)E9"!W:71H(&$@<')E9F5R96YC92!F;W(@8V]M<&%N M:65S('=I=&@@&-E7-I2`S,"`M(#4P('-T;V-K2!T87)G970@<')I8V4@9F]R('1H870@2!I;G9E2!C;VYT:6YU92!T;R!M86ME('-U8V@@:6YV97-T;65N=',@:6X@=&AE M(&9U='5R92X@5&AE($9U;F0@;6%Y(&EN=F5S="!U<"!T;R`Q,"4@;V8@:71S M('1O=&%L(&%SF%T:6]N(&]F('1H92!&=6YD)B,X,C$W.W,@ M<&]R=&9O;&EO(&%T(&%N>2!T:6UE+"!O;B!A(&-O2!O9B!T:&4@ M:6YV97-T;65N=',@;6%D92!B>2!T:&4@1G5N9"!C86X@2!D96-L:6YE('-U9&1E;FQY(&]R M(&]V97(@82!S=7-T86EN960@<&5R:6]D(&]F('1I;64N/&)R("\^/&)R("\^ M/&(^1W)O=W1H(%-T>6QE(%)I2!I M;G9E2!2:7-K(#PO8CX\8G(@+SY7:&EL92!S;6%L M;"UC87`@8V]M<&%N:65S(&UA>2!O9F9E2!A;'-O(&EN=F]L=F4@ M9W)E871E2!B=7EI;F<@;W(@2!E;F=A9V5D(&EN('1H92!D979E;&]P;65N="P@<')O9'5C=&EO;B!A M;F0@9&ES=')I8G5T:6]N(&]F(&AE86QT:&-A2!A;G1I8VEP871E('1H870@:71S(&EN=F5S=&UE;G1S(&EN(&%N>2!O;F4@ M2!O&-E M960@,C4E(&]F('1H92!&=6YD)B,X,C$W.W,@<&]R=&9O;&EO+B!!2!A;G1I M8VEP871E('1H870@:71S(&EN=F5S=&UE;G1S(&EN(&%N>2!O;F4@2!O&-E960@,C4E M(&]F('1H92!&=6YD)B,X,C$W.W,@<&]R=&9O;&EO+B!!2!C;VUP86YI97,@8V]U;&0@:&%V92!A M(&UA:F]R(&5F9F5C="!O;B!T:&4@=F%L=64@;V8@=&AE($9U;F0F(S@R,3<[ M2!S=&]C:W,L M('!A2!T:&]S92!O9B!S;6%L;&5R+"!L97-S('-E87-O;F5D M(&-O;7!A;FEE2P@9G)O;2!T:6UE('1O('1I;64L M(&5M<&AA2!M;W)E('9O;&%T:6QE(&%N9"!L97-S(&QI<75I9"!T:&%N(%4N M4RX@2!B92!S=6)J96-T('1O(&%D9&ET:6]N86P@2!E>&-H86YG92!R871E2!A;GD@8F%N M:R!A;F0@87)E(&YO="!I;G-U2!O=&AE2X\'0^5&AE(&9O M;&QO=VEN9R!I;F9O2!S:&]W M:6YG(&AO=R!T:&4@1G5N9"8C.#(Q-SMS('!E2!F964@86YD(&5X<&5N65A2!W:&5N('1H97D@8G5Y(&]R('-E;&P@2!C86QL:6YG(#$M.#`P+38S.2TS.3,U+CQS<&%N/CPO6QE/3-$8F]R9&5R+4-/ M3$Q!4%-%.D-/3$Q!4%-%(&%L:6=N/3-$8V5N=&5R/CQT6QE/3-$)VUA3I!4DE!3"!S:7IE/3-$,3Y"97-T M(%%U87)T97(\+V9O;G0^/"]D:78^/"]T9#X\=&0@=F%L:6=N/3-$8F]T=&]M M/CQF;VYT('-I>F4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/CQT9"!V M86QI9VX],T1B;W1T;VT@86QI9VX],T1C96YT97(^/&9O;G0@3I!4DE!3"!S:7IE/3-$,3Y7;W)S="!1=6%R=&5R/"]F;VYT M/CPO=&0^/"]T'0M:6YD M96YT.BTQ+C`P96TG(&%L:6=N/3-$8V5N=&5R/CQF;VYT('-T>6QE/3-$9F]N M="UF86UI;'DZ05))04P@F4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/CQT9"!V86QI M9VX],T1B;W1T;VT@86QI9VX],T1C96YT97(^/&9O;G0@3I!4DE!3"!S:7IE/3-$,3Y$96-E;6)E&5S(&]N($1I&5S*3PO=&0^#0H@("`@("`@("`@("`@(#QT9"!C;&%S"!R971U"!R871E"!M96%S=7)E"!C;VUP86YI M97,@=VET:"!H:6=H97(@<')I8V4M=&\M8F]O:R!R871I;W,@86YD(&AI9VAE M'1087)T7V,Y931E-30Y7S-B,&9?-#8R-U\Y.#%B M7V$Q8C'0O:F%V87-C M3X-"B`@("`\=&%B;&4@ M8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'!E;G-E'!E;G-E'!E;G-E6]U('!A>2!E86-H('EE87(@87,@82!P97)C96YT86=E(&]F('1H92!V86QU M92!O9B!Y;W5R(&EN=F5S=&UE;G0I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S7,@86YD('-E;&QS('-E8W5R:71I97,@*&]R("8C.#(R,#MT M=7)N&%M<&QE+"!A9F9E M8W0@=&AE($9U;F0F(S@R,3<['0^)B,X,C(P.T]T M:&5R($5X<&5N&%M<&QE(%M(96%D:6YG M73PO=&0^#0H@("`@("`@(#QT9"!C;&%S&%M M<&QE2&5A9&EN9SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/&(^ M17AA;7!L93PO8CX\'0@0FQO8VM=/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$=&@^6]U&%M<&QE(&)Y+"!996%R+"!#87!T:6]N(%M497AT73PO M=&0^#0H@("`@("`@(#QT9"!C;&%S&%M<&QE M0GE996%R0V%P=&EO;CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M3G5M8F5R(&]F(%EE87)S(%EO=2!/=VX@66]U'0^/&(^4')I;F-I<&%L($EN M=F5S=&UE;G0@4W1R871E9VEE7!I8V%L;'D@8V]N=&%I;G,@;W9E2!T2!F M=7)T:&5R(')E9FEN92!T:&ES(&EN=F5S=&UE;G0@=6YI=F5R6-L92X@07,@82!R97-U;'0@;V8@ M=&AI2!A<'!R;WAI;6%T96QY M(#,P("T@-3`@2!T M;R!E;F%B;&4@=&AE($9U;F0@=&\@86-H:65V92!I=',@:6YV97-T;65N="!O M8FIE8W1I=F5S+B!4:&4@061V:7-E&-E2!B92!I;B!S96-U'0^/&(^4')I;F-I<&%L(%)I2!O9B!T:&4@:6YV M97-T;65N=',@;6%D92!B>2!T:&4@1G5N9"!C86X@2!D96-L:6YE('-U9&1E;FQY(&]R(&]V M97(@82!S=7-T86EN960@<&5R:6]D(&]F('1I;64N/&)R("\^/&)R("\^/&(^ M1W)O=W1H(%-T>6QE(%)I2!I;G9E M2!2:7-K(#PO8CX\8G(@+SY7:&EL92!S;6%L;"UC M87`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`@("`@ M("`\=&0@8VQA2!A M;GD@8F%N:R!A;F0@87)E(&YO="!I;G-U2!O=&AE2X\'0^/&(^4&5R9F]R;6%N8V4@26YF;W)M M871I;VX@/"]B/CQS<&%N/CPOF%T:6]N('=I M=&@@=&AE(%-T;VYE8G)I9&=E(%-M86QL+4-A<"!'F%T:6]N('=I=&@@ M=&AE(%!R961E8V5S2X@5&AE(%!R961E8V5S2!O9B!2971U'1= M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^'0^,2TX,#`M-C,Y+3,Y,S4\'0^5&AE($9U;F0F(S@R,3<['1";&]C:SPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^5&AE(&)A2!A<'!L:6-A8FQE('-A;&5S(&-H87)G97,@=&AA="!A;B!I M;G9E2!B=7D@;W(@'0^5&AE(&)A2!B=7D@;W(@6QE/3-$8F]R9&5R+4-/3$Q!4%-%.D-/3$Q!4%-%(&%L:6=N M/3-$8V5N=&5R/CQT6QE/3-$)VUA3I!4DE!3"!S:7IE/3-$,3Y"97-T(%%U87)T97(\+V9O;G0^/"]D:78^ M/"]T9#X\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B9N8G-P M.R9N8G-P.SPO9F]N=#X\+W1D/CQT9"!V86QI9VX],T1B;W1T;VT@86QI9VX] M,T1C96YT97(^/&9O;G0@3I!4DE!3"!S:7IE M/3-$,3Y7;W)S="!1=6%R=&5R/"]F;VYT/CPO=&0^/"]T'0M:6YD96YT.BTQ+C`P96TG(&%L:6=N/3-$ M8V5N=&5R/CQF;VYT('-T>6QE/3-$9F]N="UF86UI;'DZ05))04P@F4],T0Q/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/CQT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1C M96YT97(^/&9O;G0@3I!4DE!3"!S:7IE/3-$ M,3Y$96-E;6)E'0^079E2!U$1E9F5R2!C M86QL:6YG(#$M.#`P+38S.2TS.3,U+CQS<&%N/CPO'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S&%M<&QE665A&%M<&QE665A'!E;G-E17AA;7!L95EE87(Q,#PO=&0^#0H@ M("`@("`@(#QT9"!C;&%S2!2971U5)E='5R;DQA8F5L/"]T9#X-"B`@("`@ M("`@/'1D(&-L87-S/3-$=&5X=#Y"97-T(%%U87)T97(\5)E='5R;D1A=&4\+W1D/@T*("`@("`@("`\=&0@ M8VQA5)E='5R;DQA8F5L/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$=&5X=#Y7;W)S="!1=6%R=&5R/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^1&5C(#,Q+`T*"0DR,#`X/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S&5S(&]N($1I"`H;F\@9&5D M=6-T:6]N(&9O'!E;G-E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'!E;G-E2!U"!R971U"!S:71U871I;VX@86YD(&UA>2!D:69F97(@9G)O;2!T:&]S M92!S:&]W;BX@069T97(M=&%X(')E='5R;G,@87)E(&YO="!R96QE=F%N="!T M;R!I;G9E3X-"CPO:'1M;#X-"@T*+2TM+2TM/5]. M97AT4&%R=%]C.64T934T.5\S8C!F7S0V,C=?.3@Q8E]A,6(W-#`U.#8Y.30- M"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO8SEE-&4U-#E?,V(P9E\T M-C(W7SDX,6)?83%B-S0P-3@V.3DT+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0^1DE.04Y#24%,($E. M5D535$]24R!44E535#QS<&%N/CPO'0^1&5C(#(X+`T*"0DR,#$R/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X- M"@T*+2TM+2TM/5].97AT4&%R=%]C.64T934T.5\S8C!F7S0V,C=?.3@Q8E]A M,6(W-#`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`T*0FA*0E519&AC4DUI36]%249% M2U)O8DA"0U-->E5V0599;DQ20VA9:TY/16PX4F-91U)O;4IY9W!+:E4R3GIG M-4]K3D5255I(4T5L2PT*53%25E9L9%E75G!J6D=6;5HR:'!A;DXP9%A:,V5( M;#9G;T]%:%EA2&E);4MK<$]5;%IA6&U*;6%O<4]K<&%A;G%+;7%S4UN2S!T4%4Q9&)8,DYN831U4&LU96)N-D]N<3AV M4#`Y9F(S*U!N-B\Y;T%$04U"04%)4D%X14%0=T1P+T%09PT*,W=X9&5"4$1L M>&,K2$Y&;6YL,#(R:VMK:W-9;5HR35-K5-4>FUT<34X1RM$8E5-34U=-2W%I9UI,10T*;&-!06,U<5@T8V8X:S@X3"]W1%E+ M=&8O0453=%-E3TY,;3%F=S=*83(V4U-/='AB6$)32U5X4T]S53AC:DMJ9VIA M-59#1D]6=WA(>@T*3#%(8VMR8DAK='9M,T]9:S`S=V]025-,-&514S-6>#5K M:T9R+UIT<$A*2D-M>DTR2%I1<35K46)82WE:8FQ"9S0R9$XX2BM#.5,P-@T* M,79R3'$QU4F=#<'=6>4UG:G)74'!':S9J;S)S2G$Y M<&]&=VUN+T%/:WC(V4U=I4TQA9GFIR M:F=C9&,X-0T*-%-S3EDQ:G=R;S)P,U!I,U=L;G9B2T$Y(+PT*04%G M=FA0.$$V1F91=B]"9D0O.$%%,'8O04%J,G`O.$%1,S8Y+W="*V),+S5(;R\T M4C=5+RMH=C$W+W9Z6F8X07E04EID9W4O-79Z10T*+W=#148X2B\Y0W9O6"]G M=F@O.$%I85`K148X2B]W1%%R-D8O-$PT9B]I87EV0U9HF)K-'EF53%R9CA).7%F M.$$P3BMV9CDK8DPO-4AO,#=!-W)4;2]-5"]!25%8=VXO,$LK:&8K0RM(+W=# M2@T*;R\T45AW;B]!3D-V;U@O9W9H+RM*<&8K164Q4"]O8CEE+S5!2 M+W=J,G`O.41F3="9"]Z9FU*+W=!20T*3#14+T%/:%@P M3"]W6'C-T;$1C>4Q(0EI"47IO1TE'8F-N1U0V;71B M+VA(=%0O-DEIF+TDY1FPR0PT*-R]M+TU4+VA"9D-F M+U%R-D8O-$PT9CA!-&UJ+T%)45AW;B\P2RMH9BM#*T@O=T-*<&8X06A(=%0O M=T-H=C$W+T%,.#)8+WE04B]W:@T*,G`O.41F3="9"]Z M9FU*+W=G=FA0+V]6.4,O.$8X4"]!3512+W=!24PT5"]!3VA8,$PO=UAW+R]! M0DY:6&A+=PT*,6I74$-U:F%N8RM,9&%793ES;V)M4EDT3$E+1V1!>$%Z8FLT M>695,7)F.$%#4&%N+W="1&9R,R]!2#5S=B]K96I45!2+W=J,G`O=T11,S8Y+PT*,S5S=B]K96EY-T)D+W=! M,S5I9CA)3#14+W=#:%@P3"]!348X4"]X3D@O0T,K12\K:%@P3"]W048X4#A! M.