0000894189-13-000203.txt : 20130115 0000894189-13-000203.hdr.sgml : 20130115 20130115171806 ACCESSION NUMBER: 0000894189-13-000203 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130115 DATE AS OF CHANGE: 20130115 EFFECTIVENESS DATE: 20130115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EMPIRIC FUNDS, INC CENTRAL INDEX KEY: 0001000069 IRS NUMBER: 742759654 STATE OF INCORPORATION: TX FISCAL YEAR END: 0931 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-96334 FILM NUMBER: 13531062 BUSINESS ADDRESS: STREET 1: 6300 BRIDGEPOINT PARKWAY STREET 2: BUILDING II, SUITE 105 CITY: AUSTIN STATE: TX ZIP: 78730 BUSINESS PHONE: 5123289321X1 MAIL ADDRESS: STREET 1: 6300 BRIDGEPOINT PARKWAY STREET 2: BUILDING II, SUITE 105 CITY: AUSTIN STATE: TX ZIP: 78730 FORMER COMPANY: FORMER CONFORMED NAME: TEXAS CAPITAL VALUE FUNDS INC DATE OF NAME CHANGE: 19950830 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EMPIRIC FUNDS, INC CENTRAL INDEX KEY: 0001000069 IRS NUMBER: 742759654 STATE OF INCORPORATION: TX FISCAL YEAR END: 0931 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09088 FILM NUMBER: 13531063 BUSINESS ADDRESS: STREET 1: 6300 BRIDGEPOINT PARKWAY STREET 2: BUILDING II, SUITE 105 CITY: AUSTIN STATE: TX ZIP: 78730 BUSINESS PHONE: 5123289321X1 MAIL ADDRESS: STREET 1: 6300 BRIDGEPOINT PARKWAY STREET 2: BUILDING II, SUITE 105 CITY: AUSTIN STATE: TX ZIP: 78730 FORMER COMPANY: FORMER CONFORMED NAME: TEXAS CAPITAL VALUE FUNDS INC DATE OF NAME CHANGE: 19950830 0001000069 S000002964 Core Equity Fund C000008114 C EMCCX C000008115 A EMCAX 485BPOS 1 empiric_485b-xbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL empiric_485b-xbrl.htm

 
 
Registration No. 033-96334
 
Investment Company Act No. 811-09088

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JANUARY 15, 2013

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
x
   
Pre-Effective Amendment No. ___
o
Post-Effective Amendment No.    30  
x
   
and/or
 
   
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
x
   
Amendment No.  32 
x
(Check Appropriate Box or Boxes)
 
   
EMPIRIC FUNDS, INC.
(Exact Name of Registrant as Specified in Charter)
   
c/o U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, Wisconsin 53201-0701
(Address of Principal Executive Offices)    
   
1-800-880-0324
(Registrant's Telephone Number, Including Area Code)
   
 
Mark A. Coffelt
Empiric Advisors, Inc.
6300 Bridgepoint Parkway, Suite 105
Austin, Texas 78730
(Name and Address of Agent for Service)
 
WITH A COPY TO:
 
DeeAnne Sjögren
Thompson Coburn LLP
One US Bank Plaza
St. Louis, MO 63101-1611
 

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

S
immediately upon filing pursuant to paragraph (b).
o
on (date) pursuant to paragraph (b).
o
60 days after filing pursuant to paragraph (a)(1).
o
on (date) pursuant to paragraph (a)(1).
o
75 days after filing pursuant to paragraph (a)(2).
o
on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

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

This Post-Effective Amendment (“PEA”) No. 30 to the Trust’s Registration Statement on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 29 on Form N-1A filed on December 28, 2012.  This PEA No. 30 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 29 to the Trust’s Registration Statement.
 
 
 

 
 
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 Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Austin and State of Texas on the 15th day of January, 2013.

                                                                       EMPIRIC FUNDS, INC. (Registrant)

                                                                       By: /s/ Mark. A. Coffelt                        
                                                                               Mark A. Coffelt
                                                                               President

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 30 to its Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

/s/ Mark A. Coffelt
Mark A. Coffelt
 
President, Treasurer and Director
(principal executive officer and
principal financial officer)
 
January 15, 2013
/s/ Edward K. Clark*
Edward K. Clark
 
Director
January 15, 2013
/s/ John Henry McDonald*
John Henry McDonald
 
Director
January 15, 2013
/s/ Janis Claflin*
Janis Claflin
 
Director
January 15, 2013
*By:  /s/ Mark A. Coffelt
Mark A. Coffelt, Attorney-In Fact pursuant to Power of Attorney
 
 
 

 
 
 

 
 
EXHIBIT INDEX

Exhibit
Exhibit No.
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE



 
 
 
 

