0001398344-13-000208.txt : 20130117 0001398344-13-000208.hdr.sgml : 20130117 20130117134023 ACCESSION NUMBER: 0001398344-13-000208 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130117 DATE AS OF CHANGE: 20130117 EFFECTIVENESS DATE: 20130117 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Investment Managers Series Trust CENTRAL INDEX KEY: 0001318342 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-122901 FILM NUMBER: 13534411 BUSINESS ADDRESS: STREET 1: 803 W. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53233 BUSINESS PHONE: 626-914-4141 MAIL ADDRESS: STREET 1: 803 W. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53233 FORMER COMPANY: FORMER CONFORMED NAME: Claymore Trust DATE OF NAME CHANGE: 20050603 FORMER COMPANY: FORMER CONFORMED NAME: Claymore Equity Trust DATE OF NAME CHANGE: 20050218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Investment Managers Series Trust CENTRAL INDEX KEY: 0001318342 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21719 FILM NUMBER: 13534412 BUSINESS ADDRESS: STREET 1: 803 W. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53233 BUSINESS PHONE: 626-914-4141 MAIL ADDRESS: STREET 1: 803 W. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53233 FORMER COMPANY: FORMER CONFORMED NAME: Claymore Trust DATE OF NAME CHANGE: 20050603 FORMER COMPANY: FORMER CONFORMED NAME: Claymore Equity Trust DATE OF NAME CHANGE: 20050218 0001318342 S000039553 Riverbridge Eco Leaders Fund C000121981 Institutional Class RIVEX C000121982 Investor Class ECOLX 0001318342 S000039554 Riverbridge Growth Fund C000121983 Institutional Class RIVBX C000121984 Investor Class RIVRX 485BPOS 1 fp0006053_485bpos-xbrl.htm fp0006053_485bpos-xbrl.htm
 
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JANUARY 17, 2013

 REGISTRATION NOS. 333 -122901
 811 -21719


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


FORM N-1A


REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
[  ]
PRE-EFFECTIVE AMENDMENT NO.
[  ]
POST-EFFECTIVE AMENDMENT NO.  306
[X]
AND/OR
 
   
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[  ]
AMENDMENT NO.  315
[X]



INVESTMENT MANAGERS SERIES TRUST
(Exact Name of Registrant as Specified in Charter)

803 West Michigan Street
Milwaukee, WI 53233

(Address of Principal Executive Offices, including Zip Code)
Registrant's Telephone Number, Including Area Code: (414) 299-2295

Constance Dye Shannon
UMB Fund Services, Inc.
803 West Michigan Street
Milwaukee, WI 53233

(Name and Address of Agent for Service)

COPIES TO:
Michael Glazer
Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
Los Angeles, CA 90071-3106

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

 
[X]
immediately upon filing pursuant to paragraph (b) of Rule 485; or
 
[  ]
on ______________, pursuant to paragraph (b) of Rule 485; or
 
[  ]
60 days after filing pursuant to paragraph (a)(1) of Rule 485;
 
[  ]
on ______________ pursuant to paragraph (a)(1) of Rule 485; or
 
[  ]
75 days after filing pursuant to paragraph (a)(2) of Rule 485; or
 
[  ]
on ______________ pursuant to paragraph (a)(2) of Rule 485; or
 
[  ]
on ______________ pursuant to paragraph (a)(3) 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.

 
 

 

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee and State of Wisconsin, on the 17th day of January, 2013.

       
 
INVESTMENT MANAGERS SERIES TRUST
 
       
 
By:
/s/ John P. Zader
 
   
John P. Zader, President
 
 
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed on the 17th day of January, 2013, by the following persons in the capacities set forth below.

Signature
 
Title
 
   
Ashley Toomey Rabun
 
 
Trustee
   
William H. Young
 
 
Trustee
   
Charles H. Miller
 
 
Trustee
/s/ John P. Zader
   
John P. Zader
 
Trustee and President
 
 
 
 
Eric M. Banhazl
 
/s/ Rita Dam
 
Trustee and Vice President
Rita Dam
 
Treasurer and Principal Financial and Accounting Officer

By
/s/Rita Dam
 
Attorney-in-fact, pursuant to power of attorney previously filed
with Post-Effective Amendment No. 31 on February 1, 2008.
 
 
 

 
 
EXHIBIT INDEX

Exhibit
Exhibit No.
XBRL Instance Document
EX-101.INS
XBRL Taxonomy Extension Schema Document
EX-101.SCH
XBRL Taxonomy Extension Definition Linkbase
EX-101.DEF
XBRL Taxonomy Extension Labels Linkbase
EX-101.LAB
XBRL Taxonomy Extension Presentation Linkbase
EX-101.PRE

