0000894189-13-000804.txt : 20130211 0000894189-13-000804.hdr.sgml : 20130211 20130211132516 ACCESSION NUMBER: 0000894189-13-000804 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130211 DATE AS OF CHANGE: 20130211 EFFECTIVENESS DATE: 20130211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-17391 FILM NUMBER: 13590508 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07959 FILM NUMBER: 13590509 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 0001027596 S000027249 Poplar Forest Partners Fund C000082237 Class A PFPFX C000082238 Institutional Class IPFPX 485BPOS 1 ast-pfpf_485bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL ast-pfpf_485bxbrl.htm

 
Filed with the Securities and Exchange Commission on February 11, 2013
 
1933 Act Registration File No. 333-17391
1940 Act File No. 811-07959
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
x
Pre-Effective Amendment No. ____         
¨
Post-Effective Amendment No. 481
x
                 and
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
x
Amendment No. 483  
x

 
(Check appropriate box or boxes.)
 
 
ADVISORS SERIES TRUST
(Exact Name of Registrant as Specified in Charter)
 
615 East Michigan Street
Milwaukee, Wisconsin  53202
(Address of Principal Executive Offices) (Zip Code)
 
(Registrant’s Telephone Numbers, Including Area Code) (414) 765-6609
 
Douglas G. Hess, President
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5th Floor
Milwaukee, Wisconsin 53202
(Name and Address of Agent for Service)
 
Copies to:
 
Domenick Pugliese, Esq.
Paul Hastings LLP
75 East 55th Street
New York, New York 10022
 
 
It is proposed that this filing will become effective
 
ý
immediately upon filing pursuant to paragraph (b)
o
on __________ pursuant to paragraph (b)
o
60 days after filing pursuant to paragraph (a)(1)
o
on __________ pursuant to paragraph (a)(1)
o
75 days after filing pursuant to paragraph (a)(2)
o
on __________ pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box

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

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 481 to the Advisors Series Trust’s (the “Trust”) Registration Statement on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 474 on Form N-1A filed January 23, 2013.  This PEA No. 481 is filed for the sole purpose of submitting the XBRL exhibit for the risk return summary first provided in PEA No. 474 to the Trust’s Registration Statement for its series: Poplar Forest Partners Fund.

 
 

 
 
SIGNATURES


Pursuant to the requirements of the Securities Act of 1933, as amended (the “Securities Act”) and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 481 meets all of the requirements for effectiveness under Rule 485(b) and the Registrant has duly caused this Post-Effective Amendment No. 481 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee and State of Wisconsin, on the 11th day of February, 2013.

Advisors Series Trust

By:  /s/ Douglas G. Hess
      Douglas G. Hess
      President

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 481 to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature
Title
Date
     
Donald E. O’Connor*                                     
Trustee
February 11, 2013
Donald E. O’Connor
   
     
George J. Rebhan*                                     
Trustee
February 11, 2013
George J. Rebhan
   
     
George T. Wofford*                                     
Trustee
February 11, 2013
George T. Wofford
   
     
Joe D. Redwine*                                      
Trustee, Chairman and
February 11, 2013
Joe D. Redwine
Chief Executive Officer
 
     
/s/ Cheryl L. King                                      
Treasurer and
February 11, 2013
Cheryl L. King
Principal Financial Officer
 
     
/s/ Douglas G. Hess                                      
President and
February 11, 2013
Douglas G. Hess
Principal Executive Officer
 
     
*By: /s/ Douglas G. Hess                                           
 
February 11, 2013
   Douglas G. Hess
   Attorney-In Fact pursuant to
   Power of Attorney
   
 

 
 
C-1 

 
 