%13+SA).7%F+U$S-CDO,PT*-7-V+T%*2&\O=T-%93%0+T%+1R]8=CA!=GI: M9B]).49L,D,W+VTO350O:$)F0V8O045+*VAF.$%G=F@O*TIO+S116'=N+S!+ M*VAF*PT*0RM(+T%/2G)+.$I71W-A>#16,&)5-VYX8G)3>C-T;$1C>4Q(0EI" M47IO1TE'8F-N1U0V;71B+VA(=%0O04]H=C$W+W9Z6F8O04-04@T*<#)",U=N M3BM9;B]#0RM%+RMH6#!,+W=8=R\X07A.2"]!06=V:%`X039&9E%V+T)F1"\X M044P=B]!06HR<"\X05$S-CDO=T(K8DPO-0T*2&\O-%(W52\K:'8Q-R]V>EIF M.$%Y4%):9&=U+S5V>D4O=T-%1CA*+SE#=F]8+V=V:"\X06EA4"M%1CA*+W=$ M47(V1B\T3#1F+VEA6`T*+VA(=%0O-DC1T,7!:-S)Y M:'5:1FIG2]W1&ME M:E1S1'5T3V(X>%`K148X2B\X05%R-D8O=T-#*T@O-&UJ+VA"9D-F+U%R-D8O M-$PT9CA!-&UL+S12-U4O=T1O8CEE+PT*-S@R6"]W06HP9CA!0U!A;B]W0D1F M3="9"]Z9FU*+W=G=FA0+V]6.4,O.$%"9D0O05!%,&8X M24PT5"\V1F91=@T*+T)F1"]W1$4P=CA!=VHR<"]W1%$S-CDO,S5S=B]K96HO M:$AT5"\V1R]8=BLO3FPO.&HP5UA93'8K8CAX4"M%1CA*+SE#=F]8+V=V:`T* M+W=$:6%0.$%H0F9#9B]1')(:%A2=%1U9D9U M=$Q093)53GI)6-:4'%A,78X00T*:$AT5"]W0VAV,35!2<#)",U=N3BM9;B]!06=V:%`X039&9E%V+T)F1"\X044P9CA) M3#14+W=#:%@P3"]!348X4"]X3@T*3"]W:C)P+SE$9G(S+V9M>2]W1&ME:B]H M2'14+T%/:'8Q-R]V>EIF+T%#4%):9&=U+W=#8CAX4"M%1CA*+W=$47(V1B\T M3#1F+VEA4`T**T5&.$HO.$%1$Y(+T-#*T4O*VA8,$PO=T%&.%`X03A45U8T4W-. M63%J=W)O,G`S4&DS5VQN=F)+1S5K5T]#>4-H;@T*44U133(U3TUN,4YA,R]# M4&%N+S!.*W9F.2MB3"]W0U(V3D]W3S8P-79Z12\T45AW;B\P2RMH9BM#*T@O M04]*;R]W0T5&.$HO.4-V;PT*6"]G=F@O.$%I85@O04E2-U4O.$%O8CEE+W=# M+TYL+SAJ,&8X23EQ9B]1,S8Y+S,U5!26F1G=2\U M=@T*>D4O-%%8=VXO=T)#=F]8+T%)3#1F+VEA4"M%1CA*+SE#=F]8+V=V:"]W M1&EA6"]H2'14+T%/:'8Q-R]V>EIF+T%#4%(O=T%).7%F+PT*045.*W9F.$%F M;7DO*U(V3$QS1C,O3BM9;B]#0RM%+RMH6#!,+W=!1CA0.$$X5%(O=V=V:%`O M;U8Y0R\X1CA0+T%-5%=6-%IS3EDQ5`T*5'!R:30X5S8PC5&4E=D67)M5TY346EQ=61Q3#!!;W-U=UAD#-95RMK,D9P60T*=TYPC%:.48O1&8O:VYF:&(O%)I;5-.>%)I;EEO>%%!,T9'2V1I:D9!1&-567`R2TU504YX4FEN60T*;WA1 M03-&1TMD:6I&041C55EP,DM-54%.>%)I;EEO>%%!,T9'2V1I:D9!1&-567`R M2TU504YX4FEN66]X44$S1D=+9&EJ1D%$8U59<`T*,DM-54%.>%)I;EEO>%%! M,T9'2V1I:D9!1&-567`R2TU504YX4FEN66]X44$S1D=+9&EJ1D%$8U59<#)+ M355!3GA2:6Y9;WA103-&1PT*2V1I:D9!1&-567`R2WA4-'`P365'-79%0C%+ M1"MX;V9-,UA92DM(6351-V8W,WI!9UEZ=30R-7E-<30W3FUX:6I&46%J9E=E M;5=C;`T*,W%6,4)A5VME3C@P.&=J4F-K05I9:T%:2D$O1W-M6'AB<$5-8TQZ M>5AC46M4>D7AN57=*=4LW-6=5>D-M5F)$4V)6259I1&=%9PT*=4-I,W-B M=4M-5FYW-C-P8W8Y;T9,-D%,65I.,'I0=%=)1$]72E!',$98570P1$DV-7EJ M05AB85I,;3)I;FI%9U-6039I4TYO,D%)>@T*>7)!1E0W14%J=E)C3$0X55EP M,DM-57A$8U59<#)+355!3GA2:6Y9;WA103-&1TMD:6I&041C55EP,DM-54%1 M6$UJ=S(XE)31E,P6DXW3CAP,FMJ239C16HP2G)P3&UE1S%T<&)I M-0T*;&IH9VE1>5-34TU&5D9!>5=*4$%!2$]A-3,T8WIW,UAH<5,T='!9-6]* M9%,Q1U-/4TYG>75P=EIY1T)(0D)(3V%N<59B,U1P8U8X<`T*9G189CAL13`W M+W-&4B\X06\V879Q+T9F2U`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`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`K2TU504UX,31.2%E(0BML4'A2:6=$>E`T;B\X:F0T8@T*+W=#=DLK M+SE'5W1.,#=T5"]I:"]Y3C-H=B]R>79V.$$P6F$P>E1U,6$P9'IG>&4V3$XO M,')/.$AF.&Q*=&8X07-&6&8O;S8Q'(U+VME<%DV.$=J%%!>DA043!9 M-CA';C1O>%%!>G-$9R]3:DA043`O1D=+04UV5TY1=7)$>79S=6IA:'%E+T\W M-PT*2SA#*UAJ1TTK8DEN6$HV6C9(3T]--5!W-&1P=D15F9W,2\U2GHT5B\W0E9P+S9*5W5L>%A.+T14+VMN4&A8+W-%,@T* M;B]O;&%857)O9$A24S1O>%1*16]P8U59;T%3:6QX4FEG1$DX54QR5#95,&9H MDM9>$=N.%1+4DC--4&YU>'0S+T%.5UID-DUD,#!H63=P2E-% M0F9D5VHX45!%97-A4'$K:C)/:@T*3EE2+V$T8FEA4C=U,V5B2&QT0T%&0WE* M:E!M;D]C.4)76F(V.31V;7@O>$U.05@O04QH8W@O.$%B;6A18W1K2U9A3E!3 M5'0Y-7-E3`T*+T1L>G)7<3)D-C)M-EIQ359M:S%U=&IE,U1X=WIP3#5,8C5- M4G-#5F5)9U)L5U4O2RLT36]!;W=E0C=Q6%9.2&953'9D8F%B.6YK=0T*2E5U M<#DK7E):EI0;7,R>$%754QG,7)J6%!&.$]F.$%I66%! M9BLT5DU0.$$R-7%F=V(T;S$R+SA82G!77)7=')*0WES M:VM+-$\V5G=14DME=S9#:59.7,P;E-A6D1C M5RMN5W-..61F8DQU3TI%;7503$5F;D]!07HW4G=U5<2$%Z5G)&1TM6:6TR M>$M+6`T*1D=+66A+2UA&1TM!16]P8U59;T%3:6QX4FEG0DM+6$9'2T%%;W!C M55EO05-I;'A2:6="2TM81D=+045O<&-566]!4VEL>%)I9T)+2PT*6$9'2T%% M;W!C55EO05-I;'A2:6="2TM81D=+045O<&-566]!.'DK2U`O23-E1R\K=DLK M+SE'5W1-,#=T56YX4R]W0U)U.$XO.656.0T*+W=#:DQ7;SE/-U9T4E!0>&YX M1FTO=T-L55!";B]*4W)8+W-%,V8X039/=&%V,R]3<4AG=B]K<%9R+S)#8G8X M03E(5W166#)*=V9X<@T*-2]K97$P575+359Z;G!#555Y-6YH=&)A5S1U<%DT M8F5&1$I*3$EW5E551$I9:SA!06,U<6I(45K0D5B3T=B2VM92$]19E-K3WAO,%5U2W!81W)A9&)A54Y5=4Y1 M%)I9U%L1DQI:D9!0U9Z9F=$+VM" M6%@O04=&9%0O.$%3-F5T>E5B8565V04$Y04M857$R:#`Y9DIN-U=F.$%Y56)4=BMW5D@O-D]M%AY6@T* M*S%P+WE58E1V*W=42"\V3VUR3W(X2G)H+VI0<$@T840O:3-(:%@O4Q5-UHU>DQF=&%34`T*1$ES8V1Q*T9G.#!-<%`R>%)K>4XO<6EC M9E!H97`X339N+V)F:'93=%FIV-E5!2FEJ1DM-2$]/,U=J2S1">4U(;PT*8S!!95IF1D@O:V(O04$Q M+S$U6#,O;WDQ<&UN9'%K*TM8+TDS*T=V*W9+*R\Y1U=T4C9D,G)O;TAN63,T M:"MO9#9P94-0*U-L,C,O60T*2G4O+T%%9&$Q9#%$=E90=U`O>55U,B\W0DXS M+T%/:G)7:79S5&$U5 M67!E30T*-#`T*4FEL>75! M8VI"-DA.2$=C9"]39T)-55EP4F#(V,%I804]29SE$;6="3559<&5--#75!8VI"-DA.2$=C M9"]39T)-55EP4F`T*,C8P6EA!3U)G.41M9T)-55EP94TT-RML07=C-#=D M84%%>%)I;'EU06-J0C9(3DA'8V0O4V="3559<%)G-7@R-C!:6$%/4FD@T<"]W1$DS94=V*W9+*R]W1%)LDTX4@T*,TYT6F%.8UAD-5DS1V]25RLR65C)L:D9E,T8W9"]:5FIL=41!<2]U<$I#>%E)-392-'AJ=E=$1`T* M-#(X47IF9#A/-E-0&YB6"MQ,F$V8G!C M3G9.*SEI;'9)$U9:T5B<61Z27%U;0T*,#5J6F=C8C%.96(R M3F@T9W1D3CA,6%4Y;F-186IP=F@V1TQ38F5+=V$T>F5%37)X>E-&4#-#=7$R M-&9E14EY=U-647-H8G):=D=0:0T*3TEF3C1E,&$)9-EIQ=6HR.6],,6YI:&QT'1*:&&Y(9C!O1T1N2&)R5$I%>%)I;`T*>75!8VI"-DA.2$=C9"]3 M9T-+-6MA1S)L;&IH:VYD14Q,1D=61%-%1&A2=4E'5#`U24AQ4EA.+T1A4G!V M1$US4TO559K+T1A94F%N<55K8W-B0FQD5&5Z:TU#3T-#3V,PDAK36M/.'E.25-422M18V=J<61$,'E(4G1%,"]3 M-U9P2'0W2S-J=&\R:TE,1E552T-304)N03E"5B]&1TM%EAW>D@O04)B9G=P+S)#8E0O04Y%<%(Q M1&]D2FEJ1DQI:D9-:U1&1TM81D=+045X4FEL>%)I9T1Z2`T*-'`O.&IF-&$O M=T-V2RLO.4=7=%)A9#)Q6#1Q9CAJ9C1A+S8X#9T=W5K M4E1X=&-(5#=E50T*>F%H2&)8471:6DQC4G8X06-L3&]%,G8U8FLW,"M61T=4 M;F$P9F=+5V)7=D%D<$YF9F)%:79K;&5$>DIY2GAA=3=M1$UI35%9T3&Y566]X6&PQ=G%7=39H-%$QD-FIP M2S-T-4\Q,DE43$A(1D-R;SAP5FY493`V;GI)=UA"50T*06)D>&M3-W`Y-W%8 M;6%F<4]J6#!L>&$V>EEW9C)B<#DR5VMK:6I:66-Y>2]-8VE&5$I)>C71/ M35H.&@V2FEJ1EE(9PT*9E9B2%9T140V8F18;#!K5#1E836Q&-W1T M449S1'%4:F=!:SA!;7$R3`R,6MU-WDWD8U:"M2*U!U-W!B6F%3934R M3W(V<&%A5&),4&5V24$W:0T*3TY);VYM:VMB0D\Q23!"6FIG35-&0G=&2E!! M2G%I4$9':VTY9W143F-,3$PU63-0851+:U1U055J;&-R=&EK3S5-4G568DQO M35I:8PT*,2]&45EAZ7,X-5E/56-2:T1Y'9X1@T*;2\V5E,X168X M;$UT9BMW5&0O.$%O-C%Q-V8X05-Q6&=J+VMP;'(O,D-B>B]!3DA7=%98,DEW M6#A29E`X:C%N1D=+6$9'2S5J,41Z-PT*-'=F.&4O:&HOE=6<#-A M=&(T=R\X04AV-%DO=T-W="\W85A.6D]N9'$R;V14>CAD=794.5-Z9CE+=SE+ M+S5(-W=P+W="9@T*%)I9T)-55EP8U59;T%41F,Q.`T* M4'@O>$EB7`T4')Z6%`X07%AY4BLQ>"]Y56I49BMW5`T*2"\V3VUQ2W9W;6Q$-'HV52M'42\T='8T M52\W0DYP+S9*4W5L>%A.+T1,+VMM,VA0+W-%,FXO;VQ+-F%Q5WA$,T%)I;E5506589@T*1E@O M:V(O1%@O6&QF9BMJ3%=O9$\W5E`X5G8X06MB+T10+UAL9F8X06]Y,7%$5'4Q M9$9!.'I'+T50,41V5E1W2B]W06Q-='8K=U1D+PT**VIR5W)E;V0V<2M!+W=$ M:W!T="\R0V)Z+W="2%=T3W9S3$)F>$8X+WE06$U567`Q1F-X-FAY+VI(5R]$ M;6QZ86)&-&MJ.#96<$1D5PT*86992DQT:V5,85!-54EJ8E-V;4QH=40X,T9: M;'HT,CA),RLW-U9B,SEZ=6AE,U!M841D=FU..&(P-6@K-C(Q8VIO8T104W-R M-'(O.`T*:F0T6B]W0W9+*R\Y1U=T5CE0-U9P5'`X-7I6.%,V5'-K849X6]93F]0>DYY0@T*+T5F5W0W M=R\T55Y,B\W0DXU+W=#:@T*%)I=D5B-BLX2F%H-$(K M254R:5-A4$)O-V%3<&HP*T)55TI*351E5D]Y:C5%;6MC20T*06XK6MF94UD=G1/-556,7I$8TQ(8EEO>`T*6$PK0V)Y1C=N5V)#2WIV16QT3&HY M+V0S5T1*9%-%$=.4V]25U$U2FQ">G4T,FM9 M3V-J170O15AJ0V)(*VXV078X03-#-6HO=T,S3E`X06EV.$$X:F0T6B\V.`T* MG!U,%=78FI8+T=%3V8K2FAO0B]W0S16 M3B\X:S%9.$8K2W1E,41X975L87A*<&-T=DI9>EA+=`T*83)S:TQ+,&-K2V=( M9$LT24EL4%ED0E9454]H<7`T1B\U2V)B9CEG;3@O.$%2,7)4<3`T>%=H3T9X M1E-P3DM4+T%!4C8S:6I&3V]R00T*-WEN<58Q.6AS<$QG5SEX8W-U07-.=6TU M-4=*04-J;T)K:V-K:%%/5TE!2D9B4717:C%A2S4O,&$T=$QM,6TX:31TFQW:FMC6E`S5'IX>#%R:V)F=VYE2'=H3A1:EEG9DQR-6A815EZ2R]*27EY=55K:E)T4$9K96]A M870O<&5J-GAE,FLK=S)C:5%P2#ES1$%S5U5330T*<%)11E!Z4RM71S0R;'1Y M-4Y/.%HV5F9A;%HR0V9A23=U-#-)63-4+T%&37%M6E1%>$)),UITDQD M1U9O0UAU2$1Q<$QO,TUA&18;6A7;6UA;F%A6&%X3VQZ1&5M M,6ME80T*4F]*2DUM1EI854U42TYP;&Q/1TQ+4T)U64]I=7@R4C!E:V%L1'$Q M7!6:@T*97A73&]' M;F%R6C9L<3@R<&%L.7)T-VEB9F)X-"]W0E=.>DA0*WHXC