 
EX-101.INS 2 imstrvrbridge-20121231.xml XBRL INSTANCE DOCUMENT 0001318342 2012-12-31 2012-12-31 0001318342 imstrvrbridge:S000039554Member 2012-12-31 2012-12-31 0001318342 imstrvrbridge:S000039554Member imstrvrbridge:C000121984Member 2012-12-31 2012-12-31 0001318342 imstrvrbridge:S000039554Member imstrvrbridge:C000121983Member 2012-12-31 2012-12-31 iso4217:USD pure shares iso4217:USD shares 0001318342 Investment Managers Series Trust 485BPOS false <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>SUMMARY SECTION - RIVERBRIDGE GROWTH FUND</B></p><hr size="2" style="color: Black; width: 100%"/> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The objective of the Riverbridge Growth Fund (the &ldquo;Growth Fund&rdquo;) is to seek long term capital appreciation.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This table describes the fees and expenses that you may pay if you buy and hold shares of the Growth Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Shareholder Fees</b><br><i>(fees paid directly from your investment)</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Annual Fund Operating Expenses</b><br><i>(expenses that you pay each year as a percentage of the value of your investment)</i></p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact imstrvrbridge_S000039554Member ~ </div> 0 0 -0.01 20.00 15.00 0 0 -0.01 20.00 15.00 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact imstrvrbridge_S000039554Member ~ </div> 0.0075 0.0025 0.0055 0.0155 -0.003 0.0125 0.0075 0 0.0055 0.013 -0.003 0.01 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Example</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This example is intended to help you compare the costs of investing in the Growth Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Growth 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 Growth Fund&rsquo;s operating expenses remain the same. The one-year example and the first year of the three-year example are based on net operating expenses, which reflect the expense waiver/reimbursement by the Fund&rsquo;s advisor. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact imstrvrbridge_S000039554Member ~ </div> 127 460 102 382 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Growth Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Growth 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 Growth Fund&rsquo;s performance. The Growth Fund is newly-created and, as a result, does not yet have a portfolio turnover rate.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Under normal circumstances, the Growth Fund will invest in equity securities of companies of any size, including small and mid- capitalization companies. The Growth Fund&rsquo;s investments in equity securities may include common stock, preferred stocks and convertible securities. While the Growth Fund invests primarily in equity securities of U.S. issuers, it may invest in securities of non-U.S. issuers. The Growth Fund&rsquo;s investments in foreign securities will be primarily comprised of U.S. dollar denominated securities of foreign issuers traded in the United States and American Depositary Receipts (&ldquo;ADRs&rdquo;). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. The Growth Fund will invest in a portfolio of securities typically spread across many economic sectors.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Growth Fund&rsquo;s advisor believes that earnings power determines the value of a franchise. The advisor focuses on companies that it views as building their earnings power and building their intrinsic, or actual, values over long periods of time. The advisor uses a bottom-up approach that seeks to identify high quality growth companies that demonstrate the ability to sustain strong secular earnings growth, regardless of overall economic conditions.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Growth Fund&rsquo;s principal risks are described below. Before you decide whether to invest in the Growth Fund, carefully consider these risk factors and special considerations associated with investing in the Growth Fund, which may cause investors to lose money.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <i><b>Market risk</b></i>. The market value of a security or instrument may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <i><b>Equity risk.</b></i> The value of the securities held by the Growth Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Growth Fund participate, or factors relating to specific companies in which the Growth Fund invests. </p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <i><b>Small- and mid-cap company risk</b></i>. The securities of small- or mid-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger companies or the market averages in general. In addition, such companies typically are subject to a greater degree of change in earnings and business prospects than are larger, more established companies.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <i><b>Growth-oriented investment strategies risk</b></i>. Growth funds generally focus on stocks of companies believed to have above-average potential for growth in revenue and earnings. Growth stock prices frequently reflect projections of future earnings or revenues, and if earnings growth expectations are not met their valuations may return to more typical norms, causing their stock prices to fall. In addition, growth securities at times may not perform as well as value securities or the stock market in general. </p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <i><b>Foreign investment risk</b></i>. To the extent the Growth Fund has investment exposure to foreign markets, the Growth Fund&rsquo;s performance will be influenced by political, social and economic factors affecting investments in such markets. In addition, changes in exchange rates and interest rates may adversely affect the value of the Growth Fund&rsquo;s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. The Growth Fund&rsquo;s investments in depository receipts are also subject to these risks. </p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <i><b>Management and strategy risk</b>. </i>Investment strategies employed by the Growth Fund&rsquo;s advisor in selecting investments for the Growth Fund may not result in an increase in the value of your investment or in overall performance equal to other investments. </p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <i><b>No operating history</b></i>. The Growth Fund is a newly organized series of an open-end management investment company and has no operating history. As a result, prospective investors have no track record or history on which to base their investment decisions.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Performance</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Because the Growth Fund is new, it does not have a full calendar year performance record to compare against the Russell 3000&reg; Growth Index, which the Growth Fund&rsquo;s advisor considers to be the benchmark for the Growth Fund&rsquo;s relative performance. Performance information will be available after the Growth Fund has been in operation for one calendar year.</p> RIVRX RIVBX These expenses are estimated for the current fiscal year. 2014-03-31 Before you decide whether to invest in the Growth Fund, carefully consider these risk factors and special considerations associated with investing in the Growth Fund, which may cause investors to lose money. Because the Growth Fund is new, it does not have a full calendar year performance record to compare against the Russell 3000&reg; Growth Index, which the Growth Fund&rsquo;s advisor considers to be the benchmark for the Growth Fund&rsquo;s relative performance. 2012-12-31 2012-12-28 2012-12-31 2012-12-28 These expenses are estimated for the current fiscal year. The Fund's advisor has contractually agreed to waive its fees and/or pay for expenses of the Growth Fund to ensure that total annual fund operating expenses (excluding any acquired fund fees and expenses as determined in accordance with Form N-1A, leverage interest, taxes, dividend and interest expenses on short sales, brokerage commissions, expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation expenses) do not exceed 1.25% and 1.00% of the average daily net assets of the Growth Fund's Investor Class and Institutional Class shares, respectively. This agreement is effective until March 31, 2014, and may be terminated only by the Trust's Board of Trustees. The advisor is permitted to seek reimbursement from the Growth Fund, subject to certain limitations, for fees it waived and Growth Fund expenses it paid for three years from the date of any such waiver or payment to the extent a class's total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. 0001318342 imstrvrbridge:S000039553Member 2012-12-31 2012-12-31 0001318342 imstrvrbridge:S000039553Member imstrvrbridge:C000121982Member 2012-12-31 2012-12-31 0001318342 imstrvrbridge:S000039553Member imstrvrbridge:C000121981Member 2012-12-31 2012-12-31 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>SUMMARY SECTION - <font style="DISPLAY: inline; COLOR: #00b050">RIVERBRIDGE ECO LEADERS FUND</font></b></p><hr size="2" style="color: Black; width: 100%"/> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Investment Objectives</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The objective of the Riverbridge Eco Leaders Fund (the &ldquo;Eco Leaders Fund&rdquo;) is to seek long term capital appreciation.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This table describes the fees and expenses that you may pay if you buy and hold shares of the Eco Leaders Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Shareholder Fees</b><br><i>(fees paid directly from your investment)</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Annual Fund Operating Expenses</b><br><i>(expenses that you pay each year as a percentage of the value of your investment)</i></p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact imstrvrbridge_S000039553Member ~ </div> 0 0 -0.01 20.00 15.00 0 0 -0.01 20.00 15.00 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact imstrvrbridge_S000039553Member ~ </div> 0.009 0.0025 0.0055 0.017 -0.003 0.014 0.009 0 0.0055 0.0145 -0.003 0.0115 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Example</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This example is intended to help you compare the costs of investing in the Eco Leaders Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Eco Leaders 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 Eco Leaders Fund&rsquo;s operating expenses remain the same. The one-year example and the first year of the three-year example are based on net operating expenses, which reflect the expense waiver/reimbursement by the Fund&rsquo;s advisor. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact imstrvrbridge_S000039553Member ~ </div> 143 506 117 429 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Eco Leaders Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Eco Leaders 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 Eco Leaders Fund&rsquo;s performance. The Eco Leaders Fund is newly-created and, as a result, does not yet have a portfolio turnover rate.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Under normal market conditions, the Eco Leaders Fund intends to invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies that the advisor believes are making a net positive impact on the environment.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The advisor defines eco leader companies as companies that fit in one or more of the following categories:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">(1)&nbsp;&nbsp;<b>Innovative &amp; Industry Transforming </b>- companies that use strategic technologies, materials and services to lower costs by reducing raw materials usage, scrap, and the amount and toxicity of waste; </p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">(2)&nbsp;&nbsp;<b>Advanced Enabling Materials and Technologies - c</b>ompanies that create breakthrough manufacturing technologies, new materials, and unique components that support eco efficiency transformations; </p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">(3)&nbsp;&nbsp;<b>Efficiency Enabling Business Services -</b> companies whose products or services engage in changing the behavior of consumers and businesses in ways that are beneficial to the environment. </p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">(4)&nbsp;&nbsp;<b>Cleaner Products/Cleaner Processes - </b>companies that meet the criteria of all of the prior three categories. </p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Eco Leaders Fund&rsquo;s investments in equity securities may include common stock, preferred stocks and convertible securities. While the Eco Leaders Fund invests primarily in equity securities of U.S. issuers, it may invest in securities of non-U.S. issuers. The Eco Leaders Fund&rsquo;s investments in non-U.S. securities will be primarily comprised of U.S. dollar denominated securities of foreign issuers traded in the United States and American Depositary Receipts (&ldquo;ADRs&rdquo;). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. The Eco Leaders Fund may invest in company of any size. The Eco Leaders Fund may invest in investment grade convertible securities of any maturity. Investment grade securities are those rated at the time of acquisition Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"), or BBB- or higher by Standard &amp; Poor's, a division of McGraw Hill Companies Inc. (&ldquo;S&amp;P&rdquo;), or Fitch Ratings Ltd. (&ldquo;Fitch&rdquo;) or, if unrated by S&amp;P, Moody's or Fitch, determined by the Fund&rsquo;s advisor to be of comparable quality.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Eco Leaders Fund&rsquo;s advisor believes that earnings power determines the value of a franchise. The advisor focuses on companies that it views as building their earnings power and building their intrinsic, or actual, values over long periods of time. The advisor uses a bottom-up approach that seeks to identify high quality growth companies which deploy sustainable business practices as a competitive strategy to increase profitability while having a favorable impact on the environment.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Eco Leaders Fund&rsquo;s principal risks are described below. Before you decide whether to invest in the Eco Leaders Fund, carefully consider these risk factors and special considerations associated with investing in the Eco Leaders Fund, which may cause investors to lose money.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <i><b>Market risk</b></i>. The market value of a security or instrument may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <i><b>Equity risk.</b></i> The value of the securities held by the Eco Leaders Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Eco Leaders Fund participate, or factors relating to specific companies in which the Eco Leaders Fund invests. </p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <i><b>Environmental policy risk.</b></i> The Eco Leaders Fund&rsquo;s investment focus on environmental factors could cause it to make or avoid investments that could result in the Eco Leaders Fund underperforming funds that do not have an environmental focus. </p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <i><b>Small- and mid-cap company risk</b></i>. The securities of small- or mid-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger companies or the market averages in general. In addition, such companies typically are subject to a greater degree of change in earnings and business prospects than are larger, more established companies.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <i><b>Growth-oriented investment strategies risk</b></i>. Growth funds generally focus on stocks of companies believed to have above-average potential for growth in revenue and earnings. Growth stock prices frequently reflect projections of future earnings or revenues, and if earnings growth expectations aren&rsquo;t met their valuations may return to more typical norms, causing their stock prices to fall. In addition, growth securities at times may not perform as well as value securities or the stock market in general. </p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <i><b>Foreign investment risk</b></i>. To the extent the Eco Leaders Fund has investment exposure to foreign markets, the Eco Leaders Fund&rsquo;s performance will be influenced by political, social and economic factors affecting investments in such markets. In addition, changes in exchange rates and interest rates may adversely affect the value of the Eco Leaders Fund&rsquo;s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. The Eco Leaders Fund&rsquo;s investments in depository receipts are also subject to these risks. </p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <i><b>Management and strategy risk</b>. </i>Investment strategies employed by the Eco Leaders Fund&rsquo;s advisor in selecting investments for the Eco Leaders Fund may not result in an increase in the value of your investment or in overall performance equal to other investments. </p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <i><b>No operating history</b></i>. The Eco Leaders Fund is a newly organized series of an open-end management investment company and has no operating history. As a result, prospective investors have no track record or history on which to base their investment decisions.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Performance</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Because the Eco Leaders Fund is new, it does not have a full calendar year performance record to compare against the S&amp;P 500 and the Russell 3000&reg; Growth indices, which the Eco Leaders Fund&rsquo;s advisor considers to be the benchmarks for the Eco Leaders Fund&rsquo;s relative performance. Performance information will be available after the Eco Leaders Fund has been in operation for one calendar year.</p> ECOLX RIVEX These expenses are estimated for the current fiscal year. 2014-03-31 Before you decide whether to invest in the Eco Leaders Fund, carefully consider these risk factors and special considerations associated with investing in the Eco Leaders Fund, which may cause investors to lose money. Because the Eco Leaders Fund is new, it does not have a full calendar year performance record to compare against the S&amp;P 500 and the Russell 3000&reg; Growth indices, which the Eco Leaders Fund&rsquo;s advisor considers to be the benchmarks for the Eco Leaders Fund&rsquo;s relative performance. These expenses are estimated for the current fiscal year. The Advisor has contractually agreed to waive its fees and/or pay for expenses of the Eco Leaders Fund to ensure that total annual fund operating expenses (excluding any acquired fund fees and expenses as determined in accordance with Form N-1A, leverage interest, taxes, dividend and interest expenses on short sales, brokerage commissions, expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation expenses) do not exceed 1.40% and 1.15% of the average daily net assets of the Eco Leaders Fund's Investor Class and Institutional Class shares, respectively. This agreement is effective until March 31, 2014, and may be terminated only by the Trust's Board of Trustees. The Advisor is permitted to seek reimbursement from the Eco Leaders Fund, subject to certain limitations, for fees it waived and Eco Leaders Fund expenses it paid for three years from the date of any such waiver or payment to the extent a class's total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. 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Portfolio Concentration Risk, Heading Risk, Narrative Risk Footnotes Risk Closing May Lose Money Date Of Termination Risk, Nondiversified Risk, Money Market Fund Not Insured Depository Institution Risk Caption Risk Column Name Risk Bar Chart and Performance Table, Heading Performance, Narrative Performance, Information Illustrates Variability of Returns Performance, One Year or Less Performance, Additional Market Index Performance, Availability by Phone Performance, Availability at Web Site Address Performance, Past Does Not Indicate Future Bar Chart, Heading Bar Chart, Narrative Bar Chart, Does Not Reflect Sales Loads Bar Chart Annual Return, Caption Annual Return, Inception Date 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Bar Chart, Footnotes Bar Chart, Closing Bar Chart, Reason Selected Class Different from Immediately Preceding Period Bar Chart, Returns for Class Not Offered in Prospectus Year to Date 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Riverbridge Growth Fund