EXHIBIT LIST

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
 

 
C-2

EX-101.INS 2 ck0001027596-20130123.xml INSTANCE DOCUMENT 0001027596 2012-09-30 2012-09-30 0001027596 ck0001027596:S000027249Member ck0001027596:S000027249Member 2012-09-30 2012-09-30 0001027596 ck0001027596:S000027249Member ck0001027596:S000027249Member ck0001027596:C000082237Member 2012-09-30 2012-09-30 0001027596 ck0001027596:S000027249Member ck0001027596:S000027249Member ck0001027596:C000082238Member 2012-09-30 2012-09-30 0001027596 ck0001027596:S000027249Member ck0001027596:S000027249Member rr:AfterTaxesOnDistributionsMember ck0001027596:C000082238Member 2012-09-30 2012-09-30 0001027596 ck0001027596:S000027249Member ck0001027596:S000027249Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001027596:C000082238Member 2012-09-30 2012-09-30 0001027596 ck0001027596:S000027249Member ck0001027596:S000027249Member ck0001027596:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-09-30 2012-09-30 xbrli:pure iso4217:USD Poplar Forest Capital, LLC (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) in order to limit the Net Annual Fund Operating Expenses to 1.25% and 1.00% of average daily net assets of the Fund's Class A shares and Institutional Class shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least January 27, 2014, and may be terminated only by the Trust's Board of Trustees (the "Board"). The Adviser 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. ADVISORS SERIES TRUST 485BPOS false 0001027596 2012-09-30 2013-01-23 2013-01-28 2013-01-28 Poplar Forest Partners Fund PFPFX IPFPX Portfolio Turnover. <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 29.19% of the average value of its portfolio.</font> </div> 0.2919 Fees and Expenses of the Fund <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold Class A shares and Institutional Class shares of the Fund.&#160;&#160;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&#8217;s Class A shares.&#160;&#160;More information about these and other discounts is available from your financial professional and in the &#8220;More About Class A Shares&#8221; section on page 20 of the Fund&#8217;s statutory Prospectus and the &#8220;Breakpoints/Volume Discounts and Sales Charge Waivers&#8221; section on page&#160;29 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).</font> </div> 0.0500 0.0000 0.0100 0.0100 0.0025 0.0000 0.0033 0.0033 0.0158 0.0133 -0.0033 -0.0033 0.0125 0.0100 ~ http://advisorsseriestrust.com/20130123/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001027596_S000027249Member row primary compact * ~ ~ http://advisorsseriestrust.com/20130123/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001027596_S000027249Member row primary compact * ~ 2014-01-27 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's Class A shares. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 50000 SHAREHOLDER FEES (fees paid directly from your investment) Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund&#8217;s Institutional Class shares&#8217; annual return from year to year.&#160;&#160;The table shows how the Fund&#8217;s average annual returns for one year and since inception compare with those of a broad measure of market performance.&#160;&#160;The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling the Fund toll-free at 1-877-522-8860.</font> </div> Calendar Year Return as of December 31 - Institutional Class 0.1521 -0.0450 0.1698 ~ http://advisorsseriestrust.com/20130123/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0001027596_S000027249Member row primary compact * ~ highest return 0.1429 2012-03-31 lowest return -0.2025 2011-09-30 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 7.3pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">During the period of time shown in the bar chart, the highest return for a calendar quarter was 14.29% (quarter ended March 31, 2012) and the lowest return for a calendar quarter was -20.25% (quarter ended September 30, 2011).</font> </div> 0.1698 0.0878 Institutional Class Shares Return Before Taxes 0.1669 0.0857 Institutional Class Shares Return After Taxes on Distributions 0.1143 0.0754 Institutional Class Shares Return After Taxes on Distributions and Sale of Fund Shares 0.1086 0.0667 Class A Shares Return Before Taxes 0.1600 0.1087 S&P 500 Index (reflects no deduction for fees, expenses or taxes) 2009-12-31 2009-12-31 2009-12-31 ~ http://advisorsseriestrust.com/20130123/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0001027596_S000027249Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).</font> </div> The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 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TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Expected future profits;</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-0" width="100%" style="LINE-HEIGHT: 1.5; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top" style="LINE-HEIGHT: 1.5;"> <td style="TEXT-ALIGN: left; LINE-HEIGHT: 1.5; WIDTH: 26px"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.5"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;</font> </div> </td> <td width="1084" style="LINE-HEIGHT: 1.5"> <div style="LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Expected sustainable revenue and/or asset growth;</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-1" width="100%" style="LINE-HEIGHT: 1.5; 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LINE-HEIGHT: 1.5"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;</font> </div> </td> <td width="1084" style="LINE-HEIGHT: 1.5"> <div style="LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Normalized free cash flow after considering Items 1 through 3 above; and</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-3" width="100%" style="LINE-HEIGHT: 1.5; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top" style="LINE-HEIGHT: 1.5;"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; 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FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Market Risk</font> &#8211; If the stock market as a whole, or the value of an individual company, goes down, the result could be a decrease in the value of the Fund.