EX-101.INS 2 ck0001000069-20120930.xml INSTANCE DOCUMENT 485BPOS 2012-09-30 0001000069 2012-12-28 EMPIRIC FUNDS, INC false 2012-12-28 2012-12-31 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may <br />indicate higher transaction costs and may result in higher taxes when Fund shares<br />are held in a taxable account. These costs, which are not reflected in annual fund<br />operating expenses or in the example, affect the Fund's performance. During the <br />most recent fiscal year, the Fund's portfolio turnover rate was 540% of the average <br />value of its portfolio.</tt> <div style="display:none">~ http://www.empiricfunds.com/role/ExpenseExample_S000002964Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.empiricfunds.com/role/BarChartData_S000002964Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Core Equity Fund (the "Fund") seeks to achieve capital appreciation.</tt> <tt>The example below is intended to help you compare the costs of investing in the <br />Fund with the cost of investing in other mutual funds. The example assumes that<br />you invest $10,000 in the Fund for the time periods indicated and then redeem <br />all of your shares at the end of those periods. The example also assumes that <br />your investment has a 5% return each year, and that the Fund's operating <br />expenses remain the same.</tt> reflects no deduction for fees, expenses or taxes <tt>We will seek to achieve the Fund's objective by purchasing and holding primarily<br />equity securities and derivatives of both foreign and domestic companies. We<br />practice quantitative techniques in the selection of stocks using a computer<br />screening process to assist us in finding investment opportunities.<br /> <br />Qualitative factors are considered in investment selection, but their influence<br />is usually minimal.<br /> <br />We seek capital appreciation by investing in companies that we believe are<br />undervalued, which could include small, medium or large capitalization<br />companies, as well as derivatives relating to domestic and foreign corporations.<br /> <br />Under normal circumstances, the Fund invests at least 80% of its net assets,<br />including borrowings for investment purposes, in equity securities such as<br />common stocks that we deem to be undervalued and which have characteristics we<br />deem will likely cause those stocks to appreciate in the near future. Such<br />characteristics include the sector or industry the company is in, certain ratios<br />of the company such as return-on-equity or margins, the size of the company,<br />past and future growth of the company, analysts' expectations, earnings<br />surprises and other characteristics we deem may impact the appreciation of<br />stocks. The Fund's policy of investing in equity securities may only be changed<br />upon 60 days' prior notice to shareholders.<br /> <br />The Advisor seeks to control risk by diversifying the Fund's assets among<br />numerous sectors and asset classes. The Fund may engage in derivative<br />transactions for any purpose consistent with its investment objective. A<br />derivative is a security or instrument whose value is determined by reference to<br />the value or the change in value of one or more securities, indices, or other<br />financial instrument. For example, the Fund may use derivatives to hedge its<br />exposure to volatility with respect to underlying portfolio securities or the<br />equity markets generally. The Fund may actively trade equity index futures<br />contracts and options on equities and equity index futures. These transactions<br />are used to hedge against changes in interest rates, security prices, and other<br />market developments or to earn additional income. These strategies have costs<br />associated with them and losses will be incurred if the Advisor is incorrect in<br />its expectations about the direction or extents of movement of markets or<br />interest rates. In addition, hedging strategies negatively impact the Fund's<br />portfolio by decreasing the Fund's upside performance potential.<br /> <br />The Fund may make short sales as part of its overall portfolio management<br />strategy or to offset a potential decline in the value of a security. A short<br />sale involves the sale of a security that is borrowed from a broker or other<br />institution. A gain, limited to the price at which the Fund sold the security<br />short, or a loss, unlimited in size, will be recognized upon closing a short<br />sale. Short sales expose the Fund to the risk that it will be required to<br />acquire, convert or exchange securities to replace the borrowed securities at a<br />time when the securities sold short have appreciated in value, thus resulting in<br />a loss to the Fund.<br /> <br />We consider the effects of higher turnover when evaluating short-term<br />investments. We will invest the Fund primarily in equities listed on the major<br />U.S. stock exchanges, including ADRs, or securities convertible into common<br />stocks. Up to 33% of the Fund's investment portfolio may include companies<br />traded on foreign exchanges. The Fund's investment strategy typically results in<br />a portfolio turnover rate in excess of 100% on an annual basis.</tt> Core Equity Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. Example. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Objective The Fund's performance, before and after taxes, is not a prediction of future results. As with all mutual fund investments, loss of money is a risk of investing. Principal Investment Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 5.40 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Calendar Year Total Returns Class A Performance 50000 <tt>After-tax returns are calculated using the historical highest individual Federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown, and after-tax returns shown are not relevant to<br />investors who hold their Fund shares through tax-deferred arrangements, such as<br />401(k) plans or individual retirement accounts. The Fund's performance presented<br />in the table reflects the effects of the maximum applicable sales charge and the<br />Fund's operating expenses. After tax returns are shown only for the Fund's Class<br />A shares and after-tax returns for Class C shares will vary.</tt> The bar chart and table below illustrate the variability of the Fund's returns and the risks of investing. <tt>Year-to-Date as of September 30, 2012: 13.0%<br /> <br />During the period of time shown in the bar chart, the Fund's best and worst<br />quarters are shown below.<br /> <br />Best Quarter: (second quarter, 2003) 35.41%<br />Worst Quarter: (third quarter, 2011) -21.99%</tt> 1-888-839-7424 Restated to reflect projected expenses under a new administrative services arrangement effective February 1, 2013. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns (For the periods ended December 31, 2011) Portfolio Turnover. <tt>&#xB7;&#xA0;&#xA0;General. Investors should carefully consider their risk tolerance before<br />investing. As with all mutual fund investments, loss of money is a risk of<br />investing. Please read the other risks detailed below that apply to investing in<br />our Fund.<br /><br />&#xB7;&#xA0;&#xA0;Market Risk. Market risk involves the possibility that the Fund's investments<br />in equity securities will decline because of falls in the stock market, reducing<br />the value of individual company's stocks regardless of the success or failure of<br />an individual company's operations.<br /><br />&#xB7;&#xA0;&#xA0;Equity Securities Risks. Common stocks and other equity securities generally<br />increase or decrease in value based on the earnings of a company and on general<br />industry and market conditions, which tend to have greater fluctuations in share<br />price than a fund that invests a significant portion of its assets in fixed<br />income securities.<br /><br />&#xB7;&#xA0;&#xA0;Large Cap Company Risk. Larger, more established companies may be unable to<br />attain the high growth rates of successful, smaller companies during periods of<br />economic expansion.<br /><br />&#xB7;&#xA0;&#xA0;Small and Medium Cap Company Risk. Securities of companies with small and<br />medium market capitalizations are often more volatile and less liquid than<br />investments in larger companies. Small and medium cap companies may face a<br />greater risk of business failure, which could increase the volatility of the<br />Fund's portfolio.<br /><br />&#xB7;&#xA0;&#xA0;Foreign Securities Risk. Foreign securities can be more volatile than<br />domestic (U.S.) securities. Securities markets of other countries are generally<br />smaller than U.S. securities markets. Many foreign securities may also be less<br />liquid than U.S. securities, which could affect the Fund's investments.<br /><br />&#xB7;&#xA0;&#xA0;Derivatives Risk. The Fund may buy or sell a variety of "derivative"<br />instruments (such as, options, futures or index-based instruments) in order to<br />gain exposure to particular securities or markets, in connection with hedging<br />transactions and to increase total return. The Fund's use of derivative<br />instruments involves the risk that such instruments may not work as intended due<br />to unanticipated developments in market conditions or other causes.<br /><br />&#xB7;&#xA0;&#xA0;Short Sales Risk. The risk of loss if the value of a security sold short<br />increases prior to the scheduled delivery date because the Fund must pay more<br />for the security than it has received from the purchaser in the short sale.