SUMMARY SECTION - RIVERBRIDGE GROWTH FUND


Investment Objective

The objective of the Riverbridge Growth Fund (the “Growth Fund”) is to seek long term 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 Growth Fund.

Shareholder Fees
(fees paid directly from your investment)

Shareholder Fees Riverbridge Growth Fund (USD $)
Investor Class
Institutional Class
Maximum sales charge (load) imposed on purchases none none
Maximum deferred sales charge (load) (as a percentage of the lower of the net asset value at purchase or redemption) none none
Redemption fee if redeemed within 90 days of purchase (as a percentage of amount redeemed) 1.00% 1.00%
Wire fee 20.00 20.00
Retirement account fees (annual maintenance and redemption requests) 15.00 15.00

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

Annual Fund Operating Expenses Riverbridge Growth Fund
Investor Class
Institutional Class
Management fees 0.75% 0.75%
Distribution and/or service (12b-1) fees 0.25% none
Other expenses (includes shareholder service fee of up to 0.10%) [1] 0.55% 0.55%
Total annual fund operating expenses 1.55% 1.30%
Fee waiver and/or expense reimbursement [2] (0.30%) (0.30%)
Total annual fund operating expenses (after fee waiver and/or expense reimbursement) [2] 1.25% 1.00%
[1] These expenses are estimated for the current fiscal year.
[2] The Fund's advisor has contractually agreed to waive its fees and/or pay for expenses of the Growth Fund to ensure that total annual fund operating expenses (excluding any acquired fund fees and expenses as determined in accordance with Form N-1A, leverage interest, taxes, dividend and interest expenses on short sales, brokerage commissions, expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation expenses) do not exceed 1.25% and 1.00% of the average daily net assets of the Growth Fund's Investor Class and Institutional Class shares, respectively. This agreement is effective until March 31, 2014, and may be terminated only by the Trust's Board of Trustees. The advisor is permitted to seek reimbursement from the Growth Fund, subject to certain limitations, for fees it waived and Growth Fund expenses it paid for three years from the date of any such waiver or payment to the extent a class's total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement.

Example

This example is intended to help you compare the costs of investing in the Growth Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Growth 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 Growth Fund’s operating expenses remain the same. The one-year example and the first year of the three-year example are based on net operating expenses, which reflect the expense waiver/reimbursement by the Fund’s advisor. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example Riverbridge Growth Fund (USD $)
1 Year
3 Years
Investor Class
127 460
Institutional Class
102 382

Portfolio Turnover

The Growth Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Growth 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 Growth Fund’s performance. The Growth Fund is newly-created and, as a result, does not yet have a portfolio turnover rate.

Principal Investment Strategies

Under normal circumstances, the Growth Fund will invest in equity securities of companies of any size, including small and mid- capitalization companies. The Growth Fund’s investments in equity securities may include common stock, preferred stocks and convertible securities. While the Growth Fund invests primarily in equity securities of U.S. issuers, it may invest in securities of non-U.S. issuers. The Growth Fund’s investments in foreign securities will be primarily comprised of U.S. dollar denominated securities of foreign issuers traded in the United States and American Depositary Receipts (“ADRs”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. The Growth Fund will invest in a portfolio of securities typically spread across many economic sectors.

 

The Growth Fund’s advisor believes that earnings power determines the value of a franchise. The advisor focuses on companies that it views as building their earnings power and building their intrinsic, or actual, values over long periods of time. The advisor uses a bottom-up approach that seeks to identify high quality growth companies that demonstrate the ability to sustain strong secular earnings growth, regardless of overall economic conditions.

Principal Risks

The Growth Fund’s principal risks are described below. Before you decide whether to invest in the Growth Fund, carefully consider these risk factors and special considerations associated with investing in the Growth Fund, which may cause investors to lose money.

 

Market risk. The market value of a security or instrument may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

 

Equity risk. The value of the securities held by the Growth Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Growth Fund participate, or factors relating to specific companies in which the Growth Fund invests.

 

Small- and mid-cap company risk. The securities of small- or mid-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger companies or the market averages in general. In addition, such companies typically are subject to a greater degree of change in earnings and business prospects than are larger, more established companies.

 

Growth-oriented investment strategies risk. Growth funds generally focus on stocks of companies believed to have above-average potential for growth in revenue and earnings. Growth stock prices frequently reflect projections of future earnings or revenues, and if earnings growth expectations are not met their valuations may return to more typical norms, causing their stock prices to fall. In addition, growth securities at times may not perform as well as value securities or the stock market in general.