3%Q='`S875I9V5B M:F9I3$XO=T)+<"M"+PT**U-M5W8O64IV4#A!,&1A,6-V.$%P5E1W3"]Y53(Q M+S="3C4O-D]T865),DEW6#A29E`X04DY87A2:6Y55GI(<6YN;GAH+S0Y=D1( M+PT*04=&=B]B4S5R23`W=%=X.%DO.$%J,CA-9CEH9B]W0G1,;7-F5'4Q8C!$ M>CAD=794.5-Z9CE+>$Y*+S5(+W=!2B]W1%@W3B\V4C-&8@T*9"\P7=X;%$P:$$T56)I1GEE;DI!.5-+ M-7(T87E.3C19;&QK:&MT,V95.5-:;UI#<&%-;2MN>7`R:W)K9$]#4C9%,3`Y M,5!$85'=7.$M'4U-74F=Q;V]'4WA*-$%!-7EA-7(T85A%3C,T M66QU3%=73V4S;3%057!)-5DR1$LV;2MN25E%8T5%8S5&3'%6,$]O>%AY4`T* M*S%Z+T%-;$DP,R]S17@O*VIP<2MU<2M29C)U=BM3:S9B+S)#678X03!D3E56 M4&A.2TAX2#!T.$UV*U-B944O*W=4868K:55R<&$U=@T*-%DO.&LR.$HO=T19 M2G10+T%%4VQD3%9R66@W;D\R;FEQ,75D5VIS,71,>$QE831LDDQ05EY06IY<&574E90;`T*;D)/5C-D1%A"-EIO*W%2-G1P;&Y,65-2 M,BMN87IF87$Q.%I)>D1.2%`Y<3)O9T1'5&50=%,U,TEQ+TDK1U!Y-W4Y;U%. M3&]*6$YF1`T*3"]K;3-H4"]!3$).<"\V2E-R*W(V5&4S.7ES='(T9S%45$5# M0E1$87@R>DMX>69M4&UW=3)E8V-(2$$T-C4U1#1D-D)Q53-W+W=$1`T*37-F M:3-83&1(,'4Q6EE9-'))FLX439*3-U6G!$3&(R4@T*64=.;T%U35B]$=#$T:C%,>&I$ M<$TO:3=6;'1N6I%56%4EAAFI02#%P,6%Q;71%3$0T5U9+4V-M=C8K4C-L M1@T*8S,O=VIM<68Y1'`T9R\W.#)(+WE.4B]W:FUQ9CE$<#1G+S4Y7 M3GIT=#5N2F9&9B]K8G9$4#A!,358,R]O>3%Q=G`O875G,0T*8C1E;E8W>3)U M=%$X5BM)2G`W6DI)-&TR5V$W5F-O5T="8F=(2FI4`T*65AG16TR>D]%9&M::&6$OF8X07=J;7%F.41P-&&MD0C%K6$=-.39Y;R]I3#5N,PT*4$-V:4$O.$%!5-2>$YSE19+VAY22]U94MV14$O-`T*1%HO+T%#4%1J8C=6>D]A<699=#@W:7EF M14UX+V8X2RM)0B]W2WHO*U-+="M'9DA6='(R=68R54Y*,5-W=51B=F-Q,3$U M2E9L4FM69PT*1$A)-7IM4F5O.6%Q4V9$D]%9&M::&75D-5)83B\X04-/87`O=T)$<#1G+S%@T9VUN=&MK:FEB6EIR=%9Y M:%E91G5!8VU.3W9P-VUM>`T*+T1K4B]C.%9E24(O=T=Z+T%0:V5T859243-2 M>5EJ1%-Q=3A7=C8K4FHV:#!.5E!!;B]*5&)B+W-%,VXO04M/=&$V5U0T9&U4 M-R]I<@T*>$%F*T$R9B]!36HP>7D1"=#AC;4Y/8UHT*W1/&9Q-2MT=EIF+TDY5"M!.5HQ>5AX>6UN86QR9#%Q1FY*<#%X4#5C.$U# M8EA35T)624UC86YP23-">4LR6E!H,EI0=BM+=D5"+W=#00T*,F8X03AJ,'EW M*TA!#EA8S52 M9G=O5D=N5FDO,VMK,2]8:V0U4EA.+PT*.$DU<6XO439E25`K+TYH+SAJ568X M235Q;B]1-F5)4"LO3F@O.&I6;F,V3&5:,&Q&954K3EI014]H-CEO.6IA94PY M665+.'0W;5=1>0T*,CEK5T)J84%,:D9U3U`S'8X6#9W M4'!B,E@O>5!81E=Z0VQ1;GE4=F,Y3$0U5%AX1DPREEF+TDQ9#%Z>DQE6GE0>%HO-0T*1S=W>B]W0F56.2\V371AD]%9&M::&$(O,S5S4#A!-4=R1S4R,CAZ0BM-9B](55$=VXO,2MZ9CA!<$AC5C)C;GE=8:D176$XW9F9:6E!.=#=)-%AY2G!-:D9U3V-X#9N4EAM=#=&59Z6'&)8=VXO=T)G:3`O.45P6%19 M<6QS43EX=4M-53=&1TM9:'5+-6XT66HO:3)V:%`X03="1G`O=T-I57)Q30T* M5GI0=W=(+T9T9D-F+UE)=%`O4DM5=6\K:'EV>%,O-4A,=WHO04YE5B]W1"MJ M3%-R1VHO=S%".%90*U)Y.$UF.656+R]!3VI,4W`Y2`T*+VAR-69.4#DU9F]J M-UA*=CEX6'%X*W-F>%9J94-0.$%K<#ET+W="9VDX+SE(5W1B3W-F>%9J*T)V M*U-O5S,O64EV4"]!161A,6YL,PT**SE1*V8U33%Z4#A!,T-P.'9Z4C8S:6I& M3WA2:79R5#118FEJ1D]X4FEG0G5+354W1D=+04%1S55EO06)I:@T*1D]X M4FEG0G5+354W1D=+04D]C9C=W=E)F;7HW3$EF.0T*>FPO:68U M278V7%E:#=&9%-01&)44WAW4UA$ M;VA:65EY;V%19UI#7)B4PT*5GE/;D)).4-A-FDV;FAT3&%A-75P;S1,949$2DI, M27=6555$2EII94%!3U-46$TO1$]E1SF%P<55K8W-B0FQD M5`T*9E1K37!(0D)(24ER-B]Q9D$Y1'%C5CAH+W1E+SAL2S`S+W-%4F8X06\V M879R-T9F25@W6#,O2E-T3B\W0D58+T%+3VUQ86YW;6Q(-`T*:C99*T=!+S1T M"]&5U`T1R\U2VAB9CEG:3@O.4A7=&)'B]W0G=Q9DPX,&5U-&]X4S1O M>%@Q:#A)2FEJ1DQI:D9!0UEO>%,T;WA106U+355U2PT*355!2FEJ1DQI:D9! M0UEO>%,T;WA106U+355U2TU504II:D9,:6I&04-9;WA3-&]X44%M2TU5=4M- M54%*:6I&3&EJ1D%#66]X4S1O>`T*44%M2TU5=4M-54%*:6I&3&EJ1D%#66]X M4S1O>%%!;4M-575+355!95=F1F8O:V-F1$@O6&QF.$$O;WDP<512*S%-*TQ( M+TDT*T=0*PT*=DLO+T%04FQP5#E(-U8X=&UN*SAV,%(Y=FLS*S1R,5IC,6)O M87AF0E`O2E5,6"]S15AN+T%+3W1A,G17-D=S8G=2+WE61S$O-T)&-0T*+W=# M:G)7;WDW+V5O9E`X04IL-6XO=494-69M:C%V1D=+6$9'2RMS4&A23559<&-5 M66]!5$9'2UA&1TM!17A2:6QX4FEG0DU567!C50T*66]!5$9'2UA&1TM!17A2 M:6QX4FEG1&XO04)H-%EG.%57;&Y"8UAL-5IT85A)=6]P8E%X-VE@W44=+-&LR51M4DUY4E-78S0O9'1N;%=:;T)X M=U-9*S5&63%+3D]O-WII;2]--DME27)5;SAT3V)3.&U/;#A"5`T*4VI%;FDS M>$%F*T%76"]Y4%5M:"M!3%13.6%T=%1N,5A63E-N=&EZ44QD;45,1S=+54QJ M>6\P2D\Q;EA"2DAZ131Y05)5.&)4-D).-`T*<#!U4'A23G!C;6A15S$S2$]U M;W1'8F%/.'IA=$5R:"]L179L3DM60BMB87IK8T4Q>&5I,G5O5&%H-%EG840T*4TCG=C6DAW=B]!3U-A945V*W=2868K M:55R<'%P8D5V8SAE.%,R1VQ7,G%24F5(-#=E,W-8;6=S9%,R=&G1N2V]O-%5&,V1I04]R365P3@T*6#=(=V8T6C`O=T,P M9EE01'5J5W8R:49R96)Y8D=*4$YI8C=Y3FAE5D]":TAG-')5,'I4-TQ3C!Y,'0W3WII>G-G=#1L:FI42@T*2D]&54%$2DI0,4Y#43(Y1%`Q:E9R,G=U M5FET9D0R<39M:%%-6G)34S)61D]33G`X,EI'>GAN9UDU2%!81D0T635(=WHX M2EE"4"]%;PT*%-U;W)M9FAF+T%-:S`X2F8Y9VDP+SE%<%(Q1C!/ M5"M++R])-65'4#A!%DO=T-2>3A,+PT*05!8 M;&8O.$%O>3!Q5%(O-&$K67I4+V58-DDK,'EF.$$S1F5R2#9X+T975#1%+S5+ M:F)F.6=I."\Y2%=T83)S9GA6:RM!+SA!:W%.=`T*+W="9VDX+SE(5W1:-60O M=E50;BM43F-Z+W="=W%F3#@P979$2DHT27@K=$=4=$(R;DIX>'AK539I=G)$ M-%5B>G5!=V-E=$%Y4V5#30T*9G)4<4M!1S5/,$AA8VY(2$=24GIU07=C971/ M;V]!84UK;F=J2#8P6D\P2&%C;DA(1U)4<4M!1S@W9TU(2')136MN9VI(-C`V M:6="=0T*5'1",FY*>'AX:U5C-V=-2$AR5'%+04=J2DHT27@K=$=4=$(R;DIX M>'AK539I9T)V3S1$0G@V,$1*2C1)>"MT3V]O06)K-U%D<'EC8PT*8UI&2$\T M1$)X-C`V:6=";WE394--9G)2:S=19'!Y8V-C6D9/;V]!8GIU07=C971!>5-E M0TUFG5!=PT*8V5T3V]O06%-:VYG:D@V,%I/ M,$AA8VY(2$=25'%+04'AK M56,W9TU(2')4<4M!1PT*:DI*-$EX*W1'5'1",FY*>'AX:U4V:6=$>78T=&8X M:FHT6"\V.'(O+T%.1U=L3S!F=%-F1G8O:V-F0R\O048U6"]W1#9-=$M84BLQ M9@T*3%IP+W9,.45F8EI0+W5+.5=83E59',2\W0D8U+W=#:G)7 M=&I6=6AR2#A#+SAL4G1F*W=2968X06\V,7%-=2\S<4AZ+PT*04-:95HO-VA5 M*U@U;SEC1U-4=U)J.6%-;F%$=$]4:FIJ27`Q1F972'=W,VYC0F61O3S`U3T]/36EJ;@T*8T)G-#EA9%)103!:2E!"1U`Q;WED M;T\P-4]/3TUI;E5504XU,T%93U!79UI*4$)'4#%P,49!1&-N841T3U1J:FI) M;S4S05E/4%=N50T*54%.1U-4=U)J.6%-;F%$=$]4:FIJ27`Q1D%$961W1T1J M,6]'4U1W4FHY861244$S2C)G-U1K-#0T>4M/9'='1&HQ<#%&04=6G4K>5!B&YO8S0T>FMF1$=2-79# M,'-S:T5L=3#A-8FE'-SA,4S-.55V5%`K=U)&+S9/;7%A;7AD3#1J M-F(K1B\X00T*>510=VPO,D-,5"\P4VQD4%A-+T,W+VMM9FA(+T%,0D9P+S9* M4W5N>%9,66PW:555=4M-54-%CA*9CEG:3`O.45P6`T*55ER M;5!H9"]Y5%!W:B\R0TQ4+S!3;$A59E%P94\O0CDU-&HQ4%-R-U0Y570W0U=X M:6YH26YS>F-,24I4164P:5E).&]E=E=S,C(X1@T**TIR9D=Z>$AO>'@V-DY, M+T%02E9B5W$V=EDV>'!",4A2=D9S9'9P9'4U4V$T,&]1,U5J>6YA16E5;%I& M>60R4$Q#1C):;W=P2%)U9`T*'0U3%-/>F=WE1J9&Y6 M4WAM20T*<%$U251S:3%C*T1013%X;F8T:C!99E12<&8X035+<6)W:#1',412 M9D9!,6Y5=%IT8C!R6GDR:5%W5T1163AX-&U,16U6.#0X;T1'0@T*,7%(-&UA M.7%U:%183GI"4'%.