<br /><br />&#xB7;&#xA0;&#xA0;Options Risk. There are risks that option writing strategies the Fund uses<br />will not be successful due to market behavior or unexpected events. In buying<br />call and put options, the Fund may forego its investment should the options fail<br />to reach their strike prices before expiration. In selling call options, the<br />Fund receives a premium, but may forego appreciation of the underlying<br />security. In selling put options, the Fund receives a premium, but may have the<br />underlying security put to the Fund, at a price greater than its then current<br />market value.<br /><br />&#xB7;&#xA0;&#xA0;Futures Contracts and Options on Futures Risks. Investments in futures<br />contracts (or related options) involve substantial risks. The low margin or<br />premiums normally required in trading index futures contracts may provide a<br />large amount of leverage, and a relatively small change in the underlying index<br />or price of the contract can produce a disproportionately larger profit or loss.<br />Upon entering into a futures contract, the Fund must deposit initial margin in<br />addition to segregating cash or liquid assets sufficient to meet its obligation<br />to purchase or provide securities, or to pay the amount owed at the expiration<br />of an index-based futures contract. Pursuant to the futures contract, the Fund<br />agrees to receive from, or pay to the broker, an amount of cash equal to the<br />daily fluctuation in value of the contract. Futures contracts have market risks,<br />including the risk that the change in the value of the contract may not<br />correlate with changes in the value of the underlying securities. Use of long<br />futures contracts subjects the Fund to risk of loss up to the notional value of<br />the futures contract.<br /><br />&#xB7;&#xA0;&#xA0;Portfolio Turnover Risk. The Fund may make changes in its portfolio<br />consistent with the Fund's policies when we believe doing so is in the best<br />interest of the Fund. We anticipate Fund turnover to be considerably higher than<br />that of comparable funds. High turnover may increase transaction costs, increase<br />taxable gains and negatively affect performance. A high rate of portfolio<br />turnover is 100% or more. We consider the effects of higher turnover when<br />evaluating short-term investments.</tt> Fees and Expenses of the Fund After tax returns are shown only for the Fund's Class A shares and after-tax returns for Class C shares will vary. Principal Investment Strategies www.empiricfunds.com <tt>The bar chart and table below illustrate the variability of the Fund's returns<br />and the risks of investing. The bar chart shows how performance of the Fund's<br />Class A shares (the Class with the longest period of annual returns) has varied<br />from year to year and does not reflect the deduction of any applicable sales<br />charges. If sales charges had been reflected, the returns for Class A shares<br />would be less than those shown below. The performance of Class C shares will<br />differ due to differences in expenses. The table compares the Fund's performance<br />to that of a broad-based market index. The Fund's performance, before and after<br />taxes, is not a prediction of future results. Updated performance is available<br />on the Fund's website at www.empiricfunds.com and by calling 1-888-839-7424.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $50,000 in the<br />Fund. More information about these and other discounts is available from your<br />financial professional and in the section entitled "Distribution of Fund Shares"<br />on page 21 of the Fund's prospectus and in the section entitled "Purchase and<br />Redemption of Shares" on page 39 of the Fund's Statement of Additional<br />Information.</tt> <div style="display:none">~ http://www.empiricfunds.com/role/OperatingExpensesData_S000002964Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.empiricfunds.com/role/PerformanceTableData_S000002964Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.empiricfunds.com/role/ExpenseExampleNoRedemption_S000002964Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.empiricfunds.com/role/ShareholderFeesData_S000002964Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> S&P 500® Index (reflects no deduction for fees, expenses or taxes) 0.0211 -0.0025 0.0292 0.0295 2005-10-07 Class A Return After Taxes on Distributions and on Sale of Fund Shares -0.0979 -0.0326 0.0470 2005-10-07 Class A Return After Taxes on Distributions -0.1506 -0.0464 0.0488 2005-10-07 EMCAX -0.1855 Worst Quarter: Best Quarter: 0.0575 2012-09-30 Class A Return Before Taxes 764 2003-06-30 764 1184 -0.2199 0.1763 -0.0012 -0.0007 2857 1629 0.1504 0.3541 -0.1506 0.0085 -0.3513 0.0100 2014-02-01 2011-09-30 2857 0.2805 -0.0410 0.1220 1184 1629 Year-to-Date -0.0988 0.00 0.7220 0.0025 0.0524 0.0198 0.0210 0 0.1103 2005-10-07 0.130 0.0000 EMCCX 0.0000 Class C Return Before Taxes 378 276 872 -0.0012 3167 1493 -0.1145 0.0085 0.0100 2014-02-01 3167 -0.0368 872 1493 0.00 0.0100 0.0273 0.0285 0 -0.0087 2005-10-07 0.0100 0001000069 ck0001000069:SummaryS000002964Memberck0001000069:S000002964Memberck0001000069:C000008114Member 2012-12-31 2012-12-31 0001000069 ck0001000069:SummaryS000002964Memberck0001000069:S000002964Memberck0001000069:C000008115Member 2012-12-31 2012-12-31 0001000069 ck0001000069:SummaryS000002964Memberck0001000069:S000002964Memberrr:AfterTaxesOnDistributionsMemberck0001000069:C000008115Member 2012-12-31 2012-12-31 0001000069 ck0001000069:SummaryS000002964Memberck0001000069:S000002964Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0001000069:C000008115Member 2012-12-31 2012-12-31 0001000069 ck0001000069:SummaryS000002964Memberck0001000069:S000002964Memberck0001000069:RRINDEX00001Member 2012-12-31 2012-12-31 0001000069 ck0001000069:SummaryS000002964Memberck0001000069:S000002964Member 2012-12-31 2012-12-31 0001000069 2012-12-31 2012-12-31 pure iso4217:USD For single purchases, or purchases aggregating $1 million or more of Class A shares you will not pay an initial sales charge. On these purchases of Class A shares, a deferred sales charge of 1% is levied on redemptions occurring within 12 months of the investment. For Class C shares, the deferred sales charge is applied to redemptions within one year of purchase. An account maintenance fee of $60 may be charged to accounts that have balances less than the minimum of $5,000 for regular accounts or retirement accounts, or $2,000 for Coverdell Education Savings Accounts. Restated to reflect projected expenses under a new administrative services arrangement effective February 1, 2013. Effective February 1, 2013, Empiric Advisors, Inc. (the "Advisor") has contractually agreed to reduce its management fees and/or reimburse the Fund so that Total Annual Fund Operating Expenses (excluding brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short and liquidity program fees), taxes, 12b-1 fees, any indirect expenses such as acquired fund fees and expenses, and extraordinary litigation expenses) do not exceed 1.73% of the Fund's average daily net assets through February 1, 2014. This expense cap may not be terminated prior to this date except by the Board of Directors. Expenses reimbursed and/or fees reduced by the Advisor may be recouped by the Advisor for a period of three fiscal years following the fiscal year during which such reimbursement or reduction was made if such recoupment can be achieved within the foregoing expense limit. 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Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Dec. 31, 2012
Core Equity Fund (Prospectus Summary) | Core Equity Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Core Equity Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Core Equity Fund (the "Fund") seeks to achieve 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 if you and your
family invest, or agree to invest in the future, at least $50,000 in the
Fund. More information about these and other discounts is available from your
financial professional and in the section entitled "Distribution of Fund Shares"
on page 21 of the Fund's prospectus and in the section entitled "Purchase and
Redemption of Shares" on page 39 of the Fund's Statement of Additional
Information.
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). 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. During the
most recent fiscal year, the Fund's portfolio turnover rate was 540% of the average
value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 540.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect projected expenses under a new administrative services arrangement effective February 1, 2013.
Expense Example [Heading] rr_ExpenseExampleHeading Example.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The example below 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.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption You would pay the following expenses if you did not redeem your shares:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock We will seek to achieve the Fund's objective by purchasing and holding primarily
equity securities and derivatives of both foreign and domestic companies. We
practice quantitative techniques in the selection of stocks using a computer
screening process to assist us in finding investment opportunities.