 

Foreign investment risk. To the extent the Growth Fund has investment exposure to foreign markets, the Growth Fund’s performance will be influenced by political, social and economic factors affecting investments in such markets. In addition, changes in exchange rates and interest rates may adversely affect the value of the Growth Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. The Growth Fund’s investments in depository receipts are also subject to these risks.

 

Management and strategy risk. Investment strategies employed by the Growth Fund’s advisor in selecting investments for the Growth Fund may not result in an increase in the value of your investment or in overall performance equal to other investments.

 

No operating history. The Growth Fund is a newly organized series of an open-end management investment company and has no operating history. As a result, prospective investors have no track record or history on which to base their investment decisions.

Performance

Because the Growth Fund is new, it does not have a full calendar year performance record to compare against the Russell 3000® Growth Index, which the Growth Fund’s advisor considers to be the benchmark for the Growth Fund’s relative performance. Performance information will be available after the Growth Fund has been in operation for one calendar year.

Riverbridge Eco Leaders Fund

SUMMARY SECTION - RIVERBRIDGE ECO LEADERS FUND


Investment Objectives

The objective of the Riverbridge Eco Leaders Fund (the “Eco Leaders Fund”) is to seek long term 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 Eco Leaders Fund.

Shareholder Fees
(fees paid directly from your investment)

Shareholder Fees Riverbridge Eco Leaders Fund (USD $)
Investor Class
Institutional Class
Maximum sales charge (load) imposed on purchases none none
Maximum deferred sales charge (load) (as a percentage of the lower of the net asset value at purchase or redemption) none none
Redemption fee if redeemed within 90 days of purchase (as a percentage of amount redeemed) 1.00% 1.00%
Wire fee 20.00 20.00
Retirement account fees (annual maintenance and redemption requests) 15.00 15.00

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

Annual Fund Operating Expenses Riverbridge Eco Leaders Fund
Investor Class
Institutional Class
Management fees 0.90% 0.90%
Distribution and/or service (12b-1) fees 0.25% none
Other expenses (includes shareholder service fee of up to 0.10%) [1] 0.55% 0.55%
Total annual fund operating expenses 1.70% 1.45%
Fee waiver and/or expense reimbursement [2] (0.30%) (0.30%)
Total annual fund operating expenses (after fee waiver and/or expense reimbursement) [2] 1.40% 1.15%
[1] These expenses are estimated for the current fiscal year.
[2] The Advisor has contractually agreed to waive its fees and/or pay for expenses of the Eco Leaders Fund to ensure that total annual fund operating expenses (excluding any acquired fund fees and expenses as determined in accordance with Form N-1A, leverage interest, taxes, dividend and interest expenses on short sales, brokerage commissions, expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation expenses) do not exceed 1.40% and 1.15% of the average daily net assets of the Eco Leaders Fund's Investor Class and Institutional Class shares, respectively. This agreement is effective until March 31, 2014, and may be terminated only by the Trust's Board of Trustees. The Advisor is permitted to seek reimbursement from the Eco Leaders Fund, subject to certain limitations, for fees it waived and Eco Leaders Fund expenses it paid for three years from the date of any such waiver or payment to the extent a class's total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement.

Example

This example is intended to help you compare the costs of investing in the Eco Leaders Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Eco Leaders 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 Eco Leaders Fund’s operating expenses remain the same. The one-year example and the first year of the three-year example are based on net operating expenses, which reflect the expense waiver/reimbursement by the Fund’s advisor. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example Riverbridge Eco Leaders Fund (USD $)
1 Year
3 Years
Investor Class
143 506
Institutional Class
117 429

Portfolio Turnover

The Eco Leaders Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Eco Leaders 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 Eco Leaders Fund’s performance. The Eco Leaders Fund is newly-created and, as a result, does not yet have a portfolio turnover rate.

Principal Investment Strategies

Under normal market conditions, the Eco Leaders Fund intends to invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies that the advisor believes are making a net positive impact on the environment.

 

The advisor defines eco leader companies as companies that fit in one or more of the following categories:

 

(1)  Innovative & Industry Transforming - companies that use strategic technologies, materials and services to lower costs by reducing raw materials usage, scrap, and the amount and toxicity of waste;

 

(2)  Advanced Enabling Materials and Technologies - companies that create breakthrough manufacturing technologies, new materials, and unique components that support eco efficiency transformations;

 

(3)  Efficiency Enabling Business Services - companies whose products or services engage in changing the behavior of consumers and businesses in ways that are beneficial to the environment.

 

(4)  Cleaner Products/Cleaner Processes - companies that meet the criteria of all of the prior three categories.

 

The Eco Leaders Fund’s investments in equity securities may include common stock, preferred stocks and convertible securities. While the Eco Leaders Fund invests primarily in equity securities of U.S. issuers, it may invest in securities of non-U.S. issuers. The Eco Leaders Fund’s investments in non-U.S. securities will be primarily comprised of U.S. dollar denominated securities of foreign issuers traded in the United States and American Depositary Receipts (“ADRs”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. The Eco Leaders Fund may invest in company of any size. The Eco Leaders Fund may invest in investment grade convertible securities of any maturity. Investment grade securities are those rated at the time of acquisition Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"), or BBB- or higher by Standard & Poor's, a division of McGraw Hill Companies Inc. (“S&P”), or Fitch Ratings Ltd. (“Fitch”) or, if unrated by S&P, Moody's or Fitch, determined by the Fund’s advisor to be of comparable quality.

 

The Eco Leaders Fund’s advisor believes that earnings power determines the value of a franchise. The advisor focuses on companies that it views as building their earnings power and building their intrinsic, or actual, values over long periods of time. The advisor uses a bottom-up approach that seeks to identify high quality growth companies which deploy sustainable business practices as a competitive strategy to increase profitability while having a favorable impact on the environment.

Principal Risks

The Eco Leaders Fund’s principal risks are described below. Before you decide whether to invest in the Eco Leaders Fund, carefully consider these risk factors and special considerations associated with investing in the Eco Leaders Fund, which may cause investors to lose money.