=D)$6F\K;E(R9&=B;4\O=E=D,2MZ>FM2=555;C=/<31- M4EEY6AB-D]#2PT*-E(T3D5G*U)R864T1G5Z-V)S M95@U<6YCFYD33=7 M:75":#A3,V1R2&)7;0T*=3,P96YM>F1'=G)X=VI/,C5N94LS3S!'35-I1D)* M8TU0;&I1;&QW:D-34'8X5C`S3TYQ=VQ&3&EJ1D%#555U2TU504I24S1O>%%! M;`T*1DQI:D9!0U55=4M-54%*4E,T;WA106Q&3&EJ1D%#555U2TU504I24S1O M>%%!;$9,:6I&04-5575+355!2E)3-&]X44%L1DQI:D9!0PT*555U2TU504I2 M4S1O>%%"-50X6%`K4G@X3"\X05AL9B]!4&]Y,'!D2#=59D9Z+VMC9D,O+T%& M-5@O=T0V371+3D@W5CAV;6XK.'8P4@T*.7)K+RLT%E3=FI& M>&)R1UI%=U%E0DER3'IJ2$MN9SEJ>EA/+T1#2F]F0PT*,'-5:SAL=S9A<'%A M=$Y)1D1Y15@P-$Q.=$%82C9N04$Y04M8561T1'$V*U!F,G=V*U-M85HO,D-) M=CA!,&1.6#)(:79J,SES4"]K<`T*;6UF.6=I3"]!3DA45DTY:398>$@P-3A, M:"]X8E!W:B]!3F=I,"\X05)+5C%'2S5N-%=J+T%)=&PT4B\W03EN+T%/:55R M<#A64TIE-`T*;4M-5C4S-&@X95AT=#1K+W,W4S=3,V%Z8DYO;#5-5UE.9&9A MF12-%8Q1SEV5S%E>C%2<@T*85,X M,'DX1F\X.79',%5C,EE)<&=W:EIM2UE%=UA'-7-L8SA:=T,T5TYZ1F-V.$QH M+W=!5WHX22\Y9VDP+W=$4DM6;S9Z-&\X4#9*9`T*3&)A,7)U;&%D8T]G:U=+ M-W9)-%A+:VM"9T=)3TUG:E!S87HO04E8:TPX369#2EEG1"MY3$UC+SEC56\V M:&)1=F5)4$1E;F$O2EI380T*:4QZ9EIU,&M$5S$Y4&)&1UI3<&)-5')K-U-W M>65G6F=0=DA.5WHX1F%&6GE75%=T;DI';&]K4U)W0S5L.&QV2U96:F0T=#)Y M4C%#2@T*:#-"66)%-2M68V1(:V)G=5)U27E"44-#4T%14T1G*S%-5W!J5&5' M9$MU3"M#.'4W95,W;&=C>7=R9%A%:SAC56TX=4I%:F1I:75#>`T*0W5!1U9F M;$)#9T-I,CA.-F1"<34Q4$8U3F1B,VM4-U1F5'IX>$TR45=J:F1Y:UIW>DM# M;T=&67%-06M63=4:D)Z=V,Y2PT*6$DS0F-J8U)K0V=$1VTX36%0 M4'!%1VU4,D5C=&Q#+VU+:VA,17-C-S)::61Z1CEZ:'EX3SA/-&9C2%E(6GA1 M0T-305%31&$=12T%1 M4U%#0U%C2#)O04U567!.>3=1,C5D<'AG-31/96Q,:V)G=5)U27E"44%9;WA1 M0PT*0U-!45-$9RLQ2G5884$=12T%1 M4U%#0U%C2#)O04U567!.>3=1,C5D<'AG-31/96Q,:V)G=0T*4G5)>4)105EO M>%%#0U-!45-$9RLQ2G5884$=12T%1 M4U%#0U%C2#)O04U567!.>3=1,C5D<`T*>&4)105EO M>%%#0U-!45-$9RLQ2G5884$=12T%1 M4U%#0U%C2#)O00T*3559<$YY-U$R-61P>&4)105EO M>%%#0U-!45-$9RLQ2G5884$=12PT* M05%344-#46-(,F]!3559<$YY-U$R-61P>&4)105EO M>%%#0U-!45-$9RLQ2G588478X02]W0D=7;$IO+V%N9D8O.$$U2$AW="\Q-5@O.$$V371+8F\O879L.#`O M=T(U9F]J-U1*+SEX6'%Y-7$S40T*,6LK02]W1&MQ5G0O,D(W>B]W0DA7;&$R M2\S0W`X=GI2 M-T1I:D9!20T*2DE"0DE/1#=5;35D;V)C=3`T=V,X2%!3=G%Z-&=81D=+36IC M1GE.>$=12T%14U%#0U%C2#)O04U567!.>3=1,C5D<'AG-31/96Q,:PT*8F=U M4G5)>4)105EO>%%#0U-!45-$9RLQ2G5884$=12T%14U%#0U%C2#)O04U567!.>3=1,@T*-61P>&4)105EO>%%#0U-!45-$9RLQ2G5884$=12T%14U%#0U%C2`T*,F]!3559<$YY-U$R-61P>&4)10D9D4U!$87I3>'=36$1O:%I966EO95%G6D-R=4E82C9$2D$Y4TLU M:C194PT*4$XT5VQL:V=K=#-F5DY46F]:4W!E36TO;GER8E-6>4]H=U-046UT M;E=V15=I8459:')E4=5:F=G9S5"1DQQ4&]D M6&EV:G8Y0T*84)'3U%F;E9'0WE$-5)W-$DV.&-N3U`X3%(O>&)( M=V@O=T)G97HO.45P6%59<')95#-03V(S-%4V6CER,'5F4W(S56).9$UH,C)S M10T*=#=C,TU33W-S17-756582&QQ8F-!>&I!645%1E-I&)H1DA%06E&;4MJ6D5M8PT*%1S55EO M06)I:D9/>%)I9T)U2TU5-T9'2T%'-&]X5'-566]!8FEJ1D]X4FEG0G5+30T* M53=&1TM!1S1O>%1S55EO03AM*TU(+TDT*T9V*W9++R]!4%)L<%1D2#=5+S1W M+SA!230K1G8K=DLO=T0O045:855Z4BLQ9DU:;B]V3`T*.45F6C52+W53.5=8 M3E%)I;EEO>%@Q4CA33GA2 M:6Y9;WA103-&1TMD:6I&041C55EP,DM-54%.>%)I;EEO>%%!,T9'2V1I:D9! M1&-567`R2PT*355!3GA2:6Y9;WA103-&1TMD:6I&041C5GI(=S8O-48K-R\W M1$=Q9BML.7A7+W%D#A)9@T*.6=E>B]W1%)+5C%'2V%*930S1D=+9&EJ1D%$ M8U9Y+W=S+S5*:C11+S=!.6XO=T-I57)Q%)I9T)U2TU5-T9'2T%'-&]X5'-566]!8FEJ1D]X4FEG M0G5+354W1D=+04%1S55EO06)I:D9/>`T*4FEG0G5+354W1D=+04`T*6&MR=DA0-%$X2'9D2F)7F5'G8X M;3EM9V%'95))=V9+;FAK3TI%>$Q'-51+='I'=UI4=&%U26AI:W9F16UH3'!E M:F%D2'%D,4YP.0T*>DIT6GAD94=R9$E9<$I,3F=S2CAQ3C!I:U966F]T-UA$ M:EIG3U-2;U5O4&UJ1DHK9U-X3F%C95=5,C$R=7HR>D9'2SAN3FXO04=.;PT* M96]7<5A&>G)(:#(P;68W9DIC4#5C9'A/5VII16)V.$%.*S181'DS8V='1VM- M:$E)33!).5$P<3F=J%1S55EO06)I:D9/ M>%)I9T)U2TU5-T9'2T%'-&]X5`T*$91.&A!>4988U%U5#!'4T(V:U9Y+W=V:V5F M=W),3$I"2@T*8G4K<39M>E%Y;%,X6DXO3U-R8E-6>4]H=U-046UU<75R:4-Z M=%IR;3=M:F=T;U5-:W-SC(P,G$V;DI&3$5W6DA5,SEW47EK8T5%145%5612.41Q.%8X8V9T:B\X M;$\P>B]S1'AF*VIP-BMY8U8X8B]!3%I0+TI4=`T*32\W03A8+V\V97!N&%.33AQ-4A#34I%0TA'-VMH M*V\T-'=7:$UY8C-X8F%7>EAB2EHS='IA5S=R8B]!1W%%4BM63&1.2W-3,GE& M;D),;`T*,U93,E!,5G1W6C%+@T*3VI3>$MT=$)$:#EJ36U365=9 M8E=B-5=83T1K051',&1$:758*T9N+T%#5$1W:"\R0C=0+T%.14I7:G)/:E@R M;UA3>3)N:5!69$QJ0PT*0E1$85(R51U4&UW=3)E8V-(2$$T-C5X=$LX M13-U;&%86C9D665-+T555FYA47!B=U(K5EE.51M9U(R M1PT*2TU6>E`O0TUA="\P4$AI3"]V>'`O=T0X:3!F.$EX<3,O43AE278X079X M<"\O=T%I,%A#>#`R2TU6=TAG$8O,S0P+SA!*U)A4"M% M63%B+V]E4$58+PT*04@T,"]W1"M284QH639B1D=+-$1W5G!M=6$U-$XP2%9R M=GAREA.8SA'-D1Q,3,T,3$U3`T*;2]S24QQ5EER97=#0FYJ5FE&0G1I8UI0 M1U-A,F8K15DQ8B]O95!%6"]F:E0O=T0U1F]U1FIP'`O.$$X:3!80W@P M,DM-5GI0+T--870O,%!(:4PO=GAP+W=$.&DP9CA)>'$S+U$X94EV.$%V>'`O M+W=!:3!80W@P,DM-5GI0+PT*04%J1W)F.$%1.&5)=BLO1VXO.$%Y3%(O=VI' MEA.8SA'-D1Q,3,T,3$U M3&TO%)I=5HO-%)J5G8K:#0X4F8Y*TY0+PT*05!K5VHO M:$=.5R\V2&IX1B]W0BM.4#A!+VM7:3173VUX4FEU6B\T4FI6=BMH-#A29CDK M3E`O.$%K5VHO04E2:E9V.$%O95!%6"]F:@T*5"\X035&;W5&:G!S55ER9U!" M5VUA-7)N9S-19%=U+T=U=DIC,SEH0F13517 M>B]W04EX<3,O04502`T*:4PO=GAP+R]!36DP6$-X,#)+359Z4#A!=VI'%)I=5HO-%)J5G8K:#0X4F8X069J5"]!4#5&;R\T4FI6 M=BMH-#A29CDK3@T*4"\X06M7:3173VUX4FEU03A&85IR;75E1&1",6$W.&$V M.&QZ9C)%1C%+GAQ>$-G,GA/36YJ2DYB4"]#36%T+S!02&E,+PT* M04PX868O.$%)=$9W'$S+T%%4$AI3"]V>'`O+T%-:3!F M.$EX<3,O43AE278K+T=N+W=$>4Q28TQ(5%EO>%A-+PT*.$EX<3,O43AE278K M+T=N+T%0>4Q2+W=J1W)F.41X-&DO=T,O1VXO+T%#3%)C3$A466]X6$%E171- M,7I73DMN=6)N>')R>7E2,SDW80T*9U(R.6="=&AU<%E64$YS95-S64HY.#E/ M;&)0+T%!:D=R9CA!43AE278K+T=N+SA!>4Q28TQ(5%EO>%A-+W=$0TUA="\P M4$AI3"]V>`T*<"\X03AI,&8X27AQ,R]1.&5)=BLO1VXO05!Y3%)C3$A466]X M6$TO.$EX<3,O43AE278X079X<"\O=T%I,&8X04--870O=T)$>#1I+PT*-SAA M9B]W1$ET1G=S9$YI:D9C0C13,'I83EDP<64U=69'=79,2DAF,W1Q0DAB,D%' M,DC`V5G,O=T1#36%T+PT*,%!(:4PO=GAP+SA!.&DP M6$-X,#)+-68T8V8X04EV6&8O65DQ6"\P-%A&3R\T4FI6=BMH-#A29CDK3E`O M05!K5W14=S%O`T*4FEG46U+ M355U2TU504II=6)U4$=U9U%.:#=Y4F=R>7!+.&1R3397+VQY=D4W>DUQ:U%O M2&IK1RM1<7`X='E#47!)-EA&95AE3SE-:PT*='!V1TYN63988VXO04E31%%6 M$EB;F4X4PT*=6)E4EE:2D5Z=FI367(U8G5U,3AOCA19$QS5S!Z5V]R9E-R>5)O<'IP:S92>7IF6G!536I3'195-B5G=Z3EAC M66]U06U+355U2TU50T5X6$XS2&I844E'=SDU27=6-55L94\Q;61,9GDU6`T* M:60U;593255$>'E$9DE652M7-4))56MD3&EV3'9(96U35S`S:D=Z`T*95%Q<$QS8SA-45A' M:C!'*S%F5#=$571.,"LW=31O3AX4D,W-$$W0E9*2E!!>4)N M2D%.+T9E6#9J<$AI:&9I1&]U<`T*,T]L-F1C;RMS146A056-56$%41D=+6$9'2T)#67)M-VIXD]L=C5C'AT='=D$]K86)N54-D:$E),E8Q,T)54GAV54]&:S=01D9W M17A2:6QX4FEG46U+-74T.`T*839"03)(=DI'0W9+:W)X,G-Z<&(K6$LX5'9- M>7%20V=E3U%B-4-Q;GDS24I#:VIP8U8U9#0W,'E3,FTX63)D:G!D>68K16