Qualitative factors are considered in investment selection, but their influence
is usually minimal.

We seek capital appreciation by investing in companies that we believe are
undervalued, which could include small, medium or large capitalization
companies, as well as derivatives relating to domestic and foreign corporations.

Under normal circumstances, the Fund invests at least 80% of its net assets,
including borrowings for investment purposes, in equity securities such as
common stocks that we deem to be undervalued and which have characteristics we
deem will likely cause those stocks to appreciate in the near future. Such
characteristics include the sector or industry the company is in, certain ratios
of the company such as return-on-equity or margins, the size of the company,
past and future growth of the company, analysts' expectations, earnings
surprises and other characteristics we deem may impact the appreciation of
stocks. The Fund's policy of investing in equity securities may only be changed
upon 60 days' prior notice to shareholders.

The Advisor seeks to control risk by diversifying the Fund's assets among
numerous sectors and asset classes. The Fund may engage in derivative
transactions for any purpose consistent with its investment objective. A
derivative is a security or instrument whose value is determined by reference to
the value or the change in value of one or more securities, indices, or other
financial instrument. For example, the Fund may use derivatives to hedge its
exposure to volatility with respect to underlying portfolio securities or the
equity markets generally. The Fund may actively trade equity index futures
contracts and options on equities and equity index futures. These transactions
are used to hedge against changes in interest rates, security prices, and other
market developments or to earn additional income. These strategies have costs
associated with them and losses will be incurred if the Advisor is incorrect in
its expectations about the direction or extents of movement of markets or
interest rates. In addition, hedging strategies negatively impact the Fund's
portfolio by decreasing the Fund's upside performance potential.