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-6" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 26px"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Value-Style Investing Risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>&#8211; Value stocks can perform differently from the market as a whole and from other types of stocks.&#160;&#160;Value stocks may be purchased based upon the belief that a given security may be out of favor; that belief may be misplaced or the security may stay out of favor for an extended period of time.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-7" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 26px"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Debt Securities Risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>&#8211; Debt securities, such as notes and bonds, are subject to credit risk and interest rate risk.&#160;&#160;Credit risk is the possibility that an issuer of an instrument will be unable to make interest payments or repay principal when due.&#160;&#160;Changes in the financial strength of an issuer or changes in the credit rating of a security may affect its value.&#160;&#160;Interest rate risk is the risk that interest rates may increase, which tends to reduce the resale value of certain debt securities, including U.S. Government obligations.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-8" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 26px"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Medium-Sized Companies Risk &#8211;</font> Investing in securities of medium-sized companies may involve greater risk than investing in larger, more established companies because they can be subject to greater share price volatility than larger, more established companies.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-9" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 26px"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign Securities Risk &#8211;</font> Foreign securities can be more volatile than domestic (U.S.) securities.&#160;&#160;Securities markets of other countries are generally smaller than U.S. securities markets.&#160;&#160;Many foreign securities may also be less liquid than U.S. securities, which could affect the Fund&#8217;s investments.</font> </div> </td> </tr> </table> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund may be appropriate for investors who:</font> </div> <br/><table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-1" width="100%" style="LINE-HEIGHT: 1.5; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top" style="LINE-HEIGHT: 1.5;"> <td style="LINE-HEIGHT: 1.5; WIDTH: 26px"> <div style="LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td width="1084" style="LINE-HEIGHT: 1.5"> <div style="LINE-HEIGHT: 1.5" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">are pursuing long-term growth of capital;</font> </div> </td> </tr> </table> <br/><table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-2" width="100%" style="LINE-HEIGHT: 1.5; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top" style="LINE-HEIGHT: 1.5;"> <td style="LINE-HEIGHT: 1.5; WIDTH: 26px"> <div style="LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; 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Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Poplar Forest Partners Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Fund seeks to achieve 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 Class A shares and Institutional Class 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’s Class A shares.  More information about these and other discounts is available from your financial professional and in the “More About Class A Shares” section on page 20 of the Fund’s statutory Prospectus and the “Breakpoints/Volume Discounts and Sales Charge Waivers” section on page 29 of the Fund’s Statement of Additional Information (“SAI”).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-01-27
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 29.19% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 29.19%
Expense Example [Heading] rr_ExpenseExampleHeading Example.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  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).
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:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategy
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The Fund seeks to deliver superior, risk-adjusted returns over full market cycles, by investing primarily in the common stocks of underappreciated companies and industries.  A full market cycle is deemed to be a multi-year period including a period of material increase in the U.S. stock market (a “bull market”) and a period of material decline in the U.S. stock market (a “bear market”).  The Fund will generally focus on 25 to 35 companies (i) with an investment grade debt rating, (ii) with a history of paying common stock dividends, and (iii) with a market capitalization among the top 1,000 companies in the United States.