`T*1FYA3SAC;#)8=D,T:UI&2WA:835J679)5E5L,D]E1TE,:E(V1$YQ M,6Y&4M&-4)'=D]':UI15FI$8E=#;'EU-`T*<7=82D)& M6#A6-68T67-D4G-V1T=!9&%/;WIA>&94-FU:,&M&<#EG651F6CER;%)$23,O M2&YG9W1-<2]*:TEH4F958U580FE9;WA3-`T*;WA1251&8S-C94YD06=B1#-K M:D)8;%-6-#=76C!T+TQL94HS;5I626A14$A)3CAH5E0U8FM%:%-2,'5+.'4X M9#9:2F)494UB3W@P=0T*-5`X07=K1V=R65=)'IW>$)C84]X5'AB;SFU.=3AQ M2PT*>E!'6EY:4]4241:0E)G95%25R]I=6-UEA-;UE2>'E%-TDP M6FEO5V%,3&=B45I&0DE*07)O359X;@T*:4))=$8X8F%:6MU2D=N:V$P.'-U:U-S-7EL=7G90.'-*8PT*47A34U=W36=":E9P,55X2WIH:TMQ>D%T-6E90C-R;F9X M6&I8:&I3=%(P<"]$96Y8,FI82UA6E):8T1A1$EO M2D))1F1":75-.%%*1F]V:F)43F1A=W546G1:,VM&>DQ9,E5L>$DP.&I7;FQL M,&E6;D]5=#)'.&I!0TM#4FQ14PT*-'I46'AD;V(S,$9R1F9E9#4O;&A,:4=+ M4U,R0FM!36%T3W%M2E=C36A65UE&=DU404\Y8S'1O,4E66$,T;$Q/ M1'-1*WI9;U1";U1&1TM81D=+0D-97EZ-GAP,7A-3$=Y:VYK9GER;4(S:V-22WI(10T*55`S:C)65C8W4E)C6G-8 M4&EB4W)B5T)P:S%X24QN96M43TQE4F]9-4AXD)J=E1! M3SEC-U=+.#`Q:3%U+W=#,@T*3F(P>&)'.6$U,4AX1G!U<#)Z<&)33D,Q=D0Y M:3AX;6U!.'1#4',P,WES=UDW4F=(8W5F5$U56$-W;4M-575+355#17A73&5E M2CE'&8R4LP;UA9<$EG:S1*2%%F,VQZ,3)+3&=*:6I&3&EJ1D%H358X869T M;68X;%$P=CA!-T$X6`T*+V\K979S>D9F1V8W6FXO2E5.3"]!3W=01B\V4&YQ M6F)&4C-0<50T5F8X:W8X2"\Y9V%Z+T%04D-6,4YF16YH+SEP1'AF;U=G-F)P M3@T*<'`R9U!B5T9T1F%X3DQ"35A+4G%&0EEI541/04TT07$O=T0X3E,K3G8K M9U@T8R\X0C4O+T%).5)C9&HW36]R-'HO-&%L.&)F.4%V=PT*-2\T1'HO.$%X M-FHO04EA;#AB9CE!=GDM+*TTO=T1H<5AX="]W M0D%V=S4O-$1Z+T%0>#9J+VAQ6'AT+PT*,$,O1&XO9U!0+SA!2'%,:%DK>DM+ M*TTO*T=P9DB\X07@V M:3174'-Y:79J4`T*+VAQ6'AT+S!#+T1N+V=04"]W1$AQ4#A!:'%8>'0O,$,O M1&XO04E$>B]W1'@V:3174'-Y:79J4"]!26%L.&)F.4%V=S4O=T-!."\X00T* M.&5O+S1A;#AB9CA!44PX3V8K03@O=T0X96]U1FHW36]R-'HO04]'<&9',R]! M14,O1&XO9U!0.$$O2'%0*T=P9D'0O,$,O1&XO04E$>B]W1'@V M:B]H<5AX=`T*+W="079W-2\T1'HO05!X-FDT5U!S>6EV:E`X031A;#AB9CA! M44PX3V8K03@O=T0X96\O-&%L.&)F.4%V=S4O-$1Z+R]!0C9I-%=06EV M:E`O:'%8>'0O,$,O1&XO9U!0+SA!2'%0*T=P9DB\X00T*>#9J+T%)86PX8F8Y079W M-2]W0T$X+SA!.&5O=49J-TUO`T*="\P0R]$ M;B]!241Z+W=$>#9I-%=0B]!3T=P9D'0O,$,O1&XO9U!0+W=$2'%, M:%DK>DM+*TTO*T=P9DDM+*TTO.$%H<5AX="\P0R]$;B]!241Z+W=$>#9J M+VAQ6'AT+W="079W-2\T1'HO05!X-FDT5U!S>6EV:E`X00T*-&%L.&)F.$%1 M3#A/9BM!."]W1#AE;R\T86PX8F8Y079W-2\T1'HO+T%"-FDT5U!S>6EV:E`O M:'%8>'0O,$,O1&XO9U!0+SA!2'%0*PT*1W!F1S,O44PX3V8K03@O+T%-96]U M1FHW36]R-'HO-&%L.&)F.4%V=S4O-$1Z+SA!>#9J+T%)86PX8F8Y079W-2]W M0T$X+SA!.&5O=0T*1FHW36]R-'HO=T-'<&9',R]13#A/9CA!9U!0+T%02'%0 M*T=P9DB]!4'@V:B]H<5AX="\P0R]$;B]G4%`O.$%(<4QH62MZ2TLK32\K M1W!F1S,O44PX3V8K03@O+W=!96\O-&%L.&)F.4%V=PT*-2\T1'HO.$%X-FDT M5U!S>6EV:E`O:'%8>'0O,$,O1&XO9U!0+W=$2'%0.$%H<5AX="\P0R]$;B]! M241Z+W=$>#9I-%=0B]!3T=P9DB\T M86PX8F8Y079W-2\T1'HO+T%"-FHO:'%8>'0O,$,O1&XO9U!0+W=$2`T*<4QH M62MZ2TLK32\K1W!F1S,O44PX3V8K03@O+T%-96\O=T-'<&9',R]13#A/9CA! M9U!0+T%02'%,:%DK>DLK32]W0G,S+VMQ1VPO.0T*9V%,+T%.2'HP9CA!1%5V M:F(O;T8K2%`O04%(;B]W1&HQ95IF13-X.7%N>$8Q-D16=&)G65H559Q9B]:#0H-"@T*+2TM+2TM/5]. M97AT4&%R=%]C.64T934T.5\S8C!F7S0V,C=?.3@Q8E]A,6(W-#`U.#8Y.30- M"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO8SEE-&4U-#E?,V(P9E\T M-C(W7SDX,6)?83%B-S0P-3@V.3DT+U=O&UL M#0I#;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE M#0I#;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA&UL;G,Z;STS1")U'1087)T7V,Y931E-30Y7S-B,&9? :-#8R-U\Y.#%B7V$Q8C XML 11 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName FINANCIAL INVESTORS TRUST
Prospectus Date rr_ProspectusDate Dec. 31, 2012
Stonebridge Small-Cap Growth Fund
  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading STONEBRIDGE SMALL-CAP GROWTH FUND (THE “FUND”)
Objective [Heading] rr_ObjectiveHeading Investment Objectives
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Stonebridge Small-Cap Growth Fund (the “Fund”) seeks long-term growth of capital.
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.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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). For U.S. federal income tax purposes, a higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other 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 costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Number of Years You Own Your Shares
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies Of The Fund
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests primarily in common stocks of companies that Stonebridge Capital Management, Incorporated (the “Adviser” or “Stonebridge”), the investment adviser of the Fund, believes have good prospects for superior earnings growth.