The Fund may make short sales as part of its overall portfolio management
strategy or to offset a potential decline in the value of a security. A short
sale involves the sale of a security that is borrowed from a broker or other
institution. A gain, limited to the price at which the Fund sold the security
short, or a loss, unlimited in size, will be recognized upon closing a short
sale. Short sales expose the Fund to the risk that it will be required to
acquire, convert or exchange securities to replace the borrowed securities at a
time when the securities sold short have appreciated in value, thus resulting in
a loss to the Fund.

We consider the effects of higher turnover when evaluating short-term
investments. We will invest the Fund primarily in equities listed on the major
U.S. stock exchanges, including ADRs, or securities convertible into common
stocks. Up to 33% of the Fund's investment portfolio may include companies
traded on foreign exchanges. The Fund's investment strategy typically results in
a portfolio turnover rate in excess of 100% on an annual basis.
Risk [Heading] rr_RiskHeading Principal Investment Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock ·  General. Investors should carefully consider their risk tolerance before
investing. As with all mutual fund investments, loss of money is a risk of
investing. Please read the other risks detailed below that apply to investing in
our Fund.

·  Market Risk. Market risk involves the possibility that the Fund's investments
in equity securities will decline because of falls in the stock market, reducing
the value of individual company's stocks regardless of the success or failure of
an individual company's operations.

·  Equity Securities Risks. Common stocks and other equity securities generally
increase or decrease in value based on the earnings of a company and on general
industry and market conditions, which tend to have greater fluctuations in share
price than a fund that invests a significant portion of its assets in fixed
income securities.

·  Large Cap Company Risk. Larger, more established companies may be unable to
attain the high growth rates of successful, smaller companies during periods of
economic expansion.

·  Small and Medium Cap Company Risk. Securities of companies with small and
medium market capitalizations are often more volatile and less liquid than
investments in larger companies. Small and medium cap companies may face a
greater risk of business failure, which could increase the volatility of the
Fund's portfolio.

·  Foreign Securities Risk. Foreign securities can be more volatile than
domestic (U.S.) securities. Securities markets of other countries are generally
smaller than U.S. securities markets. Many foreign securities may also be less
liquid than U.S. securities, which could affect the Fund's investments.

·  Derivatives Risk. The Fund may buy or sell a variety of "derivative"
instruments (such as, options, futures or index-based instruments) in order to
gain exposure to particular securities or markets, in connection with hedging
transactions and to increase total return. The Fund's use of derivative
instruments involves the risk that such instruments may not work as intended due
to unanticipated developments in market conditions or other causes.

·  Short Sales Risk. The risk of loss if the value of a security sold short
increases prior to the scheduled delivery date because the Fund must pay more
for the security than it has received from the purchaser in the short sale.

·  Options Risk. There are risks that option writing strategies the Fund uses
will not be successful due to market behavior or unexpected events. In buying
call and put options, the Fund may forego its investment should the options fail
to reach their strike prices before expiration. In selling call options, the
Fund receives a premium, but may forego appreciation of the underlying
security. In selling put options, the Fund receives a premium, but may have the
underlying security put to the Fund, at a price greater than its then current
market value.

·  Futures Contracts and Options on Futures Risks. Investments in futures
contracts (or related options) involve substantial risks. The low margin or
premiums normally required in trading index futures contracts may provide a
large amount of leverage, and a relatively small change in the underlying index
or price of the contract can produce a disproportionately larger profit or loss.
Upon entering into a futures contract, the Fund must deposit initial margin in
addition to segregating cash or liquid assets sufficient to meet its obligation
to purchase or provide securities, or to pay the amount owed at the expiration
of an index-based futures contract. Pursuant to the futures contract, the Fund
agrees to receive from, or pay to the broker, an amount of cash equal to the
daily fluctuation in value of the contract. Futures contracts have market risks,
including the risk that the change in the value of the contract may not
correlate with changes in the value of the underlying securities. Use of long
futures contracts subjects the Fund to risk of loss up to the notional value of
the futures contract.

·  Portfolio Turnover Risk. The Fund may make changes in its portfolio
consistent with the Fund's policies when we believe doing so is in the best
interest of the Fund. We anticipate Fund turnover to be considerably higher than
that of comparable funds. High turnover may increase transaction costs, increase
taxable gains and negatively affect performance. A high rate of portfolio
turnover is 100% or more. We consider the effects of higher turnover when
evaluating short-term investments.
Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual fund investments, loss of money is a risk of investing.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below illustrate the variability of the Fund's returns
and the risks of investing. The bar chart shows how performance of the Fund's
Class A shares (the Class with the longest period of annual returns) has varied
from year to year and does not reflect the deduction of any applicable sales
charges. If sales charges had been reflected, the returns for Class A shares
would be less than those shown below. The performance of Class C shares will
differ due to differences in expenses. The table compares the Fund's performance
to that of a broad-based market index. The Fund's performance, before and after
taxes, is not a prediction of future results. Updated performance is available
on the Fund's website at www.empiricfunds.com and by calling 1-888-839-7424.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table below illustrate the variability of the Fund's returns and the risks of investing.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-888-839-7424
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.empiricfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's performance, before and after taxes, is not a prediction of future results.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Returns Class A
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Year-to-Date as of September 30, 2012: 13.0%

During the period of time shown in the bar chart, the Fund's best and worst
quarters are shown below.