The Fund is managed using a long-term approach to security selection.  Investments will generally be made with an intended investment horizon of three years, although individual investments may be held for shorter or longer time periods.

The Adviser evaluates investment opportunities using bottom up, fundamental analysis, paying particular attention to the following factors:

1.  
Expected future profits;

2.  
Expected sustainable revenue and/or asset growth;

3.  
Expected cash investment needed to support expected growth;

4.  
Normalized free cash flow after considering Items 1 through 3 above; and

5.  
Valuation relative to normalized earnings and free cash flow after giving consideration to growth potential and financial strength.

The Fund may also invest up to 25% of its net assets in government and corporate debt securities of any maturity.  Of this 25%, no more than 10% of the Fund's net assets will be invested in investment grade corporate debt and no more than 5% of the Fund's net assets will be invested in non-investment grade (i.e., “junk” bonds) corporate debt.  The Fund also may invest up to 15% of its net assets in foreign equity securities. Additionally, up to 15% of the Fund’s net assets may be invested in a combination of convertible securities, options on stocks, warrants and rights and other investment companies.

The Fund may invest up to 100% of its net assets in cash, cash-equivalents and high-quality, short-term debt securities and money market instruments for temporary defensive purposes.

The decision to sell securities is driven by the Adviser’s evaluation of prospective total returns relative to the perceived risk of the security in question.  A security may be sold when its estimated future return is low in an absolute sense or in order to fund the purchase of a new investment which offers a better risk/reward profile.  The Fund is managed in a tax sensitive manner and securities may be sold to generate tax losses in order to minimize realized taxable gains.
Risk [Heading] rr_RiskHeading Principal Investment Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
Losing all or a portion of your investment is a risk of investing in the Fund.  The following additional risks could affect the value of your investment:

·  
Management Risk – If the Adviser’s investment strategies do not produce the expected results, the value of the Fund could decrease.
 

·  
Market Risk – If the stock market as a whole, or the value of an individual company, goes down, the result could be a decrease in the value of the Fund.
 

·  
Value-Style Investing Risk – Value stocks can perform differently from the market as a whole and from other types of stocks.  Value stocks may be purchased based upon the belief that a given security may be out of favor; that belief may be misplaced or the security may stay out of favor for an extended period of time.
 

·  
Debt Securities Risk – Debt securities, such as notes and bonds, are subject to credit risk and interest rate risk.  Credit risk is the possibility that an issuer of an instrument will be unable to make interest payments or repay principal when due.  Changes in the financial strength of an issuer or changes in the credit rating of a security may affect its value.  Interest rate risk is the risk that interest rates may increase, which tends to reduce the resale value of certain debt securities, including U.S. Government obligations.
 

·  
Medium-Sized Companies Risk – Investing in securities of medium-sized companies may involve greater risk than investing in larger, more established companies because they can be subject to greater share price volatility than larger, more established companies.
 

·  
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.

The Fund may be appropriate for investors who:

are pursuing long-term growth of capital;

want to add an investment with appreciation potential to diversify their investment portfolio; and