The Fund invests at least 80% of its assets in small capitalization companies that the Adviser believes may have higher growth rates than larger companies. The Adviser employs a fundamental, research-driven and bottom-up process for picking common stocks of companies from a universe of potential investments that typically contains over 3,000 publicly traded small-cap companies with market capitalizations at the time of purchase of between $100 million and $3 billion. This potential investment universe is typically pared with a preference for companies with strong balance sheets, high/growing return on invested capital, positive free cash flow, and earnings growth in excess of 20%. The Adviser may further refine this investment universe based upon certain qualitative and quantitative criteria, such as novel technologies/products, leading/growing market share, operating leverage, competitive advantages and the current position in the economic cycle. As a result of this process and further fundamental analysis, the Adviser seeks to identify approximately 30 - 50 stocks that it believes are likely to enable the Fund to achieve its investment objectives. The Adviser generally will purchase an investment for the Fund from this selected group of possible investments if it meets the aforementioned criteria and if, in the Adviser’s view, there is significant potential for the stock to generate excess returns based on the Adviser’s proprietary target price for that stock.

The Fund currently invests a significant portion of its total assets in technology companies and in companies engaged in the development, production and distribution of health care products and services. The Fund may continue to make such investments in the future. The Fund may invest up to 10% of its total assets in the securities of foreign issuers, all of which may be in securities of foreign companies located in countries with emerging securities markets. The weighted average market capitalization of the Fund’s portfolio at any time, on a cost basis, will be below $3 billion. Please review the remainder of this Prospectus and the Statement of Additional Information for more detailed descriptions of these principal investments and other securities in which the Fund may invest.
Risk [Heading] rr_RiskHeading Principal Risks Of The Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with any mutual fund, there are risks to investing. Neither the Fund nor the Adviser can guarantee that the Fund will meet its investment objectives. Any of the investments made by the Fund can result in an investment loss, which may be significant. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are:

Stock Market Risk
The value of stocks and other equity securities in the Fund’s portfolio will fluctuate depending on the performance of the companies that issued them, general market and economic conditions and investor confidence, and, as a result, the Fund’s share price may decline suddenly or over a sustained period of time.

Growth Style Risk
The Fund may invest in growth stocks, which are characterized by high price-to-earnings ratios, and which may be more volatile than value stocks with lower price-to-earnings ratios.

Small-Cap Company Risk
While small-cap companies may offer greater potential for capital appreciation than larger and more established companies, they may also involve greater risk of loss and price fluctuation. The trading markets for securities of small-cap issuers tend to be less liquid and more volatile than securities of larger companies. This means that the Fund could have greater difficulty buying or selling a security of a small-cap issuer at an acceptable price, especially in periods of market volatility.

Healthcare Sector Risk
The Fund may from time to time invest a substantial portion of its total assets in one or more industries within the healthcare sector (understood to refer generally to companies principally engaged in the development, production and distribution of healthcare products and services). The Fund does not, however, generally anticipate that its investments in any one such industry or related industries will exceed 25% of the Fund’s portfolio. As a result of such investments, market or economic factors affecting healthcare companies could have a major effect on the value of the Fund’s investments. In general, the performance of healthcare companies tends to be affected by factors such as rapid innovation, the expiration of patents, product liability lawsuits and other litigation, changes in law and regulatory requirements, and changes in the reimbursement rates for their products and services. In particular, the continuing implementation of the Patient Protection and Affordable Care Act may significantly affect the financial performance of healthcare companies.

Technology Sector Risk
The Fund may from time to time invest a substantial portion of its total assets in one or more industries within the technology sector. The Fund does not, however, generally anticipate that its investments in any one such industry or related industries will exceed 25% of the Fund’s portfolio. As a result of such investments, market or economic factors impacting technology companies could have a major effect on the value of the Fund’s investments. Stock prices of technology companies are particularly vulnerable to rapid changes in product cycles, government regulation, high personnel turnover and shortages of skilled employees, product development problems, and aggressive pricing and other forms of competition. In addition, technology stocks, particularly those of smaller, less seasoned companies, tend to have high price/earnings ratios and to be more volatile than the overall market.

Sector Risk
Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may perform differently than other sectors or as the market as a whole. Although the Fund does not intend to concentrate its investments in any particular sector or sectors, the Fund may, from time to time, emphasize investments in one or more sectors, such as, for example, the technology or healthcare sectors. Market conditions, interest rates and economic, regulatory or financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors, it may have increased relative exposure to the price movements of those sectors.

Foreign Securities Risk
Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates.

Emerging Markets Risk
In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies domiciled in emerging market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.

Managed Portfolio Risk
The Adviser’s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.