Best Quarter: (second quarter, 2003) 35.41%
Worst Quarter: (third quarter, 2011) -21.99%
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes reflects no deduction for fees, expenses or taxes
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After tax returns are shown only for the Fund's Class A shares and after-tax returns for Class C shares will vary.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock After-tax returns are calculated using the historical highest individual Federal
marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on an investor's tax situation and may
differ from those shown, and after-tax returns shown are not relevant to
investors who hold their Fund shares through tax-deferred arrangements, such as
401(k) plans or individual retirement accounts. The Fund's performance presented
in the table reflects the effects of the maximum applicable sales charge and the
Fund's operating expenses. After tax returns are shown only for the Fund's Class
A shares and after-tax returns for Class C shares will vary.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (For the periods ended December 31, 2011)
Core Equity Fund (Prospectus Summary) | Core Equity Fund | S&P 500® Index
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel S&P 500® Index (reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 2.11%
5 Years rr_AverageAnnualReturnYear05 (0.25%)
10 Years rr_AverageAnnualReturnYear10 2.92%
Since Inception rr_AverageAnnualReturnSinceInception 2.95%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 07, 2005
Core Equity Fund (Prospectus Summary) | Core Equity Fund | Class A
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, as applicable) rr_MaximumDeferredSalesChargeOverOfferingPrice none [1]
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Maximum Account Maintenance Fee rr_MaximumAccountFee none [2]
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.85% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.10%
Fee Waiver/Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.12%) [4]
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement rr_NetExpensesOverAssets 1.98%
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-02-01
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 764
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,184
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,629
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,857
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 764
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 1,184
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,629
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 2,857
Annual Return 2002 rr_AnnualReturn2002 (18.55%)
Annual Return 2003 rr_AnnualReturn2003 72.20%
Annual Return 2004 rr_AnnualReturn2004 17.63%
Annual Return 2005 rr_AnnualReturn2005 12.20%
Annual Return 2006 rr_AnnualReturn2006 11.03%
Annual Return 2007 rr_AnnualReturn2007 15.04%
Annual Return 2008 rr_AnnualReturn2008 (35.13%)
Annual Return 2009 rr_AnnualReturn2009 28.05%
Annual Return 2010 rr_AnnualReturn2010 (0.07%)
Annual Return 2011 rr_AnnualReturn2011 (9.88%)
Year to Date Return, Label rr_YearToDateReturnLabel Year-to-Date
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 13.00%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 35.41%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (21.99%)
Label rr_AverageAnnualReturnLabel Class A Return Before Taxes
1 Year rr_AverageAnnualReturnYear01 (15.06%)
5 Years rr_AverageAnnualReturnYear05 (4.10%)
10 Years rr_AverageAnnualReturnYear10 5.24%
Since Inception rr_AverageAnnualReturnSinceInception   
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 07, 2005
Core Equity Fund (Prospectus Summary) | Core Equity Fund | Class A | After Taxes on Distributions
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Class A Return After Taxes on Distributions
1 Year rr_AverageAnnualReturnYear01 (15.06%)
5 Years rr_AverageAnnualReturnYear05 (4.64%)
10 Years rr_AverageAnnualReturnYear10 4.88%
Since Inception rr_AverageAnnualReturnSinceInception   
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 07, 2005
Core Equity Fund (Prospectus Summary) | Core Equity Fund | Class A | After Taxes on Distributions and Sales
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Class A Return After Taxes on Distributions and on Sale of Fund Shares
1 Year rr_AverageAnnualReturnYear01 (9.79%)
5 Years rr_AverageAnnualReturnYear05 (3.26%)
10 Years rr_AverageAnnualReturnYear10 4.70%
Since Inception rr_AverageAnnualReturnSinceInception   
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 07, 2005
Core Equity Fund (Prospectus Summary) | Core Equity Fund | Class C
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, as applicable) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00%
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Maximum Account Maintenance Fee rr_MaximumAccountFee none [2]
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.85% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.85%
Fee Waiver/Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.12%) [4]
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement rr_NetExpensesOverAssets 2.73%
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-02-01
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 378
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 872
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,493
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,167
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 276
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 872
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,493
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 3,167
Label rr_AverageAnnualReturnLabel Class C Return Before Taxes
1 Year rr_AverageAnnualReturnYear01 (11.45%)
5 Years rr_AverageAnnualReturnYear05 (3.68%)
10 Years rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception (0.87%)
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 07, 2005
[1] For single purchases, or purchases aggregating $1 million or more of Class A shares you will not pay an initial sales charge. On these purchases of Class A shares, a deferred sales charge of 1% is levied on redemptions occurring within 12 months of the investment. For Class C shares, the deferred sales charge is applied to redemptions within one year of purchase.
[2] An account maintenance fee of $60 may be charged to accounts that have balances less than the minimum of $5,000 for regular accounts or retirement accounts, or $2,000 for Coverdell Education Savings Accounts.
[3] Restated to reflect projected expenses under a new administrative services arrangement effective February 1, 2013.
[4] Effective February 1, 2013, Empiric Advisors, Inc. (the "Advisor") has contractually agreed to reduce its management fees and/or reimburse the Fund so that Total Annual Fund Operating Expenses (excluding brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short and liquidity program fees), taxes, 12b-1 fees, any indirect expenses such as acquired fund fees and expenses, and extraordinary litigation expenses) do not exceed 1.73% of the Fund's average daily net assets through February 1, 2014. This expense cap may not be terminated prior to this date except by the Board of Directors. Expenses reimbursed and/or fees reduced by the Advisor may be recouped by the Advisor for a period of three fiscal years following the fiscal year during which such reimbursement or reduction was made if such recoupment can be achieved within the foregoing expense limit.
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Core Equity Fund (Prospectus Summary) | Core Equity Fund
Core Equity Fund
Investment Objective
The Core Equity Fund (the "Fund") seeks to achieve 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 if you and your
family invest, or agree to invest in the future, at least $50,000 in the
Fund. More information about these and other discounts is available from your
financial professional and in the section entitled "Distribution of Fund Shares"
on page 21 of the Fund's prospectus and in the section entitled "Purchase and
Redemption of Shares" on page 39 of the Fund's Statement of Additional
Information.
SHAREHOLDER FEES (fees paid directly from your investment)
Shareholder Fees Core Equity Fund (USD $)
Class A
Class C
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) 5.75% none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or redemption proceeds, as applicable) none [1] 1.00%
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions none none
Maximum Account Maintenance Fee [2] none none
[1] For single purchases, or purchases aggregating $1 million or more of Class A shares you will not pay an initial sales charge. On these purchases of Class A shares, a deferred sales charge of 1% is levied on redemptions occurring within 12 months of the investment. For Class C shares, the deferred sales charge is applied to redemptions within one year of purchase.
[2] An account maintenance fee of $60 may be charged to accounts that have balances less than the minimum of $5,000 for regular accounts or retirement accounts, or $2,000 for Coverdell Education Savings Accounts.
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Core Equity Fund
Class A
Class C
Management Fees 1.00% 1.00%
Distribution (Rule 12b-1) Fees 0.25% 1.00%
Other Expenses [1] 0.85% 0.85%
Total Annual Fund Operating Expenses 2.10% 2.85%
Fee Waiver/Expense Reimbursement [2] (0.12%) (0.12%)
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement 1.98% 2.73%
[1] Restated to reflect projected expenses under a new administrative services arrangement effective February 1, 2013.
[2] Effective February 1, 2013, Empiric Advisors, Inc. (the "Advisor") has contractually agreed to reduce its management fees and/or reimburse the Fund so that Total Annual Fund Operating Expenses (excluding brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short and liquidity program fees), taxes, 12b-1 fees, any indirect expenses such as acquired fund fees and expenses, and extraordinary litigation expenses) do not exceed 1.73% of the Fund's average daily net assets through February 1, 2014. This expense cap may not be terminated prior to this date except by the Board of Directors. Expenses reimbursed and/or fees reduced by the Advisor may be recouped by the Advisor for a period of three fiscal years following the fiscal year during which such reimbursement or reduction was made if such recoupment can be achieved within the foregoing expense limit.
Example.
The example below 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 Core Equity Fund (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Class A
764 1,184 1,629 2,857
Class C
378 872 1,493 3,167
You would pay the following expenses if you did not redeem your shares:
Expense Example, No Redemption Core Equity Fund (USD $)
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Expense Example, No Redemption, 5 Years
Expense Example, No Redemption, 10 Years
Class A
764 1,184 1,629 2,857
Class C
276 872 1,493 3,167
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares
are held in a taxable account. These costs, which are not reflected in annual 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 540% of the average
value of its portfolio.
Principal Investment Strategies
We will seek to achieve the Fund's objective by purchasing and holding primarily
equity securities and derivatives of both foreign and domestic companies. We
practice quantitative techniques in the selection of stocks using a computer
screening process to assist us in finding investment opportunities.

