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Logan Capital International Fund (Prospectus Summary) | Logan Capital International Fund
Logan Capital International Fund
Investment Objective
The Logan Capital International Fund seeks long term growth of capital and
income.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Funds.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Logan Capital International Fund
Institutional Class
Investor Class
Redemption Fee (as a percentage of amount redeemed on shares held for 180 days or less) 1.00% 1.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Logan Capital International Fund
Institutional Class
Investor Class
Management Fees 0.70% 0.70%
Distribution and Service (Rule 12b-1) Fees none 0.25%
Shareholder Servicing Plan Fee 0.10% 0.10%
Other Expenses (includes Shareholder Servicing Plan Fee) [1] 2.16% 2.16%
Total Annual Fund Operating Expenses 2.86% 3.11%
Less: Fee Waiver and Expense Reimbursement [2] (1.61%) (1.61%)
Net Annual Fund Operating Expenses 1.25% 1.50%
[1] Other expenses are based on estimated Funds expenses for the current fiscal year.
[2] The Advisor has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes, interest and dividend expense on securities sold short and extraordinary expenses) in order to limit Net Annual Fund Operating Expenses to 1.25% and 1.50% of average daily net assets of the Fund's Institutional Class shares and Investor Class shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least August 28, 2013, and may be terminated only by the Board. The Advisor may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were waived or paid, subject to the Expense Caps.
Example
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same (taking into account the Expense Caps only in the first
year). Although your actual costs may be higher or lower, based on these
assumptions, your costs would be:
Expense Example Logan Capital International Fund (USD $)
Expense Example, With Redemption, 1 Year
Expense Example, With Redemption, 3 Years
Institutional Class
127 734
Investor Class
153 809
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.
Principal Investment Strategies of the Fund
Under normal market conditions, the Fund will invest primarily in equity
securities of dividend paying companies generally with market capitalizations
of at least $10 billion at the time of purchase and domiciled in developed
markets outside of the United States. Equity securities in which the Fund may
invest include common stocks, preferred stocks, ADRs, rights and warrants, and
may include securities of companies that are offered pursuant to an IPO. Foreign
securities are determined to be "foreign" on the basis of an issuer's domicile
or location of headquarters (as determined by the Advisor's data sources). The
Fund may invest up to 20% of its total assets in the securities of issuers
determined by the Advisor to be in developing or emerging market countries.
Additionally, the Fund may invest up to 15% of its total assets in other
investment companies, including ETFs, and may purchase and sell options on
equities and stock indices with respect to 10% of its total assets. The Fund
may also sell securities short with respect to 10% of its total assets.
  
The Fund employs a bottom-up, disciplined investment process that focuses on
stocks with high dividend yields and a longer-term investment horizon. The buy
discipline seeks to screen from a universe of approximately 1,000 ADRs and U.S.
listed shares of foreign corporations. Factors used to screen these companies
include, but are not limited to, market capitalization (must generally be $10
billion or greater), dividend yield, cash flow and debt/total capital ratio.
Once the screen identifies companies to be considered for purchase, the
portfolio is constructed with consideration given to economic sector and country
weightings. The economic sector weighting currently seeks to represent a
majority of MSCI EAFE Index sectors and the country weighting currently seeks
to represent at least ten countries. The Advisor may adjust these criteria at
any time at its discretion. The Advisor may sell a position when it no longer
qualifies for purchase under the buy discipline.
Principal Investment Risks
·  Management Risk. The Fund is subject to management risk because it is an      
   actively managed portfolio. The Advisor's management practices and investment
   strategies might not produce the desired results. The Advisor may be incorrect
   in its assessment of a stock's appreciation potential. The Advisor has not    
   previously managed a mutual fund.                                             

·  Market Risk. The prices of the securities in which the Fund invests may       
   decline for a number of reasons. These reasons may include changing economic  
   circumstances and/or perceptions about the creditworthiness of individual     
   issuers.                                                                      

·  Equity Risk. The risks that could affect the value of the Fund's shares and   
   the total return on your investment include the possibility that the equity   
   securities held by the Fund will experience sudden, unpredictable drops in    
   value or long periods of decline in value.                                    

·  Investment Company Risk. When the Fund invests in an ETF or mutual fund,
   it will bear additional expenses based on its pro rata share of the ETF's or     
   mutual fund's operating expenses, including the potential duplication of      
   management fees. The risk of owning an ETF or mutual fund generally reflects  
   the risks of owning the underlying securities the ETF or mutual fund          
   holds. The Fund also will incur brokerage costs when it purchases ETFs.       

·  Foreign Securities and Emerging Markets Risk. The Fund will principally invest
   in foreign securities, including in emerging markets. These foreign           
   investments are subject to special risks. 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 be less liquid and more volatile than U.S. securities, which   
   could affect the Fund's investments. In addition, the Fund may invest in      
   emerging markets which are more volatile than the markets of developed        
   countries.                                                                    

.  Options Risk. Options on securities may be subject to greater fluctuations in
   value than an investment in the underlying securities. Purchasing and writing
   put and call options are highly specialized activities and entail greater than
   ordinary investment risks.

·  Initial Public Offering Risk. The Fund may purchase securities of companies   
   that are offered pursuant to an IPO. The risk exists that the market value of
   IPO shares will fluctuate considerably due to factors such as the absence of a
   prior public market, unseasoned trading, the small number of shares available
   for trading and limited information about the issuer. The purchase of IPO     
   shares may involve high transaction costs. IPO shares are subject to market   
   risk and liquidity risk. When the Fund's asset base is small, a significant   
   portion of the Fund's performance could be attributable to investments in     
   IPOs, because such investments would have a magnified impact on the Fund.     
  
·  Short Sales Risk. A short sale is the sale by the Fund of a security which it
   does not own in anticipation of purchasing the same security in the future at
   a lower price to close the short position. A short sale will be successful if
   the price of the shorted security decreases. However, if the underlying       
   security goes up in price during the period in which the short position is    
   outstanding, the Fund will realize a loss. The risk on a short sale is        
   unlimited because the Fund must buy the shorted security at the higher price  
   to complete the transaction. Therefore, short sales may be subject to greater
   risks than investments in long positions.                                     

·  New Fund Risk. The Fund is new with no operating history and there can be no  
   assurance that the Fund will grow to or maintain an economically viable size,
   in which case the Board may determine to liquidate the Fund.
Performance
When the Fund has been in operation for a full calendar year, performance
information will be shown here. Updated performance information is available
on the Fund's website at www.logancapital.com/funds or by calling the Fund
toll-free at 1-855-215-1200.