can accept the greater risks of investing in a portfolio with significant common stock holdings.
Risk Lose Money [Text] rr_RiskLoseMoney Losing all or a portion of your investment is a risk of investing in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s Institutional Class shares’ annual return from year to year.  The table shows how the Fund’s average annual returns for one year and since inception compare with those of a broad measure of market performance.  The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling the Fund toll-free at 1-877-522-8860.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following information provides some indication of the risks of investing in the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-877-522-8860
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Return as of December 31 - Institutional Class
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
During the period of time shown in the bar chart, the highest return for a calendar quarter was 14.29% (quarter ended March 31, 2012) and the lowest return for a calendar quarter was -20.25% (quarter ended September 30, 2011).
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 14.29%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (20.25%)
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 The after-tax returns were 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 are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
The after-tax returns were 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 are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).
Caption rr_AverageAnnualReturnCaption Average Annual Total Return (for the period ended December 31, 2012)
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel S&P 500 Index (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.00%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.87%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2009
Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.00%
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.33%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.58%
Less: Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (0.33%) [1]
Net Annual Fund Operating Expenses rr_NetExpensesOverAssets 1.25%
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's Class A shares.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 621
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 943
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,288
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,258
Label rr_AverageAnnualReturnLabel Class A Shares Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 10.86%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 6.67%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2009
Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.33%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.33%
Less: Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (0.33%) [1]
Net Annual Fund Operating Expenses rr_NetExpensesOverAssets 1.00%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 102
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 389
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 697
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,573
Annual Return 2010 rr_AnnualReturn2010 15.21%
Annual Return 2011 rr_AnnualReturn2011 (4.50%)
Annual Return 2012 rr_AnnualReturn2012 16.98%
Label rr_AverageAnnualReturnLabel Institutional Class Shares Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.98%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 8.78%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2009
Institutional Class | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Institutional Class Shares Return After Taxes on Distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.69%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 8.57%
Institutional Class | After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Institutional Class Shares Return After Taxes on Distributions and Sale of Fund Shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 11.43%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 7.54%
[1] Poplar Forest Capital, LLC (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) in order to limit the Net Annual Fund Operating Expenses to 1.25% and 1.00% of average daily net assets of the Fund's Class A shares and Institutional Class shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least January 27, 2014, and may be terminated only by the Trust's Board of Trustees (the "Board"). The Adviser 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.
XML 12 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Poplar Forest Partners Fund | Poplar Forest Partners Fund
Poplar Forest Partners Fund
Investment Objective
The Fund seeks to achieve 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 Class A shares and Institutional Class 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’s Class A shares.  More information about these and other discounts is available from your financial professional and in the “More About Class A Shares” section on page 20 of the Fund’s statutory Prospectus and the “Breakpoints/Volume Discounts and Sales Charge Waivers” section on page 29 of the Fund’s Statement of Additional Information (“SAI”).
SHAREHOLDER FEES (fees paid directly from your investment)
Shareholder Fees Poplar Forest Partners Fund
Class A
Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.00% none
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Poplar Forest Partners Fund
Class A
Institutional Class
Management Fees 1.00% 1.00%
Distribution and Service (Rule 12b-1) Fees 0.25% none
Other Expenses 0.33% 0.33%
Total Annual Fund Operating Expenses 1.58% 1.33%
Less: Fee Waiver [1] (0.33%) (0.33%)
Net Annual Fund Operating Expenses 1.25% 1.00%
[1] Poplar Forest Capital, LLC (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) in order to limit the Net Annual Fund Operating Expenses to 1.25% and 1.00% of average daily net assets of the Fund's Class A shares and Institutional Class shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least January 27, 2014, and may be terminated only by the Trust's Board of Trustees (the "Board"). The Adviser 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 Poplar Forest Partners Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
621 943 1,288 2,258
Institutional Class
102 389 697 1,573
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 29.19% of the average value of its portfolio.
Principal Investment Strategy
The Fund seeks to deliver superior, risk-adjusted returns over full market cycles, by investing primarily in the common stocks of underappreciated companies and industries.  A full market cycle is deemed to be a multi-year period including a period of material increase in the U.S. stock market (a “bull market”) and a period of material decline in the U.S. stock market (a “bear market”).  The Fund will generally focus on 25 to 35 companies (i) with an investment grade debt rating, (ii) with a history of paying common stock dividends, and (iii) with a market capitalization among the top 1,000 companies in the United States.

The Fund is managed using a long-term approach to security selection.  Investments will generally be made with an intended investment horizon of three years, although individual investments may be held for shorter or longer time periods.

The Adviser evaluates investment opportunities using bottom up, fundamental analysis, paying particular attention to the following factors:

1.  
Expected future profits;

2.  
Expected sustainable revenue and/or asset growth;

3.  
Expected cash investment needed to support expected growth;

4.  
Normalized free cash flow after considering Items 1 through 3 above; and

5.  
Valuation relative to normalized earnings and free cash flow after giving consideration to growth potential and financial strength.