Qualitative factors are considered in investment selection, but their influence
is usually minimal.

We seek capital appreciation by investing in companies that we believe are
undervalued, which could include small, medium or large capitalization
companies, as well as derivatives relating to domestic and foreign corporations.

Under normal circumstances, the Fund invests at least 80% of its net assets,
including borrowings for investment purposes, in equity securities such as
common stocks that we deem to be undervalued and which have characteristics we
deem will likely cause those stocks to appreciate in the near future. Such
characteristics include the sector or industry the company is in, certain ratios
of the company such as return-on-equity or margins, the size of the company,
past and future growth of the company, analysts' expectations, earnings
surprises and other characteristics we deem may impact the appreciation of
stocks. The Fund's policy of investing in equity securities may only be changed
upon 60 days' prior notice to shareholders.

The Advisor seeks to control risk by diversifying the Fund's assets among
numerous sectors and asset classes. The Fund may engage in derivative
transactions for any purpose consistent with its investment objective. A
derivative is a security or instrument whose value is determined by reference to
the value or the change in value of one or more securities, indices, or other
financial instrument. For example, the Fund may use derivatives to hedge its
exposure to volatility with respect to underlying portfolio securities or the
equity markets generally. The Fund may actively trade equity index futures
contracts and options on equities and equity index futures. These transactions
are used to hedge against changes in interest rates, security prices, and other
market developments or to earn additional income. These strategies have costs
associated with them and losses will be incurred if the Advisor is incorrect in
its expectations about the direction or extents of movement of markets or
interest rates. In addition, hedging strategies negatively impact the Fund's
portfolio by decreasing the Fund's upside performance potential.

The Fund may make short sales as part of its overall portfolio management
strategy or to offset a potential decline in the value of a security. A short
sale involves the sale of a security that is borrowed from a broker or other
institution. A gain, limited to the price at which the Fund sold the security
short, or a loss, unlimited in size, will be recognized upon closing a short
sale. Short sales expose the Fund to the risk that it will be required to
acquire, convert or exchange securities to replace the borrowed securities at a
time when the securities sold short have appreciated in value, thus resulting in
a loss to the Fund.

We consider the effects of higher turnover when evaluating short-term
investments. We will invest the Fund primarily in equities listed on the major
U.S. stock exchanges, including ADRs, or securities convertible into common
stocks. Up to 33% of the Fund's investment portfolio may include companies
traded on foreign exchanges. The Fund's investment strategy typically results in
a portfolio turnover rate in excess of 100% on an annual basis.
Principal Investment Risks
·  General. Investors should carefully consider their risk tolerance before
investing. As with all mutual fund investments, loss of money is a risk of
investing. Please read the other risks detailed below that apply to investing in
our Fund.