Please see “What are the Principal and Non-Principal Risks of Investing in The Fund?” for a more detailed description of the risks of investing in the Fund. It is possible to lose money on an investment in the Fund. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money on an investment in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The performance shown reflects the performance of the Stonebridge Institutional Small-Cap Growth Fund, a series of the Stonebridge Funds Trust (the “Predecessor Institutional Fund”), as a result of a prior reorganization of the Predecessor Institutional Fund into the Fund, without the effect of any fee and expense limitations or waivers. The Fund also undertook a reorganization with the Stonebridge Small-Cap Growth Fund (the “Predecessor Investor Fund”) around the same time as its reorganization with the Predecessor Institutional Fund. The Fund’s performance information reflects the track record of the Predecessor Institutional Fund only. The Predecessor Investor Fund and the Predecessor Institutional Fund were both managed by the Adviser and had identical investment objectives, strategies and risks. The Adviser managed them in a substantially similar faction.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-639-3935
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance (including the performance of the Predecessor Institutional Fund) does not necessarily indicate how it will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Annual Returns
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower.
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Best Quarter
  Worst Quarter
June 30, 2009: 42.14%
  December 31, 2008: -30.95%
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2011)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated by using the highest historical individual U.S. federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts (i.e., retirement plans or Individual Retirement Accounts).
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The table compares the average annual returns for the Predecessor Institutional Fund over the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund’s past performance (including the performance of the Predecessor Institutional Fund) does not necessarily indicate how it will perform in the future. Updated performance information is available by calling 1-800-639-3935.
Stonebridge Small-Cap Growth Fund | Stonebridge Small-Cap Growth Fund
  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a percentage of amount redeemed within 30 days) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.21% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.96%
1 Years rr_ExpenseExampleYear01 199
3 Years rr_ExpenseExampleYear03 615
5 Years rr_ExpenseExampleYear05 1,057
10 Years rr_ExpenseExampleYear10 2,282
2002 rr_AnnualReturn2002 (26.95%)
2003 rr_AnnualReturn2003 29.69%
2004 rr_AnnualReturn2004 9.16%
2005 rr_AnnualReturn2005 2.21%
2006 rr_AnnualReturn2006 10.58%
2007 rr_AnnualReturn2007 3.62%
2008 rr_AnnualReturn2008 (48.59%)
2009 rr_AnnualReturn2009 44.62%
2010 rr_AnnualReturn2010 21.46%
2011 rr_AnnualReturn2011 (11.09%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 42.14%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (30.95%)
One Year rr_AverageAnnualReturnYear01 (11.09%)
Five Years rr_AverageAnnualReturnYear05 (3.61%)
Ten Years rr_AverageAnnualReturnYear10 (0.28%)
Stonebridge Small-Cap Growth Fund | Return After Taxes on Distributions | Stonebridge Small-Cap Growth Fund
  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 (11.09%) [2]
Five Years rr_AverageAnnualReturnYear05 (3.89%) [2]
Ten Years rr_AverageAnnualReturnYear10 (0.43%) [2]
Stonebridge Small-Cap Growth Fund | Return After Taxes on Distributions and Sale of Fund Shares | Stonebridge Small-Cap Growth Fund
  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 (7.21%) [2]
Five Years rr_AverageAnnualReturnYear05 (2.97%) [2]
Ten Years rr_AverageAnnualReturnYear10 (0.21%) [2]
Stonebridge Small-Cap Growth Fund | Russell 2000 Growth Index (no deduction for fees, expenses and taxes)
  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 (2.91%) [3]
Five Years rr_AverageAnnualReturnYear05 2.09% [3]
Ten Years rr_AverageAnnualReturnYear10 4.48% [3]
[1] "Other Expenses" are based on estimated amounts for the current fiscal year.
[2] After-tax returns are calculated by using the highest historical individual U.S. federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts (i.e., retirement plans or Individual Retirement Accounts).
[3] The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.

XML 12 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stonebridge Small-Cap Growth Fund
STONEBRIDGE SMALL-CAP GROWTH FUND (THE “FUND”)
Investment Objectives
The Stonebridge Small-Cap Growth Fund (the “Fund”) seeks long-term growth of capital.
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.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
Stonebridge Small-Cap Growth Fund
Maximum sales charge (load) on purchases (as a percentage of offering price) none
Maximum deferred sales charge (load) none
Redemption Fee (as a percentage of amount redeemed within 30 days) 2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Stonebridge Small-Cap Growth Fund
Management Fees 0.75%
Distribution and Service (12b-1) Fees none
Other Expenses [1] 1.21%
Total Annual Fund Operating Expenses 1.96%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year.
Example
This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Number of Years You Own Your Shares
Expense Example (USD $)
1 Years
3 Years
5 Years
10 Years
Stonebridge Small-Cap Growth Fund
 199 615 1,057 2,282
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). For U.S. federal income tax purposes, a higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.
Principal Investment Strategies Of The Fund
The Fund invests primarily in common stocks of companies that Stonebridge Capital Management, Incorporated (the “Adviser” or “Stonebridge”), the investment adviser of the Fund, believes have good prospects for superior earnings growth.

The Fund invests at least 80% of its assets in small capitalization companies that the Adviser believes may have higher growth rates than larger companies. The Adviser employs a fundamental, research-driven and bottom-up process for picking common stocks of companies from a universe of potential investments that typically contains over 3,000 publicly traded small-cap companies with market capitalizations at the time of purchase of between $100 million and $3 billion. This potential investment universe is typically pared with a preference for companies with strong balance sheets, high/growing return on invested capital, positive free cash flow, and earnings growth in excess of 20%. The Adviser may further refine this investment universe based upon certain qualitative and quantitative criteria, such as novel technologies/products, leading/growing market share, operating leverage, competitive advantages and the current position in the economic cycle. As a result of this process and further fundamental analysis, the Adviser seeks to identify approximately 30 - 50 stocks that it believes are likely to enable the Fund to achieve its investment objectives. The Adviser generally will purchase an investment for the Fund from this selected group of possible investments if it meets the aforementioned criteria and if, in the Adviser’s view, there is significant potential for the stock to generate excess returns based on the Adviser’s proprietary target price for that stock.

The Fund currently invests a significant portion of its total assets in technology companies and in companies engaged in the development, production and distribution of health care products and services. The Fund may continue to make such investments in the future. The Fund may invest up to 10% of its total assets in the securities of foreign issuers, all of which may be in securities of foreign companies located in countries with emerging securities markets. The weighted average market capitalization of the Fund’s portfolio at any time, on a cost basis, will be below $3 billion. Please review the remainder of this Prospectus and the Statement of Additional Information for more detailed descriptions of these principal investments and other securities in which the Fund may invest.
Principal Risks Of The Fund
As with any mutual fund, there are risks to investing. Neither the Fund nor the Adviser can guarantee that the Fund will meet its investment objectives. Any of the investments made by the Fund can result in an investment loss, which may be significant. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are:

Stock Market Risk
The value of stocks and other equity securities in the Fund’s portfolio will fluctuate depending on the performance of the companies that issued them, general market and economic conditions and investor confidence, and, as a result, the Fund’s share price may decline suddenly or over a sustained period of time.

Growth Style Risk
The Fund may invest in growth stocks, which are characterized by high price-to-earnings ratios, and which may be more volatile than value stocks with lower price-to-earnings ratios.

Small-Cap Company Risk
While small-cap companies may offer greater potential for capital appreciation than larger and more established companies, they may also involve greater risk of loss and price fluctuation. The trading markets for securities of small-cap issuers tend to be less liquid and more volatile than securities of larger companies. This means that the Fund could have greater difficulty buying or selling a security of a small-cap issuer at an acceptable price, especially in periods of market volatility.

Healthcare Sector Risk
The Fund may from time to time invest a substantial portion of its total assets in one or more industries within the healthcare sector (understood to refer generally to companies principally engaged in the development, production and distribution of healthcare products and services). The Fund does not, however, generally anticipate that its investments in any one such industry or related industries will exceed 25% of the Fund’s portfolio. As a result of such investments, market or economic factors affecting healthcare companies could have a major effect on the value of the Fund’s investments. In general, the performance of healthcare companies tends to be affected by factors such as rapid innovation, the expiration of patents, product liability lawsuits and other litigation, changes in law and regulatory requirements, and changes in the reimbursement rates for their products and services. In particular, the continuing implementation of the Patient Protection and Affordable Care Act may significantly affect the financial performance of healthcare companies.

Technology Sector Risk
The Fund may from time to time invest a substantial portion of its total assets in one or more industries within the technology sector. The Fund does not, however, generally anticipate that its investments in any one such industry or related industries will exceed 25% of the Fund’s portfolio. As a result of such investments, market or economic factors impacting technology companies could have a major effect on the value of the Fund’s investments. Stock prices of technology companies are particularly vulnerable to rapid changes in product cycles, government regulation, high personnel turnover and shortages of skilled employees, product development problems, and aggressive pricing and other forms of competition. In addition, technology stocks, particularly those of smaller, less seasoned companies, tend to have high price/earnings ratios and to be more volatile than the overall market.

Sector Risk
Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may perform differently than other sectors or as the market as a whole. Although the Fund does not intend to concentrate its investments in any particular sector or sectors, the Fund may, from time to time, emphasize investments in one or more sectors, such as, for example, the technology or healthcare sectors. Market conditions, interest rates and economic, regulatory or financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors, it may have increased relative exposure to the price movements of those sectors.

Foreign Securities Risk
Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates.

Emerging Markets Risk
In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies domiciled in emerging market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.

Managed Portfolio Risk
The Adviser’s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.

Please see “What are the Principal and Non-Principal Risks of Investing in The Fund?” for a more detailed description of the risks of investing in the Fund. It is possible to lose money on an investment in the Fund. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.
Performance Information
The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The performance shown reflects the performance of the Stonebridge Institutional Small-Cap Growth Fund, a series of the Stonebridge Funds Trust (the “Predecessor Institutional Fund”), as a result of a prior reorganization of the Predecessor Institutional Fund into the Fund, without the effect of any fee and expense limitations or waivers. The Fund also undertook a reorganization with the Stonebridge Small-Cap Growth Fund (the “Predecessor Investor Fund”) around the same time as its reorganization with the Predecessor Institutional Fund. The Fund’s performance information reflects the track record of the Predecessor Institutional Fund only. The Predecessor Investor Fund and the Predecessor Institutional Fund were both managed by the Adviser and had identical investment objectives, strategies and risks. The Adviser managed them in a substantially similar faction.
The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower.
The table compares the average annual returns for the Predecessor Institutional Fund over the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund’s past performance (including the performance of the Predecessor Institutional Fund) does not necessarily indicate how it will perform in the future. Updated performance information is available by calling 1-800-639-3935.
Calendar Year Annual Returns
Bar Chart
Best Quarter
  Worst Quarter
June 30, 2009: 42.14%
  December 31, 2008: -30.95%
Average Annual Total Returns (for the periods ended December 31, 2011)
Average Annual Total Returns
One Year
Five Years
Ten Years
Stonebridge Small-Cap Growth Fund
 (11.09%) (3.61%) (0.28%)
Stonebridge Small-Cap Growth Fund Return After Taxes on Distributions
 [1] (11.09%) (3.89%) (0.43%)
Stonebridge Small-Cap Growth Fund Return After Taxes on Distributions and Sale of Fund Shares
 [1] (7.21%) (2.97%) (0.21%)
Stonebridge Small-Cap Growth Fund Russell 2000 Growth Index (no deduction for fees, expenses and taxes)
 [2] (2.91%) 2.09% 4.48%
[1] After-tax returns are calculated by using the highest historical individual U.S. federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts (i.e., retirement plans or Individual Retirement Accounts).
[2] The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.