 

Market risk. The market value of a security or instrument may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

 

Equity risk. The value of the securities held by the Eco Leaders Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Eco Leaders Fund participate, or factors relating to specific companies in which the Eco Leaders Fund invests.

 

Environmental policy risk. The Eco Leaders Fund’s investment focus on environmental factors could cause it to make or avoid investments that could result in the Eco Leaders Fund underperforming funds that do not have an environmental focus.

 

Small- and mid-cap company risk. The securities of small- or mid-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger companies or the market averages in general. In addition, such companies typically are subject to a greater degree of change in earnings and business prospects than are larger, more established companies.

 

Growth-oriented investment strategies risk. Growth funds generally focus on stocks of companies believed to have above-average potential for growth in revenue and earnings. Growth stock prices frequently reflect projections of future earnings or revenues, and if earnings growth expectations aren’t met their valuations may return to more typical norms, causing their stock prices to fall. In addition, growth securities at times may not perform as well as value securities or the stock market in general.

 

Foreign investment risk. To the extent the Eco Leaders Fund has investment exposure to foreign markets, the Eco Leaders Fund’s performance will be influenced by political, social and economic factors affecting investments in such markets. In addition, changes in exchange rates and interest rates may adversely affect the value of the Eco Leaders Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. The Eco Leaders Fund’s investments in depository receipts are also subject to these risks.

 

Management and strategy risk. Investment strategies employed by the Eco Leaders Fund’s advisor in selecting investments for the Eco Leaders Fund may not result in an increase in the value of your investment or in overall performance equal to other investments.

 

No operating history. The Eco Leaders Fund is a newly organized series of an open-end management investment company and has no operating history. As a result, prospective investors have no track record or history on which to base their investment decisions.

Performance

Because the Eco Leaders Fund is new, it does not have a full calendar year performance record to compare against the S&P 500 and the Russell 3000® Growth indices, which the Eco Leaders Fund’s advisor considers to be the benchmarks for the Eco Leaders Fund’s relative performance. Performance information will be available after the Eco Leaders Fund has been in operation for one calendar year.

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Riverbridge Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

SUMMARY SECTION - RIVERBRIDGE GROWTH FUND


Investment objective: rr_ObjectiveHeading

Investment Objective

Investment objective rr_ObjectivePrimaryTextBlock

The objective of the Riverbridge Growth Fund (the “Growth Fund”) is to seek long term capital appreciation.

Fees and expenses of the fund: rr_ExpenseHeading

Fees and Expenses of the Fund

Fees and expenses of the fund, narrative rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Growth Fund.

Shareholder fees, caption rr_ShareholderFeesCaption

Shareholder Fees
(fees paid directly from your investment)

Annual fund operating expenses, heading rr_OperatingExpensesCaption

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

Date Of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-03-31
Portfolio turnover, heading rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio turnover, narrative rr_PortfolioTurnoverTextBlock

The Growth Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Growth 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 Growth Fund’s performance. The Growth Fund is newly-created and, as a result, does not yet have a portfolio turnover rate.

Other Expenses, New Fund, Based on Estimates rr_OtherExpensesNewFundBasedOnEstimates These expenses are estimated for the current fiscal year.
Example, heading rr_ExpenseExampleHeading

Example

Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the costs of investing in the Growth Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Growth 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 Growth Fund’s operating expenses remain the same. The one-year example and the first year of the three-year example are based on net operating expenses, which reflect the expense waiver/reimbursement by the Fund’s advisor. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy, Heading rr_StrategyHeading

Principal Investment Strategies

Strategy, Narrative rr_StrategyNarrativeTextBlock

Under normal circumstances, the Growth Fund will invest in equity securities of companies of any size, including small and mid- capitalization companies. The Growth Fund’s investments in equity securities may include common stock, preferred stocks and convertible securities. While the Growth Fund invests primarily in equity securities of U.S. issuers, it may invest in securities of non-U.S. issuers. The Growth Fund’s investments in foreign securities will be primarily comprised of U.S. dollar denominated securities of foreign issuers traded in the United States and American Depositary Receipts (“ADRs”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. The Growth Fund will invest in a portfolio of securities typically spread across many economic sectors.

 

The Growth Fund’s advisor believes that earnings power determines the value of a franchise. The advisor focuses on companies that it views as building their earnings power and building their intrinsic, or actual, values over long periods of time. The advisor uses a bottom-up approach that seeks to identify high quality growth companies that demonstrate the ability to sustain strong secular earnings growth, regardless of overall economic conditions.

Risk, Heading rr_RiskHeading

Principal Risks

Risk, Narrative rr_RiskNarrativeTextBlock

The Growth Fund’s principal risks are described below. Before you decide whether to invest in the Growth Fund, carefully consider these risk factors and special considerations associated with investing in the Growth Fund, which may cause investors to lose money.

 

Market risk. The market value of a security or instrument may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

 

Equity risk. The value of the securities held by the Growth Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Growth Fund participate, or factors relating to specific companies in which the Growth Fund invests.

 

Small- and mid-cap company risk. The securities of small- or mid-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger companies or the market averages in general. In addition, such companies typically are subject to a greater degree of change in earnings and business prospects than are larger, more established companies.

 

Growth-oriented investment strategies risk. Growth funds generally focus on stocks of companies believed to have above-average potential for growth in revenue and earnings. Growth stock prices frequently reflect projections of future earnings or revenues, and if earnings growth expectations are not met their valuations may return to more typical norms, causing their stock prices to fall. In addition, growth securities at times may not perform as well as value securities or the stock market in general.

 

Foreign investment risk. To the extent the Growth Fund has investment exposure to foreign markets, the Growth Fund’s performance will be influenced by political, social and economic factors affecting investments in such markets. In addition, changes in exchange rates and interest rates may adversely affect the value of the Growth Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. The Growth Fund’s investments in depository receipts are also subject to these risks.

 

Management and strategy risk. Investment strategies employed by the Growth Fund’s advisor in selecting investments for the Growth Fund may not result in an increase in the value of your investment or in overall performance equal to other investments.