·  Market Risk. Market risk involves the possibility that the Fund's investments
in equity securities will decline because of falls in the stock market, reducing
the value of individual company's stocks regardless of the success or failure of
an individual company's operations.

·  Equity Securities Risks. Common stocks and other equity securities generally
increase or decrease in value based on the earnings of a company and on general
industry and market conditions, which tend to have greater fluctuations in share
price than a fund that invests a significant portion of its assets in fixed
income securities.

·  Large Cap Company Risk. Larger, more established companies may be unable to
attain the high growth rates of successful, smaller companies during periods of
economic expansion.

·  Small and Medium Cap Company Risk. Securities of companies with small and
medium market capitalizations are often more volatile and less liquid than
investments in larger companies. Small and medium cap companies may face a
greater risk of business failure, which could increase the volatility of the
Fund's portfolio.

·  Foreign Securities Risk. Foreign securities can be more volatile than
domestic (U.S.) securities. Securities markets of other countries are generally
smaller than U.S. securities markets. Many foreign securities may also be less
liquid than U.S. securities, which could affect the Fund's investments.

·  Derivatives Risk. The Fund may buy or sell a variety of "derivative"
instruments (such as, options, futures or index-based instruments) in order to
gain exposure to particular securities or markets, in connection with hedging
transactions and to increase total return. The Fund's use of derivative
instruments involves the risk that such instruments may not work as intended due
to unanticipated developments in market conditions or other causes.

·  Short Sales Risk. The risk of loss if the value of a security sold short
increases prior to the scheduled delivery date because the Fund must pay more
for the security than it has received from the purchaser in the short sale.

·  Options Risk. There are risks that option writing strategies the Fund uses
will not be successful due to market behavior or unexpected events. In buying
call and put options, the Fund may forego its investment should the options fail
to reach their strike prices before expiration. In selling call options, the
Fund receives a premium, but may forego appreciation of the underlying
security. In selling put options, the Fund receives a premium, but may have the
underlying security put to the Fund, at a price greater than its then current
market value.

·  Futures Contracts and Options on Futures Risks. Investments in futures
contracts (or related options) involve substantial risks. The low margin or
premiums normally required in trading index futures contracts may provide a
large amount of leverage, and a relatively small change in the underlying index
or price of the contract can produce a disproportionately larger profit or loss.
Upon entering into a futures contract, the Fund must deposit initial margin in
addition to segregating cash or liquid assets sufficient to meet its obligation
to purchase or provide securities, or to pay the amount owed at the expiration
of an index-based futures contract. Pursuant to the futures contract, the Fund
agrees to receive from, or pay to the broker, an amount of cash equal to the
daily fluctuation in value of the contract. Futures contracts have market risks,
including the risk that the change in the value of the contract may not
correlate with changes in the value of the underlying securities. Use of long
futures contracts subjects the Fund to risk of loss up to the notional value of
the futures contract.

·  Portfolio Turnover Risk. The Fund may make changes in its portfolio
consistent with the Fund's policies when we believe doing so is in the best
interest of the Fund. We anticipate Fund turnover to be considerably higher than
that of comparable funds. High turnover may increase transaction costs, increase
taxable gains and negatively affect performance. A high rate of portfolio
turnover is 100% or more. We consider the effects of higher turnover when
evaluating short-term investments.
Performance
The bar chart and table below illustrate the variability of the Fund's returns
and the risks of investing. The bar chart shows how performance of the Fund's
Class A shares (the Class with the longest period of annual returns) has varied
from year to year and does not reflect the deduction of any applicable sales
charges. If sales charges had been reflected, the returns for Class A shares
would be less than those shown below. The performance of Class C shares will
differ due to differences in expenses. The table compares the Fund's performance
to that of a broad-based market index. The Fund's performance, before and after
taxes, is not a prediction of future results. Updated performance is available
on the Fund's website at www.empiricfunds.com and by calling 1-888-839-7424.
Calendar Year Total Returns Class A
Bar Chart
Year-to-Date as of September 30, 2012: 13.0%

During the period of time shown in the bar chart, the Fund's best and worst
quarters are shown below.

Best Quarter: (second quarter, 2003) 35.41%
Worst Quarter: (third quarter, 2011) -21.99%
Average Annual Total Returns (For the periods ended December 31, 2011)
Average Annual Total Returns Core Equity Fund
Label
1 Year
5 Years
10 Years
Since Inception
Inception Date
Class A
Class A Return Before Taxes (15.06%) (4.10%) 5.24%    Oct. 07, 2005
Class A After Taxes on Distributions
Class A Return After Taxes on Distributions (15.06%) (4.64%) 4.88%    Oct. 07, 2005
Class A After Taxes on Distributions and Sales
Class A Return After Taxes on Distributions and on Sale of Fund Shares (9.79%) (3.26%) 4.70%    Oct. 07, 2005
Class C
Class C Return Before Taxes (11.45%) (3.68%)    (0.87%) Oct. 07, 2005
S&P 500® Index
S&P 500® Index (reflects no deduction for fees, expenses or taxes) 2.11% (0.25%) 2.92% 2.95% Oct. 07, 2005
After-tax returns are calculated using the historical highest individual Federal
marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on an investor's tax situation and may
differ from those shown, and after-tax returns shown are not relevant to
investors who hold their Fund shares through tax-deferred arrangements, such as
401(k) plans or individual retirement accounts. The Fund's performance presented
in the table reflects the effects of the maximum applicable sales charge and the
Fund's operating expenses. After tax returns are shown only for the Fund's Class
A shares and after-tax returns for Class C shares will vary.

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