The Fund may also invest up to 25% of its net assets in government and corporate debt securities of any maturity.  Of this 25%, no more than 10% of the Fund's net assets will be invested in investment grade corporate debt and no more than 5% of the Fund's net assets will be invested in non-investment grade (i.e., “junk” bonds) corporate debt.  The Fund also may invest up to 15% of its net assets in foreign equity securities. Additionally, up to 15% of the Fund’s net assets may be invested in a combination of convertible securities, options on stocks, warrants and rights and other investment companies.

The Fund may invest up to 100% of its net assets in cash, cash-equivalents and high-quality, short-term debt securities and money market instruments for temporary defensive purposes.

The decision to sell securities is driven by the Adviser’s evaluation of prospective total returns relative to the perceived risk of the security in question.  A security may be sold when its estimated future return is low in an absolute sense or in order to fund the purchase of a new investment which offers a better risk/reward profile.  The Fund is managed in a tax sensitive manner and securities may be sold to generate tax losses in order to minimize realized taxable gains.
Principal Investment Risks
Losing all or a portion of your investment is a risk of investing in the Fund.  The following additional risks could affect the value of your investment:

·  
Management Risk – If the Adviser’s investment strategies do not produce the expected results, the value of the Fund could decrease.
 

·  
Market Risk – If the stock market as a whole, or the value of an individual company, goes down, the result could be a decrease in the value of the Fund.
 

·  
Value-Style Investing Risk – Value stocks can perform differently from the market as a whole and from other types of stocks.  Value stocks may be purchased based upon the belief that a given security may be out of favor; that belief may be misplaced or the security may stay out of favor for an extended period of time.
 

·  
Debt Securities Risk – Debt securities, such as notes and bonds, are subject to credit risk and interest rate risk.  Credit risk is the possibility that an issuer of an instrument will be unable to make interest payments or repay principal when due.  Changes in the financial strength of an issuer or changes in the credit rating of a security may affect its value.  Interest rate risk is the risk that interest rates may increase, which tends to reduce the resale value of certain debt securities, including U.S. Government obligations.
 

·  
Medium-Sized Companies Risk – Investing in securities of medium-sized companies may involve greater risk than investing in larger, more established companies because they can be subject to greater share price volatility than larger, more established companies.
 

·  
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.

The Fund may be appropriate for investors who:

are pursuing long-term growth of capital;

want to add an investment with appreciation potential to diversify their investment portfolio; and

can accept the greater risks of investing in a portfolio with significant common stock holdings.
Performance
The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s Institutional Class shares’ annual return from year to year.  The table shows how the Fund’s average annual returns for one year and since inception compare with those of a broad measure of market performance.  The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling the Fund toll-free at 1-877-522-8860.
Calendar Year Return as of December 31 - Institutional Class
Bar Chart
During the period of time shown in the bar chart, the highest return for a calendar quarter was 14.29% (quarter ended March 31, 2012) and the lowest return for a calendar quarter was -20.25% (quarter ended September 30, 2011).
Average Annual Total Return (for the period ended December 31, 2012)
Average Annual Returns Poplar Forest Partners Fund
Label
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Institutional Class
Institutional Class Shares Return Before Taxes 16.98% 8.78% Dec. 31, 2009
Class A
Class A Shares Return Before Taxes 10.86% 6.67% Dec. 31, 2009
After Taxes on Distributions Institutional Class
Institutional Class Shares Return After Taxes on Distributions 16.69% 8.57%  
After Taxes on Distributions and Sale of Fund Shares Institutional Class
Institutional Class Shares Return After Taxes on Distributions and Sale of Fund Shares 11.43% 7.54%  
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
S&P 500 Index (reflects no deduction for fees, expenses or taxes) 16.00% 10.87% Dec. 31, 2009
The after-tax returns were 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 are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).
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