 

No operating history. The Growth Fund is a newly organized series of an open-end management investment company and has no operating history. As a result, prospective investors have no track record or history on which to base their investment decisions.

May Lose Money rr_RiskLoseMoney Before you decide whether to invest in the Growth Fund, carefully consider these risk factors and special considerations associated with investing in the Growth Fund, which may cause investors to lose money.
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading

Performance

Performance, Narrative rr_PerformanceNarrativeTextBlock

Because the Growth Fund is new, it does not have a full calendar year performance record to compare against the Russell 3000® Growth Index, which the Growth Fund’s advisor considers to be the benchmark for the Growth Fund’s relative performance. Performance information will be available after the Growth Fund has been in operation for one calendar year.

Performance, One Year or Less rr_PerformanceOneYearOrLess Because the Growth Fund is new, it does not have a full calendar year performance record to compare against the Russell 3000® Growth Index, which the Growth Fund’s advisor considers to be the benchmark for the Growth Fund’s relative performance.
Riverbridge Growth Fund | Investor Class
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol RIVRX
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of the lower of the net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee if redeemed within 90 days of purchase (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Wire fee imstrvrbridge_WireFee 20.00
Retirement account fees (annual maintenance and redemption requests) rr_ShareholderFeeOther 15.00
Management fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses (includes shareholder service fee of up to 0.10%) rr_OtherExpensesOverAssets 0.55% [1]
Total annual fund operating expenses rr_ExpensesOverAssets 1.55%
Fee waiver and/or expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.30%) [2]
Total annual fund operating expenses (after fee waiver and/or expense reimbursement) rr_NetExpensesOverAssets 1.25% [2]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 127
Expense Example, 3 YEARS rr_ExpenseExampleYear03 460
Riverbridge Growth Fund | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol RIVBX
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of the lower of the net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee if redeemed within 90 days of purchase (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Wire fee imstrvrbridge_WireFee 20.00
Retirement account fees (annual maintenance and redemption requests) rr_ShareholderFeeOther 15.00
Management fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses (includes shareholder service fee of up to 0.10%) rr_OtherExpensesOverAssets 0.55% [1]
Total annual fund operating expenses rr_ExpensesOverAssets 1.30%
Fee waiver and/or expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.30%) [2]
Total annual fund operating expenses (after fee waiver and/or expense reimbursement) rr_NetExpensesOverAssets 1.00% [2]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 102
Expense Example, 3 YEARS rr_ExpenseExampleYear03 382
Riverbridge Eco Leaders Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

SUMMARY SECTION - RIVERBRIDGE ECO LEADERS FUND


Investment objective: rr_ObjectiveHeading

Investment Objectives

Investment objective rr_ObjectivePrimaryTextBlock

The objective of the Riverbridge Eco Leaders Fund (the “Eco Leaders Fund”) is to seek long term capital appreciation.

Fees and expenses of the fund: rr_ExpenseHeading

Fees and Expenses of the Fund

Fees and expenses of the fund, narrative rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Eco Leaders Fund.

Shareholder fees, caption rr_ShareholderFeesCaption

Shareholder Fees
(fees paid directly from your investment)

Annual fund operating expenses, heading rr_OperatingExpensesCaption

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

Date Of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-03-31
Portfolio turnover, heading rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio turnover, narrative rr_PortfolioTurnoverTextBlock

The Eco Leaders Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Eco Leaders 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 Eco Leaders Fund’s performance. The Eco Leaders Fund is newly-created and, as a result, does not yet have a portfolio turnover rate.

Other Expenses, New Fund, Based on Estimates rr_OtherExpensesNewFundBasedOnEstimates These expenses are estimated for the current fiscal year.
Example, heading rr_ExpenseExampleHeading

Example

Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the costs of investing in the Eco Leaders Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Eco Leaders 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 Eco Leaders Fund’s operating expenses remain the same. The one-year example and the first year of the three-year example are based on net operating expenses, which reflect the expense waiver/reimbursement by the Fund’s advisor. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy, Heading rr_StrategyHeading

Principal Investment Strategies

Strategy, Narrative rr_StrategyNarrativeTextBlock

Under normal market conditions, the Eco Leaders Fund intends to invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies that the advisor believes are making a net positive impact on the environment.

 

The advisor defines eco leader companies as companies that fit in one or more of the following categories:

 

(1)  Innovative & Industry Transforming - companies that use strategic technologies, materials and services to lower costs by reducing raw materials usage, scrap, and the amount and toxicity of waste;

 

(2)  Advanced Enabling Materials and Technologies - companies that create breakthrough manufacturing technologies, new materials, and unique components that support eco efficiency transformations;

 

(3)  Efficiency Enabling Business Services - companies whose products or services engage in changing the behavior of consumers and businesses in ways that are beneficial to the environment.

 

(4)  Cleaner Products/Cleaner Processes - companies that meet the criteria of all of the prior three categories.

 

The Eco Leaders Fund’s investments in equity securities may include common stock, preferred stocks and convertible securities. While the Eco Leaders Fund invests primarily in equity securities of U.S. issuers, it may invest in securities of non-U.S. issuers. The Eco Leaders Fund’s investments in non-U.S. securities will be primarily comprised of U.S. dollar denominated securities of foreign issuers traded in the United States and American Depositary Receipts (“ADRs”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. The Eco Leaders Fund may invest in company of any size. The Eco Leaders Fund may invest in investment grade convertible securities of any maturity. Investment grade securities are those rated at the time of acquisition Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"), or BBB- or higher by Standard & Poor's, a division of McGraw Hill Companies Inc. (“S&P”), or Fitch Ratings Ltd. (“Fitch”) or, if unrated by S&P, Moody's or Fitch, determined by the Fund’s advisor to be of comparable quality.

 

The Eco Leaders Fund’s advisor believes that earnings power determines the value of a franchise. The advisor focuses on companies that it views as building their earnings power and building their intrinsic, or actual, values over long periods of time. The advisor uses a bottom-up approach that seeks to identify high quality growth companies which deploy sustainable business practices as a competitive strategy to increase profitability while having a favorable impact on the environment.

Risk, Heading rr_RiskHeading

Principal Risks

Risk, Narrative rr_RiskNarrativeTextBlock

The Eco Leaders Fund’s principal risks are described below. Before you decide whether to invest in the Eco Leaders Fund, carefully consider these risk factors and special considerations associated with investing in the Eco Leaders Fund, which may cause investors to lose money.

 

Market risk. The market value of a security or instrument may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

 

Equity risk. The value of the securities held by the Eco Leaders Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Eco Leaders Fund participate, or factors relating to specific companies in which the Eco Leaders Fund invests.

 

Environmental policy risk. The Eco Leaders Fund’s investment focus on environmental factors could cause it to make or avoid investments that could result in the Eco Leaders Fund underperforming funds that do not have an environmental focus.

 

Small- and mid-cap company risk. The securities of small- or mid-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger companies or the market averages in general. In addition, such companies typically are subject to a greater degree of change in earnings and business prospects than are larger, more established companies.

 

Growth-oriented investment strategies risk. Growth funds generally focus on stocks of companies believed to have above-average potential for growth in revenue and earnings. Growth stock prices frequently reflect projections of future earnings or revenues, and if earnings growth expectations aren’t met their valuations may return to more typical norms, causing their stock prices to fall. In addition, growth securities at times may not perform as well as value securities or the stock market in general.

 

Foreign investment risk. To the extent the Eco Leaders Fund has investment exposure to foreign markets, the Eco Leaders Fund’s performance will be influenced by political, social and economic factors affecting investments in such markets. In addition, changes in exchange rates and interest rates may adversely affect the value of the Eco Leaders Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. The Eco Leaders Fund’s investments in depository receipts are also subject to these risks.

 

Management and strategy risk. Investment strategies employed by the Eco Leaders Fund’s advisor in selecting investments for the Eco Leaders Fund may not result in an increase in the value of your investment or in overall performance equal to other investments.

 

No operating history. The Eco Leaders Fund is a newly organized series of an open-end management investment company and has no operating history. As a result, prospective investors have no track record or history on which to base their investment decisions.

May Lose Money rr_RiskLoseMoney Before you decide whether to invest in the Eco Leaders Fund, carefully consider these risk factors and special considerations associated with investing in the Eco Leaders Fund, which may cause investors to lose money.
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading

Performance

Performance, Narrative rr_PerformanceNarrativeTextBlock

Because the Eco Leaders Fund is new, it does not have a full calendar year performance record to compare against the S&P 500 and the Russell 3000® Growth indices, which the Eco Leaders Fund’s advisor considers to be the benchmarks for the Eco Leaders Fund’s relative performance. Performance information will be available after the Eco Leaders Fund has been in operation for one calendar year.

Performance, One Year or Less rr_PerformanceOneYearOrLess Because the Eco Leaders Fund is new, it does not have a full calendar year performance record to compare against the S&P 500 and the Russell 3000® Growth indices, which the Eco Leaders Fund’s advisor considers to be the benchmarks for the Eco Leaders Fund’s relative performance.
Riverbridge Eco Leaders Fund | Investor Class
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol ECOLX
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of the lower of the net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee if redeemed within 90 days of purchase (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Wire fee imstrvrbridge_WireFee 20.00
Retirement account fees (annual maintenance and redemption requests) rr_ShareholderFeeOther 15.00
Management fees rr_ManagementFeesOverAssets 0.90%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses (includes shareholder service fee of up to 0.10%) rr_OtherExpensesOverAssets 0.55% [1]
Total annual fund operating expenses rr_ExpensesOverAssets 1.70%
Fee waiver and/or expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.30%) [3]
Total annual fund operating expenses (after fee waiver and/or expense reimbursement) rr_NetExpensesOverAssets 1.40% [3]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 143
Expense Example, 3 YEARS rr_ExpenseExampleYear03 506
Riverbridge Eco Leaders Fund | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol RIVEX
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of the lower of the net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee if redeemed within 90 days of purchase (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Wire fee imstrvrbridge_WireFee 20.00
Retirement account fees (annual maintenance and redemption requests) rr_ShareholderFeeOther 15.00
Management fees rr_ManagementFeesOverAssets 0.90%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses (includes shareholder service fee of up to 0.10%) rr_OtherExpensesOverAssets 0.55% [1]
Total annual fund operating expenses rr_ExpensesOverAssets 1.45%
Fee waiver and/or expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.30%) [3]
Total annual fund operating expenses (after fee waiver and/or expense reimbursement) rr_NetExpensesOverAssets 1.15% [3]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 117
Expense Example, 3 YEARS rr_ExpenseExampleYear03 429
[1] These expenses are estimated for the current fiscal year.
[2] The Fund's advisor has contractually agreed to waive its fees and/or pay for expenses of the Growth Fund to ensure that total annual fund operating expenses (excluding any acquired fund fees and expenses as determined in accordance with Form N-1A, leverage interest, taxes, dividend and interest expenses on short sales, brokerage commissions, expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation expenses) do not exceed 1.25% and 1.00% of the average daily net assets of the Growth Fund's Investor Class and Institutional Class shares, respectively. This agreement is effective until March 31, 2014, and may be terminated only by the Trust's Board of Trustees. The advisor is permitted to seek reimbursement from the Growth Fund, subject to certain limitations, for fees it waived and Growth Fund expenses it paid for three years from the date of any such waiver or payment to the extent a class's total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement.
[3] The Advisor has contractually agreed to waive its fees and/or pay for expenses of the Eco Leaders Fund to ensure that total annual fund operating expenses (excluding any acquired fund fees and expenses as determined in accordance with Form N-1A, leverage interest, taxes, dividend and interest expenses on short sales, brokerage commissions, expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation expenses) do not exceed 1.40% and 1.15% of the average daily net assets of the Eco Leaders Fund's Investor Class and Institutional Class shares, respectively. This agreement is effective until March 31, 2014, and may be terminated only by the Trust's Board of Trustees. The Advisor is permitted to seek reimbursement from the Eco Leaders Fund, subject to certain limitations, for fees it waived and Eco Leaders Fund expenses it paid for three years from the date of any such waiver or payment to the extent a class's total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement.
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